1,720,967 research outputs found
Analysis of the Impact of Digitalization on Corporate Governance and Business Performance
No full textLa digitalizzazione e l’utilizzo delle nuove tecnologie digitali hanno rivoluzionato profondamente le dinamiche del mondo aziendale, ponendo le imprese di fronte a numerose sfide e opportunità. Sulla base di tale premessa, il presente lavoro di tesi si pone come obiettivo quello di analizzare l’impatto delle nuove tecnologie digitali sulla corporate governance e sulle performance aziendali.
Il primo capitolo si focalizza sugli effetti prodotti dalla digitalizzazione sulla revisione legale esterna. Nello specifico, la ricerca si concentra sugli effetti prodotti dall’introduzione delle nuove tecnologie digitali sulla qualità del processo di revisione delle società di revisione di grandi dimensioni (BigN) e di piccole e medie dimensioni (nBigN). Lo studio adotta un approccio qualitativo attraverso l’analisi tematica di interviste semi-strutturate. I risultati ottenuti evidenziano come la diffusione di tecnologie digitali in grado di coadiuvare l’attività di revisione stia ampliando il divario in termini di qualità del processo di revisione fra BigN e nBigN. Infatti, grazie alla maggiore capacità di investimento, le BigN sono in grado di sfruttare maggiormente i benefici derivanti dall’applicazione di tali tecnologie. Lo studio evidenzia inoltre come la diffusione delle nuove tecnologie digitali nella revisione legale stia influenzando tre principali aree: lo svolgimento delle attività del processo di revisione; le competenze richieste per svolgere la professione di revisore legale; la relazione fra le società di revisione e la corporate governance delle società revisionate.
Il secondo capitolo prende nuovamente in considerazione l’impatto delle nuove tecnologie digitali sul processo di revisione, focalizzandosi in questo caso sulla funzione di Internal Audit (IAF) aziendale. Infatti, nonostante il considerevole impatto che tecnologie come Machine Learning e Internet of Things possono avere sulle attività di Internal Audit (IA), gli effetti prodotti dalla digitalizzazione sulle IAF risultano essere poco esplorati all’interno della letteratura scientifica. Utilizzando un approccio di tipo qualitativo, lo studio individua tre aree che risultano maggiormente esposte ai cambiamenti legati alla digitalizzazione: le competenze richieste all’interno delle IAF; il ruolo dei consulenti esterni; i cambiamenti nelle attività svolte all’interno delle IAF. Inoltre, attraverso il framework teorico della Institutional Theory, la ricerca evidenzia come lo sviluppo digitale delle IAF sia principalmente influenzato dalle pressioni istituzionali che agiscono sui specifici settori e, conseguentemente, sulle imprese che ne fanno parte.
Il terzo e ultimo capitolo analizza invece gli effetti generati dagli investimenti in digitalizzazione sulle performance aziendali. Nonostante i numerosi studi prodotti sul tema, non è presente in letteratura una visione univoca circa gli effetti economici generati da tali investimenti. Lo studio contribuisce a questo filone di ricerca proponendo una misura del livello di digitalizzazione aziendale basata sull’analisi della disclosure societaria ed evidenziando il differente impatto che le varie tipologie di investimenti in digitalizzazione possono avere sulle performance. I risultati ottenuti mostrano come, in generale, il livello di propensione alla digitalizzazione di un’impresa sia associato positivamente alle performance economiche, sebbene solo alcune categorie di investimenti in digitalizzazione abbiano un impatto significativo e positivo su di esse.The digitalization and the use of new digital technologies have profoundly revolutionized the dynamics of the corporate world, presenting businesses with numerous challenges and opportunities. Based on this premise, this thesis work aims to analyse the impact of new digital technologies on corporate governance and business performance.
The first chapter focuses on studying the effects produced by digitalization on external statutory auditing. Specifically, the study analyses the effects produced by the introduction of new digital technologies on the quality of the audit process of large (BigN) and small and medium-sized (nBigN) audit firms. The research adopts a qualitative approach through thematic analysis of semi-structured interviews. The findings highlight how the diffusion of digital technologies that can assist audit activities is widening the gap in terms of the quality of the audit process between BigN and nBigN. In fact, due to their greater investment capacity, BigN are able to take more advantage of the benefits of applying such technologies. The study also highlights how the diffusion of new digital technologies in statutory auditing is affecting three main areas: the performance of audit process activities; the skills required to perform as a statutory auditor; and the relationship between audit firms and the corporate governance of audited companies.
The second chapter considers the impact of new digital technologies on the audit process, focusing in this case on corporate internal audit functions (IAF). Indeed, despite the considerable impact that technologies such as Machine Learning and Internet of Things can have on Internal Audit (IA) activities, the effects produced by digitalization on IAFs appear to be little explored within scholarly literature. Using a qualitative approach, the study identifies three areas that are most exposed to changes related to digitalization: the skills required within IAFs, the role of external consultants and changes in the activities performed within IAFs. In addition, through the theoretical framework of Institutional Theory, the research highlights how the digital development of IAFs is mainly influenced by the institutional pressures acting on the specific sectors and, consequently, on the companies that are part of them.
The third and final chapter, on the other hand, analyses the effects generated by investments in digitalization on business performance. Indeed, despite the numerous studies produced on the topic, there is no unified view in the literature about the economic effects generated by such investments. This study contributes to this line of research by proposing a measure of the level of corporate digitalization based on the analysis of corporate disclosure and highlighting the different impact that different types of digitalization investments can have on performance. The results obtained show that, in general, the level of a company's propensity to digitalize is positively associated with economic performance, although only certain categories of digitalization investments have a significant and positive impact
Resolution of financial distress in SMEs: How do family ownership and involvement affect second chance?
No full textThe aim of this study is to understand if the idiosyncrasies of family firms affect the likelihood of successfully recovering from financial distress through a debt restructuring proceeding. Relying on the mixed-gamble logic of the behavioral agency model, we hypothesize that family small and medium-sized enterprises (SMEs) have greater chances of resolving financial distress than non-family SMEs, as the former are driven by the preservation of long-term socioemotional wealth. Our findings suggest that family ownership and control, as well as family involvement, are positively associated with the likelihood of successful debt restructuring. This study highlights that the unique emotional attachment family executives have to their business enhances their motivation and capabilities, making them more effective than their non-family counterparts at resolving financial distress through debt restructuring
Audit quality and digitalization: some insights from theItalian context
No full textPurpose: The differences between Big audit firms (BigN) and non BigN (nBigN) have been discussed at the international level from various points of view, focusing in particular on issues regarding the different quality of the services offered. This study aims to analyze the impact of digitalization on audit firms in the Italian context, seeking to understand how this phenomenon has influenced the quality differences already studied in the scientific literature. Design/methodology/approach: The research adopts a qualitative approach, using semi-structured interviews. A total of 16 professionals working in the legal audit world were interviewed. The firms involved were PricewaterhouseCoopers, KPMG, Ernst and Young and Deloitte in the BigN category and BDO Italia Spa, MooreAxis Srl and Analisi Spa in the non Big class. The data collected via the interviews underwent thematic analysis. This analysis allowed the identification of three topics, on which the presentation of the results concentrated. Findings: The findings of this research reveal that the digitalization of companies has widened the quality gap between Big and non BigN. BigN have been better able to exploit the benefits of the new digital technologies due to their greater investment capacity. At the same time, stakeholders’ expectations of the audit process in terms of quality have increased sharply, also in relation to nBigN. Originality/value: This study’s main contribution is its analysis of the impact of digitalization on the audit quality of BigN and nBigN. This paper contributes to the existing literature by studying the consequences of digitalization on nBigN, a topic previously unexplored in the scientific literature (Manita et al., 2020), and the impact of new technologies in the context of audit firms in general
Facing economic and business complexity: An analysis of the evolving features of the board of directors’ meetings in Italy
No full textThis study analyzes how corporate governance practices evolve to keep up with external complexities. The analysis is carried out on all Italian listed companies in the period 2018–2020. The findings suggest that Committees of the Board of Directors increased in number during the period, and the frequency of their meetings also increased. There was little variation in the frequency of the Board of Directors’ (BoD) meetings. The paper provides empirical evidence on the current trend for establishing smaller working parties that do not burden the whole BoD when the firm faces issues for which specialized skills and greater attention are required. Our study contributes to previous literature on corporate governance by jointly analyzing different mechanisms of BoD. Moreover, to the best of our knowledge, it explores for the first time the duration of the meetings of the BoD and its Committees
The digital (r)evolution in internal audits: are we there yet? Some insights from Italy
No full textPurpose – This study aims to identify the principal changes that digitalization has brought about in the internal
audit functions (IAFs), focusing on the main characteristics that have been affected by this phenomenon.
Design/methodology/approach – The study follows a qualitative approach, involving the thematic
analysis of semistructured interviews. A total of 22 professionals working in Italian-listed companies’ IAFs
were interviewed. The framework of institutional theory was used to analyze the results.
Findings – The elements most affected by the digitalization of IAFs in Italy are: the skills required in IAFs,
the relationship with external consultants and the types of activities performed by internal auditors (IArs).
Nevertheless, the extent of the level digitalization within the IAFs of the companies analyzed appears to vary
in accordance with the level of institutional pressures experienced by the organizations.
Originality/value – The study contributes to the literature on IA and digitalization by delineating the
principal elements that are influenced by the digitalization process of IA. Moreover, it highlights how these
elements develop and evolve as the level of digitalization of the IAF changes
Measuring to Share, Sharing to Transform: Knowledge in Action for Circular Business Practices
No full textCorporate attempts to operationalise the circular economy (CE) have proliferated since the seminal vision put forward European Commission (2015). Yet empirical studies consistently show large implementation gaps between rhetorical commitment and material progress (Kirchherr et al., 2017). A key explanation is epistemic: circularity requires firms to convert fragmented, tacit, and often locally embedded insights into coordinated, cross-boundary actions (Korhonen et al., 2018). Building on the practice-based theory of organisational knowing, which positions “knowing...as an ongoing social accomplishment” (Orlikowski, 2002, p. 253), this paper develops a Measure–Share–Transform (M-S-T) framework. We utilize the unsupervised Random Forest (RF) algorithm to identify the most influential variables underlying the data structure. Furthermore, once the important variables are selected, we construct composite indicators based on the minimal depth criterion which shows the average minimal depth across the forest, and the ‘count’ measure reflects the normalized average number of maximal subtrees by the size of the tree (Greco at al., 2019). These data-driven composite indicators then serve as inputs for clustering, allowing us to group units that exhibit similar aggregate characteristics. We apply such framework on data collected via a regional survey (spring 2024) on 1,189 firms in Emilia-Romagna, Italy, an archetypal European SME region transitioning toward CE, that captured both circular action variables and knowledge-process variables, together with contextual controls. The results show how circular indicators may act as generative boundary objects rather than static data repositories. By identifying measurement and sharing practices as co-evolving, we enrich the capability-based view of CE (Bocken, et al., 2014). The study therefore advances three theoretical contributions. First, it extends practice theory to CE by demonstrating that sustainability indicators can operate as generative boundary objects for CE practices. Second, it explains micro-mechanisms of circular capability: measurement alone is insufficient; its power lies in its knowledge “circulation”. Third, it offers a parsimonious diagnostic dashboard: firms ranking in the top quartile on both knowledge and circular variables align with the knowledge-enabled archetype and can plausibly adopt more advanced CE practices.
Managerially, the findings counsel embedding indicator development in cross-functional routines such as progress evaluations, supplier audits, innovation lab, so that latent operational knowledge can become discussable and actionable. For policymakers, linking grants to evidence of both investment and knowledge sharing infrastructures could amplify public returns
What is in a Rating? Exploring the Link Between the Italian Legality Rating and Earnings Management
Full text linkCorporate legality is a key dimension of business strategy. However, due to the difficulties associated with its measurement, little has been done to study the activities and behaviors that legally responsible companies enact towards their stakeholders. To address this gap, we consider the Italian Legality Rating (LR) as a proxy for corporate legality to study the earnings quality of legally responsible companies. Considering the theoretical framework of stakeholder theory and agency theory, we hypothesize that the LR scores and the presence of LR are associated with higher earnings quality. Based on a dataset of over 126,000 companies, the results of the analyses confirm our hypotheses and highlight the role of the LR as an effective tool to recognize ethically responsible companies. Our study provides valuable practical insights to private companies and public institutions
The effects of covid-19 on financial statements: Some insights from italy through an international literature review
No full textThe uncertainty generated by the Covid-19 pandemic has influenced countless aspects of business management. In order to deal with the pandemic, managers had to make particularly complex choices regarding, for example, the cash management activities, investment decisions and workplace safety procedures. At the same time, the instability related to the performance and solvency of companies has made it necessary for companies to have adequate information disclosure, even more than that in the past. The Covid-19 pandemic has in fact increased the need for an effective communication about the main corporate events with all corporate stakeholders. Based on this premise, this study aims to highlight the main scientific contributions regarding the impact that the Covid-19 pandemic has had on accounting and on corporate financial reports. The analysis carried out led to the identification of five thematic areas: Policy, Corporate Social Responsibility, Disclosure, Financial Statements Data and Audit. Moreover, considering the importance of providing adequate disclosure in a period of great uncertainty, this paper proposes an analysis on the disclosure about the Covid-19 pandemic provided by the companies belonging to the FTSE MIB index of the Italian Stock Exchange. Following a preliminary quantitative analysis of the performance of these companies, a content analysis was carried out on the financial statements and the main documents attached to it, in order to verify the presence of references to the Covid-19 pandemic. It will be shown that the companies analyzed have made adequate disclosure of information regarding the emergency situation arising from the pandemic
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
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