This paper evaluates the influencing factors and disparities between web‐based and annual report channels for environmental, social and governance (ESG) disclosures by small and medium‐sized enterprises (SMEs). In contrast to the prevalent use of case‐studies in the context of SMEs, a quantitative study was conducted by performing a content analysis of the websites and annual reports of 100 manufacturing SMEs in Italy. Based on the collected evidence, SMEs exhibited a higher level of web‐based disclosures compared to annual reports. These disclosure channels appear to be independent of each other, with financial resources significantly influencing the quality of annual reports (i.e. profitability as a proxy) and size impacting information available on websites (i.e. turnover as a proxy). Both channels may be explained by the resource‐based view, while agency characteristics (such as having a Big Four external auditor or board size) have a relevant effect on the overall voluntary ESG disclosure score.

中文翻译：

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中小企业有 ESG 传播策略吗？利用网上及年报渠道探讨自愿性 ESG 披露的质素及影响因素


本文评估了中小企业 （SME） 环境、社会和治理 （ESG） 披露的网络和年度报告渠道之间的影响因素和差异。与在中小企业背景下普遍使用案例研究相反，通过对意大利 100 家制造业中小企业的网站和年度报告进行内容分析，进行了一项定量研究。根据收集到的证据，与年度报告相比，中小企业表现出更高水平的基于网络的披露。这些披露渠道似乎彼此独立，财务资源显著影响年报的质量（即盈利能力作为代理），而规模影响网站上可用的信息（即营业额作为代理）。这两个渠道都可以用基于资源的观点来解释，而机构特征（例如拥有四大外部审计师或董事会规模）对整体自愿 ESG 披露评分有相关影响。