International Journal of Managerial and Financial Accounting
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International Journal of Managerial and Financial Accounting (3 papers in press)
The role of resources and capabilities in managing and overcoming the financial crisis: a case study of the Fratelli Pinna sheep-dairy business by Antonio Usai, Daniele Porcheddu, Brunella Arru Abstract: The Italian economic system comprises a significant number of small and medium-sized family businesses. Recent empirical evidence shows that the characteristics of family firms are crucial in overcoming the adverse effects of the financial crisis, thus contributing to the generation of wealth and employment for the country. Using the case study approach, this paper investigates the firm-level dynamics during the last economic recession of a medium-size family firm, operating in a mature market and situated in a rural context. The finding showed that the managements approach to the crisis was dictated, among various factors, by the firms distinctive characteristics, its social capital and its role in the local and regional contexts. These peculiarities have been the key to overcoming the most harmful effects of the economic crisis and to avoiding the necessity of carrying out radical restructuring processes and financial recovery. Moreover, this case showed the pivotal role of the social dimension of the firm and the consequences of the decrease in the historical attention placed on the well-being of the business community and society as a whole. Keywords: Family business; Financial crisis; Mature sector; Cost leadership; Stakeholder theory; Medium-size businesses.
THE EFFECT OF SIZE OFFERING AND LEVERAGE ON IPO UNDERPRICING by Maxime Gauvin, Gabriel Power Abstract: IPO underpricing is a well-documented stylized fact in financial markets. Although many explanations have been considered, the role of size offering is under-studied. This paper investigates U.S. IPO underpricing in a setting that allows for size offering, leverage, and Fama-French risk factors. We find that, across specifications, size offering is economically and statistically significant. IPO underpricing is decreasing in the size offering, controlling for other variables. Implications for investors and firms are discussed and related to firm ex ante uncertainty. Keywords: Initial public offering; underpricing; abnormal return; size; offering; equity; debt; leverage; risk; asymmetric information.
Does the voluntary adoption of integrated reporting affect the value relevance of accounting information? Empirical evidence from Europe by Salvatore Loprevite, Daniela Rupo, Bruno Ricca Abstract: This study verifies whether the voluntary adoption of an integrated report in Europe under the Framework is associated with the value relevance of summary accounting information.
We compare a sample of European listed companies that publish Integrated Reports (IR-firms) under the Framework with companies that do not publish it (NIR-firms). To analyse the association between market value (MV) and traditional accounting information (book value and earnings), we use multivariate regression linear models and generalized linear models (GLM).
The results of our analysis show that the adoption of IR appears to strongly affect the value relevance of summary accounting information. For IR-firms, we find significant lower value relevance for earnings and slightly higher value relevance for book value, compared to NIR-firms. Additionally, our findings reveal that for both groups the level of investments on intangibles is positively associated to market value but with a significantly higher association for the IR-firms.
Keywords: Integrated Reporting; International Integrated Reporting Framework; Value Relevance; Accounting information.