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

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  • Ericka Costa
  • Marisa Agostini

Abstract

This 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.

Suggested Citation

  • Ericka Costa & Marisa Agostini, 2016. "Mandatory Disclosure about Environmental and Employee Matters in the Reports of Italian-Listed Corporate Groups," Social and Environmental Accountability Journal, Taylor & Francis Journals, vol. 36(1), pages 10-33, April.
    • Handle: RePEc:taf:seaccj:v:36:y:2016:i:1:p:10-33
    DOI: 10.1080/0969160X.2016.1144519
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    Cited by:

    1. Ho-Tan-Phat Phan & Francesco De Luca & Lea Iaia, 2020. "The “Walk” towards the UN Sustainable Development Goals: Does Mandated “Talk” through NonFinancial Disclosure Affect Companies’ Financial Performance?," Sustainability, MDPI, vol. 12(6), pages 1-20, March.
    2. Julia Bettina Leicht & Maximilian Leicht, 2022. "Changes in the climate-related disclosure of German listed companies during the first years of the new reporting standard," Future Business Journal, Springer, vol. 8(1), pages 1-12, December.
    3. Andrea Venturelli & Fabio Caputo & Simona Cosma & Rossella Leopizzi & Simone Pizzi, 2017. "Directive 2014/95/EU: Are Italian Companies Already Compliant?," Sustainability, MDPI, vol. 9(8), pages 1-19, August.
    4. Isabel‐María García‐Sánchez & Esther Ortiz‐Martínez & Salvador Marín‐Hernández & Beatriz Aibar‐Guzmán, 2023. "How does the European Green Deal affect the disclosure of environmental information?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 2766-2782, November.
    5. Fabio Caputo & Rossella Leopizzi & Simone Pizzi & Virginia Milone, 2019. "The Non-Financial Reporting Harmonization in Europe: Evolutionary Pathways Related to the Transposition of the Directive 95/2014/EU within the Italian Context," Sustainability, MDPI, vol. 12(1), pages 1-13, December.
    6. Sabrina Spallini & Virginia Milone & Antonio Nisio & Patrizia Romanazzi, 2021. "The Dimension of Sustainability: A Comparative Analysis of Broadness of Information in Italian Companies," Sustainability, MDPI, vol. 13(3), pages 1-22, January.
    7. Chiara Mio & Marco Fasan & Carlo Marcon & Silvia Panfilo, 2020. "The predictive ability of legitimacy and agency theory after the implementation of the EU directive on non‐financial information," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2465-2476, November.
    8. Radka MacGregor Pelikánová, 2019. "Corporate Social Responsibility Information in Annual Reports in the EU—A Czech Case Study," Sustainability, MDPI, vol. 11(1), pages 1-21, January.
    9. Stefania Veltri & Francesco De Luca & Ho‐Tan‐Phat Phan, 2020. "Do investors value companies' mandatory nonfinancial risk disclosure? An empirical analysis of the Italian context after the EU Directive," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2226-2237, September.
    10. Giorgio Mion & Cristian R. Loza Adaui, 2019. "Mandatory Nonfinancial Disclosure and Its Consequences on the Sustainability Reporting Quality of Italian and German Companies," Sustainability, MDPI, vol. 11(17), pages 1-28, August.
    11. Ries Breijer & René P. Orij, 2022. "The Comparability of Non-Financial Information: An Exploration of the Impact of the Non-Financial Reporting Directive (NFRD, 2014/95/EU)," Accounting in Europe, Taylor & Francis Journals, vol. 19(2), pages 332-361, May.
    12. Hao Yang & Laura Le Luo & Asit Bhattacharyya, 2021. "Mandatory Environmental Reporting in Australia: An In‐depth Analysis of Quantity and Quality," Abacus, Accounting Foundation, University of Sydney, vol. 57(4), pages 737-779, December.
    13. Martin Stawinoga, 2017. "Die Richtlinie 2014/95/EU und das CSR-Richtlinie-Umsetzungsgesetz – Eine normative Analyse des Transformationsprozesses sowie daraus resultierender Implikationen für die Rechnungslegungs- und Prüfungs," NachhaltigkeitsManagementForum | Sustainability Management Forum, Springer, vol. 25(3), pages 213-227, November.
    14. Anna Lucia Muserra & Marco Papa & Francesco Grimaldi, 2020. "Sustainable Development and the European Union Policy on Non‐Financial Information: An Italian Empirical Analysis," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(1), pages 22-31, January.
    15. Pesci, Caterina & Costa, Ericka & Andreaus, Michele, 2020. "Using accountability to shape the common good," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 67.
    16. Katrin Hummel & Peter Rötzel, 2019. "Mandating the Sustainability Disclosure in Annual Reports—Evidence from the United Kingdom," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 71(2), pages 205-247, May.
    17. Giuseppe Nicolò & Gianluca Zanellato & Adriana Tiron-Tudor, 2020. "Integrated Reporting and European State-Owned Enterprises: A Disclosure Analysis Pre and Post 2014/95/EU," Sustainability, MDPI, vol. 12(5), pages 1-17, March.
    18. Simona Cosma & Rossella Leopizzi & Simone Pizzi & Mario Turco, 2021. "The stakeholder engagement in the European banks: Regulation versus governance. What changes after the NF directive?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(3), pages 1091-1103, May.

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