Abstract
Non-financial disclosure is an objective in The European Union to improve a sustainable economy where consumers can make conscious decisions, especially regarding the role of financial technology. Complete information is considered one that offers financial and non-financial information. Government and supranational authorities are starting to promulgate rules to construct a reasonable framework for non-financial disclosure. One consumer might make a social conscious decision if the information disclosed meets to the Directive 2014/95/UE guidelines. In order to analyse this condition in the e-credit market in Spain, this research measures the rank of compliance of European standards in non-financial disclosure. The main finding of this research is that non-financial information disclosure in the Spanish e-credit market is not sufficient to make informed decisions. Due to the fact that most of the non-financial information is focused on social issues related to a company´s commitment to sustainability, non-financial information plays a relevant role in the building of an economically sustainable society. Our findings show that the level of non-financial disclosure in the Spanish e-Credit market is low, what supposes there is not an adequate informative base to decision making according to European standards on non-financial information. By considering the effect of usual disclosure drivers in this research field, the e-credit market sector was the only positive factor to disclose more non-financial information. Nevertheless, company size, company seniority and company location were not significant factors for non-financial disclosure.
Highlights
A socially conscious consumer is when “(...) he is or more likely to be she, is willing to engage in purchasing behaviour that may not be popularly accepted but is consistent with his own standards of responsibility” [1]
This research must be included in this socioeconomic focus for informed decisions making by consumers, according to non-financial information disclosed by companies
Companies are increasingly involved in Corporate Social Responsibility [5] and they are taking their own role within the social consumption and the conscious decision
Summary
A socially conscious consumer is when “(...) he is or more likely to be she, is willing to engage in purchasing behaviour that may not be popularly accepted but is consistent with his own standards of responsibility” [1]. Previous arguments support the need of analysing whether non-financial disclosure as the conceptual basis for social conscious decision making in an increasingly social global economy is being applied by online credit companies in Spain. This empirical research shows if the financial technology companies in the Spanish e-credit market are committed to the European guidelines for the development of financial sustainability by disclosing enough standardized non-financial information.
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