L'individuazione delle politiche di bilancio: profili metodologici e casi applicativi

Earnings management research often relies on large-scale empirical studies, associating financial misrepresentation with anomalies in accruals (accrual-based earnings management) or cash flows from operational activities (real earnings management). However, such approaches overlook the complex nature of real-world financial misrepresentation. Using a case study methodology, we examine whether the intent to mislead stakeholders can be distinctly identified. Our analysis focuses on Pirelli & C. Spa, a global Italian public company specializing in high-value consumer tyres. Specifically, we investigate the impairment testing of a significant investment in associates over multiple years. Findings indicate that accounting decisions often reflect managerial intent to provide an accurate long-term portrayal of the firm’s financial health, even when such choices avoid recognizing impairment losses in a specific period. Conversely, the intent to mislead may surface when subsequent decisions lead to significant losses, necessitating thorough, real-world contextual analysis to confirm such intent. This study underscores that research into “intent to mislead” represents a nascent area, rich with unanswered and compelling questions for further exploration