1,720,988 research outputs found
Almici A., La comunicazione economico-finanziaria ed i vincoli normativi, in Salvioni D.M. e Teodori C. (a cura di), Internet e comunicazione economico-finanziaria d’impresa, FrancoAngeli, Milano, 2003
No full textThe M&A's Effects on Non-Financial Performance: A Comparison between Italian and U.K. Context
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The information content of goodwill impairment before and after the Financial Crisis: evidence from European listed banks
No full textThe use of fair value in financial reporting has been a critical issue for some time. In the last five years, after the boom phase of company takeovers, with the financial crisis spreading to the general economy, impairment testing for goodwill has taken centre stage and has become a hot topic. This was especially true for larger banks which have pursued M&A strategies over the past decade.
In this paper we investigate and compare the information content of the goodwill impairment testing during 2006 – 2011 in the european banking sector. We review the annual reports of the top twenty banking groups in the eurozone ranked by market capitalization and total assets; then we examine all the information provided by the companies about the estimation of the “recoverable amount” using a DCF model according to Ias 36; based on the financial information given in the annual reports during 2006 – 2011, the core valuation techniques has been divided as follows: i) identification of cash generating units; ii) scenario analysis and forecast of free cash flows; iii) estimation of “terminal value”; iv) cost of capital and g-rate calculation; v) sensitivity analysis. Evidence shows a significant increase in the number of information related to the topics, especially after the world Financial Crisis (2009-2011).
The findings should be of interest to underline some questions related to both the effectiveness of goodwill impairment tests under uncertainty and disagreement in economic and financial forecasting and the value-relevance of the specific information given in the European banks annual accounts
Risk management practices in global markets
No full textMarket globalisation and economic worldwide crisis have created great difficulties to many countries in terms of: economic recession; establishing long-term partnership relations; credit crunch. All the above stated factors have increased the management complexity and the
emerging risks.
This article is focused on specific business sectors (basic metals, food products and electrical equipment), aiming at verifying, throughout an empirical survey, the main risks, the risk attitude and the risk management’s quality of companies operating in these sectors.
The selection of the above stated sectors is based on their risk relevance and on the opportunity of comparing three different operating areas such as: production of industrial consumer goods (basic metals sector); production of non industrial consumer goods (food sector); production of
hard goods (electrical equipment sector).
The analysis has been carried out referring to a selected number of companies listed on global markets
Sustainability and Internal Control Systems in the Food and Pharmaceutical Sectors
No full textSustainability in the food and the pharmaceutical industry has become a hot topic as the several cases of malpractice reported by worldwide media in recent years shows. This research aims at identifying the reasons for the diffusion of non-ethically sustainable practices in these sectors, by evaluating the effectiveness of the company’s internal controls. To achieve this aim, a content analysis was performed considering the largest European pharmaceutical and food companies, listed on one or more of the main stock exchanges. Main findings underline many internal controls’ vulnerabilities to corruption
Strategic information disclosure, integrated reporting and the role of intellectual capital
No full textA theoretical and empirical model is used to investigate the adoption of the integrated reporting (IR) framework as a strategic choice to signal intellectual capital (IC) to equity investors, with specific reference to the pharmaceutical industry
Board Independence and Internal Committees in the BRICs
No full textTo be successful in global markets, companies from the emerging countries need the approval of foreign investors
and other stakeholders. In this regard, Brazil, Russia, India, and China (BRIC) have progressively strengthened
their corporate governance rules to help their companies overcome the competitors from the old industrialized
countries. Directors’ non-executive qualification, independence, and professional expertise represent basic
requirements for effective corporate governance, so they should be carefully considered to guarantee a proper board
composition and an adequate establishment of internal committees in listed companies. The paper intends to
compare the legislative and regulatory frameworks adopted by the four countries; then it aims at answering to the
following research questions by means of an empirical investigation: Have BRIC companies appointed
non-executive and independent board members? What do BRIC companies do in order to assure an effective
participation of non-executive and independent board members to corporate governance activities? Have BRIC
companies established internal committees? The research examines the appointment of non-executive directors and
independent directors to the boards of 100 BRIC leading firms, as well as their involvement in internal committees
focused on matters requiring motivated and impartial opinions. Although the laws and recommendations seem to
favor a general convergence of corporate governance principles among the four BRIC and towards the international
best practices, some differences and peculiarities emerge from a firm-level perspective. Indeed, the Indian and the
Chinese companies analyzed appear more inclined than the Brazilian and the Russian ones to reassure their
international stakeholders about board independence and effective committees
Board Independence and Internal Committees: Evidence from the BRICs
No full textGlobalisation is significantly modifying the ways companies compete in international markets. Nowadays competition is also played in relation to corporate governance, especially for the firms of emerging countries, which need the trust of foreign investors and other stakeholders in order to develop successful long-term relationships.
Brazil, Russia, India and China – also known as the BRICs – have progressively strengthened their national laws and regulations on corporate governance, by adopting principles and rules that have characterised the old industrialised countries for nearly two decades.
This paper investigates the existence and role of non-executive directors and independent directors in the boards of a sample of BRIC listed companies. In particular, the paper is focalised on the supporting and controlling functions such directors should carry out as members of internal committees. In this regard, the international best practices recommend the establishment of a nomination committee, a remuneration committee and an audit committee, as well as any other committee that should facilitate and improve the functioning of the board of directors (or the supervisory board).
The research starts with the analysis of the provisions on board composition and members’ independence in each BRIC; then, we consider the rules concerning the internal committees. After the review of the legal framework, the research assumes an empirical approach, by means of an investigation covering 100 BRIC listed companies.
Differences emerge among firms and the four BRICs; however, the largest BRIC companies seem to make efforts to approach the international best practices of corporate governance, in order to fill the gap with the old industrialised countries and to reach a leading position in global markets
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