The relationship between ESG disclosure and financial performance: Evidence from italian listed companies

• Autor(a) principal: Ranković, Aleksandar
• Data de Publicação: 2023
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/29975
• topic: ESG disclosure; Responsabilidade social das empresas -- Corporate social responsibility; Desempenho organizacional -- Organizational performance; Italy; Divulgação ESG; Itália

The objective of this dissertation is to explore the relationship between Environmental, Social and Governance (ESG) disclosure and corporate financial performance. Using a sample of 93 companies listed on the Italian Stock Exchange, Borsa Italiana, between 2018 and 2020, four multiple regression models are developed to assess the impact that each of the three pillars of ESG disclosure has on the dependent variable: Return on Assets (ROA). The results suggest there are differences in how each of the three components influence economic performance: only the total ESG score and the Governance score have a statistically significant and positive effect on financial performance. The findings of our study contribute to the existing literature and provide further evidence about the value relevance of non-financial and ESG disclosure. The paper is also significant as despite the vast literature on the subject, there are relatively few empirical studies which focus on countries outside the Anglo-Saxon context.