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Exploring drivers and factors of benefit impact reports quality: Retracing a stakeholder theory approach

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  • Paolo Esposito
  • Arcangelo Marrone
  • Vincenzo Pontrelli
  • Angela Rella

Abstract

In the pursuit of global sustainability, firms play an increasingly pivotal role. In this scenario, Benefit Corporations aim to seamlessly integrate profit‐making endeavors with sustainable practices. This corporate model has spread around the world and in Italy; it was adopted through Law No. 208/2015 introducing Italian Benefit Corporations (BCs). Italian BCs must produce a Benefit Impact Report (BIR) alongside their financial statements, as a strategic communication tool for demonstrating the company's commitment to advancing common societal benefits to stakeholders. Leveraging stakeholder theory, this study adopts a mixed methodological approach that incorporates manual content analysis of BIRs from 132 Italian BCs, combined with a regression model exploring the impact of firm characteristics on the quality of BIRs. Findings highlight a positive relationship between firm size, financial leverage, and profitability on the quality of BIRs. This study is the first to explore the quality of BIRs and their determinants, providing academic and practical implications.

Suggested Citation

  • Paolo Esposito & Arcangelo Marrone & Vincenzo Pontrelli & Angela Rella, 2025. "Exploring drivers and factors of benefit impact reports quality: Retracing a stakeholder theory approach," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 555-569, January.
    • Handle: RePEc:bla:bstrat:v:34:y:2025:i:1:p:555-569
    DOI: 10.1002/bse.3974
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    Cited by:

    1. Majeed, Rafaqat & Audi, Marc & Ali, Amjad, 2026. "Environmental, Social, and Governance Reporting and Financial Reporting Quality in Emerging Markets," MPRA Paper 129347, University Library of Munich, Germany.
    2. Valentina Minutiello & Patrizia Tettamanzi & Michael Murgolo, 2026. "Small but Impactful: The Growing Role of SMES in Sustainability and ESG Reporting," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 33(1), pages 925-940, January.
    3. Yonghui Cao & Li Dai & He Jiang & Abdul Waheed, 2025. "Impact of Corporate Social Responsibility on Firm Sustainable Performance With Mediation of Employee‐Wellbeing and Moderation of Supportive Culture," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(5), pages 7068-7080, September.
    4. Laura Rocca & Monica Veneziani & Andrea Caccialanza & Claudio Teodori, 2026. "Benefit Corporations: The Moral Legitimacy That Requires More Rules," Business Strategy and the Environment, Wiley Blackwell, vol. 35(3), pages 4376-4392, March.

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