Purpose -This paper aims to test whether the publication of a social report provides information about the firm's market value. Its intention is to understand if investors believe the social report has a role equal to that traditionally attributed to accounting variables, i.e., whether the social report is value-relevant in assessing a firm's market value. Design/methodology/approach -This paper is deductive. It tests two main hypotheses: first, the social report is value relevant because it explains firm value; second, the social report influences the value-relevance of accounting variables. The study applies the value-relevance analysis on a sample of 178 Italian companies listed on the Milan Stock Exchange. Findings -The estimates show a significant negative correlation between the publication of a social report and the stock price. Furthermore, book value per share accounting information is more relevant for the companies that publish a social report, whereas the relevance of earnings per share does not change for these companies. Originality/value -This paper increases the understanding of the value that markets assign to the social report. It contributes to enriching the literature on the value-relevance analysis applied to non-financial variables and to social report in particular.

This article focuses on the relationship between external research and development (R&D) and firm innovation output. Using a sample of Italian manufacturing firms in the period of 2007-2009, the role played by external R&D is evaluated, investigating differences between family and non-family firms. Results show that the R&D acquired from external sources has a positive impact, especially on family firms, suggesting that family companies have a greater capacity to translate external R&D into tangible economic benefits. This result is consistent with those obtained when we consider the combination of internal and external R&D, as well as the family involvement in governance and management.

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This paper explores whether family and non-family firms differ in terms of their capability to introduce green patenting. By considering the environmental performance as a corporate social responsibility related concern, the analysis is based on a large data set of patenting activities carried out by Italian manufacturing firms over the period 2009-2017. Results show that family firms are less likely than non-family firms to implement innovations in green technologies. This holds true whatever the level of accumulation in green and non-green knowledge.