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Article
Publication date: 12 February 2018

Elisa Menicucci

The purpose of this paper is to investigate the effect of firm characteristics on forward-looking disclosure (forward-looking information (FLI)) within the context of…

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Abstract

Purpose

The purpose of this paper is to investigate the effect of firm characteristics on forward-looking disclosure (forward-looking information (FLI)) within the context of integrated reporting (IR). The study assesses the extent of FLI provided in integrated reports and empirically fills the research gap into the topics of FLI disclosed in the IR.

Design/methodology/approach

A manual content analysis is run to investigate the level and the topics of FLI in 282 integrated reports available in the International Integrated Reporting Council (IIRC) website. A disclosure index composition consisting of 27 information items is developed from the list of content elements comprised in the Integrated Reporting Framework (IIRC, 2013). Three hypotheses are proposed and eight models are tested within a multivariate regression analysis in order to explore the effects of three main variables (firm size, profitability and leverage) on FLI.

Findings

The study confirms that firms are reluctant to provide FLI in integrated reports. The results show that profitability and firm size have a statistically significant relationship with the level of specific topics of FLI. Conversely, leverage is found to be insignificant in explaining the extent of FLI.

Research limitations/implications

To improve the reliability of findings presented in this study, several others may be conducted by inspecting more variables that may affect the extent of FLI or by increasing the number of companies included in the sample.

Practical implications

The results provide comprehensive insights into the current forward-looking disclosure practices of early adopters in integrated reports and can be a useful evidence for preparers of it. This paper has also practical implications especially for managers and regulators (e.g. IIRC) since it encourages further efforts to promote FLI if firms want that the disclosure offered in the IR is perceived as “informative” by their significant stakeholders.

Originality/value

The research adds to the prior disclosure literature concerning FLI since acquired results are ambiguous. There are a very restricted number of studies that have explained the variation of FLI in the light of firm characteristics and no study has analyzed this research topic within the context of IR.

Details

Journal of Applied Accounting Research, vol. 19 no. 1
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 9 September 2021

Elisa Menicucci and Guido Paolucci

The purpose of this paper is to investigate the relationship between gender diversity and the risk profile of Italian banks during the period 2015–2019. This study…

Abstract

Purpose

The purpose of this paper is to investigate the relationship between gender diversity and the risk profile of Italian banks during the period 2015–2019. This study examines whether the presence of female board directors or top executives has any significant effect on bank risk-taking.

Design/methodology/approach

To explore the influence of women on bank risk-taking, the authors analyzed a sample of 387 Italian banks and developed an econometric model applying unbalanced panel data with firm fixed effects and controls per year. Within a multivariate regression model, the authors considered five risk dimensions to verify the effect of gender diversity.

Findings

The findings suggest that female board directors and executives are considerably more risk averse and less overconfident than their male colleagues, thus confirming a negative causality between risk-taking and gender diversity. The results reveal that banks headed by women are less risky because they report higher capital adequacy and equity to assets ratios. As credit risk in female-led banks is no different from male-led ones, higher capital adequacy does not derive from lower asset quality because it is linked to the higher risk aversion of female directors and top managers.

Research limitations/implications

From a theoretical standpoint, the results suggest that having women in executive positions entails different risk implications for Italian banks; from a managerial perspective, the results highlight conditions that may promote the role of women in the banking sector. The conclusions are of particular significance because they provide some support for the view that regulators should favor gender quotas in the board management of banks to reduce risk-taking behavior.

Originality/value

This paper offers an in-depth examination of the risk practices of banks and it attempts to bridge the gap in prior literature on the risk profile of the Italian banking industry given that few empirical studies have examined the determinants of risk-taking in this field, to date. The findings on the higher risk aversion of women directors advance the understanding of the determinants of risk-taking behavior in banks, suggesting that gender quotas in bank boards can contribute to reducing risk-taking behavior. This also unveils some policy implications for bank regulatory authorities.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 4 July 2016

Elisa Menicucci and Guido Paolucci

The purpose of this paper is to investigate the relationship between bank-specific characteristics and profitability in European banking sector to find the role of…

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9390

Abstract

Purpose

The purpose of this paper is to investigate the relationship between bank-specific characteristics and profitability in European banking sector to find the role of internal factors in achieving high profitability.

Design/methodology/approach

A regression analysis is built on an unbalanced panel data set comprising 175 observations of 35 top European banks over the period 2009-2013. To this end, the empirical data are collected from Bankscope and a comprehensive set of internal characteristics is examined.

Findings

All the determinant variables included in the model have statistically significant impacts on European banks’ profitability. However, the effects are not uniform across profitability measures. Regression findings reveal that size and capital ratio are significant company-level determinants of bank profitability in Europe, while higher loan loss provisions result in lower profitability levels. Findings also suggest that banks with higher deposits and loans ratio tend to be more profitable but the effects on profitability are statistically insignificant in some cases.

Practical implications

This study has considerable policy implications, as the performance of the European banking sector depends on its efficiency, profitability and competitiveness. In view of these findings, some suggestions may be functional for bank regulatory authorities to intensify and sustain robustness and stability of the banking sector.

Originality/value

The results provide interesting insights into the characteristics and practices of profitable banks in Europe. Few econometric studies have empirically explored the determinants of bank profitability in Europe so far, even though similar studies have been conducted in several developed countries. Therefore, this paper tries to close an important gap in the existing literature improving the understanding of bank profitability in Europe.

Details

Journal of Financial Reporting and Accounting, vol. 14 no. 1
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 8 October 2020

Roberta Guglielmetti Mugion and Elisa Menicucci

The aim of this study is to undertake a systemic literature review (SLR) of horticultural therapy and to explore whether its inclusion in a healthcare programme can…

Abstract

Purpose

The aim of this study is to undertake a systemic literature review (SLR) of horticultural therapy and to explore whether its inclusion in a healthcare programme can enhance hospitalised children's well-being.

Design/methodology/approach

An empirical study was developed using a mixed methods approach to monitor stakeholders' perceptions of horticultural therapy. Specifically, hospitalised children (N = 31) and their families (N = 21), as well as medical and nursing staff (N = 3), were engaged in the empirical study. Qualitative and quantitative surveys were developed, involving two paediatric units in an Italian hospital.

Findings

The authors’ findings show a significant improvement of children's mood and psycho-physical well-being following horticultural therapy. The authors found positive effects of interactive horticultural therapy on hospitalised paediatric patients and their parents. Parents perceived a positive influence on their mood and found the therapy very beneficial for their children. Qualitative analyses of children's and parents' comments (and related rankings) revealed the helpful support role of horticultural therapy in dealing with the hospitalisation period. There is a very limited number of studies that have inspected co-therapy implementation in paediatric hospitals, and to the best of the authors' knowledge, no study has yet examined the effect of horticultural therapy in such a context. The practice of horticultural therapy with children in health settings has been documented in some Italian hospitals, but its effectiveness has not yet been well established in the literature.

Originality/value

The authors’ findings could provide useful insights to clinicians, health managers and directors in creating and sustaining a successful group co-therapy programme under the managed healthcare system.

Details

The TQM Journal, vol. 33 no. 4
Type: Research Article
ISSN: 1754-2731

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Article
Publication date: 25 September 2018

Elisa Menicucci

The purpose of this study is to inspect factors influencing profitability in the Italian hospitality industry during the period 2008-2016.

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1424

Abstract

Purpose

The purpose of this study is to inspect factors influencing profitability in the Italian hospitality industry during the period 2008-2016.

Design/methodology/approach

This paper examines the profitability and its determinants using a sample of 2,366 Italian hotels. The author applies a multidimensional measure of profitability comprising return on equity, return on assets, occupancy rate and gross operating profit per available room. The author investigates variables influencing performance and includes them into five groups: market variables, business model, ownership structure, management education and control variables.

Findings

The results show that financial crisis, business model and ownership structure affect hotel firms’ profitability. Particularly, findings suggest that size, internationalization, location, accommodation as first activity and chain affiliation influence profitability positively.

Research limitations/implications

Results confirm the importance of firm-specific factors for evaluating the profitability of a hotel firm. Findings also provide new evidence for academics to assess factors that would guarantee profitability of hotels in developed countries such as Italy.

Practical implications

This investigation offers valued information and strategic suggestions for hotel investors, hotel owners, hotel managers, tourism playmakers and government.

Originality/value

This paper offers an in-depth examination of the practices and characteristics of profitable hotels in Italy. Few empirical studies examined the determinants of performance in the European and Italian hospitality field so far. Hence, this study attempts to bridge the gap in prior literature on profitability of the Italian hospitality industry.

Details

International Journal of Contemporary Hospitality Management, vol. 30 no. 8
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 4 July 2016

Elisa Menicucci and Guido Paolucci

The aim of this paper is to review the main results of accounting research literature examining the role of fair value accounting (FVA) within financial crisis. This…

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5804

Abstract

Purpose

The aim of this paper is to review the main results of accounting research literature examining the role of fair value accounting (FVA) within financial crisis. This research analyzes theoretical and empirical studies on the controversial topic about FVA and its alleged pro-cyclicality in the context of the financial crisis to offer solid reflections for improving the fair value research agenda.

Design/methodology/approach

This paper consists of a descriptive literature review. Theoretical and empirical research studies were investigated and then systematized in a framework to guide a literature-based analysis and critique of the relevant literature published about this topic.

Findings

The review reveals that there has been only a limited amount of research into the role of FVA within the financial crisis. This topic has not been researched extensively, and there is no empirical evidence that FVA caused the financial crunch and the subsequent financial crisis.

Research limitations/implications

The restricted amount of literature that directly deals with FVA in the context of the financial crisis is the main limitation of this paper. The specificity of the theme narrows the coverage. However, the adopted research methodology enabled the main contributions concerning this issue to be collected, to realize a concise and comprehensive portrait of the debate surrounding FVA and the financial crisis.

Practical implications

This paper can be of use to both researchers and practitioners interested in investigating strengths and weaknesses of the fair value concept for accounting purposes. The paper sets out the main findings of the academic literature and identifies future avenues of theoretical and practical research which may support standard setters to draw up improved accounting regulation.

Originality/value

Few existing studies consist of a literature review that examines theoretical and empirical researches on the influence of FVA on the financial system. This review offers a comprehensive overview on research literature concerning the responsibility of FVA in causing the financial crisis. The main contribution of this paper relates to further understanding the role and effects of accounting matters concerning fair value in a broad sense within the context of the financial crisis.

Details

Journal of Financial Reporting and Accounting, vol. 14 no. 1
Type: Research Article
ISSN: 1985-2517

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