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1
La Torre, Matteo, Svetlana Sabelfeld, Marita Blomkvist, and John Dumay. "Rebuilding trust: sustainability and non-financial reporting and the European Union regulation." Meditari Accountancy Research 28, no. 5 (August 11, 2020): 701–25. http://dx.doi.org/10.1108/medar-06-2020-0914.
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Purpose This paper introduces the special issue “Rebuilding trust: Sustainability and non-financial reporting, and the European Union regulation”. Inspired by the studies published in the special issue, this study aims to examine the concept of accountability within the context of the European Union (EU) Directive on non-financial disclosure (hereafter the EU Directive) to offer a critique and a novel perspective for future research into mandatory non-financial reporting (NFR) and to advance future practice and policy. Design/methodology/approach The authors review the papers published in this special issue and other contemporary studies on the topic of NFR and the EU Directive. Findings Accountability is a fundamental concept for building trust in the corporate reporting context and emerges as a common topic linking contemporary studies on the EU Directive. While the EU Directive acknowledges the role of accountability in the reporting practice, this study argues that regulation and practice on NFR needs to move away from an accounting-based conception of accountability to promote accountability-based accounting practices (Dillard and Vinnari, 2019). By analysing the links between trust, accountability and accounting and reporting, the authors claim the need to examine and rethink the inscription of interests into non-financial information (NFI) and its materiality. Hence, this study encourages research and practice to broaden mandatory NFR practice over the traditional boundaries of accountability, reporting and formal accounting systems. Research limitations/implications Considering the challenges posed by the COVID-19 crisis, this study calls for further research to investigate the dialogical accountability underpinning NFR in practice to avoid the trap of focusing on accounting changes regardless of accountability. The authors advocate that what is needed is more timely NFI that develops a dialogue between companies, investors, national regulators, the EU and civil society, not more untimely standalone reporting that has most likely lost its relevance and materiality by the time it is issued to users. Originality/value By highlighting accountability issues in the context of mandatory NFR and its linkages with trust, this study lays out a case for moving the focus of research and practice from accounting-based regulations towards accountability-driven accounting change.
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Williams, Belinda, Sumit Lodhia, Mitali Panchal Arora, and Lisa McManus. "The institutional change in the role of the public sector accountant in facilitating accountability: a longitudinal study of Australian local councils." Managerial Auditing Journal 36, no. 2 (February 22, 2021): 314–33. http://dx.doi.org/10.1108/maj-02-2020-2558.
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Purpose With an increased focus on the need for higher levels of accountability and transparency in the public sector, this study aims to provide insights into non-financial reporting (NFR) practices as a mechanism in facilitating accountability. This study also aims to investigate the changing role of the public sector accountant in this process, specifically focusing on the Australian local government sector. Design/methodology/approach The authors used a mail survey across two time periods, 2009 and 2017, to analyse the role of accountants in NFR practices. Institutional theory provides a theoretical framing for the study. Findings The findings reveal an increase in the use of accountants across time in the preparation of voluntary information, being used in a variety of roles because of their financial abilities and analytical skills. The results also indicate a shift has occurred with more emphasis being placed on cross-departmental approaches to NFP incorporating the accountant. These results suggest a greater recognition of the role of accountants in NFR and a dilution of accountant’s boundaries in relation to their existing traditional focus. Research limitations/implications This study contributes to the academic NFR literature by providing evidence of an institutional shift that is occurring with the accountant’s role widening to a broader context beyond their traditional roles. Practical implications This longitudinal study provides practical evidence to management of the potential offered by accountants as the public sector seeks to achieve higher levels of accountability and transparency. Policy implications also arise in relation to the need for development of quality assurance guidelines and further education and training as the public sector embarks on the journey of NFR. Originality/value To the best of the authors’ knowledge, this study is the first that has explored the evolution of NFR over a period of time through its focus on the role of accountants.
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Lucchese, Manuela. "Country-specific institutional effects on non-financial disclosure level: Evidence from European listed banks." Corporate Ownership and Control 17, no. 4 (2020): 166–82. http://dx.doi.org/10.22495/cocv17i4art14.
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This study investigates the relationship between disclosure level of GRI-compliant non-financial statements, provided to conform with the Directive 2014/95/EU, and cross-country societal variables (Hofstede’s cultural dimensions, political and civil systems, legal system and level of economic development) of the European listed banks, using the political economic theory. It analyzes the banks listed in the stock markets of 18 European countries for 2016-2018. The data was collected from the BvD BankFocus database, selecting 134 bank-year observations. A disclosure index based on the GRI framework compliant to the Directive was determined to measure the non-financial reporting disclosure. The findings, partially consistent with the previous literature, show for the banks a significant negative influence of power distance, masculinity, indulgence, the legal system, and level of economic development on the non-financial disclosure. Moreover, the results evidence a significant positive association between individualism, long-term orientation, indulgence, and political and civil system on the non-financial disclosure level. This study contributes to the international debate on how the socio-cultural-economic institutional factors affect non-financial disclosure expectations in the banking sector. Furthermore, understanding the effect of cross-country societal factors on NFR disclosure under EUD might benefit managers when implementing social and environmental strategies in all socio-cultural institutional settings. It might help regulators and policy-makers when adopting new legislation and making reforms dealing with social and environmental laws.
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Raucci, Domenico, and Lara Tarquinio. "Sustainability Performance Indicators and Non-Financial Information Reporting. Evidence from the Italian Case." Administrative Sciences 10, no. 1 (February 26, 2020): 13. http://dx.doi.org/10.3390/admsci10010013.
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Non-financial reporting is a growing topic, and the adoption of the EU Directive 2014/95/EU on non-financial information (NFI) is increasing the use of this reporting. One of the most distinctive elements of guidelines and standards that are widely used to draw-up reports on NFI is sustainability performance indicators (SPIs). SPIs can provide a significant value-added to non-financial corporate communication, and they are useful tools to support internal decision-making processes. The purpose of this study is to examine the effects produced on SPIs disclosure by the entry into force of the Italian Decree implementing the Directive on NFI. Content analysis method is used to analyze indicators disclosed by Italian companies before and after the adoption of the Decree. Findings show that each category of SPIs was largely used by the companies of our 2012 sample, but a reduction of the quantity of indicators disclosed was documented in 2017. Therefore, after the introduction of mandatory disclosure of NFI, companies seem to focus only on indicators considered more “relevant” according to the Directive. This research represents one of the preliminary analysis on the adoption of the Directive in Italy and on its first effects on NFI reporting practices.
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Cantino, Valter, Alain Devalle, Simona Fiandrino, and Donatella Busso. "The level of compliance with the Italian Legislative Decree No. 254/2016 and its determinants: Insights from Italy." FINANCIAL REPORTING, no. 1 (June 2019): 113–43. http://dx.doi.org/10.3280/fr2019-001004.
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The present research explores non-financial mandatory disclosure in Italy in light of the recent Italian Legislative Decree No. 254/2016, which transposes the Directive 2014/95/EU on "the disclosure of non-financial and diversity information". The study pursues a twofold aim: first, it seeks to measure the level of compliance of non-financial information (NFI) with non-financial mandatory disclosure; and second, it seeks to identify which determinants favor higher compliance levels in the first year of the regulatory adequacy. To these ends, the study examines the non-financial 2017 statements of 50 listed Italian companies to test by means of a NFI Disclosure Score three determinants that could explain the level of compliance. The NFI Disclosure Score was set at 52.58%. Moreover, findings suggest that the type of reporting channels (stand-alone report or disclosure included in the Annual Report), the Guidelines Reporting Initiative (GRI) options chosen by the companies, and the presence of the Corporate Social Responsibility (CSR) Committee within the board all affect compliance levels. This study is one of the first research conducted on mandatory NFI disclosure providing indications for regulators and companies on how to improve NFI disclosure.
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Tarquinio, Lara, and Stefanía Carolina Posadas. "Exploring the term “non-financial information”: an academics’ view." Meditari Accountancy Research 28, no. 5 (May 1, 2020): 727–49. http://dx.doi.org/10.1108/medar-11-2019-0602.
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Purpose With the European Union (EU) Directive 2014/95/UE, there is a growing interest in the corporate disclosure of “non-financial information” (NFI). However, no generally accepted definition of this term exists. This paper aims to reflect on the meaning and importance of the NFI definition by investigating how this term is defined in the literature and by exploring scholars’ cognitive perceptions of its meaning. Design/methodology/approach Two different research methods were used. A systematic literature review of NFI definitions was integrated with a survey to a sample of Italian scholars working on the NFI research topic. Findings This study demonstrates that the meaning of NFI is still ambiguous and multifaceted as neither a common understanding nor a single and generally accepted definition of the term exists. As the advent of the EU directive, this term has often referred to information about society and the environment, though most academics define and understand NFI differently, as corporate social responsibility (CSR) issues, intellectual capital information and information that are external to financial statements. These definitions pave the way for conceptualising NFI as a genus and its different understandings (i.e. CSR, ESG information, etc.) as species. Therefore, what constitutes NFI is open to interpretations. Research limitations/implications This paper contributes to enriching the literature on the meaning of NFI and providing further insights into explaining the heterogeneity of the NFI definition. Practical implications This paper provides researchers, practitioners and regulators with some novel insights into the meaning and understanding of NFI. It provides regulators and standard setters with knowledge for building a commonly accepted definition of NFI. Meanwhile, policymakers, regulators, practitioners and academics can contribute to establishing a definition by following three approaches: regulative, open and adaptive. This can help to avoid the risk of an information gap among stakeholder expectations, regulator requests and NFI reporting in practice. Originality/value The literature focussing on the meaning of NFI is still scarce. This study contributes to extending the knowledge of how the term NFI is defined and understood by academics.
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Loprevite, Salvatore, Domenico Raucci, and Daniela Rupo. "KPIs Reporting and Financial Performance in the Transition to Mandatory Disclosure: The Case of Italy." Sustainability 12, no. 12 (June 25, 2020): 5195. http://dx.doi.org/10.3390/su12125195.
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European companies of public interest requested to comply with the Directive 2014/95/EU on Non-Financial Information (NFI) are allowed to fulfil the regulatory obligation following the Global Reporting Initiative (GRI) guidelines, which constitute at present the most widely spread framework for sustainability reporting. Given such prevalence, this paper examines the level of disclosure on Key Performance Indicators (KPIs) and its relationship with financial performance over the period 2016–2018 for Italian-listed companies adopting GRI guidelines to convey NFI under the Decree 254/2016. The research applies content analysis of the annual and sustainability reports to measure the disclosure index on KPIs, and Data Envelopment Analysis (DEA) to estimate the financial performance. A Tobit-regression model explores the nexus between financial performance and companies’ disclosure. Findings show a decrease in the disclosure levels in the early adoption of mandatory NFI and a significant association with the financial performance of the sampled companies. The study, assuming a comprehensive view of the financial indicators, improves our knowledge of the relationship between sustainability disclosure and financial performance and adds to the literature on the evolution of NFI in the transition from voluntary to mandatory regime.
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Venturelli, Andrea, Fabio Caputo, Rossella Leopizzi, and Simone Pizzi. "The state of art of corporate social disclosure before the introduction of non-financial reporting directive: a cross country analysis." Social Responsibility Journal 15, no. 4 (June 3, 2019): 409–23. http://dx.doi.org/10.1108/srj-12-2017-0275.
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Purpose According to the Directive 2014/95/EU on non-financial information (NFI), from 2017 onwards, large companies of member states will be required to provide a series of social, environmental and governance disclosures. This paper, focusing on the evaluation of the quality of NFI in the UK and Italy before the implementation of the EU Directive, aims to investigate which factors affect the quality of NFI in the comparison between the UK and Italy. Design/methodology/approach To evaluate the “state of the art” of NFI in corporate social disclosure of British and Italian listed companies, a non-financial score is created, based on specific items concerning the requirements of the EU Directive. To this aim, the authors analyzed the corporate disclosures of 343 large listed companies. Findings Findings show that the UK is more compliant than Italy. So, regulation could be important to improve NFI in Italy more than in the UK. The results could represent relevant evidence for European policymakers of the action agenda “emphasizing the importance of national and sub-national CSR policies”. Originality/value This research represents a preliminary analysis on the EU Directive and on its potential effects. Moreover, this study strengthens the previous literature on the quality of non-financial disclosure.
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Berniak-Woźny, Justyna, and Magdalena Wójcik-Jurkiewicz. "The Impact of the NFI Directive on the Scope and Quality of Financial Institutions’ CSR Reporting – the Case of the Polish Banking Sector." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (May 4, 2021): 780–93. http://dx.doi.org/10.37394/23207.2021.18.74.
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Until recently, CSR reporting in most EU countries was voluntary and not regulated by the State. However, many, especially large companies, have disclosed additional non-financial information on a voluntary basis in various ways. The situation changed with the entry into force of the EU Directive on disclosure of non-financial and diversity information, which required over 6,000 EU companies to report non-financial information. The aim of the article is to examine how the implementation of Directive 2014/95 / EU influenced the scope and quality of CSR reporting practices of financial institutions on the example of the Polish banking sector. The analysis in this study covered the content of non-financial information of the largest Polish banks listed on WIG Banki, a sub-index of the Warsaw Stock Exchange. The findings indicate that the banking sector reporting practices, although significantly improved, are still at an early stage. To the best of the authors’ knowledge, the research results are the first to present an in-depth analysis of the impact of the NFI Directive on the CSR reports of financial institutions and their reviews. The findings of this study adds to our current knowledge and provides an overview of banking sector reporting practices, showing strengths and weaknesses in this area. The characteristics of banking sector practices presented in this document can help other financial institutions with CSR reporting and encourage them to adhere to recognized standards.
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Matuszak, Łukasz, and Ewa Różańska. "Towards 2014/95/EU directive compliance: the case of Poland." Sustainability Accounting, Management and Policy Journal 12, no. 5 (May 13, 2021): 1052–76. http://dx.doi.org/10.1108/sampj-02-2020-0042.
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Purpose This study aims to investigate the differences in the extent of non-financial disclosure (NFD) across companies listed on the Warsaw Stock Exchange over the period surrounding the implementation of the Directive 2014/95/EU. Design/methodology/approach The sample comprising 134 selected companies. Content analysis and a disclosure index were used to measure the level of NFD. Non-financial reporting practices in the two years before (2015) and one year after (2017) the implementation of the Directive were compared. Findings The results highlight that there is already a high level of compliance with the European Union’s regulation. The extent of the NFD across different thematic aspects in reporting media increased significantly between 2015 and 2017 in particular in human rights and anti-corruption. The Directive had the largest impact on those firms with previously low levels of NFD and led to more homogeneity of NFD across different industries. Originality/value The study contributes to the understanding of the impact of the Directive on the NFD practices by European Union companies. The research has important implications for policymakers because it revealed that mandatory regulations form a crucial instrument in improving the harmonization of NFD. The research suggests that, due to the Directive, stakeholders should be provided with more comprehensive information that they need in their decision-making process.
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Fiandrino, Simona, and Alberto Tonelli. "A Text-Mining Analysis on the Review of the Non-Financial Reporting Directive: Bringing Value Creation for Stakeholders into Accounting." Sustainability 13, no. 2 (January 14, 2021): 763. http://dx.doi.org/10.3390/su13020763.
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The recent Review of the Non-Financial Reporting Directive (NFRD) aims to enhance adequate non-financial information (NFI) disclosure and improve accountability for stakeholders. This study focuses on this regulatory intervention and has a twofold objective: First, it aims to understand the main underlying issues at stake; second, it suggests areas of possible amendment considering the current debates on sustainability accounting and accounting for stakeholders. In keeping with these aims, the research analyzes the documents annexed to the contribution on the Review of the NFRD by conducting a text-mining analysis with latent Dirichlet allocation (LDA) probabilistic topic model (PTM). Our findings highlight four main topics at the core of the current debate: quality of NFI, standardization, materiality, and assurance. The research suggests ways of improving managerial policies to achieve more comparable, relevant, and reliable information by bringing value creation for stakeholders into accounting. It further addresses an integrated logic of accounting for stakeholders that contributes to sustainable development.
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Duran, Ignacio, and Pablo Rodrigo. "Why Do Firms in Emerging Markets Report? A Stakeholder Theory Approach to Study the Determinants of Non-Financial Disclosure in Latin America." Sustainability 10, no. 9 (August 31, 2018): 3111. http://dx.doi.org/10.3390/su10093111.
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Even though literature studying the determinants of non-financial disclosure (NFD) is pervasive, Latin America has been overlooked in this tradition. In this sense, scholars have not evidenced which factors compel companies in this context to report this information despite its voluntary nature. Drawing on Stakeholder Theory as a basis, we derive eight possible antecedents of NFD from extant literature and test them in a sample of 643 Latin American firms for a 10 year span (2006–2015). Using a logit panel model, our evidence indicates that firm size, market-to-book ratio, systematic risk, and industry membership are factors that pressure companies to report. However, contrary to our conceptual development we find that profitability and regulatory quality inversely affects NFD. This leads us to posit that Latin America is unique in terms of reporting because agency costs may arise when disclosing data and also that feeble regulations could summon firms to fill this void through NFD. We thus contribute to this strand by revealing that stakeholders in this milieu are essentially different than in developed countries, and therefore the underlying reasons to engage in NFD also differ.
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Korca, Blerita, and Ericka Costa. "Directive 2014/95/EU: building a research agenda." Journal of Applied Accounting Research 22, no. 3 (January 15, 2021): 401–22. http://dx.doi.org/10.1108/jaar-05-2020-0085.
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PurposeThis paper discusses the current state of research into Directive 2014/95/EU and non-financial disclosure (NFD), with the aim of offering a future research agenda.Design/methodology/approachThe authors have conducted a systematic literature review of 78 studies spanning seven years (2014–2020) that address Directive 2014/95/EU.FindingsThe literature review revealed four main avenues for future research. First, future studies could focus on addressing issues related to the EU Directive's potential impacts, both in terms of NFD and companies' financial performance. Second, because context plays an important role in defining the regulation's impact, future research should consider these contextual factors in NFD. Third, further research should investigate the interplay between the binding requirements of the Directive and the non-binding guidelines suggested to implement it. Finally, future research would do well to employ additional theoretical approaches in order to interpret the Directive's diverse effects for various countries, organisations and timelines.Research limitations/implicationsThis research agenda is intended to help scholars in this field to understand what has yet to be known in order to develop a complete understanding of the EU Directive on non-financial information disclosure.Practical implicationsFocussing on the Directive's implementation across countries and organisations with a longitudinal approach, this paper could indicate whether or not mandatory reporting enhances non-financial information disclosure and consequently, organisational actions. This work could inform both companies' and policymakers' approach to disclosure, whether mandatory or otherwise.Originality/valueTo date, many studies have focussed on specific issues regarding the EU Directive. This paper, however, presents the first systematic literature review considering the current state of research into the EU Directive, thus drawing a future research agenda.
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Spallini, Sabrina, Virginia Milone, Antonio Nisio, and Patrizia Romanazzi. "The Dimension of Sustainability: A Comparative Analysis of Broadness of Information in Italian Companies." Sustainability 13, no. 3 (January 30, 2021): 1457. http://dx.doi.org/10.3390/su13031457.
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In recent years, sustainability has become one of the key dimensions of business performance. The results obtained in terms of sustainability must be adequately communicated in suitable reports, the quality of which is determined by several factors. One of these, the breadth of information provided, plays a significant role. The aim of this paper is to measure the broadness of non-financial information in sustainability reports and correlate this to some selected variables that refer to corporate governance, i.e., the presence of an internal sustainability committee and of female directors; the characteristics of the report e.g., Sustainable Development Goals (SDG) citation; company features, number of employees, revenues, and Return On Assets ROA. For this purpose, 134 Italian companies were studied and a score based on the conformity of the NFD (non-financial disclosure) with the GRI (Global Reporting Initiative) standards was created. To test the research hypotheses, univariate analysis and multivariate regression analysis were performed. The results showed different behaviors by the companies in terms of sustainability policies. The GRISC (Global Reporting Initiative Score) has a greater concentration on mean values. Positive correlations were found between GRISC and the presence of an internal sustainability committee, SDG citation in the NFD and company size. This study offers support for policy makers and practitioners as it provides a measure of the breadth of sustainability information and relates this to the variables analyzed. The latter depend on regulatory interventions or company policies which are implemented, or could be implemented, to improve the extent of the NFD.
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Berniak-Woźny, Justyna, and Artur Kwasek. "Sustainability Reporting Practices in the Healthcare Products Sector – the Case of Europe and North America." Comparative Economic Research. Central and Eastern Europe 23, no. 2 (June 23, 2020): 69–86. http://dx.doi.org/10.18778/1508-2008.23.13.
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The Paper’s goals: For the last two decades, sustainability reporting has increasingly been gaining the attention of managers, and consequently, academicians, too. This is due to the growing interest of a wide range of stakeholders, such as governments, investors, and customers, in non-financial information disclosed by business and public organisations. However, designing and implementing a sustainability report that fits the needs of these different stakeholder groups is a challenge. The differences between the various sectors make this challenge even greater. The focus of this paper will be on the healthcare products sector. The aim of this paper is to investigate the scope and quality of sustainability reporting practices of companies operating in the European and North American healthcare products sector. Research methods: The study is based on the current literature on sustainability reporting and non-financial (NFI) reporting. The empirical part of the paper will be based on a qualitative descriptive research design. Content analysis will be conducted on sustainability reports issued in 2018 and 2019, by 11 European and 8 North American organisations in the healthcare products sector. The nature of the study will be descriptive and based solely on information from secondary data sources. Expected results of the research: This paper will contribute to the international health management literature and to the existing research of sustainability reporting. Based on the findings, the health sector’s sustainability reporting practices will be carefully identified. The authors will also compare the practices of North American and European organisations’, and subsequently, they will define the trends and best practices in this field.
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Sedláček, Jaroslav, and Veronika Popelková. "Non-financial information and their reporting—evidence of small and medium-sized enterprises and large corporations on the Czech capital market." National Accounting Review 2, no. 2 (2020): 204–16. http://dx.doi.org/10.3934/nar.2020012.
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Carini, Cristian, Laura Rocca, Monica Veneziani, and Claudio Teodori. "The first impact of EU regulation on non-financial disclosure: An exploratory analysis in the oil & gas sector." Corporate Ownership and Control 17, no. 1 (September 27, 2019): 24–37. http://dx.doi.org/10.22495/cocv17i1art3.
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Directive 2014/95, in force since 2017, is the first European step that requires companies to provide mandatory non-financial information (NFI). The regulation concerns sustainability information with the policy goal of increased accountability and comparability among European “public interest entities” on that matters. According to the framework of Regulatory Integrated Assessment (RIA), the study compares the disclosure before and after the Directive application considering the content (what) and the location of the information in companies’ reports (where). Content analysis is applied to both financial and non-financial reports to create a disclosure scoring index and an overlapping one. Thus to compare the ex-ante analysis to the ex-post by a quantitative scoring system. The research contributes to the debate on the regulatory policy evaluation examining whether the ex-post assessment reveals a change in companies’ reporting behaviour about non-financial information, i.e. if the regulation achieves its policy objectives of improving sustainability disclosure. Findings show differences between the ex-ante and the ex-post phase: after the enforcement of the Directive there is an increase in the degree of disclosure (what) and a reduction in the level of overlap (where), with more companies choosing “embedded” reports. These results are a preliminary step in the regulatory policy evaluation and they answer to the request of more studies on the ex-post implementation review of regulation.
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Mian, Agrima, Wei Wei, Allison M. Winter, Jack Khouri, Deepa Jagadeesh, Faiz Anwer, Aaron T. Gerds, et al. "Outcomes and Factors Impacting Use of Axicabtagene Ciloleucel in Refractory and Relapsed Large B-Cell Lymphoma: An Intent-to-Treat Analysis." Blood 134, Supplement_1 (November 13, 2019): 4452. http://dx.doi.org/10.1182/blood-2019-127087.
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Background: Axicabtagene Ciloleucel (Axi-cel), the first chimeric antigen receptor T-cell therapy (CAR-T), is approved for refractory/relapsed (R/R) aggressive B-cell lymphoma with the ZUMA-1 trial reporting an objective response in 83% and complete response in 58% patients at a median duration of 27 months (Locke et al. 2019). The availability to successfully deliver CAR-T therapy may be restricted by socio-economic, technical/manufacturing challenges and comorbidities related to aggressive B-cell lymphoma and its treatment. In this intent-to treat (ITT) analysis, we compared the outcomes of patients at our center with R/R B-cell lymphoma who received Axi-cel with those for whom Axi-cel therapy was intended but not administered, in order to identify factors that may limit its use in this population. Methods: We reviewed medical records of consecutive adult patients with R/R diffuse large B-cell lymphoma (DLBCL), transformed follicular lymphoma (tFL) and primary mediastinal B-cell lymphoma (PMBCL) for whom letters of medical necessity (LMN) were sent to request approval for Axi-cel, from March 2018 to May 2019 at our center. Patients were grouped according to whether or not they ultimately received Axi-cel. Baseline characteristics between Axi-cel and Non-Axi-cel group were compared using Fischer's exact test for categorical and Wilcoxon rank sum test for continuous variables. Comorbidities were assessed using the Hematopoietic Cell Transplantation-specific Comorbidity Index (HCT-CI) (Sorror 2013). Time-dependent outcomes were calculated from the date of LMN. Overall survival (OS) was estimated using the Kaplan-Meier method. Results: LMNs were sent for a total of 38 patients, 27 male (71%) with a median age of 63 (range, 25-77) years. 24 patients (63%) had an ECOG PS of 0 or 1 at study entry, while median IPI at diagnosis was 2 (range, 0-5). The most common histology was DLBCL in 25 patients (66%) and 18 (47%) had a germinal center B-cell (GCB) subtype. Four patients had double/triple hit lymphoma. The median number of prior therapies was 4 (range, 2-6) and 21 patients (55%) underwent prior autologous transplant. Forty-seven percent had relapsed and 53% had refractory disease. Patient characteristics are shown in Table 1. Twenty seven (71%) patients received Axi-cel, while 11 patients (29%) were considered candidates for but could not receive Axi-cel. The median time from LMN to cell infusion was 62 (range, 33-248) days. A higher HCT-CI score was observed in the Non-Axi-cel group as compared to the Axi-cel group (median score of 4 vs 2, P=0.04). The two groups did not differ with respect to age, ECOG PS, IPI, number of prior therapies or transplant status. Median follow- up was 5 (range, 2-16) months. At the time of last follow-up, 8 out of 27 patients (30%) in the Axi-cel and 10 out of 11 (91%) in the Non-Axi-cel group had died. The median OS for the entire cohort was 10 months (95% CI, 3.7 to 13), Axi-cel group was 13 months (95% CI, 7.7 to N.R.) and Non-Axi-cel group was 1 month (95% CI, 0.4 to 3.7) (Figure 1). In the Non-Axi-cel group, 3 patients underwent leukapheresis but died prior to infusion (including 1 manufacturing failure and 2 patients with rapid systemic progression). The other 7 deaths in this group were prior to leukapheresis (3 due to sepsis, 3 due to rapid progression including 1 case of active CNS disease and 1 patient could not receive therapy due to caregiver and financial barriers). The one surviving patient in the Non-Axi-cel group had refractory CNS relapse at the time of last follow-up. Conclusions: In this retrospective ITT analysis, approximately one third of patients with R/R aggressive B-cell lymphoma for whom CAR-T therapy was intended were unable to receive it and had extremely short median OS. Patients who could not receive Axi-cel had a higher comorbidity index at the time of decision to proceed with CAR-T therapy; the majority of them died before leukapheresis from disease progression or complications of prior treatment. Improved strategies are needed to safely bridge patients with aggressive B-cell lymphoma intended to receive Axi-cel. New targeted agents such as polatuzumab vedotin and tafasitamab (formerly MOR208) may increase the proportion of patients with aggressive B-cell lymphoma who ultimately receive and benefit from CAR-T therapy. Disclosures Anwer: Seattle Genetics: Membership on an entity's Board of Directors or advisory committees; In-Cyte: Speakers Bureau. Gerds:Incyte: Consultancy, Research Funding; Imago Biosciences: Research Funding; CTI Biopharma: Consultancy, Research Funding; Celgene Corporation: Consultancy, Research Funding; Sierra Oncology: Research Funding; Pfizer: Consultancy; Roche: Research Funding. Majhail:Anthem, Inc.: Consultancy; Incyte: Consultancy; Atara Bio: Consultancy; Nkarta: Consultancy; Mallinckrodt: Honoraria. Hill:TG therapeutics: Research Funding; Abbvie: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding; Genentech: Consultancy, Research Funding; Kite: Consultancy, Honoraria; Gilead: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees; Pharmacyclics: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding; AstraZeneca: Consultancy, Honoraria; Celegene: Consultancy, Honoraria, Research Funding; Seattle Genetics: Consultancy, Honoraria; Takeda: Research Funding; Amgen: Research Funding.
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Ştefănescu, Cristina Alexandrina, Adriana Tiron-Tudor, and Ecaterina Monica Moise. "EU NON-FINANCIAL REPORTING RESEARCH – INSIGHTS, GAPS, PATTERNS AND FUTURE AGENDA." Journal of Business Economics and Management, December 21, 2020, 1–20. http://dx.doi.org/10.3846/jbem.2020.13479.
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This study approaches the fresh perspective of non-financial reporting (NFR) promoted through the Directive 2014/95/EU (EUD) by providing a state of knowledge, initiatives and approaches on this topic and also by identifying the main patterns developed within this research stream. Based on a structured literature review and statistical methods as Principal Component and cluster analysis, it investigates the progress of scientific research and design undertaken within NFR topic and discloses insights and critical issues for future research agenda. The results reveal the focus of the literature on general issues related to EUD, as well as throughout its specific requirements, using GRI or other national/international frameworks. From a methodological point of view, even though empirical studies prevailed, there are also conceptual studies that analyse the new EUD either on sampled countries or across Europe.
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Carungu, Jonida, Roberto Di Pietra, and Matteo Molinari. "Mandatory vs voluntary exercise on non-financial reporting: does a normative/coercive isomorphism facilitate an increase in quality?" Meditari Accountancy Research ahead-of-print, ahead-of-print (November 4, 2020). http://dx.doi.org/10.1108/medar-08-2019-0540.
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Purpose This paper aims at investigating the quality of non-financial reporting (NFR) in light of Directive no. 2014/95/EU. Specifically, it focuses on the quality of NFR in Italian companies, as required by Legislative Decree no. 254/2016. Design/methodology/approach The method used to develop the analysis is mainly qualitative. A content analysis of 184 non-financial reports (NFRs) was conducted on a sample of 92 companies that have been previously involved in the process of NFR on a voluntary basis. Then, a longitudinal analysis was carried out to assess the quality of the NFR conducted from a voluntary to a mandatory basis. Findings This study shows that the quality of NFR does not increase when moving from a voluntary to a mandatory basis, especially for 25% of the companies that publish supplementary sustainability reports and/or plans. This result demonstrates that preparers may perceive mandatory NFR as a comprehensive best practice to adequately report their social, economic and environmental performance. Originality/value The contribution of this research is threefold. Firstly, it contributes to the social and environmental accounting literature that focuses on NFR quality assessment. Secondly, it contributes to the literature that emphasizes the role of mimetic, coercive and normative isomorphism mechanisms on accounting systems and reporting practices. Thirdly, it contributes to the research gaps for academics highlighted by previous literature on mandatory corporate reporting as a consequence of normative requirements and on the relationship between regulation and mimetic, coercive and normative isomorphic mechanisms within organizations.
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Abhayawansa, Subhash, and Carol Adams. "Towards a conceptual framework for non-financial reporting inclusive of pandemic and climate risk reporting." Meditari Accountancy Research ahead-of-print, ahead-of-print (July 12, 2021). http://dx.doi.org/10.1108/medar-11-2020-1097.
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Purpose This paper aims to evaluate non-financial reporting (NFR) frameworks insofar as risk reporting is concerned. This is facilitated through analysis of the adequacy of climate- and pandemic-related risk reporting in three industries that are both significantly impacted by the COVID-19 pandemic and are at risk from climate change. The pervasiveness of pandemic and climate-change risks have been highlighted in 2020, the hottest year on record and the year the COVID-19 pandemic struck. Stakeholders might reasonably expect reporting on these risks to have prepared them for the consequences. Design/methodology/approach The current debate on the “complexity” of sustainability and NFR frameworks/standards is critically analysed in light of the COVID-19 pandemic and calls to “build back better”. Context is provided through analysis of risk reporting by the ten largest airlines and the five largest companies in each of the hotel and cruise industries. Findings Risk reporting on two significant issues, pandemics and climate change, is woefully inadequate. While very little consideration has been given to pandemic risks, disclosures on climate-related risks focus predominantly on “risks” of increased regulation rather than physical risks, indicating a short-term focus. The disclosures are dispersed across different corporate reporting media and fail to appreciate the long-term consequences or offer solutions. Mindful that a conceptual framework for NFR must address this, the authors propose a new definition of materiality and recommend that sustainable development risks and opportunities be placed at the core of a future framework for connected/integrated reporting. Research limitations/implications For sustainable development risks to be perceived as “real” by managers, further research is needed to determine the nature and extent of key sustainable development risks and the most effective mitigation strategies. Social implications This paper highlights the importance of recognising the complexity of the issues facing organisations, society and the planet and addressing them by encouraging robust consideration of the interdependencies in evolving approaches to corporate reporting. Originality/value This study contributes to the current debate on the future of corporate reporting in light of two significant interconnected crises that threaten business and society – the pandemic and climate change. It provides evidence to support a long-term oriented and holistic approach to risk management and reporting.
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Lombardi, Rosa, Antonietta Cosentino, Alessandro Sura, and Michele Galeotti. "The impact of the EU Directive on non-financial information: Novel features of the Italian case." Meditari Accountancy Research ahead-of-print, ahead-of-print (July 12, 2021). http://dx.doi.org/10.1108/medar-06-2019-0507.
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Purpose This paper aims to examine the European Union (EU) 95/2014 Directive’s impact on large public companies. It chose Italy as a pivotal country that made non-financial information assurance mandatory, going beyond the EU Directive’s original requirements. Specifically, it investigates how the UE Directive fosters institutionalisation of the non-financial reporting (NFR) process in organisations. Design/methodology/approach Two large public companies in Italy are used as case studies. Data are gathered from annual and integrated reports, institutional websites and semi-structured interviews with the managers and employees involved in different organisational positions. The authors adopted the neo-institutional theory as a theoretical lens to identify the organisations’ response to the (external) institutional pressures influencing corporate reporting practices. Findings The findings demonstrate how the EU Directive fostered changes to large public companies’ reporting practices and external pressures contributed to influencing changes to internal organisational practices in terms of new internal processes, procedures and structures. These changes are motivated by the companies’ need to guarantee reliable information to be produced in their non-financial reports. Practical implications This paper helps academics and policymakers to advance NFR practices by understanding regulatory factors that can foster changes in the internal reporting process and responsibility within organisations. Originality/value The findings provide some empirical insights to foster reflections on the EU Directive’s effectiveness in changing reporting practices. This paper contributes to enriching the literature on institutional theory in shaping mandatory non-financial disclosure by identifying the institutional pressures influencing the effectiveness of regulations to change NFR practices.
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Stefanescu, Cristina Alexandrina. "Linking sustainability andnon-financial reporting directive 2014/95/EU throughisomorphism lens." Meditari Accountancy Research ahead-of-print, ahead-of-print (August 23, 2021). http://dx.doi.org/10.1108/medar-09-2020-1019.
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Purpose This study aims to explore the connection between sustainability and non-financial reporting (NFR) settled by the Directive 2014/95/EU, aiming to shed light on how institutional isomorphic pressures (mimetic, coercive and normative) are expressed in terms of sustainability issues influenced its enactment at the European Union (EU) level. Design/methodology/approach Empirically, the contribution of this study relied on the complexity of the research design that uses the same statistical methods and techniques (e.g. principal component analysis, correlation and regression analysis) within two stages of analysis (main and robustness) to increase the trustworthy of the results reached. Findings The results reveal that countries with sound sustainable management pillars (economic, environmental and social) and development goals promoting economic prosperity, environmental protection and societal well-being (prosperity, planet and people) are more likely to bring active support in enhancing NFR by regulating its framework. Research limitations/implications The empirical nature of the research left space for some limitations, as long as it relied on country-level data, thus being quite challenging to gauge the commitment to harmonization with the new Directive. Moreover, the model’s explanatory power remains questionable, as the explanatory variables might be measured differently in the model specifications. Practical implications The study addresses academia/regulators/practitioners by ascertaining their potential to better understand/promote/apply the new Directive. Thus, each could support the steps toward standardized sustainability reporting by keeping up to date with the latest improvements/addressing cross-country inconsistencies in the transposition/managing future implementation in a more effective and accountable way. Originality/value This paper approaches the harmonization process of NFR across Europe in connection with sustainability issues, grounding on institutional isomorphism. Thus, it fills an existing literature gap, as research studies approaching the new Directive from the institutional theory’s perspective are still scarce and focused on particular countries.
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Ottenstein, Philipp, Saskia Erben, Sébastien Jost, Carl William Weuster, and Henning Zülch. "From voluntarism to regulation: effects of Directive 2014/95/EU on sustainability reporting in the EU." Journal of Applied Accounting Research ahead-of-print, ahead-of-print (July 12, 2021). http://dx.doi.org/10.1108/jaar-03-2021-0075.
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PurposeThe aim of this paper is to examine the effects of the European Non-financial Reporting Directive (2014/95/EU) on firms' sustainability reporting practices, especially reporting quantity (i.e. availability of information) and quality (i.e. comparability and credibility).Design/methodology/approachTo test the main hypotheses, the authors select 905 treated firms from the EU 28 + 2 countries for a difference-in-differences regression analysis of dependent variables from the Refinitiv ESG database.FindingsThe results suggest that the Directive influences sustainability reporting quantity and quality. Treated firms provide around 4 percentage points more sustainability information (i.e. availability) than propensity score matched control firms and are 19 percent more likely to receive external assurance (i.e. credibility). However, we also find that the Directive is not the decisive factor in the adoption of GRI guidelines (i.e. comparability).Research limitations/implicationsThe analysis is restricted to large listed firms and does not account for small, mid-sized and private firms. Further, cross-cultural differences which influence sustainability reporting are controlled for but not investigated in detail. The authors derive several suggestions for future research related to the NFR Directive and its revision.Practical implicationsThe authors’ findings have practical implications for the future development of sustainability reporting in the EU and for other regulators considering the adoption of sustainability reporting.Originality/valueThis study is the first to provide evidence on the NFR Directive's reporting effects across multiple countries. It adds to the growing literature on the consequences of mandatory sustainability reporting. Additionally, this paper introduces a novel measurement approach sustainability information quantity that could benefit researchers.
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Girella, Laura, Stefano Zambon, and Paola Rossi. "Board characteristics and the choice between sustainability and integrated reporting: a European analysis." Meditari Accountancy Research ahead-of-print, ahead-of-print (July 30, 2021). http://dx.doi.org/10.1108/medar-11-2020-1111.
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Purpose The role that the board can have in influencing the adoption of non-financial reporting (NFR) by companies is a topic that has raised interest in the recent literature. However, very few have so far been said on the logic that underpins the selection by corporate boards of a particular model (sustainability and/or integrated). This study aims to examine if and to what extent board characteristics may influence the choice of companies to voluntarily publish a sustainability report, an integrated report or both of them, and if moderating variables, relating to incentives towards corporate transparency, may have an influence. Both of these types of reporting tools are in fact aimed at improving company disclosure towards sustainable development. Design/methodology/approach Through a multi-nomial regression analysis, this study tests the assumptions in a sample of companies listed on the Eurostoxx600 that adopt integrated or sustainability reporting or both of them for the period 2015–2018 for a total of 2,103 firm-years observations. Findings The results reveal that sustainability reporting is associated with board independence only, whilst the adoption of integrated reporting is influenced by board size and board independence. The same two variables influence also those companies that jointly adopt both sustainability and an integrated report. This confirms that integrated reporting requires more competencies and monitoring to be adopted. Furthermore, the results provide evidence that information asymmetry and financial constraints influence the decision of companies to publish the integrated report, sustainability report or both, whilst growth opportunities do not. Hence, moderating variables can have a role in explaining this association, and especially those that are related to the firm’s incentives related to the provision of financial capital by investors. Research limitations/implications This study contributes to the literature in three ways. First, it proposes an incremental analysis of the relationship between board characteristics and voluntary disclosure of integrated reporting, considering the effects of moderating variables on this association. Second, the above relationship is examined in a comparative way vis-à-vis the adoption of sustainability reporting. Third, it demonstrates that the analysis of these reporting tools can benefit from an understanding that relies on both agency and stakeholder theories, that have to be conceived somehow complementary. In terms of limitations, this study is exclusively focussed on larger European listed firms, and therefore, the findings may not be valid for small and medium firms and for companies operating outside Europe. Practical implications This study provides useful insights for managers and policymakers to better understand which are the characteristics of the board composition that can best encourage a company to pursue a reporting strategy based on sustainable development. This results to be particularly relevant and timely in the European context if the authors take into consideration the developments of the European Parliament and Commission towards the launch of a new legislative proposal on sustainable corporate governance in 2021. Originality/value The study contributes to the existing literature in two ways. First, it offers a unique perspective on the direct and indirect effects of board characteristics on the adoption of integrated and/or sustainability reports by examining it in a comparative perspective. Second, it further demonstrates that the analysis of NFR and especially integrated reporting might benefit from the adoption of multiple conceptual lenses, in this case, agency and stakeholder theories.
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Fiandrino, Simona, Melchior Gromis di Trana, Alberto Tonelli, and Antonella Lucchese. "The multi-faceted dimensions for the disclosure quality of non-financial information in revising directive 2014/95/EU." Journal of Applied Accounting Research ahead-of-print, ahead-of-print (July 22, 2021). http://dx.doi.org/10.1108/jaar-04-2021-0118.
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PurposeThe aim of this paper is to provide the state of the art in the academic and professional debate on the disclosure quality of NFI. This analysis is driven by the need to feature the dimensions of NFI quality that should be considered to improve the current regulatory framework towards a more transparent disclosure.Design/methodology/approachThe research is an integrative literature review that assesses and synthesizes the scientific knowledge and the annexed documents collected during the public consultation for the Review of Non-financial Reporting Directive (NFRD) on the disclosure quality of non-financial information (NFI).FindingsFindings show that there is a common consensus between scientific literature and the annexed documents of the consultation process on the Review of the NFRD on the need to enhance a double-materiality perspective, to provide specific contents on sustainability issues, to clarify the relevance of NFI, and to embed NFI into the management report in an integrated manner. Furthermore, there is an alignment related to timeliness in favour of a risk management procedure and a forward-looking approach.Research limitations/implicationsThe research engages the debate on the NFI disclosure quality, in light of the recent Review of NRFD and the new Proposal of Corporate Sustainability Reporting Directive that extends and enhances the non-binding reporting guidelines of NFI.Practical implicationsThe research provides a dashboard of the dimensions of NFI disclosure quality that aggregates the academics' and practitioners' knowledge systematically. It shows the interplay between the scholarly developments and the recent measures arisen in the consultation process to undertake NFI disclosure quality.Originality/valueThe research provides a lens to analyse, classify and interpret the insights emerged during the consultation process of the NFRD.