Suchergebnisse

AbstractIn response to EU Directive 95/2014, many companies headquartered in Europe have strengthened their non‐financial disclosure on environmental strategies and risks. In particular, the Directive was applied by Italian law, with the Legislative Decree 254/2016, requiring the largest Italian companies (exceeding 500 employees) to provide detailed information on their social and environmental disclosures. In this paper, we aim to analyze the value relevance of financial and environmental information provided by the Italian, non‐financial listed companies after the implementation of the Legislative Decree 254/2016. By building on the signaling theory, we set a pooled regression analysis to test the relationship between environmental disclosure and value relevance for the period 2017–2018. We contribute to the literature by arguing that Italian companies' market value depends on both their financial and environmental disclosures. More specifically, we argue that accounting information is not sufficiently capable to explain the value relevance and it needs to be integrated by a set of environmental information. Our contribution aims at demonstrating that the higher the levels of environmental risk indicators disclosure, the greater a company's market performance.

PurposeThis study aims to contribute to international doctrine by testing how environmental social governance (ESG) pillars can affect marketing performance in the pharmaceutical industry.Design/methodology/approachThe authors follow a pioneering approach, using a fuzzy-set qualitative comparative analysis and data from the largest European listed companies belonging to the pharmaceutical industry in 2019. Specifically, the authors contribute to international doctrine by testing how ESG pillars can affect marketing performance by presenting two configurational paths that may help to clarify not only the individual role of the pillars but also how their interrelationships predict marketing performance.FindingsThe results identify two different causal configurations that lead to higher marketing performance. These configurations allow us to think more carefully about the role of ESG pillars in the pharmaceutical sector. These results could help managers reflect upon and justify their choice to invest in specific ESG pillars, highlighting the importance of the governance pillar.Originality/valueTo the best of the authors' knowledge, this study is the first to use configurational analysis to investigate combinations of ESG pillars that lead firms to achieve higher levels of marketing performance.

PurposeThis paper aims to investigate materiality judgement providing insights, critiques and future research paths in light of the open debate on the role of materiality in corporate financial disclosure, highlighting potential connections and implications with sustainability and intellectual capital (IC) reporting.Design/methodology/approachThe research presents an overview of the analysis of financial materiality, including new stimuli from recent studies and regulatory requirements for financial and non-financial reporting. Accordingly, this study used a systematic literature review (SLR) based on a combination of content, text and bibliometric analysis of materiality in accounting research studies, collecting data from the Scopus database as one of the most relevant repositories.FindingsThe SLR identified four relevant research trends, concerning: (1) the relevance of materiality principles in corporate disclosure; (2) financial reporting practices and materiality; (3) theories and approaches in defining financial materiality and (4) the existence of quantitative and qualitative thresholds in the materiality judgement.Research limitations/implicationsThe results provide theoretical and practical implications when comprehending the development of the concept of financial materiality in financial statements and whether they can be appropriate in reporting IC as well. We identified future research paths.Practical implicationsFrom a practical perspective, this study is useful for companies implementing financial materiality based on stakeholder engagement and improving their transparency in financial and non-financial reporting practices.Social implicationsThe research investigates if the process for assessing materiality is in line with the expectations of all stakeholders involved in financial and non-financial reporting.Originality/valueThis research is the first to investigate the scientific basis and applicability of the concept of financial materiality to sustainability and IC reporting.

PurposeDigitalization is affecting business management and pushing for new strategies, innovative products, new ways to communicate with stakeholders and new channels. This phenomenon is unavoidable, and companies have to face it in a holistic and integrated way. One holistic and interconnected approach, when studying enterprise challenges, is represented by the business process management method, a fitting mechanism when digitalization needs to be amalgamated in business practices, enhancing the intellectual capital (IC), therefore, this study researches digitalization under business process lens, in a sample of small and medium enterprises (SMEs), that constitute an under-explored set, as regard digitalization, process management and IC. The research aims to explore the digital tools and business processes link and the related impact on performance, benefits and IC.Design/methodology/approachIn exploring digitalization, a sample of Italian SMEs was scrutinized. The data were elaborated using two types of tests: (1) the binomial tests for the categorical questions and (2) the zeta test was used for quantitative variables. Furthermore, the partial least square (PLS)-SEM model was applied.FindingsFindings reveal that some digital tools are more adopted in the sample analysed, and also some particular digital tools are more inclined to support certain business processes. Furthermore, not only performance benefits emerge, but also benefits in terms of better communication and faster decisions, supporting the decision making process of managers, also considering that business processes approach is one way to manage IC.Practical implicationsThanks to the conducted research it is possible to make aware managers and owners of SMEs to consciously choose the right type of digitalization investments, without neglecting training programme, to realize the company digital transformation, providing a map and bearing in mind the value added creation, protecting their IC.Originality/valueThe paper's originality is represented by the contribution in opening the black box about digitalization, business process management and IC in small and medium companies.

AbstractThis paper investigates the relationship between the ESG score and market values. Specifically, we test the moderating role of CSR committee defined as organizational subcommittees of boards of directors that make social and environmental recommendations to the boards of directors and support members in their CSR‐related tasks. We built a panel data set with all the listed companies in STOXX Europe 600, covering the period 2014–2020. Firms' data come from Refinitiv Eikon database which contains financial and ESG scores data of all EU listed companies. Our sample of firm‐level data contains a dataset of 600 European listed companies which are part of the STOXX Europe 600 Index. We included ESG data of STOXX Europe 600 Index components in the period 2014–2020. Our dataset contains a total of 4800 firm‐year observations. We found a negative relationship between ESG score and stock prices while the presence of CSR committee as moderating variable generates no significant evidence of ESG score. The presence of CSR committee is not considerably supporting ESG in achieving higher market performance. The CSR committee plays an essential role in monitoring management activities. This may support management practitioners in better understanding and reacting to stakeholder expectations.

The purpose of this paper is to investigate the state of art of female directors in terms of presence, role and remuneration for Italian corporate boards. The analysis wants to highlight the changes occurred after the introduction of the mandatory female quotas legislation in 2012 and to check how many firms are already complying with the law after 2 years. The picture of the state of art is drawn looking at 163 Italian listed firms for a period of 4 years, from 2011 to 2014. The analysis of the data reveals relevant differences in board composition before and after the law. A significant result concerning the presence of female directors stands in the difference between family and non-family firms: the first are those with higher number of female members in the board. Additionally, an interesting data refers to the amount of remuneration for women, which is significantly lower than the remuneration provided to male directors. Being the first work which charts the situation of board composition and board member remuneration in Italy before and after female quotas introduction, this paper wants to trace some key points for future analysis about the impact of female quotas on various firm's aspects, such as firm performance, firm earning management and quality, governance characteristics.