Donatello Strangio & Giuseppe Sancetta (Eds.), Italy in a European Context: Research in Business, Economics, and the Environment

Abstract. Contributing to support the diffusion of an European culture and sense of citizenship. This is the aim of the book “Italy in a European Context: Research in Business, Economics, and the Environment” edited by Donatella Strangio & Giuseppe Sancetta.  It is a collection of scholarly articles that cover the main issues related to role of Italy offering different perspectives ranging from economics and management, among others. It is a good read not only for students and scholars with a specific interest in the subject, but also for the institutions willing to reflect on the various issues surrounding the book. The authors contributing to this handbook are leading scholars conducting research on different fields. In fact, one of the main strengths of the book is the variety of perspectives offered by its chapters. After an introduction by the editors, the book is structured into two parts. The first section helps in understanding the critical role played by EU economic policies and aspects that concern political and social inequality. The second section of the book focuses on issues concerning counterfeiting, finance and environment.Keywords. Economic history, Monetary policy, Environmental economics, Political economy, Counterfeiting, Operating risk, Business management, Energy efficiency, Green economy, Climate change.JEL. A10, A33, E40, N20, O10, O20, M20, M38

Reasons and opportunism control in public grants policies for development and innovations of businesses

In this paper we would to analyze the mechanism of public grants on economic growth. In particular this topic has been the subject of scientific interest by economists and, recently, also by business economics scholars. The studies of the economists focused on the motivations of the intervention itself; the business economic studies, on the other hand, have analyzed the impact both on the behavior of entrepreneurs and on the firms themselves by public grants. The studies examined so far highlight two basic conceptual dimensions, different, but also complementary to each other: on the one hand the economic-oriented to investigate the motivations and effectiveness of the public intervention; the second, business-oriented, focused on the firm’s behavior following public grant. Based on these arguments, our research question arises: could the effectiveness of public intervention for funding development and business innovation be influenced by the differences in the various socio-political and institutional contexts in which they are applied? The aim of paper is analyze the motivations of public grants policies and their influence on the behavior of firms. In this way we want to identify asolutions scheme able to recover efficiency and effectiveness of public actions to support development. It is therefore possible to identify some corrective mechanisms on public intervention policies. In particular with reference to the behaviors induced by the grants policies, the idea is to re-design the grants policies in consideration of the different forms of pre and post contractual opportunism. With reference, instead, to the motivations underlying the public grants policies, it is necessary to examine the relationship between the State (Principal) and the beneficiary firms (Agent) in relation to the respective dimensions of the contractual force

Interlocking directorates and different power forms: An explorative analysis in the Italian context

The purpose of the present paper is twofold. The first is to update the contribution by Drago et al. (2011) about cross-shareholdings and interlocking directorates in Italian listed companies (FTSE MIB) to 31 December 2016 and to reinforce theory of enlarged collusion. The second is to find how interlocking directorates can contribute to understanding the power structure. By using the social network analysis, we map the network structure of interlocking boards and employ centrality measures like degree, eigenvector and betweenness centrality along with the network density and average degree. We interpret eigenvector centrality as a measure of “effective power” of the connections because it can be seen as a weighted sum of not only direct connections but indirect connections, while betweenness centrality as a measure of “potential power” because it is a proxy of the volume of information that passes through the nodes. In this way, we provide a framework for selecting Italian firms with effective and potential power – around whom interactions and processes can be traced and analysed. In addition, we find that the position assumed by the controlling group of the Mediobanca Galaxy is definitely downsized

Positive or negative voting premium: what happened to private benefits in Italy?

A large body of research deals with voting premium as a proxy of private benefit of control. Almost all of them find positive voting premium, in particular in Italy. Therefore appears interesting to ask what is the current status of private benefits of control in Italy in the last decade (2007-2017). Surprisingly, we show three major findings: i) reduction of non-voting share in the Italian scenario; ii) prevalence of negative voting rights premium more than positive ones, thus conflicting with the assumption and the observations by other researchers; iii) limits of the voting premium method. Our aim is that this study, despite its limitations, may encourage further researches focused on the analysis of the improvement and the change in the Italian corporate governance. The article points out that interesting evidence already exists, although still much remains to do in the future

Social innovation practices: focus on success factors for crowdfunding

This article explores what are the success factor for interaction with platforms of crowdfunding in Italy. Through a Principal Component Analysis we outline three variables and through a multiple regression analysis we demonstrate that the interaction on crowdfunding is positive correlated with socio-economic propensity and cultural level. The analysis has been conducted on a sample of 316 of projects funded in the Crowdfunding platform Produzioni dal Basso, the first platform born in Italy. We draw on SD logic and relationship marketing to underscore the importance of networks of actors and integration to create a co-creation of value. This view emphasizes the social and economic factors that influence, and are influenced by, crowdfundin

Advisory or monitoring role in ESG scenario. Which women directors are more influential in the Italian context?

Board composition has received increasingly more attention from scholars as an important determinant of environmental, social and governance (ESG) performance. Two factors of board composition receive attention as they strongly relate to sustainability issues: gender diversity and board independence. The aim of this study is to test whether the presence of a critical mass of women in boardrooms correlates with firm ESG performance. In addition, we aim to study whether women receiving appointment as executive rather than nonexecutive directors may positively influence ESG performance. Using a sample of Italian companies listed on the Mercato Telematico Azionario during 2003-2019, the empirical results show that a critical mass of at least three female directors is necessary to improve ESG performance and that executive women directors represent a crucial component of board mechanisms, in terms of aligning the needs of stakeholders, since they increase ESG performance. Because the advising and monitoring functions impact firm value, we support the idea that female directors in strategic positions in the boardroom may benefit ESG performance. Thus, we support the idea of increasing women's presence on corporate boards and across executive leadership as a measure and a signal of how firms can respond to ESG challenges

Venturing green: the impact of sustainable business model innovation on corporate environmental performance in social enterprises

This study aims to explore the potential of social enterprises (SEs) in promoting sustainable practices, focusing on their role in reshaping corporate environmental performance (CEP) through sustainable business model innovation (SBMI). Specifically, it examines the impact of SBMI on CEP and the moderating effect of external collaboration (EC). This study analyses the influence of SBMI on the CEP of 500 Canadian SEs. Chi-square tests, structural equation modelling, correlation analysis and regression analysis were used to assess the relationships between SBMI, CEP and EC. Results reveal that SBMI positively influences CEP by enabling SEs to offer environmentally sustainable products and services. In addition, collaboration with diverse stakeholders significantly enhances the effectiveness of SBMI in achieving environmental objectives. By incorporating ecological modernization theory and institutional theory, this study provides fresh insights into the environmental impact of SEs. It underscores the importance of SEs addressing regulatory, social and cultural factors to support their sustainability and legitimacy

Trade credit forecasting: empirical analysis using a ratio targeting approach

This study employs a panel data model that uses trade credit's own recent history to predict trade credit levels. A predictive model of trade credit is developed to predict the levels of trade payables and receivables. Previous forecasting techniques do not incorporate the targeting aspect and long period historical data. A target ratio should be set for trade payables and trade receivables to total assets. Trade credit is debt finance which is maintained at a certain ratio to total assets. In this paper, we make use of panel data from 230 non-financial South African listed firms from 2001 to 2013. Firms use trade credit targeting to pursue growth opportunities and their size affects their access to capital. Trade credit's recent history can be used to predict target trade credit levels. The paper makes an original contribution by developing a model to predict the level of trade credit