Improving business model disclosure in the annual report: Insights from an interventionist research project

By | 2022-02-03T11:56:43+01:00 February 3rd, 2022|

Carlo Bagnoli, Antonio Costantini, Maurizio Massaro  / Financial Reporting / 2-2021

Responding to the calls for empirical research on the extent and nature of business model reporting, this paper has the purpose to assess the quality of business model disclosure. To accomplish this purpose, the study takes advantage of an interventionist research project that was conducted in an Italian listed company operating in the information technology industry to investigate how the business model was disclosed in the annual report and provide feedback to support possible changes. The study uses a framework of analysis that helped to assess the quality of business model disclosure in terms of three attributes: amount, spread and connectivity. The annual report of two consecutive fiscal years was analyzed. The study mainly shows that the measurement and assessment of BM disclosure quality can facilitate its improvement. The analysis enabled meaningful in-sights on BM’s quality to emerge, delivering evidence on the relative importance, coverage and interconnections of BM’s disclosed components. Further, the interventionist approach helped to shape managers’ view on how to tackle disclosure issues and offer more effective communication of the BM according to the company purposes..


Read Article

Case Study Method in Financial Communication Studies: A Review and a Systemic Approach Proposal (Il metodo dei case study negli studi di comunicazione finanziaria: rassegna della letteratura e adozione di un approccio sistemico)

By | 2017-12-27T17:53:58+01:00 December 27th, 2017|

Ramassa Paola/ Financial ReportingRiviste / Fascicolo: 2-2011

Financial communication has been studied from a variety of perspectives, largely focusing on features, determinants and outcomes of specific kinds of documents and disclosures. This paper reviews prior literature on the topic with particular regard to research methods in order to identify opportunities for further research. In the light of these open questions, a systemic approach is suggested for future studies on financial communication. According to this perspective, the paper shifts the focus from the analysis of specific messages and documents to the study of financial communication policies and strategy, which result from the interactions of specific choices and elements. To investigate the topic, it proposes the adoption of the case study research strategy and discusses its potential.

Keywords:  financial communication, investor relations, voluntary disclosure, case studies, research method, systemic approach



Capacità informativa della disclosure volontaria sulle risorse intangibili: effetti sul mercato finanziario italiano (Informativeness of intangible assets voluntary disclosure: effects on Italian financial market)

By | 2017-12-27T17:51:27+01:00 December 27th, 2017|

Rizza Carmela, Greco Angela M., Rizzotti Davide/ Financial ReportingRiviste / Fascicolo: 2-2011

Gli studiosi delle discipline aziendali si sono occupati degli effetti che la disclosure volontaria delle informazioni sulle risorse intangibili ha sulle valutazioni degli investitori, prescindendo dalle peculiarità del contesto italiano e dalle differenti configurazioni del processo di disclosure. Questo lavoro, attraverso un’indagine empirica svolta analizzando le informazioni relative alle società quotate nella Borsa italiana nel periodo 1998-2008, verifica il peso che il mercato finanziario italiano assegna alla disclosure volontaria di informazioni sulle risorse intangibili e alle differenti configurazioni con cui essa si può svolgere. I risultati ottenuti mettono in evidenza come tale sensibilità sia influenzata, in particolare, dallo strumento di comunicazione adottato.

Scholars have investigated the effects of intangible assets (IA) voluntary disclosure on investors’ evaluations, without considering both the Italian context peculiarities and the different modalities of disclosure. This paper aims to verify the weight assigned by the Italian financial market to the IA disclosure and how this weight is influenced by the way IA disclosure is done. To reach these objectives it was conducted an empirical analysis of financial data and documents of the firms listed in the Italian Stock Exchange over a ten year period (1998-2008). Results show that Italian market reaction is mainly influenced by the tool of IA disclosure used.

Keywords: voluntary disclosure, financial market, informativeness, intangible assets, capitalization, investors