1,721,047 research outputs found
The relationship between financial crisis and earnings management: Some evidence from the Italian context
Full text linkThe aim of this research is to investigate the relationship between the financial crisis and earnings management. Despite the wealth of research examining earnings management, we still have much to learn about the effects of macroeconomic factors on accounting discretional decisions; the recent financial crises may be one of such factors. Particularly, this study aims at investigating whether, in the Italian context, the precarious macroeconomic conditions and the consequent difficulties suffered by listed companies have constituted an incentive to implement earnings management or not. The research is based on a
sample of 89 non-financial listed Italian companies and an investigation period (2005-2016) split out into three different sub-periods: a pre-crisis period (2005-2008), a crisis period (2009-2012) and a post-crisis period (2013-2016). The research is conducted using the Beneish Model, due to its capability to identify, although on the basis of likelihood, companies that potentially adopt earnings management. The results of this study suggest an overall low presence of companies at risk of manipulation throughout the period under investigation; however, the most consistent number of such companies is recorded during the pre-crisis period
Ownership structure and turnaround processes: evidences from Italian listed companies
Full text linkThe aim of this research is to investigate the relationship between ownership structures and turnaround processes in the Italian context. In fact, with the exception of the analysis of individual business cases - relating to incidents of fraud, bankruptcy and failure to rehabilitate the business, it does not seem to have been made, at the time, specific theoretical and empirical studies on the relationship between ownership structure and processes turnaround / crisis in Italian listed companies, in which the reference model is the family business, even in large companies. This research does not extend the results obtained from studies conducted in different contexts outright to Italian companies, but considers the peculiarities of the Italian model of corporate governance, characterized by concentrated ownership structure, by the low proportion of banks and institutional investors and the conflict of interests between shareholders control and minority shareholders
TURNAROUND PROCESSES AND CORPORATE GOVERNANCE STRUCTURE: EMPIRICAL EVIDENCE FROM ITALIAN LISTED COMPANIES
No full textThe purpose of this paper is to investigate the relationship between governance structures and turnaround processes in Italian capitalistic model. In fact, aside from the analysis of single cases, no specific empirical studies seem to have been carried out on the relationship between the single aspects of governance and turnarounds/crises in Italian companies, in which the reference model is that of the family company, even if they are listed companies. This study does not extend the results obtained by studies carried out in different contexts tout court to Italian companies, but it considers the peculiarities of Italian model of capitalism, characterized by a concentrated ownership structure, in which the main conflict of interest becomes that between controlling shareholders and minority shareholders.
On this basis, the research project examines how simultaneous developments in governance structures might contribute to the processes of turnaround themselves in a sample of Italian listed companies. In particular, enquiry is aimed at analysing the dynamics underlying the ownership structure, the TMT composition and the Boards of Directors composition (i.e. including independent Directors, size, turnover), structure (CEO duality, existence and composition of the audit committee) and functioning.
The research has been structured as follows:
1) Literature review; 2) Formulation of specific hypotheses; 3) Definition of a framework of the phenomenon “turnaround” and selection of a sample of turnaround firms; 5) Selection of corporate governance variables; 5) Analyses and results
Le operazioni di tranched cover. Gli strumenti per il finanziamento del debito e del rischio in favore delle PMI nella prospettiva economico aziendale
No full textIl progetto si propone di analizzare, nella prospettiva economico aziendale, taluni strumenti di ingegneria finanziaria (SIF), quali le operazioni di garanzia tranched cover, gli strumenti per il finanziamento del debito e le misure per il finanziamento del capitale di rischio nelle PMI pugliesi nel ciclo di programmazione 2014-2020
Board Independence and Earnings Management: Evidence from Italy
Full text linkThis research aims to analyze the relationship between the characteristics of the Board of Directors (BoD) and the effectiveness of the monitoring of earnings manipulation activities in family – controlled companies in Italy. In particular, specific hypotheses relating to the link between those aspects of the Board, that substantiate its independence, and earnings quality have been formulated to verify whether the mechanisms for monitoring management activity are less effective in these companies.
This study applies a univariate and multivariate methods on a sample of Italian listed company over the period 2014-2016. Earnings management is defined by the proxy of abnormal working capital accrual (AWCA) estimed model according to DeFond and Park (2001). Proxies for corporate governance mechanism are the board size, the level of board independence, the CEO non-duality and the interaction between the last two variables.
The research shows that independent directors are not, as in other contexts, a factor that contributes to earnings quality, in the same way that the separation of the offices of Chairman of the Board of Directors and Chief executive Officer (CEO) does not appear to be relevant to this end.
The study aims to provide a double contribution. First, the research represents one of the few studies concerning the Italian context with its peculiarities, taking into consideration the earnings management issue in companies with a high concentration of family ownership. Secondly, this study aims to further stimulate the debate on the most effective features of structure and composition of the BoD in family-controlled companies: specifically, the conclusions could lead to a reconsideration of the validity of certain characters of the boards that defines independence
Corporate governance e politiche di Earnings Management. Aspetti teorici ed evidenze empiriche
No full textIl rapporto tra informazione di bilancio e strutture di governo delle imprese rappresenta un tema di grande rilevanza e attualità. I contributi teorici proposti dalla letteratura - di prevalente matrice internazionale - hanno messo in evidenza il ruolo delle strutture di corporate governance quali meccanismi atti ad influenzare l’informazione esterna d’impresa, con particolare riferimento alla realizzazione di politiche di earnings management.
Nello specifico, tali studi hanno indagato la qualità e la validità di quei presìdi di governance che consentono di identificare e limitare l’attività di earnings management ed hanno come riferimento, soprattutto, il contesto capitalistico anglosassone con le relative peculiarità in termini di mercati finanziari molto sviluppati, proprietà polverizzata ed elevato grado di contendibilità del controllo. Nel panorama della letteratura nazionale, invece, ancora ridotto risulta il numero delle ricerche che hanno affrontato tali argomenti, nonostante negli ultimi anni un insieme di elementi convergenti - i casi di default di aziende di primaria importanza in conseguenza di frodi contabili, l’apertura dei modelli di governance alle necessità di interlocutori esterni, ecc. - abbiano reso sempre più evidente anche nel nostro Paese la rilevanza del rapporto tra strutture di governo delle imprese e informazione di bilancio.
Nel quadro delineato, il presente studio indaga - avvalendosi di evidenze empiriche - le problematiche attinenti alla natura e all’efficacia dei presìdi di governance e alla relativa influenza sulle politiche di earnings management in un contesto imprenditoriale, quello italiano, in cui il modello di riferimento è quello dell’impresa ad elevata concentrazione proprietaria, spesso a carattere familiare, ed in cui, nonostante risultino modificate le modalità e gli strumenti con cui viene esercitato il controllo, resta modesto il grado di contendibilità delle imprese quotate.
A tal fine si è scelto di fare riferimento alle variabili di corporate governance maggiormente richiamate dalla letteratura sull’argomento, opportunamente declinate, tenendo conto del contesto sociale ed economico di riferimento
Changes in the culture of control: The impact of “organisational models to prevent corporate misconduct”, on Internal Control Systems. An empirical research on Italian listed companies
No full textGli strumenti di ingegneria finanziaria a supporto del processo di accesso al credito delle imprese pugliesi
No full text
Crisi finanziaria e politiche di bilancio. Alcune evidenze empiriche
No full textL’obiettivo della ricerca è quello di analizzare la relazione tra la crisi
finanziaria del 2008 e le politiche di bilancio (o politiche di manipolazione del
reddito o earnings management) delle imprese. In particolare, questo lavoro si
propone di indagare se, nel contesto italiano, le condizioni macroeconomiche
conseguenti alla crisi finanziaria del 2008 abbiano rappresentato o meno un
incentivo a porre in essere politiche di manipolazione del reddito. La ricerca viene
condotta utilizzando due proxies del Modello di Beneish (2013), per la sua capacità
di identificare, sebbene su base probabilistica, le società che potenzialmente
adottano politiche di bilancio. I risultati conseguiti consentono una migliore
conoscenza del fenomeno che si estende dal periodo pre-crisi a quello post-crisi e
suggeriscono una presenza complessivamente bassa di società a rischio di
manipolazione per tutto il periodo in esame
- …
