Application of EU non-financial disclosure rules to Hungarian listed companies between 2019 and 2022




non-financial report, non-financial statement, listed companies, Non-Financial Reporting Directive


The study examines the non-financial reports and statements of listed companies in the Hungarian context. The disclosure of non-financial sustainability information has been regulated by the European Union since 2014 and this regulation has recently changed significantly in line with Environment, Social, Governance (ESG) principles. The aim of the study was to find out to what extent the Hungarian companies listed on the Budapest Stock Exchange comply with the requirements of the Accounting Act on the disclosure of non-financial information under the Non-Financial Reporting Directive (NFRD), which gives an idea of their preparedness for the regulatory change and stakeholder expectations. The research is not looking at ESG conditions but rather at compliance with the Accounting Act. In this context, we assessed the companies’ published reports for 2019 – 2020 using content analysis methods. From this, dummy variables were constructed to form an index, which was then correlated with the financial indicators.


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Author Biographies

Szilárd Hegedűs, Budapest Business University

college associate professor

Barbara Kardos, Budapest Business University

associate professor

Zsuzsanna Győri, Budapest Business University

senior research fellow


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How to Cite

Hegedűs, S., Kardos, B., & Győri, Z. (2023). Application of EU non-financial disclosure rules to Hungarian listed companies between 2019 and 2022. Vezetéstudomány Budapest Management Review, 54(12), 24–39.