Do SMEs have an ESG communication strategy? Exploring the quality and influencing factors of voluntary ESG disclosures using web‐based and annual report channels
通过分析100家意大利制造型中小企业的网站和年报，发现其网站ESG披露质量高于年报，且财务资源影响年报质量、企业规模影响网站披露，两种渠道相互独立。
Abstract This paper evaluates the influencing factors and disparities between web‐based and annual report channels for environmental, social and governance (ESG) disclosures by small and medium‐sized enterprises (SMEs). In contrast to the prevalent use of case‐studies in the context of SMEs, a quantitative study was conducted by performing a content analysis of the websites and annual reports of 100 manufacturing SMEs in Italy. Based on the collected evidence, SMEs exhibited a higher level of web‐based disclosures compared to annual reports. These disclosure channels appear to be independent of each other, with financial resources significantly influencing the quality of annual reports (i.e. profitability as a proxy) and size impacting information available on websites (i.e. turnover as a proxy). Both channels may be explained by the resource‐based view, while agency characteristics (such as having a Big Four external auditor or board size) have a relevant effect on the overall voluntary ESG disclosure score.