1,721,678 research outputs found
Determinants and Consequences of Non-Gaap Disclosure: A Review of the Literature
No full textNon-GAAP reporting has become popular in the capital market over the last two decades and has generated considerable concerns among external users of the financial report. Since the 1990s, academics and practitioners have started questioning the usefulness of non-GAAP metrics. Most of the studies on pro-forma indicators advocates that managers are mainly driven by the desire to provide more precise information to stakeholders on core earnings, in particular on permanent earnings. However, other researchers find that opportunism might be the reason behind the voluntary disclosure of non-GAAP indicators, especially before the regulatory intervention. Therefore, two opposing theoretical perspectives have emerged: informativeness and opportunism. The informative perspective suggests that non-GAAP earnings tend to be more permanent than GAAP earnings and are more useful in the prediction of future firm performance. Other research plays importance on the value relevance of non-GAAP earnings compared to GAAP results, as they are strongly associated with stock price. Further studies highlight that companies which voluntarily disclose non-GAAP results present a lower quality of GAAP earnings and the non-GAAP reporting serves the purpose to compensate for the lower informativeness of GAAP results. Finally, more recent research has highlighted the positive link between non-GAAP disclosure and the reduction of information asymmetries. Differently, the opportunistic perspective assumes that non-GAAP disclosure serves the purpose of misleading the users of financial statements, presenting a higher business performance compared to that emerging from the use of GAAP metrics. Empirical evidence shows that managers disclose pro forma earnings to conceal losses, to report positive earnings growth, to meet or beat analysts’ expectations and to increase investor perceptions of earning credibility. Although most of the studies have examined the US setting, the phenomenon of non-GAAP earnings is not confined exclusively to the US. Additional research has recently been conducted also in Australia, New Zealand, Canada, South Africa and Europe. Studies in the European settings have shown that almost 80% of companies in the largest cities reports at least one non-GAAP metric in their earning releases. With reference to the UK setting the percentage of companies that communicate non-GAAP earnings has increased from 40% in 1993 to 75% in 2001, reaching a peak of 90% after the transition to IFRS in the 2005. In spite of the relevance of non-GAAP earnings, there are several differences among countries related to both institutional and economic factors. For example, in the US context the non-GAAP earnings are mainly reported by hi-tech companies, while outside US there is no sector specificity. Furthermore, European companies are more consistent in non-GAAP reporting policies than their US counterparts and are less prone to opportunistically exclude recurring items, such as depreciation. Moving from the dual nature of non-GAAP reporting, this study provides a systematic review of the literature with the aim to identify the main empirical evidence supporting the informative or the opportunistic perspective, pointing out the areas that need further investigation by scholars and practitioners
A matter of control or identity? Family firms' environmental reporting decisions along the corporate life cycle
Full text linkThis is the author accepted manuscript. The final version is available from Wiley via the DOI in this recordBuilding on the socioemotional wealth (SEW) perspective, this study explores environmental disclosure (ED) practices in family firms and investigates whether the firm's life cycle stage plays a moderating role in these practices. We focus on two dimensions of the SEW: family control and influence and family identity. To the extent that different types of family‐controlled firms have different reporting behaviors based on their primary SEW dimension, they will undertake the ED strategies that allow them to preserve their SEW. Using a sample of listed firms from the Milan Stock Exchange, we show that family firms for which the family control and influence SEW dimension is most salient provide less environmental information than non‐family firms and that this effect is weakened along the family firm's life cycle. Our findings also indicate that middle‐aged family firms, where the family identity dimension prevails, provide more ED than do non‐family firms. Our study contributes to knowledge about how the socioemotional endowment affects family firms' reporting behavior
The European Roadmap to Sustainability Reporting: The EFRAG Environmental Standards.
No full textWith increasing attention being paid to sustainability issues, along with the adverse effects of recent developments such as the aftermath of the COVID pandemic, geo-political risk and disruptions, and the energy crisis, the European Union (EU) has established a set of reforms with the aim of achieving an economy with net-zero greenhouse gas (GHG) missions by 2050, in line with the European Green Deal and Paris Agreement 2050. The three most important structural measures are the EU Taxonomy, the Sustainable Finance Disclosure Regulation (SFDR), and the Corporate Sustainability Reporting Directive (CSRD).
Whilst the EU Taxonomy defines investments supporting the transition to a greener
economy through specific KPIs, the SFDR requires financial service providers to disclose information on the sustainability profile of their investments.
To establish greater transparency regarding the impact companies have on the planet, in April 2021 the European Commission (EC) introduced the CSRD. This Directive mandates sustainability-related information, replacing the Non-Financial Reporting Directive (NFRD), which has imposed requirements to disclose environmental and social impacts since 2017.
Under the CSRD, the European Financial Reporting Advisory Group (EFRAG) was appointed as technical adviser to the EC to develop European Sustainability Reporting Standards (ESRSs). The first ESRS Exposure Drafts (EDs) prepared by the EFRAG Project Task Force on European Sustainability Reporting Standards (EFRAG PTFESRS) were presented for comments from 30 April 2022 to 8 August 2022. The EFRAG SRB, advised by the EFRAG SR TEG, addressed the feedback arising from the consultation and accordingly amended the first set of draft ESRSs that were released in November 2022 and submitted to EC for
review. Following further consultation with regulatory authorities’ expert groups, the EC, along with EU member states, released updated draft standards for an additional four-week public feedback period in June 2023. On 31 July 2023, the EC adopted the final Delegated Act of the ESRSs subject to a scrutiny period of two months with a possible two-month extension. On 21 October 2023, the ESRSs became law and will be adopted
by companies falling under the scope of the CSRD starting from 2024. The Delegated Act includes the 12 established ESRSs, which comprise two cross-cutting standards which apply to all sustainability matters and 10 topical standards covering a wide range of environmental, social, and governance matters. ESRSs will apply on an individual or consolidated basis from 1 January 2024, and will be subject to a phased introduction that will start with Public Interest Entities (PIEs) and companies already obligated to comply with reporting requirements under the NFRD (i.e. large EU-listed companies with more than 500 employees). ESRSs will expand the scope of NFRD to reach: (i) all EU listed companies, including listed SMEs (except listed micro-enterprises), (ii) large unlisted companies; and (iii) non-EU companies. In subsequent years, the EC is expected to adopt further delegated acts for additional sets of standards, namely, sector-specific standards, proportionate standards for listed SMEs, and standards for non-EU companies
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Exploring the Potential and the Boundaries of the Rolling Horizon Technique for the Management of Reservoir Systems with over-Year Behaviour
No full textThe paper presents a set of experiments on the Rolling Horizon Technique (RHT), applied to the management of a multi-reservoir, multipurpose water resources system with over-year behaviour. In the RHT, decisions on releases from reservoirs are taken for a number of time steps ahead (the Forecasting Horizon – FH) through an optimization model, based on the present water availability in reservoirs and on some forecasts of future inflows over the FH. Only the decision concerning the first time step (the current month) is then implemented, as new information on reservoir levels and forecasts becomes available so that the process can start again with updated information. The paper investigates how the quality of forecasts and the length of the FH impact on the effectiveness of the decisions taken. The evaluation exercise is carried out in two different demand scenarios considering some deficit-related indices, such as TSSD, the Sum of Squared Standardized Deficits, over an Operation Horizon (OH) of forty years. The scenarios are designed to evaluate the role of different demand levels (corresponding to higher/lower stress) on system’s behaviour. Results show that in systems with over-year behaviour, effective forecasts (here simulated through the best possible: actually occurred inflows from the current month up to the end of water year) seem to add little value to system’s operation compared to the most naive forecast (average monthly values), especially in contexts characterized by high pressure on resources. Where there is less pressure on resources, good-quality forecasts are more effective to improve operation. A FH of 24 months seems to enhance significantly system’s performances compared to a FH of 12 months, while FHs longer than two years produce no improvements in system’s performances. The paper also tries to define the limits of a finite-horizon operation technique such as the RHT by benchmarking it with an idealistic release schedule obtained by a model that performs allocation with Perfect Foresight over the whole Operation Horizon
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Il capitale intellettuale delle università nelle missioni di didattica, ricerca e territorio: un modello di public value accounting
No full textIn letteratura è ampiamente riconosciuta la rilevanza delle risorse intangibili
del capitale mediante cui le università generano e diffondono conoscenza. La definizione del
capitale intellettuale si è evoluta alla luce del nuovo ruolo economico e pubblico che l’università
è chiamata a svolgere nei confronti dell’ambiente istituzionale di riferimento. Ciononostante, la
creazione di valore del capitale intellettuale nelle tre missioni di didattica, ricerca e territorio
risulta tutt’ora poco investigata. Impiegando il framework teorico della publicness e
considerando la rilevanza del ruolo economico, pubblico e sociale il presente studio si propone
di individuare un modello di public value accounting del capitale intellettuale delle università in
grado di coniugare la creazione e la gestione del valore generato nelle tre missioni con gli
strumenti di monitoraggio e misurazione delle performance. Il lavoro offre contribuiti al dibattito
della letteratura sul capitale intellettuale e suggerisce alcune implicazioni pratiche
Chilling-induced reduction of photosynthesis is mitigated by exposure to elevated CO2 concentrations
No full textThis work aimed to evaluate if chilling stress may be mitigated by elevated CO2 (EC) in Beta vulgaris L. plants.
Photosynthetic rate was measured at 21% and 2% O2 after a short-term exposure of 5 h at four different treatments:
360 μmol(CO2) mol–1/25°C (AC); 360 μmol(CO2) mol–1/4°C (AC+LT); 700μmol(CO2) mol–1/25°C (EC); 700 μmol(CO2)
mol–1/4°C (EC+LT). Compared to AC+LT, EC+LT plants showed higher values of CO2 fixation, photochemical activity,
and Rubisco amount. These latter invest a higher portion of photosynthetic electron flow to O2, differently from AC+LT
plants that promote the regulated thermal dissipation processes. In EC+LT plants, the photosynthetic electron flow to O2
acts as a safety mechanism against the excess of absorbed light, upon return to prechilling conditions, allowing
photosynthetic apparatus to maintain its efficiency. In AC+LT plants, the increase of thermal dissipation processes was
not adequate to guarantee the PSII photoprotection and the photosynthetic recovery after chilling
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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