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This paper aims to provide insight into how environmental information is reflected in the market value of listed Italian companies. In particular, it investigates the value relevance of voluntary environmental information disclosed by companies and the influence of environmental policies assurance.

The method used is the accounting-based valuation model used by Cormier and Magnan (2007), analogue to the one developed by Ohlson (1995), which considers market value of equity as a function of book value, accounting earnings and environmental indicators as provided by Bloomberg. The analysis in this paper is based on the environmental disclosure score (i.e. proxy of a company’s transparency in reporting environmental information) and the assurance practice (i.e. whether or not the company’s environmental policies were subject to an independent assessment for the reporting period).

Results partially support initial conjectures, i.e. the environmental voluntary disclosure represents value-relevant information positively correlated with firms’ market value. Furthermore, when such information is subject to an independent assessment for the reporting period, an incremental benefit deriving from the assurance of such information cannot be found. This is similar to the findings of Cho et al. (2014), i.e. the market perceptions on assurance may need to be developed before the environmental report assurance market in Italy can develop.

Limitations are related to the small sample located in a single country, meaning that results may not be generalisable. The implications are that other methods may provide further value, but these may need to be based either on different data or larger samples (i.e. cross-country analysis).

The increasing importance of environmental issues for economic decision-making and the presence of ethical investors create incentives for environmental information disclosure, which is becoming increasingly significant for comprehensive firm valuation. However, for this information to serve its role, disclosure must be credible. Hence, there are many companies that resort to voluntary assurance of environmental policies, motivated by a need to demonstrate credibility with external stakeholders. Notwithstanding, the influence of verification practice over environmental disclosure on a low regulation country has not yet been completely explored. This paper aims to fill this gap.

This issue is a selected bibliography covering the subject of leadership.

This study aims to investigate whether significant performance differences between cooperatives and investor-owned firms (IOFs) may exist.

Based on data from a sample of Italian wine firms for the period from 2009 to 2018, an adjusted measure of performance called earnings before interests, taxes, depreciations and amortizations gross the raw materials cost was adopted to consider the different objectives of cooperatives relative to those of IOFs.

Empirical evidence shows that in the context under analysis, cooperatives have performed better than IOFs.

Despite the theoretical literature suggesting that the cooperative form of organizations suffers from many weaknesses, these results highlight that cooperatives operating in the wine sector are at least as economically efficient as other organizations, and more specifically, they perform better than for-profit firms. Consequent implications for theory and practice are discussed.

The particular characteristics of agri-food cooperatives reduce their ability to access external financial resources. The purpose of this paper is to explore the factors influencing the agri-food cooperatives' trade credit operations by measuring their accounts receivable and comparing the results with agri-food investor-owned firms (IOFs).

The authors apply a partial adjustment model (PAM) estimated using a dynamic panel model with a two-step general method of moments (GMM) estimator to a sample of 11,930 Spanish agri-food cooperatives and IOFs for the period 2011–2018.

The study concludes that cooperatives and IOFs have an accounts receivable target, which they attempt to achieve rapidly. Cooperatives tend to behave as IOFs do, but they present lower adjustment coefficients. This difference seems to be explained by the unique characteristics of cooperatives which set different economic and social goals, not just profit maximization as IOFs. The findings show differences between the financial and commercial purposes of the cooperatives and IOFs as a result of their internal management policies. Larger cooperatives with access to external financial sources, positive cash flows and operational necessities will grant trade credit.

This study gives interesting implications for cooperative managers and policymakers to help them to understand the strategies behind trade credit policies. Previous empirical studies on the agri-food sector are scarce and focus on IOFs without considering the role of trade credit in European cooperatives.