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This book focuses on the impact of the disclosure of non-financial
risk, which could be seen as the most relevant non-financial
information (NFI), in the aftermath of the 2014/95/EU Directive.
The author analyses whether the switch from voluntary to mandatory
NFI enhance the quality of disclosed NF risk-related information
and the usefulness of the risk disclosure for investors. The book
focuses specifically on the mandatory disclosure of non-financial
(NF) risks as required by the EU Directive for listed Italian
companies, investigating both the state of art of its disclosure
and its usefulness for investors. In doing so, the book contributes
to fill two relevant gaps in risk literature. The first research
gap is related to the insufficient investigation of the disclosure
of NF risks. Companies mandated to disclose risk-related
information focused mainly on financial risks, in spite of the
width of the definition of risk, conceived as information about any
opportunity, danger, threat, or exposure that has or could impact
the company in the future. The second gap is that empirical
evidence about the effects of corporate risk disclosures is still
limited, and the potential benefits of the disclosure of
information on risks have not been fully explored. In particular,
the relationship between risk disclosures and firm value is under
researched, as the risk literature mainly focuses on the incentives
question, related to the motives for which companies decide to
disclose. The research in this book focuses on Italy, a country
that provides a unique opportunity to examine the impact of
mandatory NF risk disclosure on firm market value, being one of the
biggest industrial European countries that had not mandatory
legislation for NFI disclosure, and also one of the leading
countries in voluntary corporate social responsibility (CSR)
reporting at an international level. It has been carried out in the
fiscal year 2017, the first year of the application of the
mandatory NF disclosure for obliged Italian listed PIEs. The book
contributes both to the measurement literature, as it presents a
self-constructed quality NF risks and to the value relevance
analysis literature, providing evidence of the usefulness of
financial and non-financial risk-related disclosures in the Italian
context.
This book focuses on the impact of the disclosure of non-financial
risk, which could be seen as the most relevant non-financial
information (NFI), in the aftermath of the 2014/95/EU Directive.
The author analyses whether the switch from voluntary to mandatory
NFI enhance the quality of disclosed NF risk-related information
and the usefulness of the risk disclosure for investors. The book
focuses specifically on the mandatory disclosure of non-financial
(NF) risks as required by the EU Directive for listed Italian
companies, investigating both the state of art of its disclosure
and its usefulness for investors. In doing so, the book contributes
to fill two relevant gaps in risk literature. The first research
gap is related to the insufficient investigation of the disclosure
of NF risks. Companies mandated to disclose risk-related
information focused mainly on financial risks, in spite of the
width of the definition of risk, conceived as information about any
opportunity, danger, threat, or exposure that has or could impact
the company in the future. The second gap is that empirical
evidence about the effects of corporate risk disclosures is still
limited, and the potential benefits of the disclosure of
information on risks have not been fully explored. In particular,
the relationship between risk disclosures and firm value is under
researched, as the risk literature mainly focuses on the incentives
question, related to the motives for which companies decide to
disclose. The research in this book focuses on Italy, a country
that provides a unique opportunity to examine the impact of
mandatory NF risk disclosure on firm market value, being one of the
biggest industrial European countries that had not mandatory
legislation for NFI disclosure, and also one of the leading
countries in voluntary corporate social responsibility (CSR)
reporting at an international level. It has been carried out in the
fiscal year 2017, the first year of the application of the
mandatory NF disclosure for obliged Italian listed PIEs. The book
contributes both to the measurement literature, as it presents a
self-constructed quality NF risks and to the value relevance
analysis literature, providing evidence of the usefulness of
financial and non-financial risk-related disclosures in the Italian
context.
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