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In this study, we investigate whether the presence of CSR board committees affects the value relevance of Italian listed companies. Leveraging a sample of 413 firms (2065 firm-year observations) listed on Italian stock exchange over the period 2017–2021 and relying on value relevance methodology based on Ohlson model, we provide novel contributions to the literature. We also find that the CSR board committee increases the value relevance of corporate information. We also find that the presence of CSR board committee positively moderates the relationships between EPS, BVPS as well as ESG and market price. All these results offer further insights on the ability of CSR governance characteristics to influence the value relevance of corporate information and suggest that investors show increasing interest in firms’ commitment toward CSR.

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CSR Board Committees and Value Relevance in Italian Listed Companies

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  • 发表日期：

    2025年

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  • Gianluca Ginesti,
  • Ilaria Martino,
  • Annamaria Zampella

摘要

In this study, we investigate whether the presence of CSR board committees affects the value relevance of Italian listed companies. Leveraging a sample of 413 firms (2065 firm-year observations) listed on Italian stock exchange over the period 2017–2021 and relying on value relevance methodology based on Ohlson model, we provide novel contributions to the literature. We also find that the CSR board committee increases the value relevance of corporate information. We also find that the presence of CSR board committee positively moderates the relationships between EPS, BVPS as well as ESG and market price. All these results offer further insights on the ability of CSR governance characteristics to influence the value relevance of corporate information and suggest that investors show increasing interest in firms’ commitment toward CSR.