This study investigates the disclosure levels of Romanians listed companies' pre and post the implementation of the European Directive 2014/95 (EUD) in order to explore the effects of the new regulation entered into force in January 2017, under the institutional lens. Moreover, the paper emphasises whether Romanian Energy (Oil & Gas and Utilities) listed companies are delineating, in their reports, issues regarding environmental, social, and governance (ESG) aspects. The empirical research performed throughout a pre/post effect analysis of the level of non-financial disclosure, followed by an exploration of its determinants using the Paired-samples t-test and regression analysis enable us to demonstrate a slight increasing in disclosure level, after the entry into force of the EUD. Moreover, Energy companies who are the most challenged by the bio-economy trend, demonstrated a considerable increasing in terms of disclosure as well as focused and awareness about ESG issues. Research findings lead to an effort increasing in order to satisfy EUD requirements, information are useful to practitioners and policy makers. According to authors best knowledge this is the first assessment of disclosure levels and its determinant pre and post directive adoption in the Romanian case, which can result useful to appreciate the effect of the EUD.

Value relevance, Accounting information, Fair value, Share price, Revaluation, Tangible assets, M41, M44, M47, G12,

Purpose This paper aims to investigate whether the key items encompassed in the new reporting trends are addressed in the current reporting set and, also, whether there are certain patterns regarding disclosure practices across a sample of reporting entities. Design/methodology/approach The research methodology takes into consideration both the financial and non-financial elements from the entities’ activities and embeds them in the analysis, in a more holistic frame offered by integrated reporting. The disclosure level is investigated using the six-tier capital model from the International Integrated Reporting Council Framework and the eight major principles from GRI guidelines. Furthermore, the cluster analysis is used to identify the disclosure practices patterns within some European Union local public administrations. Findings The level of disclosure within the analyzed entities is relatively high. Also, the results of the cluster analysis reveal some disclosure patterns, especially regarding the Anglo-Saxon and Northern local public administrations, the municipalities with the highest degree of disclosure of the sample. Research limitations/implications The most significant limitations are represented by the sample of municipalities, the language filter and the fact that only one-year data were considered for analysis. Practical implications The study can be useful to any other institutions under the dome of the public sector, willing to enhance public accountability throughout greater transparency. Also, it might help the public managers to outline a long-term development plan about how to create value and to whom, material issues, risks and strategy through the integrated reporting, a cornerstone for future changes. Moreover, it might also be a subject of interest in the research environment, offering new opportunities for further empirical studies, by applying and testing it in other public organizations. Originality/value The study provides an original assessment tool useful to improving the reporting process. Also, it can be useful to other public institutions that are willing to enhance public accountability throughout greater transparency.

In the recent years, integrated reporting has made progress towards becoming an efficient communication instrument that would bring an active contribution to the financial stability and sustainability of the economic environment. This paper employs mainly a documentary research approach and aims to track one of the main prerequisites leading towards new trends in public sector reporting-the concept of "public accountability", and pinpoint the existing evidence which supports the perspective of adopting an integrated reporting system for public entities. Also, the authors emphasize the reaction from practitioners to the idea of "integrated reporting for the public sector" and analyse the frontrunning application of hybrid forms of reporting (e.g. City of Warsaw Integrated Sustainability Report), as well as the profile of the "Integrated Reporting-Public Sector Pioneer Network.". Findings show that integrated reporting is gaining momentum towards application in the case of public sector entities, but advancements are rather slow. Due to the scarcity of data from reporting practice regarding integrated reports in the public sector (as the Pioneer Network is currently under development), which makes it difficult to construct an empirical study with actual evidence, the authors use extrapolation and knowledge transference from existing proof of hybrid forms of reporting.

Abstract. Aiming to analyze the efficiency of the public sector, this paper enriches the literature by providing insights of the healthcare system for an emergent countryRomania. The empirical findings reached by applying the input orientated-variable return to scale (VRS) model of Data Envelopment Analysis (DEA) and Tobit regression method are determined on two key levels of the study. The Data Envelopment Analysis technique quantifies the efficiency within 20 representative hospitals located in the four administrative macro-regions, highlighting the ways of increasing efficiency, while the Tobit regression identifies the factors that influence the efficiency level. The results of the investigation allow for comparisons with other emerging countries, as efficiency has become an increasingly significant factor for public sector evolution. JEL classification: H41, I18, M40