Purpose

The purpose of this study is to analyze the simultaneous effect of the regulation (non-financial information (NFI)- 254/2016) and the factors driving in (no)environmental disclosure (ED) and the reduction of greenhouse gases (GHG) of Italian companies.

Design/methodology/approach

The study is supported by the theory of legitimacy. The level of ED regarding GHG was measured for 125 Italian companies in 2018, the companies were selected from Commissione Nazionale per le Società e la Borsa di Itália, because those included in the list of companies in the Dichiarazione Non Finanziaria all date back to December 31, 2019. Using a scoring system and content analysis of their annual reports, through 20 criteria supported by the literature. The study explores variables of the current legislation, the effect of disclosure and no disclosure, and the influence of the shareholding structure, managerial shareholding, economic power and industry classification at the ED level. The analyses were carried out using structural equation modeling because the authors seek to understand the cause-effect relationship between aspects of legitimacy with dissemination on GHG emissions.

Findings

This study finds that NFI.

Research limitations/implications

The study is limited to understanding the effect of legislation on the level of mandatory disclosure in non-financial reports, and the Paris Agreement (voluntary) disclosure on GHG, so the choice of companies analyzed and the study variables are limited to companies that are required to publish non-financial reports, and the variables considered in the study take into account normative aspects and voluntary guidelines of the Paris Agreement. As implications, the results show that adherence to the Paris Agreement contributes more to the quality and comprehensiveness of the information than adherence to the European and Italian legislation (mandatory), which reinforces the understanding that even if the legislation has advanced, it is still soft regarding the quality of information on companies' practices regarding the reduction of GHG emissions.

Practical implications

The findings suggest that non-financial reports are being adopted by listed Italian companies, however, there is variation in the scope of the reports, especially on GHG. For companies listed in Italy, non-financial reports comply with Italian Legislative Decree 254/2016 (mandatory), however, the quality of information on GHG is improved when companies' reports have greater adherence to the Paris Agreement (voluntary).

Social implications

The results can encourage companies listed in Italy to incorporate NFI in annual reports based on the Paris Agreement, the global pact to reduce GHG emissions, thus building confidence in the capital market and society in general.

Originality/value

The findings contribute to the literature on non-financial reporting, the level of compliance with legal basis and international best practices, such as the Paris Agreement, providing empirical analyzes of non-financial disclosures in publicly available reports in Italy.

中文翻译：

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对意大利公司温室气体排放环境披露的驱动因素（无）的监管后影响

目的

本研究的目的是分析法规（非财务信息（NFI）- 254/2016）的同时影响以及推动（无）环境披露（ED）和减少温室气体（GHG）的因素意大利公司。

设计/方法/方法

该研究得到了合法性理论的支持。2018 年对 125 家意大利公司的温室气体排放水平进行了测量，这些公司是从 Commissione Nazionale per le Società e la Borsa di Itália 中选出的，因为这些公司列入 Dichiarazione Non Finanziaria 公司名单的日期都可以追溯到 12 月 31 日, 2019。通过文献支持的 20 条标准，使用评分系统和对其年度报告的内容分析。该研究探讨了现行立法的变量、披露和不披露的影响，以及股权结构、管理层持股、经济权力和行业分类在 ED 层面的影响。

发现

本研究发现 NFI。

研究限制/影响

该研究仅限于了解立法对非财务报告强制披露水平的影响，以及《巴黎协定》（自愿）温室气体披露的影响，因此分析的公司选择和研究变量仅限于需要的公司发布非财务报告，研究中考虑的变量考虑了《巴黎协定》的规范方面和自愿准则。作为暗示，结果表明，与遵守欧洲和意大利立法（强制性）相比，遵守《巴黎协定》对信息质量和全面性的贡献更大，这强化了这样一种理解，即即使立法取得进展，它仍然是软的关于公司减少温室气体排放实践的信息质量。

实际影响

调查结果表明，意大利上市公司正在采用非财务报告，但报告的范围存在差异，尤其是在温室气体方面。对于在意大利上市的公司，非财务报告符合意大利第 254/2016 号法令（强制性），但是，当公司的报告更符合《巴黎协定》（自愿）时，温室气体信息的质量会得到提高。

社会影响

结果可以鼓励在意大利上市的公司根据《巴黎协定》（减少温室气体排放的全球公约）将 NFI 纳入年度报告，从而建立对资本市场和整个社会的信心。

原创性/价值

研究结果有助于有关非财务报告、法律依据和国际最佳实践（例如《巴黎协定》）的合规水平的文献，对意大利公开报告中的非财务披露进行实证分析。