From sustainable value to shareholder value: The impact of sustainable governance and anti‐corruption programs on market valuation

Cardoni, Andrea; Kiseleva, Evgeniia; Arduini, Simona; Terzani, Simone

doi:10.1002/bse.3328

Cited by 8 publications

(5 citation statements)

References 110 publications

(224 reference statements)

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“…They also note the challenge of achieving a comprehensive measure of sustainability due to the complex process of harmonization through a multi-stakeholder approach involving all objectives of all parties interacting with the company. Cardoni et al (2022) also highlight that studies on sustainability have evolved towards identifying a sustainable business that fully integrates economic and financial goals with social and environmental ones, including the community and the environment as "non-human stakeholders" among stakeholders. Lazzano (2017) also highlights companies' commitment to promoting sustainability in markets to meet all possible stakeholder needs.…”

Section: The Evolution Of the Concept Of Sustainability: From Economi...mentioning

confidence: 99%

Banking Stability in the ESG Framework Across Italian Regions

Arnone,

Leogrande,

Costantiello

et al. 2024

Preprint

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This work aims to initiate a reflection on the awareness of environmental, social, and corporate governance issues, summarized in the acronym ESG (Environmental, Social, Governance), among Italian SMEs. The integration of ESG issues into business models has led to an expansion of the risk taxonomy affecting corporate management. In addition to traditional financial risks, new risks have emerged, primarily climate risk, environmental, and energy risks, which can significantly impact companies' ability to create economic value. This includes planning and designing virtuous initiatives focused on sustainability and the ability to build public-private partnerships with various stakeholders. After this theoretical framework aimed at highlighting the evolution of the concept of corporate sustainability following the introduction of ESG factors, a clustering of non-performing loans of Italian companies is proposed using a k-Means algorithm, comparing the results obtained through two different methods, namely the Elbow method and the Silhouette coefficient. Finally, using data on Italian regions between 2004 and 2023, an empirical analysis is conducted to provide an estimate of the relationship between non-performing loans and some variables related to ESG components. JEL CODES: G1, G10, G11, G12, G13, G14, G15.

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Section: The Evolution Of the Concept Of Sustainability: From Economi...mentioning

confidence: 99%

Banking Stability in the ESG Framework Across Italian Regions

Arnone,

Leogrande,

Costantiello

et al. 2024

Preprint

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“…In the above process, NFR can be used to raise awareness of social issues, engage stakeholders in ESG strategies, focus on environmental transparency and respect for human rights, create ever wider networks and, ultimately, create more sustainable investment choices. Research on ESG as a variable for measuring the impact of sustainability shows that there is no need to choose between short-term profits and long-term value, in fact, companies with a high level of ESG, which leads to greater shareholder value, is strictly linked to the long term in a more efficient way (Cardoni et al , 2022).…”

Section: Literature Reviewmentioning

confidence: 99%

Corporate reputation and culture: the link between knowledge management and sustainability

Arduini,

Manzo,

Beck

2023

JKM

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Purpose This study aims to analyze how sustainability, through an efficient knowledge management (KM) system, can serve as a driving force with respect to corporate culture and reputation. The research questions that guided this study are mainly the following: Are KM and sustainability related? Can culture strengthen the link between KM and sustainability? Can the link between KM and sustainability be affected by reputation? Design/methodology/approach The methodological approach adopted corresponds to qualitative research of analysis on the reference literature in the international field, also supported by empirical analysis. Findings In this study, the authors show that there is no explicit correlation between sustainability and KM. This relationship, in fact, is not underlined in nonfinancial reporting because it is absent or because it is not considered relevant. Too often sustainability is reduced to a mere relational and reputational tool, ignoring the fact it must be considered a consequence and not the main goal to improve companies’ culture. Research limitations/implications The sample studied by the authors refers to the top 40 companies listed on the Italian market, not allowing to generalize the findings across the international context. Practical implications The practical implications that could result from making explicit the relationship between sustainability and KM are multiple: the substantial benefits of the reputational aspect, an increase in the economic value related to sustainability; to ensure the going concern of the company and implement its ability to produce and share value in the long term. Social implications The social benefits of a stronger relationship between sustainability and KM are related to the possibility to improve the wealth of all the stakeholders. Originality/value This paper analyzes the links between sustainability and KM to understand the influence of these factors on corporate culture and reputation.

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“…Hence, the potential of blockchain technology in the reshape of organizations (Singh & Kim, 2019) deserves appropriate insights. Cardoni et al (2022) investigate the value relevance of corporate governance and anticorruption policies from a sustainable value perspective, basing the analysis on institutional and stakeholder theories.…”

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confidence: 99%

“…Cardoni et al (2022) investigate the value relevance of corporate governance and anticorruption policies from a sustainable value perspective, basing the analysis on institutional and stakeholder theories. Using a sample of annual and sustainability reports of 110 listed companies, the study documents piecewise dependence between some components of sustainable value (i.e., governance and anticorruption) and market value for shareholders.…”

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confidence: 99%

“…All the research questions provided in the special issue proposal have been addressed by the contributors: Ruggiero and Mussari (2022) focus on the definitions, characteristics and issues of corporate corruption and Trequattrini et al (2022) analyse the contribution of blockchain‐based technologies to anticorruption practices; Changwony and Kyiu (2022) examine the implications of business strategies on the tendency for firms to engage in corruption; Cappelli et al (2022) explore the challenge of digital change and its contribution to transparency and anticorruption policies within Italian universities; Medioli et al (2022) analyse the influence of public governance environment on the strategical opportunistic use of related party transactions in family firms; and Cardoni et al (2022) investigate the value relevance of corporate governance and anticorruption policies from a sustainable value perspective, basing the analysis on institutional and stakeholder theories; Moscariello et al (2022), through a single case study, offer practical insights to understand what are the main attributes that distinguish an effective compliance programme from a formal/legal one.…”

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confidence: 99%

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