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Corporate Responsibility and ROA: Evidence from the Italian Stock Exchange

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  • Francesco Bollazzi
  • Giuseppe Risalvato

Abstract

The purpose of this paper is to test the importance of the Corporate Social Responsibility factor on the ROA in a sample of newly listed companies on the Italian Stock Exchange. The study analyzes 84 IPOs listed at the Borsa Italiana in the period between 2009 and 2015. The authors want to test if there is an advantage in terms of better return on assets when companies consider the drafting of a sustainability report, the presence of environmental responsibility, the management of supplier relationships, the information transparency and fairness, versus those companies which are not seen as responsible in these areas. The authors want to test the relationship between ROA and ESG Corporate Responsibility factors using a unpaired t-tests. The statistical analysis shows that not all factors contribute to the improvement of performance in the newly listed companies, but it seems to have a greater ROA only the companies that take on responsibilities from an environmental perspective.

Suggested Citation

  • Francesco Bollazzi & Giuseppe Risalvato, 2018. "Corporate Responsibility and ROA: Evidence from the Italian Stock Exchange," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 8(4), pages 565-570.
    • Handle: RePEc:asi:aeafrj:v:8:y:2018:i:4:p:565-570:id:1695
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    Citations

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    Cited by:

    1. Jing Wu & Chee Yoong Liew, 2024. "Revisiting the nexus between corporate social responsibility and corporate value: Evidence from China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2066-2085, May.
    2. Sharifah Nazatul Faiza Syed Mustapha Nazri & Mohd Ikram Abdul Rasib & Salwa Zolkifli, 2019. "The Influence of Competency, Usage of It and Career Expectation on Internal Auditor¡¯s Effectiveness in Ggovernment Linked Companies (GLCs)," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(3), pages 337-352, May.
    3. Daniel Ogachi & Zeman Zoltan, 2020. "Corporate Social Responsibility and Firm Value Protection," IJFS, MDPI, vol. 8(4), pages 1-22, November.
    4. Ahmad Almashaqbeh & Hasnah Shaari & Hijattulah Abdul-Jabbar, 2019. "The Effect of Board Diversity on Real Earnings Management: Empirical Evidence From Jordan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 495-508, August.
    5. Giuseppe Risalvato & Claudio Venezia & Federica Maggio, 2019. "Social Responsible Investments and Performance," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(1), pages 10-16, January.
    6. Silvia Carnini Pulino & Mirella Ciaburri & Barbara Sveva Magnanelli & Luigi Nasta, 2022. "Does ESG Disclosure Influence Firm Performance?," Sustainability, MDPI, vol. 14(13), pages 1-18, June.
    7. Mohamad Helmi bin Hidthiir & Muhammad Farhan Basheer & Saira Ghulam Hassan, 2019. "The Simultaneity of Corporate Financial Decisions Under Different Levels of Managerial Ownership: A Case of Pakistani Listed Firms," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(2), pages 147-159, July.

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