This paper looks at the topic of regulation of integrated reporting for listed companies, with the aim of contributing to the debate on the usefulness of introducing a mandatory regime, both from the perspective of integrated performance sustainability of companies and from that of relevance of information for providers of financial capital. The study is based on empirical research carried out on a sample composed of companies operating in territories where the adoption of integrated reporting is voluntary (Europe) and those operating in a country where adoption is mandatory (South Africa). The research shows that (a) in voluntary regimes, levels of integrated performance achieved by companies are higher; (b) mandatory regulation produces positive effects on integrated performance levels in the medium term; (c) integrated performance indicators are value-relevant, though having different levels of relevance under the two regimes examined.

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The research has been conducted on a sample of European companies with the aim to investigate whether the adoption of the Integrated Reporting (IR) affects the value relevance of summary accounting information. The relations between Market Value (MV) and traditional accounting information (Book Value and Earnings) are studied by a linear price-level model, typical of the studies on the value relevance of accounting information. The results of analysis show that the degree of value relevance of Earnings is significantly different for companies that publish an Integrated Report compared to companies adopting traditional financial reporting. The study confirms the assessment made by IIRC and the other advocates: Integrated Reporting is expected to improve the quality of traditional accounting information for providers of financial capital.

This paper presents the results of an empirical study carried out on a sample of Italian firms listed on the Stock Exchange and sets out to evaluate the effectiveness of Data Envelopment Analysis (D.E.A.) as a tool for bankruptcy prediction in the short term, as compared to Discriminant Analysis and Logit Regression. In particular, the research verifies whether, in line with studies already carried out on samples of firms in other countries, D.E.A. is found to have * Although the article is the result of joint reflections of all authors, sections 2 and 3.1 are attributable to Silvia Condello, sections 5 and 6 are attributable to Antonio Del Pozzo, sections 1 and 3.2 are attributable to Salvatore Loprevite; sections 3.3 and 4 are attributable to Bruno Ricca. 2186 Silvia Condello et al. a greater capacity for bankruptcy prediction, while Logit Regression and Discriminant Analysis perform better in non-bankruptcy and overall prediction in the short term.