Intangible assets and especially brands are considered as determinants of firm value. Due to their growing importance, consulting firms (e.g., Interbrand, Brand Finance and Millward Brand) publish annual reports on estimated brand values. Prior literature find that the brand values provided by independent parties are reflected on stock prices and therefore they are value relevant (Bart et al., 1998). The results prove that these non-accounting values represent a source of information for investors. However, the relationship between brand values and stock prices could differ across countries. Previous studies reveal that the value relevance of accounting variables diverges on a country basis and identify several country-specific factors which affect the information content of accounting variables. These factors are referred to the legal system, the accounting regulation and the financial system (market-oriented vs bank-oriented) of the different countries. To our knowledge, no studies test the effect of country-specific factors on the value relevance of non-accounting information. The aim of this study is to investigate whether the value relevance of brand values provided by third independent parties differs across countries. Furthermore, we test if all country-specific factors examined affect the relationship between stock prices and non-accounting information. The analysis is based on a sample of brand values provided by Interbrand, Brand Finance and Millward Brand (BrandZ). These brands are owned by companies listed in different stock markets. This work has both theoretical and practical contributions. It fills the gap in the literature by providing evidence about the influence of country-specific factors on the value relevance of non-accounting information. Also, the results could help investors in their decision-making process, providing more tools to analyse the ability of stock prices to capture non-accounting information in different institutional context.

In the recent past, the financial crisis has shown important lacks in the EU regulation relating to the banking sector, making the introduction of a unified regulatory framework necessary. Since June 2009 the European Council has recommended a “Single Rulebook”, that is a unique and harmonizing discipline applicable to all financial institutions in the Single Market, become effective on January 2014. This prudential discipline requires much more minimum capital, liquidity and information transparency and it defines format and minimum standards of contents. The aim of this research is to investigate the relation between the new mandatory disclosure and earnings management policies in banking sector realized through Loan Loss Provisions (LLP), the component of income statement mainly subject to manipulations, especially in form of earnings smoothing. Because the new integrated regulatory framework requires a more transparent disclosure, we expected that accruals manipulation (basically LLP) could be discouraged. The empirical analysis is based on a sample of 116 listed European banks over the period prior (2011-2012-2013) and after (2014-2015-2016) the effective date of the Single Rulebook. The evidence confirm our hypothesis suggesting that this banking reform discourages earnings manipulation and improves earnings quality, making financial reporting more useful for investors. The results are important to the regulatory institutions (such as European Union and European Central Bank) supporting more stringent discipline introduced by Basel III.

Stock prices reflect firms-related information differently depending on the environment and institutional context. However, previous empirical studies test mainly accounting data. Since intangible assets became a crucial element for business success and brands are considered critical for value creation, correlated disclosure is proven to be value relevant for investors. The majority of accounting standards do not allow to recognize on the balance sheet internally generated intangible assets and therefore more and more practitioners, both investors and analysts, use brand values provided by third independent parties, such as consulting firms. The purpose of this paper is to investigate whether and how brand-related information differs across countries testing the value relevance of brand values published in Brand Finance’s Reports. This study aims to open a new stream of literature regarding the value relevance of non-accounting information across countries.

Lo studio della dinamica finanziaria dell'impresa costituisce un aspetto fondamentale del più ampio processo di analisi e valutazione delle tendenziali condizioni storiche e prospettiche di equilibrio della gestione. In tale ottica, al fine di apprezzare le performance ed i complessivi risultati aziendali, oltre che per favorire scelte di allocazione dei capitali da parte degli investitori maggiormente orientate alla creazione del valore, viene attribuita una sempre più significativa valenza segnaletica alla capacità dell'impresa di produrre nel tempo flussi di cassa e/o mezzi equivalenti. È noto, infatti, che un business assume un valore corrispondente al capitale in esso investito quando i flussi di cassa attesi generano una rimunerazione almeno equivalente a quella richiesta dal mercato, pari al costo-opportunità dell'investimento. Appare, poi, importante focalizzare l'attenzione sull'analisi della situazione finanziaria dell'impresa, sotto il particolare profilo della solvibilità e della liquidità della stessa, allo scopo di porre in luce: 1) le variabili che incidono sulla natura e sulle dimensioni, oltre che sulle modalità di copertura, del fabbisogno finanziario; 2) le relazioni di causa-effetto che caratterizzano il processo di circolazione del capitale all'interno dell'impresa. Il volume mira a fornire gli strumenti necessari alla comprensione delle tecniche di costruzione del rendiconto finanziario e del bilancio previsionale, secondo una logica gestionale e illustra le linee guida per svolgere un'analisi economica e strategica del forecasting.

Il capitolo illustra il concetto di reddito e le sue diverse configurazioni.

In management studies, the relevance of intellectual capital (IC) in value creation processes has been a research topic for many years. Several attempts have been made to develop measurement and reporting systems for this relevant source of value, but managerial literature has highlighted the limits and difficulties of some of those endeavors. Integrated reporting, the general purpose of which is to provide transparent and integrated disclosure, has also entered this field with the aim of improving disclosure of intangibles, along with a strategic perspective on communication. An accurate description of a company’s IC is indeed one of the focal elements of an integrated report. This paper describes an exploratory study based on the case study research method of three companies, all of which have applied the integrated reporting IIRC framework and are operating in different business contexts. Following a performative approach, the first aim of this work is to verify the ability of integrated reporting to support the mobilization of IC and to encourage companies to take advantage of this process. This should lead to positive effects on management and governance practices, with respect to both external and internal users. Additionally, from a critical and performative perspective, this research investigates how business context influences the processes of measurement, management, and reporting of IC.

In management studies, the relevance of Intangibles and Intellectual Capital in value creation processes has been a research topic for many years. Several attempts to develop measurement and reporting systems of this relevant source of value have been done, but managerial literature has highlighted the limits and the difficulties of some of those endeavors. The Integrated Reporting initiative, which has general aims of providing transparent and integrated disclosure, with a strategic perspective also from a communication point of view, has also entered this field with the aim of improving disclosure of Intangibles and Intellectual Capital. An accurate description of the company’s Intellectual Capital, although its definition is not fully overlapping with that most widespread in managerial literature, is indeed one of the focal elements of an Integrated Report. This paper proposes an exploratory study, with the use of case study research method, on three companies, which have applied the Integrated Reporting Framework and are operating in different business contexts. Aim of this work is first verifying the ability of Integrated Reporting to favor the visualization of Intangibles and Intellectual Capital and provide accurate information on Intellectual Capital, in order to positively affect management and governance practices, with respect both to external and internal users. Second, this research investigates if the different business context may have some influence in these processes of measurement, management and reporting.

Negli ultimi anni il risk reporting ha ricevuto una crescente attenzione da parte degli standard setter e degli enti di regolamentazione in tutto il mondo, in seguito alla crisi economica e ai numerosi scandali finanziari che hanno interessato i mercati nazionali ed internazionali. Molteplici ricerche empiriche hanno mostrato un costante incremento della domanda di informazioni sui rischi aziendali da parte degli utilizzatori del bilancio. La necessità di valutare accuratamente il profilo di rischio dell’impresa è certamente legata alla crescente incertezza nella quale gli investitori operano all’interno del mercato. Attualmente le grandi aziende ed in particolare i gruppi quotati di maggiori dimensioni, destinano notevoli risorse finanziarie al monitoraggio dei fattori di rischio, poiché sono consapevoli che una loro eccessiva concentrazione potrebbe spingere il mercato a sottovalutare le performance aziendali, compromettendo nel lungo periodo la stabilità economica. Tuttavia, l’efficace implementazione dei sistemi di controllo interno, in grado, cioè, di presidiare tutte le aree di rischio dell’impresa, non appare sufficiente: è indispensabile che il management adotti adeguati strumenti di comunicazione, al fine di garantire un costante flusso informativo verso l’esterno. Chiaramente, in contesti economici caratterizzati da turbolenza e incertezza, la corretta gestione dei rischi aziendali assume un ruolo cruciale nel processo di creazione del valore delle imprese e per gli investitori il livello di risk disclosure diviene una proxy utile a misurare il grado di sviluppo del sistema di risk management. Le società dotate di un sistema di gestione dei rischi inadeguato, infatti, non sono in grado di fornire al mercato utili informazioni in merito alla loro effettiva esposizione ai fattori di rischio e, conseguentemente, gli investitori possono non apprezzare correttamente il loro valore. La scelta dei veicoli comunicativi e della qualità della disclosure dei rischi è legata alla valutazione da parte del management del trade-off esistente tra costi e benefici, generato dall’esigenza di contemperare l’interesse a non divulgare delle informazioni sensibili ai propri competitors, con quello degli shareholders a ricevere notizie utili per le decisioni di investimento. Nell’ottica di assicurare una maggiore trasparenza dell’informativa economico-finanziaria, dal 2007 l’International Accounting Standards Board (IASB) ha imposto alle imprese che adottano il modello di bilancio IAS/IFRS una disclosure più stringente in merito all’esposizione ai rischi finanziari, agli obiettivi e ai processi di gestione di tali rischi, in conformità al principio contabile internazionale IFRS 7 “Strumenti finanziari: informazioni integrative”. A livello nazionale, simili obblighi informativi sono stati introdotti dal D. Lgs. 394/2003, in seguito al recepimento della Direttiva 2001/65/CE del 27 settembre 2001. Nel 2006 anche l’Organismo Italiano di Contabilità (OIC) è intervenuto, pubblicando il principio contabile OIC 3 “Le informazioni sugli strumenti finanziari da includere nella nota integrativa e nella relazione sulla gestione”, sostituito, nel dicembre del 2016, dal principio contabile OIC 32 “Strumenti finanziari derivati”. Altre istituzioni europee, tra le quali il Financial Stability Board (FSB) e il Comitato congiunto delle autorità europee di vigilanza (Joint Committee of the European Supervisory Authorities), hanno caldeggiato il miglioramento dell’informativa sui rischi finanziari, con l’obiettivo di tutelare gli investitori. Tale vivo interesse è ascrivibile da un lato, all’inadeguatezza dei preesistenti modelli di financial reporting nel comunicare l’effettivo profilo di rischio dell’impresa, dall’altro alla necessità di garantire un flusso informativo coerente con il crescente livello di incertezza che attanaglia l’intero sistema econo

The reports published by independent parties (i.e. brand agency) are often used to provide an estimation of brands due to the lack of literature and best practices regarding which brand valuation method is more value relevant and more reliable than the others. In the last years, brand valuation debate is growing in importance because of the need to provide a value of intangibles for different purposes such as property transfer, purchase price allocation and tax benefits (i.e. Patent Box). However, different valuation methods are used by brand agencies. The purpose of this study is twofold. Firstly, we aim to understand whether brand valuation related to listed companies provided by Interbrand, Brand Finance and Millward Brown (BrandZ) is value relevant and therefore whether these brand valuations are taken into consideration by investors in their decision-making process. We follow the approach proposed by Barth et al. (1998), which assesses the value relevance of brands using 2SLS (Two Stage Least Square) model. Secondly, we assess which of the three methods reflects the stock markets in a better way.. To prove this diverse appreciation by investors, we modified the regression model adding variables which can reflect the different valuations. We analyse a sample of 71 worldwide brands valuated by Interbrand, Brand Finance and Millward Brown from 2013 to 2015 and published on their global, sectorial and geographical annual reports. The results show that brand valuation provided by the three independent agencies is value relevant; in addition, they reveal that Brand Finance method, based on the royalty relief approach, is more value relevant than the others and therefore it is better reflected into stock prices. This last finding is consistent with previous works focused on the companies’ valuation. This study can contribute to the extant literature on value relevance by providing evidence on the impact of stock prices of brand agencies’ valuation. Furthermore, it can provide useful findings to the current debate regarding the reliability of different brand valuation methods.

Nell’agosto del 2010 lo IASB e il FASB hanno pubblicato l’Exposure Draft (ED) “Leases” con l’obiettivo di modificare i criteri di contabilizzazione delle operazioni di leasing. I due Standard Setter prevedono di pubblicare, entro il 2012, un nuovo principio contabile che sostituirà lo IAS 17, Leases. Il nuovo documento richiede al locatario di applicare un unico modello contabile, il right of use model, per tutti i contratti di leasing e al locatore di scegliere tra due metodi di rilevazione alternativi: il performance obligation model, nell’ipotesi in cui il locatore conservi un’esposizione significativa ai rischi e ai benefici connessi al bene locato, e il derecognition model, in caso contrario.

The continuous increase in healthcare costs as regards GDP and the public expenditure reflects, on the one side, the growth of health demand due to the change in the global epidemiological landscape and, on the other side, a progressive rise in health costs, sig-nificantly influencing the sustainability of the world health system. The legislative measures adopted by many countries, primarily aiming at containing the public ex-penditure, have drawn the attention of academics and practitioners. The interest is focused on risk management because nowadays this process is consid-ered necessary in healthcare public companies. The reason is that it allows, on the one hand, to reduce waste and, consequently, costs, and, on the other hand, to improve the results and the assistance quality offered. In this context, the aim of the study is two-fold: i) to examine the clinical risk management in healthcare organizations; ii) to veri-fy, through a case study, in which way the adoption of innovative managerial models, such as the lean management, can improve performance and reduce the clinical risks caused by adverse events; this, to improve the clinical risk management. For this pur-pose, we analyze the lean management model implemented in “Morgagni Pierantoni Hospital Unit” of Forlì. The results show a positive impact of lean management model on clinical processes in terms of improvement of performance and higher security of assistance services.

The issue of corporate frauds has been brought into the limelight, after the most important financial scandals that began to appear from late 2000. Frauds threaten the integrity of the company's assets and generate negative consequences for all stakeholders who are interested in corporate organization. These phenomena increase the interest to develop a method to identify and avoid corporate failures. However, it is not easy to predict this kind of scandals due to several variables that affect frauds. Previous literature tested different analytical procedures (e.g. analysis of trends and ratios) to identify signals of fraud. Examining a sample of US firms, some researchers find that financial ratios show a limited ability to detect and predict fraudulent financial reporting (Kaminski et al., 2004). However, there is a paucity of evidence in the European context. The goal of this paper is to understand whether accounting ratios are able to detect an accounting fraud. Specifically, we aim to investigate whether accounting ratios of fraudulent firms differ from those of non-fraudulent firms. To this end, we select a sample of companies listed in the European stock exchange and we classified them in two categories: fraudulent firms and non-fraudulent firms. We consider “fraudulent firms” those that engage in ascertained behaviours aimed to manipulate financial statements, while “non fraudulent firms” are the others. The sample selection of “non fraudulent firms” is based on firm size, time period and industry of “fraudulent firms”. The exploratory study will be conducted for a eight-year period, between 2000 and 2008.

The reports published by independent parties are often used to provide an estimation of brands due to the lack of literature and best practices regarding which brand valuation method is more value relevant and reliable than another. Over the last several years, brand valuation debate is growing in importance because of the need to provide a value of intangibles for different purposes. The purpose of this study is two-fold. First, we aim to understand whether brand valuation related to listed companies provided by three independent agencies is value relevant and therefore whether these brand valuations are taken into consideration by investors in their decision-making process. Second, we assess which of the three methods reflects the stockmarkets in a better way. We analyse a sample of 71 brands valuated by Interbrand, Brand Finance and BrandZ from 2013 to 2015. The results show that brand valuation provided by the independent agencies is value relevant; in addition, they reveal that the Brand Finance method, based on the royalty relief approach, is more value relevant than the others. This study contributes to the extant literature on value relevance by providing evidence on the impact of stock prices of brand agencies’ valuation.

Over the last years, the theme of corporate social responsibility (CSR) has continued to grow in importance and significance. This interest arises from the idea that firms engaging in socially responsible behaviour may gain competitive advantages, increasing their value. Although social reporting is not mandatory, investors are recognizing a great importance to environmental performance by choosing sustainable and responsible investments (Middleton, 2015). As a consequence, a great number of companies pays greater attention at sustainability themes, promoting a better relationship with stakeholders and ethical investments. To measure the level of social and environmental responsibility stakeholders often use ethical rating. Unlike the traditional credit rating, it is based on non-financial ratios. The aim of this study is to investigate whether investors take into consideration the social and environmental performance, as proxied by Standard Ethics Rating, in making investment decisions. More specifically, we test whether the reputation for good sustainability is reflected in the market value. To test the hypothesis we follow the accounting based valuation model developed by Ohlson (1995). To define the level of sustainability performance we use the Standard Ethic Rating, which is published by the European sustainability agency “Standard Ethics”. This rating “measures the level of adoption of international voluntary indications on corporate social responsibility and corporate governance, as well as the risk of corporate reputation”. The empirical analysis is based on a sample of European companies listed on German, Italian, French, UK, Swiss and Belgian markets. This study contributes to the extant literature in several ways. Firstly, we provide more evidence on the value relevance of reputation for sustainability, that is non-financial information. Secondly, we analyse the European context, differently from other works which examine the Dow Jones Sustainability Index in USA (Lourenco et al., 2014; Lourenco et al. 2012). Thirdly, we assess the influence of Standard Ethics Rating, not yet investigated.