Ricerc@Sapienza

The recent explosion of competition and other issues on the market has upset the balance of companies and led to a crucial recognition: selling products or providing services it’s no longer enough. Market exchange today lies on a fragile and contradictory ground: the offering blowup has eroded value offering, and the impact of digital on consumers’ purchase intentions affected their indifference to advertising and gave them more empowerment (Füller et al., 2009; Spaid and Flint, 2014).

This paper is on the relationship between the level of voluntary disclosure related to many corporate stakeholders and the volatility of the market returns among a representative sample of Italian listed companies, in the years 2006, 2009 and 2012. The source of the disclosure is all the available mandatory and voluntary documents. We empirically tested the hypothesis that companies providing more disclosure show a lower volatility than do competitors. Our findings show that disclosure indexes all have a growing trend.