This paper explored the effects of new regulation on the disclosure of NFI in two European countries, Italy and Spain. The method used to develop the analysis is mainly qualitative. Content analysis was performed to verify the sustainability indicators disclosed by Italian and Spanish companies, listed on the FTSE MIB and IBEX 35 Indexes, before and after the Directive’s publication and implementation in national legislation. The level of NFI disclosure was scored using a disclosure index. The comparative analysis found a progressive reduction in disclosure levels for Italian companies compared with Spanish companies, for which an expansion of the disclosure was detected. Moreover, a reduced gap between the quantity of NFI reported in the two countries was found. This is one of the few studies to use a 3-year longitudinal analysis to investigate the EU Directive’s impact at the cross-country level.

中文翻译：

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评估指令 2014/95/EU 对非财务信息报告的影响：来自意大利和西班牙上市公司的证据

本文探讨了新规对意大利和西班牙两个欧洲国家 NFI 披露的影响。用于进行分析的方法主要是定性的。进行了内容分析，以验证在该指令发布和在国家立法中实施之前和之后，在 FTSE MIB 和 IBEX 35 指数中上市的意大利和西班牙公司披露的可持续性指标。使用披露指数对 NFI 披露水平进行评分。比较分析发现，与西班牙公司相比，意大利公司的披露水平逐渐降低，西班牙公司发现披露范围有所扩大。此外，发现两国报告的 NFI 数量之间的差距缩小。