This study investigated the impact of sustainability reporting on financial performance, with a focus on companies in the Turkish food, beverage and tobacco and textile, wearing apparel and leather sectors. The sustainability reports of 48 companies listed on the Istanbul Stock Exchange for 2022 were studied, and the quality of sustainability practices was determined by using a general index (Sustainability Reporting Disclosure Quality Index (SRDQI)) and three partial indices (Environmental Disclosure Quality Index, Social Disclosure Quality Index, and Corporate Governance Disclosure Quality Index (CGDQI)). To analyze the relationships between financial performance and sustainability practices, two types of regression models were developed, based on which eight models were directly examined. The results indicate the complete absence of a statistically significant impact of SRDQI on all financial performance measures used. Among the partial indices, only CGDQI has a significant positive effect on the Assets Turnover Ratio. An analysis of the influence of control variables shows a multidirectional dependence of individual financial performance measures on the size of companies, their age, industry affiliation, as well as on the structure of capital used. Finally, this study provides directions for improving the institutional environment of sustainability reporting for Turkish companies.

Management report is a new form of sustainability reporting (SR) in Ukraine, and its assessment for quality of environmental, social and governance (ESG) criteria disclosure and compliance among banks plays a crucial role for auditors in the verification process. The Quality and Compliance Bank Management Reports (Q&C BMR) Index methodology was developed for this purpose. The methodology includes a range of formal, content, assurance and disclosure scorings. According to the results of a continuous assessment of these management reports of 75 state, private and foreign-owned banks in Ukraine for the 2018 fiscal year, the average Q&C BMR Index is 61.2%. This indicates a fairly high level of quality and compliance with regulatory requirements for disclosure by banks of Ukraine in their SR. Differentiation of the studied population of banks in terms of Q&C BMR Index allowed distinguishing the following rating groups: А – leaders, B – pursuers, C – starters, and D – outsiders. There is a clear trend in the relationship between the ownership of a bank and its Q&C BMR index. Despite the rather high average value of the index, there is an opportunity to improve Ukrainian banks’ SR in the context of its further standardization and disclosure of the full set of ESGs – a criterion for all rating groups (especially C and D). Q&C BMR Index can be used as a benchmark by banks, regulators and auditors when comparing the level of disclosure by banks and their transparency. AcknowledgmentThe comments of an editor and anonymous referees have been gratefully acknowledged. Inna Makarenko gratefully acknowledges financial support from the Ministry of Education and Science of Ukraine – Corporate Social and Environmental Responsibility for Sustainable Development: Partnership of Stakeholders in the Real, Financial and Public Sectors of the Economy (0117U003933).

Intellectual capital is the total value of all entity’s intangible resources (organizational, human, and customer). Effective management of intellectual capital in high-tech industries needs determination of its role in ensuring profitability and clarifying the direction of managerial and investment policy in intangible resources. The aim of this study is to investigate the impact of intellectual capital on the profitability of Slovak software development companies. Panel data regression analysis was used as the main research method to analyze the data of 16 Slovak software development companies for 2015–2019. The study designed and analyzed four panel data regression models with different dependent variables (Return on Assets, Net Profit Margin, Gross Profit Margin, Earnings Before Interest and Taxes Margin) and similar independent variables (Capitalized Development Costs, Software, Acquired Intangible Fixed Assets, Personnel Costs, Social Security Costs, Social Costs, and Total Costs of Economic Activity). The analysis of these models was carried out based on the fixed effects method. It was found that intellectual capital reflected in the financial statements of software development companies does not meet the information needs of stakeholders and does not have a significant direct impact on profitability. Only Acquired Intangible Fixed Assets had a direct positive impact on the profitability of software development companies in all four analyzed models, and some independent variables had a negative impact. It is proposed to expand the structure of financial reporting items that characterize the intellectual capital and improve the method of recognizing costs of various types as intangibles.

Purpose. The purpose of the present study is to examine the determinants of the financial performance of the Slovak agricultural companies. Methodology / approach. Bibliometric analysis was applied to analyze the literature, the results of the review were visualized using VOSviewer software. Panel data regression analysis, which was carried out using the GRETL software, was chosen to be the main research method for analyzing the influence of determinants on financial performance measures. 527 Slovak agricultural companies’ activity over the period 2015–2019 was chosen as the object of the study. The analysis is carried out based on the publicly available financial information (financial statements, management reports, official company websites) and information available in the “FinStat” database. Regression analysis was performed according to four developed models based on the use of four different dependent variables (Return on Assets (ROA), Net Profit Margin (NPM), Return on Equity (ROE), Return on Sales (ROS)) and 10 independent variables same for all the models (Leverage, Long-Term Debt to Assets, Short-Term Debt to Assets, Debt to Equity, Capital intensity, Tangibility of Assets, Current Ratio, Size, Dummy variable for type of ownership, Dummy variable for legal form). Fixed Effects Method was chosen as an estimate panel data parameter on the base of F-statistics test, Breusch-Pagan test, and Hausman test use. Results. The obtained results confirm the hypothesis about the existence of a distinctive impact of financial performance determinants due to the availability of the specific environment and features typical for the Slovak agricultural sector. None of the independent variables applied has a significant effect simultaneously on Models 1–4. We observed a negative significant impact at the 1 % level of l_Size on ROA and ROE of the Slovak agricultural companies. CapInt also has a negative significant impact on NPM and ROE. DtoE is found to have a positive impact on ROE. The complete lack of influence of AsTang in determining financial performance was revealed. The used dummy variables (DVTO, DVLF) were excluded from the composition of Models 1–4 during the regression analysis due to the availability of exact collinearity. Originality / scientific novelty. The uniqueness of the present study is that we identify the impact of the financial performance determinants specifically for the Slovak agricultural companies considering the specifics of the Slovak agricultural market in the context of the current problems in the sector of the economy being investigated. Practical value / implications. The obtained results can be used to improve the management decisions of the Slovak agricultural companies, to critically evaluate the state policy in the agricultural sector in the Slovak Republic, as well as clarify the recommendations given by various institutions to improve this sector of the economy.

Мета. Мета статті – окреслити тенденції та пріоритетні напрями вивчення відповідального інвестування в контексті сталого розвитку та дослідити напрями роботи інституцій і публікаційну активність у цій сфері. Методологія / методика / підхід. У дослідженні використано бібліометричний, структурний, кластерний та графічний аналіз, а також методи візуалізації публікаційної активності вчених щодо відповідального інвестування за даними платформи Web of Science та допомогою програмного забезпечення VOSviewer. Результати. На основі дослідження 1534 статей, присвячених тематиці відповідального інвестування, за такими напрямами аналізу як публікаційні категорії, динаміка публікацій, типи організацій, активність авторів, видавничий рейтинг, країни-лідери публікаційної активності, цитованість статей, кластеризація термінів і цитованих авторів охарактеризовано та візуалізовано бібліометричне поле цього поняття. Досліджено найбільш цитовані статті, які спрямовані на виявлення тенденцій розкриття та подальшого моніторингу тематики відповідального інвестування як основи сталого розвитку економіки. Проаналізовано публікаційну активність авторів та найбільш цитовані й актуальні статті. Виявлено чотири тематичних кластери в дослідженні відповідального інвестування (емпіричний, поведінковий, узагальнювальний і забезпечувальний) та найбільш відомі інституції, що займаються вивченням питань відповідального інвестування. Оригінальність / наукова новизна. Охарактеризовано основні параметри бібліометричного поля відповідального інвестування засобами кластерного, структурного та графічного аналізу динаміки окремих показників. Уперше на основі ідентифікованих кластерів визначено належність тематики дослідження до пов’язаних «емпіричного» та «забезпечувального» кластерів. Визначено, що зв’язок між кластерами відповідального інвестування виявляється у їх ролі як інструментів та одночасно стратегій формування нових інвестиційних можливостей. Практична цінність / значущість. Отримані результати дозволяють обґрунтувати ключові підходи до розуміння відповідального інвестування та найбільш пріоритетні напрями його дослідження, визначити джерела його науково-методологічного забезпечення на шляху країн до сталого розвитку.

The purpose of the paper is to study the impact of corporate sustainability practices on the financial performance of companies included in the BIST Sustainability 25 Index. To assess the efficiency and quality of corporate sustainability, general (ESG Disclosure Index) and partial (Environmental Disclosure Index, Social Disclosure Index, and Corporate Governance Disclosure Index) indices were used, calculated based on content analysis of sustainability reports. Based on the two given types of indices and four types of financial performance indicators (return on assets, return on equity, assets turnover ratio, and Tobin’s Q), two types of regression models (GEN models and PART models) were built, and eight analytical models were examined. Company size and leverage were included as control variables in each model. The regression analysis results were contradictory, partially confirming the conclusions of some scientists and refuting the findings of others. A study of GEN models revealed that companies implementing more effective general corporate sustainability practices have a significant positive impact only on return on equity; as for other measures (return on assets, assets turnover ratio, and Tobin’s Q), an insignificant relationship between them and ESG Disclosure Index was found. Results of the PART models analysis revealed a significant positive effect of the Social Disclosure Index on return on equity and assets turnover ratio and a negative relationship between the Corporate Governance Disclosure Index and assets turnover ratio. Using control variables for the two types of models showed a significant negative effect of company size on Tobin’s Q. AcknowledgmentThis study was supported by the Ministry of Education and Culture of Ukraine within the project “Development of a mechanism for the sustainable development of economic systems in the conditions of military operations and post-war recovery of the economy” (Registration number of the project: 0124U000463).