La disclosure ambientale in Europa: evidenze dalle aziende quotate dell’Indice Euro Stoxx50

The present study aims to detect the main internal and external determinants that influence corporate environmental disclosure practices. The empirical methodology consists of the development and use of an environmental disclosure dictionary specifically designed to examine corporate annual reports, in a fixed effect panel data econometric model, and in a difference-in-differences analysis. The sample analyzed includes those firms belonging to the Euro Stoxx 50 index, whose annual reports have been examined over the 2010 – 2019 time period. The main results show the existence of a non-linear relationship between firm size and environmental disclosure, whilst other firm-specific variables do not seem to have a significant impact on disclosure. Furthermore, it emerges that the French Law 2015-992 on energy transition for sustainable growth and the Paris accords have contributed to increasing the levels of corporate environmental disclosure. Such analysis shows that national and international regulatory interventions can play an important role to increase firm transparency with reference to environmental matters.