..., and the United States. Long-Term Orientation—measures how strongly a society maintains links with the past and deals with challenges of the present and future. Italy has a high score of 61, showing that Italian culture is long-term oriented. Indulgence—measures how small children are socialized...

... Standards (IFRS). The Italian setting is unique for this study, both because Italy was one of the most dynamic European M&A markets before the financial crisis ( Moschieri and Campa 2009 ), and because its features lead to expect diversified company behavior toward disclosure, which may allow greater...