CSR reporting practice: Is there room for integration? – Evidence from Serbian foreign investors

Abstract

Despite the efforts of companies to invest into CSR reporting and to communicate information to various stakeholders these efforts in Serbia are still at a very low level compared with the developed countries. In this study content analysis is conducted on a sample of companies comprising the list of all investors in Serbia investing more than 100 million € and classified into Privatization M&A and Greenfield investors. CSR disclosure index and Integration index are created and correlation has been established between the two, leading to the conclusion that companies that invest into the CSR reporting put much more effort to integrate financial and non-financial information. From the analysis, it emerges that Privatization segment of sample has a high level of content integration and CSR while Greenfield investor show low level of achievements in CSR and integration process. This paper calls for the need to establish long term orientation towards CSR issues and integration by Serbian foreign investors companies.