1,721,010 research outputs found
Mandatory Disclosure about Environmental and Employee Matters in the Reports of Italian-Listed Corporate Groups
Full text linkThis paper analyses the impact of Italian Legislative Decree 32/2007 – following the 2003/51 European Directive – and the disclosure of environmental and employee matters in terms of overall volume, completeness of information, presence of bad/good news and target-oriented information. Content analysis has been applied to all Italian corporate groups that made public both the consolidated annual report and the stand-alone social and environmental report in 2005 and in 2010, for a total of 96 reports. The results show that despite the overall increase in sentences devoted to environmental and employee matters, the completeness of the information has not substantially improved, indicating that the 2007 regulation has been ineffective. The Italian experience could provide useful insights for European regulators. Such insights may inform policy recommendations to design a mandated social and environmental accountability process with the potential of providing information to societal stakeholders while facilitating accountability
Corporate Governance
Full text linkCorporate governance (CG) and corporate social responsibility (CSR) are two sets of processes and structures that allow the organization to regulate and oversee its activities. This contribution explores the interplay among them. The academic literature has proposed various definitions of corporate governance, yet the boundaries of the duties and responsibilities of directors have not been uniquely defined. These definitions can be placed on a continuum of theories, perspectives and focuses. Despite the definition chosen, we can identify several essential features of corporate governance: value creation, adequate and appropriate system of internal controls in place; no single individual should have too much power; transparency and accountability; and relationships between the company’s management, the board of directors, shareholders and other stakeholders. In sum, the interplay between corporate governance mechanisms and CSR/CSR reporting still deserves future investigation in the light of the prominent challenges that multiple-stakeholder governance and a more stakeholder-oriented view of the companies can have on financial and non-financial reporting systems
From voluntary to mandatory non-financial disclosure following Directive 2014/95/EU: an Italian case study
Full text linkThis study investigates the non-financial disclosure in an Italian banking group following Directive 2014/95/EU over a period of eight years, from its voluntary (2013–2017) to mandatory (2018–2020) implementation. The paper relies both on primary and secondary data sources. It first adopts a content analysis on non-financial reports while considering other relevant available material. Second, the study relies upon semi-structured interviews and seminars to gather primary data. The analysis has been interpreted in light of institutional theory in order to understand the institutional forces driving non-financial disclosure. Results show that non-financial disclosure significantly increased in quantity after the regulation; however, the improvement in quality is fairly low, with the exception of themes relevant to the company under investigation. Through the lens of institutional theory, it emerges that an interplay of institutional mechanisms co-existed within the bank, during two periods of reporting for different topics of disclosure
‘Repetition’ in social and environmental reports: at the intersection of Hume’s and Goffman’s concepts of impressions
No full textThe focus of the paper is the use of repetition - considered both in narrative and visual disclosures - in the social and environmental reports of non-profit Cooperative Banks. The paper investigates the role of repetition as a rhetorical device helping the process of knowledge acquisition according to the two different perspectives of Goffman (1959) and Hume (1739). Starting from Hume’s (1739) philosophical idea of an impression, and the linguistic concept of repetition, we propose to classify repetitions into ‘simple’, ‘complex’ and ‘redundant’. The empirical element of this study is drawn from a sample of 86 Cooperative Banks of Northern Italy and the target documents analysed are the stand alone social and environmental reports. By analyzing our data it appears that Cooperative Banks combine different devices of repetition to convey a message of emphasis. All the forms of repetition (simple, complex and redundant) are found to be widespread in the social and environmental reports. The paper seeks to contribute to the literature by offering an alternative possibility of interpreting accounting data using an interdisciplinary perspective which seeks to link philosophy, sociology and linguistics in order to offer a credible explanation of a complex concept such as repetition.<br/
“Purpose and profit”: Economia Aziendale as a paradigm of sustainable business
No full textThis article reflects on the role of Economia Aziendale in the current debate on corporate sustainability, emphasizing the relevance of purpose and the need of a systemic theory of the firm. Traditionally, the Anglo-Saxon neoclassical paradigm has prioritized profit maximization to satisfy the shareholders. However, recent events—the financial crisis, the pandemic, geopolitical instability, and the ongoing environmental emergency—have sparked an international discussion about the fundamental reasons for the establishment of businesses. The article aims to highlight the contributions of Italian Economia Aziendale and its scholars in this context, by exploring how this discipline can provide relevant insights nowadays. To facilitate a multi-perspective reflection, the article draws from various frameworks and incorporates viewpoints from a diverse range of stakeholders, including academics, scientists, corporate leaders, professionals, and institutional representatives. This engagement took place through eight focus groups and a series of working group’s meetings held from October 2021 to November 2023. Through these contributions, the article introduces three key elements to reflect on Economia Aziendale in the current landscape: i) the emphasis on the centrality of human beings, ii) the necessity of employing Economia Aziendale as a systemic theory in economics, iii) the implications of Economia Aziendale for defining corporate sustainability as a focal value that can fully address human needs
The Role of Small and Medium Practices in the Sustainability Reporting of Italian Small and Medium Enterprises
No full textSmall and medium enterprises (SMEs) have a prominent role in both the European and the Italian economies, but their approach towards corporate social responsibility (CSR) and sustainability is still underdeveloped. The reasons are mainly related to perceived low economic returns, lack of enforced compliance of the legislation, limited financial and practical support. In overcoming these problems, the role of small and medium practices (SMPs) can be determinant due to the relationship between SMEs and their (not only accounting) consultants. This chapter focuses on SMPs’ role in promoting SMEs’ initiatives and also considers the academic debate about their sustainability reporting. The investigation of this stream of research and the results of a web survey (involving SMPs in the Northeast of Italy) emphasize how SMPs can support SMEs’ sustainable practices and reporting
Financial and Sustainability Reporting: An Empirical Investigation of Their Relationship in the Italian Context
No full text“Integrated reporting” has gained prominence during the last few years. Investors have required more information also about how sustainability issues and initiatives are expected to contribute to the long-term growth strategy of a business. This communication, which should be provided by top management, leads toward the convergence of sustainability and financial reporting into a single “narrative.” Both financial reporting and non-financial reporting together provide all stakeholders with a comprehensive view of the position and performance of a company. This process has also been encouraged by some European regulations. However, despite these, social and environmental information is still disclosed differently in consolidated annual reports and social–environmental reports. The present work focuses on such differences of content. The analysis regards both (mandatory) consolidated annual reports and (voluntary) stand-alone social–environmental reports prepared by Italian-listed corporate groups for two different accounting periods (both before and after the implementation of Directive 2003/51/EC). The final results show relevant and persistent differences in the disclosure of environmental and employee matters between financial and sustainability reporting
The role of small and medium practices in the sustainability reporting of Italian small and medium enterprises
No full textSmall and medium enterprises (SMEs) have a prominent role in both the European and the Italian economies, but their approach towards corporate social responsibility (CSR) and sustainability is still underdeveloped. The reasons are mainly related to perceived low economic returns, lack of enforced compliance of the legislation, limited financial and practical support. In overcoming these problems, the role of small and medium practices (SMPs) can be determinant due to the relationship between SMEs and their (not only accounting) consultants. This chapter focuses on SMPs’ role in promoting SMEs’ initiatives and also considers the academic debate about their sustainability reporting. The investigation of this stream of research and the results of a web survey (involving SMPs in the Northeast of Italy) emphasize how SMPs can support SMEs’ sustainable practices and reporting
Non-Financial Disclosure and Corporate Financial Performance Under Directive 2014/95/EU: Evidence from Italian Listed Companies
No full textThis paper investigates the impact of Directive 2014/95/EU on both the quantity and quality of non-financial disclosure (NFD) and its relationship with corporate financial performance (CFP) in 20 Italian listed companies. The current study considers both the annual reports (AR) and social and environmental reports (SER) released two years prior (2015–2016) and two years after (2017–2018) the Directive’s application. A manual content analysis was conducted and OLS regression analyses were carried out to evaluate the relationship between NFD and CFP, measured by ROA, ROE and Tobin’s Q. The findings show that the Directive affected the quantity of NFD, but not the quality, and that a transfer of information occurred from the different reporting mediums considered. Overall, NFD quality is significant and positively associated with CFP when measured by ROA and ROE, however, the mandatory NFD quality following the Directive does not show a significant relationship with CFP
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