Assessment Of The Way In Which The Annual Publication Of Non-Financial Information Influences The Evolution Of The Share Price Of The Companies Listed On The Bucharest Stock Exchange

The study aims to analyze both the way in which companies whose securities are admitted to trading on the Bucharest Stock Exchange complied with the regulations for the publication of non-financial information in the annual reports prepared for 2017 and 2018, but also the implications the reporting / non-reporting of non-financial information had on the share price over different periods of time. For this purpose, we collected the available data on 26 non-financial companies listed on BVB, a sample representing 30.5% of the total of 85 existing at the time of the research, as follows: eight companies where the majority shareholder is the Romanian State, two companies where the Romanian State is not the majority shareholder and 16 companies with wholly private capital. The research showed that the reporting of non-financial information was done late or was performed heterogeneously, in the sense that it was done in various forms: the directors' report, separate non-financial statements, sustainability report or non-financial report. Moreover not all sampled companies complied with the requirements regarding the publication of the entire set of information requested or, as far as the influence of the publication of non-financial information on the evolution of the share price is concerned, no clear correlation was identified that the business environment takes into account the publication or non-publication of this information in a timely manner, in a form that may or may not comply with regulatory requirements.