In this paper we want to analyze the relationship between CSP and CFP in a sample of Italian listed companies in specific sectors of activities. Our research follows the tradition in the empirical studies on CSP/CFP, which is a main issue in business ethics. After analyzing the existing literature on the subject and providing a theoretical framework, we exposed the research hypothesis and the methodology followed, the empirical analysis and the statistical results. The empirical analysis was conducted by selecting the 217 listed companies (31/12/2013) on the Italian stock market within the FTSE Sector Industria. We initially proceeded excluding from the analysis the 44 companies belonging to the sector "Finanza", given the specific characteristics of their financial reports. For each of the remaining 173 companies we verified, through the analysis of their official websites, the existence or not - in any date between 2003 and 2012 – of a sustainability report, however denominated (social report, environmental report, socio-environmental report, integrated sustainability report, etc.). The four sectors in which the percentage of companies that prepare a sustainability report of the total number of companies in the sector was found to be higher (chemical, raw materials, oil and gas and utilities), were included in the sample. The total number of companies in these sectors was taken as a sample for our analysis and their CFP have been analyzed and the connection with CSP has been tested.

Does it pay to be good in Italy? Exploring the relationship between CSP and CFP in Italian listed companies

FERRARI, ELISA RITA;
2014

Abstract

In this paper we want to analyze the relationship between CSP and CFP in a sample of Italian listed companies in specific sectors of activities. Our research follows the tradition in the empirical studies on CSP/CFP, which is a main issue in business ethics. After analyzing the existing literature on the subject and providing a theoretical framework, we exposed the research hypothesis and the methodology followed, the empirical analysis and the statistical results. The empirical analysis was conducted by selecting the 217 listed companies (31/12/2013) on the Italian stock market within the FTSE Sector Industria. We initially proceeded excluding from the analysis the 44 companies belonging to the sector "Finanza", given the specific characteristics of their financial reports. For each of the remaining 173 companies we verified, through the analysis of their official websites, the existence or not - in any date between 2003 and 2012 – of a sustainability report, however denominated (social report, environmental report, socio-environmental report, integrated sustainability report, etc.). The four sectors in which the percentage of companies that prepare a sustainability report of the total number of companies in the sector was found to be higher (chemical, raw materials, oil and gas and utilities), were included in the sample. The total number of companies in these sectors was taken as a sample for our analysis and their CFP have been analyzed and the connection with CSP has been tested.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11387/101335
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