How do companies to be listed actually deal with voluntary disclosure of their business model? Is it true that firms with greater knowledge-based resources and technological innovation endowments have a lower propensity to adopt fully open communication behaviors? This paper aims to identify the voluntary disclosure policies adopted by three Italian companies in their Initial Public Offering (IPO) prospectuses in order to investigate whether any differences may depend on the type of innovation underlying each business model. A series of interviews conducted with the top management made it possible to understand more deeply the business model of each company. Further, a content analysis has been developed to compute a measure of disclosure and to point out the strategic concepts and their relevance. We provide evidence that companies with a business model based on technology-push innovation have a lower propensity to the full disclosure of their intangible components, particularly of those mainly based on knowledge as these are also invisible. Our study adds to the literature of business and financial reporting by focusing on a new object of inquiry, that is the business model. The business model plays an important role in allowing external actors to understand a company’s value, thus companies’ strategic communication should be shaped accordingly. The results suggest the need to address the issue of voluntary disclosure of the business model by first distinguishing “visible” intangible resources from those that are “invisible” (both to financial and competitive markets). The study aims to make a contribution to the ongoing debate on business and financial reporting practice.
|Data di pubblicazione:||2013|
|Titolo:||La disclosure volontaria del modello di business nel prospetto informativo di quotazione: un’analisi comparative|
|Rivista:||RIVISTA ITALIANA DI RAGIONERIA E DI ECONOMIA AZIENDALE|
|Appare nelle tipologie:||2.1 Articolo su rivista |