Le determinanti del gap informativo tra imprese quotate ed analisti finanziari: i contenuti della relazione sulla gestione

This paper aims at highlighting the causes of the information gap that, according with Eccles and Lupone (2000), exist between Italian listed companies and financial analysts. An empirical analysis is conducted to compare the relevance of the type of information reported in the director’s reports with the relevance perceived by CFOs and by financial analysts, obtaining a measure of the mismatch. Hence, a multiple linear regression is performed to identify the companies’ features affecting the mismatch. The paper tries to shed some light on the companies’ disclosure policy.