Non-Financial Reporting from the Systematic Literature Review Perspective

Keywordsintegrate reporting nonfinancial reporting stakeholder systematic literature review

JEL Classification M49

Acknowledgements:

This work was co-financed from the European Social Fund, through the Human Capital Operational Program, project number POCU/380/6/13/123623 <>
Both authors have equal contributions to the writing of the article.

Full Article

1. Introduction

The academic interest for studying the stakeholders and how they influence the performance in the business developed by an economic entity is highlighted by the large number of articles containing the keywords "stakeholder" and "performance". The interest of the economic entities, for adopting a non-financial reporting that reflects the performance of their business has reinforced studies that analyse the advantages/disadvantages of the types of reporting, a fact proven by the large number of articles including the keywords "non-financial reporting" and “integrated reporting”. Although there are plenty of guides for conducting such a literature review in other areas of research, I found that none fully responds to the unique needs of economic researchers and even less to accounting.

However, we chose this method of literature review, because it is a method that allows the study of scientific works in an in-depth manner, meant to provide critical reflections and future directions in our research (Massaro et al., 2016). According to Fink (2005), SLR can be undertaken to describe the knowledge available for professional practice, for identifying effective research projects and techniques, and for identifying experts in a particular field. A SLR examines and interprets all available and relevant research for a particular area of question or topic, proposing to present an evaluation of a topic in the research literature using a rigorous methodology (Beecham et al., 2007).

2. Research Methodology

In our literature review approach, we started from the idea defined by Kitchenham and Charters (2007), that a SLR is a method that identifies, evaluates and interprets all findings from a research item. To answer the questions of our research, we carried out three stages: planning, development and reporting, for each stage the details being highlighted in figure 1.

Figure 1. Details of the stages of the systematic literature review

In order to formulate research questions RQ, which will guide us in the process of searching and extracting the relevant literature, we have counted on five elements, known as PICOC, suggested by Petticrew and Roberts (2006):

1. Population - P: the target group of keywords relevant to our research;

2. Intervention - I: defining the methodological and procedural aspects of which the researcher is interested;

3. Comparison - C: comparing the intervention to the investigation;

4. Outcomes - O: the effects and results of the intervention;

5. Context - C: establishing the investigation environment.

In figure 2 we present, according to the PICOC model, a summary of the structure of the research questions, which will guide us in our approach.

Figure 2. Summary of PICOC questions

The search process strategy aims to identify relevant studies for the research problems pursued. The RQ research questions, which will guide us in identifying a synoptic area, relevant to our work, will be:

• RQ1 What are the factors that influence the non-financial reporting format in the specialized literature?

• RQ2 What is the impact of stakeholders on the format of non-financial reporting of economic entities?

• RQ3 How is the performance of the economic entity influenced by the non-financial reporting?

 We accessed the electronic resource E-nformation (https://www.e-nformation.ro) that allowed us access to the bibliographic and bibliometric databases of two internationally recognized companies: Clarivate Analytics, which manages the Web of Science Core Collection database and Elsevier, who manages Scopus. We chose the two databases because they complement each other, no resources are duplicated, and the databases start from 1975 for the Web of Science Core Collection (WOS) and 1960 for Scopus.In the search construction for the two databases, we combined the requirements of the Boley logic with the fuzzy ones, for the Web of Science Core Collection resulting the search string (stakeholder *) AND (performance*) AND (nonfinancial reporting OR integrated*), and for Scopus the search string “stakeholder” AND “performance” AND “non-financial reporting” OR “integrated”. Starting from Fink (2005) and Ridley (2008), which delimit different types of database sources and offer a Boolean search strategy, we avoided combining more than four search words because it is known that a larger number means a high risk of omitting relevant articles. We did not use the Boolean operator "NOT" in the systematic search strategy because it also increased the risk of omitting relevant articles.

 In the WOS database, the use of the truncation operator * at the end of each keyword allowed us to find all the variants derived from those words. The use, in the Scopus database, of quotation marks around words provided us with greater accuracy in finding the relevant articles for our study.1426 scientific articles in the Web of Science Core Collection and 1590 in Scopus have resulted. For both databases we limited ourselves to the period 1975-2019. The areas included in our research, from both databases, were: management, business, accounting, finance, economics, econometrics.

As a result, following the inclusion of the “research field” criterion, we obtained 213 scientific articles in the Web of Science Core Collection and 138 in Scopus. We have included two types of publications, journal papers and conference proceedings, limiting ourselves only to those written in English. Following the application of this new selection criterion, 109 scientific articles in the Web of Science Core Collection and 111 in Scopus resulted, which we consider as primary studies. We downloaded the "pdf" version of these articles and stored them in the Mendeley software (https://menedeley.com), which contains comprehensive bibliographic references and which facilitates the management of the selected literature. Following the interest of the researchers, in Scopus, for the concepts "stakeholders", "performance" and "non-financial/integrated reporting" we observe, from figure 3, an interest relatively low between 1997-2003. This low interest can be associated with the fact that, during this period, corporate reporting has traditionally been considered as a crucial form of communication of economic entities with participants in the capital market, investors and other capital providers, being limited only to the procedure for reporting corporate assets and yields in an exclusively financial format. The emergence of the codes that regulate the principles of corporate governance (King I, II, III) that regulated the concept of "integrated sustainability reporting" and which strengthened the founding of the Global Reporting Initiative (GRI), as well as the establishment, in 2010, of the International Integrated Reporting Council (IIRC), which launched a framework for integrated reporting, appreciated by the stakeholders, determined an increase in the number of studies between 2011-2012. The emergence, in 2014, of Directive 95/2014/EU amending Directive 2013/34/EU within the meaning of introducing the obligation to report non-financial performance for certain types of organizations and to report the diversity policy applied to the governing and supervisory bodies of the company, as well as the emergence of the King IV report (2016), which adopts the "apply and explain" principle, has reinforced a considerable number of studies in the period 2015-2018.

Figure 3. Distribution, by years, of Scopus studies

As our work aims to report non-financial information at the level of economic entities, we have introduced as criteria for excluding, from the two databases, studies from the following fields:

• education;

• health

• public administration;

• banks, financial and insurance institutions;

• non-governmental/non-profit organizations.

 We excluded, reading the summary, the studies that did not answer any of the three research questions (RQ). 61 primary studies in WOS and 35 primary studies in Scopus, included in Annex 1 have resulted. The selected primary studies are extracted to collect data that contribute to addressing research questions. In order to identify the factors that influence the non-financial reporting format in the specialized literature (RQ1), we read the 96 selected studies. The results obtained for CSR reporting, respectively sustainability reporting, are shown in Table 1.

Table 1. Factors influencing CSR reporting format/sustainability

Source: Own processing

The concept of CSR has received wider recognition and acceptance in corporate reporting practices and has become an essential requirement of the various regulatory bodies in each sector of the economy, especially in emerging economies. In general, the reports entitled "CSR reports" and "sustainability reports" are the most complete and extensive types of non-financial reports, integrating the "triple bottom line" approach with the management model and stakeholders (Perini, 2006). At the same time, there has been an increase in organizations' awareness of how the communication of social, environmental and governance issues helps them improve their corporate reputation and image (Camilleri, 2015).

In the age of globalization, stakeholders have high expectations from organizational and business reporting practices, as each organization, whether operating in a developed or developing economy, strives to meet the demands of key stakeholders. We note that the way in which the reports on the economic, environmental and social impact, caused by the activity of the economic entity, are prepared is influenced by the stakeholders, 13 studies capturing this phenomenon. It is in the interests of economic entities to implement sustainability and social corporate responsibility and to create fruitful relationships with key stakeholders, including regulatory ones, in order to address social economic, social, environmental and governance deficiencies. The integration of the concept of stakeholders with that of performance, noted by Simmons (2003), is highlighted, in 9 studies, as an important factor in influencing the CSR reporting format. The influence of the structure of the board of directors, in the company's CSR reporting, is confirmed by 6 studies, influence seconded by the corporate ethical behaviour - 6 studies. The graph in figure 4 also captures the other influencing factors of CSR reporting, highlighted in a smaller number of studies.

Figure 4. Number of studies according to the CSR reporting influence factors

Integrated reporting is a way of addressing sustainability/durability issues with the internal decision making and basic business planning needs. Effective stakeholder involvement allows an economic entity to better identify and understand the legitimate needs and expectations of powerful representatives and how to best address them in the integrated reporting process (Alrazi et al., 2015). Because an integrated report is a concise communication about how the strategy, governance, performance and prospects of an economic entity, in the context of the external environment, lead to the creation of short, medium and long-term value, we have tried to identify the factors that favour integrated reporting, which we highlighted in table 2.

Table 2. Factors influencing the integrated reporting format

Source: Own processing

We note that the stakeholders influence the integrated reporting, which is quite natural, if we consider that the purpose of the integrated reporting framework is to improve the quality of the information available to the stakeholders which are financial capital providers through the integrated reporting, which must demonstrate the quality of the economic entity's relations with all stakeholders.

The specificity of the industrial branch in which the economic entity operates its business is another main factor influencing integrated reporting because companies operating in sensitive industries with higher environmental performance are more likely to present a holistic or integrated level of integration (Camilleri, 2015; Albertini, 2018; Brusco et al., 2019).

The size of the economic entity is another factor influencing integrated reporting, because the larger entities, which are more profitable, have a larger cash flow and produce integrated quality reports (Buitendag, 2017). The business model, sustainable management and economic development of the country are factors that significantly influence the integrated reporting (Kiliç et al. 2018; Hoque, 2017; Boonlua, 2016; Demartini, 2015; Jhunjhunwala, 2014). In figure 5, we can trace the percentage distribution of the studies, grouped by the influencing factors of the integrated reporting. It is noted that the most significant influencing factors of integrated reporting are: stakeholders (18%), the specificity of the industrial branch in which the economic entity activates (18%), the business model (12%), the size of the economic entity (12%), economic development of the country (12%) and sustainable management (12%).

Figure 5 Distribution of studies by influencing factors on integrated reporting

Stakeholder theory argues that, well above the individual interests of shareholders, the company should prioritize the global interests of the stakeholders (Greenwood and Cieri, 2005). When deciding the content of its report, an organization must take into account the expectations and reasonable interests of the stakeholders. A stakeholder engagement process can serve as a tool to understand the stakeholders' expectations and reasonable interests, as well as their information needs. Consequently, accountability to stakeholders needs to build an adequate accounting and reporting system, incorporating stakeholders' voices into its records, translating them into reliable, systematic, and responsible measures (Hall et al., 2015). Starting from Freeman's (1984) idea that the dynamic nature of stakeholder influence on corporate decision requires companies to continually adapt their reporting operations and strategies to respond to changing stakeholder’s demands and expectations, and seeking an answer to the RQ2 research question (What is the impact of stakeholders on the format of non-financial reporting of economic entities?) we read the 96 primary studies. We identified 45 studies that answered the RQ2 research question, obtaining the reporting formats that we grouped in table 3.

Table 3. Non-financial reporting format

Source: Own processing

From Figure 6 we observe that, in 15 studies, CSR reporting is considered to be the format that corresponds to the needs of stakeholders, confirming that CSR has been used by companies to manage their relationship with internal and external stakeholders, especially with those parties. considered to be strong or having a significant impact on the company (Ullmann, 1985, Huang and Kung, 2010). Because corporate social responsibility (CSR) “is a concept by which companies integrate social and environmental concerns into their business operations and in their interactions with stakeholders”, 5 studies associate social and environmental reporting as the format that meets stakeholders' expectations. Caroll (1979) said that "the social responsibility of the business encompasses the economic, legal, ethical and discretionary expectations that the company has on the organizations at a given moment", an idea that was captured in two studies that associate CSR with ethics. Creating an appropriate balance between the three aspects of corporate sustainability (economic, environmental, social) is vital in order to protect the interest of both shareholders and of other stakeholders, 9 studies confirming sustainability reporting as an optimal reporting format for stakeholders. Integrated reporting has emerged in response to growing stakeholder demands for a broader range of useful decision-making information, compared to conventional corporate financial reports (du Toit, 2017), 9 studies from our research considering that integrated reporting provides essential information for a meaningful evaluation of the economic entity's long-term business model and strategy and responds to the information needs of investors and other stakeholders.

Figure 6. Distribution of non-financial reporting type

The objective of traditional financial reporting is to measure historical performance and that is why, in a world where the market value of the company is decoupled from the value of its basic assets, non-financial information provides an instrument for measuring the value of the company that results from intangible assets and future cash flows, information which is missing from traditional financial reports (Lev, 2001). The call for the disclosure of non-financial information has increased in response to the awareness that financial statements omit important information about the company, and integrated reporting is a means of providing a more coherent, balanced and complete picture of company performance (Adams et al., 2011). Integrated performance management will always need a common, fungible measure for analysis, whether it's monetary values, non-financial numbers or another common denominator. Noting the lack of integration between financial and non-financial performance and a fragmentation in the reporting practices of economic entities, we considered it appropriate to find the answer to the research question RQ3- How is the performance of the economic entity influenced by non-financial reporting? Of the 96 primary studies, 32 studies approached in a diversified way, presented in table 4, the concept of performance reflected in the types of non-financial reporting.

Table 4. Types of performance and non-financial reporting

Source: Own processing

Most studies have positively associated the concept of organizational performance with CSR and integrated reporting (8 studies). Table 5 reflects the positive associations between various performance concepts and types of non-financial reporting, Soliman (2013) noting that empirical evidence confirms a positive association between final performance and non-financial reporting. The decrease in the relevance of financial information in explaining the value of a company (Lev and Zarowin, 1999; Francis and Schipper, 1999), acknowledges that the information in the financial statements is insufficient to meet the information needs of stakeholders in order to evaluate the performance of companies. Stakeholders exert pressure on companies to report non-financial information about their strategy, investments and dissemination of customer satisfaction levels, to judge long-term performance and predict future earnings.

Table 5. Positive associations between the concept of performance and non-financial reporting type

Source: Own processing

Moreover, greater transparency leads to better confidentiality, image and reputation of stakeholders in the organization, such as investors, employees and customers, which results in better performance and value (Cormier et al., 2013; Athanasakou and Hussainey, 2014). Clarkson et al. (1994, 1999) find that both frequency and changes in prospective communications make annual corporate reports more informative about future performance.

3. 3. Conclusions

This literature review aimed to identify the factors that influence the type of non-financial reporting, the impact of stakeholders on the non-financial reporting format, and how performance is influenced by the type of non-financial reporting. Based on the projected criteria of inclusion and exclusion, 96 studies published between 1999-2019 were left, which we considered as primary studies and on which we based our literature review, conceived as a systematic review of SLR literature. We chose this type of literature review because SLR is defined as a “process of identifying, evaluating and interpreting all available research evidence in order to answer specific research questions” (Wahono, 2015). One challenge in achieving this SLR was the fact that there is no guide for carrying out this type of literary review in the field of accounting, and that there is sufficient fragmentation in the research literature in defining non-financial information and non-financial reporting. Haller et al. (2017) confirms this lack of convergence in the definition of non-financial information and notes that, to date, there is no common sense and no generally accepted definition of non-financial information. The same heterogeneity in defining the basic concepts related to non-financial reporting is also noticed by Stolowy and Paugam (2018).

Despite the general awareness of the increasing importance of non-financial information in order to judge the performance of economic entities, the existing literature is still "struggling" to constantly define non-financial information. One explanation for this inconsistency is that non-financial information represents or acts on entirely different issues, such as information on strategy, social responsibility, corporate governance, internal control or risk management (Said et al., 2003).

The same heterogeneity is also reflected in the name of non-financial reporting identified in the 96 studies: sustainability reporting, integrated reporting, social reporting, environment, non-financial information reporting, CSR and ethics, CSR, CSR and the Statement on intellectual capital, governance report. Stakeholders areexerting pressure on economic entities to report non-financial information, becoming in our analysis the significant influence factor of CSR and of integrated reporting. CSR reporting is considered by most researchers to be the format that meets the needs of stakeholders, confirming that this type of reporting has been used by companies to manage their relationship with internal and external stakeholders. Also, most studies have positively associated the concept of organizational performance with CSR. In the analysis of the primary studies we used quantitative data, but also qualitative data, starting from the idea expressed by Campbell (1984) that the incorporation of qualitative data into syntheses can offer "situation-specific wisdom".

ANNEX 1. Primary studies WOS and Scopus

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