Abstract:

Purpose – This article analyses the impact of non-financial reporting on capital market responses in Poland. It seeks to identify both the benefits and the barriers that hinder the effective use of non-financial information by investors and other stakeholders.

Methodology – The study adopts a mixed-method approach, including a literature review, analysis of regulatory developments, and a survey of participants in the Polish capital market. The survey assessed stakeholders’ knowledge, practical application of non-financial reporting, and their perceived challenges and expectations.

Findings – The findings indicate that while awareness of non-financial reporting is increasing among stakeholders, its actual use in decision-making remains limited. Key benefits include improved transparency, enhanced risk management, and greater trust. The main barriers are high implementation costs, regulatory complexity, and the risk of greenwashing.

Originality/value – This article adds to the ongoing discussion about the practical utility of non-financial reporting in the context of the Polish capital market. By combining theoretical insights with an analysis of market practices, it highlights how non-financial reporting should evolve to enhance its relevance for investment decisions.