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L’INFORMATIVA ECONOMICO-FINANZIARIA NELLE PMI ITALIANE:MISURE E DETERMINANTI DI EARNINGS QUALITY
No full textIl presente lavoro si pone l’obiettivo di analizzare e misurare la qualità dell’informativa economico-finanziaria delle piccole e medie imprese italiane attraverso l’applicazione dei concetti e dei modelli di misurazione dell’earnings quality.
L’utilità di tale analisi e la possibilità di applicare questi modelli quantitativi nel contesto specifico delle PMI è verificata attraverso l’analisi critica della letteratura economico-aziendale italiana che si è occupata del bilancio e della sua formazione, insieme alla letteratura di Financial Accounting, che nell’ultimo trentennio ha assistito al forte sviluppo del tema dell’earnings quality (qualità dell’informativa economico-finanziaria) secondo un approccio di natura quantitativa.
In particolare, la misurazione della qualità dell’informativa economico-finanziaria nelle piccole e medie imprese non quotate è giustificata dalla presenza di soggetti che ne utilizzano il bilancio per le loro decisioni economiche e che, pertanto, risultano interessati a ricevere informazioni corrette e veritiere. Inoltre, l’attenzione per la qualità dell’informativa contabile di qualità nelle PMI è recentemente aumentata anche in conseguenza dell’introduzione dei principi contabili internazionali IFRS dedicati a queste realtà. Pertanto anche l’impresa di piccole e medie dimensioni può tenere in considerazione le attese di specifici interlocutori al momento della redazione di bilancio, che può allora risultare influenzata da politiche di bilancio tese alla soddisfazione di queste attese. In tal senso, può essere utile misurare la qualità dell’informativa economico-finanziaria delle PMI e individuare quali siano le sue determinanti in questo contesto.
La qualità dell’informativa economico-finanziaria trova esplicitazione sia nella letteratura italiana che in quella straniera: la prima ha affrontato lo studio di tale qualità analizzando i criteri e le modalità con cui si perviene alla determinazione del reddito d’esercizio e le eventuali politiche di bilancio che si generano; la seconda di Financial Accounting ha associato alla qualità degli earnings una serie di attributi qualitativi che vengono misurati quantitativamente con l’ausilio di svariate tecniche statistiche, tra queste, alcune possono essere adeguatamente implementate anche nel contesto delle PMI, poiché consentono di considerare gli elementi contabili su cui possono verificarsi manipolazioni contabili.
Al fine di implementare tali tecniche statistiche, è stato utilizzato un vasto campione di oltre 64.000 imprese italiane di piccola e media dimensione, di cui si conoscevano dati contabili, anagrafici e commerciali.
Il lavoro di ricerca può essere diviso in due parti principali: la prima di analisi critica della letteratura italiana e straniera; la seconda parte di analisi empirica con cui si verificano quali circostanze influenzano la qualità degli earnings delle PMI italiane e con quali effetti.
Nel dettaglio, il primo capitolo individua le specificità del bilancio delle PMI, intese come le peculiarità in termini di destinatari ed usi del bilancio della PMI, con cui si giunge a configurare la valenza informativa del bilancio delle imprese di ridotta dimensione. Il secondo capitolo approfondisce il concetto di qualità dell’informativa economico-finanziaria, facendo riferimento, da un lato, alla dottrina italiana che si è occupata del reddito d’esercizio consumabile e delle politiche di bilancio, dall’altro, alla letteratura di Financial Accounting che si è occupata di qualità degli earnings e ne ha definito gli attributi, con un approfondimento dello stato dell’arte della ricerca sull’earnings quality nelle PMI e nelle imprese non quotate. Il terzo capitolo costituisce il punto di raccordo tra la prima e la seconda parte del lavoro, in quanto, sulla base dell’analisi critica formula la domanda di ricerca e le ipotesi che il lavoro intende verificare.
Il capitolo quarto approfondisce gli aspetti metodologici della ricerca e individua le modalità di individuazione del campione di imprese considerato nell’analisi. Il quinto capitolo, dopo aver introdotto i principali metodi di misurazione dell’earnings quality, presenta il modello di regressione lineare per la verifica delle ipotesi, delineando le scelte e le modalità di costruzione delle variabili che lo compongono. Infine il sesto e ultimo capitolo riporta i risultati dell’analisi quantitativa, i quali vengono analizzati alla luce delle ipotesi formulate e interpretati nel quadro più ampio dell’intero lavoro.
Con i suoi risultati, la ricerca offre un supporto empirico alla letteratura che si è occupata degli usi del bilancio delle PMI, portando una prova sperimentale a sostegno degli studi che individuano nei finanziatori esterni e nell’amministrazione finanziaria i soggetti che utilizzano il bilancio della PMI e che possono influenzare la qualità delle sue informazioni contabili. Inoltre, contribuisce in modo duplice alla letteratura che si occupa dell’earnings quality nelle imprese non quotate: da un lato, conferma alcune delle determinanti che generalmente influenzano la qualità degli earnings nei pochi studi relativi al contesto delle PMI; dall’altro, amplia la letteratura considerando un contesto non ancora approfondito da tali studi, qual è appunto l’Italia. Infine, i risultati empirici che emergono dall’analisi offrono degli spunti di riflessione non solo per la letteratura italiana e straniera sul bilancio delle PMI, ma anche per le scelte future di regolamentazione contabile e fiscale nel contesto delle PMI.
Il presente lavoro di ricerca è quindi un primo lavoro di natura esplorativa, con cui si sono potute mettere in luce nuove prospettive di ricerca nell’ambito delle PMI e dell’earnings quality. I risultati della ricerca, infatti, costituiscono dei punti di partenza per futuri lavori di ricerca più approfonditi e specifici sugli effetti dell’indebitamento e delle norme fiscali nell’ambito delle PMI, ma anche per studi di comparazione internazionale, al fine di enucleare differenze e similarità nelle determinanti che influenzano l’earnings quality delle PMI.The present work aims to analyze and measure the quality of financial information for small and medium Italian enterprises through the application of earnings quality concepts and measures.
A critical analysis of both the Italian research in “Economia Aziendale” and the Financial Accounting research focused on earnings quality with a quantitative approach highlights the usefulness of this kind of analysis about the earnings quality in Italian SMEs and the possibility to use earnings quality measures in the specific context.
In particular, the evidence of the decision usefulness of SMEs financial statement by specific users and their need for truth and faithful financial information underline the possibility of measuring the quality of financial information in unlisted small and medium-sized companies. Moreover, the recent introduction of IFRS for SMEs arises interest for the quality of financial information in this peculiar context.
Therefore, even small and medium-sized enterprises may take into consideration the expectations of specific users when drafting their financial statement. In SMEs, hence, the quality of earnings can be affected by peculiar policies aimed at meeting those expectations. In this sense, an analysis that sheds lights on earnings quality in SMEs and its main determinants can results useful.
The concepts of financial information quality are considered both by the Italian “Economia Aziendale” and by the Financial Accounting research literature: the first one deepens such quality by analyzing the ways in which the income is calculated and the related policies and estimations; the second one defines earnings quality by means of several qualitative attributes that quantitatively measure earnings quality. Among these measures, some can be properly implemented also in the context of SMEs, since they consider specific accounting elements on which manipulations may occur.
In order to achieve its aims, the study makes use of a large sample of over 64,000 Italian SMEs formed by accounting data and business features.
The research can be divided into two main sections: the first one focuses on critical analysis of Italian “Economia Aziendale” and Financial Accounting research, the second one develops the empirical analysis that verifies the existence and the effects of the possible earnings quality determinants in Italian SMEs.
In detail, the first chapter identifies the specific nature of the SMEs financial statements, defined as the peculiarities in terms of users and uses of SMEs financial statements. The second chapter discusses the concept of financial information quality, with reference both to the Italian scholars who studies the expendable income and financial statement policies, and to Financial Accounting research focusing on earnings quality and its attributes, with a specific attention to the growing stream of earnings quality in SMEs and unlisted companies. The third chapter constitutes the link between the first and the second part of the work, since it states the research questions and the related hypotheses, on the basis of the critical analysis. The fourth chapter explores the research methodology and identifies the sample of SMEs for the statistical analysis. The fifth chapter, after introducing the main measures of earnings quality, presents the regression model for the, outlining also the choices and the construction of each variables that form the model. Finally, the sixth and last chapter reports the results of the statistical analysis for the hypotheses test, considering also the broader consequences on the whole analysis, here conducted.
With its results, the research provides empirical support to the literature that deals with users and uses of SMEs financial statement, giving evidence that lenders and banks but also tax authorities are the main users of their financial statements and their relevance can affect SMEs earnings quality. In addition, it contributes to the Financial Accounting literature about earnings quality in unlisted companies and SMEs: firstly, it confirms some of the determinants affecting the earnings quality of SMEs, and secondly, it enlarges the research by considering a new context, like Italy. Finally, the empirical results gives also insights concerning the choices by accounting setters and tax authorities in the context of SMEs.
This research has also limitations, since it constitutes an exploratory work about earnings quality in SMEs, but it sheds light on future research paths in SMEs context and on earnings quality research. Actually, the results can be considered starting points for deepening the research on the effects of debt and tax rules on SMEs financial information, but also for developing cross-country studies about differences and similarities in the determinants that affect the earnings quality of SMEs
Rudimentary capital budgeting for a utopian Italian colony in Australia: Accounting as an advocating device
No full textAccounting historiography has often paid attention to individuals for their pivotal roles in the development of accounting practice and thought; however, little is known about individuals using accounting outside the traditional professional domain. This study explores the use of accounting calculations by a non-professional accountant, the intellectual Melchiorre Peccenini, who advocated his utopian project of an Italian colony in Australia in a book published in Melbourne. By analysing his life and context, as well as his writings and use of calculations, the article reveals how accounting was embedded in the intellectual discourse of an individual and became an advocating device. With its results, this investigation contributes to the accounting biography tradition by extending its boundaries to include ordinary individuals who can provide new insights into accounting as a multi-purpose device
Performance Management in the Intermunicipal Network Context: an Italian case study.
Full text linkLa cooperazione tra enti locali viene spesso identificata come strumento volto alla risoluzione della frammentazione territoriale, peculiare caratteristica italiana. Malgrado la letteratura si sia focalizzata sulla collaborazione inter-istituzionale, sembra essere scarsa l’attenzione sui sistemi di gestione delle performance (PMS). L’analisi si concentra sull'Unione dei Comuni (UC), un modello italiano di cooperazione tra due o più comuni. Dallo studio della letteratura Economico Aziendale e di “network performance” si è inteso concettualizzare teoricamente l'UC e comprendere come la gestione delle performance in un contesto collaborativo possa essere attuata identificando caratteristiche rilevanti per la progettazione, implementazione e utilizzo dei PMS. Avvalendosi di una metodologia di casi di studio multiplo di tipo esplorativo, sono state esaminate otto esperienze di UC nella regione Emilia-Romagna e mediante una ricerca qualitativa (analisi documentale e interviste semi-strutturate) si sono analizzate le fasi di progettazione e utilizzo di un PMS, identificando altresì le condizioni contestuali e organizzative utili ai fini decisionali. I risultati dell'indagine offrono riflessioni per una possibile concettualizzazione teorica dell'UC, contestualizzandola in un panorama internazionale, approfondendo la definizione di UC come network e discutendo su governance e network management. Questo elaborato intende fornire inoltre un framework concettuale considerando modelli di PMS sviluppati in letteratura, adattandoli ai network di enti locali e, in particolare, alle UC. In termini di implicazioni pratiche, il lavoro identifica i fondamenti per un’efficace progettazione di PMS ai fini di un adeguato sistema decisionale, di controllo e di accountability. Si evidenzia come le misure di performance non siano solitamente implementate per raggiungere outcome di network desiderati bensì utilizzate per monitorare le UC intese come enti singoli.Local Government (LG) cooperation is often identified as a tool aimed at overcoming issues linked with territorial fragmentation which can often be seen in Italy. Even though the wider focus on inter-institutional collaboration, the performance management role within this context seems to be rather scarce. This analysis is focused on the Municipal Union (MU), which is a widespread Italian cooperation model between two or more municipalities. This essay analyzes the Economia Aziendale literature with the aim to theoretically conceptualize the MU. Moreover, to better understand how collaborative performance management can be operationalized, network performance literature has been analyzed with the aim to understand PMS design, implementation, and use. This study makes use of an explanatory multiple case study. It examines eight cases of MUs in the Emilia-Romagna region, Italy. Qualitative research has been carried out (document analysis and semi-structured interviews) with the aim to analyze PMS design and use, and how contextual and organizational conditions influence decision-making. The results of the analysis offer insights into the theoretical conceptualization of the MU, contextualizing it in an international panorama. It enhances the definition of the MU provided by literature in terms of LG networks, discussing the issues on governance and network management. Moreover, this essay provides a conceptual framework drawing on previous studies and performance management models, describing them with reference to LG networks, and particularly, to MUs. In terms of practical implications, the paper identifies the fundamentals for a methodologically correct PMS design for a specific context and structure, while supporting proper monitoring, decision-making, and accountability. This essay highlights how MU performance measures are usually not implemented for achieving desired network outcomes, but they are often used to monitor MUs meant as a single LG
Accounting and governance in diverse settings – an introduction
No full textThe article presents the Special Issue of Accounting History on the theme ‘Accounting and governance in diverse settings’. The Special Issue comprises eight further developed and refined articles that were originally presented at the ninth Accounting History International Conference (9AHIC) held in Verona, Italy, during 6-8 September 2017. The Call for Papers for the conference, and later for the Special Issue, was intended to enhance our understanding of the relationship between accounting and governance in the past, with reference to the various settings in which this relationship existed and operated. Choosing this topic will potentially open many future research paths, not only in the accounting history field but also in contemporary studies of accounting and those of governance. A summary of the foundations on which this idea for the Special Issue developed and an outline of the articles which are published herein are presented
Governmentality rationales and calculative devices: the rejection of a territorial barter proposed by the King of Spain (XVII century)
No full textAlmost 400 years ago, a territorial barter proposed by the King of Spain was refused by Ferdinando Gonzaga, Duke of Mantova and Marquis of Monferrato. The barter would have stated the exchange of Monferrato with the Isle of Sardinia, a Vice-Reign of the Spanish kingdom.
It was the 1618 when a Duke’s advisor drafted a report (“Relatione dell’Isola di Sardigna”) to highlight the financial and governmental matters of the island. This “Relatione”, together with the written correspondence among the governors and their advisors engaged in the deal, let us investigate the information that allowed the Duke to take his decision about the barter by considering the effects on the duchy welfare as well as the risks related to at-a-distance government.
Drawing on the Foucauldian governmentality framework, we demonstrate that the barter denial has been the output of a rational behaviour driven by territorial governability aims
The insurers' impairments: the write-off policies in Italy and U.K.
No full textThe paper highlights write-off policies used by the listed Italian and U.K. insurance companies, by an empirical analysis of their financial reports and discuss about impairment in this secto
Intangible assets impairments in time of crisis: the insurers' accounting policies
No full textThe paper highlights the insurers' accounting policies in time of crisis, and in particular impairment policies of intangible asset
Accounting and accountability in a natural disaster recovery
No full textIn November 2010 Italy suffered its first major flood in decades; beyond the tremendous damages, this flood likely will be remembered for the governmental response, including prompt recovery and limited litigation. Given the detailed reports by the Extraordinary Commissioner for Reconstruction and its Flood Team, this article seeks to explain the foundations of the accountability they granted by questioning the role of accounting in shaping a successful recovery process. Since the Flood Team needed precise estimations of the damages by municipalities, citizens, and firms to accomplish a prompt and fair recovery, it delegated the estimations to such players, thus inverting the usual accountability relationship between authorities and their forum. The widespread involvement of flooded citizens and firms in accounting practices made such practices a relevant tool for an undisputed accountability of the authorities responsible for the recovery. Accounting, whereas recognized for its individualizing effect in critical studies, here had the possibility of enabling an accountability based on shared information and mutual understanding. A combination of interviews with several main players and document analyses supports the discussion
Integrated reporting adoption, disclosure, and media legitimacy: evidence from the IIRC Pilot Programme
Full text linkPurpose – In recent years, several businesses worldwide have started to adopt a more integrated approach to corporate disclosure, following the integrated reporting (IR) framework. This paper explores whether and how a firm’s voluntary decision to adopt integrated reporting and the extent of its integrated disclosure impact negative media coverage related to ESG issues.
Design/methodology/approach – The study investigates the disclosures of 93 international firms from the International Integrated Reporting Council (IIRC) Pilot Programme and a matching sample of 93 similar firms issuing traditional sustainability reports to assess the impact on media coverage around ESG issues. The final sample consists of 1,116 company-year observations over a six-year period.
Findings – The results indicate that the voluntary adoption of integrated reporting alone does not significantly impact a firm's level of media exposure. However, greater alignment of integrated disclosures with the IR framework results in reduced negative media exposure. These findings hold when the negative exposure is related solely to governance issues, but not when it pertains only to social or environmental issues.
Originality/value – This study provides evidence that a greater extent of integrated disclosure leads to more favourable media coverage of a business regarding ESG issues. This suggests that the media use the information disclosed by companies to inform their news and positively value the disclosure provided, especially when it aligns with the IR framework.
Research limitations/implications – The results of this study contribute to accounting and business research on media and corporate disclosure by providing new insights into how the media value integrated corporate disclosures. The results indicate that the media particularly value the adoption of the IR framework when it is applied more extensively, especially in relation to governance issues. They also demonstrate that analysing this reporting tool benefits from a perspective rooted in media legitimacy theory. This theory suggests that when facing negative media coverage, businesses can use corporate disclosures to shape media attention and restore their legitimacy.
Practical implications – The findings of our work provide valuable insights for practitioners and the IFRS Foundation, guiding the refinement of the IR framework and reinforcing the growing global emphasis on corporate social and environmental performance. Furthermore, the study’s implications extend to managers, investors, and policymakers. In accounting environments where IR is not mandatory, managers can use these insights to adopt IR practices, improving management quality through a comprehensive, integrated approach beyond financial metrics. Seeking external assurance can further strengthen the credibility of IR reports, fostering trust among stakeholders, including the media
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