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

Petrova-Kirova Magdalena, Yosifova Desislava

Transport Problems

2024

T. 19, z. 1

171--184

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.

Development of Integrated Reporting in Poland

Rymkiewicz Bartosz

Inżynieria Mineralna

2021

no. 2

115--128

Organizational reporting is the most important tool of communication between an enterprise and its stakeholders. However, it is not a static tool but continues to develop and adapt to ongoing economic and social changes. Formerly covering only financial information; currently, it is supplemented by a wide range of non-financial information relating to all aspects of the business. The evolution of reporting is particularly fostered by the rapid development of the concepts of corporate social responsibility and sustainable development, as well as the progressing changes in the information needs of stakeholders. Enterprises are increasingly publishing voluntary reports concerning the social, environmental, and employment aspects of their business in addition to reports required by law. This results in the multiplication of reports and duplication of content, which has a negative impact on the reports' usefulness. The solution to this problem may be integrated reporting, which integrates and interconnects financial and non-financial disclosures. A milestone for the development of integrated reporting was the elaboration of integrated reporting guidelines by the International Integrated Reporting Council (IIRC) in December 2013. The aim of the paper is to present the development of integrated reporting in Poland in 2014-2020 on the example of public companies listed on the Warsaw Stock Exchange. The quality of reports was assessed from the point of view of compliance with IIRC guidelines, as well as their usefulness for stakeholders. Content analysis of corporate publications and comparative analysis was used for this purpose.