1,720,995 research outputs found
La regolamentazione, la vigilanza e la gestione del rischio del settore bancario. Evoluzione ed effetti sulla comunicazione economico-finanziaria delle imprese
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Financial instrument disclosure in the Italian banking sector. a study on the value relevance of IFRS 7
No full textThis paper focuses on the issue of the relevance of financial instruments’ disclosure in the banking sector, considered as a topic of crucial importance especially after the recent financial crisis. Namely, this paper aims to test whether information required by IFRS 7 is value relevant for investors in order to support them in assigning appropriate risk levels in their investment decisions. The regulatory framework of bank’ financial risks is complex since it is formulated by a range of different bodies, including the Basel Committee, the IASB, the National Banking Supervisor and local accounting standards. Literature, however, argues for the incompleteness of such framework. This incompleteness is one of the premises for IFRS 7. The sample consists of the annual reports of all Italian listed banks over a 7-year period, 2007– 2013. To provide some first results, we have used an OLS model.
We expect to provide valuable evidence that banks complying with IFRS 7 are rewarded with higher evaluation by the market. Results confirm our expectations, showing a positive association between banks’ value and the financial index disclosure.
Our evidence contributes to the value relevance literature and brings useful insights to investors and regulators
The Readability of Non-Financial Information. The Role of Stakeholders' Pressure in the European Setting
No full textThis study explores the factors that may explain the readability of non-financial information (NFI) disclosure through the interpretive lens of legitimacy theory. In particular, it investigates whether the readability of the NFI disclosure, prepared under Directive 2014/95/EU, is affected by the pressure of certain stakeholders and by the presence of a corporate social responsibility committee (CSRc). The sample is based on 9,218 European listed firms, covering the period 2017-2020. The results show that pressure from environmentally sensitive industries, consumers, and some investors plays a crucial role in improving the readability level of NFI, while employees and the State owner do not exercise an influence on the level of readability. In addition, the presence of a CSRc is not only relevant per se, but also acts as a moderator in enhancing the association with these stakeholders on the readability of NFI disclosure
Addressing Corruption: Identifying the Factors Affecting the Disclosure of Anticorruption Plans in Italian Local Governments
No full textThe never-ending fight against corruption has driven local governments (LGs) to prepare and disclose their strategies to prevent and/or reduce corruption. This paper aims to identify possible determinants that can affect disclosure provided through anticorruption plans, specifically the factors that can affect accountability behaviour. To this end, anticorruption plans published by a sample of Italian LGs are analysed. Findings reveal that governance, economic and socio-political features considerably affect anticorruption disclosure. The key lessons from the findings reveal that anticorruption regulations require further surveillance and that key mechanisms must be implemented for more effective action
Exploring the link between sustainable performance and credit access: the moderating role of intellectual capital
No full textPurpose – This paper aims to analyze the role of intellectual capital in the underexplored relationship between
sustainable performance and credit access among private firms in Italy, where over 90% of businesses are small
and medium enterprises. While D’Apolito et al. (2024) have investigated sustainability-linked bank financing
among Italian listed small and medium-sized enterprises, this study takes a different approach by focusing on
private firms and examining the influence of environmental, social and governance criteria on their credit
access. The research seeks to deepen the understanding of how sustainable practices impact financial outcomes
and access to funding for private enterprises.
Design/methodology/approach – To investigate the relationship between sustainable performance and credit
access as well as the moderating role of intellectual capital, this study employs an ordinary least squares
regression model. It utilizes an innovative measure of sustainable performance for private firms – the legality
rating issued by the Italian Competition Authority in 2022 – drawing on prior research to establish a robust
analytical framework.
Findings – The findings highlight the importance of incorporating environmental, social and governance criteria
into the credit evaluation process for private firms. They underscore the critical role of intellectual capital –
comprising human capital, structural capital and relational capital – as a moderating factor in the relationship
between sustainable performance and credit access.
Originality/value – To the best of our knowledge, this study is the first to examine the moderating role of
intellectual capital in the relationship between sustainable performance and credit access among Italian private
firms. While substantial research exists on environmental, social and governance performance in large listed
firms, there remains a notable gap concerning the sustainability criteria of private and unlisted entities. This
study addresses this gap by providing insights into the unique dynamics of sustainable performance and
financial access in the context of private enterprises
(Un)accountability of crypto assets exchanges: evidence from a slippery financial field
No full textPurpose This study aims to critically examine the accountability architectures of centralized crypto asset exchanges (CEXs) in a financial environment marked by rapid innovation and opacity. It probes the extent to which techwashing – where technological rhetoric obscures substantive scrutiny – is embedded in CEX governance, drawing on Critical Dialogic Accountability (CDA) and operationalizing Bovens (2010) dual conceptualization of accountability as virtue and as mechanism. Design/methodology/approach The research adopts an exploratory posture for a totally overlooked field to date and interrogates the top five CEXs by trust score (Binance, OKX, Bybit, Kraken, KuCoin) through a qualitative coding of publicly disclosed documents and interviews with key industry stakeholders. CDA provides the analytical lens, emphasizing inclusivity, reflexivity, dialogue and contextualization as core accountability dimensions. Findings The analysis exposes troubling accountability voids and a systematic deployment of techno-utopian narratives that sanitize risk and veil governance shortcomings. Techwashing emerges as a strategic device, undermining transparency and eroding stakeholder trust. Originality/value This paper makes a dual contribution: theoretically, it sharpens the application of CDA within emerging financial infrastructures, foregrounding how governance mechanisms are co-opted by technological spectacle; practically, it surfaces urgent implications for regulators and industry actors seeking to anchor accountability in a sector prone to hype and evasion. By introducing techwashing as a diagnostic lens for crypto governance, the study pushes accountability research into new terrain – where innovation must be interrogated, not merely admired
Do effective and sustainable corporate governance mechanisms affect the relevance of non‐financial information?
No full textThe aim of this paper is to investigate the value relevance of non-financial information (NFI) under the EU Directive 2014/95/EU, since its increasing importance over recent years. Adopting a panel data set with all listed firms in Germany, Spain, France and Italy, we obtain a final sample of 10,025 firms-year-observations in the period from 2017 to 2021. Through the lens of institutional theory, it emerges that firms adopt coercive, mimetic and normative pressure to be recognised by investors in their NFI practices. Furthermore, the presence of effective and sustainable corporate governance mechanisms improve accounting information (namely, Earnings Per Shares and Book Value of Equity Per Shares) and NFI. The contribution of this study is twofold. First of all, it enriches the literature about value relevance of NFI; second, it is beneficial for practitioners, such as investors, policy makers and regulators on the strategic levels of effective corporate governance mechanisms. NFI has a positive effect on capital market and improve investors' decision-making by providing information on diversity, environmental matters, social and employees matters, human rights and anti-corruption and bribery matters, which will favour the firms' implementation of more sustainable actions. Indeed, if investors recognise the importance of a certain firm's NFI, the market value of that firm will increase with consequent reputational and economic-financial benefits. To the best of authors' knowledge, this is the first study that investigates the role of effective and sustainable corporate governance mechanisms on the value relevance of NFI
Strategic innovation: exploring governance drivers of FinTech investments
Full text linkPurpose: The innovation brought by FinTech is strategically transforming the business models of banking entities, their operational efficiency and their relationship with customers and stakeholders. Although the financial drivers behind FinTech investments have been extensively explored, there remains a gap in the extant research regarding the influence of governance factors on these kinds of investments. This study seeks to address this gap by investigating whether and how governance composition and characteristics are associated with investments in FinTech projects, exploring a sample of Cooperative Credit Banks (CCBs) operating in Italy, a unique context where these small institutions represent more than half of the banking sector and that often face difficulties in adopting innovative and digital tools. Design/methodology/approach: This study adopted a quantitative approach. Specifically, multiple regressions analyses were performed on a sample of 230 Italian CCBs during the period 2017–2022. Findings: We find that the presence of a corporate social responsibility committee, managers with high IT skills, Board’s gender diversity, younger generation of managers and their educational level can significantly stimulate FinTech investments. Originality/value: The study contributes to enriching the literature on FinTech and digital transformation in the banking sector, offering particular insights for regulators and managers of CCBs, who are particularly sensitive to innovation matters and increasingly inclined to strategically satisfy the needs of a 4.0 clientele
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