In response to EU Directive 95/2014, many companies headquartered in Europe have strengthened their non-financial disclosure on environmental strategies and risks. In particular, the Directive was applied by Italian law, with the Legislative Decree 254/2016, requiring the largest Italian companies (exceeding 500 employees) to provide detailed information on their social and environmental disclosures. In this paper, we aim to analyze the value relevance of financial and environmental information provided by the Italian, non-financial listed companies after the implementation of the Legislative Decree 254/2016. By building on the signaling theory, we set a pooled regression analysis to test the relationship between environmental disclosure and value relevance for the period 2017–2018. We contribute to the literature by arguing that Italian companies' market value depends on both their financial and environmental disclosures. More specifically, we argue that accounting information is not sufficiently capable to explain the value relevance and it needs to be integrated by a set of environmental information. Our contribution aims at demonstrating that the higher the levels of environmental risk indicators disclosure, the greater a company's market performance.

中文翻译：

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环境风险指标披露与价值相关性：254/2016法令实施后意大利上市公司的实证分析

为响应欧盟 95/2014 号指令，许多总部位于欧洲的公司加强了对环境战略和风险的非财务披露。特别是，该指令由意大利法律适用，其中第 254/2016 号法令要求意大利最大的公司（超过 500 名员工）提供有关其社会和环境披露的详细信息。在本文中，我们旨在分析意大利非金融上市公司在第 254/2016 号法令实施后提供的财务和环境信息的价值相关性。通过建立在信号理论的基础上，我们设置了一个汇总回归分析来测试 2017-2018 年期间环境披露与价值相关性之间的关系。我们通过论证意大利公司的市场价值取决于他们的财务和环境披露来为文献做出贡献。更具体地说，我们认为会计信息不足以解释价值相关性，需要通过一组环境信息进行整合。我们的贡献旨在证明环境风险指标披露的水平越高，公司的市场表现就越好。