In response to increasing concerns by stakeholders, there has been a trend for many public corporations in recent years to provide more information on environmental matters within the annual report. Moreover, the increasing public awareness of environmental issues has put pressure on...

Based on a sample of Italian firms, this paper investigates whether separate financial statements are useful to capital market investors and whether IFRS are more value-relevant than domestic GAAP. This issue is key in evaluating the decision made by some states in the European Union to extend...