Development of Non-financial Reporting: the Case of Estonian Listed Companies

Non-financial reporting as "the way to disclose how companies operate and manage social environmental challenges" is gaining popularity during last decade constantly changing field of study. Being non-mandatory for most the non-financial information disclosed in form Environmental reports, CSR Social activity SDG ESG reporting.
 During recent five years a growing body literature has been discussing EU member states are ratifying Directive 2014/95/EU (NFRD) (Camilleri, 2017), its impact on quality (Ottenstein et al., 2021, Schroder, 2022, Lippai-Makra 2022).) importance investors (Amel-Zadeh & Serafeim,2018). This directive requires large public interest entities with over 500 employees (listed companies, banks, insurance companies) certain information. These changes seem be challenging require review their compliance latest requirements.
 The aim this study determine whether Estonian listed have implemented requirements NFRD what major related enforcement well preferred disclosing Authors conducted qualitative content analysis period 2015-2020. sample survey includes thirteen main list Nasdaq Tallinn Stock Exchange 31.12.2021 as. analysed 78 reports by selected areas basis unified valuation model. focus that taken place research period.
 findings revealed general successfully complied stipulated NFRD. relevance, consistency comparability improved years.
 In general, it can concluded mandatory harmonization non- financial important contribute measurement monitoring activities society environment.