Autore
Santella, Rossella

Titolo
Sostenibilità e «underpricing» delle IPO: evidenze dal mercato italiano
Periodico
Quaderni di ricerca sull'artigianato
Anno: 2025 - Fascicolo: 2 - Pagina iniziale: 219 - Pagina finale: 245

The current financial landscape is increasingly complex, with Environmental, Social, and Governance (ESG) factors gaining strategic relevance in both short-term market behavior and long-term value creation. Investor interest in sustainable assets has grown significantly: by the end of 2022, ESG-integrated investments totaled USD 30.3 trillion globally (Global Sustainable Investment Review 2023). Meanwhile, regulatory initiatives like the EU Non-Financial Reporting Directive (2014/95/EU) have improved ESG transparency and comparability. Companies with strong ESG credentials are often seen as more resilient and attractive, benefiting from lower capital costs and better long-term performance. In this context, green IPOs – public offerings by firms with a clear sustainability focus – are emerging as key tools for financing the green transition. However, their effectiveness depends heavily on credible, standardized ESG disclosures, often aligned with global frameworks such as the Global Reporting Initiative (GRI). This study investigates the impact of environmental sustainability on IPO performance in the Italian market, focusing on initial underpricing and medium- to long-term aftermarket performance. By incorporating ESG factors into IPO analysis, the research assesses whether sustainability acts as a value driver for investors. The findings contribute to the growing discourse on sustainable finance, offering empirical evidence from the Italian Equity Capital Market



SICI: 1590-296X(2025)2<219:SE«DIE>2.0.ZU;2-R
Testo completo: https://www.rivisteweb.it/download/article/10.12830/117888
Testo completo alternativo: https://www.rivisteweb.it/doi/10.12830/117888

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