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Do Cooperative Bank Ties Make Small Businesses Greener? Evidence from Italy

Author

Listed:
  • Beatrice Di Marco

    (LUMSA University, Rome, Italy)

  • Giovanni Ferri

    (LUMSA University, Rome, Italy; HURfuture Research Center)

  • Marco Pini

    (Centro Studi delle Camere di Commercio Guglielmo Tagliacarne)

Abstract

Investors increasingly assess firms using broader performance measures beyond return on equity, emphasizing ESG (environmental, social and governance) outcomes. Micro- and small-sized enterprises (MSEs), which traditionally rely on cooperative banks to ease credit constraints, now face growing pressure to adopt sustainable practices. This shift calls for re-examining whether relationships with credit cooperative banks (CCBs) enhance not only credit access but also ESG performance. Using data from the 2023 Tagliacarne Institute Survey in Italy, the study develops an innovative metric and applies an instrumental variables approach to address endogeneity. Results are robust and show a positive ESG effect, particularly when firms are geographically close to CCB branches.

Suggested Citation

  • Beatrice Di Marco & Giovanni Ferri & Marco Pini, 2026. "Do Cooperative Bank Ties Make Small Businesses Greener? Evidence from Italy," HURfuture Working Papers wphurf04, HURfuture - Human Relations for the Future Research Center.
    • Handle: RePEc:lsa:wphurf:wphurf04
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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