La value relevance del bilancio consolidato tra valori della capogruppo e interessi non di controllo

This paper aims at analyzing the value relevance of the non-controlling interests as reported in the consolidated financial statements. When a parent company prepares the consolidated financial statements and controls one or more partially owned subsidiaries, the consolidation process results in the recognition of equity and net income attributable to minority owners. Based on a sample of European listed firms, we investigate, through an Ohlson derived model, whether accounting informations, also related to non-controlling interests, are useful to capital market investors.