The level of compliance with the Italian Legislative Decree No. 254/2016 and its determinants: Insights from Italy

By | 2019-09-27T10:36:51+02:00 September 27th, 2019|

Cantino Valter, Devalle Alain, Fiandrino Simona, Busso Donatella / Financial Reporting / 1-2019


The present research explores non-financial mandatory disclosure in Italy in light of the recent Italian Legislative Decree No. 254/2016 on “the disclosure of non-financial and diversity information”. The study pursues a twofold aim: first, it seeks to measure the level of compliance of non-financial information (NFI) with non-financial mandatory disclosure; and second, it seeks to identify which determinants favor higher compliance levels in the first year of the regulatory adequacy. To these ends, the study examines the non-financial 2017 statements of 50 listed Italian companies to test by means of a NFI Disclosure Score three determinants that could explain the level of compliance. The NFI Disclosure Score was set at 52.58%. Moreover, findings suggest that the type of reporting channels (stand-alone report or disclosure included in the Annual Report), the Guidelines Reporting Initiative (GRI) options chosen by the companies, and the presence of the Corporate Social Responsibility (CSR) Committee within the board all affect compliance levels. This study is one of the first research conducted on mandatory NFI disclosure providing indications for regulators and companies on how to improve NFI disclosure.

non-financial disclosure, mandatory disclosure, non-financial infromation, Italy, Directive 2014/95/EU


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Professione amministratori: interlocking directorship e qualità degli utili nelle imprese italiane quotate

By | 2017-12-29T17:34:29+02:00 December 27th, 2017|

Arena Claudia/ Financial ReportingRiviste / Fascicolo: 2-2012


Al fine di aiutare a comprendere il ruolo rivestito dagli interlocking directorship nel contesto istituzionale italiano, il presente contributo ne analizza empiricamente l’influenza sulla qualità degli utili di bilancio. Adottando un campione di imprese italiane quotate tra il 2000 e il 2004, si rinviene che l’incidenza degli interlock nei CdA è negativamente correlata alla sostenibilità e alla value relevance dei valori di reddito. Tali risultati suggeriscono che la presenza di amministratori con incarichi multipli riduce il monitoraggio del CdA sul processo di redazione del bilancio, conducendo a valori contabili che non riflettono al meglio le performance economicofinanziarie dell’impresa. Questo studio contribuisce alla letteratura che annovera le caratteristiche di governance tra le determinanti del livello di trasparenza aziendale, al contempo fornendo evidenze utili per l’emanazione di future prescrizioni regolamentari.

This study explores the role of interlocking directorships among Italian listed companies, by looking at their influence on earnings quality. Examining a sample of firms over the period 2000-2004, the author finds that the incidence of ID on BoD is negatively related to the value relevance and the persistence of accounting earnings. This suggests that ID weakens the level of BoD’s monitoring on financial reporting process, thus leading to a lower earnings quality. These findings contribute to the lite- rature on the association between governance structures and accounting quality, at the same time providing evidence that could help regulators to further develop effective policy recommendations.

Keywords: interlocking directorship, board of directors, Italy, earnings quality


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La value relevance incrementale dell’other comprehensive income rispetto al net income. Un’analisi sulle società quotate in Italia

By | 2017-12-29T17:39:36+02:00 December 27th, 2017|

Veltri Stefania, Ferraro Olga/ Financial ReportingRiviste/ Fascicolo: 3-2012


L’obiettivo principale dello studio è quello di testare l’assunzione, validata da una parte della letteratura, che l’Other Comprehensive Income (OCI) items reporting sia value relevant per gli investitori in misura incrementale, ossia che fornisca loro informazioni aggiuntive rispetto al reddito netto. La rassegna della letteratura evidenzia risultati contraddittori. Gli autori ipotizzano che una delle principali cause dell’inconsistenza dei risultati dipenda dall’utilizzo di dati che si riferiscono a periodi precedenti l’introduzione degli standard contabili sul Comprehensive Income (CI). Di conseguenza, hanno testato l’ipotesi di ricerca utilizzando dati relativi a periodi successivi allo IAS 1 revised 2007, in cui è esplicitamente richiesto alle aziende di presentare le componenti in bilancio. Il campione è costituto dai gruppi quotati alla borsa valori di Milano. L’analisi di regressione fornisce evidenza della value relevance incrementale dell’OCI rispetto al reddito netto.

The main aim of the article is to test that the Other Comprehensive Income (OCI) is incrementally value relevant for investors with respect to net income. Literature review highlights mixed results. The authors, hypothesizing that one of the main causes of the inconsistency of results is the use of OCI data from the period before implementation of comprehensive income reporting (as if OCI numbers), used in their value relevance regression analysis as reported OCI numbers in the listed companies’ financial accounts. The sample comprehends the groups listed on the Milan Stock Exchange. Our evidence supports the conclusion that the as reported OCI numbers are incrementally value relevant for investors.

Keywords: value relevance, net income, other comprehensive income, Italy, listed, groups, as reported data


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