The aim of this conceptual article is to present a systematic literature review about the most used and innovative startup valuation methods to define the state of art and future trends on this important topic. Because of the particular features of early-stage companies, it is not easy to find an adequate method to assess their value. Traditional valuation methods are unsuitable for startups. Therefore, over time, academic literature and experienced investors created alternative and innovative valuation models. We analysed the main models, outlining the advantages and limits for each one. The results of our analysis show that there is currently no "perfect" method to assess a startup’s value. Each model discussed has significant limits, and the possibilities for improvement are many. We are witnessing a gradual withdrawal from more arbitrary valuation models, and consciousness is growing towards the idea that to better assess startup’s value, it is necessary to consider three aspects: attention to future forecasts instead of past data, using probability to consider different scenarios, and understanding of and attention to the specific business model of the startup rather than data on comparable companies in the market. Currently, none of the discussed methods integrates these three features harmoniously. We expect that in the near future, the academic literature will develop new valuation methods (or will perfect existing ones) that should consider the three characteristics mentioned previously. In this way, it would be possible to create a more suitable method to assess a startup's value, i.e., a method to reduce uncertainty and that better represents the startup’s value and makes startup company valuation more reliable.

In this article, we build a Quantitative Discretion Index (hereafter referred to as QDI) to identify within the financial statements the most vulnerable areas related to possible opportunistic earnings management (hereafter referred to as EM) practices, with the aim of supporting ethical behaviour in corporate social communications. In order to better explain the QDI construction method, a practical example is implemented, starting from an analysis of the consolidated balance sheet of an Italian listed company operating in the media sector (in 2016). The QDI might be added to the contents of voluntary information provided by companies that pay attention to ethical behaviour and corporate social responsibility. Within each corporate balance sheet, the QDI allows stakeholders to identify the evaluation discretion areas, where any possible EM practices may be more likely and on which it may be more useful for stakeholders to focus their research attention. Business ethics aims to mitigate EM practices in social communications, including voluntary communication. Indeed, the discretional nature of the assessment of financial statements items by the administrative body represents one of the main weaknesses in the activity of mitigating earnings management practices. At present, the literature has dealt with the relations between ethical behaviour and EM; however, the research should also provide tools that can identify and neutralise the possibilities that opportunistic EM practices can be implemented, thus resulting in more ethical business practices.

The valuation of a small or medium-sized enterprise through subjective methods, may not exclude a correct contextualisation of the data forming the information base of the estimate. "Contextualisation" refers to the general overview of all those elements that allow a proper definition of the enterprise's background. All of this serves in the analysis for the correct data necessary for the determination of values such as the economic and financial flows to discount, the timeframe of analysis and the discount rate. Without a correct contextualisation, it is not possible to reach a correct measurement of the company value in accordance with the studies on the "theory of value". After observing that "contextualisation" has not been widely studied till now for the theory of value, the present work analyses the incidence on the measurement of the company value, showing with an empirical case the different results that may be reached on the basis of the contextualisation of data. Hence, a correct "contextualisation" is crucial for the proper valuation of a company. Academic researches should take more carefully into consideration, this aspect concerning the valuation of a company and in particular, define more accurately the implementing rules in the assessment methods.

This paper is a first analysis of the tools required to convert the fiscal data gathered from the management control systems into official guidelines for a long-lasting healthcare governance. This paper proposes some reflections about the peculiarity of the cost monitoring and management systems whose configuration and effectiveness must take into consideration the nature of the information requirement of the management processes addressee.The innovative aspect is to convey all the potential information contained in the cost monitoring systems. In fact, the information represents the subjective aspect, in other words what the reader 'understands' and perceives.These tools may not be analysed from a mere technical point of view, instead they must be considered as essential means to manage complex corporate systems. Using Amaduzzi's theories and following an exploratory approach, this paper proposes some considerations about the tools required to convert the acts of management into (economic) values. Then, these values will convert into acts of management thanks to their capability to meet the information requirement of the governance stakeholders.The analysis carried out highlights the information requirement to satisfy through a series of monitoring and management tools, in order to find organisational and management solutions that are able to combine the need to rationalise the healthcare expenditure and to improve the quality and pertinence of health care services.

The study shows the benefits of more discretion and less guidance in IFRS by presenting an arbitrariness and subjectivity index. The measurement of discretion proposed is based on a scale of values which improves the accuracy of information on measurements, allowing stakeholders to understand independently the level of subjectivity inherent in any accounting items. The study illustrates the matrix format statement, in which retrospective and dynamic accounting results, based on historical cost and fair value are combined, associated with an "accounting discretion view". By highlighting the degree of accounting discretion, this approach provides users with a clear and realistic vision in which accounting choices or estimates can be credible signals of a firm's financial performance. Regulators and users of accounting information have to accept a limited subjectivity in pursuit of more informative financial reporting because results seem to suggest that discretion, in spite of all the opportunities to manipulate reported outcomes and mislead users, appears to add value: reasonable and legal management decision making and reporting tend to achieve stable and predictable financial results.

Sunto Il fenomeno legato alla raccolta di capitale destinato a investimenti attraverso il crowdfunding è in continua evoluzione. Trattasi di un ecosistema sempre più articolato e variegato, in cui le piattaforme online giocano un ruolo cruciale. In questo contesto ci si imbatte nel real estate crowdfunding, tipologia di finanziamento che consente di mettere a disposizione, in cambio di una remunerazione, somme di denaro a favore di un soggetto affinché questo intraprenda un progetto immobiliare. Venendo in rilievo un settore che si contraddistingue per la sussistenza di molte variabili, alcune delle quali non facilmente ponderabili a priori, pare opportuno domandarsi se sia possibile implementare uno strumento, nello specifico un trust di scopo, per ridurre il rischio di incorrere in situazioni patologiche.

The process of accounting harmonisation via International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) adoption is very widespread, and it is still involving a huge number of countries all over the world.Previous academic literature investigated the impact of this process from different perspectives, such as the quality of financial reports, the transparency of financial disclosures, the liquidity of the financial markets and the cost of equity.The aim of this article is to contribute to the research stream exploring the effects of IAS/IFRS adoption, investigating if accounting harmonisation through the IAS/IFRS has had an impact on the internationalisation process. To achieve our objective, two multiple linear regression analyses are presented. The first one focuses on the impact of the adoption of IAS/IFRS on foreign direct investments (FDIs) using data collected from a sample of 34 Organisation for Economic Co-Operation and Development (OECD) member countries. The second statistical analysis investigates the influence of IAS/IFRS adoption on cross-border mergers and acquisitions (M&A), considering operations carried out by European-listed companies towards target companies located in the 34 OECD member countries. The FDIs and cross-border M&A are considered proxies of the internationalisation process.Preliminary results show that the adoption of IAS/IFRS has positively affected FDI flows and increased the value of cross-border M&A.This study has tried to provide theoretical contributions to the literature stream about the effects of the harmonisation process with IAS/IFRS adoption, showing the beneficial impact they may have on the internationalisation process. Moreover, our findings can be useful for policymakers and managers, suggesting that becoming IAS/IFRS adopters can facilitate the internationalisation process of the companies.

Asked to reconstruct and interpret the causes of the current global crisis, an archaeologist of the fourth millennium could easily find himself sifting through the deluge of publications on the subject of financial instruments known as "derivatives". The study analyses the disclosure methods adopted for derivative instruments reported in the balance sheets of major banks in central and southern Europe in the period from 2005 to 2012 for the purpose of outlining the types and methods of use in the trading markets amongst retail investors and bank intermediaries. In the light of the analysis conducted, it is possible to observe how the recent financial crisis has not changed the negotiation strategies of the international banking system with regard to derivatives; financial institutions reputed to be amongst the most famous in Europe are, in fact, still intoxicated by these derivative instruments. This paper presents an empirical-analytical approach with a series of keys to understanding the derivative market today in the post-crisis period.