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Article
Publication date: 22 September 2020

Nicola Raimo, Alessandra Ricciardelli, Michele Rubino and Filippo Vitolla

Human capital (HC) represents a particularly important element capable of guiding the firms’ value creation process in the new economy. The purpose of this study is to…

Abstract

Purpose

Human capital (HC) represents a particularly important element capable of guiding the firms’ value creation process in the new economy. The purpose of this study is to analyze the level of HC information contained within integrated reports and to identify the variables that influence the HC disclosure policies of companies.

Design/methodology/approach

Research hypotheses, developed on the basis of agency theory, were tested using a regression model on a sample of 137 worldwide companies. A HC disclosure index was designed to examine the level of HC disclosure and a content analysis was used to investigate the integrated reports.

Findings

Results showed a positive and significant impact of firm size, board size, board independence and board diversity on the level of HC information disclosed by companies within their integrated reports. On the contrary, they demonstrated a not significant effect of firm profitability.

Practical implications

Results have important implications for corporate executives, high-level corporate governance, policymakers and investors. They point out additional further motivations for creating larger boards and including non-executive members and women on the board. In addition, investors could use the HC disclosure index to evaluate companies’ HC disclosure policies in their investment decisions.

Originality/value

This study extends the agency theory application scope and extends the analysis of HC disclosure to other corporate documents, namely, integrated reports. Besides, it increases knowledge about the factors capable of influencing HC disclosure, identifying a series of elements capable of directly affecting the level of information that companies disclose.

Details

Measuring Business Excellence, vol. 24 no. 4
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 2 June 2021

Giuseppe Nicolò, Alessandra Ricciardelli, Nicola Raimo and Filippo Vitolla

This study, based on stakeholder theory, aims to analyse the factors that can affect the level of visual disclosure in the context of integrated reporting (IR), which…

Abstract

Purpose

This study, based on stakeholder theory, aims to analyse the factors that can affect the level of visual disclosure in the context of integrated reporting (IR), which represents the last frontier of corporate disclosure.

Design/methodology/approach

This study develops an innovative measure to measure the level of visual disclosure of integrated reports that takes into account the use and degree of integration of images and graphs. Furthermore, to test the hypotheses, this study uses a regression model on a sample of 134 international companies that published an integrated report in 2018.

Findings

The results show that firm size, firm profitability and industry environmental sensitivity positively affect the level of visual disclosure of the integrated reports.

Originality/value

To our knowledge, this is the first study that examines visual disclosure in the IR context. It also extends the field of application of the stakeholder theory, still little used to explain visual disclosure strategies, and increases knowledge on the determinants of IR.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 27 February 2020

Filippo Vitolla, Nicola Raimo, Michele Rubino and Antonello Garzoni

This study aims to investigate the financial and country-level determinants of integrated reporting quality in the financial industry. Specifically, this study analyses…

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Abstract

Purpose

This study aims to investigate the financial and country-level determinants of integrated reporting quality in the financial industry. Specifically, this study analyses the impact of profitability, size, leverage and civil law system on the integrated reporting quality.

Design/methodology/approach

Hypotheses were tested using a regression model on a sample of 87 financial institutions. An integrated reporting (IR)-quality scoreboard was used to measure report quality.

Findings

The results show that IR quality is significantly and positively influenced by profitability, size, financial leverage and the civil law system.

Practical implications

The results have particularly important implications for large, profitable financial institutions that make greater use of financial leverage and that are localized in non-civil law countries. Managers should increase transparency by expanding the content and quality of the information contained in the integrated reports.

Originality/value

This study contributes to the literature by revealing several financial factors that influence IR quality. To the best of the authors’ knowledge, this is the first study to investigate IR quality in the context of the financial industry.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 11 April 2021

Nicola Raimo, Filippo Vitolla, Giuseppe Nicolò and Paolo Tartaglia Polcini

The latest developments in the football industry, the commodification of sport, the excessive focus on profitability and the limited attention to social and environmental…

Abstract

Purpose

The latest developments in the football industry, the commodification of sport, the excessive focus on profitability and the limited attention to social and environmental aspects have caused a legitimation crisis for football clubs. According to the legitimacy theory, the corporate social responsibility (CSR) disclosure represents a tool capable of allowing the construction or repair of legitimacy. This study, in line with this theory, aims to analyse the amount of CSR disclosure provided by football clubs and the determinants, related to visibility, of the level of information provided.

Design/methodology/approach

This study uses a manual content analysis on the corporate websites of the 80 football clubs that qualified for the UEFA Champions League and UEFA Europa League group stages for the 2019–2020 year to measure the level of CSR disclosure and subsequently a regression analysis to examine the impact of visibility on the amount of information provided.

Findings

Results reveal that football clubs still disclose relatively little information about sustainability issues, and that sports performance visibility, human capital visibility and social media visibility positively affect the amount of information that football clubs disclose.

Originality/value

This study extends the horizons of CSR disclosure to the football industry which is still little explored in the academic literature. Furthermore, it extends the scope of legitimacy theory, showing how CSR disclosure can be a means for football clubs to obtain or repair legitimacy. Furthermore, this study extends the list of determinants of the level of CSR disclosure, showing that visibility can influence the amount of CSR information.

Details

Measuring Business Excellence, vol. 25 no. 4
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 20 February 2017

Michele Rubino, Filippo Vitolla and Antonello Garzoni

The purpose of this paper is to analyze how Information technology (IT) controls influence the control environment’s components and the internal control system.

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2973

Abstract

Purpose

The purpose of this paper is to analyze how Information technology (IT) controls influence the control environment’s components and the internal control system.

Design/methodology/approach

This paper aims to highlight how IT controls enable to improve the control environment assessment and implementation.

Findings

The analysis indicates that the implementation of the IT controls (IT organizational controls, IT process controls and IT soft variables controls) provides some indications for managers and auditors, who must implement or assess internal control system. A joint use of the three dimensions of IT control contributes to a better assessment of the individual components of the control environment. IT controls help managers to develop the design of the organizational structure and to identify the key processes to achieve the internal control objectives and to mitigate firm’s risk.

Practical implications

The examination of three IT control dimensions allows managers to expand their knowledge about these types of controls and change the way they approach technology-based processes and associated risks. This improves the understanding of the key aspects connected to the control environment. The paper provides a list of the relevant activities that affect the three types of IT controls. This is useful for managers to begin to frame the specific controls inside the three dimensions of IT control.

Originality/value

This paper addresses an area of relevance to both practitioners and academics. This analysis focuses on accounting information systems themes and, through the examination of the IT controls, allows a better understanding of the hard and soft elements of the control environment.

Details

Management Research Review, vol. 40 no. 2
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 6 February 2017

Filippo Vitolla, Michele Rubino and Antonello Garzoni

This paper aims to fill the existing gaps in literature which deal with both the application of a socially oriented philosophy to the theme of strategic corporate social…

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2923

Abstract

Purpose

This paper aims to fill the existing gaps in literature which deal with both the application of a socially oriented philosophy to the theme of strategic corporate social responsibility (CSR) integration and to the systematic analysis of the processes of strategic CSR management, and to create a connection between social management philosophy and the dynamic approach to CSR integration based on the strategic management processes. In particular, this study aims at creating a conceptual model to highlight, in a structured and organic way, the dynamic relationships, based on a social management philosophy, characterizing the integration of CSR in the different strategic management processes: formulation and implementation of both intended and emergent strategies. In relation to these goals, the following research questions are formulated: What are the most important strategic management processes in which to integrate CSR following a social management philosophy? How does integration (strategic CSR) based on social management philosophy impact these processes? How do strategic CSR processes based on social management philosophy determine strategic change? Which are the management tools which support integration based on social management philosophy?

Design/methodology/approach

The work is a conceptual paper. The paper has been developed as follows: the identification of the theoretical gaps; the definition of the research objectives; the literature review about both CSR integration and strategic management in a dynamic perspective; the formulation of the research questions; the conceptual analysis, based on social management philosophy, of the relevant propositions related to the dynamic approach to CSR integration; the building of the conceptual model based on the propositions; and the description and the analysis of the model.

Findings

In this model, three circles of change that are able to describe the integration of CSR into strategic management have been identified: A, the circle for achieving the strategic intent; B, the circle for formulating the strategic intent; and C, the circle of bottom-up innovations.

Practical implications

From a managerial perspective, it is possible to point out the following implications related to the integration of CSR into strategic management and the achievement of a strategic CSR: as for change dynamics which are linked to the formulations of the intended strategy, it is fundamental to develop a social management philosophy; to achieve the strategic intent, it is necessary to incorporate CSR actions into core activity of value chain; to favour the socially oriented bottom-up innovations, it is necessary to define a favourable organizational context; the strategic CSR must be supported by integrated tools and methodologies that make the rationalization of processes of change possible; and the application of tools and processes, even sophisticated ones, which are not based on social management philosophy may lead, in the long run, to negative tensions among stakeholders, as well as to serious repercussions on the firm’s management and its performance.

Social implications

It is possible to pinpoint other implications for the society: the circle for achieving the strategic intents, with the aim of improving the execution phase, increases the positive externalities and reduces the negative externalities of the economic activities; the circle for formulating strategic intents allows to identify a win–win solution for CSR issues; and the bottom-up entrepreneurship increases the chances to find innovative solutions which combine social aspects and competitive aspects.

Originality/value

The analyses provide an integrated approach, connecting strategic management and CSR in a dynamic perspective.

Details

Corporate Governance: The International Journal of Business in Society, vol. 17 no. 1
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 3 August 2021

Nicola Raimo, Alessandra Caragnano, Massimo Mariani and Filippo Vitolla

In recent years, policymakers have increasingly pushed firms to disclose non-financial information. In Europe, integrated reporting (IR) is an increasingly adopted tool to…

Abstract

Purpose

In recent years, policymakers have increasingly pushed firms to disclose non-financial information. In Europe, integrated reporting (IR) is an increasingly adopted tool to fully comply with the requirements of the Directive 2014/95/EU. This study aims to examine the financial benefits of IR quality and specifically the effect on the cost of debt.

Design/methodology/approach

A manual content analysis is performed to measure the quality of the information contained in integrated reports. A panel regression model is used to test the effect of the IR quality on the cost of debt on a sample of 399 observations (a balanced panel of 133 European listed firms for the period 2017–2019).

Findings

Results demonstrate a negative relationship between IR quality and the cost of debt, showing that firms that provide higher quality integrated reports benefit from access to third party financial resources at better conditions.

Research limitations/implications

The results of this study offer important implications for managers and policymakers. The capacity of IR quality to allow a cost of debt reduction should push managers to a greater propensity towards transparency and the dissemination of high quality integrated reports. In addition, in light of the benefits connected to the IR quality, policymakers should push towards the adoption of IR as a solution to fulfil the regulatory obligations deriving from Directive 2014/95/EU.

Practical implications

Results show the goodness of IR as an ideal solution to fulfil the obligations imposed by Directive 2014/95/EU. The important financial benefits associated with IR quality make the high quality integrated report an ideal tool capable of fulfilling regulatory obligations and at the same time guaranteeing a reduction in the cost of debt.

Originality/value

To the best of the authors’ knowledge, this is the first work that analyses the relationship between IR quality and cost of debt.

Details

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

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Article
Publication date: 15 October 2020

Isabel-Maria Garcia-Sanchez, Nicola Raimo and Filippo Vitolla

This study aims to analyse the role that the chief executive officer (CEO) has on integrated reporting (IR) adoption and whether this role is moderated by incentives to…

Abstract

Purpose

This study aims to analyse the role that the chief executive officer (CEO) has on integrated reporting (IR) adoption and whether this role is moderated by incentives to promote corporate transparency, including information asymmetry problems and financial constraints. IR represents the last frontier of corporate disclosure and aims to represent, through the annual integrated report, the ability of an organization to create value over time.

Design/methodology/approach

This study is based on 10,819 observations (an unbalanced data panel of 1,588 firms for the period 2009–2017). A logistic regression model is used to examine the association between CEO power and disclosure of an integrated report.

Findings

The results show that CEOs with greater power oppose the disclosure of integrated information, and this behaviour is not modified by firms’ incentives. Furthermore, greater growth opportunities increase CEO opposition to disclosing integrated information on the creation of value, perhaps as a consequence of the possible use of it by competitors.

Originality/value

This study contributes to the existing literature. First, it expands the scientific debate on the topic of IR. Second, it extends the application field of agency theory, which is seldom used to explain the phenomena related to IR.

Details

Meditari Accountancy Research, vol. 29 no. 4
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 20 August 2021

Nicola Raimo, Elbano de Nuccio and Filippo Vitolla

In recent years, integrated reporting has emerged as a tool to provide environmental information in an interconnected way. However, in the academic literature, the amount…

Abstract

Purpose

In recent years, integrated reporting has emerged as a tool to provide environmental information in an interconnected way. However, in the academic literature, the amount of environmental information contained in integrated reports has never been analysed. This study, through the stakeholder-agency theory, aims to fill this important gap by examining the impact of the corporate governance mechanisms on the level of environmental information disseminated by the firms through integrated reports.

Design/methodology/approach

A manual content analysis based on an environmental disclosure index consisting of 30 items was performed to measure the amount of environmental information. In addition, a regression analysis was performed on a sample of 129 international firms to examine the impact of the corporate governance mechanisms on the level of environmental information disseminated through integrated reports.

Findings

The results show a positive effect of the board size, board gender diversity and corporate social responsibility committee existence on the level of environmental disclosure. Furthermore, they show a non-significant impact of board independence.

Originality/value

This study enriches the literature in several ways. First, it extends the field of application of the stakeholder-agency theory. Second, this study extends the analysis of environmental disclosure to another document – the integrated report – still unexplored by academic literature. Finally, it shed light on the determinants of environmental disclosure.

Details

Measuring Business Excellence, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 20 March 2017

Michele Rubino, Filippo Vitolla and Antonello Garzoni

The purpose of this paper is to analyze how an IT governance framework [Control Objectives for Information and related Technology (COBIT)] influences the control…

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4675

Abstract

Purpose

The purpose of this paper is to analyze how an IT governance framework [Control Objectives for Information and related Technology (COBIT)] influences the control environment and the internal control system. In particular, it aims to illustrate how the COBIT’s structure and processes impact on the seven categories of factors that compose the control environment.

Design/methodology/approach

This paper aims to highlight how an IT governance framework with its processes enables to improve the control environment assessment and implementation.

Findings

The analysis indicates that the implementation of the COBIT framework provides some indications for managers and auditors, which must implement or assess internal control system.

Practical implications

The adoption of the framework allows managers to focus effectively on integrating, aligning and linking processes. This improves the understanding of the key aspects connected to the control environment. In addition, the adoption of the framework allows overcoming some limitations regarding the Committee of Sponsoring Organizations framework.

Originality/value

This paper addresses an area of relevance to both practitioners and academics. This analysis focuses on Accounting Information Systems themes and, through the examination of an IT governance framework, suggests solutions and tools than can help managers and auditors to address the control environment assessment.

Details

Records Management Journal, vol. 27 no. 1
Type: Research Article
ISSN: 0956-5698

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