We analyze the largely unexplored differences in sustainability reporting within family businesses using a sample of 230 non-financial Italian listed firms for the period 2004–2013. Drawing on legitimacy theory and stakeholder theory, integrated with the socio-emotional wealth (SEW) approach, we study how family control, influence and identification shape a firm’s attitude towards disclosing its social and environmental behavior. Our results suggest that family firms are moresensitivetomediaexposurethantheirnon-familycounterpartsandthatfamilycontrolenhances sustainability disclosure when it is associated to a family’s direct influence on the business, by the founder’s presence on the board or by having a family CEO. In cases of indirect influence, without family involvement on the board, the level of family ownership is negatively related to sustainability reporting. On the other hand, a formal identification of the family with the firm by business name does not significantly affect social disclosure.

Sustainability Reporting in Family Firms: A Panel Data Analysis

GAVANA, GIOVANNA;
2017-01-01

Abstract

We analyze the largely unexplored differences in sustainability reporting within family businesses using a sample of 230 non-financial Italian listed firms for the period 2004–2013. Drawing on legitimacy theory and stakeholder theory, integrated with the socio-emotional wealth (SEW) approach, we study how family control, influence and identification shape a firm’s attitude towards disclosing its social and environmental behavior. Our results suggest that family firms are moresensitivetomediaexposurethantheirnon-familycounterpartsandthatfamilycontrolenhances sustainability disclosure when it is associated to a family’s direct influence on the business, by the founder’s presence on the board or by having a family CEO. In cases of indirect influence, without family involvement on the board, the level of family ownership is negatively related to sustainability reporting. On the other hand, a formal identification of the family with the firm by business name does not significantly affect social disclosure.
2017
Sustainability reporting, family firms, legitimacy, stakeholders, socioemotional wealth, GLobal Reporting Initiative
Gavana, Giovanna; Gottardo, Pietro; Moisello, Anna
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11383/2059420
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