{"title":"A new approach to managing a successful generational shift: A case study of Illy Caffè","authors":"E. Esposito, Francesco Mirone","doi":"10.22495/CPR19P8","DOIUrl":"https://doi.org/10.22495/CPR19P8","url":null,"abstract":"It is a matter of fact that the family businesses share common characteristics and face common problems, among which the generational shift is widely recognized to be the most relevant. In the last years, there has been a growing interest in the study of family firms but a little attention still has been paid to succession planning, and only a few studies tried to identify and assess which factors have a positive influence on a successful generational shift. This paper aims to identify, using a qualitative method applied to an Italian case study (Illy Caffè), which key factors can manage in a successful way the generation transition.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121053778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Joint ventures success in international market: How emerging-market firms improve value in developed-market firms","authors":"D. Magni, A. Pezzi","doi":"10.22495/COCV16I1","DOIUrl":"https://doi.org/10.22495/COCV16I1","url":null,"abstract":"Strategic alliances, joint ventures (JVs), and other cooperation agreements between firms operating in developing countries and those in emerging countries, represent a privileged instrument for accessing in the foreign market and for activating greater competitiveness of companies in the worldwide markets. For many years, strategic alliances have seen firms operating in developed-markets as their main subject. Lately, emerging economies are increasingly involved in JV operations as buyers: all these have occurred as a consequence of the phenomenon of globalization, and the drive towards liberalization processes. The paper analyzes the reaction of 120 firms listed on the stock market in developed countries in response to joint venture announcements of emergingmarket partners, in order to understand whether JV processes are drivers for value creation. Other determinants of value creation are also explored by multivariate regressions, including a battery of covariates related to industrywide, countrywide, and firm-specific factors. The results express a positive and significant reaction to the market in response to the announcements of international JV. In our case, we see that the exogenous shock of emerging-market liberalization has a positive impact on the stability of international JVs in developed-markets; in addition, international JVs show a high complementarity of partner resources, which are able to alleviate some of the stability problems. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122827475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The informativeness assessment of risk and risk management disclosure in corporate reporting: An empirical analysis of Italian large listed firms","authors":"F. D. Luca, Ho-Tan-Phat Phan","doi":"10.22495/CPR19P9","DOIUrl":"https://doi.org/10.22495/CPR19P9","url":null,"abstract":"This paper aims to contribute to the ongoing debate about the effects of new Italian Legislative Decree No. 254 of December 30, 2016 on firms’ disclosure behavior by investigating 1) the interaction relationship among Risk or Risk Management (RRM), Industry, Type of Risk, and Level of Specific Disclosure; 2) the variation of specific level of disclosing risk-related information across the industries and types of risk; 3) and the different behavior between risk and risk management disclosure in the aftermath of the regulation’s issuance. The research is based on a sample of large undertakings and groups which are subjected to the Legislative Decree. Two phases of content analysis were executed to analyze the risk and risk management disclosure. The research questions were investigated by row effects log-linear model. Our result shows that there are interaction relationships among RRM, Type of Risk, Industry, and Level of Specific Disclosure. Companies provide risk-related information in different levels of specificity depending on whether the information is risk description or risk management, the firms are operating in manufacturing or non-manufacturing, and the type of risk which the firms disclosed in their reports. This research could be useful for policymakers who have to decide to what extent disclosure requirements should be detailed and, instead, what room should be left for management discretion, in respect to users’ needs. This paper is an up-to-date assessment of the Italian firms’ compliance to the Legislative Decree No. 254 of December 30, 2016. “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019 178","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134150640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Tutino, G. Mattei, N. Paoloni, Valentina Santolamazza
{"title":"Corporate governance, CSR and financial performances: What types of relationships exist between these dimensions?","authors":"M. Tutino, G. Mattei, N. Paoloni, Valentina Santolamazza","doi":"10.22495/CPR19P12","DOIUrl":"https://doi.org/10.22495/CPR19P12","url":null,"abstract":"Starting from the assumption that Corporate Social Responsibility (CSR) performances and financial performances are the results of the plan of actions of companies and depend on the financial and sustainability policies, the aim of this paper is to understand, thanks to a traditional literature review, what kind of relationship exists between the companies’ strategy and the composition of the corporate governance, already identified from scholars. From this, it is possible to hypothesize, thank the support of the literature, others types of relations not yet test, enclosing these in a framework that will be used in a following part of the present research.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125903119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The effects of crypto-currencies on financial market and monetary policy","authors":"Se-Hak Chun","doi":"10.22495/CPR19A26","DOIUrl":"https://doi.org/10.22495/CPR19A26","url":null,"abstract":"The emergence of crypto-currency breaks the concept of existing currency. Against this backdrop, there is a move to issue Central Bank Digital Currency. In addition to the regulation on crypto-currency, it is to distribute the crypto-currency example directly so as not to confuse the financial policy with private crypto-currency. This study examines the effects of crypto-currency on financial markets, especially its effects on monetary policy, and discusses implications for central bank’s issuing digital currency.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126001124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Earnings management practices in the banking industry: The role of bank regulation and supervision","authors":"Giacomo Ceccobelli, A. Giosi","doi":"10.22495/CPR19P10","DOIUrl":"https://doi.org/10.22495/CPR19P10","url":null,"abstract":"The purpose of this research is to investigate earnings management purposes in the banking industry via loan loss provisions using a sample of 156 banks from 19 European countries under the Single Supervisory Mechanism (SSM) over the period 2006-2016. Using regression analysis, banks are tested for income smoothing, capital management, and signaling purposes. This study contributes to the literature exploring the relationship between accounting quality and earnings management objectives by analyzing which one of the latter is the most important determinant. The hypothesis of income smoothing and signaling are strongly approved since loan loss provisions consist as a tool for smoothing the amount of net profit and to convey private information to the market; on the contrary, the capital management purpose is not supported. Additionally, the analysis finds that non-discretionary components of loan loss provisions (essentially nonperforming loans) have played an important role, especially during the financial crisis. Furthermore, the research is aimed at investigating the peculiar regulatory and supervisory environment in the banking industry on the basis of a set of indexes included in the “Bank Regulation and Supervision Survey”, carried out by the World Bank. Differently, from previous literature, this study takes into account the last release of the survey, emphasizes the role of an on-site inspection as a main supervisory tool and extends the analysis of the interaction between bank regulation and supervision and earnings management. The results “Corporate Governance: Search for the Advanced Practices” Rome, February 28, 2019 194 demonstrate that such controls can influence the behavior of bank managers in terms of income smoothing and signaling practices. Therefore they can be considered as effective instruments able at reducing banks‟ management accounting discretion, making financial statements more reliable.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115248896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Participatory governance for sustainable regional development: How much does the ‘genius loci’ matter?","authors":"M. Baldo, P. Demartini","doi":"10.22495/CPR19A6","DOIUrl":"https://doi.org/10.22495/CPR19A6","url":null,"abstract":"","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122453964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The role of equity stakes and industry expertise in mitigating the risk of financial distress. Are private equity sponsors really better than other types of owners?","authors":"Vladimiro Marini, M. Caratelli, Ilaria Barbaraci","doi":"10.22495/CPR19A10","DOIUrl":"https://doi.org/10.22495/CPR19A10","url":null,"abstract":"We study whether Private Equity acquirers (sponsors) are long-term oriented with their Leveraged Buyout (LBO) European targets. These temporary acquisitions aim to restore the target’s value and to provide a capital gain to the sponsor. The performance-based reputation of the sponsor could incentivize the latter to value capture at the expense of the target rather than value creation. Since LBOs are highly-levered transactions and sponsors are active investors, we study how corporate governance mechanisms, namely equity stakes and enhanced industry expertise, affect the target’s risk of financial distress (Altman’s Z-score; O-score; Zmijewski-Score). Studying a 2013-2016 sample of 307 firms (targets and non-LBO firms), with a linear regression we find that sponsors, compared to other types of ownership, make a better use of equity stakes and industry experts to improve strategic planning and ultimately to mitigate the risk of financial distress of the target; however, results do not completely exclude that sponsors use these corporate governance mechanisms also for value capture, especially by opportunistic uses of assets rather than an inefficient use of leverage. These findings are useful to targets, investors in PE-LBO funds, and regulators.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122664828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corporate governance in the German co-operative (eG)","authors":"Verena Klappstein","doi":"10.22495/CPR19A9","DOIUrl":"https://doi.org/10.22495/CPR19A9","url":null,"abstract":"Though the legal form of the German registered co-operative (eingetragene Genossenschaft, abbreviated as eG) is a corporation it has a personal structure due to the particular purpose of the co-operative to meaningful engage in their member’s own (economic) needs resolving in the specific co-operative purpose (besonderer genossenschaftlicher Förderzweck), section 1 para 1 GenG. It is not only this specific sooperative purpose, but as well further principles of the eG (the member’s right to use the co-operative’s common collaborative facilities, or the principles of democracy, efficiency, the entrepreneurs’ and costumers’ identity, self-help, autonomous self-government or self-responsibility). These all influence eG’s governance structures. In the following paper, it will be shown that the by default three-tier structured eG is checked and balanced with regard to these specific principles. For this purpose, four aspects will be looked at: the regulations of the eG’s administration regarding its three-tier structure, the possible invalidations of the resolutions and decisions of these, the legal consequences following the violation of director’s duties, and, at last, the power that can be bestowed on special control bodies.","PeriodicalId":193680,"journal":{"name":"Corporate Governance: Search for the advanced practices","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132645041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}