IL RUOLO DELLA GOVERNANCE NELLE SCELTE DI INFORMATIVA VOLONTARIA SUL WEB. UNA ANALISI SULLE SOCIETÀ QUOTATE ITALIANE

Abstract

Starting from the theoretical assumptions of the agency theory, the paper analyzes the effects of corporate governance on the dissemination of financial information on-line (Internet Financial
Reporting) in respect of Italian companies characterized by a high concentration of ownership. This aspect, in fact, impacts on the choices of governance and these, in turn, affect the level of voluntary disclosure. The activities of Internet Financial Reporting are measured through a disclosure index calculated on the basis of the information (considering the form and content) in the Investor Relations section. Corporate governance is observed in a wide size, intended to grasp issues related to ownership structure, and an internal dimension, in order to consider directly the characteristics of the Board of Directors. Results show a greater propensity for dissemination of financial information on the web in those companies with a capital very fractionated and characterized by the presence of a higher percentage of independent directors in the board and that have a separate leadership structure.

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Authors

👤  Romilda Mazzotta
👤  Giovanni Bronzetti