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Sustainability Reporting and Varieties of Capitalism

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  • Concetta Carnevale
  • Maria Mazzuca

Abstract

ABSTRACT The mixed results of previous empirical investigations 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 sustainability reporting is more relevant in coordinated market economies compared with 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 of firms’ reporting on sustainable development. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.

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  • Concetta Carnevale & Maria Mazzuca, 2014. "Sustainability Reporting and Varieties of Capitalism," Sustainable Development, John Wiley & Sons, Ltd., vol. 22(6), pages 361-376, November.
    • Handle: RePEc:wly:sustdv:v:22:y:2014:i:6:p:361-376
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    Cited by:

    1. Blanca de-Miguel-Molina & Vicente Chirivella-González & Beatriz García-Ortega, 2016. "Corporate philanthropy and community involvement. Analysing companies from France, Germany, the Netherlands and Spain," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(6), pages 2741-2766, November.
    2. Isabel Gallego‐Álvarez & María Consuelo Pucheta‐Martínez, 2020. "Environmental strategy in the global banking industry within the varieties of capitalism approach: The moderating role of gender diversity and board members with specific skills," Business Strategy and the Environment, Wiley Blackwell, vol. 29(2), pages 347-360, February.
    3. María Mar Miralles‐Quirós & José Luis Miralles‐Quirós & Jesús Redondo‐Hernández, 2019. "The impact of environmental, social, and governance performance on stock prices: Evidence from the banking industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(6), pages 1446-1456, November.
    4. Balluchi, Federica & Lazzini, Arianna & Torelli, Riccardo, 2020. "Credibility of Environmental Issues in Non-Financial Mandatory Disclosure: Measurement and Determinants," OSF Preprints g73w5, Center for Open Science.
    5. Maria del Mar Miralles‐Quiros & Jose Luis Miralles‐Quiros & Irene Guia Arraiano, 2017. "Sustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe," Business Strategy and the Environment, Wiley Blackwell, vol. 26(7), pages 1014-1028, November.

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