Investors are usually interested in proprietary approaches and models for the evaluation of firms. Recently, also Authorities, such as Bank of Italy, have decided to privilege some extra-financial dimensions in their investment choices, in order to contribute to sustainable economic development. Despite the importance of ESG factors for firms, SMEs do not seem yet to be the focus of analysis, since the main literature results are based on listed companies or institutional investors. However, SMEs should have a deeper knowledge of the ESG information to be able to manage long-term value creation and to mitigate risk, so that opportunities and threats can be preliminarily and adequately identified.
The research aims at filling this gap, by examining the way Italian SMEs and micro-firms consider the integration of ESG information into their strategies. We identify three main objectives for unlisted Italian SMEs and micro-firms: a) the definition of a transition model to sustainability accounting for strategic aspects, governance and risk management; b) the design of a survey on the ESG factors; c) the construction of a self-assessment model useful in their journey to sustainable transition. Finally, the research aims at promoting a dedicated Observatory.
To answer our research questions, we: i) perform a science mapping analysis to build-up the state of the art of SMEs¿ ESG factors; ii) examine whether and how these companies respond to ESG thresholds to contribute to the research on ESG dimension of SMEs and micro-firms; iii) build a qualitative/quantitative model that provides Italian SMEs and micro-firms with a roadmap that accompanies them towards a full transition to a holistic ESG attitude. The research team, composed of ten members, covers three different research areas: management, finance and statistics. Moreover, the research team is also supported by two relevant partners operating in the research field and with great expertise, such as Sole24Ore and M.E.T.
