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Directive 2014/95/EU: building a research agenda

Blerita Korca (Department of Economics and Management, University of Trento, Trento, Italy)
Ericka Costa (Department of Economics and Management, University of Trento, Trento, Italy)

Journal of Applied Accounting Research

ISSN: 0967-5426

Article publication date: 15 January 2021

Issue publication date: 7 May 2021




This paper discusses the current state of research into Directive 2014/95/EU and non-financial disclosure (NFD), with the aim of offering a future research agenda.


The authors have conducted a systematic literature review of 78 studies spanning seven years (2014–2020) that address Directive 2014/95/EU.


The literature review revealed four main avenues for future research. First, future studies could focus on addressing issues related to the EU Directive's potential impacts, both in terms of NFD and companies' financial performance. Second, because context plays an important role in defining the regulation's impact, future research should consider these contextual factors in NFD. Third, further research should investigate the interplay between the binding requirements of the Directive and the non-binding guidelines suggested to implement it. Finally, future research would do well to employ additional theoretical approaches in order to interpret the Directive's diverse effects for various countries, organisations and timelines.

Research limitations/implications

This research agenda is intended to help scholars in this field to understand what has yet to be known in order to develop a complete understanding of the EU Directive on non-financial information disclosure.

Practical implications

Focussing on the Directive's implementation across countries and organisations with a longitudinal approach, this paper could indicate whether or not mandatory reporting enhances non-financial information disclosure and consequently, organisational actions. This work could inform both companies' and policymakers' approach to disclosure, whether mandatory or otherwise.


To date, many studies have focussed on specific issues regarding the EU Directive. This paper, however, presents the first systematic literature review considering the current state of research into the EU Directive, thus drawing a future research agenda.



Korca, B. and Costa, E. (2021), "Directive 2014/95/EU: building a research agenda", Journal of Applied Accounting Research, Vol. 22 No. 3, pp. 401-422.



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