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The impact of non-financial information on the financial performance of large Bulgarian and South African road freight companies

Petrova-Kirova Magdalena, Yosifova Desislava

Transport Problems

2025

T. 20, z. 1

207--220

The transport sector is one of the key sectors of the economy, contributing significantly to GDP, employment, and job creation. However, it is also one of the main polluters of the environment. In the specialized literature, there is little to no evidence of research conducted on the demand (presence or absence) for a relationship and correlation between disclosed non-financial information (NFI) and the financial performance of transport sector companies. The present research attempts to at least partially fill these gaps by applying appropriate research methods and analytical approaches and interpretation of the results obtained by targeting a sample of companies that fall under the mandatory regime and those that have a voluntary disclosure regime of non-financial information. The study of international practices in this area is based on eight South African road freight transport companies listed on a world stock exchange. The research of these foreign companies is used as a kind of bridge for comparison to focus on a specific sample of Bulgarian companies (the two largest entities for international road freight transport on European territory and beyond). By using the capabilities of statistical software (Gretl and Stata software), an answer is sought to the question of whether the NFI disclosure (i.e., the preparation of an integrated report/non-financial statement or corporate sustainability report) in accordance with GRI standards for a certain reporting period affects the financial performance of the companies in the following year(s). A difference-in-differences analysis was conducted to trace (search for and possibly confirm) a causality and measure the effect of NFI disclosure.