The Uticaj održivog izveštavanja na finansijske performanse preduzeća
Ključne reči:
Održivo izveštavanje, Finansijske performanse, velika preduzeća, Srbija
Sažetak
Izveštavanje o životnoj sredini, društvenim pitanjima i korporativnom upravljanju (ESG) ili održivo izveštavanje može uticati na poslovne rezultate preduzeća kroz finansijske ishodе, upravljanje rizicima i dugoročnu održivost. Cilj ovog rada je da utvrdi povezanost između izveštavanja o održivosti i finansijskih performansi preduzeća. Uzorak se sastoji od 60 velikih srpskih preduzeća koja imaju zakonsku obavezu da u izveštajima obelodanjuju nefinansijske informacije o održivosti. Posmatrani vremenski okvir je od 2021. do 2023. godine. Empirijski deo rada fokusira se na primenu neparametarskog Mann-Whitney U testa u SPSS-u. Rezultati pokazuju da postoji statistički značajna razlika u finansijskim performansama između preduzeća koja imaju posebne izveštaje o održivosti na srpskom jeziku i onih koja nemaju. Međutim, nije utvrđena statistički značajna razlika u finansijskim performansama između preduzeća koja uključuju izveštaj o održivosti u okviru svog godišnjeg poslovnog izveštaja i onih koja to ne rade. Rezultati ukazuju na potrebu za poboljšanjem posvećenosti organizacije održivom razvoju kako bi se postigle bolje finansijske performanse koje vode ka dugoročnom opstanku, rastu i razvoju.
Reference
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Akuoko-Sarpong, T., Gyasi, S., T., & Affram, H. (2024). Sustainability Reporting and Financial Performance: Examine the Correlation between Sustainability Disclosures Financial Performance in Publicly Traded Companies. International Journal of Innovative Science and Research Technology, 9(9), 1041-1055. https://doi.org/10.38124/ijisrt/IJISRT24SEP485
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Ameer, R., Othman, R. (2012). Sustainability Practices and Corporate Financial Performance: A Study Based on the Top Global Corporations. J. Bus Ethics, 108. 61-79, https://10.1007/s10551-011-1063-y
Aydogmus, M., Gulay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22-S2, 119-127. https://doi.org/10.1016/j.bir.2022.11.006
Bag, S., & Omrane, A. (2020). Corporate Social Responsibility and Its Overall Effects on Financial Performance: Empirical Evidence from Indian Companies. Journal of African Business, https://doi.org/10.1080/15228916.2020.1826884
Burhan, A. H. N., & Rahmanti, W. (2012). The impact of sustainability reporting on company performance. Journal of Economics, Business, and Accountancy Ventura, 15(2), 257-272. https://doi.org/10.14414/jebav.v15i2.79
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Ching, H. Y., Gerab, F., & Toste, T. H. (2017). The quality of sustainability reports and corporate financial performance: Evidence from Brazilian listed companies. SAGE Open, 7(2), 215-244. https://doi.org/10.1177/2158244017712027
Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535-1560. https://doi.org/10.1002/csr.2446
Darnall, N., Ji, H., Iwata, K., & Arimura, T. (2022). Do ESG reporting guidelines and verifications enhance firms’ information disclosure? Corporate Social Responsibility and Environmental Management, 29(5), 1214-1230. https://doi.org/10.1002/csr.2265
Egorova, A. A., Grishunin, S. V., & Karminsky, A. M. (2021). The Impact of ESG factors on the performance of Information Technology Companies. Procedia Computer Science, 199. 339-345. https://doi.org/10.1016/j.procs.2022.01.041
Ezeokafor, F. C., & Amahalu, N. N. (2019). Effect of sustainability reporting on corporate performance of quoted oil and gas firms in Nigeria. Journal of Global Accounting, 6(2), 217-228. Retrieved 11 July, 2024 from: https://journals.unizik.edu.ng/joga/article/view/2339?articlesBySimilarityPage=6
Field, A. (2009). Discovering Statistics using SPSS. London, Sage Publication.
Filipović, M., Radukić, S., & Bačanek, V. (2024). The importance of the EU strategic approach for progress towards the sustainable development goals. Economics of Sustainable Development, 8(1), 25-40. https://doi.org/10.5937/ESD2401025F
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Hafez, H., M. (2016). Corporate social responsibility and firm value: an empirical study of an emerging economy. Journal of Governance and Regulation, 5(4), 40-53. https://doi.org/10.22495/jgr_v5_i4_p3
Ilić, M., Saković, D. & Stanišić, M. (2019). Development of Company’s Creditworthiness Analysis Model Based on the Characteristics of the National Market. Industrija, 47(2), 7-25. https://doi.org/10.5937/industrija47-17666
Johansson, S., Karlsson, A., & Hagberg, C. (2015). The relationship between CSR and financial performance -A quantitative study examining Swedish publicly traded companies, 7, 51–58. Sweden: Linnaeus University
Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7). 3746. https://doi.org/10.3390/su13073746
Knežević, G., & Mijoković, M. (2017). Sustainability reporting of listed companies on the Belgrade stock exchange. In: Challenges in Modern Corporate Governance: book of proceedings (pp. 30-35). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2017-30-35
Knežević, G., Pavlović, V., & Stevanović, S. (2017). Izveštavanje o održivom razvoju-karakteristike, ograničenja i perspektiva u Republici Srbiji. Poslovna ekonomija, XI(I), 83-102. https://doi.org/10.5937/poseko11-13032
Kwaghfan, A. (2015). Impact of sustainability reporting on corporate performance of selected quoted companies in Nigeria. University of Nigeria. Nsukka, Nigeria.
Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11-27. https://doi.org/10.1108/SRJ-11-2017-0254
Lech, A. (2013). Corporate Social Responsibility and Financial Performance. Theoretical and Empirical Aspects. Comparative Economic Research, 16, 49-62. https://doi.org/10.2478/cer-2013-0018
Malinić, D., & Milutinović, S. (2023). Investing in the SDGs and reporting by ESG metrics: the accounting perspectives. Ekonomika preduzeća, 71(1-2), 77-100. https://doi.org/10.5937/EKOPRE2302077M
Marinković, G. (2023). Environmental aspects of reporting of large-sized enterprises in Serbia. Ecologica, 30(111), 435-441. https://doi.org/10.18485/ecologica.2023.30.111.13
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation and misspecification. Strategic Management Journal, 21, 603–609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3
Mijoković, M., Knežević, G., & Mizdraković, V. (2020). Analysing the link between CSR reporting and financial performances variables of Belgrade Stock Exchange Companies. Teme, 44(4). 1369-1389. https://doi.org/10.22190/TEME190513081M
Munasinghe, M. A. T. K., & Kumara, D. C. U. (2013). Impact of disclosure of corporate social responsibility on corporate financial performances of plantations companies in Sri Lanka. Journal of Emerging Trends in Economics and Management Sciences, 4(3), 371-376.
Mutalib, Y., O., Iriabije, E., U., Okon, A., E., & Chijioke, O., E. (2020). Impact of Sustainability Reporting on Corporate Performance: Evidence from in Nigeria Stock Exchange (NSE). Journal of Mgt. Science & Entrepreneurship, 20(7), 345-367. Retrieved 12 July, 2024 from: https://www.hummingbirdpubng.com/wp-content/uploads/2020/10/HUJMSE_VOL20_NO7_JUNE2020_-26.pdf
Ngwakwe, C., C. (2008). Environmental Responsibility and Firm Performance: Evidence from Nigeria. International Journal of Business, Human and Social Sciences, 2(10), 1152-1159. https://doi.org/10.5281/zenodo.1079958
Official Gazette of RS. (2024). Accounting Law. Official Gazette of RS no. 73/2019 and 44/2021-other laws
Ostojić, I. (2023). Microfinance and sustainable development of MSMEs and entrepreneurs in Serbia. Industrija, 51(3/4), 89-102. https://doi.org/10.5937/industrija51-49411
Reddy, K., & Lucus, G. (2010). The effect of sustainability reporting on financial performance: An empirical study using listed companies. Journal of Asia Entrepreneurship and Sustainability, 6(2), 19-42. Retrieved 25 July, 2024 from https://hdl.handle.net/10289/7658
Todorov, P. (2024). Sustainable development of urban tourism in Kragujevac. Ekonomika, 70(3), 43-59. https://doi.org/10.5937/ekonomika2403043T
Uwalomwa, U., Obarakpo, T., Olubukola, R. U., Ozordi, E., Osariemen, A., Gbenedio, A., Eyitomi, O., & Simeon, T. (2018). Sustainability reporting and firm performance: A bi-directional approach. Academy of Strategic Management Journal, 17(3), 16-32
Vuković, B., Tica, T., & Jakšić, D. (2022). Sustainable Growth Rate Analysis in Eastern European Companies. Sustainability, 14, 10731. https://doi.org/10.3390/su141710731
Aggarwal, P. (2013). Sustainability reporting and its impact on corporate financial performance: A literature review. Indian Journal of Commerce and Management Studies, 4(3), 51-61. Retrieved 15 July, 2024 from: https://ijcms.in/index.php/ijcms/article/view/484
Akuoko-Sarpong, T., Gyasi, S., T., & Affram, H. (2024). Sustainability Reporting and Financial Performance: Examine the Correlation between Sustainability Disclosures Financial Performance in Publicly Traded Companies. International Journal of Innovative Science and Research Technology, 9(9), 1041-1055. https://doi.org/10.38124/ijisrt/IJISRT24SEP485
Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108(1), 61-79. Retrieved 20 June, 2024 from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2162195
Ameer, R., Othman, R. (2012). Sustainability Practices and Corporate Financial Performance: A Study Based on the Top Global Corporations. J. Bus Ethics, 108. 61-79, https://10.1007/s10551-011-1063-y
Aydogmus, M., Gulay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22-S2, 119-127. https://doi.org/10.1016/j.bir.2022.11.006
Bag, S., & Omrane, A. (2020). Corporate Social Responsibility and Its Overall Effects on Financial Performance: Empirical Evidence from Indian Companies. Journal of African Business, https://doi.org/10.1080/15228916.2020.1826884
Burhan, A. H. N., & Rahmanti, W. (2012). The impact of sustainability reporting on company performance. Journal of Economics, Business, and Accountancy Ventura, 15(2), 257-272. https://doi.org/10.14414/jebav.v15i2.79
Business Registers Agency. (2024). Reports. Retrieved 25 July, 2024 from: https://www.apr.gov.rs/%d0%bf%d0%be%d1%87%d0%b5%d1%82%d0%bd%d0%b0.3.html
Center of Contemporary Politics. (2020). Sustainability reporting of the 50 largest companies in Serbia, with a particular focus on ESG. Retrieved 1 July, 2024 from: https://centarsavremenepolitike.rs/biblioteka/izvestavanje-o-odrzivosti-50-najvecih-kompanija-u-srbiji/
Ching, H. Y., Gerab, F., & Toste, T. H. (2017). The quality of sustainability reports and corporate financial performance: Evidence from Brazilian listed companies. SAGE Open, 7(2), 215-244. https://doi.org/10.1177/2158244017712027
Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535-1560. https://doi.org/10.1002/csr.2446
Darnall, N., Ji, H., Iwata, K., & Arimura, T. (2022). Do ESG reporting guidelines and verifications enhance firms’ information disclosure? Corporate Social Responsibility and Environmental Management, 29(5), 1214-1230. https://doi.org/10.1002/csr.2265
Egorova, A. A., Grishunin, S. V., & Karminsky, A. M. (2021). The Impact of ESG factors on the performance of Information Technology Companies. Procedia Computer Science, 199. 339-345. https://doi.org/10.1016/j.procs.2022.01.041
Ezeokafor, F. C., & Amahalu, N. N. (2019). Effect of sustainability reporting on corporate performance of quoted oil and gas firms in Nigeria. Journal of Global Accounting, 6(2), 217-228. Retrieved 11 July, 2024 from: https://journals.unizik.edu.ng/joga/article/view/2339?articlesBySimilarityPage=6
Field, A. (2009). Discovering Statistics using SPSS. London, Sage Publication.
Filipović, M., Radukić, S., & Bačanek, V. (2024). The importance of the EU strategic approach for progress towards the sustainable development goals. Economics of Sustainable Development, 8(1), 25-40. https://doi.org/10.5937/ESD2401025F
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5, 210–233. https://doi.org/10.1080/20430795.2015.1118917
Hafez, H., M. (2016). Corporate social responsibility and firm value: an empirical study of an emerging economy. Journal of Governance and Regulation, 5(4), 40-53. https://doi.org/10.22495/jgr_v5_i4_p3
Ilić, M., Saković, D. & Stanišić, M. (2019). Development of Company’s Creditworthiness Analysis Model Based on the Characteristics of the National Market. Industrija, 47(2), 7-25. https://doi.org/10.5937/industrija47-17666
Johansson, S., Karlsson, A., & Hagberg, C. (2015). The relationship between CSR and financial performance -A quantitative study examining Swedish publicly traded companies, 7, 51–58. Sweden: Linnaeus University
Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7). 3746. https://doi.org/10.3390/su13073746
Knežević, G., & Mijoković, M. (2017). Sustainability reporting of listed companies on the Belgrade stock exchange. In: Challenges in Modern Corporate Governance: book of proceedings (pp. 30-35). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2017-30-35
Knežević, G., Pavlović, V., & Stevanović, S. (2017). Izveštavanje o održivom razvoju-karakteristike, ograničenja i perspektiva u Republici Srbiji. Poslovna ekonomija, XI(I), 83-102. https://doi.org/10.5937/poseko11-13032
Kwaghfan, A. (2015). Impact of sustainability reporting on corporate performance of selected quoted companies in Nigeria. University of Nigeria. Nsukka, Nigeria.
Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11-27. https://doi.org/10.1108/SRJ-11-2017-0254
Lech, A. (2013). Corporate Social Responsibility and Financial Performance. Theoretical and Empirical Aspects. Comparative Economic Research, 16, 49-62. https://doi.org/10.2478/cer-2013-0018
Malinić, D., & Milutinović, S. (2023). Investing in the SDGs and reporting by ESG metrics: the accounting perspectives. Ekonomika preduzeća, 71(1-2), 77-100. https://doi.org/10.5937/EKOPRE2302077M
Marinković, G. (2023). Environmental aspects of reporting of large-sized enterprises in Serbia. Ecologica, 30(111), 435-441. https://doi.org/10.18485/ecologica.2023.30.111.13
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation and misspecification. Strategic Management Journal, 21, 603–609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3
Mijoković, M., Knežević, G., & Mizdraković, V. (2020). Analysing the link between CSR reporting and financial performances variables of Belgrade Stock Exchange Companies. Teme, 44(4). 1369-1389. https://doi.org/10.22190/TEME190513081M
Munasinghe, M. A. T. K., & Kumara, D. C. U. (2013). Impact of disclosure of corporate social responsibility on corporate financial performances of plantations companies in Sri Lanka. Journal of Emerging Trends in Economics and Management Sciences, 4(3), 371-376.
Mutalib, Y., O., Iriabije, E., U., Okon, A., E., & Chijioke, O., E. (2020). Impact of Sustainability Reporting on Corporate Performance: Evidence from in Nigeria Stock Exchange (NSE). Journal of Mgt. Science & Entrepreneurship, 20(7), 345-367. Retrieved 12 July, 2024 from: https://www.hummingbirdpubng.com/wp-content/uploads/2020/10/HUJMSE_VOL20_NO7_JUNE2020_-26.pdf
Ngwakwe, C., C. (2008). Environmental Responsibility and Firm Performance: Evidence from Nigeria. International Journal of Business, Human and Social Sciences, 2(10), 1152-1159. https://doi.org/10.5281/zenodo.1079958
Official Gazette of RS. (2024). Accounting Law. Official Gazette of RS no. 73/2019 and 44/2021-other laws
Ostojić, I. (2023). Microfinance and sustainable development of MSMEs and entrepreneurs in Serbia. Industrija, 51(3/4), 89-102. https://doi.org/10.5937/industrija51-49411
Reddy, K., & Lucus, G. (2010). The effect of sustainability reporting on financial performance: An empirical study using listed companies. Journal of Asia Entrepreneurship and Sustainability, 6(2), 19-42. Retrieved 25 July, 2024 from https://hdl.handle.net/10289/7658
Todorov, P. (2024). Sustainable development of urban tourism in Kragujevac. Ekonomika, 70(3), 43-59. https://doi.org/10.5937/ekonomika2403043T
Uwalomwa, U., Obarakpo, T., Olubukola, R. U., Ozordi, E., Osariemen, A., Gbenedio, A., Eyitomi, O., & Simeon, T. (2018). Sustainability reporting and firm performance: A bi-directional approach. Academy of Strategic Management Journal, 17(3), 16-32
Vuković, B., Tica, T., & Jakšić, D. (2022). Sustainable Growth Rate Analysis in Eastern European Companies. Sustainability, 14, 10731. https://doi.org/10.3390/su141710731