Abstract
The aim of this paper is to study the importance of the CSR on the performance of newly listed company at the Italian Stock Exchange with a focus on the impact of environmental, social and government responsibility, studying the performance of the first day of listing. The authors want to test if there is an advantage in terms of lower underpricing related to the preparation of a sustainability report, a document that allows reducing the information asymmetry or if, contrarily, the factors related to ESG Corporate Responsibility are not considered, by the layers of the listing process, under the offer price definition, but they are otherwise valued by the market, with the consequence of a higher underpricing for IPOs of the virtuous companies. The paper presents an empirical analysis on a sample of 84 IPOs admitted to Italian Stock Exchange between 2009 and 2015, in order to study the impact of ESG Corporate Responsibility on underpricing, analyzing the performance of the new companies listed. Through the univariate and multivariate analysis, the authors propose to show any relationship between performance and ESG corporate responsibility strategies.