5. Research results<sup>1</sup>

The methodology avails of "content analysis" by way of searching eight keywords within consolidated financial statements. Especially, we focus the attention

<sup>1</sup> For the elaboration of data, we whole-heartedly thank Doctor Angelica Giammaria for the precious work done.

CSR Training and Financial Statement "Disclosure": The Case of Italy DOI: http://dx.doi.org/10.5772/intechopen.86688

on the section of the balance sheet, where are the financial and non-financial information.

The elaborations were carried out using Excel sheets, which were later represented through graphics. Five enterprises were singled out: Pesaresi Giuseppe Ltd. (Limited), Petroltecnica Ltd., SCM Group Ltd., Focchi Ltd. and SGR Group Ltd [34].

The companies were chosen on the basis of the attendance of CSR courses activated within the PERCORSI project, as per above. Besides, they all belong to different sectors and are of different size.

This allows checking the different methods of impact upon the environment and society. Of these companies, only SGR draws, from 2011, the sustainability report, whereas the others throughout the period examined by the research project do not draw up any independent document where social, environmental or sustainability information is described.

For this reason, the case of SGR will be the last to be treated, in which we have included the sustainability report into the research as well. The choice does not make the data homogeneous but allows us to highlight the varying frequency due to a precise strategic choice of the company. Such a different approach allows us to highlight certain interesting considerations which we will later show.

The keywords have been chosen on the basis of relevance to the themes of work and are: social responsibility, sustainability, environment, development, safety, territory, stakeholder and innovation. An analysis of each financial statement from every company in the period 2008–2017 was carried out, since 2008 represents the beginning of the PERCORSI project and 2017 represents the year of change due to the quoted legislation. The consolidated financial statements come from the AIDA Database.

Below are the outcomes of the analyses, which are preceded by a brief outline which introduces each company.

The SCM Group S.p.A. was established in 1958 for the production of machine tools and is included in large-scale enterprises<sup>2</sup> .

It is a world leader in technologies for the working of wood and advanced materials. At the end of 2016, employees numbered 1512; turnover was €331,006,785 and gross total invested capital was €356,554,493.

The parent-company is headquartered in Rimini, and has sister companies in: Europe, Asia, Australia and South America. At its overseas companies, employees numbered 3600 with turnover greater than € 700 million.

Companies in the group operate within the following sectors: construction, furniture-making, aerospace, shipping, automotive, and plastic material-making. Graph 1 shows the summarised results of the conducted analyses whose values, on the vertical line, represent the frequency with which keywords are included in the financial statements.

From the graph, the words 'development' and 'safety' emerge in the main. The former is repeated 30 times and the latter 62.

This certainly means that the SCM Group S.p.A. in its activities surely pays particular attention to the development of new technologies for constructing industrial machines which are ever more advanced, but also to the training

meantime, at the beginning, we carefully followed the whole "PERCORSI" project process. We had been impressed by the final objective: not only to realise SEAR but to

• Since 2003, the Italian administration pushed Chambers of Commerce to spread social

Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting

• Certain sector obligations relating to rules relative to workplace safety, climate change, environment emissions, etc. (for example: gas distribution sector and companies who manage

• Since 2016, law 254 has been issued concerning the obligation of non-financial information in

• Development of a system of social and environmental accounting is the answer to a CSR culture,

• Involvement of professional associations: accountants and lawyers, as well as various business associations partly planned and coordinated by the Chamber of Commerce of the territory.

• Additional Italian areas have been involved by the local Chambers of Commerce in a process of

• It is an imitative procedure founded on a series of choices of various agents, among whom the Chamber of Commerce, not-for profit organisations, etc. create a network of players all with the aim of developing a region that will become more and more socially responsible and sustainable.

• Directive 2014/95/EU regarding non-financial information had been originated. • Development of competing tourist alternatives has pushed Rimini to think of a socially

• In 2006, the regulation has made it obligatory for Social entities to draw up a social report.

In the case of Rimini, in a positive perspective of research, for-profit, non-profit entities, public administrations (municipality, Chamber of Commerce, and province), trade associations; Chartered Accountant Associations and other associations together with the University of Bologna formed narrowly joined networks to create a more socially responsible area [31], as you may see in the following Table 1.

The situation of the Rimini region using neo-institutional theory is represented

After the context presentation, we wonder if training activities have an impact on companies financial statements. In the following section, we will analyse the data of the empirical research, which help to provide an answer to such a question.

The methodology avails of "content analysis" by way of searching eight keywords within consolidated financial statements. Especially, we focus the attention

For the elaboration of data, we whole-heartedly thank Doctor Angelica Giammaria for the precious

modify entity culture into one of emancipation and social equality [10, 16].

in Table 2.

1

28

work done.

5. Research results<sup>1</sup>

Mechanisms ([4], p. 164)

responsible area.

the financial statements.

waste).

Normative

Mimetic:

Source: our elaboration.

Institutionalist in the Rimini area.

Table 2.

responsibility throughout the territory.

which is also based on essential reasons.

applying social responsibility.

• Organisation of training courses for companies had been started.

Coercive

<sup>2</sup> The European classification considers a SME a company with up to 250 employees. Above this quota, a company is considered a large-scale enterprise. There is also a size relating to turnover, that is a turnover above €10 million for a small-scale company and above €50 million for a medium-scale one. Legislative reference is recommendation 003/361/EC of the European Commission.

construction of roads, motorways and airport runways and in the production of bituminous conglomerates and concrete. At the end of 2016, it numbered 60 employees, turnover of €15,001,266 with gross invested capital of €52,417,577. In

Among the more-used keywords, we can pick out: 'safety' and 'development'. 'Safety'shows an up-hill trend till 2015 where it is repeated up to 20 times. Top management has always been strongly committed to spreading this culture throughout the whole of the company. This culture practised through a team of specialised figures and directed towards the guarantee of an efficient system of safety management which has an impact on, besides the workers, the community

The word 'development' demonstrates a rise beginning in 2014 till arriving at 2016 where it is repeated at least 18 times. Company development was possible, besides due to the entrepreneurial competences of the founding Pesaresi brothers and the capabilities of company staff members, thanks to the policies of protection

The third most-used word in financial statements is 'environment', showing an almost continuous trend in its use till 2015, excepting 2012, and in the final 2 years there has been an increase, especially in 2016, repeated more than eight times. Company management tries to identify the processes that harm the environment in order to reduce them using appropriate interventions, investments as well as ade-

Pesaresi Giuseppe S.p.A. is concerned with, besides, training and making their employees sensitive to environmental issues, for example through "la promozione

internamente allo stabilimento che sui cantieri esterni." (www.pesaresi.it) (the promotion of separate collection and disposal of the produced waste, both internally within the actual factory as well as on external building sites). Only since year 2016, the two most characteristic words on the topic of CSR, viz. 'social responsibility' and 'sus-

Following these observations, we may affirm that the company puts the concept of social responsibility towards people, the environment and the area wherein it operates at the core of its activities. This is to respond to the economic and social needs though it does not show any inclination towards the disclosure of such

della differenziazione nella raccolta e smaltimento dei rifiuti prodotti, sia

Graph 2, we show the results of our analysis.

DOI: http://dx.doi.org/10.5772/intechopen.86688

CSR Training and Financial Statement "Disclosure": The Case of Italy

with which the company interacts as well.

of the employees and the environment.

information in the financial statements.

Keyword trend of Pesaresi. Source: our elaboration.

quate competences.

tainability' are used.

Graph 2.

31

Graph 1.

Keyword trend of SCM group. Source: our elaboration.

development of its employees, wishing to improve the competences of human capital, fulcrum of success for this company.

'Safety' is repeated 11 times in the following 3 years, 2009, 2010 and 2011, as it is in 2014 and 2015. This frequency underlines the commitment of the company to guarantee safety in the workplace for its employees considering the dangerousness of the company's activities.

Instead, the terms 'social responsibility' and 'stakeholder' are not to be found, notwithstanding the company robustly deals with this issue, just as 'stakeholder' is never mentioned. Therefore, attention of the company, as research matters stand, is more directed towards the development of activities rather than to the disclosure and communication of the same in the financial statements.

As evidence of this, the SCM Group S.p.A. was the winner of the Sodalitas Social Award in 2008 in the category "Best Social Marketing campaign" with the project "International community, human capital, local community, suppliers and environment".

The company, for years, has started on a social responsibility path, training its own employees, collaborating with schools and universities and paying attention to environmental impact reduction during the single production phases.

Besides, thanks to the collaboration with the Figli del Mondo association and the Pope John XXIII Community, it has been possible to realise vocational training centres, teaching the technologies of working wood to the communities of more disadvantaged countries.

It provided economic support through the donation of machinery used in training centres for a refuge community for orphans of parents who died of AIDS in Ndola (Zambia) and in Foz de Iguaçu (Brazil). In 2011, the company went to the finals of Sodalitas Social Award in the category "The Jury's Special Award", an award given over to companies and associations which, via projects, favour youths' entry into the world of work (www.figlidelmondo.org).

The second company that we will look at is Pesaresi Giuseppe S.p.A.

The Pesaresi Giuseppe S.p.A. company was established in 1961, operates in the building industry and is a medium-sized company. Its main activities are in the

## CSR Training and Financial Statement "Disclosure": The Case of Italy DOI: http://dx.doi.org/10.5772/intechopen.86688

construction of roads, motorways and airport runways and in the production of bituminous conglomerates and concrete. At the end of 2016, it numbered 60 employees, turnover of €15,001,266 with gross invested capital of €52,417,577. In Graph 2, we show the results of our analysis.

Among the more-used keywords, we can pick out: 'safety' and 'development'. 'Safety'shows an up-hill trend till 2015 where it is repeated up to 20 times.

Top management has always been strongly committed to spreading this culture throughout the whole of the company. This culture practised through a team of specialised figures and directed towards the guarantee of an efficient system of safety management which has an impact on, besides the workers, the community with which the company interacts as well.

The word 'development' demonstrates a rise beginning in 2014 till arriving at 2016 where it is repeated at least 18 times. Company development was possible, besides due to the entrepreneurial competences of the founding Pesaresi brothers and the capabilities of company staff members, thanks to the policies of protection of the employees and the environment.

The third most-used word in financial statements is 'environment', showing an almost continuous trend in its use till 2015, excepting 2012, and in the final 2 years there has been an increase, especially in 2016, repeated more than eight times. Company management tries to identify the processes that harm the environment in order to reduce them using appropriate interventions, investments as well as adequate competences.

Pesaresi Giuseppe S.p.A. is concerned with, besides, training and making their employees sensitive to environmental issues, for example through "la promozione della differenziazione nella raccolta e smaltimento dei rifiuti prodotti, sia internamente allo stabilimento che sui cantieri esterni." (www.pesaresi.it) (the promotion of separate collection and disposal of the produced waste, both internally within the actual factory as well as on external building sites). Only since year 2016, the two most characteristic words on the topic of CSR, viz. 'social responsibility' and 'sustainability' are used.

Following these observations, we may affirm that the company puts the concept of social responsibility towards people, the environment and the area wherein it operates at the core of its activities. This is to respond to the economic and social needs though it does not show any inclination towards the disclosure of such information in the financial statements.

Graph 2. Keyword trend of Pesaresi. Source: our elaboration.

development of its employees, wishing to improve the competences of human

Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting

'Safety' is repeated 11 times in the following 3 years, 2009, 2010 and 2011, as it is in 2014 and 2015. This frequency underlines the commitment of the company to guarantee safety in the workplace for its employees considering the dangerousness

Instead, the terms 'social responsibility' and 'stakeholder' are not to be found, notwithstanding the company robustly deals with this issue, just as 'stakeholder' is never mentioned. Therefore, attention of the company, as research matters stand, is more directed towards the development of activities rather than to the disclosure

As evidence of this, the SCM Group S.p.A. was the winner of the Sodalitas Social Award in 2008 in the category "Best Social Marketing campaign" with the project "International community, human capital, local community, suppliers and

The company, for years, has started on a social responsibility path, training its own employees, collaborating with schools and universities and paying attention to

Besides, thanks to the collaboration with the Figli del Mondo association and the

It provided economic support through the donation of machinery used in training centres for a refuge community for orphans of parents who died of AIDS in Ndola (Zambia) and in Foz de Iguaçu (Brazil). In 2011, the company went to the finals of Sodalitas Social Award in the category "The Jury's Special Award", an award given over to companies and associations which, via projects, favour youths'

The Pesaresi Giuseppe S.p.A. company was established in 1961, operates in the building industry and is a medium-sized company. Its main activities are in the

Pope John XXIII Community, it has been possible to realise vocational training centres, teaching the technologies of working wood to the communities of more

The second company that we will look at is Pesaresi Giuseppe S.p.A.

capital, fulcrum of success for this company.

Keyword trend of SCM group. Source: our elaboration.

and communication of the same in the financial statements.

entry into the world of work (www.figlidelmondo.org).

environmental impact reduction during the single production phases.

of the company's activities.

environment".

30

Graph 1.

disadvantaged countries.

Petroltecnica S.p.A. was established in 1950 and is headquartered in Rimini, but has companies in other Italian cities: Bari, Milan, Cagliari and Priolo Gargallo—in the province of Syracuse in Sicily. The company operates in the sector of "Environmental Ecology" offering a wide range of services: demolition and decontamination of industrial work plants and refineries, recovering of uncontaminated sites, building site services, waste treatment and management, decommissioning of structures containing asbestos, and environment rapid rescue, therefore working in the safeguarding of the soil and waters. At the end of 2016, annual turnover was €59,561,224, gross invested capital equals €60,105,635 and employees numbered 246 among whom are operators, technicians, clerks and management. In Graph 3, below, we can see the research results.

Thus, the company adopts socially responsible behaviours concerning various subjects, particularly as regards the environment, employees, collectivity and local

Let us analyse below Focchi S.p.A., established in 1914 and it operates in the sector of metal carpentry. In 1955, the company begins to produce aluminium windows and doors and 20 years later, concentrates on the production of "curtain

The business has its headquarters in Rimini, London, Singapore and New York.

Here too, as has already been seen, the keyword used the most is 'development', having been used the same number of times in 2008 and 2010 with 6 words, in 2011 and 2012 with 10 words and, finally, in 2013, 2015 and 2016 with 11 words. Focchi S.p.A. has a study and research office that is strongly committed "allo sviluppo ed

occupandosi direttamente sia della progettazione, della produzione e della posa in opera" (www.focchi.it/il-gruppo) (world leader in the sector of building shells directly taking care of design, realisation and assembly). At the end of 2016, the group had gross invested capital worth €105,412,000, employees numbered 163 and had a

Graph 4 summarises the analysis conducted on consolidated financial

alle prove di laboratorio, in modo da ottenere sempre le massime qualità

quality performance as well as the most innovative products in the sector).

prestazionali ed i prodotti più innovativi del settore." (www.focchi.it/il-gruppo) (to development and laboratory testing, in such a way as to always obtain optimal

The word 'safety' is often repeated in financial statements as well. Indeed, the technical staff periodically carry out safety checks in the workplace to get the certificate that allows them to access building sites. The word 'sustainability' is used at least once in the majority of the consolidated financial statements. Focchi S.p.A. chooses to make the concept of sustainability its own, building sustainable façades using innovative technologies. Lastly, the word 'environment' is constantly used in financial statements since it highlights the importance that Focchi S.p.A. places on

Research of sustainability goes hand-in-hand with developing new technologies which may permit the realisation of sustainable structures: since 2011, indeed, the

walls", which is currently its main activity [www.focchi.it/il-gruppo].

CSR Training and Financial Statement "Disclosure": The Case of Italy

DOI: http://dx.doi.org/10.5772/intechopen.86688

Focchi S.p.A. is an "impresa leader nel settore degli involucri per edifici

community.

statements.

turnover of €56,361,000.

environmental protection.

Graph 4.

33

word 'innovation' is starting to be used.

Keyword trend of Focchi. Source: our elaboration.

The most-used keywords are 'development' and 'safety'. Regarding the word 'development', note a non-continuous use till 2010 though with a later upturn. Petroltecnica S.p.A., over the years, has reached a professional and technological development such that it has consolidated its presence throughout the nation and abroad, as is the case in Taiwan and Turkey.

Particularly, technological development is directed towards strengthening the quality of service offered and worker safety. Indeed, safety is a word we meet increasingly, even if non-continuously. One of the objectives of the company is surely to maintain high safety standards for the operators and for all those who come into contact with the activities of the company, "consapevole dell'importanza di garantire le migliori condizioni di salute e sicurezza negli ambienti di lavoro" (Petroltecnica S.p.A. Code of Ethics) (aware of the importance of guaranteeing the best health and safety conditions in the workplace). Visit www.petroltecnica.com.

The company periodically conducts training courses regarding themes connected to safety: for example, in 2016, 248 hours of training were provided for a total number of 984 participants. Another important word is 'environment', seeing as this company makes protection of the eco-system, one of its main aims, also going on to draw up the environmental report.

For this reason, Petroltecnica S.p.A. makes its employees aware of environmental issues while creating greater knowledge on the consequence of operations on the ecosystem.

Graph 3. Keywords regarding Petroltecnica. Source: our elaboration.

CSR Training and Financial Statement "Disclosure": The Case of Italy DOI: http://dx.doi.org/10.5772/intechopen.86688

Thus, the company adopts socially responsible behaviours concerning various subjects, particularly as regards the environment, employees, collectivity and local community.

Let us analyse below Focchi S.p.A., established in 1914 and it operates in the sector of metal carpentry. In 1955, the company begins to produce aluminium windows and doors and 20 years later, concentrates on the production of "curtain walls", which is currently its main activity [www.focchi.it/il-gruppo].

The business has its headquarters in Rimini, London, Singapore and New York. Focchi S.p.A. is an "impresa leader nel settore degli involucri per edifici occupandosi direttamente sia della progettazione, della produzione e della posa in opera" (www.focchi.it/il-gruppo) (world leader in the sector of building shells directly taking care of design, realisation and assembly). At the end of 2016, the group had gross invested capital worth €105,412,000, employees numbered 163 and had a turnover of €56,361,000.

Graph 4 summarises the analysis conducted on consolidated financial statements.

Here too, as has already been seen, the keyword used the most is 'development', having been used the same number of times in 2008 and 2010 with 6 words, in 2011 and 2012 with 10 words and, finally, in 2013, 2015 and 2016 with 11 words. Focchi S.p.A. has a study and research office that is strongly committed "allo sviluppo ed alle prove di laboratorio, in modo da ottenere sempre le massime qualità prestazionali ed i prodotti più innovativi del settore." (www.focchi.it/il-gruppo) (to development and laboratory testing, in such a way as to always obtain optimal quality performance as well as the most innovative products in the sector).

The word 'safety' is often repeated in financial statements as well. Indeed, the technical staff periodically carry out safety checks in the workplace to get the certificate that allows them to access building sites. The word 'sustainability' is used at least once in the majority of the consolidated financial statements. Focchi S.p.A. chooses to make the concept of sustainability its own, building sustainable façades using innovative technologies. Lastly, the word 'environment' is constantly used in financial statements since it highlights the importance that Focchi S.p.A. places on environmental protection.

Research of sustainability goes hand-in-hand with developing new technologies which may permit the realisation of sustainable structures: since 2011, indeed, the word 'innovation' is starting to be used.

Graph 4. Keyword trend of Focchi. Source: our elaboration.

Petroltecnica S.p.A. was established in 1950 and is headquartered in Rimini, but has companies in other Italian cities: Bari, Milan, Cagliari and Priolo Gargallo—in the province of Syracuse in Sicily. The company operates in the sector of "Environmental Ecology" offering a wide range of services: demolition and decontamination of industrial work plants and refineries, recovering of uncontaminated sites, building site services, waste treatment and management, decommissioning of structures containing asbestos, and environment rapid rescue, therefore working in the safeguarding of the soil and waters. At the end of 2016, annual turnover was €59,561,224, gross invested capital equals €60,105,635 and employees numbered 246 among whom are operators, technicians, clerks and management. In Graph 3,

Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting

The most-used keywords are 'development' and 'safety'. Regarding the word 'development', note a non-continuous use till 2010 though with a later upturn. Petroltecnica S.p.A., over the years, has reached a professional and technological development such that it has consolidated its presence throughout the nation and

Particularly, technological development is directed towards strengthening the quality of service offered and worker safety. Indeed, safety is a word we meet increasingly, even if non-continuously. One of the objectives of the company is surely to maintain high safety standards for the operators and for all those who come into contact with the activities of the company, "consapevole dell'importanza di garantire le migliori condizioni di salute e sicurezza negli ambienti di lavoro" (Petroltecnica S.p.A. Code of Ethics) (aware of the importance of guaranteeing the best

For this reason, Petroltecnica S.p.A. makes its employees aware of environmental issues while creating greater knowledge on the consequence of operations on the

health and safety conditions in the workplace). Visit www.petroltecnica.com. The company periodically conducts training courses regarding themes connected to safety: for example, in 2016, 248 hours of training were provided for a total number of 984 participants. Another important word is 'environment', seeing as this company makes protection of the eco-system, one of its main aims, also

below, we can see the research results.

abroad, as is the case in Taiwan and Turkey.

going on to draw up the environmental report.

Keywords regarding Petroltecnica. Source: our elaboration.

ecosystem.

Graph 3.

32

In 2009, Focchi S.p.A. was finalist in the Sodalitas Social Awards in the category "Building the best community partnership programme". Management of the company financially sustained the Rimini association: Cittadinanza Onlus, "riconoscendone la validità delle iniziative e contribuendo al sostegno e allo

The second keyword we find is 'environment', which is fundamental in the

SGR promotes innumerable initiatives throughout the territory and for the whole local community which may be of a cultural, sporting or social nature.

We may affirm that the SGR Group, differently from the others we have met, carries out aspects of social responsibility, and it is aware of disclosure, also with

In this work, we have wondered how training activities contributed to develop and to spread a culture that includes social responsibility in Rimini territory [31]. This relatively new culture may perhaps influence company management and financial reporting disclosure before and during the innovation in regulation, such

In order to analyse the Rimini case, we adopted the institutionalist theory and, in particular, that part which may be expressed in terms of social, environmental and sustainable accounting [16]. This has created the theoretical bases, in order to be able to understand, among the various activities, training initiatives that have been

Reading these activities has, on the one hand, validated the theory adopted which has isomorphism as its central point [4, 5], since, throughout the area analysed, the training activities of spreading the culture of CSR have been promoted

If, from one viewpoint, this might be true, then from another, the training activities in the Rimini area have pushed some of the companies, that we analysed, to become more and more aware of the importance of CSR and, especially, of the

Analyses conducted on financial statements and consolidated financial statements demonstrate a positive trend in almost one of the key words used. This trend is one expression of interest of CSR. Even if the company, at the beginning, did not know anything about CSR, such a cultural process influenced the contents of the accounting increasing the attention to the key words, such as sustainability and/or safety and/or environment, etc. even before it became a semi-mandatory process

Therefore, after our analysis, we can reply to the following research question: "How much did the training courses on CSR influence the area of Rimini in order to increase non-financial information contained in company financial statements?" We formulate an answer, which considers that the training courses on CSR, which had been promoted in the Rimini area, had influence to increase the disclosure of non-financial information in financial statements and consolidated financial statements of some companies here examined. That trend is considered even if there is not an increase of the CSR considered as key word, because the word CSR may be implemented in practice in different ways. The conclusion of this work is partial, because a positive trend of the identified keywords is not always present in the cases analysed. This first result can be a starting point for further analysis

Another limitation of the work can be found in the initial hypotheses that we implicitly assumed and that is that the diffusion of the culture on CSR could lead to

by a process, the European one, that required alignment to them.

keywords through which to translate the same into concrete actions.

Besides, there also feature the words 'stakeholder' and 'territory' which, often, are repeated to the same extent, starting from the sustainability report of 2014 till

strategic and development vision of the company.

DOI: http://dx.doi.org/10.5772/intechopen.86688

CSR Training and Financial Statement "Disclosure": The Case of Italy

fitting documents containing such aspects.

started and consolidated over time.

through the analysis of other companies.

that of 2017.

6. Conclusions

as law 254/16.

by law.

35

sviluppo economico di progetti a favore dei disabili psichici." (www.figlidelmondo. org) (recognising its initiatives' validity and contributing to sustaining and economically developing projects in favour of the psychologically disabled). In that year, an international meeting was organised by that association in Rimini, where projects on these issues were discussed in order to implement them in developing countries.

Continuing the work, we will analyse the case of the SGR Group which, compared to those previously analysed, draws up a document separate from the financial statement, wherein it merges social and environmental information.

Indeed, the case of the SGR Group is different from the others because since 2011 it regularly draws up a sustainability report [32]. This allows us to make a comparison between keywords, in that the other companies we have previously treated do not draw up, according to specific standards, social, environmental, sustainability and integrated reports.

The SGR Group is a multi-utility and family-owned company founded in 1956, unlisted, based in Italy, made up of several companies, and with a long experience in gas distribution, over 50 years, during which time it has always been a onefamily-owned enterprise, and this feature has been able to create a very strong connection with the territory wherein the enterprise is operating.

Its activities are carried out in Italy by SGR Rimini and in Bulgaria by the CityGas Company (Trakia region) [32].

In 2016, the company had 408 workers, a turnover of €290,042,198 and a total of invested capital of €411,820,001. In Graph 5, the research results are highlighted.

There being a sustainability report may be noted from the graph, which shows that the use of the word 'sustainability' has started since 2011 and has a growing trend. SGR adheres to the international strategy of the UN 2030 SDGs Agenda, ensuring "l'accesso a sistemi di energia affidabili, sostenibili e moderni, incentivando una crescita economica duratura e inclusiva […]; ad assicurare salute e benessere per i propri dipendenti e fornire un'educazione di qualità, equa ed inclusiva per la comunità." (www.grupposgr.it/bilancio-di-sostenibilita) (access to systems of reliable, sustainable and modern energies and incentivating lasting and inclusive economic growth […], ensuring health and wellbeing for its employees and providing fair and inclusive quality education for the community).

Graph 5. Keyword trend of SGR. Source: our elaboration.

## CSR Training and Financial Statement "Disclosure": The Case of Italy DOI: http://dx.doi.org/10.5772/intechopen.86688

The second keyword we find is 'environment', which is fundamental in the strategic and development vision of the company.

Besides, there also feature the words 'stakeholder' and 'territory' which, often, are repeated to the same extent, starting from the sustainability report of 2014 till that of 2017.

SGR promotes innumerable initiatives throughout the territory and for the whole local community which may be of a cultural, sporting or social nature.

We may affirm that the SGR Group, differently from the others we have met, carries out aspects of social responsibility, and it is aware of disclosure, also with fitting documents containing such aspects.
