Voluntary Disclosure of Stock Performance in Management Reports: Italian Evidence
Giuseppe Ianniello, PhD; Giuseppe Galloppo, PhD

Abstract
We explore financial information disclosure patterns of firms with high and low stock performance. In particular, the paper focuses on voluntary disclosure of stock performance in the Management report, the narrative section of annual report. We conducted an empirical analysis on a sample of Italian listed companies. We found that companies with high stock performance are more likely to voluntarily disclose this information. Thus, confirming that companies may select information to disclose in the framework of impression management.

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