L'utilizzo delle rivalutazioni da leggi speciali e l'impatto sui bilanci delle imprese italiane

In an institutional framework traditionally based on the historical cost accounting system, the revaluation permitted by special laws allow the recognition of fixed assets at fair value in order to mitigate the distorting effects of inflation. These laws are expected to help companies improve the depiction of a true and fair view of their financial position. This accounting practice generates an increase of both total assets and shareholders’ equity, thus strengthening the perception of a company’s financial solidity. In addition when the amount of the revaluation is fiscally recognised it will generate future tax saving. Under these circumstances it is relevant to understand whether companies’ choices depend on fiscal convenience rather than on accounting reasoning. The objective of this study is twofold. First, it aims to understand the real use that firms make of the opportunity to revaluate their fixed assets and how this impacts the quality of financial reporting. To this end, the analyses adopts a probit model to identify the main characteristics of firms that revaluate assets in order to detect their ultimate motives and goals. Second, based on the assumption that the value of an asset depends on the income flows that it will be able to generate (Zanda, Lacchini, Onesti 2001), this study also examines how firms’ profitability changes after revaluation. If asset revaluations reflect real values a positive relation between revaluations and future performance can be predicted in line with shareholders’ expectations. For this purpose, several linear regression tests have been carried out to model the relationship between asset revaluations and future performance as measured by operating income. Based on a sample of more than 19.000 Italian firms in the period 2002-2012, the empirical results show that smaller firms, with weaker solvency and liquidity conditions and a higher level of financial debts are more likely to revaluate their fixed assets when permitted by special laws. The relation between profitability and the accounting choice of revaluating appears changeable according to the specific fiscal conditions prescribed by each special law. These findings suggest that private Italian firms opportunistically revaluate their assets in order to show an increase in the firm’s wealth and/or exploit the related fiscal advantages. The empirical evidence documented in this study accords with the institutional context in which private Italian firms operate and with the features that characterise this revaluation practice. The more or less emphasised fiscal attractiveness and the strengthening of net assets of this accounting treatment appear particularly suitable to balance the potentially conflicting expectations of lenders and fiscal authorities.