RISULTATI RICERCA

The purpose of this paper is to show that intellectual capital (IC) efficiency as measured by the value added intellectual coefficient (VAIC) and its individual components may function as key performance indicators for use in management control and external reporting to capital market participants. We incorporate the VAIC within the Ohlson model (OM), a widely used model for equity valuation, which relates a firm’s market value to the book value of equity and net earnings, and allows to include any other information that may affect the market assess-ment of firm value. We then estimate the modified OM on a panel sample of firms continuously listed on the Italian Stock exchange from 2011 to 2017 using a fixed effect (FE) specification. Empirical results indicate that IC efficiency contributes along with the traditional accounting metrics included in the OM to explain the stock market performance of sample firms. This paper suggests that the VAIC and the individual measures of IC efficiency may usefully complement traditional accounting measures of performance.

This article offers some reflections and insights to interpret the economic impact of the current pandemic crisis, and similar crises that could arise in the future, and the conditions for recreating sustainable development. Firstly, to move from evaluating crisis to generating economic value and sustainability requires a new corporate governance approach for interacting with the social and environmental context, integrating risk management and performance man-agement (Marchi, 2019; Greco, D’Onza, 2020). Sustainability can be reinforced by adopting a new theory of value created for all stakeholders, included suppliers, customers, employees, the territory and the social community, but also for the en-vironment and for the company itself, ensuring adequate remunerations of the re-sources and conditions of lasting economic equilibrium of companies (Giannessi, 1960). To guarantee a long-term economic balance together with social, environmental and corporate sustainability, the role of measurement and control systems is fun-damental. In this regard, the following aspects can be highlighted (Marchi, Paolini, 2020): 1) integrated accounting and budgeting systems must be developed with an in-come perspective; 2) excessive emphasis on specific performance indicators, espe-cially financial ones, must be avoided, in order to pass to a "systemic reading" of the set of indicators at an economic-social level; 3) a circular choice and an ade-quate remuneration of the production factors in the supply network must be guar-anteed in order to increase the value created internally in the network, with the contribution of strategic suppliers who must be partners of the company; 4) finally, a "culture of sustainability" must be implemented in the personnel planning, control and incentive systems (integrating financial indicators with sustainability indicators) and not only in the reporting systems for the outside.