Template-Type: ReDIF-Paper 1.0
Author-Name: Beatrice Di Marco
Author-X-Name-First: Beatrice
Author-X-Name-Last: Di Marco
Author-Email: b.dimarco.dottorati@lumsa.it
Author-Workplace-Name: LUMSA University, Rome, Italy
Author-Name: Giovanni Ferri
Author-X-Name-First: Giovanni
Author-X-Name-Last: Ferri
Author-Email: g.ferri@lumsa.it
Author-Workplace-Name: LUMSA University, Rome, Italy; HURfuture Research Center
Author-Name: Marco Pini
Author-X-Name-First: Marco
Author-X-Name-Last: Pini
Author-Email: marco.pini@tagliacarne.it
Author-Workplace-Name: Centro Studi delle Camere di Commercio Guglielmo Tagliacarne
Title: Do Cooperative Bank Ties Make Small Businesses Greener? Evidence from Italy
Abstract: Investors increasingly assess firms using broader performance measures beyond return on equity, emphasizing ESG (environmental, social and governance) outcomes. Micro- and small-sized enterprises (MSEs), which traditionally rely on cooperative banks to ease credit constraints, now face growing pressure to adopt sustainable practices. This shift calls for re-examining whether relationships with credit cooperative banks (CCBs) enhance not only credit access but also ESG performance. Using data from the 2023 Tagliacarne Institute Survey in Italy, the study develops an innovative metric and applies an instrumental variables approach to address endogeneity. Results are robust and show a positive ESG effect, particularly when firms are geographically close to CCB branches.
Length: 31 pages
Creation-Date: 2026-08
Publication-Status: 
File-URL: https://repec.lumsa.it/wp/wphurf04.pdf
File-Format: Application/pdf
Number: wphurf04
Classification-JEL: G21; L25; L26; L31; M14; P13; Q56
Keywords: Cooperative banks; Small businesses; Access to credit; ESG performance
Handle: RePEc:lsa:wphurf:wphurf04