The paper deals with a case study in an Italian maritime cluster seen through a multiple paradigms framework, based on Sustainability (SUS), Open Innovation (OI), and Value Co-creation (VCc). The proposed theoretical framework helps to interpret a true phenomenon consisting of the design of a new product with a prototype created in a network of multiple actors. The approach adopted stems in part from recent writings in qualitative research methodology and is quite apt in this context considering the qualitative, confirmatory nature of this work. The prototype named "TESEO I" was realized through open innovation aimed at sustainability, not only directed at environmental aspects but synergistically with value cocreation, which emerged from interaction among the actors, while also including social and economic aspects. The work concludes with a discussion of theoretical implications related to the proposed framework and the results that emerged from the case study, with both referring to sustainability, open innovation, and value cocreation.
This paper looks at the topic of regulation of integrated reporting for listed companies, with the aim of contributing to the debate on the usefulness of introducing a mandatory regime, both from the perspective of integrated performance sustainability of companies and from that of relevance of information for providers of financial capital. The study is based on empirical research carried out on a sample composed of companies operating in territories where the adoption of integrated reporting is voluntary (Europe) and those operating in a country where adoption is mandatory (South Africa). The research shows that (a) in voluntary regimes, levels of integrated performance achieved by companies are higher; (b) mandatory regulation produces positive effects on integrated performance levels in the medium term; (c) integrated performance indicators are value-relevant, though having different levels of relevance under the two regimes examined.
European companies of public interest requested to comply with the Directive 2014/95/EU on Non-Financial Information (NFI) are allowed to fulfil the regulatory obligation following the Global Reporting Initiative (GRI) guidelines, which constitute at present the most widely spread framework for sustainability reporting. Given such prevalence, this paper examines the level of disclosure on Key Performance Indicators (KPIs) and its relationship with financial performance over the period 2016–2018 for Italian-listed companies adopting GRI guidelines to convey NFI under the Decree 254/2016. The research applies content analysis of the annual and sustainability reports to measure the disclosure index on KPIs, and Data Envelopment Analysis (DEA) to estimate the financial performance. A Tobit-regression model explores the nexus between financial performance and companies’ disclosure. Findings show a decrease in the disclosure levels in the early adoption of mandatory NFI and a significant association with the financial performance of the sampled companies. The study, assuming a comprehensive view of the financial indicators, improves our knowledge of the relationship between sustainability disclosure and financial performance and adds to the literature on the evolution of NFI in the transition from voluntary to mandatory regime.
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