Vedi metadata
I METADATI DI QUESTO DOI SONO STATI AGGIORNATI IL: 2025-05-13 09:49
Cite as
-
Titolo completo
MANAGEMENT CONTROL
-
Editore
FrancoAngeli
-
ISSN
2239-0391 (Rivista Stampata)
2239-4397 (Rivista Online)
-
Numero del fascicolo
1
-
Designazione del fascicolo
1
-
Data del fascicolo
2025
-
Titolo completo
The effect of corporate governance on SDG performance of Italian listed companies
-
Di (autore)
-
Prima Pagina
111
-
Ultima Pagina
135
-
Lingua del testo
Inglese
-
Data di publicazione
2025/04
-
Copyright
2025 FrancoAngeli srl
Descrizione principale
Adopting agency and stakeholders' theories, this study examines the relationship between corporate governance and sustainability performance, focusing on Italian listed companies. Specifically, this study investigates which corporate governance attributes, such as board size, the presence of independent members and the institution of social committees, influence the achievement of Sustainable Development Goals (SDGs). Based on a quantitative approach, this study has employed an ordinary least squares (OLS) regression model, and data have been collected from a sample of 234 companies extracted from the ATOKA-CERVED database. Findings suggest that the presence of independent members, and a sustainability committee, positively contributes to the achievement of SDGs. Regarding theoretical implications, our study supports the valid agency and stakeholder theories, suggesting that the greater heterogeneity of the Board (independent directors) and the establishment of sustainability committees seem to reduce agency problems and promote sustainability. Concerning the practical implication, this study offers relevant information to entrepreneurs and managers. Specifically, it recommends diversifying the Board of Directors with independent directors and establishing dedicated committees to address sustainability themes.
Elenco citazioni del
10.3280/MACO2025-001006
Citazione non strutturata
Ahmed, K., Hossain, M., & Adams, M. B. (2006), The effects of board composition and board size on the informativeness of annual
accounting earnings, Corporate Governance: An International Review, 14(5), pp. 418-431.
https://doi.org/10.1111/j.1467-8683.2006.00515.x
Citazione non strutturata
Akpan, E.O., & Amran, N.A. (2014), Board characteristics and company performance: evidence from Nigeria, Journal of Finance
and Accounting, 2(3), pp. 81-89.
https://doi.org/10.11648/j.jfa.20140203.17
Citazione non strutturata
Amran, A., Lee, S. P., & Devi, S. S. (2014), The influence of governance structure and strategic corporate social responsibility
toward sustainability reporting quality, Business Strategy and the Environment, 23(4), pp. 217-235.
https://doi.org/10.1002/bse.1767
Citazione non strutturata
Arena, C., Bozzolan, S., & Michelon, G. (2015), Environmental reporting: Transparency to stakeholders or stakeholder manipulation?
An analysis of disclosure tone and the role of the board of directors, Corporate Social Responsibility and Environmental Management,
22(6), pp. 346-361.
https://doi.org/10.1002/csr.1350
Citazione non strutturata
Barako, D.G., Hancock, P., & Izan, H.Y. (2006), Factors influencing voluntary corporate disclosure by Kenyan Companies, Corporate
Governance: An International Review, 14(2), pp. 107-125.
https://doi.org/10.1111/j.1467-8683.2006.00491.x
Citazione non strutturata
Bear S, Rahman N, & Post C. (2010), The impact of board diversity and gender composition on corporate social responsibility
and firm reputation, Journal of Business Ethics, 97(2): pp. 207-221.
https://doi.org/10.1007/s10551-010-0505-2
Citazione non strutturata
Biswas, P.K., Mansi, M.& Pandey, R. (2018), Board composition, sustainability committee and corporate social and environmental
performance in Australia, Pacific Accounting Review, 30(4), pp. 517-540.
https://doi.org/10.1108/PAR-12-2017-0107
Citazione non strutturata
Cadbury, A. (1992), Report of the committee on the financial aspects of corporate governance. Gee & Co., Ltd.
https://doi.org/10.1093/oso/9780198258599.003.0003
Citazione non strutturata
Chams, N., & García-Blandón, J. (2019), Sustainable or not sustainable? The role of the board of directors, Journal of cleaner
production, 226, pp. 1067-1081.
https://doi.org/10.1016/j.jclepro.2019.04.118
Citazione non strutturata
Cucari, N., Esposito De Falco, S., & Orlando, B. (2018), Diversity of board of directors and environmental social governance:
Evidence from Italian listed companies, Corporate Social Responsibility and Environmental Management, 25(3), pp. 250-266.
https://doi.org/10.1002/csr.1452
Citazione non strutturata
Daily, C.M., & Dalton, D.R. (1993), Board of directors’ leadership and structure: control and performance implications, Entrepreneurship
theory and practice, 17(3), pp. 65-81.
https://doi.org/10.1177/104225879301700305
Citazione non strutturata
De Andres, P., Azofra, V., & Lopez, F. (2005), Corporate Boards in OECD Countries: size, composition, functioning and effectiveness,
Corporate Governance: An International Review, 13(2), pp. 197-210.
https://doi.org/10.1111/j.1467-8683.2005.00418.x
Citazione non strutturata
de Graaf, F. J., & Stoelhorst, J. W. (2013), The Role of Governance in Corporate Social Responsibility: Lessons From Dutch
Finance, Business & Society, 52(2), pp. 282-317
https://doi.org/10.1177/0007650309336451
Citazione non strutturata
Disli, M., Yilmaz, M. K., & Mohamed, F. F. M. (2022), Board characteristics and sustainability performance: empirical evidence
from emerging markets, Sustainability Accounting, Management and Policy Journal, 13(4), pp. 929-952.
https://doi.org/10.1108/SAMPJ-09-2020-0313
Citazione non strutturata
Eberhardt-Toth, E. (2017), Who should be on a board corporate social responsibility committee? Journal of Cleaner Production,
140, pp. 1926-1935.
https://doi.org/10.1016/j.jclepro.2016.08.127
Citazione non strutturata
Eng, L.L., & Mak, Y.T. (2003), Corporate governance and voluntary disclosure, Journal of accounting and public policy, 22(4),
pp. 325-345.
https://doi.org/10.1016/S0278-4254(03)00037-1
Citazione non strutturata
Fama, E.F., & Jensen, M.C., 1983, The journal of law and Economics, 26(2), pp. 301-325.
https://doi.org/10.1086/467037
Citazione non strutturata
Freeman, R. E. (2010), Strategic management: A stakeholder approach., Cambridge university press.
https://doi.org/10.1017/CBO9781139192675
Citazione non strutturata
Freeman, R.E. (1984), Strategic Management: A Stakeholder Approach, Pitman, Boston.
Citazione non strutturata
Galbreath, J. (2011). Are there gender-related influences on corporate sustainability? A study of women on boards of directors,
Journal of Management & Organization, 17(1), pp. 17-38.
https://doi.org/10.5172/jmo.2011.17.1.17
Citazione non strutturata
Galbreath, J. (2018), Do boards of directors influence corporate sustainable development? An attention-based analysis, Business
Strategy and the Environment, 27 (6), pp. 742-756.
https://doi.org/10.1002/bse.2028
Citazione non strutturata
Galeazzo, A., Miandar, T., & Carraro, M. (2024), SDGs in corporate responsibility reporting: a longitudinal investigation
of institutional determinants and financial performance, Journal of Management and Governance, 28(1), pp. 113-136.
https://doi.org/10.1007/s10997-023-09671-y
Citazione non strutturata
Garci´a-Blandon, J., & Argilés, J. (2017), Exploring the relationship between CEO’s characteristics and performance: a study of “the best-performing CEOs in the world”, IQS Working Paper.
Citazione non strutturata
Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of business ethics, 100, pp. 45-67.
https://doi.org/10.1007/s10551-011-0772-6
Citazione non strutturata
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence
perspectives. Academy of Management review, 28(3), pp. 383-396.
https://doi.org/10.5465/amr.2003.10196729
Citazione non strutturata
Hussain, N., Rigoni, U., Orij, R. P. (2018), Corporate governance and sustainability performance: Analysis of triple bottom
line performance, Journal of business ethics, 149, pp. 411-432.
https://doi.org/10.1007/s10551-016-3099-5
Citazione non strutturata
Italian Corporate Governance Committee (2020), Corporate Governance Code, Milan, Italy.
Citazione non strutturata
Italy BI (2023), Italia Spence Stuart Board Index. -- Available at https://www.spencerstuart.com/research-and-insight/italy-board-index.
Citazione non strutturata
Jensen, M.C. & Mechling, W. (1976). Theory of the firm: managerial behavior, agency costs, and capital structure, Journal
of Financial Economics 3(4), pp. 305-360.
https://doi.org/10.1016/0304-405X(76)90026-X
Citazione non strutturata
Jo, H., & Harjoto, M. (2011), Corporate governance and firm value: the impact of corporate social responsibility, Journal
of Business Ethics 103, pp. 351-383.
https://doi.org/10.1007/s10551-011-0869-y
Citazione non strutturata
Kiel, G., & Nicholson, G. (2003), Boards that Work: A new guide for directors, Sydney: McGraw Hill.
Citazione non strutturata
Krechovskà, M., & Prochàzkivà, P.T. (2014), Sustainability and its integration into corporate governance focusing on corporate
performance management and reporting, Procedia Eng., 69, pp. 1144-1151.
https://doi.org/10.1016/j.proeng.2014.03.103
Citazione non strutturata
Lawrence, S., Collins, E., & Roper, J. (2013), Expanding responsibilities of corporate governance: the incorporation of CSR
and sustainability, Indian Journal of Corporate Governance, 6(1), pp. 49-63.
https://doi.org/10.1177/0974686220130104
Citazione non strutturata
Liao, L., Luo, L., & Tang, Q. (2015), Gender diversity, board independence, environmental committee and greenhouse gas disclosure,
The British accounting review, 47(4), pp. 409-424.
https://doi.org/10.1016/j.bar.2014.01.002
Citazione non strutturata
Mahmood, Z., Kouser, R., Ali, W., Ahman, Z. & Salman, T. (2018), Does corporate governance affect sustainability disclosure?
A mixed methods study, Sustainability, 10(1), 207.
https://doi.org/10.3390/su10010207
Citazione non strutturata
Mallin, C., Michelon, G., & Raggi, D. (2013), Monitoring intensity and stakeholders’orientation: how does governance affect
social and environmental disclosure? Journal of Business Ethics, 114, pp. 29-43.
https://doi.org/10.1007/s10551-012-1324-4
Citazione non strutturata
Mallin, C.A. and Michelon, G. (2011), Board reputation attributes and corporate social performance: an empirical investigation
of the US best corporate citizens, Accounting and Business Research, 41(2), pp. 119-144.
https://doi.org/10.1080/00014788.2011.550740
Citazione non strutturata
Martínez-Ferrero, J., & García-Meca, E. (2020), Internal corporate governance strength as a mechanism for achieving sustainable
development goals, Sustainable Development, 28(5), pp. 1189-1198.
https://doi.org/10.1002/sd.2068
Citazione non strutturata
Michelon, G., & Parbonetti, A. (2012), The effect of corporate governance on sustainability disclosure, Journal of management
& governance, 16, pp. 477-509.
https://doi.org/10.1007/s10997-010-9160-3
Citazione non strutturata
Naciti, V. (2019), Corporate governance and board of directors: The effect of a board composition on firm sustainability performance,
Journal of Cleaner Production, 237, 117727.
https://doi.org/10.1016/j.jclepro.2019.117727
Citazione non strutturata
Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate governance and sustainability: A review of the existing literature.
Journal of Management and Governance, 2, pp. 1-20.
https://doi.org/10.1007/s10997-020-09554-6
Citazione non strutturata
Nicolo', G., & Andrades-Peña, F. J. (2024), Does corporate governance influence environmental, social and governance disclosure
practices of state-owned enterprises? An international study, Corporate Social Responsibility and Environmental Management,
pp. 1-17.
https://doi.org/10.1002/csr.2824
Citazione non strutturata
Orazalin, N. (2020), Do board sustainability committees contribute to corporate environmental and social performance? The
mediating role of corporate social responsibility strategy, Business Strategy and the Environment, 29(1), pp. 140-153.
https://doi.org/10.1002/bse.2354
Citazione non strutturata
Patelli, L. & Prencipe, A. (2007), The relationship between voluntary disclosure and independent directors in the presence
of a dominant shareholder, European Accounting Review, 16(1), pp. 5-33.
https://doi.org/10.1080/09638180701265820
Citazione non strutturata
Pedrini, M., Minciullo, M. & Zaccone, M. C. (2023), Quinta edizione dell’Osservatorio Governance della Sostenibilità. -- Available at https://www.sustainability-makers.it/documenti-e-ricerche/governance/v-rapporto-dellosservatorio-governance-della-sostenibilita/.
Citazione non strutturata
Post, C., Rahman, N., & Rubow, E. (2011), Green governance: boards of Directors’ Composition and environmental corporate social
responsibility, Business & society, 50(1), pp. 189-223.
https://doi.org/10.1177/0007650310394642
Citazione non strutturata
Prado-Lorenzo, J.-M., & Garcia-Sanchez, I.-M. (2010). The role of the board of directors in disseminating relevant information
on greenhouse gases. Journal of Business Ethics, 97(3), pp. 391-424.
https://doi.org/10.1007/s10551-010-0515-0
Citazione non strutturata
Radu, C., Smaili, N., & Constantinescu, A. (2022), The impact of the board of directors on corporate social performance: a
multivariate approach, Journal of Applied Accounting Research, 23(5), pp. 1135-1156.
https://doi.org/10.1108/JAAR-05-2021-0141
Citazione non strutturata
Rechner, P. L., & Dalton, D. R. (1991, CEO duality and organizational performance: A longitudinal analysis, Strategic Management
Journal, 12(2), pp. 155-160.
https://doi.org/10.1002/smj.4250120206
Citazione non strutturata
Said, R., Zainuddin, Y. H., & Haron, H. (2009), The relationship between corporate social responsibility disclosure and corporate
governance characteristics in Malaysian public listed companies, Social Responsibility Journal, 5(2), pp. 212-226.
https://doi.org/10.1108/17471110910964496
Citazione non strutturata
Schober, P., Boer, C., & Schwarte, L. A. (2018), Correlation coefficients: Appropriate use and interpretation, Anesthesia
& Analgesia, 126(5), pp. 1763-1768.
https://doi.org/10.1213/ANE.0000000000002864
Citazione non strutturata
Schober, P., Boer, C., & Schwarte, L. A. (2018). Correlation coefficients: appropriate use and interpretation. Anesthesia
& analgesia, 126(5), pp. 1763-1768.
https://doi.org/10.1213/ANE.0000000000002864
Citazione non strutturata
Sentuti, A., Diaz, G. D. C., & Cesaroni, F. M. (2020), Board Composition and Family Firms’ Profitability. Do Generational Stage and Performance Level Matter? International Journal of Economic Behavior, 10(1), pp. 37-44.
Citazione non strutturata
Spitzeck, H. (2009), The development of governance structures for corporate responsibility, Corporate Governance, 9(4), pp.
495-505.
https://doi.org/10.1108/14720700910985034
Citazione non strutturata
United Nations (2015), Countries Reach Historic Agreement to Generate Financing for New Sustainable Development Agenda. -- http://www.un.org/esa/ffd/ffd3/press-release/countries-reach-historic-agreement.html.
Citazione non strutturata
Van Zanten, J. A., & Van Tulder, R. (2018), Multinational enterprises and the Sustainable Development Goals: An institutional
approach to corporate engagement, Journal of International Business Policy, 1(3), pp. 208-233.
https://doi.org/10.1057/s42214-018-0008-x
Citazione non strutturata
Webb, E. (2004), An Examination of Socially Responsible Firms' Board Structure, Journal of Management & Governance 8, pp.
255-277.
https://doi.org/10.1007/s10997-004-1107-0
Citazione non strutturata
Zahra, S.A. & Stanton, W.W. (1988), The implications of board of directors composition for corporate strategy and performance, International Journal Management, 5, pp. 229-236.
Citazione non strutturata
Zaid, M. A., Wang, M., Adib, M., Sahyouni, A., Abuhijleh, S. T. (2020), Boardroom nationality and gender diversity: Implications
for corporate sustainability performance, Journal of Cleaner Production, 251, 119652.
https://doi.org/10.1016/j.jclepro.2019.119652
Citazione non strutturata
Zampone, G., Nicolò, G., Sannino, G., & De Iorio, S. (2024), Gender diversity and SDG disclosure: the mediating role of the
sustainability committee, Journal of Applied Accounting Research, 25(1), pp. 171-193.
https://doi.org/10.1108/JAAR-06-2022-0151
Citazione non strutturata
Zattoni, A. (2020). Corporate Governance: How to Design Good Companies. Milano: Bocconi University Press.