1,721,012 research outputs found
Can Z-Score Model Predict Listed Companies’ Failures in Italy? An Empirical Test
No full textThe Altman Z-score model for predicting bankruptcy of businesses was constructed and fine-tuned in the USA in 1968 and updated in 1999. It is therefore possible that its results cannot be extended to non-Anglo-Saxon countries in today’s context. This paper ascertains if the Z-score can correctly predict the failure of industrial listed companies in Italy. First, we have analyzed the theoretical and practical characteristics of the original Z-score model and we highlight some of its potential shortcomings. Second, we have examined a sample of 102 industrial companies, quoted on the Italian Stock Exchange in the period 1995-2013 – 51 companies had had their shares permanently suspended or delisted because of a default, whereas the remaining 51 companies, which have been selected based on same core business and year of data collection, did not go bankruptcy or had their shares permanently suspended. We investigated whether the Z-score model could have predicted the default of the firms in the sample for up to three years earlier, with a degree of accuracy and reliability comparable to the one obtained by Altman (and by many other authors) in the tests performed nowadays in the U.S. and Anglo-Saxon contexts. We found that the Z-score works effectively and performs well in predicting failures of Italian firms, although with a slightly lower degree of reliability when applied to Anglo-Saxon companies. Therefore, we conclude that the Z-score can be applied to the Italian context, provided that some critical points illustrated in this study are taken into account
Contabilizzazione delle attività immateriali. I principi nazionali e internazionali
No full textCome è noto, i problemi di instabilità ed aleatorietà connessi con l’iscrizione in bilancio delle immobilizzazioni immateriali costituiscono il risultato della contrapposizione tra le diverse, ma talvolta anche inconciliabili, finalità contenute nei due fondamentali principi per la redazione del bilancio medesimo, risultando evidente come una rappresentazione contabile che tenga nella dovuta considerazione il contributo teoricamente apportabile da una risorsa immateriale tanto alla redditività aziendale quanto alla composizione del capitale di funzionamento – c.d. criterio della “verità e correttezza” -, trovi infine non soltanto un temperamento ma spesso un cogente limite nel divieto di compromettere, anche solo potenzialmente, la solidità delle informazioni posta a tutela dell’affidamento dei terzi – c.d. principio della “prudenza” -, non potendosi appunto “inquinare” la naturale affidabilità dei dati esposti in bilancio con elementi in buona misura derivanti da stime e mere presunzioni.
Scopo del presente studio è pertanto quello di indagare criticamente le disposizioni dettate dal Principio Contabile (P.C.) n. 24 e dall’International Accounting Standard (I.A.S.) n. 38 con riguardo alla definizione dei criteri e principi cui attenersi ai fini dell’iscrivibilità in bilancio delle immobilizzazioni immateriali, parallelamente analizzandone gli elementi di differenza e di eventuale contrasto.This essay aims at giving a contribution to the issue of analyzing, in a logic-scientific approach to corporate annual accounts, the rules set out by the Italian general civil law (and by the Italian accounting priciple no.24) and by the International Accounting Standard - IAS no.38 with reference to the entry of intangibles in the aforementioned records
The Accounting of Consolidation Differences in the European Accounting Practice
No full textThis paper aims at recognising the accounting methods for consolidation differences in the IAS/IFRS consolidated financial statements actually utilised by the major parent-companies listed on regulated markets in the lead EU Countries. To this end, first of all the accounting criteria for positive and negative consolidation differences in the consolidated financial statements established by IFRS 3 have been recognised. Then, a sample of No. 250 parent-companies listed on regulated European markets and that prepare their consolidated financial statements in accordance with IAS/IFRS has been selected, in order to ascertain the effective accounting methods commonly used by European business practice. Finally, some aspects of special interest that emerged from the results of the empirical survey will be analysed, together with some questions that the same results have produced
La contabilizzazione degli oil service contracts nel bilancio Ias/Ifrs. Evidenze empiriche dal contesto europeo
No full textLong-term sale and purchase contracts of oil commodities (i.e. “oil service contracts”) are usually contracts for the purchase, in whole or in part, of the output from the plants specified in the supply contract for a consideration adjusted to the effective production cost or to the right of use of a given plant against payment of prearranged amounts, independently of the fair value of the units of product purchased. The duty to comply with the principle of faithful representation of business transactions might require to account these contracts in the balance sheet of each contracting party in a way that could be different not only from the legal form of the contract but also, upon occurrence of certain specific conditions, from the original intention of the parties and from the overall scope of the transaction. This is due to the considerable complexity of the contracts at stake, and to the occurrence of certain typical conditions explicitly provided for by the international standards, as it will be discussed hereinafter. As a consequence, there could be a significant impact on the economic-financial results of the period for the contracting parties as well as on the quantitative representation of the respective assets. Therefore, the aim of this paper is to provide a contribution to the topic of accounting long-term oil procurement contracts in Ias/Ifrs balance-sheets according to the principle of faithful representation, thus lifting the “veil” of the legal form of the contract in favour of the economic substance of the transaction. To this end it shall have to be ascertained – based on the typical features of these kinds of contracts – whether the amount of an oil commodity is bought/sold for an industrial use exclusively, so that such transactions will be accounted as a normal purchase/sale, or through the lease of the relevant production plant (i.e. whether the party is an effective buyer/purchaser or it is a “virtual” trader of the commodity), as in this latter case the contract should be accounted in compliance with Ias 17 “Leasing”. Finally, the modalities used by a number of oil companies located in European countries to account such kind of contracts will be analyzed
I metodi basati sui costi per la valutazione quantitativa del capitale umano aziendale
No full textThis essay aims at giving a contribution to the issue of estimating the value of corporate human asset. The analysis will focus on the considered examination of the criteria developed by main doctrine, at the same time singling out the salient and peculiar features thereof together with some comments and in-depth studies on the subject-matter
The discount for lack of control in transactions of unquoted minority interests. Empirical evidence from Italy
No full textThis paper aims to give contribution to the issue of minority discount valuation due to the lack of control in companies unquoted on regulated markets. First, the concept of minority discount for lack of control will be defined and the economic reasons that motivate its valuation will be analyzed. The paper examines both direct and indirect methodologies used to calculate minority discounts for lack of control and developed by the main international doctrine. Specifically, the paper focuses on indirect methodologies, which estimate the market value of minority shares by applying a discount percentage to the pro-rata value of the total economic capital of a company (W). In the light of the analysis, the paper will explore which valuation methodologies are commonly applied in the Italian professional practice
Alcune considerazioni sullo sconto di minoranza per ridotti poteri nel trasferimento di partecipazioni
No full textCome è noto, il valore di scambio di una partecipazione non totalitaria al capitale di una determinata azienda coincide raramente con la corrispondente frazione del complessivo capitale economico. Se si esclude l’influenza che le condizioni soggettive di negoziazione possono esercitare sulla definizione dei valori di mercato di parti del capitale d’impresa (ricomprendendo, in tale nozione, l’abilità negoziale di ciascun contraente, la relativa “forza” contrattuale, le possibili asimmetrie informative, le eventuali sinergie economico-produttive ottenibili da un certo acquirente ovvero altri fatti ancora di natura personale e non economica, quali il bisogno di prestigio, potere, ecc.), la mancata coincidenza tra quest’ultimi e i relativi valori economici pro-quota deve in linea generale attribuirsi non già alla “dimensione” delle cointeressenze scambiate quanto alle “prerogative” di cui le medesime risultano foriere per i possessori.
Se con riguardo al primo fattore appare infatti evidente che al variare della quota di capitale trasferita varia proporzionalmente il relativo valore di mercato, posto che con eguale proporzionalità variano i diritti patrimoniali ad essa associati (in primis il diritto agli utili, alla liquidazione della quota in caso di cessazione dell’attività aziendale, ecc.), con riguardo al secondo fattore l’effettivo valore di mercato di una partecipazione assumerà una diversa quantificazione, più o meno distante dal corrispondente valore economico pro-quota (c.d. valore-base o fondamentale), a seconda che risulti o meno determinante per il conseguimento del controllo sulla società partecipata.
Dunque, se si esclude l’ipotesi di trasferimento dell’intero capitale aziendale, la stima del valore economico di una determinata partecipazione può venire ricondotta ad una semplice relazione di proporzionalità con riguardo al complessivo capitale economico (ovviamente, come anzidetto, in assenza di condizioni soggettive di negoziazione) solo se la quota negoziata ammonta al 50% del capitale sociale ovvero si avvicina alla sua totalità, oppure ancora quando il trasferimento suddetto avviene tra contraenti riconducibili allo stesso soggetto economico. In tutti gli altri casi, e cioè quando il “pacchetto” scambiato è in grado di assicurare il controllo, di diritto o di fatto, dell’azienda partecipata, oppure è del tutto ininfluente a tal fine (ciò dipendendo, evidentemente, dalle caratteristiche dell’acquirente e segnatamente dalla percentuale di capitale sociale da questi già detenuta), è quasi sempre rinvenibile uno scostamento tra il valore di scambio di una quota-parte del capitale sociale e la corrispondente frazione del complessivo capitale economico, volto appunto a dare un’equa valorizzazione al requisito aggiuntivo del controllo ovvero alla sua mancanza.
Nell’ipotesi in cui la partecipazione trasferita consenta all’acquirente di conseguire il controllo di un’azienda, o comunque di influenzare in modo rilevante le relative dinamiche di gestione, al fine di misurarne il valore di scambio è necessario calcolare una correzione maggiorativa del valore pro-quota del capitale economico (quest’ultimo, come anzidetto, commisurato al grado di cointeressenza ai connessi benefici patrimoniali e quindi proporzionalmente identico per qualunque quota di partecipazione, a prescindere dalla relativa dimensione), denominato premio di maggioranza o di controllo, mentre per converso lo sconto di minoranza per ridotti poteri prefigura una riduzione del valore fondamentale di una partecipazione motivata dal trascurabile valore dei diritti amministrativi in essa incorporati, tale da non consentire all’acquirente di assurgere al rango di soggetto economico dell’azienda partecipata (perché “minima” in termini assoluti, oppure perché il controllo è già detenuto stabilmente da un altro socio).This essay aims at giving a contribution to the issue of estimating the minority discount due to the lack of control. The analysis will focus on the considered examination of the criteria developed by main doctrine, at the same time singling out the salient and peculiar features thereof together with some comments and in-depth studies on the subject-matter. Due to the difficult definition of a valid criteria to estimate market value of minority interest, it is mostly used to measure the discount to be applied to the corresponding pro-quota value of the equity capital from the bonus calculated on top of the foundamental value of a controlling sharing, in this way if the majority bonus quantifies the incremental value associated to the private benefits (monetary and non-monetary) that the owner has over a controlled quota of capital of the company, the absence of these benefits in case of a minority interest prefigures a minus-value that, ceteris paribus, may find an opportunity corrispondance in a deduction of this pro-quota economic value. We suggest, instead, that if the share exchanged gives to the stakeholder the status of controller, and so the possibility to use the mentioned benefits without the control, it is strongly correct that this foundamental value needs to be increased of a certain percentage amount as a bonus, maybe it is conceptually illogic subtract the intrinsic value of a minority sharing of a discount (ad adiuvandum deriving quantitatively from the mentioned bonus) due to the absence of these benefits, assuming that his objective redditivity is in any case proportionally identic to the majority interest
Sull’iscrizione in bilancio del marchio d’impresa
No full textThe paper aims at contributing to the issue of singling out, in a logic-scientific approach to corporate annual accounts, the most appropriate and suitable criteria to evaluate trademarks.
The analysis will preliminarily focus on the general civil law provisions and on the Accounting Principle no. 24 as to the entries of intangible assets. The paper will afterwards go through a critical analysis of the rules set out by the Italian Organismo Italiano di Contabilità with reference to the entry of trademarks in the annual accounts; finally, the corresponding criteria relating to the evaluation of trademarks, provided for by the International Accounting Standard Board and included in IAS no. 38, will be analysed
The faithful representation of electrical energy sale and purchase agreements under International accounting standards/International financial reporting standards
No full textThis article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end it must be ascertained whether electrical energy is bought/sold for an industrial use exclusively, so that the relevant transaction will be accounted as a normal purchase/sale, or through the lease of the relevant production plant, which would require the supply contract to be accounted in compliance with Ias 17 “Leasing”. Alternatively, it must also be ascertained whether the relevant party is implementing financial trading strategies, as in such hypothesis the supply contract is to be accounted as a financial instrument according to Ifrs 9/ Ias 39 “Financial Instruments”. Finally, the modalities used by a number of companies listed on European regulated markets to account such kind of contracts will be analyzed
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