Abstract
[Autom. eng. transl.] With the entry into force of the law n. 208 of 28 December 2015 Benefit companies were introduced in Italy. To date, autumn 2020, there are over 300
companies that clearly no longer pursue the sole purpose of profit, but invest and employ numerous resources and skills to create a positive environmental and social impact or for the benefit of other types of stakeholders. Through an empirical analysis based on panel data for a sample of 152 Italian companies observed from 2016 to 2019, consisting of a sub-sample of 38 joint-stock companies that have adopted the Benefit form and a sub-sample of 114 comparable companies, it an attempt was made to verify the impact of the adoption of the SB form on the cost of capital. Since the SBs are not listed, and since it is not possible to calculate the cost of capital with reference to current values, accounting values have been used. In particular, the existence of a positive relationship between some specific variables and operating performance expressed in terms of expected return on capital (ROE) and expected return on assets (ROA) was verified. The results of the regressions confirm the research hypotheses and show that Benefit joint-stock companies not only have a greater ability to remunerate risk capital, but are also characterized by better debt management and valorisation of their assets.
Translated title of the contribution | [Autom. eng. transl.] Cost of capital and impact assessment for Benefit Corporations |
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Original language | Italian |
Title of host publication | Società Benefit. Profili giuridici ed economico-aziendali |
Editors | Carlo Bellavite Pellegrini, Raul Caruso |
Pages | 61-73 |
Number of pages | 13 |
Publication status | Published - 2023 |
Keywords
- Costo del capitale
- Società Benefit