42 research outputs found
Almici A., La comunicazione economico-finanziaria ed i vincoli normativi, in Salvioni D.M. e Teodori C. (a cura di), Internet e comunicazione economico-finanziaria d’impresa, FrancoAngeli, Milano, 2003
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Does sustainability in executive remuneration matter?The moderating effect of Italian firms' corporate governance characteristics
No full textPurpose – This paper aims to verify whether the integration of sustainability in executive compensation positively affects firms’ non-financial performance and whether corporate governance characteristics enhance the relationship between sustainability compensation and firms’ non-financial performance and to expand the domain of the impact of sustainability on non-financial performance.
Design/methodology/approach – This analysis is based on a sample of companies listed on the Milan Italian Stock Exchange from the Financial Times Milan Stock Exchange Index over the 2016–2020 period.
Regression analysis was used by using data retrieved from the Refinitiv Eikon database and the sample firms’ remuneration reports.
Findings – The findings of this paper show that embedding sustainability in executive compensation positively affects firms’ non-financial performance. The results of this paper also reveal that specific corporate governance features can improve the impact of sustainability on non-financial performance.
Research limitations/implications – This analysis is limited to Italian firms included in the Financial Times Milan Stock Exchange Index; however, the findings are highly significant.
Practical implications – The findings provide regulators with useful insights for considering the integration of sustainability goals into executive remuneration. Another implication is that policymakers should require – at least – listed firms to fulfil specific corporate governance structural requirements. Finally, the findings can provide investors and financial analysts with a greater awareness of the role played by executive remuneration in the long-term value-creation process.
Originality/value – This paper contributes to addressing the relationship among sustainability, remuneration and non-financial disclosure, drawing on the stakeholder–agency theoretical framework and focusing on Italian firms. This issue has received limited attention with controversial results in the literature
CORPORATE GOVERNANCE E COMUNICAZIONE NON FINANZIARIA. Vincoli normativi e modelli di disclosure integrata
No full textLa comunicazione istituzionale d’impresa ha registrato nell’ultimo decennio un progressivo ampliamento del perimetro di riferimento, con crescente risalto delle informazioni di carattere sociale ed ambientale, in aggiunta a quelle di natura economica.
Tale processo riflette il modificarsi delle attese conoscitive degli stakeholder sempre più interessati agli impatti dell’attività aziendale sull’ecosistema e sui correlati rischi climatici,
sul benessere della comunità in termini di inclusione, pari opportunità, rispetto dell’integrità psico-fisica, responsabilità globale ed equità.
La crescente attenzione alle attese informative degli stakeholder ha indotto ad un progressivo rinnovamento del quadro regolamentare vigente a livello internazionale e nazionale, con specifica enfasi ai profili di disclosure socio-ambientale.
In considerazione di quanto sopra esposto, il presente studio intende affrontare il tema della comunicazione non finanziaria – e in specie di quella di sostenibilità – alla luce dei recenti snodi normativi (Direttiva 2014/95/UE, D.Lgs. 254/16, Corporate Sustainability Reporting Directive), indagando le possibili opportunità per le imprese di sviluppare modelli evoluti di reporting, basati su una visione unitaria ed integrata delle molteplici informazioni veicolabili (sociali, economiche, ambientali, di governance) rispetto ai fattori critici (ESG) per la crescita nel medio-lungo periodo. In tale ambito, i sistemi di
corporate governance rivestono un ruolo fondante con funzioni propulsive per la diffusione e la condivisione di valori informati alla sostenibilità e all’etica che orientino i comportamenti gestionali verso il raggiungimento di risultati soddisfacenti da rendicontare agli stakeholder di riferimento
How boards can help sustainability transformations
No full textBoard members are becoming increasingly aware of the relevance of sustainability and the ways in which orientation toward sustainable development is fundamentally reshaping business management in almost all industries. In this emerging model, the board’s central mandate remains unchanged, but its scope regarding issues such as non-financial performance, establishment of governance structures dedicated to sustainability, as well as emphasis on circular behaviors, stakeholder engagement, and integrated disclosure continues to deepen. This paper reports the results of an in-depth examination of the main factors that can affect boards’ promotion of effective implementation of sustainable business models
The M&A's Effects on Non-Financial Performance: A Comparison between Italian and U.K. Context
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Circular Economy and Stakeholder Engagement Strategy
No full textThe transition from the linear economy to the circular one is an epochal challenge for firms. It requires rethinking of the ways to create value according to circular business models. In this context, adoption of a stakeholder engagement strategy based on principles such as involvement, dialogue, and effective fulfillment of stakeholders’ expectations is becoming increasingly relevant. Thisstudy analyzes the role of stakeholder engagement with respect to the success of circular business models by identifying the main factors that deserve attention in order to ensure an
effective shift toward the circular economy
Implementing Integrated Reporting: Case Studies from the Italian Listed Companies
No full textThe purpose of this paper is to explore the change experienced by the Italian listed companies through the implementation of integrating reporting. The objective of this study is to shed light on the company’s moving reasons towards integrating reporting and on its effects on the company’s thinking approach.
This paper builds on multi-source data gathered through web-site visits, company materials and interviews, according to an interpretive case study approach.
The authors found that the process of change experienced by the selected companies deserves consideration for at least two reasons: on the one hand, as a transition from a stand alone to an integrated thinking approach; on the other hand, as a transition from an implicit to a more explicit approach to sustainability.
The paper is, to the best of the knowledge, the first one to explore the process of change experienced by the Italian listed companies through the implementation of integrated reporting
The Digital Transformation’s Impact on Sustainable Development Goals: Evidence from the European Listed Companies
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