Determinants of Corporate Non-Quantitative Reporting: Institutional Mechanisms vs. Demographic Characteristics in Greece

Evangelos Soras, University of the Aegean, 8, Michalon street, 82132, Island of Chios, Greece, email: v.soras@gmail.com

Theodoros Kounadeas, National and Kapodistrian University of Athens, 10559, Greece, email: kounadeas@hotmail.com

Apostolos Christopoulos, University of the Aegean, 8, Michalon street, 82132, Island of Chios, Greece, email: axristop@gmail.com

Abstract
This research examines the non-financial factors that influence corporate non-quantitative reporting within Greek business environment. In a global context where transparency and accountability regarding environmental, social, governance, and risk management issues are becoming imperative, this study focuses on corporate compliance with the requirements of the Greek institutional framework. This framework is primarily shaped by Law 4548/2018, Law 4308/2014, and Circular 62784/2017 of the Ministry of Finance. The scope of the research focuses on the paper processing – printing industry and the agricultural supplies industry. Both sectors play a significant role in the food supply chain and the specialized European strategy "From the Farm (agricultural supplies) to the Fork (packaging)".

The empirical data, gathered from 81 companies in the agricultural supplies sector and 123 companies in the paper processing and printing sector, was evaluated by applying logistic regression to the two industry samples. The methodological approach of the study utilizes the backward elimination method of independent variables to arrive at statistically significant variables, as well as the analytical triangulation method, through which we evaluate the validity of the results and the methodology by comparing the outcomes of the two samples. The results of the statistical analysis reveal a strong methodological convergence between the two sectors, highlighting that corporate non-quantitative reporting in Greece is not a voluntary, fragmented act, but a systemic product of institutional organization. Institutional mechanisms—specifically the possession of ISO certifications and statutory audits by certified public accountants—emerged as the predominant determinants, directly correlating with effective corporate governance, transparency, and accountability. Conversely, demographic attributes, including firm age, ownership structure, and corporate headquarters location, exhibited no statistical significance. These findings confirm that transparency and accountability are products of long-term strategic sustainability, operating independently of a firm's family-owned or multinational status, geographic location, or operational longevity.

Keywords: Non-Quantitative Reporting, Institutional Mechanisms, Logistic Regression, Backward Elimination Method, Analytical Triangulation Method.

JEL Classification Codes: M14, M42, M48, G34, C25.