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Exploring Complexity in Accounting: Aesthetics, Design and Space
No full textThis thesis explores the notion of complexity as related to accounting
by relying upon aesthetic modes of inquiry. Prior studies have
presented a variety of approaches to complexity in accounting,
rendering the literature rich but puzzled. A number of scholars have
explored the role of accounting in managing the complexity arising
from the multiple overlapping and conflicting logics that come across
the organization. Further studies have explored complexity as a
feature of accounting and reporting design, which can obfuscate
performance or reveal corporate aspirations. We argue that aesthetic
approaches to ‘accounting for complexity’ and ‘complexity in
accounting’ can reconcile the diverse findings, while providing
innovative venues for research.
The first chapter of this thesis aims to provide a critical review of
prior studies on complexity in accounting and to systematize the
diverse findings that these studies have offered, while outlining
patterns for further accounting research on complexity.
In the second chapter, we explore aesthetic complexity in the design
of corporate reports by adopting a Baroque interpretive lens. The
Baroque is known as the art of complexity, bold ornamentation,
juxtaposition, as well as the grotesque, extravagance, flamboyance,
and illusion. We draw on the experience of Plectra, a large European
bank operating in more than 15 countries, to analyze the aesthetic
features of its Integrated Report. We rely upon an ‘aesthetic inquiry’
into accounting to explore the emotional responses of the designers of
the Integrated Report (i.e. the sustainability managers within Plectra),
as they engage with the aesthetic features of the report in the attempt
to represent ‘sustainable value’. This chapter demonstrates that
aesthetic complexity in reporting design engages with the
subjective/emotional sphere of its designers inside the organization, as
they attempt to fill the conceptual ‘voids’ left in the meaning of
‘sustainable value’ and celebrate it. This attempt leads to an ongoing
search for innovation in reporting design, while perpetuating the
illusion of avoiding the void. We show that complexity in reporting
design may provide its designers with a means for celebration,
heroism, illusion, and consolation, while reassuring them from the
horror vacui, i.e. the fear for ‘sustainable value’ to remain empty, and
for sustainability managers to ‘disappear’.
The third chapter explores the role of accounting in the management
of complexity, as complexity is socially and spatially produced, and as
it is augmented by aesthetic and transcendent aspects. By drawing
upon archival sources concerning the project of construction of the
baroque altar of St. Ignatius (1695 - 1699) in the Church of Gesù in
Rome, Italy, we demonstrate how accounting provided a means for
avoiding the lived space to jeopardize the conceived space of the
project thereby enabling transcendent and aesthetic aspects to engage
with other logics in the making of the altar. Such engagement ‘took on
body’ in the altar, allowing a complex bundle of power and ideology
to ‘materialize’.This thesis explores the notion of complexity as related to accounting
by relying upon aesthetic modes of inquiry. Prior studies have
presented a variety of approaches to complexity in accounting,
rendering the literature rich but puzzled. A number of scholars have
explored the role of accounting in managing the complexity arising
from the multiple overlapping and conflicting logics that come across
the organization. Further studies have explored complexity as a
feature of accounting and reporting design, which can obfuscate
performance or reveal corporate aspirations. We argue that aesthetic
approaches to ‘accounting for complexity’ and ‘complexity in
accounting’ can reconcile the diverse findings, while providing
innovative venues for research.
The first chapter of this thesis aims to provide a critical review of
prior studies on complexity in accounting and to systematize the
diverse findings that these studies have offered, while outlining
patterns for further accounting research on complexity.
In the second chapter, we explore aesthetic complexity in the design
of corporate reports by adopting a Baroque interpretive lens. The
Baroque is known as the art of complexity, bold ornamentation,
juxtaposition, as well as the grotesque, extravagance, flamboyance,
and illusion. We draw on the experience of Plectra, a large European
bank operating in more than 15 countries, to analyze the aesthetic
features of its Integrated Report. We rely upon an ‘aesthetic inquiry’
into accounting to explore the emotional responses of the designers of
the Integrated Report (i.e. the sustainability managers within Plectra),
as they engage with the aesthetic features of the report in the attempt
to represent ‘sustainable value’. This chapter demonstrates that
aesthetic complexity in reporting design engages with the
subjective/emotional sphere of its designers inside the organization, as
they attempt to fill the conceptual ‘voids’ left in the meaning of
‘sustainable value’ and celebrate it. This attempt leads to an ongoing
search for innovation in reporting design, while perpetuating the
illusion of avoiding the void. We show that complexity in reporting
design may provide its designers with a means for celebration,
heroism, illusion, and consolation, while reassuring them from the
horror vacui, i.e. the fear for ‘sustainable value’ to remain empty, and
for sustainability managers to ‘disappear’.
The third chapter explores the role of accounting in the management
of complexity, as complexity is socially and spatially produced, and as
it is augmented by aesthetic and transcendent aspects. By drawing
upon archival sources concerning the project of construction of the
baroque altar of St. Ignatius (1695 - 1699) in the Church of Gesù in
Rome, Italy, we demonstrate how accounting provided a means for
avoiding the lived space to jeopardize the conceived space of the
project thereby enabling transcendent and aesthetic aspects to engage
with other logics in the making of the altar. Such engagement ‘took on
body’ in the altar, allowing a complex bundle of power and ideology
to ‘materialize’.LUISS PhD Thesi
A Conservative Theory of Political Obligation
No full textThe aim of this thesis is to develop a conservative theory of political obligation.
In the first chapter, I advance a series of preliminary definitions: I specify that political
obligation is the moral (not merely the legal) duty to obey the law qua law; I discuss the
requirements that a successful theory of political obligation should match; and I criticize
philosophical anarchism.
In chapters 2, 3, and 4, I analyse the notion of conservatism. I focus on the concepts of ‘status
quo bias’, ‘historical value’, ‘traditionalism’, and on the principles I label as ‘the primacy of order
over liberty’ and ‘the primacy of community over the individual’.
The idea is that conservatism is committed to the preservation of existing states of affairs and
traditions, as long as they are carriers of historical value (HV), as the means to establish a form of
intergenerational connection (what I call the ‘diachronic community’), and for reasons related to the
problem of transition costs in reforms, to policy-makers’ ignorance, and to the role of stable
conventions in political life. However, I also observe that conservatives recognize that some degree
of change is necessary precisely for conservation to be effective. This so-called ‘conservation
paradox’ is particularly evident in the case of transmission of traditions.
In chapter 6, I develop a conservative theory of political obligation based on the Oakeshottean
notion of membership in the ‘civil association’. This is a mode of relationship that members of
nation-States entertain with each other, sharing not a common purpose, but only subscribing to the
same general rules of conduct, sanctioned by the legal system. Obeying the law is the minimal, but
necessary and sufficient condition for political obligation to hold.
The so-called practice of civility, in which membership in the civil association is grounded,
connects with each other the members of the polity both synchronically and diachronically.
Therefore, it is the source of an internal good, the bond of community that citizens establish
reciprocally and across the generations, and it is a carrier of HV. Moreover, the good of ‘civility’
can also be understood in functionalist terms, as it represents the conditio sine qua non for the
realization of all other essential goods of societal life, be they primary (peace, security, etc.) or
secondary (the development of arts, science, a market system, etc.). I conclude that, since the
practice of civility generates HV and the internal good of civility, and it links together the
generations of the living, the generations of the dead, and those of the unborn, citizens do have a
moral duty to conserve it and transmit it. Consequently, they do have a political obligation, that is
to say, the duty to obey the law.
In chapter 6, I also show how the theory of political obligation developed in this thesis matches
the requirements discussed in the first chapter.
Eventually, I add an Appendix in which I analyse the problem of a ‘conservative’ civil
disobedience, by adopting a slightly modified version of the Rawlsian framework. I argue that civil
disobedience should have the following characteristics: it has to be directed against the government
and its agencies, not against private subjects; it has to be public; it has to be nonviolent; its aim has
to be the reinstatement of the transcendental conditions of the civil association, which the targeted
law or policy have allegedly damaged; it may be either direct or indirect; its purpose should be
either the repeal of the contested law or policy, or the obtainment of exemptions for the exercise of
legal conscientious objection; civil disobedients ought to be prompt to accept punishment.The aim of this thesis is to develop a conservative theory of political obligation.
In the first chapter, I advance a series of preliminary definitions: I specify that political
obligation is the moral (not merely the legal) duty to obey the law qua law; I discuss the
requirements that a successful theory of political obligation should match; and I criticize
philosophical anarchism.
In chapters 2, 3, and 4, I analyse the notion of conservatism. I focus on the concepts of ‘status
quo bias’, ‘historical value’, ‘traditionalism’, and on the principles I label as ‘the primacy of order
over liberty’ and ‘the primacy of community over the individual’.
The idea is that conservatism is committed to the preservation of existing states of affairs and
traditions, as long as they are carriers of historical value (HV), as the means to establish a form of
intergenerational connection (what I call the ‘diachronic community’), and for reasons related to the
problem of transition costs in reforms, to policy-makers’ ignorance, and to the role of stable
conventions in political life. However, I also observe that conservatives recognize that some degree
of change is necessary precisely for conservation to be effective. This so-called ‘conservation
paradox’ is particularly evident in the case of transmission of traditions.
In chapter 6, I develop a conservative theory of political obligation based on the Oakeshottean
notion of membership in the ‘civil association’. This is a mode of relationship that members of
nation-States entertain with each other, sharing not a common purpose, but only subscribing to the
same general rules of conduct, sanctioned by the legal system. Obeying the law is the minimal, but
necessary and sufficient condition for political obligation to hold.
The so-called practice of civility, in which membership in the civil association is grounded,
connects with each other the members of the polity both synchronically and diachronically.
Therefore, it is the source of an internal good, the bond of community that citizens establish
reciprocally and across the generations, and it is a carrier of HV. Moreover, the good of ‘civility’
can also be understood in functionalist terms, as it represents the conditio sine qua non for the
realization of all other essential goods of societal life, be they primary (peace, security, etc.) or
secondary (the development of arts, science, a market system, etc.). I conclude that, since the
practice of civility generates HV and the internal good of civility, and it links together the
generations of the living, the generations of the dead, and those of the unborn, citizens do have a
moral duty to conserve it and transmit it. Consequently, they do have a political obligation, that is
to say, the duty to obey the law.
In chapter 6, I also show how the theory of political obligation developed in this thesis matches
the requirements discussed in the first chapter.
Eventually, I add an Appendix in which I analyse the problem of a ‘conservative’ civil
disobedience, by adopting a slightly modified version of the Rawlsian framework. I argue that civil
disobedience should have the following characteristics: it has to be directed against the government
and its agencies, not against private subjects; it has to be public; it has to be nonviolent; its aim has
to be the reinstatement of the transcendental conditions of the civil association, which the targeted
law or policy have allegedly damaged; it may be either direct or indirect; its purpose should be
either the repeal of the contested law or policy, or the obtainment of exemptions for the exercise of
legal conscientious objection; civil disobedients ought to be prompt to accept punishment.LUISS PhD Thesi
Lotta alla corruzione internazionale e sviluppo sostenibile con particolare riferimento al settore energetico
No full textLe fonti normative internazionali in tema di contrasto alla corruzione internazionale. Lo sviluppo sostenibile nel contesto internazionale. Corruzione internazionale e sviluppo sostenibile. Sanzioni e profili di responsabilità.Le fonti normative internazionali in tema di contrasto alla corruzione internazionale. Lo sviluppo sostenibile nel contesto internazionale. Corruzione internazionale e sviluppo sostenibile. Sanzioni e profili di responsabilità.LUISS PhD Thesi
Facing Loss: Reactions of Microeconomic Agents
Full text linkThe first part of the thesis is the paper “A Bank Competition Model with TBTF Subsidy”,
develops a theoretical model which could offer some insights on the effects of a systemic subsidy
on the competition dynamics among banks.
In Chapter 1, there is the introduction to the work, with the research objective.
In Chapter 2, there is the literature review on the subject.
In Chapter 3, there is the description of the modelled economy and the agents.
In Chapter 4, the static symmetric game case is developed.
In Chapter 5, the static asymmetric game, with the subsidy, is developed and the Sub-game
Perfect Nash Equilibria is found.
In Chapter 6, the effects of the too-big-to-fail are analysed.
In Chapter 7, conclusions are drawn.
The second part of the thesis is the paper “Response Time under Gains and Losses”,
which has investigated cognitive effort exercised by subjects in a variety of games - binary and
continuous choices, in both the individual context and in the social one - taking response times
as a proxy. Its main focus has been the difference in the level of cognitive effort between the loss
and the gain domain.
In Chapter 1, there is the introduction to the work and the research objective is stated.
In Chapter 2, there is the literature review on the subject.
In Chapter 3, there is the description of the experiment held in CESARE lab at LUISS
Guido Carli university.
In Chapter 4, there is the analysis of response times, with a particular emphasis on the
role of the domain.
In Chapter 5, conclusions are drawn.The first part of the thesis is the paper “A Bank Competition Model with TBTF Subsidy”,
develops a theoretical model which could offer some insights on the effects of a systemic subsidy
on the competition dynamics among banks.
In Chapter 1, there is the introduction to the work, with the research objective.
In Chapter 2, there is the literature review on the subject.
In Chapter 3, there is the description of the modelled economy and the agents.
In Chapter 4, the static symmetric game case is developed.
In Chapter 5, the static asymmetric game, with the subsidy, is developed and the Sub-game
Perfect Nash Equilibria is found.
In Chapter 6, the effects of the too-big-to-fail are analysed.
In Chapter 7, conclusions are drawn.
The second part of the thesis is the paper “Response Time under Gains and Losses”,
which has investigated cognitive effort exercised by subjects in a variety of games - binary and
continuous choices, in both the individual context and in the social one - taking response times
as a proxy. Its main focus has been the difference in the level of cognitive effort between the loss
and the gain domain.
In Chapter 1, there is the introduction to the work and the research objective is stated.
In Chapter 2, there is the literature review on the subject.
In Chapter 3, there is the description of the experiment held in CESARE lab at LUISS
Guido Carli university.
In Chapter 4, there is the analysis of response times, with a particular emphasis on the
role of the domain.
In Chapter 5, conclusions are drawn.LUISS PhD Thesi
Venture capital-backed firms, trade sales e tutela dell’imprenditore tra shareholder value maximization e equa valorizzazione
Full text linkQuesto elaborato si focalizza sull’operazione – la trade sale – tramite cui si perviene al
trasferimento del controllo totalitario degli assets della venture capital-backed firm ad un
partner strategico; e che, a seconda del contesto in cui essa si realizza, può assumere forme
diverse: negli Stati Uniti, essa si realizza tramite una fusione con integrale conguaglio in denaro;
in Italia, invece, tramite la co-vendita da trascinamento.
Può schematicamente dirsi che il presente elaborato si prefigga tre obiettivi. Il primo e
basilare obiettivo è quello di conseguire una più granulare conoscenza della struttura economica
del rapporto tra venture capitalist e imprenditore al fine di (i) comprenderne appieno la logica
di fondo; (ii) delineare con sufficiente precisione le prerogative dell’uno e dell’altro; e, quindi,
(iii) far luce sulle dinamiche osservabili in occasione della trade sale. Il secondo obiettivo è
quello di delineare la disciplina che governa la trade sale negli Stati Uniti e in Italia, al fine di
comprendere come il diritto vigente in tali due giurisdizioni sia, in effetti, in grado di servire le
esigenze di venture capitalist e imprenditori. Tale operazione sarà svolta muovendo da un
approccio funzionale che consenta quindi di comparare operazioni formalmente diverse ma
funzionalmente equivalenti: la cash-for-stock merger e la co-vendita da trascinamento. Il terzo
e ultimo obiettivo è quello di analizzare la risposta regolatoria negli Stati Uniti e in Italia,
evidenziandone gli eventuali limiti e sforzandosi, pur senza offrire soluzioni definitive, di porre
in rilievo taluni elementi in considerazione dei quali sarebbe forse possibile elaborare percorsi
argomentativi utili a migliorarla, come pure di segnalare possibili soluzioni pur esse non
perfette ma quantomeno medio tempore utili, forse, a superare i limiti della disciplina cui
attualmente la trade sale è soggetta nell’uno come nell’altro ordinamento.Questo elaborato si focalizza sull’operazione – la trade sale – tramite cui si perviene al
trasferimento del controllo totalitario degli assets della venture capital-backed firm ad un
partner strategico; e che, a seconda del contesto in cui essa si realizza, può assumere forme
diverse: negli Stati Uniti, essa si realizza tramite una fusione con integrale conguaglio in denaro;
in Italia, invece, tramite la co-vendita da trascinamento.
Può schematicamente dirsi che il presente elaborato si prefigga tre obiettivi. Il primo e
basilare obiettivo è quello di conseguire una più granulare conoscenza della struttura economica
del rapporto tra venture capitalist e imprenditore al fine di (i) comprenderne appieno la logica
di fondo; (ii) delineare con sufficiente precisione le prerogative dell’uno e dell’altro; e, quindi,
(iii) far luce sulle dinamiche osservabili in occasione della trade sale. Il secondo obiettivo è
quello di delineare la disciplina che governa la trade sale negli Stati Uniti e in Italia, al fine di
comprendere come il diritto vigente in tali due giurisdizioni sia, in effetti, in grado di servire le
esigenze di venture capitalist e imprenditori. Tale operazione sarà svolta muovendo da un
approccio funzionale che consenta quindi di comparare operazioni formalmente diverse ma
funzionalmente equivalenti: la cash-for-stock merger e la co-vendita da trascinamento. Il terzo
e ultimo obiettivo è quello di analizzare la risposta regolatoria negli Stati Uniti e in Italia,
evidenziandone gli eventuali limiti e sforzandosi, pur senza offrire soluzioni definitive, di porre
in rilievo taluni elementi in considerazione dei quali sarebbe forse possibile elaborare percorsi
argomentativi utili a migliorarla, come pure di segnalare possibili soluzioni pur esse non
perfette ma quantomeno medio tempore utili, forse, a superare i limiti della disciplina cui
attualmente la trade sale è soggetta nell’uno come nell’altro ordinamento.LUISS PhD Thesi
Esecuzione di appalti e concessioni e diritto della concorrenza: prospettiva europea e nazionale
No full textPrincipi generali dell’esecuzione del contratto di appalto e di concessione. L’esecuzione di appalti e concessioni nel diritto europeo derivato e nazionale. Regole a tutela della concorrenza e appalti e concessioni.Principi generali dell’esecuzione del contratto di appalto e di concessione. L’esecuzione di appalti e concessioni nel diritto europeo derivato e nazionale. Regole a tutela della concorrenza e appalti e concessioni.LUISS PhD Thesi
La qualità della regolazione come strumento di prevenzione della corruzione
No full textIl presente progetto di ricerca ha l’obiettivo di analizzare il rapporto tra regolazione e corruzione, cercando, al contempo, di fornire un punto di vista non solo limitato a quello giuridico, ma aperto al contributo di altre scienze.
Si è deciso di aprire il lavoro fornendo una ricognizione sul tema, al fine di illustrare le varie criticità che uno studio sulla corruzione deve affrontare, riguardanti la molteplicità delle definizioni, la difficoltà della misurazione, l’efficacia dei rimedi e altri.
Nella seconda parte si prevede di indagare il rapporto tra cattiva regolazione e corruzione, esaminando i fattori di rischio che possono promuovere pratiche corruttive, tra cui: l’ipertrofia legislativa, gli elevati oneri amministrativi, la partecipazione (opaca) dei gruppi di interesse nel processo legislativo, le distorsioni del sistema delle fonti.
Nella terza parte si intende integrare l’approccio regolatorio alla corruzione con i risultati delle scienze comportamentali, che da un lato hanno dimostrato la parziale infondatezza dei postulati teorici del paradigma economico-neoclassico, secondo cui l’uomo si comporterebbe sempre in maniera razionale e indirizzato a massimizzare il proprio interesse; dall’altro hanno individuato una serie di limiti e distorsioni cognitive – tra cui l’errata percezione del rischio, l’influenza del contesto e altre – che sembrano incidere sulla propensione di un individuo a commettere un atto illecito.
Nell’ultimo capitolo si intende dar conto della qualità della regolazione quale strumento di prevenzione della corruzione.
In particolare, ci si è soffermati sull’Analisi di impatto della corruzione (AIC), utilizzata già da alcuni paesi, tra cui la Moldavia, la Russia, la Corea del Sud e altri, attraverso la quale predisporre una valutazione prognostica dei fattori di rischio-corruzione presenti nella regolazione.Il presente progetto di ricerca ha l’obiettivo di analizzare il rapporto tra regolazione e corruzione, cercando, al contempo, di fornire un punto di vista non solo limitato a quello giuridico, ma aperto al contributo di altre scienze.
Si è deciso di aprire il lavoro fornendo una ricognizione sul tema, al fine di illustrare le varie criticità che uno studio sulla corruzione deve affrontare, riguardanti la molteplicità delle definizioni, la difficoltà della misurazione, l’efficacia dei rimedi e altri.
Nella seconda parte si prevede di indagare il rapporto tra cattiva regolazione e corruzione, esaminando i fattori di rischio che possono promuovere pratiche corruttive, tra cui: l’ipertrofia legislativa, gli elevati oneri amministrativi, la partecipazione (opaca) dei gruppi di interesse nel processo legislativo, le distorsioni del sistema delle fonti.
Nella terza parte si intende integrare l’approccio regolatorio alla corruzione con i risultati delle scienze comportamentali, che da un lato hanno dimostrato la parziale infondatezza dei postulati teorici del paradigma economico-neoclassico, secondo cui l’uomo si comporterebbe sempre in maniera razionale e indirizzato a massimizzare il proprio interesse; dall’altro hanno individuato una serie di limiti e distorsioni cognitive – tra cui l’errata percezione del rischio, l’influenza del contesto e altre – che sembrano incidere sulla propensione di un individuo a commettere un atto illecito.
Nell’ultimo capitolo si intende dar conto della qualità della regolazione quale strumento di prevenzione della corruzione.
In particolare, ci si è soffermati sull’Analisi di impatto della corruzione (AIC), utilizzata già da alcuni paesi, tra cui la Moldavia, la Russia, la Corea del Sud e altri, attraverso la quale predisporre una valutazione prognostica dei fattori di rischio-corruzione presenti nella regolazione.LUISS PhD Thesi
Beyond the Left-Right dimension? The impact of European integration on West European party politics
No full textPoliticization through Manipulation: Party Strategic Efforts on EU issues. How Parties Respond to European Integration? The Impact of the
Party Family Location. General Results in the Degree of Entrepreneurship. Europe to the Centre Stage: Protest-Based Entrepreneurship in
France. Colliding on a Pro-\Anti-European Issue Dimension: the German
Case. Unstable EU Issue Entrepreneurship and Blurred Shortcuts: the
Italian Case. The Pre-Established Politicization of the European Integration
Conflict: The British Case. A Comparative Overview on the EU Issue Entrepreneurship. Empirical Models of Voting Preferences. Electoral Preference Models in Four European Countries. A Comparative Overview on EU Issue Voting.Politicization through Manipulation: Party Strategic Efforts on EU issues. How Parties Respond to European Integration? The Impact of the
Party Family Location. General Results in the Degree of Entrepreneurship. Europe to the Centre Stage: Protest-Based Entrepreneurship in
France. Colliding on a Pro-\Anti-European Issue Dimension: the German
Case. Unstable EU Issue Entrepreneurship and Blurred Shortcuts: the
Italian Case. The Pre-Established Politicization of the European Integration
Conflict: The British Case. A Comparative Overview on the EU Issue Entrepreneurship. Empirical Models of Voting Preferences. Electoral Preference Models in Four European Countries. A Comparative Overview on EU Issue Voting.LUISS PhD Thesi
Evidences On Determinants And Effects of Accounting And Managerial Choices In M&A
No full textThe aim of my research is to contribute to M&A literature, by
providing evidences on the determinants and effects of accounting and
managerial choices in M&A.
The research is composed of two main parts and follows a
longitudinal path, as the M&A process can be conceptualized in three
broad phases subsequent one each other: (i) pre-acquisition, (ii)
acquisition and (iii) post-acquisition (Mickelson and Worley, 2003),
in the first part of my research I focus on issues related to the preacquisition
phase while in the second part I focus on issues related to
the post-acquisition phase.
In the first part of my research, in particular, I study whether the level
of the involvement of family members in a family firm is associated
with the choice of the buyer in M&A deals and whether the Social
Emotional Wealth is useful in explaining this choice. I base my study
on the idea that family firms are more willing to choose a buyer that
attenuates the feeling of detachment for family members and ensure
growth to the firm. Consequently, I expect that family firms choose
Financial Buyers or Strategic Buyers in relation to the level of family
involvement. I consider the level of involvement of family members
in the firm in relation to three dimensions: (i) family’s share
ownership, (ii) family’s presence in the board, and (iii) the presence of
a family CEO. Results show that family involvement in the firm
affects the target choice of the buyer, and in particular when the buyer
is not a previous minority shareholder.
In the second part of my research I investigate on manager accounting
choices, in particular on managers accounting choices on acquired
assets during M&A, and more specifically on brand. This second part
is composed of two different studies.In the first study, I investigate on managers accounting choices in the
traditional way researches have investigated till now on accounting
choices. That is, I study if also brand measurement accounting choices
are driven by managers multiple motivations as (i) agency costs, (ii)
earnings smoothing, as previous studies make accounting choices
consistent with the idea of earnings management, (iii) and information
asymmetries. I find that leverage as proxy for agency costs, change in
ROA as proxy for earnings smoothing and market to book ratio as
proxy for information asymmetries are associated with a particular
managers’ accounting choices.
The second study is based on the idea of Christensen and Nikolaev
(2013) that accounting choices have a different nature respect to
earnings management. Accounting choices require an ex-ante
commitment while earnings management is the result of managers’
continuous choices. In this study, I investigate whether managers use
accounting choices to meet or beat analysts’ forecasts. Then, I intend
to study the association between accounting choices and the adoption
of accrual earnings management as both can be considered different
tools available to managers to meet or beat analysts’ forecasts and if
disclosure plays a role. Finally, I focus on whether analysts’ forecast
properties are associated with managers’ joint use of accounting
choices and accrual earnings management. Empirical evidences show
that both tools affect the probability to meet or beat analysts forecast
and that disclosure plays a role, while the hypothesis on analysts
forecast properties is not supported.
Although the two parts of the research are linked by a unique file
rouge, that is to investigate on the determinants and effects of
accounting and managerial choices in M&A, the three studies will be
address as separate papers. Then, the research proceeds as follows. In
chapter 1 I investigate on the following research question: “To whom does the family sell the firm? The determinants of the choice of the
buyer in M&A deals”; in chapter 2 I analyze the following research
question: “Contracting, information asymmetry and earnings
smoothing. Which determinant influences accounting choices on
brand? Evidence from the adoption of IAS38 for brand measurement”;
chapter 3 examines the following research question: “Are accounting
choices a way to meet or beat analysts’ forecasts alternative to
earnings management? Evidence from the adoption of IAS38 for
brand measurement”.The aim of my research is to contribute to M&A literature, by
providing evidences on the determinants and effects of accounting and
managerial choices in M&A.
The research is composed of two main parts and follows a
longitudinal path, as the M&A process can be conceptualized in three
broad phases subsequent one each other: (i) pre-acquisition, (ii)
acquisition and (iii) post-acquisition (Mickelson and Worley, 2003),
in the first part of my research I focus on issues related to the preacquisition
phase while in the second part I focus on issues related to
the post-acquisition phase.
In the first part of my research, in particular, I study whether the level
of the involvement of family members in a family firm is associated
with the choice of the buyer in M&A deals and whether the Social
Emotional Wealth is useful in explaining this choice. I base my study
on the idea that family firms are more willing to choose a buyer that
attenuates the feeling of detachment for family members and ensure
growth to the firm. Consequently, I expect that family firms choose
Financial Buyers or Strategic Buyers in relation to the level of family
involvement. I consider the level of involvement of family members
in the firm in relation to three dimensions: (i) family’s share
ownership, (ii) family’s presence in the board, and (iii) the presence of
a family CEO. Results show that family involvement in the firm
affects the target choice of the buyer, and in particular when the buyer
is not a previous minority shareholder.
In the second part of my research I investigate on manager accounting
choices, in particular on managers accounting choices on acquired
assets during M&A, and more specifically on brand. This second part
is composed of two different studies.In the first study, I investigate on managers accounting choices in the
traditional way researches have investigated till now on accounting
choices. That is, I study if also brand measurement accounting choices
are driven by managers multiple motivations as (i) agency costs, (ii)
earnings smoothing, as previous studies make accounting choices
consistent with the idea of earnings management, (iii) and information
asymmetries. I find that leverage as proxy for agency costs, change in
ROA as proxy for earnings smoothing and market to book ratio as
proxy for information asymmetries are associated with a particular
managers’ accounting choices.
The second study is based on the idea of Christensen and Nikolaev
(2013) that accounting choices have a different nature respect to
earnings management. Accounting choices require an ex-ante
commitment while earnings management is the result of managers’
continuous choices. In this study, I investigate whether managers use
accounting choices to meet or beat analysts’ forecasts. Then, I intend
to study the association between accounting choices and the adoption
of accrual earnings management as both can be considered different
tools available to managers to meet or beat analysts’ forecasts and if
disclosure plays a role. Finally, I focus on whether analysts’ forecast
properties are associated with managers’ joint use of accounting
choices and accrual earnings management. Empirical evidences show
that both tools affect the probability to meet or beat analysts forecast
and that disclosure plays a role, while the hypothesis on analysts
forecast properties is not supported.
Although the two parts of the research are linked by a unique file
rouge, that is to investigate on the determinants and effects of
accounting and managerial choices in M&A, the three studies will be
address as separate papers. Then, the research proceeds as follows. In
chapter 1 I investigate on the following research question: “To whom does the family sell the firm? The determinants of the choice of the
buyer in M&A deals”; in chapter 2 I analyze the following research
question: “Contracting, information asymmetry and earnings
smoothing. Which determinant influences accounting choices on
brand? Evidence from the adoption of IAS38 for brand measurement”;
chapter 3 examines the following research question: “Are accounting
choices a way to meet or beat analysts’ forecasts alternative to
earnings management? Evidence from the adoption of IAS38 for
brand measurement”.LUISS PhD Thesi
La tassazione del reddito delle imprese bancarie
No full textBanks are a «special status entities» that are regulated by a specific law (the Legislative Decree no. 385/1993). As it is known, the typical banking activity contain two «component activities»: the credit supply and the collection of saving.
This work aims to comprehend how the peculiarity of the banking activity reflect in the tax law and, in particular, in the income tax. The legislative interventions in the field of banking taxation can be reconducted to three categories: i) the provisions related to the typical bank’s assets (credit and passive interests); ii) the provisions aimed to follow counter-cyclical or promotional objectives; ii) the provisions that determine a surcharge.
As far as the first category is concerned, tax law provides, for banking and financial sector, an ad hoc regulation for the deductibility of receivables’ write-down and for the deductibility of passive interests. In particular, tax law provides for the full deduction in the fiscal year in which they are booked in the balance sheet. The new regulatory asset outstands for the increased fiscal issues’ derivation from the financial asset and, so, for the considerable simplification of the fiscal regulatory framework. Anyway, doubts remain as far as the ratio of the regulation and the check of the tax Revenue are concerned.
The second category includes the possibility to convert deferred tax assets (DTA) into tax credits (provided by the Law Decree no. 225/2010) and the possibility to apply to the participation acquired on the conversion of loans or on their extinction (as it is agreed in financial restructuring plan of companies in crisis) the tax treatment of loans extinguished/converted (provided by the art. 113 of
2
the Consolidated Income Tax Act). These two measures, which can be defined as “asystematic” tax reliefs aimed to pursue extra-fiscal objectives, seem to go in different directions and are susceptible to determine state aids.
The third category comprehends a set of varied measures that fundamentally can be reconducted to: the cd. Robin Hood Tax related to the banking sector, the una tantum surcharge provided by the Law Decree no. 133/2013 and the surcharge provided by the Law no. 208/2015. All these measures are susceptible to determine constitutional questions. Furthermore, the latest surcharge implies some applicative problems that should be resolved as soon as possibile.Banks are a «special status entities» that are regulated by a specific law (the Legislative Decree no. 385/1993). As it is known, the typical banking activity contain two «component activities»: the credit supply and the collection of saving.
This work aims to comprehend how the peculiarity of the banking activity reflect in the tax law and, in particular, in the income tax. The legislative interventions in the field of banking taxation can be reconducted to three categories: i) the provisions related to the typical bank’s assets (credit and passive interests); ii) the provisions aimed to follow counter-cyclical or promotional objectives; ii) the provisions that determine a surcharge.
As far as the first category is concerned, tax law provides, for banking and financial sector, an ad hoc regulation for the deductibility of receivables’ write-down and for the deductibility of passive interests. In particular, tax law provides for the full deduction in the fiscal year in which they are booked in the balance sheet. The new regulatory asset outstands for the increased fiscal issues’ derivation from the financial asset and, so, for the considerable simplification of the fiscal regulatory framework. Anyway, doubts remain as far as the ratio of the regulation and the check of the tax Revenue are concerned.
The second category includes the possibility to convert deferred tax assets (DTA) into tax credits (provided by the Law Decree no. 225/2010) and the possibility to apply to the participation acquired on the conversion of loans or on their extinction (as it is agreed in financial restructuring plan of companies in crisis) the tax treatment of loans extinguished/converted (provided by the art. 113 of
2
the Consolidated Income Tax Act). These two measures, which can be defined as “asystematic” tax reliefs aimed to pursue extra-fiscal objectives, seem to go in different directions and are susceptible to determine state aids.
The third category comprehends a set of varied measures that fundamentally can be reconducted to: the cd. Robin Hood Tax related to the banking sector, the una tantum surcharge provided by the Law Decree no. 133/2013 and the surcharge provided by the Law no. 208/2015. All these measures are susceptible to determine constitutional questions. Furthermore, the latest surcharge implies some applicative problems that should be resolved as soon as possibile.LUISS PhD Thesi