Kindergarten Proximity and the Housing Market Price in Italy

This paper investigates the impact of kindergarten proximity on housing market prices in the eleven major Italian Municipalities over the period 2004–2017. For this purpose, we employ a hedonic property price model. We also differentiate the impact of kindergarten proximity on houses’ market price between state and non-state premises. The findings highlight that (i) the level of housing price depends on kindergarten proximity; (ii) some quality school characteristics played a crucial role and (iii) the distinction between public and non-state kindergartens shows that the vicinity of the latter generates a more significant capitalization effect. Finally, the empirical evidence could be useful to several actors involved in urban planning when developing plans for the construction of new kindergartens in order to create a more homogeneous city

WHAT MOTIVATES EU FIRMS TO DISCLOSE GREENHOUSE GAS EMISSIONS: EVIDENCE FROM ITALIAN COMPANIES

This paper aims to investigate the main determinants that may motivate Italian listed firms to voluntarily disclose carbon information, by using the stakeholder theory as redefined by the Ullmann’s (1985) three dimensional framework. We perform a manually content analysis of the environmental/sustainability reports to examine the information provided on the basis of the key elements required by the Kyoto Protocol. We develop two disclosure indexes based on weighting schemes: equal weights and differential weights (unequal weights), then we adopt a well-established methodology that focuses on isolating independent variables for the three dimensions of Ullman framework. Our results indicate that, for both equal and unequal weights, there is a negative association of carbon disclosure index with government power, while a positively association with employee power, the environmental committee, the board independence, the greater moral duty of directors and with size. The significance level is lower for government power and board independence when considering the unequal disclosure index. Lastly, when considering the interaction between governmental and creditor power, carbon disclosure is negatively affected. This research adds to existing literature on carbon disclosure and contributes to the scientific debate. We provide an original extension of the Ullmann’s model, since we test two new variables, one for the stakeholder power dimension and one for the strategic posture dimension. Some suggestions for further development of the research conclude the stud

The Factors Motivating Voluntary Disclosure of Carbon Information: Evidence Based on Italian listed Companies

The purpose of this research is to examine how environmental committees, institutional shareholdings, and board independence affect managerial carbon disclosure decisions, particularly those of firms belonging to highly polluting industries. We focus on Italian firms that operate in a code law environment but that have the option either to adopt the unitary corporate structure prevalent in common law countries or to retain the dual corporate structure used in code law countries. We use weighted and unweighted carbon disclosure indexes based on the Kyoto Protocol requirements. The findings show that all factors greatly affect voluntary carbon disclosure and that their impact is especially strong for firms in highly polluting industries. This study has important implications for managers and regulators

L’influenza delle caratteristiche del board sulla carbon disclosure. Evidenze empiriche in Italia

This study aims to examine the influence that some characteristics of the board can have on reporting choices on greenhouse gas (GHG) emission, which has become a remarkable topic over the last years. Using the stakeholder theory as theoretical lens, we intend to verify whether the board composition and board diversity represent a significant determinant of the carbon disclosure. Recent literature highlights the urgent need to provide input on the issue of carbon accounting and disclosure. Thus, it is interesting to examine what are the main governance determinants that motivate companies to take accountability paths on this particular area. It is widely accepted, in particular, that the independent directors positively influence the provision of voluntary information, because of the more pronounced monitoring action that they exercise, to protect shareholders and stakeholders. Similarly, the presence of women and different ethnic membership, as aspects of board diversity, also ensure a more efficient functioning of the board and, therefore, stimulate impressive accountability mechanisms. The analysis is conducted in Italy because the Government has recently declared the reduction of emissions (in accordance with the Kyoto Protocol parameters) as a national policy objective to be achieved until 2020. The empirical analysis was conducted through the OLS method which has confirmed that the inclusion of independent directors, as well as a more marked diversity of the board - in the form of gender and geographical component - impacting positively on the voluntary carbon disclosure. Board independence and board diversity are key factors that encourage most marked transparency mechanism for the benefit of stakeholders. Our findings should be useful for top managers and regulators who are interested in improving corporate governance practices and climate-change strategies