Goranka Knezevic Mirjana Mijokovic Sustainability Reporting of Listed Companies from Belgrade Stock Exchange Goranka Knezevic Mirjana Mijokovic

INTRODUCTION The sample was the majority of the total of 113 companies listed on the Belgrade Stock Exchange in 2017 from different fields of business or different sectors. Entities that make a sample of the survey are selected by the random selection method and belong to medium and large companies. In this sample, 24 large companies are represented, while 89 of them belong to medium sized companies. The methodology applied is the descriptive statistics of the analysis of the content of websites related to socially responsible business and the environment. The analysis of the obtained data was processed using the Statistical Package for Social Sciences program, one of the most frequently used data processing programs today.

HYPOTHESIS The following hypotheses can be defined on the above mentioned research papers: H1: The companies listed in Serbia show a low CSR index value. H2: The CSR index is heavily influenced by an adequate CSR website, social media and code of ethics.

OBJECTIVE OF RESEARCH The goal of our research is to contribute to the existing literature on environmental reporting as a basis for analysing its impact on the operations of public companies. The aim of this study is to research the level of information on disclosure of data on social and environmental data on the websites of companies located on the stock market.

METHODOLOGY OF RESEARCH In the paper we will present some basic variables we used to create CSR (corporate social responsibility) index of Serbian companies in the sample from the Belgrade Stock Exchange, as well as the obtained value of this index. The following parameters are gathered from the web pages of 113 companies in order to build CSR index: mission, CSR on the homepage, accessibility, social media, code of ethics, social reports, economic dimension, CSR projects, partnership, certificates and future investments. The index methodology was followed by publication in the paper of Italian authors (Montecchia, Giordano & Grieco, 2016) and little changed. The Lickert scale was developed and used in this research:

Detailed presentation LICKERT SCALE Lickert scale   No information 1 Only one sentence 2 Two sentences 3 Some details 4 Detailed presentation 5 Completely presented

DATA ANALYSIS DESCRIPTIVE STATISTICS   N Minimum Maximum Mean Std. Deviation Mission 113 .00 5.00 .3628 1.10245 CSR on homepage .7434 1.59675 Accessibility/Access to information 1.4071 1.55631 Social media .6726 1.29175 Code of ethics/Establishing ethical practice 1.3009 1.78228 CSR projects .4867 1.27556 Partnership .4336 1.22384 Certificates 1.40648 Future investments .1327 .55909 CSR index .0000 .8000 .190885 .1839621 Valid N (listwise)

DATA ANALYSIS PEARSON STANDARD MOMENT CORRELATION   CSR index Mission CSR home page Access to information Using social media Establishing ethical practice Pearson Correlation 1 .550** .752** .603** .409** .741** Sig. (2-tailed) .000 N 113 .413** .262** .021 .276** .005 .821 .003 CSR home page .531** .370** .498** Access to information .169 .470** .073 Using social media .350** Establishing ethical practice **. Correlation is significant at the 0.01 level (2-tailed).

DATA ANALYSIS PEARSON CORRELATION COEFFICIENTS   CSR index CSR projects Partnership Certificates Future investments Pearson Correlation 1 .685** .433** .653** .373** Sig. (2-tailed) .000 N 113 .275** .424** .146 .003 .122 .273** .189* .045 .328** **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed).

CONCLUSION Non-financial reporting is not mandatory in our country, because it has a candidate status and the implementation of this directive has not reporting is subject to financial reporting that is mandatory. The results in this analysis are not surprising. Regarding H1, Serbian companies show a low CSR index. On the other hand, the H2 is partially accepted. Serbian companies do not use a lot of media to promote their ecological and social activities. The greatest impact on the CSR index is generated from the information available and from the code of ethics. Without some rules and regulations in this filed, this low quality CSR reporting for Serbian companies will continue.

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