ABSTRACT: (THE ENVIRONMENTAL DISCLOSURE OF THE ITALIAN COMPANIES). In this paper we empirically tested the level and evolution of (voluntary) environmental disclosure made by Italian companies listed on the Milan Stock Exchange both in 2006 and 2009. We used a multivariate regression analysis for estimating the environmental disclosure as a function of a set of variables. The results show the positive and statistically significant effect of the legislative decree no. 32 of 2007 (that introduced for the first time in Italy the voluntary environmental disclosure by amending Article 2428 of the Civil Code) on the level of environmental voluntary disclosure. We found, unlike previous studies, an inverse (negative) and statistically significant relationship between environmental disclosure and the level of minority interests, the presence of international audit firm (Big 4), the environmental performance, the profitability and the foreign listing. We also verified that the environmental disclosure is influenced by the company size and the Government’s and its Agencies’ shareholding.
KEYWORDS: Voluntary Environmental Disclosure, Company Characteristics, Environmental Performance.
D'Amico, E., Coluccia, D., Fontana, S., Solimene, S. (2015). La disclosure dell’informativa ambientale nelle imprese italiane, RIREA, n.2, pp. 144-164.
