University of Bari Aldo Moro
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FrameSAI: a Three-Layer Framework to Create Symbiotic AI Systems
No full textAs Artificial Intelligence (AI) becomes increasingly widespread in numerous domains of everyday life, humans must maintain their agency, valuing their expertise and judgment and preserving their privacy and safety. The research presented in this article aims at laying the groundwork for a standardized approach for creating systems, that allow a symbiotic relationship between the human and the machine. Specifically, we present a framework, called FRAMework to creatE SAI (FrameSAI), which guides practitioners in developing high-quality SAI systems while complying with law. It is composed of three layers (i.e., Principles, Guidelines, and Success Criteria), which become increasingly operational indications as one moves from one level to the next. A preliminary version of FrameSAI is presented, illustrating a first set of guidelines and success criteria mapped to the four levels of risks of the AI Act, the European Union (EU)’s regulation for the design, development, and deployment of AI system
Learning cities per la formazione dei docenti. Fenomenologia dell’esperienza per una pedagogia dell’esplorazione
No full textHow can urban exploration function as a site of learning? What epistemological frameworks can drive innovation in teacher education? As part of the EU Green Week, the W.E.R.S.Um. project engaged 100 undergraduate students in Primary Education Studies in a critical re-examination of the city as an educational milieu. Drawing on Keri Smith’s publications, participants systematically observed and documented the urban fabric, adopting a phenomenological stance to inhabit space intentionally and to cultivate an embodied understanding of the concept of citizenship. The analytical process, grounded in the examination of exploration journals and experiential data collection workshops, underscored the extent to which this methodological approach fostered critical reflexivity among future educators. This engagement facilitated the development of pedagogical tools for a transformative and inclusive educational practice, one deeply embedded in local contexts and conducive to the promotion of active citizenship within schools
Sustainability, Business Risk and ESG Rating - Empirical Evidence from the European Stock Markets
No full textCorporate social strategies develop socially responsible actions with the goal of
improving business performance and creating value for all stakeholders. These days,
environmental, social, and governance (ESG) objectives play a crucial role within
companies, which are faced with the imperative to pursue social, environmental, and
financial performance at the same time, leading to improved corporate sustainability.
It is now evident that ESG issues have an influence not only on profitability but also
on the financial strength of various companies.
Beginning in 2004 with the publication of the Who Cares Wins report by the United
Nations Global Compact Initiative (UN, 2004), the importance of grouping three of
the main pillars of ethical finance together has emerged, namely ESG.
The environmental pillar assesses a company's efforts in terms of energy efficiency,
greenhouse gas emissions, waste, water, and resource management. The social pillar
refers to aspects related to gender policies, human rights protection, labour standards,
workplace and product safety, public health, and income distribution, which affect
employee satisfaction. Finally, the governance pillar covers aspects related to board
independence, shareholder rights, manager compensation, control procedures and anti-
competitive practices, and compliance with the law.
It is an approach that follows a multidimensional logic with a view to improving
quality of life expectations, innovation, and business competitiveness without
neglecting the well-being of all human generations. Entrepreneurs, investors, and
people in general have begun to become aware of this and be more sensitive in making
decisions. More and more sustainable companies are striving to improve their ESG
investments, and there is now a growing trend for investors to invest in socially
responsible and sustainable companies. The concept of ESG performance is intended
to provide an assessment of the degree to which a company manages ESG risks and
opportunities (MSCI 2018).
ESG scores make companies comparable in terms of actual risk factors that impact the
cost of capital. In recent years, many studies have analysed the relationship between
the ESG profiles of companies and their financial risk and performance characteristics
by distinguishing, with respect to risk, between systematic and idiosyncratic stock risk.
Systematic risk is macroeconomic in nature and describes the general market risk to
which all companies are exposed, such as the risk of shocks in commodity prices,
interest rates, or inflation rates. Systematic risk also includes industry-wide issues,
such as regulatory changes and technological developments. Firm-specific risk, on the
other hand, is specific to a firm. The distinction between systematic and firm-specific
risk is important in analysing the impact of ESG characteristics on firm valuation
because investors can typically diversify away from firm-specific risk; therefore, it is only the systematic risk component that determines the rate of return required by
shareholders to offset the risk they are exposed to.
Companies with sound ESG practices exhibit lower cost of capital, lower volatility,
and fewer cases of corruption and corporate fraud (Bank of Italy, 2019). In this regard,
several empirical studies highlight that "good practices" from an ESG perspective
allow companies to benefit from competitive advantages, lower cost of capital, and
better operational and market performance. The academic literature is unanimous in
supporting the positive effect that ESG factors have on decreasing the cost of capital,
pointing out that the main reasons for this contraction can be attributed to the reduction
of information asymmetry. Sharfman and Fernando (2008), analysing a sample of 267
U.S. companies, have tested whether better environmental risk management is
rewarded by financial markets in terms of lowering the cost of capital. In relation to
the cost of capital, the results suggest a negative association between the latter and
environmental risk management, due to the lower beta, an expression of the volatility
of the company's stock.
These results are confirmed by subsequent studies showing the negative association
between sustainable business practices and the cost of capital, such that an increase in
socially responsible actions implies a decrease in the cost of capital. Studies that, on
the other hand, analyse sustainable financial and non-financial performance (again in
relation to the cost of capital) have shown that each sustainable approach has an impact
on the cost of capital, confirming the results of previous studies (El Ghoul et al., 2011;
Matthiesen and Salzmann 2017; Cuadrado-Ballesteros et al., 2016).
Nonetheless, the integration of critical perspectives within ESG finance literature is
essential for advancing scholarly rigour and fostering a more nuanced understanding
of the field, one better capable of fully realizing the hoped for "investor revolution"
(Eccles and Klimenko, 2019) in the transition to a more sustainable economy. Existing
critiques—such as portraying ESG practices as "ethical window dressing" (Muñoz et
al., 2022) or highlighting the limitations of over-reliance on rating metrics (Berg et al.,
2022)—serve a vital role in scrutinizing the efficacy and authenticity of ESG
commitments. Incorporating these critical viewpoints can mitigate potential biases and
promote a more balanced discourse, thereby enhancing the credibility and robustness
of academic research. Studies that systematically address these critiques could provide
deeper insights into the normative and practical implications of ESG integration,
ultimately contributing to more rigorous and comprehensive scholarship in the field of
sustainable finance (UNEP-FI, 2018).
This study, considering these theoretical premises, investigates whether the
relationship between ESG merit and systematic risk has changed because of specific
events that have steered the economy and financial markets towards an increased focus
on ESG aspects, including the establishment of the 2030 Agenda for Sustainable
Development on September 25, 2015, and the subsequent stipulation of the Paris
Agreement on December 12 of the same year. The analysis is carried out using a methodological framework based, in line with
previous literature, on econometric techniques traceable to the Capital Asset Pricing
Model model declined by Sharpe in 1964 and the five-factor model developed by Fama
and French in 2015. The analysis sample consists of 596 of the 600 companies
included in the STOXX Europe 600 stock index in 2023, whose ESG scores are
provided by Refinitiv. The market indices considered in the analysis are represented
by both the MSCI world and the STOXX Europe 600 itself. For the purposes of the
above verification, the sample is divided into quartiles based on the distribution of the
relevant scores to verify any different impact on systematic risk after the specific event
identified as being relevant to the path towards a more sustainability-based economy.
The analysis focuses attention on both the overall ESG score and the three pillars (E,
S, and G) considered individually.
The empirical evidence obtained shows a reduction in systematic risk, following the
stipulation of Agenda 2030 in September 2015, of greater significance in terms of both
the size of the impacts and the statistical significance associated with them for equity
indices constructed considering companies with higher ESG merit. The evidence
provides interesting new functional elements for the study of the relationship between
ESG merit and systematic risk, providing useful implications for decisions not only by
policymakers but also by regulators regarding the integration of ESG factors into the
risk measurement, monitoring, and management procedures of financial and non-
financial firms.
The study is structured as follows.
The first chapter aims to provide a sufficiently comprehensive overview of the concept
of sustainability and the strategic contribution made by businesses to the community,
even with respect to the different legislative interventions aimed at focusing the
attention of individuals and legal entities on sustainability and achievement of the 17
Sustainable Development Goals (SDGs) signed by 193 states and outlined in the 2030
Agenda.
The second chapter delves into the concept of corporate risk through a review of
prevailing national and international literature on the subject, from which it emerges
that any organization, regardless of its size or sector, is called upon to manage its risks,
whether they are related to economic aspects, ESG aspects, or both, ensuring that they
are kept within acceptable levels over time. Risk management, and in particular the
emerging ESG risks, has become a must-have practice to be applied by following a
systematic and organized approach, with constant recourse to discipline-specific
methodologies and techniques, including the provision of an effective Enterprise Risk
Management Framework, which is a fundamental cornerstone of a good governance
system.
The third chapter initially looks at the recent development of ESG rating agencies and,
consequently, ESG ratings. These are scores that encompass not only the quality of
corporate governance systems but also environmental, social and, more generally, sustainability issues. After highlighting the main peculiarities of but also critical issues
in such sustainability indicators, the chapter focuses on the relationship between ESG
factors, systematic risk, and performance. About the first relationship, i.e. between
ESG ratings and systematic risk, the literature agrees that firms with higher ESG
ratings have lower systematic risk (a lower beta) and, consequently, a lower cost of
equity than firms with lower ESG ratings.
Regarding the relationship between ESG factors and performance, the literature shows
mixed results. According to some studies, companies with high ESG ratings have
higher returns especially during recessionary periods, thus showing themselves to be
more resilient. However, in some circumstances, it has been found that non-proprietary
managers often use the funds allocated for carrying out socially responsible activities
for purely personal purposes. Such an attitude, in the long run, could undermine
profitability and, therefore, business continuity.
The fourth and final chapter, following the outlining of the research objectives,
provides a description of the sample under investigation and the methodology used. In
the last part of the chapter, the econometric model is presented, and then the results
obtained from the analysis are discussed
Characterizing flow regime and its alterations in an intermittent river: the Canale d’Aiedda case study
No full textAnthropogenic activities, such as waste water treatment plants dis-
charges (WWTPs), impact the natural river regime. The assessment of the “im-
pacted” and “un-impacted” hydrological conditions is of paramount importance
for the river management. Methodologies for characterizing flow regime and its
alterations are based on streamflow data recorded over a long period. Data re-
quirements may be a limitation in regions where the recorded data are not avail-
able or poor (i.e. short time series, presence of gaps). Hydrological models,
such as the Soil and Water Assessment Tool (SWAT), may be used to generate
long-term time series of daily or monthly streamflow.
In this work, an approach to characterize the flow regime of an intermittent riv-
er and to assess its alterations using the SWAT model is defined. The aims are:
(i) adapt SWAT for simulating daily streamflow in the Canale d’Aiedda river
(Italy), (ii) characterize its flow regime, and (iii) assess the hydrological regime
alterations due to WWTPs.
The flow regime was characterized by using several hydrological indicators,
based on the long-term time series of modeled daily streamflow. Hydrological
regime classification of the river reaches receiving wastewaters from WWTPs
shifted from intermittent to perennial. The components of the low flow (1-, 3-,
7-, 30-, and 90-day minimum flow, zero-days) and the monthly flow recorded
in summer were severely altered. The concept of “zero-flow threshold”, defined
on field observations was introduced to improve the model results. This study
provides a contribution to the significant topic of the management of intermit-
tent rivers under the Mediterranean climate
Systemic Risks to Capital Investment Flows in the Post-crisis Economy of Ukraine
No full textThe study investigates systemic risks affecting capital investment flows
in Ukraine’s post-crisis economy, employing VAR models and the Kalman filter. It
analyzes the relationship between investment flows and key macroeconomic indicators. Utilizing neural network tools, the research identifies pivotal factors influencing investment processes amidst wartime. The study delineates primary strategies
for risk mitigation, including the adoption of modern warfare economics principles,
combating systemic dysfunctions such as corruption, and legitimizing property rights
through targeted investments. Furthermore, in the financial sector, there is a notable
emphasis on the imperative: to enhance commercialization in banking, align regulations with EU standards, develop money, bond, and securities markets, facilitate
small business financing and financial inclusivity, and mobilize external financing to
sustain financial stabilit
art. 1665 - Verifica e pagamento dell'opera
No full textIl contributo esamina la disciplina della verifica dell'opera, del collaudo, dell'accettazione e del pagamento del corrispettivo nel contratto di appalto privato, dando conto delle principali problematiche applicative e dell'evoluzione giurisprudenziale sul tema
Financial Challenges and Threats of Circular Economy Logistics
No full textThis chapter explores the economic aspects related to circular economy logistics and highlights the key financial challenges and threats that organizations may face when transitioning to a circular economy business model. We developeda methodological approach for researching financial challenges and threats, which consisted of 4 steps. In the 1st stage of the research, we identified the leader in the trade of processed raw materials—Germany and characterized the factors why this country is the leader. In the next stage, the authors reasonably identified possible financial threats that prevent the effective development of circular economy logistics. In the third stage, the relationship between the rate of reuse of materials and the exchange rate, interest rates, and inflation rates was investigated using the multiple regression method. Then, based on the results obtained in the first stage, we investigated which companies carry out their activities in the field of circular economy logistics. The
hypothesis of the chapter is that the transition to circular economy logistics presents several financial problems and threats that must be carefully considered and resolved. By recognizing these challenges and adopting appropriate strategies, organizations
can navigate financial challenges and unlock the economic benefits associated with the circular economy, promoting sustainability and resource efficiency
A Review of the Key Findings from the Special Issue on “Life Cycle Sustainability Analysis of Resource Recovery from Waste Management Systems in the Context of Circular Models of the Economy and the Bioeconomy”
No full textThis special issue (SI) arises with the aim of addressing further the concern that sustainable waste management from the perspective of the Circular Economy (CE) can contribute towards a just and sustainable post-fossil carbon society. The time has come for CE-based societies in which responsible and sustainable ways of dealing with waste will be implemented and pursued. A successful transition will require the planning, design, testing and implementation of waste-based products that meet the three dimensions of sustainability or the 17 UN Sustainable Development Objectives.
The SI further contributed to the awareness that waste can be valorised as a zero-burden resource and sustainably transformed into value-added material and energy commodities. It has also allowed to understand that CE principles can be applied to a wide range of sectors and issues, and that there are several scientifically based methodologies, such as LCA and related others. These methodologies were confirmed by this SI’s articles to be quite effective in scientifically assessing the impacts of CE measures on the systems to which they are applied.
Finally, the SI confirmed the importance of academic research for assessing and stimulating the integrated sustainability of waste recovery systems from a CE point of view. In this way, the SI could serve as a platform for the advancement of knowledge on new methodologies, practical applications, state-of-the-art analysis, findings and lessons learned in such an important and up-to-date research field
Empowering Mathematics Educators: Integrating ChatGPT as a Tool for Innovative Teaching Practices
No full textThis study investigates the potential of a customized ChatGPT model as a tool for enhancing mathematics teaching, specifically focusing on the concept of continuity for real-valued functions. Using the Knowledge
for Teaching Mathematics with Technology (KTMT) framework as a theoretical basis, the research examines how personalized AI tools can improve task design, balance among mathematical representations, and the
interplay between experimentation and justification. The experimentation involved in-service mathematics teachers who explored both a default and a customized ChatGPT model to create instructional resources.
Qualitative analysis revealed that the customized model significantly improved the quality of resources, enabling the creation of diverse, representation-rich, and conceptually balanced tasks. Teachers reported that the personalized ChatGPT facilitated transitions between algebraic, graphical, and tabular representations, supported exploratory problem-solving, and provided opportunities for rigorous justification. The findings
contribute to a deeper understanding of how AI-driven tools, when aligned with structured pedagogical frameworks, can support mathematics instruction and teacher development
Current Trends and Emerging Challenges in Lesson Study for STEM
No full textThis is an editorial article for the special issue "Current Trends and Emerging Challenges in Lesson Study for STEM