scholarly journals The effect of ownership concentration on non-financial information mandatory disclosure: Evidence from Italy

2019 ◽  
Vol 17 (1) ◽  
pp. 79-94 ◽  
Author(s):  
Simona Fiandrino ◽  
Fabio Rizzato ◽  
Donatella Busso ◽  
Alain Devalle
Keyword(s):  
Multivariate Regression Analysis ◽  
Financial Information ◽  
Ownership Concentration ◽  
Business Practices ◽  
Mandatory Disclosure ◽  
Responsible Business Practices ◽  
Italian Context ◽  
Corporate Social ◽  
The Relationship ◽  
Pyramidal Groups

This study investigates the relationship between non-financial information (NFI) mandatory disclosure and ownership concentration in the Italian context, which is characterized by pyramidal groups and high ownership concentration. Hence, the intent is to understand to what extent NFI mandatory disclosure might be related to ownership concentration. In pursuing this objective, the empirical research examines 141 listed Italian companies that are obliged to prepare their NFI in accordance with Italian Legislative Decree 254/2016. The study addresses the following research method. First, the research develops an NFI disclosure score based on a dichotomous approach following a quantitative content analysis of the 2017 non-financial statements to assess their level of compliance. Then, it develops a multivariate regression analysis to test whether or not, and if so, to what extent, ownership concentration affects the disclosure of NFI. We aim to enhance the academic debate in light of the path development of NFI disclosure under mandatory requirements and the increased awareness around responsible business practices. Moreover, it draws insights on the controversial results of the relationship between ownership structure and corporate social responsibility (CSR) when the disclosure around sustainability issues becomes compulsory.

Fair Trade Practices for Fighting in Emerging Countries

2022 ◽  
pp. 69-84
Author(s):  
Sergio De-la-Piedra-Vindrola ◽  
Juan Manuel Berbel-Pineda ◽  
Beatriz Palacios-Florencio
Keyword(s):  
Fair Trade ◽  
Emerging Economy ◽  
Mediating Effect ◽  
Business Practices ◽  
Company Performance ◽  
Developed Economies ◽  
Responsible Business Practices ◽  
Corporate Social ◽  
The Relationship ◽  
Insight Into

Fair trade is a concept that is becoming increasingly ingrained in consumers. This means that companies that are committed to the development of fair-trade policies can find here a source of competitive advantage. Likewise, these practices will favour many producers in the primary sector, which could turn this into an effective way of fighting poverty. The aim of this research is to find out how fair trade has an impact on company results. To this end, managers from 102 companies in an emerging economy (Peru) are analysed. PLS-SEM is used for this analysis. The results indicate that there is a mediating effect of fair trade on the relationship between corporate social responsibility and company performance. However, significant differences have been found compared to developed economies. These results provide insight into emerging economy managers' assessments of responsible business practices.

scholarly journals Corporate Social Responsibility and Insider Trading: Evidence from China

2018 ◽  
Vol 10 (9) ◽  
pp. 3163 ◽  
Author(s):  
Chao Lu ◽  
Xuetong Zhao ◽  
Jingwen Dai
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Insider Trading ◽  
Internal Control ◽  
Voluntary Disclosure ◽  
Financial Information ◽  
Mandatory Disclosure ◽  
Corporate Social ◽  
The Impact ◽  
The Relationship

Corporate Social Responsibility (CSR) is the obligation of a company to pursue long-term goals, and is an important part of a sustainable society. It is related not only to the survival and sustainable development of the company, but also to the expectations of the public. CSR is an important way for companies to disclose non-financial information. Information disclosure can alleviate information asymmetry effectively, improve the quality of internal control, and affect the occurrence of insider trading. However, the existing research has paid less attention to the impact of non-financial information on CSR and insider trading, as well as the impact of the corporate nature and disclosure motivation on this relationship. This paper takes China’s 2011–2016 Shanghai and Shenzhen A-share listed companies as a sample to study the relationship between CSR and insider trading. The results show the following. (1) CSR and insider trading have a significant negative correlation. (2) From the perspective of the nature of the enterprise, the CSR of non-state-owned enterprises can significantly suppress the occurrence of insider trading, while the relationship is not significant for state-owned enterprises. (3) From the perspective of disclosure motivation, voluntary disclosure can significantly suppress the occurrence of insider trading. However, mandatory disclosure and semi-mandatory disclosure are not significant. The research in this paper is of great significance to encourage enterprises to fulfill their social responsibilities and improve the supervision of illegal insider trading.

scholarly journals Corporate Social Responsibility Among Travel and Tour Operators in Nepal

2019 ◽  
Vol 11 (10) ◽  
pp. 2771 ◽  
Author(s):  
Rojan Baniya ◽  
Brijesh Thapa ◽  
Min-Seong Kim
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Small And Medium Enterprises ◽  
Tourism Industry ◽  
Business Practices ◽  
Travel And Tourism ◽  
Responsible Business Practices ◽  
Medium Enterprises ◽  
Corporate Social ◽  
Csr Engagement

Travel and tour operators (TTOs) have become increasingly and positively engaged in Corporate Social Responsibility (CSR) due to increased consumer awareness and responsible business practices. However, CSR engagement has not fully permeated the travel and tourism industry in Nepal as it is still considered ambiguous. There is a need to identify baseline knowledge, and to institute programs and policies for CSR engagement. This study formulated a conceptual model to empirically test the relationship between perceptions of CSR (comparative, benefits and favorability) and its association with the importance, participation and future engagement intentions among TTOs in Nepal. Data were collected via a questionnaire among TTO (n = 138) that were registered with the National Association of Tour and Travel Agents. Based on the results, CSR was deemed to be important due to customers’ favorability toward organizations that implemented related activities. This relationship influenced CSR participation and subsequently led to future intentions to engage. Overall, it was apparent that the TTOs which were essentially small and medium enterprises were focused on CSR implementation largely due to customers’ pressure and/or demand. This study provides knowledge to devise appropriate strategies to drive CSR implementation in the tourism industry via TTO in Nepal.

scholarly journals Corporate governance and corporate social responsibility synergies: evidence from New Zealand

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rashid Zaman ◽  
Muhammad Nadeem ◽  
Mariela Carvajal
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
New Zealand ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Business Practices ◽  
Content Type ◽  
Listed Firms ◽  
Responsible Business Practices ◽  
Corporate Social

Purpose This paper aims to provide exploratory evidence on corporate governance (CG) and corporate social responsibility (CSR) interfaces. Although there remains a voluminous literature on CG and CSR, very little effort has been put forward to explore the nature of this relationship. Design/methodology/approach Using interviews with Senior Executives of New Zealand Stock Exchange listed firms, this research assesses CG and CSR practices, identifies barriers for CG and CSR adoption and investigates the nature of the relationship between CG and CSR. Findings The results indicate a moderate level of CG and CSR practices, with a lack of resources and cost-time balance as common barriers for CG and CSR adoption. However, despite these barriers, we note that the majority of executives appreciate the increasing convergence between CG and CSR, and believe that a more robust CG framework will lead to more sustainable CSR practices. Originality/value These findings have important implications for managers and policymakers interested in understanding the CG-CSR nexus and promoting responsible business practices.

The level of compliance with the Italian Legislative Decree No. 254/2016 and its determinants: Insights from Italy

2019 ◽  
pp. 113-143 ◽  
Author(s):  
Valter Cantino ◽  
Alain Devalle ◽  
Simona Fiandrino ◽  
Donatella Busso
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Annual Report ◽  
Financial Information ◽  
First Year ◽  
Mandatory Disclosure ◽  
Corporate Social ◽  
Reporting Channels

The present research explores non-financial mandatory disclosure in Italy in light of the recent Italian Legislative Decree No. 254/2016, which transposes the Directive 2014/95/EU on "the disclosure of non-financial and diversity information". The study pursues a twofold aim: first, it seeks to measure the level of compliance of non-financial information (NFI) with non-financial mandatory disclosure; and second, it seeks to identify which determinants favor higher compliance levels in the first year of the regulatory adequacy. To these ends, the study examines the non-financial 2017 statements of 50 listed Italian companies to test by means of a NFI Disclosure Score three determinants that could explain the level of compliance. The NFI Disclosure Score was set at 52.58%. Moreover, findings suggest that the type of reporting channels (stand-alone report or disclosure included in the Annual Report), the Guidelines Reporting Initiative (GRI) options chosen by the companies, and the presence of the Corporate Social Responsibility (CSR) Committee within the board all affect compliance levels. This study is one of the first research conducted on mandatory NFI disclosure providing indications for regulators and companies on how to improve NFI disclosure.

Examining Public Response to Corporate Social Initiative Types

2016 ◽  
Vol 22 (4) ◽  
pp. 290-306 ◽  
Author(s):  
Lucinda L. Austin ◽  
Barbara Miller Gaither
Keyword(s):  
Social Media ◽  
Corporate Social Responsibility ◽  
Public Acceptance ◽  
Business Practices ◽  
Message Content ◽  
Socially Responsible ◽  
Public Response ◽  
Corporate Social Marketing ◽  
Responsible Business Practices ◽  
Corporate Social

Corporate social initiatives (CSIs) are increasingly important in boosting public acceptance for companies, and emerging research suggests corporate social marketing (CSM) could be the most effective type of CSI. However, scholars caution that CSM is not a one-size-fits-all. Through a content analysis of Coca-Cola’s social media posts on potentially controversial topics related to sustainability, health, and social change, this study explores how CSI type and message content influence public response to an organization’s social media corporate social responsibility posts. Posts emphasizing socially responsible business practices generally received the most favorable public response, while posts focused on cause promotion were received the most negatively. Findings also suggest that CSM is less effective when the issue and advocated behavior change appears to be acting against the company’s interests.

Non-financial information of Spanish companies and financial evolution

2018 ◽  
Vol 14 (4) ◽  
pp. 782-801
Author(s):  
Laura Marín Andreu ◽  
Esther Ortiz-Martínez
Keyword(s):  
Sustainability Reporting ◽  
Financial Information ◽  
Global Reporting Initiative ◽  
Content Type ◽  
Information Reporting ◽  
The Common ◽  
Corporate Social ◽  
Corporate Social Responsibility Reports ◽  
The Relationship ◽  
Big Four

Purpose The purpose of this paper is to study the evolution of the non-financial information reporting in Spain and evaluate if it is related to the financial evolution of the companies. Design/methodology/approach Sustainability reporting has been studied based on the Global Reporting Initiative (GRI) standards. The sample gathers Spanish large firms listed on the IBEX 35 in 2010. The period of the analysis covers six years, from 2010 to 2015. Findings The main results are that almost every company applies the GRI standards to the reports. The common is to apply limited or moderated assurances to the reports and ask for the insurance of the “big four.” The reporting is evolving from specific corporate social responsibility reports to the integrated reports which join financial and non-financial performances. The evolution of the earning per share and dividend per share (DPS) of the companies is moderately related with the sustainable reporting and highlights the positive relationship between the last GRI version, the combination level of assurance and the use of engineering firms with the financial evolution, mainly DPS. Originality/value The most important contribution of this paper is to add some extra information to the relationship between non-financial information and financial features of the companies, and in the case of Spain, where there are not so many previous studies and it is an important benchmark in Europe.

The Relation Between Earnings Quality and Cost of Equity and the Role of Ownership Concentration: Evidence from Italy

2021 ◽  
pp. 2150010
Author(s):  
Claudia Frisenna ◽  
Daniele Greco ◽  
Davide Rizzotti
Keyword(s):  
Earnings Quality ◽  
Negative Relationship ◽  
Ownership Concentration ◽  
Cost Of Equity ◽  
Quality Cost ◽  
Listed Firms ◽  
Concentrated Ownership ◽  
Italian Context ◽  
The Relationship

This study aims to replicate the analysis of the relationship between earnings quality and cost of equity in the Italian context, a context characterized by high ownership concentration and weak investor protection dominated by the type II agency problem. We hypothesize a different intensity of the earnings quality–cost of equity relation between concentrated-held firms and dispersed-held ones. The analysis is based on a sample of 774 firm-year observations from 128 Italian nonfinancial listed firms, from 2011 to 2017. Empirical results confirm the existence of a negative relationship between earnings quality and cost of equity. Moreover, findings show that in Italy, this relation is stronger for firms with concentrated ownership and weaker for firms with more dispersed ownership. Consistent with our hypothesis, this finding suggests that ownership structure affects the sensitivity of the earnings quality–cost of equity relationship.

Putin’s Favorite Oligarch

2018 ◽  
Author(s):  
Kate Pride Brown
Keyword(s):  
Corporate Social Responsibility ◽  
Civil Society ◽  
Social Responsibility ◽  
Global Market ◽  
Global Capitalism ◽  
Business Practices ◽  
Corporate Sponsor ◽  
Civil Sector ◽  
Corporate Social ◽  
The Relationship

As Russian business emerged from collapse and mafia-style capitalism in the 2000s, the surviving oligarchs set their sights on the global market. As they entered the field of global capitalism, they learned the norms and business practices of Western capital, including corporate social responsibility. One corporation, Oleg Deripaska’s En+ Group, emerged as the primary corporate sponsor for Baikal environmentalism. Activists were ambivalent about the relationship, but accepted the money and donned the corporate logo. In so doing, these two generalizable power holders enacted a trade: money for virtue. Not only does such an interaction bolster the capacity of civil society, it also ensures its independence—only an independent civil sector can garner virtue and possess it in such a quantity to trade. Moreover, such a trade is superior to En+’s in-house attempt to create public will, because concern for the company’s image exceeds concern for environmental outcomes.

Effects of CSR initiatives on company perceptions among Millennial and Gen Z consumers

2019 ◽  
Vol 25 (2) ◽  
pp. 299-317 ◽  
Author(s):  
Seoyeon Kim ◽  
Lucinda Austin
Keyword(s):  
Design Methodology ◽  
Corporate Philanthropy ◽  
Business Practices ◽  
Socially Responsible ◽  
Content Type ◽  
Social Initiative ◽  
Csr Communication ◽  
Responsible Business Practices ◽  
Corporate Social ◽  
Comparative Examination

Purpose The purpose of this paper is to examine Millennial consumers’ responses to two corporate social initiative types – socially responsible business practices and corporate philanthropy – in combination with proactive and reactive CSR communication strategies. Design/methodology/approach A 2 (corporate philanthropy/socially responsible business practices) ×2 (proactive/reactive CSR communication) between-subjects experiment was conducted. Findings The socially responsible business practices were largely perceived more positively than the philanthropic initiatives. Likewise, greater public-serving motives were attributed to the socially responsible business practices compared to the philanthropy. While philanthropic initiatives were perceived more negatively when communicated reactively, there were no significant differences between proactive and reactive socially responsible business practices. Originality/value As an attempt to initiate the comparative examination of the effects of different corporate social initiative types, this study suggests outperformance of the socially responsible business practices type of corporate social initiatives over the resources-giving (i.e. philanthropy) type of initiatives even in the reactive communication setting where reputational threat resides.

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