IDEAS home Printed from https://ideas.repec.org/p/bdi/wptemi/td_1498_25.html
   My bibliography  Save this paper

The value of words: evidence from non-financial disclosure regulation

Author

Listed:
  • Antonio Accetturo

    (Bank of Italy)

  • Audinga Baltrunaite

    (Bank of Italy, CEPR)

  • Gianmarco Cariola

    (Bank of Italy)

  • Annalisa Frigo

    (Bank of Italy)

  • Marco Gallo

    (Bank of Italy)

Abstract

We examine the effects of less stringent non-financial disclosure regulation on operating costs and access to external financing for micro firms in Italy. Since 2016, firms below certain size thresholds have been exempt from filing reports with qualitative information that complements standard balance sheet items. Compliance rates were higher among older and more productive firms, in line with strategic considerations that play a role in influencing policy uptake. However, the benefits of simplified reporting appear limited: using a regression discontinuity design that exploits the multidimensional size cut-offs determining eligibility, we find no evidence of cost savings. Instead, we document a negative impact on ownership transfers and access to credit markets due to increased opacity, suggesting that reduced information disclosure to stakeholders may hinder business dynamism.

Suggested Citation

  • Antonio Accetturo & Audinga Baltrunaite & Gianmarco Cariola & Annalisa Frigo & Marco Gallo, 2025. "The value of words: evidence from non-financial disclosure regulation," Temi di discussione (Economic working papers) 1498, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:wptemi:td_1498_25
    as

    Download full text from publisher

    File URL: https://www.bancaditalia.it/pubblicazioni/temi-discussione/2025/2025-1498/en_tema_1498.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdi:wptemi:td_1498_25. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/bdigvit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.