L’influenza delle caratteristiche del board sulla carbon disclosure. Evidenze empiriche in Italia

ABSTRACT: (THE EFFECTS OF BOARD CARACTERISTICS ON CARBON DISCLOSURE. EMPIRICAL EVIDENCE FROM ITALY). This study aims to examine the influence that some characteristics of the board can have on reporting choices on greenhouse gas (GHG) emission, which has become a remarkable topic over the last years. Using the stakeholder theory as theoretical lens, we intend to verify whether the board composition and board diversity represent a significant determinant of the carbon disclosure. Recent literature highlights the urgent need to provide input on the issue of carbon accounting and disclosure. Thus, it is interesting to examine what are the main governance determinants that motivate companies to take accountability paths on this particular area. It is widely accepted, in particular, that the independent directors positively influence the provision of voluntary information, because of the more pronounced monitoring action that they exercise, to protect shareholders and stakeholders. Similarly, the presence of women and different ethnic membership, as aspects of board diversity, also ensure a more efficient functioning of the board and, therefore, stimulate impressive accountability mechanisms. The analysis is conducted in Italy because the Government has recently declared the reduction of emissions (in accordance with the Kyoto Protocol parameters) as a national policy objective to be achieved until 2020. The empirical analysis was conducted through the OLS method which has confirmed that the inclusion of independent directors, as well as a more marked diversity of the board – in the form of gender and geographical component – impacting positively on the voluntary carbon disclosure. Board independence and board diversity are key factors that encourage most marked transparency mechanism for the benefit of stakeholders. Our findings should be useful for top managers and regulators who are interested in improving corporate governance practices and climate-change strategies.

KEYWORDS: carbon disclosure, board composition, board diversity