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Article
IPO and CSR: An Analysis on Last Performance in Italian Stock Exchange
Author(s)
Francesco Bollazzi, Giuseppe Risalvato
Giada Zanatta
Full-Text PDF XML 991 Views
DOI:10.17265/1537-1514/2017.12.003
Affiliation(s)
LIUC University, Castellanza, Italy
H-Farm, Roncade, Italy
ABSTRACT
The aim of this paper is to study the importance of
the CSR on the performance of newly listed company at the Italian Stock
Exchange with a focus on the impact of environmental, social and government
responsibility, studying the performance of the first day of listing. The
authors want to test if there is an advantage in terms of lower underpricing
related to the preparation of a sustainability report, a document that allows
reducing
the information asymmetry or if, contrarily, the factors related to ESG Corporate
Responsibility are not considered, by the players of the listing process, under
the offer price definition, but they are otherwise valued by the market, with
the consequence of a higher underpricing for IPOs of the virtuous companies.
The paper presents an empirical analysis on a sample of 84 IPOs admitted to Italian
Stock Exchange between 2009 and 2015, in order to
study the impact of ESG Corporate Responsibility on underpricing, analyzing the
performance of the new companies listed. Through the univariate and
multivariate analysis, the authors propose to show any relationship between
performance and ESG corporate responsibility strategies.
KEYWORDS
IPO, corporate social responsibility, performance
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