Gli effetti della cultura nazionale sulla qualità della disclosure del capitale intellettuale nel contesto dell’Integrated Reporting

Titolo Rivista MANAGEMENT CONTROL
Autori/Curatori Filippo Vitolla, Nicola Raimo, Michele Rubino
Anno di pubblicazione 2020 Fascicolo 2020/1
Lingua Italiano Numero pagine 24 P. 137-160 Dimensione file 295 KB
DOI 10.3280/MACO2020-001007
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 transition from a production-based economy to a knowledge-based economy has significantly increased the importance of intellectual capital in the firm’s value creation process. Since the generally accepted accounting principles do not contain information relating to intellectual capital, for a long time, stakeholders asked the companies to voluntarily disclose information about their intangible resources in order to judge the company’s performance and value. The advent of integrated reporting (IR) offers an innovative tool to managers for the disclosure of infor-mation relating to intellectual capital. Therefore, in recent years, some researchers are starting to analyse the intellectual capital information contained in the inte-grated reports. However, despite the presence of these first studies on the subject, knowledge about the determinants of the intellectual capital disclosure quality in the integrated reports is limited. In fact, the few studies on the topic focus on the firm-level determinants and there are no studies that analyse the impact of coun-try-level determinants. Our study aims to fill this gap by analysing the impact of national culture on the intellectual capital disclosure quality. The results clearly show how the intellectual capital disclosure quality is negatively associated with 4 Hofstede dimensions: power distance, individualism, long-term orientation and indulgence. This is the first study that analyse the relationship between national culture and the quality of intellectual capital disclosure in the context of integrated reporting.

Parole chiave:Cultura nazionale; capitale intellettuale; integrated reporting; disclosure

  1. Lock Lee L., Guthrie J. (2010), Visualising and measuring intellectual capital in capital markets: a research method, Journal of intellectual capital, 11(1), pp. 4-22.
  2. Luo L., Tang Q. (2013), The impact of national culture on voluntary carbon disclosure: Evidence from carbon disclosure project (CDP) 2011. Paris: Annual Congress European Accounting Association.
  3. Mat Husin N., Hooper K., Olesen K. (2012), Analysis of intellectual capital disclosure – an illustrative example, Journal of Intellectual Capital, 13(2), pp.196-220.
  4. Melloni G. (2015), Intellectual capital disclosure in integrated reporting: an impression management analysis, Journal of Intellectual Capital, 16(3), pp. 661-680.
  5. Meritum (2002), Measuring Intangibles to Understand and Improve Innovation Management, Brussels, European Commission.
  6. Merkley K.J. (2013), Narrative disclosure and earnings performance: Evidence from RandD disclosures, The Accounting Review, 89(2), pp. 725-757.
  7. Mouritsen J., Larsen H.T., Bukh P.N. (2001), Intellectual capital and the ‘capable firm’: narrating, visualising and numbering for managing knowledge, Accounting, organizations and society, 26(7-8), pp. 735-762.
  8. Myers R.H. (1990), Classical and modern regression with applications (Second ed.), Belmont, CA, Duxbury.
  9. Neu D., Warsame H., Pedwell K. (1998), Managing public impressions: Environmental disclosures in annual reports, Accounting, Organizations and Society, 23(3), pp. 265-282.
  10. Park H., Russell C., Lee J. (2007), National culture and environmental sustainability: A cross‐national analysis, Journal of Economics and Finance, 31(1), pp. 104-121.
  11. Pistoni A., Songini L., Bavagnoli F. (2018), Integrated reporting quality: An empirical analysis, Corporate Social Responsibility and Environmental Management, 25(4), pp. 489-507.
  12. Radebaugh L.H. (1983), Environmental factors influencing the development of accounting objectives, standards and practices in Peru, International Accounting and Transnational Decisions, pp. 39-56.
  13. Raimo N., Zito M., Caragnano A. (2019), Does national culture affect integrated reporting quality? A focus on GLOBE dimensions. In 9th International Symposium on Natural Resources Management, Zaječar, Serbia.
  14. Rastogi P.N. (2003), The nature and role of IC: Rethinking the process of value creation and sustained enterprise growth, Journal of Intellectual Capital, 4(2), pp. 227-248.
  15. Ringov D., Zollo M. (2007), The impact of national culture on corporate social performance. Corporate Governance: The International Journal of Business in Society, 7(4), pp. 476-485.
  16. Rubino M., Vitolla F., Raimo N., Garzoni A. (2019), Cultura nazionale e livello di digitalizzazione delle imprese europee: evidenze empiriche, in XXXIX Convegno Nazionale Accademia Italiana di Economia Aziendale-AIDEA Identità, Innovazione e impatto dell'Aziendalismo Italiano Dentro l’economia digitale (pp. 581-593). Università di Torino.
  17. Salter S.B., Niswander F. (1995), Cultural influence on the development of accounting systems internationally: A test of Gray’s [1988] theory, Journal of International Business Studies, 26(2), pp. 379-397.
  18. Stewart T.A. (1997), The New Wealth of Organizations, Doubleday Business, New York, NY.
  19. Striukova L., Unerman J., Guthrie J. (2008), Corporate reporting of intellectual capital: Evidence from UK companies, The British Accounting Review, 40(4), pp. 297-313.
  20. Sveiby K.E. (1997), The new organizational wealth: Managing and measuring knowledge-based assets, Berrett-Koehler Publishers.
  21. Tagesson T., Blank V., Broberg P., Collin S.O. (2009), What explains the extent and content of social and environmental disclosures on corporate websites: a study of social and environmental reporting in Swedish listed corporations, Corporate Social Responsibility and Environmental Management, 16(6), pp. 352-364.
  22. Tata J., Prasad S. (2015), National cultural values, sustainability beliefs, and organizational initiatives, Cross Cultural Management, 22(2), pp. 278-296.
  23. Toms J. S. (2002), Firm resources, quality signals and the determinants of corporate environmental reputation: some UK evidence, The British accounting review, 34(3), pp. 257-282.
  24. Tsakumis G.T., Curatola A.P., Porcano T.M. (2007), The relation between national cultural dimensions and tax evasion, Journal of International Accounting, Auditing and Taxation, 16(2), pp. 131-147.
  25. Upton W. (2001), Special report on business and financial reporting, challenges from the new economy, Norwalk, CT, Financial Accounting Standards Board.
  26. Vachon S. (2010), International operations and sustainable development: Should national culture matter? Sustainable Development, 18(6), pp. 350-361.
  27. Veltri S., Silvestri A. (2015), The Free State University integrated reporting: a critical consideration, Journal of Intellectual Capital, 16(2), pp. 443-462.
  28. Vitolla F. (2008), Strategie sociali e risultati aziendali, Egea.
  29. Vitolla F., Raimo N. (2018), Adoption of Integrated Reporting: Reasons and Benefits – A Case Study Analysis, International Journal of Business and Management, 13(12), pp. 244-250.
  30. Vitolla F., Raimo N., De Nuccio E. (2018), Integrated Reporting: Development and State of Art ‒ The Italian Case in the International Context, International Journal of Business and Management, 13(11), pp. 233-240.
  31. Vitolla F., Raimo N., Rubino M. (2019a), Appreciations, criticisms, determinants, and effects of integrated reporting: A systematic literature review, Corporate Social Responsibility and Environmental Management, 26(1), pp. 518-528.
  32. Vitolla F., Raimo N., Rubino M. (2019b), Intellectual Capital Disclosure and Firm Performance: An Empirical Analysis Through Integrated Reporting, 7th International OFEL Conference, Dubrovnik, Croatia.
  33. Vitolla F., Raimo N., Rubino M., Garzoni A. (2019c), The impact of national culture on integrated reporting quality. A stakeholder theory approach, Business Strategy and the Environment, 28(8), pp. 1558-1571.
  34. Vitolla F., Raimo N., Rubino M., Garzoni A. (2019d), How pressure from stakeholders affects integrated reporting quality, Corporate Social Responsibility and Environmental Management, 26(6), pp. 1591-1606.
  35. Vitolla, F., Raimo, N., Rubino, M. (2019e). Board characteristics and integrated reporting quality: an agency theory perspective, Corporate Social Responsibility and Environmental Management.
  36. Vitolla F., Salvi A., Raimo N., Petruzzella F., Rubino M. (2019f), The impact on the cost of equity capital in the effects of integrated reporting quality, Business Strategy and the Environment.
  37. Zambon S., Marzo G. (Eds) (2007), Visualising Intangibles: Measuring and Reporting in the Knowledge Economy, Ashgate, Farnham.
  38. Abeysekera I. (2013), A template for integrated reporting, Journal of Intellectual Capital, 14(2), pp. 227-245.
  39. Abhayawansa S. (2011), A methodology for investigating intellectual capital information in analyst reports, Journal of Intellectual capital, 12(3), pp. 446-476.
  40. Abhayawansa S., Guthrie J. (2010), Intellectual capital and the capital market: A review and synthesis, Journal of Human Resource Costing and Accounting, 14(3), pp. 196-226.
  41. Abhayawansa S., and Guthrie J. (2016a), Does intellectual capital disclosure in analysts’ reports vary by firm characteristics?, Advances in accounting, 35, pp. 26-38.
  42. Abhayawansa S., and Guthrie, J. (2016b), Drivers and semantic properties of intellectual capital information in sell-side analysts’ reports, Journal of Accounting and Organizational Change, 12(4), pp. 434-471.
  43. Adams C.A. (2015), The international integrated reporting council: a call to action, Critical Perspectives on Accounting, 27, pp. 23-28.
  44. Adams C.A., Kuasirikun N. (2000), A comparative analysis of corporate reporting on ethical issues by UK and German chemical and pharmaceutical companies, The European Accounting Review, 9(1), pp. 53-79.
  45. Alwert K., Bornemann M., Will M. (2009), Does intellectual capital reporting matter to financial analysts?, Journal of intellectual capital, 10(3), 354-368.
  46. Ashton, R. H. (2005), Intellectual capital and value creation: a review, Journal of accounting literature, 24, p. 53.
  47. Barth M.E., Cahan S.F., Chen L., Venter E.R. (2017), The economic consequences associated with integrated report quality: capital market and real effects, Accounting, Organizations and Society, 62, pp. 43-64.
  48. Barth M.E., Clinch G. (1998), Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates, Journal of Accounting Research, 36, pp. 199-233.
  49. Beattie V., Smith S.J. (2013), Value creation and business models: refocusing the intellectual capital debate, The British Accounting Review, 45(4), pp. 243-254.
  50. Beattie V., Thomson S.J. (2007), Lifting the lid on the use of content analysis to investigate intellectual capital disclosures, Accounting Forum, 31(2), pp. 129-163.
  51. Benevene P., Kong E., Barbieri B., Lucchesi M., Cortini M. (2017), Representation of intellectual capital’s components amongst Italian social enterprises, Journal of Intellectual Capital, 18(3), pp. 564-587.
  52. Beretta V., Demartini C., Trucco S. (2018), Does environmental, social and governance performance influence intellectual capital disclosure tone in integrated reporting?, Journal of Intellectual Capital.
  53. Bozzolan S., Favotto F., Ricceri F. (2003), Italian annual intellectual capital disclosure: an empirical analysis, Journal of Intellectual capital, 4(4), pp. 543-558.
  54. Bozzolan S., O'Regan P., Ricceri F. (2006), Intellectual capital disclosure (ICD) A comparison of Italy and the UK, Journal of Human Resource Costing and Accounting, 10(2), pp. 92-113.
  55. Branco M.C., Rodrigues L.L. (2008), Factors influencing social responsibility disclosure by Portuguese companies, Journal of business Ethics, 83(4), pp. 685-701.
  56. Brennan N. (2001), Reporting intellectual capital in annual reports: evidence from Ireland, Accounting, Auditing and Accountability Journal, 14(4), pp. 423-436.
  57. Brennan N., Connell B. (2000), Intellectual capital: current issues and policy implications, Journal of Intellectual capital, 1(3), pp. 206-240.
  58. Casonato F., Farneti F., Dumay J. (2018), Social capital and integrated reporting: Losing legitimacy when reporting talk is not supported by actions, Journal of Intellectual Capital.
  59. Cinquini L., Passetti E., Tenucci A., Frey M. (2012), Analysing intellectual capital information in sustainability reports: some empirical evidence, Journal of Intellectual Capital, 13(4), 531-561.
  60. Coulmont M., Loomis S., Berthelot S., Gangi F. (2015), Determinants and impacts of sustainability disclosure, Sustainability Disclosure: State of the Art and New Directions, pp. 25-79.
  61. Cox P.L., Friedman B.A., Tribunella T. (2011), Relationships among cultural dimensions, national gross domestic product, and environmental sustainability, Journal of Applied Business and Economics, 12(6), pp. 46-56.
  62. Cuozzo B., Dumay J., Palmaccio M., Lombardi R. (2017), Intellectual capital disclosure: a structured literature review, Journal of Intellectual Capital, 18(1), pp. 9-28.
  63. Druz M., Petzev I., Wagner A.F., Zeckhauser R.J. (2017), When Managers Change Their Tone, Analysts and Investors Change Their Tune.
  64. Dumay J. (2016), A critical reflection on the future of intellectual capital: from reporting to disclosure, Journal of Intellectual capital, 17(1), pp. 168-184.
  65. Dumay J., Cai L. (2014), A review and critique of content analysis as a methodology for inquiring into IC disclosure, Journal of intellectual capital, 15(2), pp. 264-290.
  66. Dumay J., Guthrie J. (2017), Involuntary disclosure of intellectual capital: is it relevant?, Journal of Intellectual Capital, 18(1), pp. 29-44.
  67. Dumay J.C., Tull J.A. (2007), Intellectual capital disclosure and price-sensitive Australian Stock Exchange announcements, Journal of Intellectual Capital, 8(2), pp. 236-255.
  68. Eccles R., Herz R., Keegan E., Phillips D. (2001), The Value Reporting Revolution: Moving Beyond the Earnings Game, New York, NY, John Wiley and Sons.
  69. Edvinsson L. (1997), Developing intellectual capital at Skandia, Long range planning, 30(3), pp. 366-373.
  70. Edvinsson L., Malone M.S. (1997), Intellectual capital: The proven way to establish your company's real value by finding its hidden brainpower, Piatkus.
  71. Farrar D.E., Glauber R.R. (1967), Multicollinearity in regression analysis: The problem revisited, The Review of Economic and Statistics, 49, pp. 92-107.
  72. Fernandez‐Feijoo, B., Romero, S., and Ruiz, S. (2011). Information systems for sustainability: Hofstede's cultural differences in the perception of a quality measure for sustainability reports. In international conference on Enterprise information systems, Berlin, Heidelberg Springer, pp. 54-62.
  73. Flower J. (2015), The international integrated reporting council: a story of failure, Critical Perspectives on Accounting, 27, pp. 1-17.
  74. Frias‐Aceituno J.V., Rodríguez‐Ariza L., Garcia‐Sánchez I.M. (2014), Explanatory factors of integrated sustainability and financial reporting, Business strategy and the environment, 23(1), pp. 56-72.
  75. Gamerschlag R. (2013), Value relevance of human capital information, Journal of Intellectual Capital, 14(2), pp. 325-345.
  76. Gamerschlag R., Möller K., Verbeeten F. (2011), Determinants of voluntary CSR disclosure: empirical evidence from Germany, Review of Managerial Science, 5(2-3), pp. 233-262.
  77. García-Sánchez I.M., Noguera-Gámez L. (2017). Integrated information and the cost of capital, International Business Review, 26(5), pp. 959-975.
  78. García‐Sánchez I.M., Rodríguez‐Ariza L., Frías-Aceituno J.V. (2013), The cultural system and integrated reporting, International Business Review, 22(5), pp. 828-838.
  79. Garegnani G.M., Merlotti E.P., Russo A. (2015), Scoring firms’ codes of ethics: An explorative study of quality drivers, Journal of Business Ethics, 126(4), pp. 541-557.
  80. Ghani E.K., Jamal J., Puspitasari E., Gunardi A. (2018), Factors influencing integrated reporting practices among Malaysian public listed real property companies: A sustainable development effort, International Journal of Managerial and Financial Accounting, 10(2), pp. 144-162.
  81. Gray S.J. (1988), Towards a theory of cultural influence on the development of accounting systems internationally, Abacus, 24(1), pp. 1-15.
  82. Gray S.J., Vint H.M. (1995), The impact of culture on accounting disclosures: Some international evidence, Asia-Pacific Journal of Accounting, 2(1), pp. 33-43.
  83. Guthrie J., Petty R. (2000), Intellectual capital: Australian annual reporting practices, Journal of intellectual capital, 1(3), pp. 241-251.
  84. Guthrie J., Petty R., Yongvanich K., Ricceri F. (2004), Using content analysis as a research method to inquire into intellectual capital reporting, Journal of intellectual capital, 5(2), pp. 282-293.
  85. Hackston D., Milne M.J. (1996), Some determinants of social and environmental disclosures in New Zealand companies, Accounting, Auditing & Accountability Journal, 9(1), pp. 77-108.
  86. Hammond, K., and Miles, S. (2004). Assessing quality assessment of corporate social reporting: UK perspectives, Accounting Forum, 28(1), pp. 61-79.
  87. Harrison S., and Sullivan Sr P.H. (2000), Profiting from intellectual capital: learning from leading companies, Journal of intellectual capital, 1(1), pp. 33-46.
  88. Hofstede G., Hofstede G.J., Minkov M. (2010), Cultures and organizations: Software of the mind: Intercultural operation and its importance for survival (3rd ed.), New York, NY, McGraw-Hill.
  89. Hooks J., Steenkamp N., Stewart R. (2010), Interpreting pictorial messages of intellectual capital in company media, Qualitative Research in Accounting and Management, 7(3), pp. 353-78.
  90. Hummel K., Mittelbach-Hoermanseder S., Cho C., Matten D. (2017), Implicit Versus Explicit Corporate Social Responsibility Disclosure: A Textual Analysis.
  91. International Integrated Reporting Council (IIRC) (2013), “The international IR framework”, -- available at https://integratedreporting.org/wp-content/uploads/2013/12/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK-2-1.pdf (accessed 24 May 2019).
  92. Itami H., Roehl T.W. (1991), Mobilizing invisible assets, Harvard University Press.
  93. Kallapur S., Kwan S.Y. (2004), The value relevance and reliability of brand assets recognized by UK firms, The Accounting Review, 79(1), pp. 151-172.
  94. Keong Choong K. (2008), Intellectual capital: definitions, categorization and reporting models, Journal of intellectual capital, 9(4), pp. 609-638.
  95. Langlois C.C., Schlegelmilch B.B. (1990), Do corporate codes of ethics reflect national character? Evidence from Europe and the United States, Journal of International Business Studies, 21(4), pp. 519-539.
  96. Lee K.W., Yeo G.H.H. (2016), The association between integrated reporting and firm valuation, Review of Quantitative Finance and Accounting, 47(4), pp. 1221-1250.
  97. Lev B. (2001), Intangibles: Management, Measurement, and Reporting, Washington DC, USA, The Brookings Institution.
  98. Lev B., Zambon S. (2003), Intangibles and intellectual capital: an introduction to a special issue, European Accounting Review, 12(4), pp. 597-603.

  • Do audit committee attributes influence integrated reporting quality? An agency theory viewpoint Nicola Raimo, Filippo Vitolla, Arcangelo Marrone, Michele Rubino, in Business Strategy and the Environment /2021 pp.522
    DOI: 10.1002/bse.2635
  • Integrated reporting and integrated thinking: A case study analysis Filippo Vitolla, Arcangelo Marrone, Nicola Raimo, in Corporate Ownership and Control /2020 pp.281
    DOI: 10.22495/cocv18i1siart4
  • The Antecedents of Transparency of Italian Public Entities: An Empirical Analysis in Universities and Public Research Institutes Angela Rella, Arcangelo Marrone, Nicola Raimo, Filippo Vitolla, in Administrative Sciences /2022 pp.29
    DOI: 10.3390/admsci12010029
  • Intellectual capital disclosure in integrated reports: The effect on firm value Antonio Salvi, Filippo Vitolla, Anastasia Giakoumelou, Nicola Raimo, Michele Rubino, in Technological Forecasting and Social Change 120228/2020 pp.120228
    DOI: 10.1016/j.techfore.2020.120228
  • How Does Integrated Reporting Change in Light of COVID-19? A Revisiting of the Content of the Integrated Reports Isabel-María García-Sánchez, Nicola Raimo, Arcangelo Marrone, Filippo Vitolla, in Sustainability /2020 pp.7605
    DOI: 10.3390/su12187605
  • Gli effetti della pandemia da COVID-19 sulla disclosure aziendale. Un'analisi empirica nella prospettiva dell'Integrated Reporting Filippo Vitolla, Vitiana L’Abate, Nicola Raimo, Arcangelo Marrone, in MANAGEMENT CONTROL 1/2024 pp.155
    DOI: 10.3280/MACO2024-001008
  • Factors affecting human capital disclosure in an integrated reporting perspective Nicola Raimo, Alessandra Ricciardelli, Michele Rubino, Filippo Vitolla, in Measuring Business Excellence /2020 pp.575
    DOI: 10.1108/MBE-05-2020-0082
  • Non-financial Disclosure and Integrated Reporting Filippo Vitolla, Nicola Raimo, Arcangelo Marrone, pp.187 (ISBN:978-3-030-90354-1)
  • Do cultural differences impact ethical issues? Exploring the relationship between national culture and quality of code of ethics Filippo Vitolla, Nicola Raimo, Michele Rubino, Giovanni Maria Garegnani, in Journal of International Management 100823/2021 pp.100823
    DOI: 10.1016/j.intman.2021.100823
  • Le determinanti della trasparenza informativa nella sanità pubblica. Un'analisi empirica nelle strutture ospedaliere i Angelo Rosa, Angela Rella, Filippo Vitolla, Nicola Raimo, in MECOSAN 122/2022 pp.29
    DOI: 10.3280/mesa2022-122oa14616

Filippo Vitolla, Nicola Raimo, Michele Rubino, Gli effetti della cultura nazionale sulla qualità della disclosure del capitale intellettuale nel contesto dell’Integrated Reporting in "MANAGEMENT CONTROL" 1/2020, pp 137-160, DOI: 10.3280/MACO2020-001007