Template-type: ReDIF-Article 1.0 Author-Name: Araceli Mora Title: A change in the research paradigm in corporate reporting? Some reflections on the role of the accounting academia Abstract: In this paper, I analyse the evolution of corporate reporting regulation in Europe in the last two decades and reflect on the possibility that the traditional usefulness approach is insufficient to solve new issues arising from the current regulatory landscape. The evolvement that the concept of ?public interest? has undergone within the European Commission implies a change in the objective of corporate reporting from the main aim of targeting investors for decision-making through a change brought about by the financial crisis to the aim of financial stability and economic growth, and finally to the goal of getting of social and environmental objectives. This evolvement implies a revolution, raises non-previous existing conflicts of interest among stakeholders, and brings a motivating challenge for researchers. However, in many cases, the existence of a potential crisis of incentives to publish in journals with a ?real? impact on academia and to transfer research output to society requires a profound debate for progress. Classification-JEL: G38; M40; M48 Keywords: Note: Pages:5-15 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77651&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519345 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77651 Template-type: ReDIF-Article 1.0 Author-Name: Paul Andr? Title: Discussion of ?A change in the research paradigm in corporate reporting? Some reflections on the role of the accounting academia? Abstract: Classification-JEL: Keywords: Note: Pages:17-20 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77652&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519854 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Enrico Ferrari Author-Name: Roberto Garelli Author-Name: Alessandro Limon Author-Name: Alessandro Piazza Author-Name: Lorenzo Simoni Author-Name: Damiano Verda Title: Early warning detection using Logic Learning Machine: Evidence from private firms Abstract: Purpose: The paper aims to assess the ability of explainable artifiical intelligence (XAI), specifically Logic Learning Machine (LLM), to predict early signals of distress in private companies. Design/methodology/approach: We examined a sample of Italian private firms that activated early recovery procedures, which are matched to healthy firms. The proprietary algorithm developed by Rulex Innovation Labs is used to discriminate between distressed firms and healthy companies based on a set of publicly available data. Results are then compared with those obtained using other (widely employed) methods. Findings: The analysis shows that the LLM method is able to classify distressed firms with high accuracy, outperforming logit models and other AI-based methods. Originality/value: We contribute to the literature on the use of AI in insolvency prediction by exploring the predictive ability of XAI. We also extend the literature on insolvency in private firms, which represent a fundamental part of the economic system and are subject to less scrutiny than public firms. Practical implications: Our results have practical implications considering the recently enforced EU Insolvency Directive, which imposes the implementation of early warning tools that should be easy to use for all entities across all Member States. By using publicly available data on early distress procedures activated by companies, we build an early warning detection system that can be easily employed by companies of all sizes and types. Classification-JEL: G33, M40 Keywords: Note: Pages:21-49 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77653&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202516015 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77653 Template-type: ReDIF-Article 1.0 Author-Name: Ekaete Efretuei Title: International Financial Reporting Standards and sales manipulation in failed firms Abstract: Purpose: I examine whether sales manipulation in failed firms that adopted the International Financial Reporting Standards (IFRS) differ from that of failed firms that did not. This inquiry is motivated by a paucity of research on the consequences of IFRS reporting for failed firms given the recent changes in accounting standards affecting revenue recognition and normal levels of cash flows. Design/methodology/approach: Using a sample of United Kingdom (UK) firms that declared bankruptcy between 2006 and 2016, I apply regression analysis and a difference-in-differences approach to assess whether firms that adopted IFRS and failed display a significant difference in abnormal levels of cash flows given the level of revenue. Findings: The results show that IFRS adopters exhibit earnings management as opposed to non-adopters by implementing real operating actions. The results show that failed firms adopting IFRS generally have negative abnormal cash flows given their reported levels of sales while this is not the case for non-adopters. Originality/value: I explore the reason for these observations by analysing the setting of the UK Generally Accepted Accounting Principles (GAAP) and IFRS. The contribution of this study is that it demonstrates that while failed firms have been reported to manage earnings, this appears to persist with IFRS-failed firms when compared to non-IFRS-failed firms. This suggests that IFRS standards may inadvertently facilitate failed firms that adopt IFRS in exploring real earnings management avenues, particularly concerning sales manipulation, in contrast to non-IFRS-failed firms. Classification-JEL: M40, M41, M48, M49 Keywords: Note: Pages:51-79 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77654&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202516191 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77654 Template-type: ReDIF-Article 1.0 Author-Name: Raffaela Nastari Author-Name: Sabrina Pisano Author-Name: Matteo Pozzoli Title: Circular economy in the food industry. An analysis of Italian-listed companies? sustainability reports Abstract: Purpose: The paper investigates the circular economy (CE) disclosure released by companies in response to the issuing of CE-related policies since the CE Action Plan 2015, using the institutional view of legitimacy theory. Design/methodology/approach: The study adopts a multiple case study methodology by content-analyzing the CE disclosure released by all listed Italian agri-food companies in their sustainability reports in the period 2016-2021. Findings: The findings show that Italian agri-food companies released low levels of CE disclosure. This result suggests a lack of strategic relevance attributed to the CE issue or the absence of CE-related standards to rely upon. The results could also reveal companies? scarce implementation of CE business models. The findings also show an increase in both the quantity and quality of CE disclosure released in response to the issuing of a public CE-related policy or framework, supporting the theoretical arguments of the institutional view of legitimacy theory. Originality/value: In light of the worldwide increasing attention toward environmental issues and the CE paradigm, particularly in the food industry, this study is the first to investigate the CE disclosure released by agri-food companies in response to the issuing of CE-related policies and voluntary frameworks. Practical implications: The findings show that institutional pressure through the issuing of new CE-related policies and voluntary frameworks promotes increased CE disclosure by companies, suggesting that implementing both Directive 2022/2464/EU and the EFRAG standards would further encourage the release of CE disclosure. Classification-JEL: Q01, Q18, M41, L66, O13 Keywords: Note: Pages:81-115 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77655&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202516707 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77655 Template-type: ReDIF-Article 1.0 Author-Name: Simone Terzani Author-Name: Teresa Turzo Author-Name: Gianluca Moretti Title: Environmental reporting and religiosity: An empirical analysis within the European financial sector Abstract: Purpose: This study investigates whether country-level religiosity influences environmental reporting within the financial sector. In particular, the study examines religiosity?s influence on environmental reporting among banks, credit institutions, and investment firms (BCIs) across 11 European countries during the 2006-2022 period. Design/methodology/approach: The study used a dataset of 1,980 firm-year observations. Data from the World Value Survey was employed to assess religiosity at the country level. Responses to religiosity?s affective, cognitive, and behavioural dimensions were analysed using principal component analysis (PCA) to derive a single score for each country. Religiosity?s influence on environmental reporting was examined through an OLS regression model. Findings: The findings suggest a positive influence of country-level religiosity on environmental reporting among European BCIs. The results demonstrate that religious norms and the overall religious context within a country can significantly influence corporate attitudes and practices regarding environmental reporting. Originality/value: This study enhances the understanding of religious norms? influence on corporate sustainability practices and introduces a new perspective within the financial sector by linking religiosity to environmental reporting practices. The findings align with theoretical frameworks of institutional and social norms theories, opening avenues for further research that could examine religiosity?s influence on corporate sustainability. Moreover, it addresses the topic within the European context, reflecting recent developments? effects on nonfinancial reporting regulation and a certain degree of religious diversity, which may lead to different interpretations and expectations concerning environmental issues and reporting Classification-JEL: G20, M14, M41, Q56, Z12 Keywords: Note: Pages:117-147 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77656&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202516716 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77656 Template-type: ReDIF-Article 1.0 Author-Name: Fiorenza Meucci Author-Name: Annamaria Zampella Author-Name: Gianluca Ginesti Author-Name: Adele Caldarelli Title: The role of conditional conservatism on acquirers? stock prices around M&A announcement Abstract: Purpose: This study investigates the relationship between conditional conservatism and the market reaction of firms? stock prices in Mergers and Acquisitions (M&A) operations. Design/methodology/approach: Leveraging a sample of 224 U.S. listed companies and event study methodology, as well as regression models, this study analyses 735 M&A deals from 2010 to 2018. Findings: We find that conditional conservatism is positively associated with cumulative abnormal returns of acquiring firms post-M&A announcement; moreover, one of the drivers of this result is the information asymmetry channel. Additional analysis also shows that while acquirers with high conditional conservatism experience a positive reaction to M&A announcements, there is no significant reaction for acquirers with low conditional conservatism. Originality/value: Our main results provide evidence that a high conditional conservatism limits the reduction of acquiring firms? stock prices post-announcement of M&A. Our additional analyses show that low conditional conservatism does not exert a significant negative impact on acquiring firms? stock prices post-announcement of M&A, as would be expected. Practical implications: This paper may be useful for both investors and practitioners since it offers interesting insights on how to deal with accounting policies and benefit from M&A transactions. Indeed, if they are informed on how conditional conservatism exerts a role on stock prices, they are less likely to engage in value-destroying M&A transactions. In addition, our results may interest standard setters interested in the role of the conservatism principle under the Generally Accepted Accounting Principles. Classification-JEL: M41, G14, G34 Keywords: Note: Pages:149-175 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77657&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202517552 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77657 Template-type: ReDIF-Article 1.0 Author-Name: Naina Goyal Author-Name: Nidhi Walia Author-Name: Poonam Bandha Title: Mapping influential factors in Bitcoin adoption: ISM and MICMAC study Abstract: Purpose: The purpose of this study is to explore the factors that influence the acceptance of Bitcoin as investment among individuals and to construct a framework with the help of Interpretive Structural Modelling (ISM). Methodology: The methodology is divided into three parts, firstly the determination of factors, consultation with experts, and the subsequent creation of a hierarchical model that is further classified by establishing the interconnectedness between these elements applying Interpretive Structural Modeling (ISM). This is then validated by Matriced Impact Croises Multiplication Appliquee a un classement (MICMAC) analysis. Findings: The MICMAC analysis identifies Gender (G), Financial Knowledge (FK), Policy Support(PS), and Facilitating Conditions (FC) as key driving factor with significant influence. Conversely, Performance Expectancy, Personal Innovativeness, Perceived Trust, Perceived Value, and Attitude emerge as the top-level factors expressing the highest dependence power. The MICMAC analysis reveals that Gender, Financial Knowledge, Policy Support and Facilitating Conditions are driving factors, Personal Innovativeness emerged as dependent factor, while User Friendliness, Perceived Trust, Attitude etc. are among linkage factors highlighting their interconnectedness roles and influence within their framework. Originality/Value: This is the first study to find out the factors influencing the adoption of Bitcoin. The model is developed using ISM and MICMAC which contributes to the originality. Classification-JEL: G11 Keywords: Note: Pages:177-206 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77658&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202518407 Number: 8 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77658 Template-type: ReDIF-Article 1.0 Author-Name: Bego?a Giner Title: Dialogue with standard setters European Sustainability Reporting Standards (ESRS): The role of EFRAG Abstract: Classification-JEL: Keywords: Note: Pages:207-214 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77659&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519845 Number: 9 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=77659 Template-type: ReDIF-Article 1.0 Author-Name: Lorenzo Coronella Author-Name: Monomita Nandy Title: Book Review. Lamaj, M. (Ed.). The Effect of Covid-19 on Loan Loss Provisions and Earnings Management of European Banks. Springer Fachmedien Wiesbaden GmbH, 2023 Abstract: Classification-JEL: Keywords: Note: Pages:215-223 Volume: 2025/1 Year: 2025 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=77660&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519657 Number: 10