Sustainability Reporting and Performance: Do Italian Companies Manage Their Narratives in Mandatory Settings?
サステナビリティ報告とパフォーマンス：強制開示におけるイタリア企業のナラティブ管理 (AI 翻訳)
Maria Chiara Demartini, Sara Trucco, Valentina Beretta
🤖 gxceed AI 要約
日本語
本論文は、EUのNFRD（非財務情報開示指令）後のイタリア上場企業における非財務情報開示（NFD）のトーンと非財務パフォーマンスの関連を分析。2017～2023年の報告書を対象に内容分析と回帰分析を実施。結果、NFDのトーンが実際の非財務パフォーマンスと乖離する傾向があることを示唆。
English
This paper examines the association between the tone of nonfinancial disclosure (NFD) and firms' nonfinancial performance in mandatory settings, focusing on Italian listed firms after the EU's NFRD. Analyzing reports from 2017-2023 using content analysis and regression, it finds that the tone of NFD may not always align with actual nonfinancial performance, indicating potential narrative management.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準の導入が進む中、強制開示におけるナラティブ管理（グリーンウォッシング）の実態は重要な論点。イタリアの事例は、日本の有価証券報告書や統合報告書におけるサステナビリティ情報の品質評価に示唆を与える。
In the global GX context
As global mandatory sustainability reporting expands (CSRD, SEC climate rule), understanding how companies manage narrative tone is critical for regulators and standard-setters. This Italian case provides empirical evidence on the gap between disclosure tone and performance, informing efforts to curb greenwashing.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between narrative tone and nonfinancial performance in a mandatory disclosure setting, useful for further studies on greenwashing and disclosure quality.
🏢実務担当者:Highlights the risk of narrative management in sustainability reports, encouraging companies to align disclosure tone with actual performance to avoid regulatory and reputational risks.
🏛政策担当者:Offers evidence that mandatory disclosure alone may not prevent tone management, supporting the need for enforcement and assurance mechanisms.
📄 Abstract（原文）
ABSTRACT Sustainability disclosure is a topic of growing interest worldwide, especially after the adoption of the Directive 2014/95/EU (NFRD), which mandates specific classes of companies in the European Union to disclose a series of information regarding ESG issues. Moreover, due to the Corporate Sustainability Reporting Directive, new mandatory EU sustainability reporting standards are required. To our best knowledge, only few studies analyzed the content and the quality of nonfinancial disclosure (NFD) after the NFRD in the Italian context, which represents a relevant share of the EU gross domestic product. The purpose of this paper is to examine how the tone of NFD is associated with firms' nonfinancial performance in mandatory settings. All reports by Italian listed firms disclosing information of years 2017–2023 are analyzed. Content analysis is used to assess the quantity and the quality of NFD, whereas a regression analysis tests the link between the tone of NFD and firms' nonfinancial performance. This paper contributes to the current literature on NFD by analyzing the state of the art of the mandatory NFD in one European country and by verifying the link between the tone of NFD and the firms' nonfinancial performance, after the adoption of the NFRD.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1002/bse.70287first seen 2026-05-05 19:08:38
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