1,720,983 research outputs found
Analisi empirica dell'earnings management nel mercato italiano
No full texthis study examines the relationship between a firm’s market value and earnings management in the Italian financial market. Change in total accruals is used as a proxy for earnings management and change in the market to book ratio is used as a proxy for a firm’s market value. In contrast to the United States, Italy is a code-law and insider system country. The financial accounting system is characterized by a close overlap with tax accounting systems, which allows me to study the relationship with a different perspective than is possible with U.S. data. Moreover, I imply change in total accruals to measure earnings management. To my knowledge, there are no studies utilising this methodology in this type of institutional setting. The results of my study show that an increase in a firm’s market value is associated with income-increasing earnings management and a decrease in a firm’s market value is associated with income-decreasing earnings management. In line with U.S. evidence, my findings empirically validate Jensen’s prediction (Jensen, 2005) of the overvalued company also in the Italian financial market. The positive relationship between a decrease in a firm’s market value and income-decreasing earnings management is consistent with Badertscher (2011) study. First, this study focuses on the Italian institutional setting, which differs from the U.S. one. The Italian industrial system is mainly characterized by a majority of small and medium-sized enterprises, most of them family-owned. As said before, the accounting system is different from the U.S. Due to the institutional context that characterizes Italian companies, the main goal of Italian accounting rules is the preservation of equity and a close overlap of tax accounting rules and financial accounting rules. Moreover, in countries like Italy, where the capital markets do not have a strong effect on companies and, as said before, the capital market does not represent the main sources of financing for the companies (as in the United States), one would think that managers will not be motivated to manipulate earnings upward. The evidence and potential results of the study could be relevant to understanding how managers play the earnings management “game”, considering how the capital market structure differs from the United States', and to demonstrate the importance of securities markets in order to protect investors’ interest. Thus, the Italian data allows us to study the relationship between a firm’s market value and earnings management. To my knowledge this is the first study that analyses the relationship between firms' market valuation and earnings management based on Italian data. Second, to test my hypotheses, I use the change in total accrual as a proxy for the earnings management. The change measure (total accrual in year t minus total accrual in year t-1) is a particularly strong test for earnings management. To be more precise, accruals are measured relative to a firm’s industry and represent the change in net operating assets that would be absent without discretionary earnings management. Thus, from an income statement point of view, a firm with positive total accruals in t-1, and a positive change in total accruals in year t, is increasing discretionary earnings management by an increasing amount. At the same time, firms with negative total accruals in t-1, and negative change in total accruals in year t, is decreasing discretionary earnings by a decreasing amount. The previous methodology allows us to detect income-increasing and income-decreasing earnings management phenomena respectively
Il sistema dei controlli nelle società quotate. Analisi dei costi e delle proposte di miglioramento.
No full textIl tema dei controlli societari registra da sempre un interesse fondamentale da parte degli studiosi e professionisti che si occupano del miglioramento del sistema delle regole. La rilevanza dei temi affrontati, nel più ampio contesto della corporate governance, è legata e motivata alla tutela degli investitori e, più in generale, degli stakeholder. La presente opera si propone di indagare il tema dei controlli societari, con l’obiettivo di procedere ad un’analisi quanto più dettagliata dello stato dell’arte dei controlli per le società quotate, compiendo una ricerca sul rafforzamento della tutela degli investitori e, contemporaneamente, sull’efficienza della “struttura” di cui le società quotate devono dotarsi in Italia
La rilevazione delle imposte anticipate in conseguenza di perdite fiscali
No full textLa fiscalità differita attiva permette, in linea generale, alle società di chiudere il bilancio di esercizio con un maggior utile (o una minore perdita) generando, di conseguenza, un maggior patrimonio netto contabile. In tale ambito, la rilevazione delle attività per imposte anticipate in presenza di perdite fiscali rappresenta per la società un beneficio futuro di incerta realizzazione, poiché connesso alla capacità della società stessa di produrre redditi imponibili positivi (e in misura adeguata) negli esercizi successivi, tali da permettere il riassorbimento delle imposte anticipate precedentemente iscritte. Appare evidente, pertanto, che la rilevazione delle imposte anticipate in presenza di perdite fiscali debba essere connotata dal pieno rispetto del principio della prudenza, che può avvenire mediante la verifica della sussistenza dei requisiti previsti dalla disciplina contabile di riferimento e dalle disposizioni codicistiche
Earnings Management and firm's market value. An empirical analysis of an insider system economy
No full textIl presente libro ha l’obiettivo di fornire un’analisi sulle possibili ragioni che spingono managers e amministratori ad utilizzare l’earnings mangement. L’analisi si focalizza su un mercato c.d. “insider system” caratterizzato, quindi, da un mercato dei capitali meno rilevante rispetto al contesto statunitense. Nonostante i recenti sforzi nel modo accademico e professionale, il fenomeno dell’earnings management, infatti, rimane ancora incompreso soprattutto con riferimento ai contesti definiti “insider economy”. Il libro, fornisce un’ approfondita analisi della letteratura sui modelli di earnings management e si propone l’obiettivo di studiare come tale fenomeno sia connesso al valore di mercato delle aziende quotate nel mercato italiano. I risultati, comparati con i precedenti studi nel contesto anglo-americano, mostrano che managers e amministratori italiani possono utilizzare il fenomeno dell’earnings management con motivazioni del tutto differenti rispetto a quelle che spingono menagers e amministratori nei contesti nei quali il mercato dei capitali assume ruolo rilevante. Nel presente libro, il fenomeno dell’earnings management viene studiato in entrambe le prospettive di income-increasing e income decrasing earnings management
I piani di stock option nelle aziende di famiglia quotate: l'approccio dei benefici privati remunerativi
No full textThe study proposes an original explanation, alternative to the “optimal contracting theory” and to the “rent extraction theory”, for the use of Stock Option Plans in Family Firms. It is based on a classification of private benefits of control which includes the “idiosyncratic private benefits”, remunerating some family-specific resources that the family key figures contribute to the firm (i.e. entrepreneurial talent, personal relationships, reputation, long-term orientation, etc.). These resources have positive effects on future results, but they are in the meanwhile not contractible and their value cannot be assessed to shareholders’ capital. The study posits the use of stock option plans (SOPs) as a device to allow entrepreneurial families key figures to extract this value potential, if and when it should transfer into actual results. SOPs with long-term horizon, performance orientation and family beneficiaries are unsatisfactorily explained by “optimal contracting” and “rent extraction” theories and are instead better explained by the “idiosyncratic private benefits approach”. An empirical analysis on 267 stock option plans issued to directors in Italian listed family firms, during the period 2007-2010, finds an exploratory empirical evidence, confirming the existence of 23 issues consistent with the “idiosyncratic private benefits” hypothesis. Furthermore, a logit regression confirms the likelihood of these SOPs increases with higher involvement of family key figures in the governance of the firm (family CEO, board familiness, family CEO duality, founder family CEO) consistently with the premises of the hypotheses
Do managers engage in earnings management to support firm's market valuation?
No full textThis study examines the relationship between a firm’s market value and earnings management in the Italian financial market. Change in total accruals is used as a proxy for earnings management and change in the market to book ratio is used as a proxy for a firm’s market value. In contrast to the United States, Italy is a code-law and insider system country. The financial accounting system is characterized by a close overlap with tax accounting systems, which allows me to study the relationship with a different perspective than is possible with U.S. data. Moreover, I imply change in total accruals to measure earnings management. To my knowledge, there are no studies utilising this methodology in this type of institutional setting. The results of my study show that an increase in a firm’s market value is associated with income-increasing earnings management and a decrease in a firm’s market value is associated with income-decreasing earnings management. In line with U.S. evidence, my findings empirically validate Jensen’s prediction (Jensen, 2005) of the overvalued company also in the Italian financial market. The positive relationship between a decrease in a firm’s market value and income-decreasing earnings management is consistent with Badertscher (2011) study
Stock option plan practices in family firms: the idiosyncratic private benefits approach
No full textIn this study, we propose an original explanation, which is an alternative to ‘‘optimal contracting theory’’ and ‘‘rent extraction theory’’, for the use of stock option plans (SOPs) in family firms. This explanation is based on a classification of the private benefits of control, which include ‘‘idiosyncratic private benefits’’, or the remuneration of certain family-specific resources that key family figures contribute to a firm. These resources have positive effects on future results; however, in the interim, they are not contractible, and their value cannot be assessed as shareholders’ capital. SOPs with long-term horizons, performance orientations and family beneficiaries, which are inadequately explained by the ‘‘optimal contracting’’ and ‘‘rent extraction’’ theories, could instead be explained by an ‘‘idiosyncratic private benefits’’ approach, as demonstrated in this study. A logit regression confirms the likelihood of these SOP increases with a higher involvement of key family figures in the governance of a firm (family CEO, board familiness, family CEO duality, founder family CEO), consistently with the logical premises of the hypotheses
La fiscalità differita nel bilancio di esercizio: le casistiche nelle aggregazioni aziendali
No full textLe imposte differite, presenti nei bilanci delle imprese, rappresentano sovente una voce piuttosto rilevante.
Le differenze temporanee tra il valore civilistico e fiscale di un’attività o di una passività, destinate ad annullarsi in esercizi successivi, possono sorgere a seguito di operazioni che hanno effetto sul conto economico e operazioni che non hanno effetto sul conto economico. Le prime riguardano ricavi e costi che rilevano fiscalmente in esercizi diversi da quelli civilistici, mentre le seconde sono relative, per esempio, alle operazioni straordinarie, quali fusioni, scissioni e conferimenti.
Il presente contributo, analizzato il fenomeno della fiscalità differita nella sua accezione più ampia, mette a fuoco proprio alcune casistiche che sorgono a seguito di operazioni straordinarie che danno origine a passività per imposte differite e ad attività per imposte anticipate
Early Warning Systems for financial crises prediction in private companies: Evidence from the Italian context
No full textPurpose: This study compares models for predicting business financial crises, focusing on which are most effective. In light of the new European Directive on business failure, it highlights a trade-off between predictive accuracy and timeliness in static models and offers an alternative approach.
Design/methodology/approach: This study examines the Italian early warning system (EWS), testing static alert indicators’ predictive ability on a large sample of private companies. It then proposes a dynamic version of the EWS.
Findings: The results show a trade-off between predictive ability and timeliness for static models. In contrast, a dynamic system is more accurate in predicting crisis events, allowing managers to take corrective actions.
Originality: The results highlight the limitations of static prediction models and emphasize the potential of a simple dynamic model that is specifically designed for small- and medium-sized entities (SMEs).
Practical implications: This study proposes a dynamic model tailored for SMEs,
which are particularly vulnerable to financial crises. This insight can help managers and policymakers balance accurate predictions with timely interventions, especially in European countries implementing crisis prediction models
Market misvaluation and earnings management. Evidence from Italian financial market
Get PDFClassical and behavioural finance theory overview. Classical finance theory. Market Inefficiencies. Behavioural Finance Theory. Investors’ Sentiment. Stock market overvaluation and undervaluation. Earnings management. Earnings management definition. The relationship between earnings and stock market. The relation between earnings management and stock market incentives. Detecting Earnings Management. The agency theory of overvalued equity and earnings management. Empirical evidences supporting the Jensen’s agency cost of overvalued equity and earnings management. Hypothesis Development. The Italian Insider System. The Italian institutional contest. Earnings management in Italy. Sample, Data and Variables’ Description. Sample description and data gathering. Variables’ description. Dependent variable: Change in Current Accruals and Change in Discretionary Accruals. Independent variable: Change in Market to Book Ratio. Control Variables. Model Specification and Descriptive Statistics. Model Specification. Descriptive statistics. Primary test – Changes in Total Accruals as a Dependent Variable. Robustness checks. Alternative sample composition. Alternative model specification.Classical and behavioural finance theory overview. Classical finance theory. Market Inefficiencies. Behavioural Finance Theory. Investors’ Sentiment. Stock market overvaluation and undervaluation. Earnings management. Earnings management definition. The relationship between earnings and stock market. The relation between earnings management and stock market incentives. Detecting Earnings Management. The agency theory of overvalued equity and earnings management. Empirical evidences supporting the Jensen’s agency cost of overvalued equity and earnings management. Hypothesis Development. The Italian Insider System. The Italian institutional contest. Earnings management in Italy. Sample, Data and Variables’ Description. Sample description and data gathering. Variables’ description. Dependent variable: Change in Current Accruals and Change in Discretionary Accruals. Independent variable: Change in Market to Book Ratio. Control Variables. Model Specification and Descriptive Statistics. Model Specification. Descriptive statistics. Primary test – Changes in Total Accruals as a Dependent Variable. Robustness checks. Alternative sample composition. Alternative model specification.LUISS PhD Thesi
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