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Open Access
Article
Publication date: 5 December 2022

Giuseppe Nicolò, Diana Ferullo, Natalia Aversano and Nadia Ardito

The present study aims to extend the knowledge of intellectual capital disclosure (ICD) disclosure practices in the Italian Healthcare Organisations (HCOs) context. The…

Abstract

Purpose

The present study aims to extend the knowledge of intellectual capital disclosure (ICD) disclosure practices in the Italian Healthcare Organisations (HCOs) context. The ultimate goal of the study is to provide fresh insight into the possible explanatory factors that may drive the extent of ICD provided by Italian HCOs via the web.

Design/methodology/approach

The present study applies a manual content analysis on the websites of a sample of 158 HCOs to determine the level of voluntary ICD. A multivariate regression model is estimated to test the association between different variables – size, gender diversity in top governance positions, financial performance and indebtedness – and the level of ICD provided by sampled HCOs through their official websites.

Findings

Content analysis results reveal that – in the absence of mandatory requirements – Italian HCOs tend to use websites to disclose information about IC. Particular attention is devoted to Structural and Relational Capital. The statistical analysis pinpoints that size and indebtedness negatively influence the level of ICD. In contrast, the presence of a female General Manager (GM) positively drives ICD. Also, it is observed that Research and University HCOs and those located in the Italian Northern Regions are particularly prone to discharge accountability on IC through websites.

Originality/value

To the best of the authors’ knowledge, this is the first study that examines voluntary ICD practices through websites in the Italian HCOs' context. Also, since prior studies on IC in the healthcare context are mainly descriptive or normative, this is the first study examining the potential determinants of ICD provided by HCOs in terms of size, gender diversity in top governance positions, financial performance and indebtedness.

Details

International Journal of Public Sector Management, vol. 36 no. 1
Type: Research Article
ISSN: 0951-3558

Keywords

Article
Publication date: 26 March 2020

Elvira Anna Graziano, Fabio Fiano, Antonio Usai and Nadia Cipullo

The purpose of the study is to analyse the stock market response to a spin-off announcement concerning a food and beverage (F&B) business unit.

Abstract

Purpose

The purpose of the study is to analyse the stock market response to a spin-off announcement concerning a food and beverage (F&B) business unit.

Design/methodology/approach

The study uses a sample of approximately 107 spin-offs, 84 of which are operating in the F&B sector surveyed by the Zephyr–Bureau Van Dijk database. The event study approach is applied to the identified sample. The results demonstrate that the effect of an event on the stock price of a firm allows identification of the abnormal return as the difference between the current and expected returns.

Findings

The study finds that investors adjust positively to the closing of the spin-off deal. The peak of performance is reached on the day of the announcement.

Research limitations/implications

Empirical evidence could be distorted by the mono-industry database, analysed in a “favourable time span.” The role of information transfer on spin-offs, in terms of diffusion and reduction of information asymmetries, could be developed.

Originality/value

The study represents a pioneering investigation of a category of mono-industry spin-offs. Previous doctrinal contributions underline the fact that abnormal returns corresponding to announcement effects are amplified in the case of information asymmetries but underestimate the effects deriving from the strategic business unit's nature as a spin-off.

Details

British Food Journal, vol. 122 no. 4
Type: Research Article
ISSN: 0007-070X

Keywords

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