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The Readability of Non-Financial Information. The Role of Stakeholders' Pressure in the European Setting

Author

Listed:
  • Alessandra Allini
  • Begona Giner
  • Marco Maffei
  • Annamaria Zampella

Abstract

This study explores the factors that may explain the readability of non-financial information (NFI) disclosure through the interpretive lens of legitimacy theory. In particular, it investigates whether the readability of the NFI disclosure, prepared under Directive 2014/95/EU, is affected by the pressure of certain stakeholders and by the presence of a corporate social responsibility committee (CSRc). The sample is based on 9,218 European listed firms, covering the period 2017-2020. The results show that pressure from environmentally sensitive industries, consumers, and some investors plays a crucial role in improving the readability level of NFI, while employees and the State owner do not exercise an influence on the level of readability. In addition, the presence of a CSRc is not only relevant per se, but also acts as a moderator in enhancing the association with these stakeholders on the readability of NFI disclosure.

Suggested Citation

  • Alessandra Allini & Begona Giner & Marco Maffei & Annamaria Zampella, 2025. "The Readability of Non-Financial Information. The Role of Stakeholders' Pressure in the European Setting," Accounting in Europe, Taylor & Francis Journals, vol. 22(3), pages 279-307, September.
    • Handle: RePEc:taf:acceur:v:22:y:2025:i:3:p:279-307
    DOI: 10.1080/17449480.2024.2380312
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