Nichi a, Elena-Mi ela; Manea, C is ina-Lidia; Apos u, Simona And eea; I imescu,
Alina-Mihaela
A icle
Empi ical insigh s ega ding Romanian companies'
p epa edness o CSRD
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Nichi a, Elena-Mi ela; Manea, C is ina-Lidia; Apos u, Simona And eea; I imescu,
Alina-Mihaela (2025) : Empi ical insigh s ega ding Romanian companies' p epa edness o CSRD,
Am i ea u Economic, ISSN 2247-9104, The Bucha es Uni e si y o Economic S udies, Bucha es ,
Vol. 27, Iss. 70, pp. 788-809,
h ps://doi.o g/10.24818/EA/2025/70/788
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AE
Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
788 Am i ea u Economic
EMPIRICAL INSIGHTS REGARDING ROMANIAN COMPANIES'
PREPAREDNESS FOR CSRD
Elena-Mi ela Nichi a
1
*, C is ina-Lidia Manea2, Simona And eea Apos u3
and Alina-Mihaela I imescu4
1)2)3)4) Bucha es Uni e si y o Economic S udies, Romania
3) Ins i u e o Na ional Economy, Romanian Academy
Please ci e his a icle as:
Nichi a, E.M., Manea, C.L., Apos u, S.A. and I imescu,
A.M, 2025. Empi ical Insigh s Rega ding Romanian
Companies' P epa edness o CSRD. Am i ea u Economic,
27(70), pp. 788-809.
DOI: h ps://doi.o g/10.24818/EA/2025/70/788
A icle His o y
Recei ed: 30 Ma ch 2025
Re ised: 12 May 2025
Accep ed: 30 May 2025
Abs ac
Sus ainabili y epo ing is he subjec o subs an ial imp o emen s wi h he adop ion a he
Eu opean le el o he Co po a e Sus ainabili y Repo ing Di ec i e 2022/2464/EU.
Companies mus p epa e well in ad ance, unde he p essu e o a igh imeline, o implemen
his di ec i e. In his con ex , he pape aims o achie e wo esea ch objec i es. The i s
objec i e is o in es iga e he p epa edness le el o Romanian companies o sus ainabili y
epo ing in he ex-an e phase o CSRD implemen a ion (2020-2023), including he
associa ed o ganisa ional challenges. The second objec i e is o iden i y he d i e s ha
in luence sus ainabili y epo ing among Romanian companies. The sample consis s o
37 Romanian companies. The sus ainabili y epo ing da a we e collec ed manually, and he
inancial da a we e aken om he O bis pla o m o 2020-2023. The applied esea ch
me hods a e con en analysis, which o med he basis o he de elopmen o an o iginal
composi e sco e, and panel eg ession analysis. The esea ch esul s e ealed ha o e 60%
o he companies analysed managed o epo , o a signi ican ex en , he equi emen s
in oduced by he CSRD, bu ce ain aspec s, such as limi ed ex e nal assu ance o epo s
and double ma e iali y assessmen , emain challenging. Fu he mo e, hey highligh ed ha in
addi ion o he non- inancial epo ing d i e s ( egula ions, p o i abili y, and company size),
a key ac o in sus ainabili y epo ing is he in ol emen o a eam in he epo p epa a ion,
he eby enhancing he o iginal alue o he esea ch. The pape makes se e al con ibu ions
in he ield o esea che s, manage s, and egula o s, p o iding ele an suppo o possible
u u e suppo measu es and legisla i e imp o emen s.
* Co esponding au ho , Elena-Mi ela Nichi a – e-mail: mi ela.nichi [email p o ec ed]se. o
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 789
Keywo ds: sus ainabili y epo ing, The Co po a e Sus ainabili y Repo ing Di ec i e
(CSRD), The Non-Financial Repo ing Di ec i e (NFRD), d i e s, double ma e iali y,
s akeholde s, Romania.
JEL Classi ica ion: Q 01, Q 56, M 14, M 41, M 48.
In oduc ion
Unde he p essu e o bo h clima e change, which ep esen s one o he g ea es h ea s o he
en i onmen , social and economic amewo k (EEA, 2024), and s akeholde s whose a en ion
o non- inancial in o ma ion has in ensi ied o e ime (Amel-Zadeh and Se a eim, 2018),
companies mus adop a esponsible beha iou owa ds he en i onmen (EC, 2024) and
owa ds employees (EC, 2023) and p esen hei e o s owa ds a sus ainable u u e. In his
sense, companies ha e s a ed o p epa e a ious epo s, including a a ie y o de ails ela ed
o he en i onmen al, social, and go e nance aspec s o hei ac i i ies, olun a ily, ollowing
mo e o less di e en s anda ds (Dyduch and K asodomska, 2017), which has led o low
compa abili y o he epo ed in o ma ion (B eije and O ij, 2022; Hao e al., 2023). In his
con ex , sus ainabili y epo ing becomes essen ial o ensu e anspa ency and inc ease he
compa abili y o non- inancial in o ma ion epo ed by companies.
The e o e, sus ainabili y epo ing equi emen s ha e been subjec o subs an ial
imp o emen s wi h he adop ion a he Eu opean le el o he Co po a e Sus ainabili y
Repo ing Di ec i e 2022/2464/EU. Gi en ha he implemen a ion o he p e ious Non-
Financial Repo ing Di ec i e 2014/95/EU (NFRD) su e ed om se e al de iciencies
(EPRS, 2021), he e ec i eness o he new Eu opean egula ion is ques ionable, also
conside ing he p essu e o he s ic ime able o he CSRD implemen a ion.
The aspec s ela ed o he imp o emen o sus ainabili y epo ing in oduced by CSRD ha e
been analysed in he li e a u e bo h by esea che s (Baumülle and Sopp, 2021; D agomi e
al., 2024; Manolescu e al., 2024) and by la ge p o essional se ices companies (EY, 2022;
KPMG, 2022; Deloi e, 2023; PwC, 2025). Howe e , gi en he no el y and complexi y o
he issue, he li e a u e is limi ed in e ms o s udies in es iga ing he companies'
p epa edness o such new epo ing. In his con ex , he pape aims o achie e wo esea ch
objec i es. The i s objec i e is o in es iga e Romanian companies' p epa edness le el o
sus ainabili y epo ing in he ex-an e phase o CSRD implemen a ion (2020-2023), including
he associa ed o ganisa ional challenges. The second objec i e is designed o iden i y he
d i e s ha in luence he e o o Romanian companies o comply wi h he new s ingen
sus ainabili y epo ing egula ions.
The sample o his esea ch consis s o 37 Romanian companies ha all unde he CSRD.
Da a on sus ainabili y epo ing we e collec ed manually, and inancial da a we e collec ed
elec onically o 2020-2023, which co e s wo dis inc equal in e als, one o he pe iod o
applica ion o he p io di ec i e (NFRD) and he o he o he ansi ion pe iod p eceding
he CSRD implemen a ion. In o de o achie e he wo p oposed objec i es, he esea ch
me hodology included wo s ages. In he i s s age, a con en analysis was implemen ed o
c ea e a composi e sco e on sus ainabili y epo ing. In he second s age, panel eg ession
analysis was used o iden i y he d i e s in sus ainabili y epo ing wi hin Romanian
companies.
AE
Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
790 Am i ea u Economic
The esea ch esul s e ealed ha mos o he analysed companies managed o epo , o a
signi ican ex en , he equi emen s in oduced by he CSRD, which indica es an adequa e
le el o p epa edness among Romanian companies in he ex-an e phase o CSRD
implemen a ion. Rega ding he d i e s in sus ainabili y epo ing, he esea ch con i med he
key ac o s ha in luence non- inancial epo ing p esen ed in he li e a u e, namely
egula ions, p o i abili y and company size (Dumi u e al., 2017; Ikpo e al., 2022; Al-
Dosa i e al., 2023; Kosi and Rela d, 2024), bu also highligh ed an addi ional key ac o ,
ep esen ed by he in ol emen o an in e nal (c oss-depa men al), ex e nal (sus ainabili y
consul an s) o mixed (in e nal depa men s and ex e nal consul an s) eam in he
sus ainabili y epo p epa a ion, unde lining he o iginal na u e o he app oach o he
analysis a his s age.
The pape makes se e al con ibu ions o he ield o esea che s, manage s, and egula o s.
Fi s ly, he s udy en iches he li e a u e wi h aluable in o ma ion on a cu en issue ela ed
o sus ainabili y epo ing, p o iding esea che s wi h an o e iew o he le el o
p epa edness o his ype o epo ing by companies in an eme ging economy wi h a di icul
pas , bu open o p og ess and de elopmen . Secondly, he app oach om an o iginal
pe spec i e, gi en he inclusion o a new a iable ela ed o he di e si y o he epo ing
eam, ansmi s use ul in o ma ion o manage s o he company-wide planning o he
epo ing p ocess. Thi dly, h ough he na ional-le el analysis, he esea ch cap u es an
exhaus i e image ega ding he le el o Romanian companies' p epa edness o he new
di ec i e implemen a ion, hus p o iding ele an assis ance o possible suppo measu es
ha egula o s can in oduce. The s udy also highligh s he di icul ies companies encoun e
in he ex-an e phase o CSRD implemen a ion, which c ea es an app op ia e basis o u u e
legisla i e imp o emen s.
The esea ched aspec s a e hen s uc u ed in o se e al sec ions. Sec ion 1 desc ibes he
in e na ional and na ional epo ing amewo k and ele an s udies in he ield being
esea ched. Sec ion 2 p esen s he esea ch me hodology and includes de ailed in o ma ion
on he da a collec ion and analysis me hods. Sec ion 3 p esen s he in e p e a ion o he esul s
and hei alida ion, and he en i e esea ch p ocess is summa ised in he Conclusions
Sec ion.
1. Li e a u e e iew
1.1. S akeholde heo y and ins i u ional heo y in sus ainabili y epo ing
To achie e his pape 's objec i es, we conside s akeholde heo y and ins i u ional heo y
ele an . They explain why o ganisa ions engage in sus ainabili y epo ing in addi ion o
inancial epo ing and how ex e nal p essu es (ins i u ional ac o s) shape hei epo ing
p ac ices.
S akeholde heo y, p oposed by F eeman (1984), sugges s ha o ganisa ions should conside
he in e es s o all s akeholde s, no jus sha eholde s. The g owing demand o sus ainabili y
in o ma ion has led o he need o en i ies o consul s akeholde s o iden i y hei conce ns
and engage hem in hei ac i i ies (CSRD, 2022). S akeholde engagemen in ol es
inco po a ing hei pe spec i es and iews o assess he meaning ul and impac ul
in o ma ion communica ed in he sus ainabili y epo (F eeman e al., 2017). The academic
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 791
li e a u e highligh s ha s akeholde engagemen helps he sus ainabili y epo ing p ocess
(Pe uzzelli and Badia, 2024).
In addi ion o s akeholde engagemen , we acknowledge ha ins i u ional ac o s a e c i ical
in implemen ing and imp o ing co po a e sus ainabili y epo ing. The e o e, DiMaggio and
Powell (1983) a gued ha ins i u ional heo y explains why o ganisa ions beha e simila ly
and ha ins i u ional p essu es esul in mo e homogeneous o ganisa ional s uc u es.
Ins i u ional heo y ocuses on analysing ex e nal ac o s o he social and economic
en i onmen and hei impac on he company (de Villie s e al., 2014). As Deegan (2009)
poin ed ou , ins i u ional heo y is undamen al in explaining why companies s i e o balance
sus ainabili y e o s wi h inancial pe o mance by de eloping mul idimensional
o ganisa ional s uc u es ha align wi h s akeholde demands. P io s udies (Somoza, 2023)
sugges ha he coun y o o igin can in luence sus ainabili y epo ing due o di e ences in
ins i u ional cha ac e is ics, such as poli ical and legal sys ems, economy, sociocul u al
no ms, educa ion sys em, and labou laws. Simila ly, Dumi u e al. (2017) demons a ed ha
ins i u ional ac o s and isomo phism mechanisms in luenced non- inancial epo ing in bo h
Poland and Romania.
The e o e, s akeholde heo y and ins i u ional heo y p o ide he heo e ical amewo k o
his esea ch. Cu en esea ch aims o in es iga e Romanian companies' le el o
p epa edness o sus ainabili y epo ing and he associa ed o ganisa ional challenges in he
ex-an e phase o CSRD implemen a ion.
1.2. O e iew o Eu opean and na ional egula ions on sus ainabili y epo ing
The beginning o sus ainabili y epo ing can be conside ed in he ea ly 1970s, when
companies olun a ily disclosed en i onmen al in o ma ion (Rimmel, 2020). In Eu ope, he
i s sus ainabili y epo ing p og amme was implemen ed in 1995, bu i was no success ul
due o i s olun a y na u e. A pe iod ollowed in which olun a y non- inancial epo ing
e ol ed in o manda o y epo ing o ce ain companies in he Eu opean Union (EU), wi h
he adop ion o Di ec i e 2014/95/EU (NFRD) in 2014. As an EU membe s a e, Romania
has ansposed in o na ional legisla ion he p o isions o Eu opean egula ions ega ding
manda o y non- inancial epo ing. Thus, OMFP no. 1938/2016 and OMFP 3456/2018
ansposed NFRD p o isions. As a esul , he obliga ion o p esen he non- inancial
s a emen wi hin he adminis a o s' epo was in oduced o en i ies which, a he indi idual
o consolida ed le el, exceed an a e age numbe o 500 employees a he balance shee da e.
In addi ion, he s a u o y audi o o audi i m was obliged o e i y he exis ence o he non-
inancial s a emen .
The Pa is Ag eemen (2015) and he Eu opean G een Deal (2019) had a majo impac on
sus ainabili y epo ing, wi h he aim o holding companies accoun able o implemen ing
g eenhouse gas emission educ ion measu es by 2030, o keep he e ec s o global wa ming
unde con ol. Sus ainabili y epo ing has also been in luenced by he in oduc ion o he EU
Taxonomy (Regula ion 2020/852/EU), which es ablishes a amewo k o acili a e
sus ainable in es men s, ansposed in o Romanian legisla ion h ough OMFP 1239/2021.
The EU Taxonomy equi es companies o disclose in o ma ion on key pe o mance
indica o s, including capi al expendi u es (CapEx) and ope a ional expendi u es (OpEx)
ela ed o asse s o p ocesses associa ed wi h economic ac i i ies conside ed en i onmen ally
sus ainable.
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Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
792 Am i ea u Economic
The nex key miles one in sus ainabili y epo ing was he adop ion o Di ec i e
2022/2464/EU (CSRD). This di ec i e egula es sus ainabili y epo ing and is accompanied
by he Eu opean Sus ainabili y Repo ing S anda ds (ESRS), aiming o s anda dise
sus ainabili y epo ing. A he na ional le el, he new measu es manda ed by he Co po a e
Sus ainabili y Repo ing Di ec i e (CSRD) ha e been enac ed h ough OMFP 85/2024. The
CSRD es ablishes addi ional epo ing equi emen s, which a e de ailed in Appendix 1.
Consequen ly, he no el ies in oduced by he CSRD cons i u e he basis o his esea ch,
ocusing on he p epa edness o Romanian companies o implemen he di ec i e.
1.3. Dimensions o sus ainabili y epo ing in he con ex o ecen egula ions
The li e a u e on sus ainabili y epo ing highligh s he mixed e ec s o his epo ing on
pe o mance (Vel e, 2022; Coelho e al., 2023; Xue e al., 2023; Makau, 2024), epu a ion
(He ze, 2016) and anspa ency o epo ing (Hao e al., 2023). O he esea ch in es iga es
he in e nal and ex e nal de e minan s o sus ainabili y epo ing, highligh ing he key ole o
egula ions and legisla ion (Somoza, 2023). The in es iga ion o companies' p epa edness
o sus ainabili y epo ing, pa icula ly wi hin eme ging economies in Sou heas e n Eu ope,
is unde ep esen ed in he exis ing li e a u e. To add ess his gap, he pape aims o
in es iga e he p epa edness le el o Romanian companies o sus ainabili y epo ing in he
con ex o CSRD implemen a ion.
Recen legisla i e changes ega ding sus ainabili y epo ing ha e highligh ed ele an
aspec s, such as (1) he epo ing amewo k applied, (2) he exis ence o limi ed assu ance
o he epo , (3) ma e iali y assessmen , (4) s akeholde in ol emen in he epo ing p ocess,
(5) he business model and ansi ion plans owa ds a sus ainable economy, (6) sus ainabili y
policies and objec i es, and (7) alignmen o due diligence ela ed disclosu es. Wi h he
adop ion o he CSRD, he op ion o choosing a epo ing amewo k (1) om hose exis ing
in he ield (GRI, SASB, e c.) is eplaced by he equi emen o apply he ESRS amewo k,
con ibu ing o he s anda disa ion o sus ainabili y epo ing. In addi ion, o inc ease he
c edibili y o his epo ing, he CSRD equi es he exis ence o limi ed assu ance o he
epo (2), which implies an addi ional inancial e o o he companies.
Double ma e iali y (3) no only changes e minology bu also implies a di e en
unde s anding o he pu poses o sus ainabili y epo ing and he objec i es o ca ying ou
such epo ing (Baumülle and Sopp, 2021). The disclosu e o sus ainabili y aspec s mus
in e wine he dimensions o ma e iali y (impac and inancial), hus econciling he di e gen
in e es s o in es o s and o he s akeholde s (Delgado-Ceballos e al., 2022). We conside
ha he double ma e iali y assessmen in ol es a complex p ocess ha no all companies can
comple e. In his ega d, he s udy by Co ea-Mejía e al. (2024) highligh ed ha 67% o he
Eu opean companies unde s udy decla ed ha hey applied double ma e iali y.
Fu he mo e, D agomi e al. (2024) showed ha mos companies epo in o ma ion abou
hei ma e iali y assessmen p ocess, bu less abou inancial ma e iali y. The impac
ma e iali y assessmen is no limi ed o he company's ope a ions. I is ex ended o he alue
chain, ups eam and downs eam, o iden i y signi ican ac o s and hei eal and nega i e
impac on he en i onmen (CSRD, 2022). Companies use adi ional and en i onmen al
pe o mance-based selec ion c i e ia o choose supplie s (Hajiaghaei-Kesh eli e al., 2023).
Thus, as pa o he due diligence p ocess (7), companies mus ensu e ha hey a e wo king
wi h o he en i ies ha espec human igh s, comba co up ion and b ibe y, s i e o educe
ene gy consump ion, o implemen ecycling p ac ices. In his p ocess, companies may
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 793
encoun e di icul ies in collec ing in o ma ion om ac o s h oughou hei alue chain
(CSRD, 2022). In his ega d, de Villie s (2002) d ew a en ion o he complexi y o
egula ions ela ed o his p ocess, which may lead o unde mining hei po en ial impac .
Thus, companies will ha e o ace impo an go e nance challenges ha ha e educed he
po en ial o p e ious egula ions, such as limi ed s akeholde in ol emen (Schilling-
Vaca lo and Lenschow, 2023). We hus conside ha he s akeholde s' engagemen in he
epo ing p ocess (4) is essen ial o bo h he ma e iali y assessmen and he due diligence
p ocess.
In addi ion o disclosing in o ma ion on policies and ini ia i es unde he NFRD, companies
mus es ablish policies and objec i es ela ed o sus ainabili y aspec s (6), wi h speci ic
deadlines, and epo on p og ess in achie ing hem (CSRD, 2022), hus demons a ing hei
commi men o s akeholde s. Companies mus also disclose hei plans o ensu e ha hei
business model and s a egy (5) a e compa ible wi h he ansi ion o a sus ainable economy
and wi h he objec i es o limi ing global wa ming (CSRD, 2022). These plans mus also
include a inancial and in es men pe spec i e suppo ing ac ions o limi global wa ming.
No e e y in es men can be conside ed in his ega d. We conside ha sus ainable
in es men s imp o e en i onmen al quali y and can, he e o e, be used o e ec i e ac ions
in comba ing clima e change (Cagla e al., 2024). In his con ex , in o ma ion on CapEx o
OpEx de ailed by ac i i ies aligned wi h he EU Taxonomy can suppo inancial and
in es men plans owa ds a sus ainable economy (CSRD, 2022).
Collec i ely, hese dimensions o sus ainabili y epo ing unde he CSRD p o ide
indispu able bene i s o companies, bu hey can also ep esen challenges. Howe e , i
should no be neglec ed ha all companies implemen ing he CSRD equi emen s in he i s
wa e, including hose in Romania, ha e been subjec o he NFRD implemen a ion. This
p io expe ience has con ibu ed o he de elopmen o a solid epo ing ounda ion,
p o iding companies wi h a signi ican ad an age in he CSRD implemen a ion p ocess.
Fu he mo e, he ansposi ion o he NFRD in o Romanian legisla ion was ca ied ou
cohe en ly, aligned wi h Eu opean s anda ds, which di ec ly suppo s he i s esea ch
hypo hesis, namely:
H1: Romanian companies a e p epa ed o sus ainabili y epo ing acco ding o CSRD.
The pape also aims o iden i y he d i e s in companies’ p epa edness o CSRD
sus ainabili y epo ing. P e ious s udies ha e highligh ed a se ies o key ac o s bo h
in e nally, such as business model, owne ship o m, indus y (Dumi u e al., 2017; Dyduch
and K asodomska, 2017; Ikpo e al., 2022), and ex e nally: egula ions and legisla ion,
epu a ion, cus ome equi emen s, and expec a ions, audi o s Dumi u e al., 2017; Kosi and
Rela d, 2024). Ne e heless, he CSRD in oduces a se o equi emen s ha en ail a highe
deg ee o s anda disa ion o epo ed in o ma ion. Acco dingly, we conside ha he adop ion
o he CSRD will lead o an inc eased le el o compliance and a subs an ial imp o emen in
sus ainabili y epo ing. Based on hese conside a ions, he second esea ch hypo hesis is
a icula ed as ollows:
H2: CSRD adop ion enhances sus ainabili y epo ing a he company le el.
In addi ion o he ac o s highligh ed by p e ious s udies, which we e based on non- inancial
epo ing acco ding o NFRD, we belie e ha he impac o he epo ing eam in ol ed in
ca ying ou sus ainabili y epo ing should also be analysed, gi en he inc easing complexi y
o sus ainabili y epo ing aspec s acco ding o CSRD. In addi ion o he inancial expe ience
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Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
794 Am i ea u Economic
o di ec o s, which posi i ely in luences non- inancial epo ing ac i i ies (Li e al., 2022),
he knowledge and expe ise o he epo ing eam a e impo an (An, 2023). Consequen ly,
he in e nal eam should be composed o indi iduals om all depa men s, ensu ing c oss-
depa men al collabo a ion o da a collec ion and in o ma ion p ocessing. In addi ion, in
suppo o his epo ing app oach, companies can call on ex e nal consul an s who ha e
ex ensi e expe ience in sus ainabili y issues and can p o ide app op ia e ad ice in he ield.
The e o e, a well-s uc u ed eam enables he e icien in eg a ion o in o ma ion, ensu ing
compliance wi h sus ainabili y epo ing equi emen s. Based on hese p emises, he hi d
esea ch hypo hesis is a icula ed as ollows:
H3: The in ol emen o a epo ing eam posi i ely in luences sus ainabili y epo ing a he
company le el.
2. Resea ch Me hodology
2.1. Sampling and da a collec ion
The esea ch me hodology was buil in wo s ages o c ea e a composi e sco e on
sus ainabili y epo ing and iden i y he d i e s o sus ainabili y epo ing acco ding o CSRD
among Romanian companies. The esea ch ocused on Romanian companies ha we e
al eady subjec o epo ing acco ding o he NFRD and all unde he CSRD, i.e., lis ed
companies wi h o e 500 employees. The ini ial sample included 741 Romanian companies,
wi h a minimum numbe o 500 employees a ailable on he O bis pla o m, a company-le el
da abase wi h good co e age. I was e ined a e conside ing se e al ac o s. The i s ela es
o he lis ing o companies on he Bucha es S ock Exchange (BSE). The second e e s o
a oiding he in luence o special egula ions. Thus, banks and SIFs, subjec o s ic
equi emen s speci ic o he inancial sec o , we e elimina ed o inc ease he compa abili y
be ween he companies analysed. The hi d aimed o emo e he o e lap o in o ma ion
epo ed a he indi idual and g oup le els. The e o e, one company was elimina ed o a oid
edundancy, as i was a subsidia y o ano he company in he sample. The inal sample
consis ed o 37 companies. I was unnecessa y o adjus he sample ega ding he language
used o disclose sus ainabili y in o ma ion since he epo s we e published in Romanian,
excep o one company, which epo ed he in o ma ion in English. Consequen ly, he
linguis ic cohe ence o he analysis p ocess was ensu ed. The s eps ega ding he sample
modelling a e p esen ed in Table no. 1.
Table no. 1. Sampling
C i e ia
Numbe o companies
Romanian companies wi h o e 500 employees (O bis Pla o m)
741
Companies no lis ed on he BSE
(703)
Companies in he inancial sec o (banks, SIFs)
(3)
O e lapping companies wi h he subsidia y o pa en company
(1)
Final sample
37
Fo hese companies, he sus ainabili y aspec s epo ed in he non- inancial epo s and/o
s a emen s we e analysed, namely: sus ainabili y epo , non- inancial epo , in eg a ed
annual epo , annual epo wi h inco po a ed non- inancial s a emen , annual epo o he
adminis a o s, en i onmen al, social and go e nance epo , and non- inancial s a emen .
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 795
These we e downloaded om he companies' websi es o om he BSE da abase. The da a
we e collec ed o he epo ing pe iod 2020-2023. This pe iod was chosen o co e he
ele an in e als ha cap u e he ansi ion om he NFRD applica ion o he CSRD
implemen a ion. The NFRD has allowed companies o adjus hei epo ing p ac ices
g adually, while he CSRD p o ides a s ic implemen a ion calenda ha equi es companies
o p epa e in ad ance. In his ega d, he yea o he new di ec i e adop ion was conside ed,
which in luences sus ainabili y epo ing o 2022 and 2023, since sus ainabili y epo ing is
always ca ied ou o he p e ious yea . Thus, he analysed pe iod co e s wo dis inc equal
in e als, one o he applica ion pe iod o he p io di ec i e (2020-2021) and he o he o
he ansi ion pe iod p eceding he CSRD implemen a ion (2022-2023).
In he i s s age o he esea ch, he una ailabili y o sus ainabili y in o ma ion o he
analysed pe iod did no a ec he numbe o companies in he sample in e ms o de e mining
he composi e sco e. Ins ead, o ensu e he obus ness o he s a is ical model, only companies
ha disclosed sus ainabili y in o ma ion o he en i e analysed pe iod we e e ained, which
led o a sample o 29 companies wi h 115 obse a ions in he second s age o he esea ch.
2.2. Composi e sco e me hodology
C ea ing a composi e sco e was necessa y because sus ainabili y epo s do no p o ide a key
indica o agg ega ing all sus ainabili y aspec s disclosed, equi alen o he p o i in inancial
epo ing (Wagenho e , 2024). Such a sco e is suppo ed by he li e a u e (Dumi u e al.,
2017; Kosi and Rela d, 2024), as i allows o he objec i e assessmen o companies,
compa able analysis, moni o ing o p og ess, and iden i ica ion o weaknesses ha equi e
imp o emen . To p o ide an o iginal pe spec i e on he e olu ion o non- inancial epo ing,
he sco e was de eloped by conside ing bo h epo ing aspec s common o he wo NFRD
and CSRD di ec i es, as well as epo ing equi emen s in oduced by CSRD, as signi ican
no el ies o addi ions o exis ing ones. This esea ch in es iga ed aspec s such as (1) he
epo ing amewo k applied; (2) he exis ence o limi ed assu ance o he epo ; (3)
ma e iali y assessmen , simila o D agomi e al. (2024) and Co ea-Mejía e al. (2024); (4)
s akeholde engagemen in he epo ing p ocess, consis en wi h D agomi and Dumi u
(2022) and Ș e ănescu e al. (2020); (5) he business model and ansi ion plans owa ds a
sus ainable economy, such as Cagla e al. (2024); (6) sus ainabili y policies and objec i es
and (7) alignmen o due diligence ela ed disclosu es. These se en componen s we e acked
in de ail based on indi idual sco es, de e mining possible sco e alues anging om 0 o 14
(Appendix 2).
Componen s (2) and (4) exclusi ely conce ned new elemen s in oduced by he CSRD, while
he emaining componen s, espec i ely (1), (3), (5), (6), and (7), ollowed in o ma ion
exis ing in bo h di ec i es: sco ed wi h 1 o hose om he p io di ec i e, and sco ed wi h
2 o 3 o hose addi ionally equi ed by CSRD. Thus, ega ding he epo ing amewo k (1),
an ex a poin was awa ded o he ea ly applica ion o he CSRD p o isions and ano he
poin o epo ing acco ding o ESRS s anda ds. The a ing o he ma e iali y assessmen
(3) was awa ded depending on he pe spec i e used o he analysis, wi h double ma e iali y
being sco ed addi ionally. The alignmen o he business model o a sus ainable economy (5)
was ollowed and assessed on le els ha conside ed ansi ion plans suppo ed o no by
sus ainable in es men plans highligh ed by he CapEx o OpEx p esen a ion. Rega ding
sus ainabili y policies and objec i es (6), addi ional poin s we e awa ded o disclosing
objec i es wi h speci ic deadlines, as hey inc ease con idence in he company's commi men .
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Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
802 Am i ea u Economic
The s a is ical esul s alida e he hypo hesis H2 ha ad ances ha he adop ion o CSRD
enhances sus ainabili y epo ing a he company le el. The legisla i e amewo k has a
signi ican posi i e e ec on sus ainabili y epo ing; he e o e, he esea ch con i ms ha
ins i u ional heo y is ele an in he sus ainabili y epo ing p ocess.
When p epa ing sus ainabili y epo s, companies can ha e in e nal (c oss-depa men al),
ex e nal (sus ainabili y consul an s), o mixed eams. The e o e, in his pape , we o mula ed
hypo hesis H3 ha examines he di e si y o he epo ing eam. The s a is ical esul s
con i m hypo hesis H3, emphasising he ac ha he di e si y o he epo ing eam has a
posi i e e ec on sus ainabili y epo ing. The a iable Repo _P epa a ion is an o iginal
elemen o his s udy.
We conside his pape makes a no ewo hy con ibu ion o he specialised li e a u e and
o e s aluable p ac ical insigh s, especially since Romania is pa o a egion wi h “collec i e
geog aphical signi icance” (K i ogo sky e al., 2023), and esea ch e e ing o Cen al and
Eas e n Eu opean coun ies emains sca ce in p es igious jou nals (Albu e al., 2024).
Th ough he analysis ca ied ou a he na ional le el, his s udy p o ides a comp ehensi e
iew o Romania’s p epa edness o CSRD implemen a ion. The s udy also highligh s he
di icul ies encoun e ed by companies in he p e-implemen a ion phase o he CSRD,
p o iding s ong a gumen s o u u e legisla i e imp o emen s, bu also o supplemen ing
he egula ions wi h implemen a ion guidance and adequa e aining. By including a new
a iable, ela ed o he di e si y o he epo ing eam, he s udy p o ides manage s wi h
aluable insigh s o company-wide planning o he epo ing p ocess.
The esul s ob ained om his esea ch should be in e p e ed wi h cau ion, as he s udy has
inhe en limi a ions ela ed o company selec ion and esea ch me hodology, which e e s o he
manual collec ion o da a om company epo s, he subjec i i y o he con en analysis, he
cons uc ion o a composi e sco e wi h se en dimensions, and use o panel eg ession analysis.
Fu u e esea ch could explo e sus ainabili y epo ing by using a la ge sample size, allowing
o mo e obse a ions o e an ex ended pe iod o longi udinal analyses. Adding o he
coun ies o he s udy would c ea e he p emises o compa a i e, c oss-coun y analyses ha
iden i y local ins i u ional de e minan s o sus ainabili y epo ing.
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AE
Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
806 Am i ea u Economic
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Appendix 1
F om simple o complex in sus ainabili y epo ing
Topics
Di ec i e 2014/95/EU
Di ec i e 2022/2464/EU
Scope and
applicabili y
Companies wi h an a e age
numbe o employees g ea e
han 500
Companies wi h an a e age numbe
o employees g ea e han 500 in he
i s yea o implemen a ion and
ex ension o he applicabili y a ea,
acco ding o he implemen a ion
imeline
Timeline
implemen a ion
G adually implemen a ion
Tigh imeline implemen a ion
Repo ing amewo ks
Op ion o ely on exis ing
amewo ks (GRI, SASB, e c.)
Requi emen o apply ESRS
Sus ainabili y epo
Non- inancial s a emen wi hin
he managemen epo
In eg a ing sus ainabili y epo ing
in o he managemen epo
Repo ing o ma
No s anda dized o ma
S anda dized, digi al epo ing o ma
(single elec onic o ma )
Ex e nal assu ance o
non- inancial
disclosu es
No
Yes
Ma e iali y
assessmen
Disclosu e o ele an
sus ainabili y opics
Double ma e iali y assessmen
a ge ing impac and inancial
ma e iali y
S akeholde s
engagemen
Communica ion wi h
s akeholde s o ensu e
anspa ency
S akeholde engagemen in he
epo ing p ocess
Business model and
ansi ion plans
owa ds a sus ainable
economy
P esen a ion o he business
model
In eg a ing he company's business
model and s a egy in o he ansi ion
p ocess owa ds a sus ainable
economy
Sus ainabili y policies
and objec i es
Disclosu e o sus ainabili y
policies and objec i es
Disclosu e policies and se ing
sus ainabili y objec i es wi h clea
deadlines
Due diligence p ocess
Assessing and epo ing
on he impac on human igh s,
en i onmen al and an i-
co up ion issues
A de ailed due diligence p ocess,
which conside s he impac o
company ac i i ies and ex ends o ha
o pa ne s in he alue chain
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Empi ical insigh s Rega ding Romanian Companies' P epa edness o CSRD
808 Am i ea u Economic
Topics
Di ec i e 2014/95/EU
Di ec i e 2022/2464/EU
Key pe o mance
indica o s
Rele an pe o mance indica o s
Expanding he numbe o key
pe o mance indica o s
Sou ce: Au ho s' p ocessing
Appendix 2
Me hodology o calcula ing he composi e sco e
(1) Sus ainabili y epo ing amewo ks
0 – No sus ainabili y amewo k explici ly men ioned
1 – GRI and/o O he amewo k
2 – GRI and/o O he , including CSRD amewo k
3 – CSRD/ESRS amewo k
(2) Ex e nal assu ance on non- inancial disclosu es (CSRD)
0 – No
1 – Yes
(3) Ma e iali y assessmen
0 – No in o ma ion ela ed o ma e iali y assessmen
1 – Ma e iali y assessmen / Rele an opics (NFRD)
2 – Double ma e iali y assessmen (CSRD)
(4) S akeholde Engagemen in he epo ing p ocess (CSRD)
0 – No
1 – Yes
(5) Business models and ansi ion plans o a sus ainable economy
0 – No in o ma ion ela ed o business model
1 – Business model p esen a ion (NFRD)
2 – Any ansi ion plans disclosu e (CSRD)
3 – Rele an and necessa y e idence o suppo he ansi ion plans: CapEx o OpEx de ailed
acco ding o EU Taxonomy (CSRD)
(6) Sus ainabili y policies and objec i es
0 – No in o ma ion ela ed o sus ainabili y policies and objec i es
1 – Policies and objec i es disclosu e (NFRD)
2 – Se ing objec i es wi h speci ic deadlines (CSRD)
(7) Alignmen o due diligence- ela ed disclosu es
0 – No in o ma ion ela ed o due diligence
1 – Due diligence – b ie ly/gene al disclosu e (NFRD)
2 – Due diligence – de ailed disclosu e, including alue chain/supply chain (CSRD)
Min Sco e 0 poin s
Max Sco e 5 poin s NFRD
Max Sco e 14 poin s CSRD
Sou ce: Au ho s' p ocessing
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 809
Appendix 3
Desc ip i e s a is ics o he Sco e componen s
Sco e
componen
Yea
Mean
Median
S anda d
de ia ion
Minim
Maxim
(1)
2020
0.6666
1
0.5466
0
2
2021
0.8181
1
0.4646
0
2
2022
0.9393
1
0.5556
0
2
2023
1.2702
1
0.7691
0
3
(2)
2020
0.0333
0
0.1825
0
1
2021
0.0606
0
0.2423
0
1
2022
0.0606
0
0.2423
0
1
2023
0.0810
0
0.2767
0
1
(3)
2020
0.4000
0
0.4982
0
1
2021
0.6363
1
0.6990
0
2
2022
0.8787
1
0.8199
0
2
2023
1.0810
1
0.8621
0
2
(4)
2020
0.5000
0.5
0.5085
0
1
2021
0.5757
1
0.5018
0
1
2022
0.6363
1
0.4885
0
1
2023
0.6756
1
0.4745
0
1
(5)
2020
1.5000
1.5
0.6297
0
3
2021
1.6363
2
0.6990
0
3
2022
2.0000
2
0.8660
0
3
2023
2.2972
3
0.9087
0
3
(6)
2020
1.2666
1
0.4497
1
2
2021
1.4242
1
0.5018
1
2
2022
1.5151
2
0.5075
1
2
2023
1.5945
2
0.4977
1
2
(7)
2020
1.2666
1
0.4497
1
2
2021
1.4242
1
0.5018
1
2
2022
1.5757
2
0.5018
1
2
2023
1.6216
2
0.4916
1
2
Sou ce: Au ho s' p ocessing
