Non-financial reporting in Spain. The effects of the adoption of the 2014 EU Directive

  1. García-Benau, María-Antonia 1
  2. Bollas-Araya, Helena-María 2
  3. Sierra-García, Laura 3
  1. 1 Universitat de València

    Universitat de València

    Valencia, España


  2. 2 Universidad Politécnica de Valencia

    Universidad Politécnica de Valencia

    Valencia, España


  3. 3 Universidad Pablo de Olavide

    Universidad Pablo de Olavide

    Sevilla, España


Revista de contabilidad = Spanish accounting review: [RC-SAR]

ISSN: 1138-4891

Datum der Publikation: 2022

Ausgabe: 25

Nummer: 1

Seiten: 3-15

Art: Artikel

DOI: 10.6018/RCSAR.392631 DIALNET GOOGLE SCHOLAR lock_openDIGITUM editor

Andere Publikationen in: Revista de contabilidad = Spanish accounting review: [RC-SAR]


The Directive 2014/95/EU imposes new requirements regarding the disclosure of non-financial information (NFI). The aim of this paper is to analyse the NFI disclosed by Spanish listed companies. This is a pioneering study in Spain, since it was conducted during the first year in which NFI disclosure was mandatory, according to the requirements of the Spanish adaptation of Directive. We determine whether decisions on NFI reporting adopted in this respect (i.e. to do so within the management report or as a separate sustainability report) depend on the company’s characteristics. In addition, we consider whether the content of such reports differs significantly. Findings show that some Spanish companies do not disclose mandatory NFI. Larger and more profitable companies, which belong to specific sectors and have a sustainability committee, are more likely to disclose this information in a sustainability report. The contents of management and sustainability reports present significant differences.

Informationen zur Finanzierung

The authors gratefully acknowledge financial support from the Ministerio de Ciencia, Innovación y Universidades (RTI2018-093423-BI00).


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