4.2.7. Directive 2014/95/EU

From Figure 11, considerable literature revolved around the Directive 2014/95/EU theme. This tendency is because most studies relating to non-financial information were conducted in European countries. Some aimed to examine the impacts of Directive 2014/95/EU towards corporate behavior, the quantity and quality of sustainability reporting, stock prices and countries' reactions and preferences [5,27,55,88,93,94,105,106].

**Figure 11.** Papers under the theme of Directive 2014/95/EU [5,24,27,55,67,68,72,79,86,88,90,93,94,97, 98,101,105,107].

For example, Szabó and Sørensen [88] conducted a study investigating the application scope of Directive 2014/95/EU and its enforcement, as well as examining the likely impacts of this Directive on the quality and quantity of sustainability reporting. Next, Ahern [86] examined the effectiveness of Directive 2014/95/EU in ensuring corporate transparency and sustainability. Then, La Torre et al. [107] aimed to shed light on future corporatereporting research induced by Directive 2014/95/EU. Masiero et al. [68] investigated the possibility of relational connectivity in improving the accountability of companies with the assistance of Directive 2014/95/EU. La Torre et al. [67] expanded the prior study by Masiero et al. [68], looking into corporate accountability by examining the accountability concept within the context of Directive 2014/95/EU, to provide insights for future research.

#### 4.2.8. The Role of Different Actors

This theme looked for papers that elaborated on the interactions between various actors with non-financial information regulations. Actors could mean the industry, the government, the society or the NGOs.

Based on Figure 12, only two articles discuss the role of different actors, whereas Camilleri [106] studied the role of government in formulating corporate social-responsibility policies in enhancing corporate disclosures, transparency, and accountability towards the stakeholders. Then, LeBaron and Rühmkorf [53] explored the interactions between the industry, NGOs, and the government on the stringency of the United Kingdom Modern Slavery Act 2015. Hence, it is intriguing to examine the role of these actors towards

other specific non-financial disclosure regulations by expanding the study by LeBaron and Rühmkorf [53]. One study highlights the significant role of NGOs in achieving environmental sustainability goals [108], indicating their possible participation in implementing SDG policies.

**Figure 12.** Papers under the theme of the role of different actors [53,103].
