Introduction

In today’s context companies are increasingly urged to become accountable to the complex of their stakeholders. Public awareness in environmental and social issues, the increased attention in mass media, and stakeholders’ pressures have resulted in more sustainability disclosures from corporations.

A number of studies have dealt with sustainability disclosure emphasizing different aspects of this issue. Considering the empirical research, Reverte (2009) highlighted three kinds of studies. The first type relates to “descriptive studies,” which analyze the nature and extent of CSR and sustainability disclosure with some comparisons on countries and periods; the second one concerns “explicative studies,” which pay attention to the determinants of disclosure; finally, the third category focuses on the impact of social and environmental information on various users, mainly on market reaction.