Rilevanza ed affidabilità del valore contabile dell’avviamento e dei beni immateriali sul mercato italiano


Il presente lavoro si propone di indagare quale sia la rilevanza e l’affidabilità percepita dal mercato finanziario sul valore espresso nel bilancio d’esercizio sui beni immateriali e l’avviamento delle società quotate. Lo studio ha analizzato le aziende quotate al FTSE Italia All-share, nel periodo fra il 2002 ed il 2008. Attraverso un modello di regressione a più variabili si è verificato che: a) il valore contabile dei beni immateriali e dell’avviamento sono correlati positivamente al valore di mercato del capitale, b) la transizione agli IAS/IFRS non ha comportato un incremento della rilevanza ed affidabilità percepita dal mercato dei beni immateriali e avviamento.


We examine the value relevance and reliability perceived by the market for goodwill and identifiable intangible assets as reported in the financial statements of a sample of Italian listed companies. The dataset is composed of companies listed on FTSE Italia All-share during the period 2002-2008. Using a multiple regression model, our findings suggest that for the Italian companies the information relating to goodwill and identifiable intangible assets is value relevant in terms of market value. Moreover, we did not find any significant change in the reliability of these items after the introduction of IAS/IFRS.


Keywords: intangible assets, goodwill, value relevance, reliability, market value, IAS/IFRS

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