Il ruolo dei competitor nell’orientamento delle politiche di comunicazione economico finanziaria (The role of competitors on corporate disclosure policies)

By | 2017-12-27T17:55:24+00:00 December 27th, 2017|

Cerbioni Fabrizio, Menini Andrea/ Financial ReportingRiviste / Fascicolo: 2-2011


Il lavoro si propone di analizzare il ruolo svolto dai competitor sulle politiche comunicative delle imprese. In particolare, si concentra sulle principali forze competitive che influenzano la disclosuree sui processi imitativi (herding). Vengono considerati due particolari tipi di competitor: il leader in disclosure ed il leader in dimensione per verificare la presenza di processi di imitazione informativa e reputazionale. I principali risultati confermano le ipotesi di comportamenti imitativi intrasettoriali e evidenziano un trend di omogeneizzazione delle politiche di comunicazione.

This paper investigates the role that competitors have on corporate disclosure policies. In particular, it is focus on the main competitive forces that influence corporate disclosure and on herding processes. In order to show the presence of informational and reputational herding processes two types of competitors are considered: the leader in disclosure and the leader in size. The main results support the hypotheses of intraindustry mimicking processes and underline a trend of homogenization of disclosure policies. Key words: corporate disclosure, competitor, informational herding, reputational herding, AIMR, disclosure channels.

Keywords: corporate disclosure, competitor, informational herding, reputational herding, AIMR, disclosure channels


 

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Risk Disclosures in the Annual Reports of Italian Listed Companies

By | 2017-12-27T14:32:37+00:00 December 27th, 2017|

Neri Lorenzo, Russo Antonella/ Financial ReportingRiviste / Fascicolo: 3-2013


The study examines the relevance of risk reporting in the field of firm voluntary disclosure with an empirical work on Italian listed firms. The motivation of this study is the implementation of the Directive 51/2003/CE in Italy (D.Lgs. 32/2007), a sample of companies listed on the Italian Stock Exchange is selected to investigate the relationship between risk disclosure and company characteristics. This paper explores whether there are significant increases in risk reporting over a period of five years and investigates if risk disclosure is influenced only by new law requirement or also by other possible drivers. A content analysis is performed to obtain a measure of risk narrative disclosure. Then several hypothesis tests are carried out to verify whether there are any corporate differences between companies with different levels of risk disclosure, using univariate and multivariate analysis. Our results on the first question document significant increases in Italian companies’ levels of risk disclosures. We find also that the disclosure is not only determined by the new law requirements but also by other drivers such as company size.

Keywords: Risk, corporate disclosure, risk reporting, content analysis


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