La relazione tra l’esperienza degli amministratori e il business plan: un’indagine empirica sulle imprese quotate in Italia

Titolo Rivista MANAGEMENT CONTROL
Autori/Curatori Emmadonata Carbone, Sara Saggese, Fabrizia Sarto
Anno di pubblicazione 2023 Fascicolo 2023/1
Lingua Italiano Numero pagine 26 P. 69-94 Dimensione file 319 KB
DOI 10.3280/MACO2023-001004
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più clicca qui

Qui sotto puoi vedere in anteprima la prima pagina di questo articolo.

Se questo articolo ti interessa, lo puoi acquistare (e scaricare in formato pdf) seguendo le facili indicazioni per acquistare il download credit. Acquista Download Credits per scaricare questo Articolo in formato PDF

Anteprima articolo

FrancoAngeli è membro della Publishers International Linking Association, Inc (PILA)associazione indipendente e non profit per facilitare (attraverso i servizi tecnologici implementati da CrossRef.org) l’accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche

The paper aims to explore the influence of board human capital on the preparation and quality of business plans. It focuses on a sample of 249 Italian listed companies and examines the related business plans by the content analysis and the development of a disclosure quality index. The regressions show that the directors’ managerial, financial and legal expertise are related to the business plan’s drafting. The paper fills a gap in the literature on the voluntary forward-looking disclosure by exploring the determinants of business plans and shedding light into the role of board expertise. Moreover, it expands current knowledge by examining both the presence and the quality of such document through the development of a disclosure quality index. Finally, it highlights the effects of nomination committees’ choices on the voluntary forward-looking disclosure and offers insights into the role of board human capital for strategic planning activity and communication.

Parole chiave:Business plan, Board, Human capital, Expertise, Italy, Listed companies

  1. Hillman A.J., Cannella A.A., Paetzold R.L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change, Journal of Management Studies, 37(2), pp. 235-256.
  2. Hillman A.J., Dalziel T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), pp. 383-396.
  3. Ho S.S., Wong K.S. (2001). A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10(2), pp. 139-156.
  4. Honig B., Karlsson T. (2004). Institutional forces and the written business plan. Journal of Management, 30(1), pp. 29-48.
  5. Hopp C., Greene F.J., Honig B., Karlsson T., Samuelsson M. (2018). Revisiting the influence of institutional forces on the written business plan: A replication study. Management Review Quarterly, 68(4), pp. 361-398.
  6. Hossain M., Ahmed K., Godfrey J. M. (2005). Investment opportunity set and voluntary disclosure of prospective information: A simultaneous equations approach. Journal of Business Finance & Accounting, 32(5‐6), pp. 871-907.
  7. Jermias J., Gani L. (2014). The impact of board capital and board characteristics on firm performance. The British Accounting Review, 46(2), pp. 135-153.
  8. John-Eke E.C., Eke J.K. (2020). Strategic planning and crisis management styles in organizations: A review of related literature, Journal of Strategic Management, 5(1), pp. 36-46.
  9. Kılıç M., Kuzey C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), pp. 115-144.
  10. Kontesa M., Lako A., Wendy W. (2020). Board capital and earnings quality with different controlling shareholders. Accounting Research Journal, 33(4-5), pp. 593-613.
  11. Kor Y.Y., Sundaramurthy C. (2009). Experience-based human capital and social capital of outside directors, Journal of Management, 35(4), pp. 981-1006.
  12. Krishnan J., Wen Y., Zhao W. (2011). Legal expertise on corporate audit committees and financial reporting quality, The Accounting Review, 86(6), pp. 2099-2130.
  13. Lewis B., Walls J.L., Dowell G.W. (2014). Difference in degrees: CEO characteristics and firm environmental disclosure. Strategic Management Journal, 35(5), pp. 712-722.
  14. Lim S., Matolcsy Z., Chow D. (2007). The association between board composition and different types of voluntary disclosure. European Accounting Review, 16(3), pp. 555-583.
  15. Linciano N., Caivano V., Fancello F., Gentile M. (2021). Report 2021 on Trends and Risks of the Italian Financial System in a Comparative Perspective. CONSOB Statistics and analyses.
  16. Litov L. P., Sepe S. M., Whitehead C. K. (2013). Lawyers and fools: Lawyer-directors in public corporations. Georgetown Law Journal, 102(413).
  17. Liu G., Sun J. (2021). Independent directors’ legal expertise, bank risk-taking and performance. Journal of Contemporary Accounting & Economics, 17(1), 100240.
  18. Mariani G. (2012). Conoscenza e creazione di valore. Il ruolo del Business Plan. FrancoAngeli.
  19. Mariani G. (2013). Conoscere per formulare e comunicare le strategie: il ruolo del business plan. Synergies Italian Journal of Management, 31(2), pp. 69-9.
  20. Mariani G., Morelli D., Bartoloni L. (2019). Managing uncertainty in the start-up environment. Is a business plan an incentive or a limitation?, Management Control, 1, pp. 73-96.
  21. Mazzola P. (2013). Il piano industriale. Progettare e comunicare le strategie d’impresa. Egea.
  22. Midavaine J., Dolfsma W., Aalbers R. (2016). Board diversity and R&D investment. Management Decision, 54(3), pp. 558-569.
  23. Mullins J. W. (2006). The New Business Road Test: What entrepreneurs and executives should do before writing a business plan. Pearson Education.
  24. Nelson S. P., Devi S. (2013). Audit committee experts and earnings quality. Corporate Governance: The international journal of business in society, 13(4), pp. 335-351.
  25. Nicolò G., Zanellato G., Manes-Rossi F., Tiron-Tudor A. (2019). Beyond Financial Reporting. Integrated Reporting and its determinants: Evidence from the context of European state-owned enterprises. Financial Reporting, 2, pp. 43-72.
  26. Nour A.I., Sharabati A.A.A., Hammad K.M. (2020). Corporate governance and corporate social responsibility disclosure. International Journal of Sustainable Entrepreneurship and Corporate Social Responsibility (IJSECSR), 5(1), pp. 20-41.
  27. O’Sullivan M., Percy M., Stewart J. (2008). Australian evidence on corporate governance attributes and their association with forward-looking information in the annual report. Journal of Management & Governance, 12(1), pp. 5-35.
  28. Padia N., Yasseen Y. (2011). An examination of strategy disclosure in the annual reports of South African listed companies. South African Journal of Business Management, 42(3), pp. 27-35.
  29. Payne G.T., Benson G.S., Finegold D.L. (2009). Corporate board attributes, team effectiveness and financial performance. Journal of Management Studies, 46(4), pp. 704-731.
  30. Potito L. (2019). Pianificazione e controllo di gestione. Principi e strumenti. Giappichelli, Torino.
  31. Prencipe A. (2004). Proprietary costs and determinants of voluntary segment disclosure: evidence from Italian listed companies. European accounting review, 13(2), pp. 319-340.
  32. Pugliese A., Bezemer P. J., Zattoni A., Huse M., Van den Bosch F. A., Volberda H. W. (2009). Boards of directors’ contribution to strategy: A literature review and research agenda, Corporate Governance: An International Review, 17(3), pp. 292-306.
  33. Qu W., Ee M. S., Liu L., Wise V., Carey P. (2015). Corporate governance and quality of forward-looking information: Evidence from the Chinese stock market. Asian Review of Accounting, 23(1), pp. 39-67.
  34. Ramón-Llorens M.C., García-Meca E., Pucheta-Martínez M.C. (2019). The role of human and social board capital in driving CSR reporting. Long Range Planning, 52(6), 101846.
  35. Reeb D.M., Zhao W. (2013). Director capital and corporate disclosure quality, Journal of Accounting and Public Policy, 32(4), pp. 191-212.
  36. Saggese S., Sarto F., Viganò R. (2019). Il Business Plan come strumento di comunicazione, programmazione e controllo strategico, in A. Caldarelli, W. Forte, A. Incollingo, R. Macchioni, R. Maglio, G. Sannino, P. Tartaglia Polcini, R. Viganò. (a cura di), Lucio Potito, Pianificazione e Controllo di Gestione. Principi e strumenti. Torino, Giappichelli, pp. 301-339.
  37. Santema S., Hoekert M., Van De Rijt J., Van Oijen A. (2005). Strategy disclosure in annual reports across Europe: A study on differences between five countries. European Business Review, 17(4), pp. 352-266.
  38. Sarto F. (2019). Il ruolo del board human capital nel governo delle aziende: Profili teorici e riflessi sulla performance. Giappichelli Editore.
  39. Sarto F., Saggese S. (2022). Board industry expertise and innovation input: Evidence on the curvilinear relationship and the moderating effect of CEO. European Journal of Innovation Management, 25(6), pp. 775-803.
  40. Sarto F., Saggese S., Viganò R., Mauro, M. (2019). Human capital and innovation: Mixing apples and oranges on the board of high-tech firms. Management Decision, 58(5), pp. 897-926.
  41. Stevenson W.B., Radin R.F. (2009). Social capital and social influence on the board of directors. Journal of Management Studies, 46(1), pp. 16-44.
  42. Velte P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), pp. 169-178.
  43. Villadsen A.R., Wulff J. (2018). Fractional regression models in strategic management research. In Academy of Management Proceedings, (1), 11217.
  44. Volonté C., Gantenbein P. (2016). Directors’ human capital, firm strategy, and firm performance. Journal of Management & Governance, 20(1), pp. 115-145.
  45. Wang C., Xie F., Zhu M. (2015). Industry expertise of independent directors and board monitoring. Journal of Financial and Quantitative Analysis, 50(5), pp. 929-962.
  46. Wang M., Hussainey K. (2013). Voluntary forward-looking statements driven by corporate governance and their value relevance. Journal of Accounting and Public Policy, 32(3), pp. 26-49.
  47. Wheeler D. C. (2007). Diagnostic tools and a remedial method for collinearity in geographically weighted regression. Environment and Planning A: Economy and Space, 39(10), pp. 2464-2481.
  48. Wilson J. W., Eilertsen S. (2010). How did strategic planning help during the economic crisis?, Strategy & Leadership, 38(2), pp. 5-14.
  49. Wiltbank R., Dew N., Read S., Sarasvathy S. D. (2006). What to do next? The case for non‐predictive strategy. Strategic Management Journal, 27(10), pp. 981-998.
  50. Wincent J., Anokhin S., Örtqvist D. (2010). Does network board capital matter? A study of innovative performance in strategic SME networks. Journal of Business Research, 63(3), pp. 265-275.
  51. Xu J., Liu F. (2021). Nexus between intellectual capital and financial performance: An investigation of Chinese manufacturing industry. Journal of Business Economics and Management, 22(1), pp. 217-235.
  52. Zahra S. A. (2003). International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18, pp. 495-512.
  53. Zhang Y., Zhou J., Zhou N. (2007). Audit Committee Quality, Auditor Independence, and Internal Control Weaknesses. Journal of Accounting and Public Policy, 26(3), pp. 300-327.
  54. Adams R.B., Ferreira D. (2007). A theory of friendly boards, The Journal of Finance, 62(1), pp. 217-250.
  55. Ajzen I. (1991). Theory of Planned Behavior. Organizational Behavior and Human Decision Process, 50(2), pp. 179-211.
  56. Alfiero S., Esposito A., Doronzo R., Cane M. (2018). Determining characteristics of boards adopting Integrated Reporting, Financial Reporting, 2, pp. 37-71.
  57. Al-Najjar B., Abed S. (2014). The association between disclosure of forward-looking information and corporate governance mechanisms: Evidence from the UK before the financial crisis period. Managerial Auditing Journal, 29(7), pp. 578-595.
  58. Alshirah M.H., Rahman A.A., Mustapa I.R. (2020). Board of directors’ characteristics and corporate risk disclosure: The moderating role of family ownership. EuroMed Journal of Business, 15(2), pp. 219-252.
  59. Amorelli M. F., García-Sánchez I. M. (2020). Critical mass of female directors, human capital, and stakeholder engagement by corporate social reporting. Corporate Social Responsibility and Environmental Management, 27(1), pp. 204-221.
  60. Badolato P.G., Donelson D. C., Ege M. (2014). Audit committee financial expertise and earnings management: The role of status. Journal of Accounting and Economics, 58(2-3), pp. 208-230.
  61. Bamber L.S., Jiang J., Wang I.Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), pp. 1131-1162.
  62. Barker III V.L., Mueller G.C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), pp.782-801.
  63. Becciu A., Calota C.A., Gonnella C., Russo S. (2022). Human resources management, knowledge sharing and innovative behavior: which nexus? A systematic literature review. Management Control, 3, pp. 14-39.
  64. Becker G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5, Part 2), pp. 9-49.
  65. Beretta S., Bozzolan S. (2008). Quality versus quantity: The case of forward-looking disclosure. Journal of Accounting, Auditing & Finance, 23(3), pp. 333-376.
  66. Bird R.C., Orozco D. (2014). Finding the right corporate legal strategy. MIT Sloan Management Review, 56(1), pp. 81-82.
  67. Blackwell E. (2011). How to prepare a business plan: Create your strategy; forecast your finances; produce that persuasive plan. Kogan Page Publishers.
  68. Borges C., Hashimoto M., Limongi R. (2013). To plan or not to plan? An analysis of the impact of planning on the disbanding or growth of Brazilian start-ups, International. Journal of Entrepreneurship and Small Business, 18, pp. 349-367.
  69. Borsa Italiana (2003). Guida al Piano Industriale, -- tratto da www.borsaitaliana.it.
  70. Bozzolan S., Trombetta M., Beretta S. (2009). Forward-looking disclosures, financial verifiability and analysts' forecasts: A study of cross-listed European firms. European Accounting Review, 18(3), pp. 435-473.
  71. Bravo F., Alcaide-Ruiz M.D. (2019). The disclosure of financial forward-looking information: Does the financial expertise of female directors make a difference?. Gender in Management: An International Journal, 34(2), pp. 140-156.
  72. Brinckmann J., Dew N., Read S., Mayer-Haug K., Grichnik D. (2019). Of those who plan: A meta-analysis of the relationship between human capital and business planning, Long Range Planning, 52(2), pp. 173-188.
  73. Broccardo L., Culasso F., Giacosa E., Truant E. (2016). The diffusion of management control systems in Italy: A comparison between family and non-family firms, Corporate Ownership and Control, 13(4), pp. 165-172.
  74. Broye G., Johannes P. (2021). Determinants of audit committee effectiveness: Reviewing a decade of empirical research. Accounting Auditing Control, 27(1), pp. 51-109.
  75. Brusa L. (2016). Business plan: guida per imprese sane, start-up e aziende in crisi. Business plan, pp. 1-289.
  76. Burke A., Fraser S., Greene F.J. (2010). The multiple effects of business planning on new venture performance. Journal of Management Studies, 47(3), pp. 391-415.
  77. Busenitz L.W., Barney J. B. (1997). Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making. Journal of business venturing, 12(1), pp. 9-30.
  78. Caballero-Morales S.O. (2021). Innovation as recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in International Business and Finance, 57, 101396.
  79. Carcello J.V., Hollingsworth C.W., Klein A., Neal T.L. (2006). Audit committee financial expertise, competing corporate governance mechanisms, and earnings management. Competing Corporate Governance Mechanisms, and Earnings Management.
  80. Cascino S., Pugliese A., Mussolino D., Sansone C. (2010). The influence of family ownership on the quality of accounting information. Family Business Review, 23(3), pp. 246-265.
  81. Cerbioni F., Parbonetti A. (2007). Exploring the effects of corporate governance on intellectual capital disclosure: An analysis of European biotechnology companies. European Accounting Review, 16(4), pp. 791-826.
  82. Chen H. L., Hsu W.T., Chang C.Y. (2016). Independent directors’ human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view. International Business Review, 25(4), pp. 859-871.
  83. Corbetta G., Tomaselli S. (1996). Boards of directors in Italian family businesses. Family Business Review, 9(4), pp. 403-421.
  84. Correale G., Penco C. (2005). Il Business Plan. Business as usual o qualcosa e cambiato?. Sistemi e Impresa, 8(15).
  85. Corsi K. (2021). Il lato umano del controllo per fronteggiare la crisi. Management Control, 1, pp. 5-12.
  86. Cupertino S., Vitale G., Riccaboni A. (2018). L’impatto dei Big Data sulle attività di pianificazione & controllo aziendali: In caso di studio di una PMI agricola Italiana. Management Control, 3, pp. 59-86.
  87. D'Amico E., Coluccia D., Fontana S., Solimene S. (2015). La disclosure dell’informativa ambientale nelle imprese italiane. RIREA, 2, pp. 144-164.
  88. Del Baldo M., Arcari A.M., Ruisi M. (2019). Controllo di gestione nelle PMI e consulenti esterni, Management Control, 1, pp. 69-94.
  89. Dencker J. C., Gruber M., Shah S. K. (2009).Pre-entry knowledge, learning, and the survival of new firms. Organization Science, 20(3), pp. 516-537.
  90. Dharwadkar R., Guo J., Shi L., Yang R. (2021). Corporate social irresponsibility and boards: The implications of legal expertise. Journal of Business Research, 125, pp. 143-154.
  91. Di Maggio P., Powell W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, pp. 147-160.
  92. Ekanem I. (2017). Writing a business plan: a practical guide. Routledge.
  93. Elbanna S. (2006). Strategic decision‐making: Process perspectives. International Journal of Management Reviews, 8(1), pp. 1-20.
  94. Elgammal M.M., Hussainey K., Ahmed F. (2018). Corporate governance and voluntary risk and forward-looking disclosures. Journal of Applied Accounting Research, 19(4), pp. 592-607.
  95. Fahlenbrach R., Low A., Stulz R.M. (2010). Why do firms appoint CEOs as outside directors?. Journal of Financial Economics, 97(1), pp. 12-32.
  96. Garcia-Sanchez I. M., Martínez-Ferrero J., García-Meca E. (2017). Gender diversity, financial expertise and its effects on accounting quality. Management Decision, 55(2), pp. 347-382.
  97. Ghafran C., Yasmin S. (2018). Audit committee chair and financial reporting timeliness: A focus on financial, experiential and monitoring expertise. International Journal of Auditing, 22(1), pp. 13-24.
  98. Giner B., Allini A., Zampella A. (2020). The value relevance of risk disclosure: An analysis of the banking sector. Accounting in Europe, 17(2), pp. 129-157.
  99. Gruber M. (2007). Uncovering the value of planning in new venture creation: A process and contingency perspective, Journal of business venturing, 22(6), pp. 782-807.
  100. Güner A.B., Malmendier U., Tate G. (2008). Financial expertise of directors. Journal of Financial Economics, 88(2), pp. 323-354.
  101. Hassan M.K., Lahyani F.E. (2020). Media, independent non-executive directors and strategy disclosure by non-financial listed firms in the UAE. Corporate Governance: The International Journal of Business in Society, 20(2), pp. 216-239.
  102. He W., Liu W. (2016). Why do companies appoint independent directors having professional legal expertise?. China Journal of Accounting Studies, 4(4), pp. 379-405.
  103. Henderson M. T., Hutton I., Jiang D., Pierson M. (2017). Lawyer CEOs. Available at SSRN 2923136.

  • Developing a Conceptual Framework for Business Plan Drafting: Insights from Practitioners Paolo Roffia, in Administrative Sciences /2025 pp.113
    DOI: 10.3390/admsci15030113

Emmadonata Carbone, Sara Saggese, Fabrizia Sarto, La relazione tra l’esperienza degli amministratori e il business plan: un’indagine empirica sulle imprese quotate in Italia in "MANAGEMENT CONTROL" 1/2023, pp 69-94, DOI: 10.3280/MACO2023-001004