The mixed results of previous empirical evidences on the relevance of firms’ reporting on sustainable development could be due to the absence of a theoretical paradigm able to capture the differences across countries. We apply the Varieties of Capitalism approach on a sample of European listed banks from 2005 to 2011, to evaluate whether the different institutional contexts affect the value relevance of sustainability reporting in European stock markets. The results show that, in coordinated market economies, sustainability reporting is more relevant compared to liberal market economies and mixed market economies. The main findings are that systemic and institutional factors influence the impact of sustainability reporting on the firm's market value, and the Varieties of Capitalism approach provides an important theoretical framework to grasp and highlight differences across European countries on the value relevance on firms’ reporting on sustainable development.
The mixed results of previous empirical evidences on the relevance of firms’ reporting on sustainable development could be due to the absence of a theoretical paradigm able to capture the differences across countries. We apply the Varieties of Capitalism approach on a sample of European listed banks from 2005 to 2011, to evaluate whether the different institutional contexts affect the value relevance of sustainability reporting in European stock markets. The results show that, in coordinated market economies, sustainability reporting is more relevant compared to liberal market economies and mixed market economies. The main findings are that systemic and institutional factors influence the impact of sustainability reporting on the firm's market value, and the Varieties of Capitalism approach provides an important theoretical framework to grasp and highlight differences across European countries on the value relevance on firms’ reporting on sustainable development.
Sustainability reporting and Varieties of Capitalism
CARNEVALE, Concetta;MAZZUCA, Maria
2014-01-01
Abstract
The mixed results of previous empirical evidences on the relevance of firms’ reporting on sustainable development could be due to the absence of a theoretical paradigm able to capture the differences across countries. We apply the Varieties of Capitalism approach on a sample of European listed banks from 2005 to 2011, to evaluate whether the different institutional contexts affect the value relevance of sustainability reporting in European stock markets. The results show that, in coordinated market economies, sustainability reporting is more relevant compared to liberal market economies and mixed market economies. The main findings are that systemic and institutional factors influence the impact of sustainability reporting on the firm's market value, and the Varieties of Capitalism approach provides an important theoretical framework to grasp and highlight differences across European countries on the value relevance on firms’ reporting on sustainable development.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
