Template-type: ReDIF-Article 1.0 Author-Name: Mark Beasley Author-Name: Don Pagach Title: Enterprise Risk Management: Empirical foundations, governance integration, and future directions for ERM research Abstract: Academic research has played an important role in examining the Enterprise Risk Management (ERM) process and thinking about its organizational implications and value. Collectively, this literature reframes ERM as an organizational capability whose effectiveness depends on engagement from board and C-suite leadership, integration of governance activities overseeing both strategic direction and management?s risk-taking, and alignment of risks with strategic incentives. The need for ERM has grown to become a defining element of modern corporate governance, reflecting organizations? need to manage increasingly complex strategic, operational, financial, and compliance risks that are increasingly present and rapidly evolving in today?s global business environment. Whereas traditional risk management focuses primarily on insurable and financial risks within siloed, functional areas, ERM represents an enterprise-wide approach linking risk identification, assessment, and response to strategic objectives and performance outcomes (COSO 2017). We believe that advances in financial regulations, especially in Europe, provide an opportunity to create a forward-looking research agenda centered on better understanding the dynamics and practices of establishing an appropriate risk culture, risk appetite and risk management disclosure credibility - three mechanisms that increasingly define ERM effectiveness yet remain underexplored in accounting research. Classification-JEL: G32, G34, M10, M14 Keywords: Note: Pages:5-22 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80104&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202622593 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80104 Template-type: ReDIF-Article 1.0 Author-Name: Marco Maffei Title: Discussion of ?Enterprise Risk Management (ERM): Empirical foundations, governance integration, and future directions for ERM research? Abstract: Classification-JEL: Keywords: Note: Pages:23-28 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80105&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202622728 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80105 Template-type: ReDIF-Article 1.0 Author-Name: Leonardo Paciullo Author-Name: Silvano Corbella Title: Drivers and implications of firm herding behavior: A literature review and research agenda for financial reporting scholars Abstract: Purpose: This paper presents a narrative review of the research on the drivers and effects of firm herding behavior on corporate decision-making. It aims to synthesize the knowledge and develop a research agenda for financial reporting scholars. Design/methodology/approach: We identified 65 journal articles in the Web of Science and Scopus databases and coded the findings to classify the drivers and implications of firm herding behavior. We adapted the PRISMA protocol to our interdisciplinary approach. Findings: Herding is primarily driven by peer influence, uncertainty reduction, and career concerns, and often has negative outcomes such as market inefficiencies and suboptimal decisions. However, herding also has some benefits in the areas of innovation and research and development. Implementing these insights within the financial reporting domain, we identify areas for further study, such as the role of regulatory pressures and the effect of new technologies. Originality/value: This review examines the potential influence of firm herding behaviors on financial reporting, offering a new perspective on conformity in corporate communications. Classification-JEL: M40, M41, D21, D22, D91 Keywords: Note: Pages:29-55 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80106&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202520717 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80106 Template-type: ReDIF-Article 1.0 Author-Name: Eleonora Monaco Author-Name: Luca Galati Author-Name: Matteo Merlo Title: Beyond NFRD compliance: Is social tone associated with better corporate social performance? Abstract: Purpose: This study investigates whether and to what extent the social disclosure tone used in sustainability reports (herein ?social tone?) is associated with enhanced corporate social performance (CSP) before and after the entry into force of the EU Non-Financial Reporting Directive 2014/95/UE (NFRD). Design/methodology/approach: Using a sample of sustainability reports available for the constituent firms of the Italian FTSE Italia All-Share, we employ a textual analysis approach (i.e., Natural Language Processing [NLP]) to quantify the use of social tone in corporate sustainability reports and assess its relationship with CSP. Findings: Encompassing 329 firm-year observations from 2012 to 2021, we find that social tone is positively associated with CSP, thus demonstrating that the sustainability reporting narrative plays a strategic role in firms? social performance. However, social tone is negatively associated with CSP in the period post-NFRD, suggesting a regulatory ceiling effect. Originality/value: This study underscores the dual importance of regulatory frameworks and narrative disclosure in shaping CSP. It offers significant implications for policymakers and firms aiming to effectively leverage corporate sustainability practices. Practical implications: These results imply that while regulatory mandates elevate baseline CSP, the distinct contribution of social tone becomes less impactful under mandatory regulatory conditions when there is a lack of specific disclosure requirements. Classification-JEL: G38, M14, M41, M48, Q56 Keywords: Note: Pages:57-84 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80107&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202518147 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80107 Template-type: ReDIF-Article 1.0 Author-Name: Alessandro Sura Author-Name: Emanuele Di Ventura Title: Stakeholder engagement in the development of sustainability standards: Evidence from EFRAG and ISSB comment letters Abstract: Purpose: This study compares stakeholder engagement in the sustainability standard-setting processes conducted by the European Financial Reporting Advisory Group (EFRAG) and the International Sustainability Standards Board (ISSB). Drawing on stakeholder theory, lobbying theory, and institutional logics, the study examines how different governance models - multi-stakeholder versus investor-oriented-shape the language, tone, and thematic focus of comment letters submitted during public consultations. Methodology: We analyse all comment letters submitted in the EFRAG consultation on the ESRS and in the ISSB consultations on IFRS S1 and IFRS S2, using Natural Language Processing (NLP) techniques ? including sentiment analysis and topic modelling ? to identify linguistic and thematic patterns in stakeholder feedback. Findings: The analysis reveals distinct engagement dynamics across the two consultations. EFRAG submissions display a more balanced sentiment and broader thematic orientation, while ISSB feedback emphasises financial materiality and comparability. These differences are consistent with the contrasting institutional orientations of the two standard setters. Originality: This is the first large-scale comparative study of stakeholder engagement in EFRAG and ISSB consultations, integrating NLP techniques with established theoretical perspectives to show how institutional context shapes stakeholder discourse. Practical implications: The findings suggest that differences in institutional orientation influence the type of stakeholder input received during standard-setting processes. These insights are relevant to ongoing debates on interoperability between EFRAG and the ISSB, as understanding how institutional contexts shape stakeholder discourse may inform future coordination efforts. Classification-JEL: M41, G34, Q56 Keywords: Note: Pages:85-110 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80108&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202620909 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80108 Template-type: ReDIF-Article 1.0 Author-Name: Alessandra Allini Author-Name: Ilaria Martino Author-Name: Adele Caldarelli Title: The influence of managers? characteristics on qualitative materiality factors: Some empirical evidence Abstract: Purpose: This study investigates how Chief Financial Officers? (CFOs) personal characteristics affect qualitative materiality decisions during the preparation of financial reporting. While materiality is a key principle in financial reporting, the subjective nature of qualitative judgments remains underexplored, particularly from the perspective of preparers rather than auditors. Methodology: Drawing on Upper Echelons Theory (UET), the study adopts a survey-based approach targeting 160 CFOs from IFRS-compliant, European-listed companies in France, Germany, Italy, and Spain. The survey captures CFOs? weighting of qualitative materiality factors using a Likert scale. Findings: Results reveal that CFO characteristics significantly affect the integration of qualitative materiality factors. Specifically, older, longer-tenured CFOs and those with prior audit experience are more inclined to integrate qualitative factors into financial materiality decisions, reflecting a more conservative and risk-sensitive approach. Originality/value: The study shifts focus from auditors to financial statement preparers, offering novel insights into how materiality judgments are shaped at the preparatory stage. By integrating Upper Echelons Theory (UET) into the context of materiality assessments, the research introduces a behavioral perspective that enhances the understanding of how executive characteristics shape accounting judgments. This approach expands the boundaries of behavioral accounting literature and provides new insights into the subjective dimensions of financial statement preparation. Practical implications: Findings have implications for standard setters, regulators, and corporate governance by emphasizing the role of CFO characteristics in ensuring consistent and transparent financial reporting. Understanding these behavioral dynamics can inform better training, policy design, and oversight mechanisms. Classification-JEL: M41 Keywords: Note: Pages:111-139 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80109&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519992 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80109 Template-type: ReDIF-Article 1.0 Author-Name: Claudia Curi Author-Name: Sara Longo Title: Bank transparency under scrutiny: Assessing the COVID-19 debt moratoria program Abstract: Purpose: This study examines whether and how participation in the COVID-19 debt moratoria program impacted the transparency of Eurozone-listed banks. By suspending loan repayments and routine borrower monitoring - while prompting discretionary disclosures on moratoria exposures - the program introduced opposing forces on transparency. Design/methodology/approach: We analyse a sample of Eurozone-listed banks from 2018 to 2022. We identified banks holding portfolios with loans that adhere to (or do not adhere to) debt moratoria. First, we employ a difference-in-difference approach to estimate the effects of adopting the debt moratoria program on transparency. Then, we run a set of OLS panel regressions to examine how the composition of the loan portfolio affects transparency. Findings: We show that banks exposed to a larger volume of loans subject to debt moratoria experienced a reduction in transparency. Furthermore, we find that the impact on transparency is not uniform across banks but varies with loan portfolio composition. Banks with a higher share of corporate loans tend to exhibit a less pronounced decline in transparency, suggesting that lending practices influence how banks adjust their disclosure behaviour in response to regulatory interventions. Originality/value: This study sheds light on the unintended consequences of regulatory interventions during crises. While debt moratoria helped banks manage the risks associated with non-performing loans, they also came at the cost of reduced transparency. These findings suggest that regulators should carefully consider the potential trade-offs between transparency and other objectives when crafting crisis-response measures. Data availability: Financial accounting data is retrieved from BankFocus Orbis BVD; loan amounts under moratoria measures have been collected from the Eurozone-listed bank?s annual reports for 2020-2022. Classification-JEL: G21, G28, M41 Keywords: Note: Pages:141-170 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80110&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202519968 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80110 Template-type: ReDIF-Article 1.0 Author-Name: Mauro Romano Author-Name: Antonio Netti Author-Name: Marika Intenza Author-Name: Christian Favino Title: IFRS 9, calendar provisioning and bank behaviour in Europe: The role of judicial efficiency Abstract: Purpose: This paper examines how the adoption of IFRS 9 ? Financial Instruments and calendar provisioning intensity have shaped banks? lending behaviour, risk exposure, and interest income across European listed banks. Furthermore, the analysis investigates whether judicial efficiency, proxied by the clearance rate, moderates these relationships. Design/methodology/approach: Using a sample of 1,304 bank-years, a panel data analysis was conducted, spanning the period from 2014 to 2023. Findings: The results show that the adoption of IFRS 9 is associated with lower loan growth, reduced risk-weighted asset (RWA) intensity, and lower loan interest income. By contrast, calendar provisioning intensity does not affect loan growth, but it significantly decreases RWA intensity and loan interest income. Moreover, judicial efficiency strengthens all baseline relationships when IFRS 9 is used as the main explanatory variable. When calendar provisioning is used as the independent variable, however, its moderating effect is limited to risk exposure and interest income. Originality/value: This study provides novel insights on IFRS 9 and calendar provisioning, unveiling that the two regulatory tools operate through distinct ex ante and ex post channels to shape banks? lending behaviour, risk allocation, and income generation. Moreover, these effects are conditioned by institutional quality, captured by judicial efficiency. Practical implications: For banks, the findings underscore the relevance of aligning credit-risk strategies not only with accounting standards but also with institutional conditions, particularly in terms of risk allocation and income generation. For policymakers, the results hint that enhancing judicial efficiency can reinforce the regulatory role of accounting and prudential measures, thus strengthening their impact on banks? strategic decisions and interest income, rather than on lending volumes. Classification-JEL: G21, G28, M41, M48, K41, C23 Keywords: Note: Pages:171-204 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80111&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202618174 Number: 8 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80111 Template-type: ReDIF-Article 1.0 Author-Name: Letizia Di Maio Title: Financial information and management control in evolving complex environments: Supporting governance, turnaround, and value creation Abstract: Classification-JEL: Keywords: Note: Pages:205-215 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80112&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202622779 Number: 9 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=80112 Template-type: ReDIF-Article 1.0 Author-Name: Alessandro Mechelli Author-Name: Daniele Tummolo Title: Aswath Damodaran, Investment Valuation, University Edition: Tools and Techniques for Determining the Value of Any Asset, 4th Edition. John Wiley & Sons Inc (2025) Abstract: Classification-JEL: Keywords: Note: Pages:217-223 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80113&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/fr202622731 Number: 10 Template-type: ReDIF-Article 1.0 Author-Name: A cura della Redazione Title: Reviewers 2025 Abstract: Classification-JEL: Keywords: Note: Pages:225-225 Volume: 2026/1 Year: 2026 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=80114&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2026-001011 Number: 11