343 research outputs found
CORPORATE GOVERNANCE AND INTERNAL CONTROL SYSTEM: IMPACT ON FINANCIAL PERFORMANCE IN PERIOD OF CRISIS. EVIDENCE FROM AN EMPIRICAL SURVEY IN ITALIAN VENETO SME’S.
No full textSome studies on company performance, carried out before the 2007-2008 crisis, revealed that good
corporate governance and good internal control systems lead to better results in the long term view
[Bauwhede H.V., 2009], [Larker D.F., Richardson S., Tuna I., 2005].
Over the past years, companies have had to face one of the worst strong financial crises, while
economic paradigms, like “too big to fail”, need to be updated or redefined.
This study focuses on SMEs because of their economic relevance in the Italian context and of the
limited number of studies available to these companies. Can we assume that corporate governance
and internal control systems are able to determine better financial performance and SMEs reaction
in times of crises?
To answer this and look at other related topics from a practical point of view, a research project was
defined and launched in 2010 and continued in 2011. It analyzed the Italian context, in particular the
Verona and Vicenza areas, with their numerous SMEs.
Using a specific questionnaire addressed to SMEs with a local subsidiary in the Verona and Vicenza
provinces, companies were asked to provide data on four sections (in a sort of BSC model), believed
to be important for determining their financial performance. The relevance of the variables (factors)
collected was assessed using a statistical approach.
By the beginning of January 2012, around 470 questionnaires had been received, from approximately
10% of the SMEs present in the geographical area considered.
In this context the paper aims to analyze the relationship between variables (factors) and financial
performance, in order to identify critical ones that impact companies’ results.
This could help companies to gain better financial performance, prevent effects of the crisis and to
adopt good business practices concerning the structure and processes of corporate governance and
internal control system
Il sistema di controllo interno: cos'è, come funziona, quando è adeguato
No full textCon differenti livelli di funzionalità e formalizzazione in tutte le imprese è presente un sistema di controlli interno (SCI) che interessa l'aspetto amministrtivo-contbile e quello "gestionale" Una serie di esempi aiutano a comprendere il funzionaento del SCI e l'attività svolta da chi si ocupa di tale sistema
I processi di analisi e gestione dei rischi aziendali nell'ottica dei controlli interni
No full textL'impiego di modelli e strumenti di ERM rappresenta una concretezza per alcune imprese particolarmente sensibili al tema della gestione dei rischi che ne fanno una componente fondamentale per l'ottimizzazione del proprio business e del sistema dei controlli interni
L'analisi di redditività e le leve aziendali
No full textRiclassificazione a margine di contribuzione del Conto Economico, calcolo del Break Even, determinazione delle leve aziendal
La leva operativa
No full textLo scritto intende illustrare in chiave manageriale le potenzialità di simulazione offerte dalla leva operativ
L'analisi di bilancio
No full textRiclassificare il bilancio d'impresa, calcolare e commentare gli indici di redditività, di liquidità e di struttur
INTERNAL CONTROLS AND FINANCIAL PERFORMANCE IN SMALL AND MEDIUM ENTERPRISES: FIRST EVIDENCE OF CORRELATION IN THE NORTHEASTERN ITALY CONTEXT
No full textAn effective internal control system (ICS) is expected to ensure that companies reach their goals, improve corporate governance, protect their assets, guarantee the reliability of financial information and prevent fraud. These important goals, activities and processes could affect a company’s financial performance. The agency theory and institutional theory both stress the importance of an effective ICS. Using a quantitative approach, this study investigated the relationship between the five components of an ICS as described in the Committee of Sponsoring Organizations framework and financial performance of small to medium enterprises (SMEs) in Veneto, Italy. The study used an industry and time-period fixed-effect ordinary least square regression model for testing hypotheses. Financial performance was assessed using two different financial ratios (ROA and ROA*). The analyses revealed that risk assessment as well as information and communication were significantly correlated with financial performance, while control environment, control activities and monitoring activities had less or no influence. This study offers empirical evidence of the importance of a good ICS in SMEs, at least in relation to some components, and their positive effect on a company’s financial performance
L'analisi di redditività e gli effetti di leva
No full textLo scritto intende analizzare le potenzialità del modelli aziendali di simulazione basati sull'equazione del profitto operativo e, più particolarmente, quello del Break Even, valutando attraverso le leve aziendali gli effetti di possibili azioni aziendal
Internal audit practices and tools according to company's value creation proces
No full textThe importance of value creation as the ultimate commitment of organizations is highly recognised in the economic literature. In recent business administration studies the need for transparency and accountability in the corporate governance processes has become apparent.
These topics are relevant to all the organizations’ bodies and the internal audit function (IAF) as well.
In recent years the role of internal auditing is growing, as has been stressed in the definition of internal auditing stated by the IIA. Internal auditing is a player in corporate governance of a company and its activity is “value oriented”.
Recent surveys have outlined the main features of the internal audit function in the Italian context, pointing out its objectives, its structure and its activity.
The aim of this study is to update the monitoring of the internal audit function in Italian companies and to understand how it regards itself inside the organization, at present and in the future as a player in the value creation process.
The first topic to be investigated is wheather and how the internal auditing function contributes to create value in organizations.
The role of the IAF and it’s relationship within the corporate governance process are also considered.
Than further new topics will be analysed concerning the use of audit tools, in particular the reasons for the choice and if any similar investment is planned in the future.
Finally the research will analyse a possible evolution of the activity of the IAF.
The study is based on empirical research with questionnaires sent to the chief audit executive of the Italian listed companies.
In particular, the survey targets those companies included in the S&P/MIB index, which are selected both for quantitative and qualitative profiles, such as capitalization, floatation and industry representativeness.
In short, the main objective is to offer an overview of the practices of internal auditing used in the Italian companies, as the boundaries of practice and possible paths of development for internal auditing
The internal audit function in italian listed companies: state of the art and future perspective, results of an empirical research
No full textThe importance of the Internal audit function in the general value creation process is
highly recognised in the economic literature. It can contribute to improve the
realiability of informations, to enhance transparency and accountability in the
corporate governance processes and also help in the maximization of the
effectiveness and efficiency of processes.
Recent surveys have outlined the main features of the internal audit function in the
Italian context, pointing out its objectives, its structure and its activity.
The aim of this study is an up-to-date monitoring of the internal audit function in
Italian listed companies, understanding, furthermore, how it regards itself inside the
organization, at present time and in perspective.
After an analysis of the structure, a first issue to be investigated is how it works and
how internal auditing contributes to create value in the organization.
Role and relations of internal auditing in the corporate governance are then
considered.
Afterwards, further topics that will be analysed concern the help in risk mapping, the
coordination with other bodies and the use of audit tools.
Finally the research looks at the future, trying to understand the evolution of the
activity, the economic relevance, and the way to add value to the organization by the
internal auditing process.
The study, after a review of the literature, is based on an empirical research with
questionnaires addressed to the chief internal auditor of the Italian listed companies.
In particular, the survey targets all Italian listed companies (not only S&P/MIB index
companies, which are selected both for quantitative and qualitative profiles, such as
capitalization, floatation and industry representativeness).
In short, the main objective is to offer an updated overview of internal auditing
processes and structures, diffused in the Italian companies, and also to consider
possible paths of development and new tasks of internal auditing for the near future
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