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The Impact of Corporate Sustainability Reporting Regulation on Business and Financial Performances of Companies in Bosnia and Herzegovina

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  • Tajana Serdar Rakovic

    (Faculty of Economics, University of Banja Luka, Banja Luka, Bosnia and Herzegovina)

Abstract

Given the global trends and initiatives for environmental preservation and transition to sustainable development, the corporate sector has been facing a turning point in corporate reporting. The sustainable business requirements also initiate a series of new challenges in the financial and accounting sector related to the development of accounting solutions for integrating sustainability issues into financial statements. In addressing the green transition problems, the EU has adopted the Corporate Sustainability Reporting Directive (CSRD), which modernizes and strengthens the rules concerning the social and environmental information companies must report in their financial statements. The research was carried out by conducting a survey among the population interested in corporate finances, especially accountants. The main goal of the research is to analyse the impact of sustainable reporting regulation on the corporate sector’s financial performance and companies’ operations in Bosnia and Herzegovina. The results show that EU CSRD will significantly impact doing business and performances of companies and that the companies that adapt to new sustainability reporting regulations will have higher chances of obtaining positive financial performances and adequately addressing the increasing demand of stakeholders for more comprehensive business reporting.

Suggested Citation

  • Tajana Serdar Rakovic, 2024. "The Impact of Corporate Sustainability Reporting Regulation on Business and Financial Performances of Companies in Bosnia and Herzegovina," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 26(2), pages 63-93, December.
    • Handle: RePEc:iez:survey:ces-v26_2-2024_serdar-rakovic
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    References listed on IDEAS

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    1. Fatma Baalouch & Salma Damak Ayadi & Khaled Hussainey, 2019. "A study of the determinants of environmental disclosure quality: evidence from French listed companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(4), pages 939-971, December.
    2. Xiao, Xinning & Shailer, Greg, 2022. "Stakeholders’ perceptions of factors affecting the credibility of sustainability reports," The British Accounting Review, Elsevier, vol. 54(1).
    3. Selena Aureli & Mara Del Baldo & Rosa Lombardi & Fabio Nappo, 2020. "Nonfinancial reporting regulation and challenges in sustainability disclosure and corporate governance practices," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2392-2403, September.
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    Keywords

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    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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