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Simona Fiandrino ORCID logo, Fabio Rizzato ORCID logo, Donatella Busso ORCID logo, Alain Devalle ORCID logo


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This study investigates the relationship between non-financial information (NFI) mandatory disclosure and ownership concentration in the Italian context, which is characterized by pyramidal groups and high ownership concentration. Hence, the intent is to understand to what extent NFI mandatory disclosure might be related to ownership concentration. In pursuing this objective, the empirical research examines 141 listed Italian companies that are obliged to prepare their NFI in accordance with Italian Legislative Decree 254/2016. The study addresses the following research method. First, the research develops an NFI disclosure score based on a dichotomous approach following a quantitative content analysis of the 2017 non-financial statements to assess their level of compliance. Then, it develops a multivariate regression analysis to test whether or not, and if so, to what extent, ownership concentration affects the disclosure of NFI. We aim to enhance the academic debate in light of the path development of NFI disclosure under mandatory requirements and the increased awareness around responsible business practices. Moreover, it draws insights on the controversial results of the relationship between ownership structure and corporate social responsibility (CSR) when the disclosure around sustainability issues becomes compulsory.

Keywords: Non-Financial Information Disclosure, Mandatory Disclosure, Ownership Concentration, Ownership Structure, Italy

Authors’ individual contribution: Conceptualisation – S.F., F.R., D.B., A.D.; Methodology – F.R.; Formal Analysis – F.R.; Writing – S.F.; Supervision – D.B. and A.D.; Project Administration – D.B. and A.D.

JEL Classification: M14, M41

Received: 06.09.2019
Accepted: 17.10.2019
Published online: 18.10.2019

How to cite this paper: Fiandrino, S., Rizzato, F., Busso, D., & Devalle, A. (2019). The effect of ownership concentration on non-financial information mandatory disclosure: Evidence from Italy. Corporate Ownership & Control, 17(1), 79-94.