The Comparability of Non-Financial Information: An Exploration of the Impact of the Non-Financial Reporting Directive (NFRD, 2014/95/EU)

IF 4.6 Q1 BUSINESS, FINANCE
Ries Breijer, René P. Orij
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引用次数: 11

Abstract

Abstract This study explores the impact of the implementation of Directive 2014/95/EU on the comparability of non-financial information across listed European firms, focusing on the usage of non-financial reporting (NFR) frameworks – those developed by the SASB, IIRC, OECD, EFFAS, GRI, UNGC, ISO, AA, and FEE. Using computer-aided text-analysis software (MAXQDA 2022), we analysed the annual reports and stand-alone non-financial (sustainability) reports from listed firms in the STOXX Europe 600 Index covering 2012–2020. The results showed that the implementation of the Directive led to an increase in the use of investor-oriented NFR frameworks (e.g. that of the SASB); frameworks oriented towards a wide range of stakeholders (e.g. GRI) are predominantly used by voluntary adopters. Furthermore, although disclosures by resisters (mandatory adopters) indicate a stronger focus on investors, the disclosure of non-financial information exacerbated information asymmetry for resisters, whereas NFR mitigated information asymmetry for voluntary adopters.
非财务信息的可比性:非财务报告指令的影响探讨(NFRD,2014/95/EU)
摘要:本研究探讨了2014/95/EU指令的实施对欧洲上市公司非财务信息可比性的影响,重点关注非财务报告(NFR)框架的使用——这些框架由SASB、IIRC、OECD、EFFAS、GRI、UNGC、ISO、AA和FEE开发。利用计算机辅助文本分析软件(MAXQDA 2022),我们分析了2012-2020年斯托克欧洲600指数上市公司的年度报告和独立的非财务(可持续发展)报告。结果表明,该指令的实施导致以投资者为导向的NFR框架(例如SASB的框架)的使用增加;面向广泛利益相关者的框架(例如GRI)主要由自愿采用者使用。此外,尽管抵制者(强制采用者)的披露表明更关注投资者,但非财务信息的披露加剧了抵制者的信息不对称,而NFR缓解了自愿采用者的信息不对称。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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