Il ruolo della governance nelle scelte di informativa volontaria sul web. Una analisi sulle società quotate italiane

Abstract

Starting from the theoretical assumptions of the agency theory, the paper analyzes the effects ofcorporate governance on the dissemination of financial information on-line (Internet FinancialReporting) in respect of Italian companies characterized by a high concentration of ownership. Thisaspect, in fact, impacts on the choices of governance and these, in turn, affect the level of voluntarydisclosure. The activities of Internet Financial Reporting are measured through a disclosure indexcalculated on the basis of the information (considering the form and content) in the Investor Relationssection. Corporate governance is observed in a wide size, intended to grasp issues related to ownershipstructure, and an internal dimension, in order to consider directly the characteristics of the Board ofDirectors. Results show a greater propensity for dissemination of financial information on the web inthose companies with a capital very fractionated and characterized by the presence of a higherpercentage of independent directors in the board and that have a separate leadership structure.