Statistical dependencies between non-financial disclosures and ex-post financial performance in the Bulgarian road freight transportation industry

• Autorzy: Petrova-Kirova Magdalena , Yosifova Desislava

Identyfikatory

DOI

10.20858/tp.2024.19.1.14

• Języki publikacji: EN

Abstrakty

EN

In the Republic of Bulgaria, as a member of the EU, possessing a strategic geographical position through which five of the 10 Pan-European transport corridors pass, road freight transport occupies a leading place. It has a significant role in contributing to the country’s GDP, but at the same time, it has a strong negative impact on society and the environment, given its serious climatic footprint. In the specialized literature, data on research conducted looking for the presence or rejection of dependence between non-financial disclosures and ex-post financial performance in the road freight transportation industry are highly limited or almost absent. The lack of a legal obligation for non-financial disclosure by enterprises in Bulgaria creates the necessity to research and confirm the relationship between non-financial disclosure and the ex-post financial performance of the companies in the short-term or medium-term future. In the course of the analysis carried out in this article, the two largest Bulgarian enterprises from the road freight transportation industry by default and a major environmental polluter are examined. By applying key environmental and social disclosure indicators in accordance with the Global Reporting Initiative standards calculated on the basis of real empirical data, a statistical analysis is performed. A multiple regression model is built based on a value analytical approach, which is focused on the economic value added of the enterprise, and the economic value added indicator is used as an efficiency measurement of the enterprises’ activity. The results of the analysis establish a certain dependence between non-financial disclosure and financial performance.

Słowa kluczowe

EN

EVA; ex-post financial performance; multiple regression model; non-financial disclosures; road freight transport; statistical dependence

PL

EVA; wyniki finansowe ex-post; model regresji wielokrotnej; ujawnienia niefinansowe; drogowy transport towarowy; zależność statystyczna

• Wydawca: Wydawnictwo Politechniki Śląskiej
• Czasopismo: Transport Problems
• Rocznik: 2024
• Tom: T. 19, z. 1
• Strony: 171--184
• Opis fizyczny: Bibliogr. 25 poz.

Twórcy

autor

Petrova-Kirova Magdalena

• Todor Kableshkov University of Transport, Geo Milev Str. 158, Sofia, Bulgaria

• https://orcid.org/0009-0008-3550-6438

autor

Yosifova Desislava

• Todor Kableshkov University of Transport, Geo Milev Str. 158, Sofia, Bulgaria

• https://orcid.org/0009-0007-1430-6093

Bibliografia

• 1. Statistical Yearbook 2021. Sofia: National Statistical Institute 2021. Available at: https://nsi.bg/sites/default/files/files/publications/God2021.pdf.
• 2. National Statistical Institute in the Republic of Bulgaria. Available at: https://nsi.en/.
• 3. Veysel, A. Non-financial Information Disclosures by Bulgarian Listed Companies. Economic Studies Journal. 2022. Vol. 31. No. 3. P. 17-33.
• 4. Accountancy Act. Amended, SG No. 28/24.03.2020. 16 p.
• 5. Directive (EU) 2022/2464 of the European Parliament and of the Council. The new European Corporate Sustainability Reporting Directive (CSRD). 2022. Available at: https://eur- lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464.
• 6. Pimk Ltd, International Transport Company. Available at: https://pimktransport.bg/en/.
• 7. Discordia JSCo, International Transport Company. Available at: https://discordia.eu/en/road- transport/.
• 8. Stewart, G. The Quest for Value: a guide for senior managers. New York: Harper Collins Publishers. 1991.
• 9. Young, D. & O’Byrne, S. EVA and value based management: a practical guide to implementation. New York: McGraw-Hill. 2001.
• 10. Young, D. Economic Value Added: A Primer for European Managers. European Management Journal. 1997. Vol. 15. No. 4. P. 335-343.
• 11. Gleadle, P. & Cornelius, N. A case study of financialization and EVA®. Critical Perspectives on Accounting. 2008. Vol. 19. No. 8. P. 1219-1238.
• 12. Martinelli, G. & Vogel, E. & Decian, & et al. Assessing the eco-efficiency of different poultry production systems: an approach using life cycle assessment and economic value added. Sustainable Production and Consumption. 2020. Vol. 24. P. 181-193.
• 13. Woods, M. Electronics: A case study of economic value added in target costing. Management Accounting Research. 2012. Vol. 23. No. 4. P. 261-277.
• 14. Malichova, E. & Durisova, M. & Tokarcikova, E. Models of application economic value added in automotive company. Transport Problems. 2017. Vol. 12. No. 3. P. 93-102.
• 15. Karagiorgos, T. Corporate social responsibility and financial performance: an empirical analysis on greek companies. European Research Studies Journal. Semantic Scholar. 2010. Available at: https://www.semanticscholar.org/paper/Corporate-Social-Responsibility-and-Financial-An-on- Karagiorgos/93c16a0df0118c7c25011b2fbe9adfc40970de23.
• 16. Herciu, M. Sustainability and profitability can coexist - improving business models. In: 35 th International Scientific Conference on Economic and Social Development - “Sustainability from an Economic and Social Perspective”. Lisbon. 2018. P. 570-580.
• 17. McLaren, J. & Appleyard, T. & Mitchell, F. The rise and fall of management accounting systems: A case study investigation of EVA™. The British Accounting Review. 2016. Vol. 48. No. 3. P. 341¬358.
• 18. Damodaran, A. Country risk and company exposure: theory and practice. Journal of Applied Finance. 2003. Vol. 13. No. 2. P. 63-76. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=480963#.
• 19. Kasarova, V. The new metrics of the corporate financial success. First Edition. Sofia: New Bulgarian University. 2013. P. 29-44.
• 20. Salaga, J. & Bartosova, V. & Kicova, E. Economic value added as a measurement tool of financial performance. Procedia Economics and Finance. 2015. Vol. 26. P. 484-489. Available at: https://www.sciencedirect.com/science/article/pii/S2212567115008771.
• 21. Standards of global reporting initiative. Available at: https://www.globalreporting.org/how-to-use- the-gri-standards/gri-standards-english-language/.
• 22. Petkov, P. Econometrics with Gretl and Excel. Second edition. Svishtov: Tsenov. 2010. P. 230-250.
• 23. Grindrod Ltd. Available at: https://www.grindrod.com/.
• 24. Cargo Carriers Ltd. Available at: https://www.cargocarriers.co.za/.
• 25. Imperial Logistics Ltd. Available at: https://www.imperiallogistics.com/.
• 26. OneLogix Group. Available at: https://www.onelogix.com/.
• 27. Morina, F. & Kilaj, D. & Cenaj, A. Dynamic correlation and causality between investments and sales revenues: an econometric analysis of manufacturing enterprises in Kosovo. Economic Studies Journal. 2022. Vol. 31. No. 7. P. 42-62.
• 28. Kaloyanov, T. & Petrov, V. Statistics. Sofia: University of National and World Economy. 2019. 98 p.
• 29. Konecny, V. & Bridzikova, M. & Marienka, P. Research of bus transport demand and its factors using multicriteria regression analysis. Transportation Research Procedia. 2021. Vol. 55. P. 180-187.
• 30. Man, M. & Bogeanu-Popa, M. Impact of non-financial information on sustainable reporting of organisations’ performance: case study on the companies listed on the Bucharest Stock Exchange. University of Petrosani, University of Craiova. MDPI Journals. Sustainability. 2020. Vol. 12(6). No. 2179. Available at: https://www.mdpi.com/2071-1050/12/6/2179.