The Relevance of Women Issue in the Non-Financial Disclosure: Evidence from Large Italian Publicly Listed Companies

The issue of gender inequalities and the contribution of women in companies is extensively debated in the literature. Instead, there are few contributions on the information relevance of women's issues. The present investigation is situated in the conceptual framework of the legitimacy theory to verify the extent of the information provided by large companies about women before and after the national legislation application on non-financial disclosure. A qualitative research methodology based on multiple case studies is used to comply with the paper's aims. The authors conduct a content analysis on the non-financial statement (NFS) - or similar documents - produced by Italian non-financial companies listed on the FTSE-MIB before and after the first application in Italy of the national legislation implementing the European Directive. Notably, the NFS concerning the years 2016 - 2019 - 2020 are examined to observe the changes in the information reporting on gender over time (e.g. gender inequalities, the contribution of the female presence in companies, etc.). A scoring model based on key disclosure parameters is used in conducting the research. The analysis reveals a growing interest in the topic. The directive impact on the quality and quantity of information produced by businesses is mainly positive. Still, it is not possible to assert that it is considered of primary importance since only a relatively small number of companies analyzed give relevance to the topic. No empirical evidence was found in NFS on the effect that COVID-19 has had on females working in the company. This study can contribute to the literature on gender studies by analyzing the relevance that companies attribute to information on gender issues regarding women. At the same time, the research conclusions offer insights to policymakers to measure the effectiveness of the rules on non-financial disclosure in the absence of a precise framework that requires companies to adopt uniform and universally accepted accounting standards or principles. The paper can also contribute to the ongoing reflection on updating the directive on the subject by the EU and European and international accounting bodies.