Mandatory Disclosure about Environmental and Employee Matters in the Reports of Italian-Listed Corporate Groups

Costa, Ericka; Agostini, Marisa

doi:10.1080/0969160x.2016.1144519

Cited by 71 publications

(64 citation statements)

References 33 publications

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“…Indeed, other empirical studies show that regulation is not always associated with improvement in the quality of non-financial information [27][28][29], or at least that regulation alone cannot guarantee a better level of non-financial disclosure [2,30,31]. The study by Ioannou and Serafeim [32] of the Chinese and South African contexts produced controversial results.…”

Section: Literature Reviewmentioning

confidence: 89%

Directive 2014/95/EU: Are Italian Companies Already Compliant?

et al. 2017

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According to Directive 2014/95/EU on disclosure of non-financial information from 2017 onwards, large companies (exceeding 500 employees) headquartered in Member States will be required to provide a series of social, environmental, and governance statements. The Directive was transposed into Italian law by Legislative Decree 254 of 30 December 2016.The aim of this paper is to evaluate the information gap for Italian companies and, consequently, the adjustments required by the new Directive on non-financial information. In order to analyze the level of non-financial and diversity disclosure, we created an assessment model called "Non-financial information score", which records the required information as a percentage. We apply it to a sample of 223 large companies. The results (with an average NFI score of about 49%) show that, in spite of what has previously emerged in the European debate about the application of the Directive on the part of large companies, an information gap remains, although the implementation of the directive should help to fill it in the coming years. In this sense, the potential contribution of the EU directive to non-financial disclosure in Italy appears to be greater than we had expected. Thus, in accordance with the literature, this paper appears to confirm the role of regulation in improving the quality of disclosure of non-financial information.

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Section: Literature Reviewmentioning

confidence: 89%

Directive 2014/95/EU: Are Italian Companies Already Compliant?

et al. 2017

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“…In the context of the debate about voluntary/mandatory NFI, recent studies underlined that regulation had, as a consequence, the short-term standardization of practice because of its coercive nature [93] and impacted more on quantity (number of reports produced), instead of quality [15,18,19,[94][95][96].…”

Section: Theoretical Framework and Hypothesis Developmentmentioning

confidence: 99%

“…However, social and environmental accounting researchers raised some concerns about the effectiveness of a mandatory regime for reporting on sustainable development, identifying some barriers that impede a mandatory, legislative approach from being an effective tool to foster corporate transparency and accountability [18,19].…”

Section: Introductionmentioning

confidence: 99%

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The “Walk” towards the UN Sustainable Development Goals: Does Mandated “Talk” through NonFinancial Disclosure Affect Companies’ Financial Performance?

2020

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With its Global Compact, the United Nations (UN) called companies to align strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, while settling and pursuing the seventeen UN Sustainable Development Goals (SDGs). Achieving SDGs in business reporting is part of the lively debate in the literature about the ability of nonfinancial reporting in providing stakeholders with useful and value-relevant information about companies' behaviors. This paper intends to address this issue in the aftermath of the recent European Union EU policy (Directive 95/2014/EU) of mandating companies to disclose nonfinancial information (NFI) according to some of the SDGs matters. To this end, the Italian context was analyzed, and main findings provide some early evidence of the absence of association between NFI and financial/market performance. At the same time, the positive association between companies' Beta factor and size and NFI is supported. This implies that stakeholders still do not appreciate NFI reported according to the new rules and probably that more time is needed to assess the possible advantages of an improved regulation about NFI. However, results show that larger companies and/or companies with higher risk profiles (Beta) have already started to improve their NFI.

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“…With the strengthening of government regulation of corporate environmental behavior and news media's reports on corporate environmental information disclosure, the influence of government regulation and public opinion supervision on EDI is increasing Ericka et al, 2016). Therefore, this paper tries to put political connections as a mediator variable between external pressures and EDI, inspecting whether political connections can enhance or weaken the impact of external pressures on corporate EDI.…”

Section: Introductionmentioning

confidence: 99%

External Pressures, Top Executives’ Characteristics and Environmental Information Disclosure: Empirical Evidence from Listed Companies of Heavy Pollution Industry

Luo¹,

Li²

2017

IJEF

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Based on stakeholder theory, this paper takes China's listed companies of heavy pollution industry from 2011 to 2014 as the research objects, and studies the working mechanism of external pressures and top executives' characteristics on level of environmental information disclosure (EDI). The results show that external pressures from government regulation and public opinion supervision significantly improve EDI; Top executives' compensation affects EDI most, followed by top executives' political connections; Top executives' shareholding is slightly positively correlated with EDI; Enterprises with political connections receive more government regulation and public opinion supervision than those without; Top executives' political connections weaken the effect of government regulation on EDI.

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Mandatory Disclosure about Environmental and Employee Matters in the Reports of Italian-Listed Corporate Groups

Cited by 71 publications

References 33 publications

Directive 2014/95/EU: Are Italian Companies Already Compliant?

Directive 2014/95/EU: Are Italian Companies Already Compliant?

The “Walk” towards the UN Sustainable Development Goals: Does Mandated “Talk” through NonFinancial Disclosure Affect Companies’ Financial Performance?

External Pressures, Top Executives’ Characteristics and Environmental Information Disclosure: Empirical Evidence from Listed Companies of Heavy Pollution Industry

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