Business model in IPO prospectuses: insights from Italian Innovation Companies

Carlo Bagnoli, Giulia Redigolo

Producció científica: Article en revista indexadaArticleAvaluat per experts

6 Cites (Scopus)
29 Descàrregues (Pure)

Resum

How do companies to be listed deal with the voluntary disclosure of their business model? Is it true that firms with greater intellectual capital resources and technological innovation endowments are less prone to full disclosure? This paper aims to examine the choices of voluntary disclosure of the business model made by three Italian manufacturing companies in initial public offering prospectuses. The objective is to explore whether any differences exist and may be related to the type of innovation underlying the firms’ business model. A series of interviews with the top management allows to deeply understand the business model of each company. A content analysis allows to measure the level of disclosure and identify the strategic concepts of the business model and their relevance. The study provides evidence that companies with a business model based on technology-push and design-driven innovation have a lower propensity to the full disclosure of their intangible resources, particularly of those based on knowledge as some could be also invisible. The paper contributes to the ongoing debate on the role of business and financial reporting.

Idioma originalAnglès
Pàgines (de-a)261-294
Nombre de pàgines34
RevistaJournal of Management and Governance
Volum20
Número2
DOIs
Estat de la publicacióPublicada - 1 de juny 2016
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