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The value relevance of non-financial performance indicators: new cues from the European fashion industry
Autori/Curatori: Francesco Dainelli, Francesco Giunta 
Anno di pubblicazione:  2011 Fascicolo: Suppl. 3 The managerialisation of Financial Reporting Lingua: Inglese 
Numero pagine:  22 P. 81-102 Dimensione file:  528 KB
DOI:  10.3280/FR2011-SU003005
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Intangible assets and related performance measures assume increasing importance in valuation processes. Value relevance studies testify to their importance through an analysis of market stock prices. We aim to examine the value relevance of non-financial indicators in European fashion companies. The indicator selected is the "change in mono-brand stores". Applying the models proposed by current literature, we have refuted the value relevance hypothesis. However, refining both the "operationalization" of the concepts and the related result analysis procedure, the value relevance is confirmed. In this way, we contribute to increasing the generalizability of this research trend and to fuel the debate concerning the standardization process of this information. In particular, following in the footsteps of the Gartner/EBRC project, supported by AICPA (Gartner-EBRC, 2010), our results can help the national and international standard setters to pinpoint the indicators that really matter for the fashion industry and standardize their communication.

Keywords: Intangibles; value relevance; financial measures; non-financial measures; fashion industry; mono-brand stores

  1. Alessandra Allini, Francesca Manes Rossi, Riccardo Macchioni, Do Corporate Governance Characteristics Affect Non-Financial Risk Disclosure in Government-owned Companies? The Italian Experience in FINANCIAL REPORTING 1/2014 pp. 5, DOI: 10.3280/FR2014-001001
  2. Alessandro Mechelli, Vincenzo Sforza, Alessandra Stefanoni, Riccardo Cimini, The value relevance of the fair value hierarchy. Empirical evidence from the European Union in FINANCIAL REPORTING 2/2018 pp. 7, DOI: 10.3280/FR2018-002002

Francesco Dainelli, Francesco Giunta, in "FINANCIAL REPORTING" Suppl. 3/2011, pp. 81-102, DOI:10.3280/FR2011-SU003005


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