The Relevance of Climate Change Related Risks on Corporate Financial and Non-Financial Disclosure in Italian Listed Companies

Paola Bernardi (), Francesco Venuti () and Alberto Bertello ()
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Paola Bernardi: University of Turin
Francesco Venuti: ESCP EUROPE
Alberto Bertello: University of Turin

Chapter Chapter 4 in The Future of Risk Management, Volume I, 2019, pp 77-107 from Springer

Abstract: Abstract Climate change (CC) is undoubtedly an increasing issue on the agenda of politicians, scientists, mass-media, and academics. The Financial Stability Board (FSB) set up a Task Force on Climate-related Financial Disclosures (TCFD) to establish a set of recommendations for consistent and material “disclosures that will help financial market participants understand their climate risks”. Companies have to adopt serious actions to measure and manage this potential risk that may deeply affect their businesses. This paper aims at investigating, through the lens of the legitimacy theory, how and to what extent the biggest Italian nonfinancial companies of the FTSE-MIB disclose on Climate change risk, what is the level of depth of their disclosure and their level of preparation and adherence to the TCFD guidelines.

Keywords: Climate change; Climate-related risk; Risk management; Task force on climate-related financial disclosures (TFCFD); Sustainability disclosure (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-14548-4_4

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DOI: 10.1007/978-3-030-14548-4_4

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