Can sustainability reporting be a factor of Business success? The case of Serbia

The aim of this paper is to examine the factors that influence business improvement by assessing company performance, measured as return on assets (ROA). The research sample consists of 99 companies listed among the most successful enterprises according to data from the Serbian Business Registers Agency. The data were collected for the period from 2020 to 2023. To achieve the defined research objective, statistical methods such as correlation analysis and multiple linear regression were applied. The research results indicate that sustainability reporting has a statistically significant negative impact on company performance. Additionally, both company leverage and size have a statistically significant negative impact, whereas sales have a positive effect on ROA.