1,720,981 research outputs found
Banche e Sustainable Development Goals (Sdg): evidenze dall’Europa
No full textLo studio si propone di contribuire al dibattito sul rapporto tra settore finanziario dell’Unione
europea e sviluppo sostenibile, cercando di comprendere se, e in che modo, le
banche europee stanno avanzando nel percorso di orientamento strategico verso gli
obiettivi di sviluppo sostenibile (Sdg). Attraverso una content analysis effettuata sui «non
financial statements» relativi all’esercizio 2017 di 262 banche europee, lo studio stima
una bassa propensione delle banche europee a rendicontare tematiche legate allo sviluppo
sostenibile. Gli Sdg che emergono prioritari sono rappresentati dall’obiettivo 8 (crescita
economica e lavoro dignitoso) e 13 (lotta al cambiamento climatico). Tra le discriminanti
dell’Sdg reporting assumono importanza il paese e la redazione di un report integrato
Does Governance Affect The TCFD Reporting?An Empirical Analysis in The Financial Sector
Full text linkPromoting more sustainable corporate governance and fostering more transparent disclosure on climate change are two current European-planned actions to support the integration of sustainability into corporate decision-making and improve the ability of stakeholders to adequately assess the opportunities and the risks related to the climate for companies. In light of the leadership role assigned by the European Commission to the financial sector for promoting sustainability and mitigating climate risk and the paucity of studies on the relationship between corporate governance and the disclosure of climate change related risks by financial institutions, this study has two aims. The first is to assess the disclosure related to
climate change by major European banks to understand if the banks have grasped the most substantive aspects of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The second aim is to evaluate the contribution of governance to TCFDcompliant disclosure. By using content analysis and OLS regressions on a sample of 101 european banks, our paper shows that banks have been able to reach an intermediate level of adequacy of compliance in terms of completeness of information but forward-looking orientation seems to be the aspect that is in need of the most improvement. The existence of a committee dedicated to sustainability issues seems to constitute the difference between the
banks in terms of disclosure, regarding all aspects analysed. The paper should be of interest to policymakers because it provides insight into disclosure vulnerabilities and therefore indicates what to monitor to achieve public policy objectives. Furthermore, the findings can help governance bodies and boards of directors to function more effectively and establish virtuous organizational arrangements for sustainable governanc
Does the market reward integrated report quality?
Full text linkDespite the increasing interest in Integrated Reporting, it is not yet clear
what actual value the market assigns to it. Our research aims to establish
whether a high quality Integrated Report (IR) influences firm market
value. Specifically, we investigate whether shareholders take into
account the good quality disclosure provided by IR in their investment
assessments and reward the outstanding firms. We proxy high quality
disclosure by the awards assigned to IRs published by a sample of South
African listed companies. Using event study methodology, we find that
investors appreciate the quality of financial and non-financial
disclosure provided by IRs. Our analysis shows that the stock market
reacts positively to award announcements, the value attributed by
shareholders to the quality of IR is persistent, grows over time and is
particularly high in non-financial companies. This evidence should
encourage managers to invest in improving IR disclosure quality
communication and practices
Full text linkFamily firms are embarking on a virtuous path increasingly oriented toward sustainable
development. The corporate social responsibility (CSR), more and more regarded
as a positive driver for the reputation and preservation in the medium to long term
for the company, is now an element that falls within the credit valuations of banking
firms. Our research investigates CSR communication and practices in small and
medium-sized family businesses. Using the socioemotional wealth perspective, we
analyze the effect of family control and influence on CSR behavior. We perform a
Poisson regression on an Italian regional sample of 200 family businesses. Our study
reveals a greater propensity of family businesses to practices rather than CSR communication.
Family control has a positive effect on CSR practices, while family
involvement has an adverse effect on CSR communication. Besides, strong control
and involvement have a negative effect on CSR communication
Environmental attitude in the board. Who are the “green directors”? Evidences from Italy
Full text linkBoard members' attitudes towards environmental protection are an important antecedent of how companies define and implement sustainability initiatives, but little is known about directors' attitudes and the factors associated with these. Using survey data on Italian board members, the research sought to explore the relationships between these individual's personal attributes, especially those related to their roles on boards, and their attitudes towards environmental protection. The findings suggest that female directors, directors with financial background, and independent directors are positively related to attitudes towards environmental protection. In the financial sector, younger board members and risk committee members show stronger environmental attitudes. The results could be of interest to policymakers because the board member attributes identified may require a stronger regulatory focus in order to achieve public policy's environmental protection objectives and to governance bodies in terms of defining board committees' composition and selecting “green directors” oriented towards environmental issue
Revising non financial reporting directive and role of board of directors: a lost opportunity?
Full text linkThe purpose of this paper is to shed light an important limit of the Non-Financial Reporting Directive (NFRD) in pursuit of its substantial purpose, which is to achieve sustainability and contribute to achieving the objectives of United Nation (UN) Agenda 2030; the paper also suggests how to overcome those limits. Design/methodology/approach: The study used a survey of board members of listed and un-listed Italian companies. Data were analysed using an ordered probit model. Findings: The results show that a greater involvement of a board member in the non-financial reporting process is associated with a stronger commitment towards sustainable development. Specifically, the involvement in materiality assessment is positively associated with more proactive behaviours towards sustainability. Research limitations/implications: The use of self-reported assessments on beliefs and behaviours and the application of an online survey are methodology limitations of the study. Regarding theory, the study contributes to the literature on corporate governance and sustainability, integrating upper echelons theory, which focuses on how individual attributes influence a firm's strategies and governance, with research on how leadership practices can have a positive impact on corporate sustainability goals. Practical implications: The paper underscores the opportunity for policymakers to increase the effectiveness of the NFRD through deeper involvement of the board members in the process of non-financial reporting. The results could also be of interest to governance bodies in terms of defining a board's tasks and practices to encourage the adoption of behaviours oriented towards a stronger engagement in sustainable issues. Originality/value: This is the first study to provide evidence of the relationship between individual directors' tasks and behaviours, non-financial reporting and Sustainable Development Goals (SDGs). This study highlights some of the limits of the NFRD, even after the public consultation to revise it, and suggests how to overcome these limit
“Le competenze organizzative e individuali delle banche estere in Italia: un’analisi dei gap nell’ ottica home vs. host country”
No full textLa cultura organizzativa e le competenze delle banche estere: i risultati della verifica empiric
Non-financial information as a driver of transformation. Evidence from Italy
Full text linkThe EU Directive on disclosure of non-financial and diversity information (2014/95/EU), transposed in
Italy by the Legislative Decree no. 254 of December 30, 2016, in force since January 25, 2017, is
contributing to a cultural transformation of corporate governance models. By triggering a growing
consideration of all stakeholders’ needs, this transformation may influence the processes at the board
level, the behavior of board members as well as companies’ culture, strategy and business models.
The 2017 CONSOB Report on Corporate Governance of Italian listed companies provided a first review
of governance behavior of Ftse Mib companies on the verge of the 2014/95/EU Directive, focusing on
the inclusion of non-financial matters in reporting and at the board level.
This Report extends the previous analysis by including all Italian firms with ordinary shares listed on
the MTA at the end of 2017 and delving deeper along three dimensions. First, it reviews how Italian
listed firms have implemented the Directive 2014/95/UE by referring to the publication of a nonfinancial statement (NFS), whether they have realized the materiality analysis and whether they have
applied a process including both an internal and an external assessment. Second, the Report explores
whether companies consider non-financial issues relevant also at the board level, by referring to the
guidelines issued by companies prior to the 2018 board appointment, the board evaluation process
and the board induction programs organised in 2018. Finally, the findings of a survey involving the
members of the Italian community of non-executive and independent directors (Nedcommunity) are
presented. The documental analysis aimed to ascertain whether non-financial topics are deemed
important also for the selection of the board members’, while the survey focused on the independent
directors’ engagement in the board activity concerning the governance of non-financial issues and the
compliance with the Decree 254/2016.1
The goal of the analysis is to detect whether, beyond compliance, companies reporting on
environmental, social and governance (ESG) are also undergoing a strategy and business model
transformation. Integration of ESG factors into many different areas of company’s organization and
processes may in fact trigger a cultural transformation of governance models: from the company’s
purpose to the activation of cross-functional and forward thinking behaviors and projects; the
progressive consideration of ESG into monitoring and reporting tools; the engagement with internal
and external stakeholders and their contribution in defining the relevance of non-financial issues in
the materiality analysis; the inclusion in the risk governance of non-financial risk management.
The chart below summarizes and classifies the findings of the analysis by identifying three progressive
steps marking the transformation process: awareness, capabilities, engagement.2
The evidence
gathered in this Report shows that while a few large companies are now starting to integrate ESG
into governance, the majority of firms (predominantly small ones) are still focused on compliance
Rapporto Finale 2012 Osservatorio Solvency II
No full textL’Osservatorio Solvency II, realizzato da SDA Bocconi con la collaborazione di Capgemini, è un centro di elaborazione di idee e progetti dedicati all’impatto della regolamentazione prudenziale sul modello operativo delle Compagnie di assicurazione. La sua mission è individuare le implicazioni che Solvency II produce nelle strutture organizzative direttamente e indirettamente coinvolte, confrontando le diverse esperienze e individuando le soluzioni più adatte per area di business, dimensione e competenze. Nel 2012 l’Osservatorio ha proseguito l’attività avviata nel 2011: ai due tavoli di lavoro dedicati rispettivamente alle aree Organizzazione &IT e Commerciale & Comunicazione si è aggiunto un tavolo dedicato ai temi dell’ORSA e Risk Reporting e ai relativi impatti sulle strutture di Contabilità Generale e Bilancio e di Pianificazione Strategica. Per quanto riguarda i tavoli Organizzazione &IT e Commerciale & Comunicazione, oltre allo stato dell’arte sugli impatti e le soluzioni intraprese o che si pensa di intraprendere, è stato possibile analizzare l’evoluzione avvenuta nelle Compagnie rispetto a quanto emerso nel corso del 2011. Il presente Report è articolato in due parti. La prima è dedicata all’analisi dello scenario di riferimento alla luce dell’ulteriore rinvio dell’entrata in vigore di Solvency II e propone una Road Map progettuale ipotizzando come nuova data di attuazione della normativa il 1 gennaio 2016. La seconda parte, che sintetizza l’attività svolta dall’Osservatorio nel 2012, è articolata a sua volta in tre sezioni corrispondenti ai tre tavoli di lavoro:
Organizzazione &IT
Commerciale & Comunicazione
ORSA & Risk Reporting
In ciascuna delle tre sezioni, le osservazioni sono state aggregate intorno ad alcuni temi forti, emersi in modo ricorrente durante gli incontri e confermati da interviste e questionari on-line. Inoltre, per quanto concerne i tavoli Organizzazione &IT e Commerciale & Comunicazione, vengono analizzati anche i trend rispetto a quanto rilevato nel 2011, evidenziando le tendenze che risultano confermate, quelle rispetto alle quali si sono verificati cambi di rotta, gli eventuali casi particolari. Ciascuna delle tre sezioni viene infine completata con alcuni commenti e possibili previsioni a cura del gruppo di lavoro. Il paragrafo conclusivo riporta alcune considerazioni di carattere generale e riepilogativo e anticipa l’avvio dell’attività dell’Osservatorio nel 2013
Assessing corporate governance quality: substance over form
Full text linkAfter the 2008 global financial crisis and corporate scandals, assessing
and improving corporate governance quality (CGQ) is essential. This paper proposes
a different approach to evaluate CGQ, to overcome the conceptual and
methodological limits of the previous rating systems. It tries to go beyond the
objectives of the existing models by suggesting an alternative operating model,
(aligned with the new CG guidelines) that provides a concise index for monitoring
and decision-making. Using a Fuzzy Expert System (FES), the authors propose a
formalized model that: (1) represents all the factors (structural and behavioral) that
affect the quality of corporate governance in terms of practical and objective
decision-making procedure; (2) is a flexible and useful management tool for supporting
the ‘‘Board review’’ and assessing the increase in CGQ associated with
particular decisions; (3) supervisors can use to assess CG adequacy by replacing or
integrating the experts’ opinions with interviews/questionnaires filled in by directors
and managers or through direct direct observation, as recently suggested by EBA/ESMA. This paper highlights the importance
of behavioral features and group dynamics in corporate governance and represents
them in an integrated model together with other structural and organizational
elements
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