Clicca qui per scaricare

The effects of business model regulation on the value relevance of traditional performance measures. Some evidence from UK companies
Titolo Rivista: FINANCIAL REPORTING 
Autori/Curatori: Lorenzo Simoni, Laura Bini, Francesco Giunta 
Anno di pubblicazione:  2019 Fascicolo: Lingua: Inglese 
Numero pagine:  29 P. 83-111 Dimensione file:  310 KB
DOI:  10.3280/FR2019-001003
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più:  clicca qui   qui 


The first case in the world of a mandatory requirement to disclose business model (BM) in the annual report is represented by Companies Act 2013 issued in the UK. The BM offers a simplified representation of a company’s key resources and of how these are combined to create value. For this reason, a systematic communication of BM should affect the way a company’s book value and its capability to generate earnings are perceived. The purpose of this work is to investigate the impact of mandatory BM disclosure on the value relevance of traditional financial measures. Focusing on a sample of UK listed companies over a six-year period, Ohlson model is utilized to assess the value relevance of book value and net income and their interactions with a dummy variable that accounts for the introduction of mandatory disclosure of BM. In line with previous studies on non-financial disclosure regulations, results show that the introduction of the mandatory requirement to disclose BM has a negative moderating effect on book value of equity and a positive moderating effect on net income. As this is the first study to investigate the effects of a mandatory BM disclosure regime, it could be of interest for both academics and standard-setters.


Jel Code: M40, M41

  1. AccountAbility (2008), AA1000 AccountAbility Principles Standard. Alt R. and Zimmermann H. D. (2001), Preface: introduction to special section – business models, Electronic markets, 11(1), pp. 3-9.
  2. Alwert K., Bornemann M. and Will M. (2009), Does intellectual capital reporting matter to financial analysts?, Journal of intellectual capital, 10(3), pp. 354-368., 10.1108/14691930910977789DOI: 10.1108/14691930910977789
  3. Amir E. and Lev B. (1996), Value relevance of nonfinancial information: The wireless communications industry, Journal of Accounting and Economics, 22(1-3), pp. 3-30., 10.1016/S0165-4101(96)00430-2DOI: 10.1016/S0165-4101(96)00430-2
  4. Ayadi R., Arbak E. and De Groen W.P. (2012), Regulation of European Banks and Business Models: Towards a New Paradigm?. Centre for European Policy Studies.
  5. Baboukardos D. and Rimmell G. (2016), Value relevance of accounting information under an integrated reporting approach: A research note, Journal of Accounting and Public Policy, 35, pp. 437-452.
  6. Barth M. E. and McNichols M. F. (1994), Estimation and market valuation of environmental liabilities relating to superfund sites, Journal of Accounting Research, pp. 177-209., 10.2307/2491446DOI: 10.2307/2491446
  7. Barth M. E., Beaver W. H. and Landsman W. R. (2001), The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of accounting and economics, 31(1-3), pp. 77-104., 10.1016/S0165-4101(01)00019-2DOI: 10.1016/S0165-4101(01)00019-2
  8. Beattie V. and Smith S.J. (2013), Value creation and business models: refocusing the intellectual capital debate. The British Accounting Review, 45(4), pp. 243-254.
  9. Berthelot S., Cormier D. and Magnan M. (2003), Environmental disclosure research: review and synthesis, Journal of Accounting Literature, 22, pp. 1-44.
  10. Bini L., Dainelli F. and Giunta F. (2016), Business model disclosure in the Strategic Report: Entangling intellectual capital in value creation processes, Journal of Intellectual Capital, 17(1), pp. 83-102., 10.1108/JIC-09-2015-0076DOI: 10.1108/JIC-09-2015-0076
  11. BIS (2011), The future of narrative reporting. Consulting on a new reporting framework. September 2011.
  12. Bonacchi M., Kolev K. and Lev B. (2015), Customer Franchise – A Hidden, Yet Crucial, Asset, Contemporary Accounting Research, 32(3), pp. 1024-1049., 10.1111/1911-3846.12095DOI: 10.1111/1911-3846.12095
  13. Bontis N. (2001), Assessing knowledge assets: a review of the models used to measure intellectual capital, International journal of management reviews, 3(1), pp. 41-60., 10.1111/1468-2370.00053DOI: 10.1111/1468-2370.00053
  14. Bozzolan S., Favotto F. and Ricceri F. (2003), Italian annual intellectual capital disclosure: an empirical analysis, Journal of Intellectual Capital, 4(4), pp. 543-558., 10.1108/14691930310504554DOI: 10.1108/14691930310504554
  15. Breton G., & Taffler R. J. (2001). Accounting information and analyst stock recommendation decisions: a content analysis approach, Accounting and business research, 31(2), pp. 91-101., 10.1080/00014788.2001.9729604DOI: 10.1080/00014788.2001.9729604
  16. Busco C., Frigo L. Quattrone P. and Riccaboni A. (2013), Redefining Corporate Accountability through Integrated Reporting, Strategic Finance, pp. 33-41.
  17. Bukh P. N., Larsen H. T. and Mouritsen J. (2001). Constructing intellectual capital statements, Scandinavian journal of management, 17(1), pp. 87-108., 10.1016/S0956-5221(00)00034-8DOI: 10.1016/S0956-5221(00)00034-8
  18. Bukh P.N. (2003), The relevance of intellectual capital disclosure: a paradox, Accounting, Auditing & Accountability Journal, 16(1), pp. 49-56., 10.1108/09513570310464273DOI: 10.1108/09513570310464273
  19. Cardamone P., Carnevale C. and Giunta F. (2012), The value relevance of social reporting: evidence from listed Italian companies, Journal of Applied Accounting Research, 13(3), pp. 255-269., 10.1108/09675421211281326DOI: 10.1108/09675421211281326
  20. Carnevale C., Mazzucca M. and Venturini S. (2012), Corporate Social Reporting in European Banks: The Effects on a Firm’s Market Value, Corporate Social Responsibility and Environmental Management, 19, pp. 159-177., 10.1002/csr.262.DOI: 10.1002/csr.262.
  21. Carnevale C. and Mazzucca M. (2014), Sustainability report and bank valuation: evidence from European stock markets, Journal of Business Ethics, 23(1), pp. 69-90.
  22. Casadeus-Masanell R. and Ricart J.E. (2010), From Strategy to Business Models and onto Tactics, Long Range Planning, 43(2-3), pp. 195-215.
  23. Chen M., Cheng S. and Hwang Y. (2005), An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance, Journal of Intellectual Capital, 6(2), pp. 159-176., 10.1108/14691930510592771.DOI: 10.1108/14691930510592771.
  24. CIMA (2010), Corporate reporting to business reporting – The way forward. Lalith Fonseka, World Congress of Accountants, Concurrent Session 22, 09th November 2010.
  25. CIMA (2013), Business Model – Background Paper for , -- available at http://www.theiirc.org/.
  26. Cinquini L. and Tenucci A. (2011), Business model in management commentary and the links with management accounting, Financial Reporting, 3, pp. 41-59., 10.3280/FR2011-SU003003DOI: 10.3280/FR2011-SU003003
  27. Clarkson P. M., Li Y. and Richardson G. D. (2004), The market valuation of environmental capital expenditures by pulp and paper companies. The accounting review, 79(2), pp. 329-353.
  28. Clarkson P., Hanna J. D., Richardson G. D. and Thompson R. (2011), The impact of IFRS adoption on the value relevance of book value and earnings, Journal of Contemporary Accounting & Economics, 7(1), pp. 1-17., 10.1016/j.jcae.2011.03.001.DOI: 10.1016/j.jcae.2011.03.001.
  29. Cormier D. and Magnan M. (2007), The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective, Ecological economics, 62(3-4), pp. 613-626.2006.07.030.
  30. Dal Maso L., Liberatore G. and Mazzi F. (2017), Value relevance of stakeholder engagement: The influence of national culture, Corporate Social Responsibility and Environmental Management, 24(1), pp. 44-56.
  31. Devalle A., Onali E. and Magarini R. (2010), Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe, Journal of International Financial Management & Accounting, 21(2), pp. 85-119.
  32. Dimitropoulos P. E., Asteriou D., Kousenidis D. and Leventis S. (2013), The impact of IFRS on accounting quality: Evidence from Greece, Advances in Accounting, 29(1), pp. 108-123.
  33. Dumay J.C. (2009), Intellectual capital measurement: a critical approach, Journal of Intellectual Capital, 10(2), pp. 190-210., 10.1108/14691930910952614DOI: 10.1108/14691930910952614
  34. Eccles R. G. and Mavrinac S. C. (1995), Improving the corporate disclosure process, Sloan management review, 36(4), p. 11.
  35. Eccles R. G., Herz R. H., Keegan E. M. and Phillips D. M. (2002), The value reporting revolution: Moving beyond the earnings game. (John Wiley & Sons).
  36. Edvinsson L. and Malone M. S. (1997), Intellectual capital: realizing your company’s true value by finding its hidden brainpower.
  37. EFRAG (2013), The role of the business model in financial statements, Research Paper, Dec 2013.
  38. Ernst & Young (2017), EU Directive: disclosure of non-financial information and diversity information. -- Available at: http://www.ey.com/Publication/vwLUAssets/EY-eu-directive-disclosure-of-non-financial-information-and-diversity.pdf/$FILE/EY-eu-directive-disclosure-of-non-financial-information-and-diversity.pdf.
  39. European Commission (2017), Guidelines on non-financial reporting (methodology for reporting non-financial information) (2017/C 215/01).
  40. Federation of European Accountants (2016), EU Directive on disclosure of non-financial and diversity information. Achieving god quality and consistent reporting.
  41. Fensel D. (2001), Ontologies: Silver Bullet for Knowledge Management and Electronic Commerce. (Heidelberg: Springer-Verlag).
  42. FRC (2013), Guidance on the Strategic Report, August 2013.
  43. Garcia-Meca E. (2005), Bridging the gap between disclosure and use of intellectual capital information, Journal of Intellectual Capital, 6(3), pp. 427-440., 10.1108/14691930510611157DOI: 10.1108/14691930510611157
  44. Ghosh D. and Vogt A. (2012), Outliers: An evaluation of methodologies in Joint statistical meetings, pp. 3455-3460 (San Diego, CA: American Statistical Association).
  45. Gebhardt W. R., Lee C. and Swaminathan B. (2001), Toward an implied cost of capital, Journal of accounting research, 39(1), pp. 135-176., 10.1111/1475-679X.00007DOI: 10.1111/1475-679X.00007
  46. Ghosh D. and Wu A. (2012), The effect of positive and negative financial and nonfinancial performance measures on analysts’ recommendations, Behavioral Research in Accounting, 24(2), pp. 47-64.
  47. Goodman M. B. (2006), The role of business in public diplomacy, Journal of Business Strategy, 27(3), pp. 5-7., 10.1108/13563280610680803DOI: 10.1108/13563280610680803
  48. Gow I.D., Ormazabal G., Taylor D.J. (2010), Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research, The Accounting Review, 85(2), pp. 483-512.
  49. Gu F. and Li J. Q. (2003), Disclosure of innovation activities by high-technology firms. Asia Pacific Journal of Accounting & Economics, 10(2), pp. 143-172., 10.1080/16081625.2003.10510623DOI: 10.1080/16081625.2003.10510623
  50. Hamel G. (2000), Leading the revolution. (Boston: Harvard Business School Press).
  51. Holland J. (2001), Financial institutions, intangibles and corporate governance, Accounting, Auditing & Accountability Journal, 14(4), pp. 497-529., 10.1108/EUM0000000005871DOI: 10.1108/EUM0000000005871
  52. Holland J. and Johanson U. (2003), Value-relevant information on corporate intangibles – creation, use, and barriers in capital markets – “between a rock and a hard place”, Journal of intellectual Capital, 4(4), pp. 465-486., 10.1108/14691930310504518.DOI: 10.1108/14691930310504518.
  53. Holland J. (2004), Corporate intangibles, value relevance and disclosure content. (Edinburgh: The Institute of Chartered Accountants of Scotland).
  54. Hughes K. E. (2000), The value relevance of nonfinancial measures of air pollution in the electric utility industry. The Accounting Review, 75(2), pp. 209-228.
  55. Hussainey K. and Salama A. (2010), The importance of corporate environmental reputation to investors, Journal of Applied Accounting Research, 11(3), pp. 229-241., 10.1108/09675421011088152DOI: 10.1108/09675421011088152
  56. IIRC (2013), International Framework.
  57. Ittner C. D., Larcker D. F. and Rajan M. V. (1997), The choice of performance measures in annual bonus contracts, Accounting Review, pp. 231-255.
  58. KPMG and UNEP (2016), Carrots & Sticks. Global trends in sustainability reporting regulation and policy. -- Available at: https://www.carrotsandsticks.net/wp-content/uploads/2016/05/Carrots-Sticks-2016.pdf.
  59. Lambert S. (2008), A conceptual framework for business model research. BLED 2008 proceedings.
  60. Lang M., Raedy J.S. and Yetman M.H. (2003), How Representative Are Firms That Are Cross-Listed in the United States? An Analysis of Accounting Quality, Journal of Accounting Research, 41(2), pp. 363-386.
  61. Leisenring J., Linsmeier T., Schipper K. and Trott E. (2012), Business-model (intent)-based accounting, Accounting and Business Research, 42(3), pp. 329-344., 10.1080/00014788.2012.681860DOI: 10.1080/00014788.2012.681860
  62. Lev B. and Zarowin P. (1999), The boundaries of financial reporting and how to extend them, Journal of Accounting research, 37(2), pp. 353-385., 10.2307/2491413DOI: 10.2307/2491413
  63. Linder J. and Cantrell S. (2001), Five business-model myths that hold companies back, Strategy & Leadership, 29(6), pp. 13-18., 10.1108/10878570110411330DOI: 10.1108/10878570110411330
  64. Linder J. and Cantrell S. (2002), What makes a good business model anyway? Can yours stand the test of change?, Accenture Outlook Point of View.
  65. Lourenco I.C., Branco M.C., Curto J.D. and Eugénio T. (2011). How Does the Market Value Corporate Sustainability Performance? Journal of Business Ethics, 108, pp. 417-428.
  66. Loprevite S., Rupo D. and Ricca B. (2018), Integrated Reporting Practices in Europe and Value Relevance of Accounting Information under the Framework of IIRC, International Journal of Business and Management, 13(5), p. 1.
  67. Magretta J. (2002), Why Business Models Matter. HBR Spotlight: Practical Strategy, Harvard Business School Publishing Corporation.
  68. Massa L., Tucci C.L. and Afuah A. (2017), A critical assessment of business model research, Academy of Management Annals, 11(1), pp. 73-104.
  69. Mavrinac S. and Siesfeld T. (1997), Measures that matter. An exploratory investigation of investors information needs and value priorities, working paper, The Ernst & Young Center for Business Innovation.
  70. Mechelli A., Cimini R. and Mazzocchetti F. (2017), The usefulness of the business model disclosure for investors’ judgments in financial entities. A European study, Revista de Contabilidad – Spanish Accounting Review, 20(1), pp. 1-12.
  71. Montemari M. and Nielsen C. (2013), The role of causal maps in intellectual capital measurement and management, Journal of Intellectual Capital, 14(4), pp. 522-546., 10.1108/JIC-01-2013-0008DOI: 10.1108/JIC-01-2013-0008
  72. Moneva J.M. and Cuellar B. (2009), The Value Relevance of Financial and Non-Financial Environmental Reporting, Environmental and Resource Economics, 44, pp. 441-456.
  73. Morais A.I. and Curto J.D. (2009), Mandatory Adoption of IASB Standards: Value Relevance and Country-Specific Factors, Australian Accounting Review, 49(19), pp. 128-143.
  74. Petrovic O., Kittl C. and Teksten R.D. (2001), Developing Business Models for eBusiness, Social Science Research Network.
  75. Mouritsen J. and Larsen H. T. (2005), The 2nd wave of knowledge management: the management control of knowledge resources through intellectual capital information, Management accounting research, 16(3), pp. 371-394., 10.1016/j.mar.2005.06.006.DOI: 10.1016/j.mar.2005.06.006.
  76. Mouritsen J. (2006), Problematising intellectual capital research: ostensive vs performative IC, Accounting, Auditing & Accountability Journal, 19(6), pp. 820-841., 10.1108/09513570610709881DOI: 10.1108/09513570610709881
  77. NIBR (2018), Business Model Representation in Integrated Reporting: Best Practices and Guidelines. -- Available at: http://integratedreporting.org/wpcontent/uploads/2018/03/NIBR_GUIDA- BM_16feb2018_ENG.pdf.
  78. Nielsen C., Roslender R. and Bukhm P.N. (2009), Intellectual Capital Reporting: Can a Strategy Perspective Solve Accounting Problems?, Knowledge Economy in Global Business, pp. 174-191.
  79. Nielsen C. (2010), Conceptualizing, Analyzing and Communicating the Business Model. Working Paper Series, Department of Business Studies, No. 2, 2010, Aalborg University.
  80. Nielsen C. and Bukh P.N. (2011), What constitutes a business model: the perception of financial analysts, Int. J. Learning and Intellectual Capital, 8(3), pp. 256-271., 10.1504/IJLIC.2011.041072DOI: 10.1504/IJLIC.2011.041072
  81. Nielsen C. and Bukh P.N. (2013), Communicating Strategy: using the business model as a platform for investor relations work, The Business Model Community Working Paper Series, 2013-10.
  82. Nikolaos K. and Dimosthenis H. (2009), The Effect of the Mandatory Application of IFRS on the Value Relevance of Accounting Data: Some Evidence from Greece, European Research Studies, 12(1), pp. 73-100.
  83. Novak A. (2014), Business Model Literature Overview, Financial Reporting, 1, pp. 79-130., 10.3280/FR2014-001004DOI: 10.3280/FR2014-001004
  84. Nwaeze N.T. (1998), Regulation and the Valuation Relevance of Book Value and Earnings: Evidence from the United States, Contemporary Accounting Research, 15(4), pp. 547-573.
  85. O’Donnell D., Henriksen L.B. and Voelpel S.C. (2006), Guest editorial: Becoming critical on intellectual capital. Journal of Intellectual Capital, 7(1), pp. 5-11., 10.1108/14691930610639732DOI: 10.1108/14691930610639732
  86. OECD (1996), The Knowledge-Based Economy, in OECD, STI Outlook. (Paris: OECD).
  87. OECD (2011), Guidelines for Multinational Enterprises. -- Available at: https://www.oecd.org/corporate/mne/48004323.pdf.
  88. Ohlson J.A. (1995), Earnings, Book Values, and Dividends in Equity Valuation, Contemporary Accounting Research, 11(2), pp. 661-687.
  89. Onetti A., Zucchella A., Jones, M.V. and McDougall-Covin, P.P. (2012), Internationalization, innovation and entrepreneurship: Business models for new technology- based firms, Journal of Management & Governance, 16, pp. 337-368.
  90. Oliveira L., Rodrigues L.L. and Craig R. (2006), Firm-specific determinants of intangibles reporting: evidence from the Portuguese stock market, Journal of Human Resource Costing & Accounting, 10(1), pp. 11-33.
  91. Orens R. and Lybaert N. (2007). Does the financial analysts’ usage of non-financial information influence the analysts’ forecast accuracy? Some evidence from the Belgian sell-side financial analyst, The International Journal of Accounting, 42(3), pp. 237-271.
  92. Osterwalder A., Pigneur Y. and Tucci C.L. (2005), Clarifying business models: origins, present, and future of the concept, Communications of the Association for Information Systems, Vol. 15, Article (May 2005).
  93. Petersen M. A. (2009), Estimating standard errors in finance panel data sets: Comparing approaches, The Review of Financial Studies, 22(1), pp. 435-480.
  94. Pigneur Y. (2002), A Framework for Defining E-business Models, in Bellahsène Z., Patel D., Rolland C. (eds), Object-Oriented Information Systems. OOIS 2002
  95. Lecture Notes in Computer Science, vol. 2425. (Heidelberg: Springer, Berlin)., 10.1007/3-540-46102-7_2DOI: 10.1007/3-540-46102-7_2
  96. Ramirez R. (1999), Value co-production: intellectual origins and implications for practice and research, Strategic management journal, 49-65.
  97. Rappa M. (2001), Managing the digital enterprise ‐ Business Models on the Web, -- http://ecommerce.ncsu.edu/business_models.html.
  98. Reverte C. (2016), Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms, Review of Managerial Science, 10, pp. 411-435.
  99. Richardson J. (2008), The business model: An integrative framework for strategy execution, Strategic Change, 17, pp. 133-144.
  100. Seetharaman A., Gul F. A. and Lynn S. G. (2002), Litigation risk and audit fees: Evidence from UK firms cross-listed on US markets, Journal of accounting and economics, 33(1), pp. 91-115., 10.1016/S0165-4101(01)00046-5DOI: 10.1016/S0165-4101(01)00046-5
  101. Shafer S.M., Smith H.J. and Linder J.C. (2005), The power of business models, Business Horizons, 48, pp. 199-207.
  102. Singleton-Green B. (2014), Should financial reporting reflect firms’ business models? What accounting can learn from the economic theory of the firm, Journal of Management and Governance, 18, pp. 697-706.
  103. Soliman M. T. (2005), Using industry-adjusted DuPont analysis to predict future profitability.
  104. Sorrentino M. and Smarra M. (2015), The Term “Business Model” in Financial Reporting: Does It Need a Proper Definition?, Open Journal of Accounting, 4, pp. 11-22.
  105. Sriram R. S. (2008), Relevance of intangible assets to evaluate financial health, Journal of Intellectual Capital, 9(3), pp. 351-366., 10.1108/14691930810891974DOI: 10.1108/14691930810891974
  106. Stewart T.A. (1997), Intellectual Capital: The New Wealth of Organizations. (New York: Doubleday Currency).
  107. Stewart D.W. and Zhao Q. (2000), Internet Marketing, Business Models, and Public Policy, Journal of Public Policy & Marketing, 19(2), pp. 287-296.
  108. Stober T. L. (1999), Empirical applications of the Ohlson [1995] and Feltham and Ohlson [1995, 1996] valuation models, Managerial Finance, 25(12), pp. 3-16., 10.1108/03074359910766307DOI: 10.1108/03074359910766307
  109. Swartz G.E., Firer S. and Swartz N.P. (2006), An empirical examination of the value relevance of intellectual capital using the Ohlson (1995) valuation model, Meditari Accountancy Research, 14(2), pp. 67-81.
  110. Sweet P. (2001), Strategic value configuration logics and the “new” economy: a service economy revolution?, International Journal of Service Industry Management, 12(1), 70-84., 10.1108/09564230110382781DOI: 10.1108/09564230110382781
  111. Teece D.J. (2010), Business Models, Business Strategy and Innovation, Long Range Planning, 43(2-3), pp. 172-194.
  112. Tsoligkas F. and Tsalavoutas I. (2011), Value relevance of R&D in the UK after IFRS mandatory implementation, Applied Financial Economics, 21(13), pp. 957-967., 10.1080/09603107.2011.556588DOI: 10.1080/09603107.2011.556588
  113. UBS (2012), UBS investment research Q-Series: what is ‘Integrated Reporting’?.
  114. Vafaei A., Taylor D. and Ahmed K. (2011), The value relevance of intellectual capital disclosures, Journal of Intellectual Capital, 12(3), pp. 407-429., 10.1108/14691931111154715DOI: 10.1108/14691931111154715
  115. Van Ewjik S.E. and Arnold I.J.M. (2014), How bank business models drive interest margins: evidence from US bank-level data, The European Journal of Finance, 20(10), pp. 850-873., 10.1080/1351847X.2013.833532DOI: 10.1080/1351847X.2013.833532
  116. Vukanović Z. (2016), Business Model Research Agenda Positioning: Conceptual Frameworks, Functions, Benefits, Rationale, Dynamics, Performance, and Economic Feasibility in Foreign Direct Investment Inflows Into the South East European Media Market, pp. 5-66. (Cham.: Springer).
  117. Wirtz B.W., Pistoia A., Ulrich S. and Gottel V. (2016), Business Models: Origin, Development and Future Research Perspectives, Long Range Planning, 49, pp. 36-54.
  118. Zott C. and Amit R. (2008), The fit between product market strategy and business model: implications for firm performance, Strategic Management Journal, 29, pp. 1-26.
  119. Zott C., Amit R. and Massa L. (2011), The Business Model: Recent Developments and Future Research, Journal of Management, 37(4), pp. 1019-1042., 10.1177/0149206311406265DOI: 10.1177/0149206311406265

Lorenzo Simoni, Laura Bini, Francesco Giunta, in "FINANCIAL REPORTING" 1/2019, pp. 83-111, DOI:10.3280/FR2019-001003

   

FrancoAngeli è membro della Publishers International Linking Association associazione indipendente e no profit per facilitare l'accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche