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The value relevance of non-financial performance indicators: new cues from the European fashion industry


  • Francesco Dainelli
  • Francesco Giunta


Intangible assets and related performance measures assume increasing importance in valuation processes. Value relevance studies testify to their importance through an analysis of market stock prices. We aim to examine the value relevance of non-financial indicators in European fashion companies. The indicator selected is the "change in mono-brand stores". Applying the models proposed by current literature, we have refuted the value relevance hypothesis. However, refining both the "operationalization" of the concepts and the related result analysis procedure, the value relevance is confirmed. In this way, we contribute to increasing the generalizability of this research trend and to fuel the debate concerning the standardization process of this information. In particular, following in the footsteps of the Gartner/EBRC project, supported by AICPA (Gartner-EBRC, 2010), our results can help the national and international standard setters to pinpoint the indicators that really matter for the fashion industry and standardize their communication.

Suggested Citation

  • Francesco Dainelli & Francesco Giunta, 2011. "The value relevance of non-financial performance indicators: new cues from the European fashion industry," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2011(3 Supp), pages 81-102.
  • Handle: RePEc:fan:frfrfr:v:html10.3280/fr2011-su003005

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    Cited by:

    1. Alessandra Allini & Rossi Francesca Manes & Riccardo Macchioni, 2014. "Do Corporate Governance Characteristics Affect Non-Financial Risk Disclosure in Government-owned Companies? The Italian Experience," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2014(1), pages 5-31.
    2. Radu-Dan TURCU & Mihaela TURTUREA, 2015. "Study Regarding Companies Performance Measurement Through Non-Financial Indicators – The Case Of Airline Industry," Network Intelligence Studies, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 6, pages 117-122, December.

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