55 research outputs found
THE WARRANTY-BASED HEALTHCARE SYSTEM: AN INNOVATIVE APPROACH IN PUBLIC HEALTH FOR THE “NEW NORMAL SCENARIO”
No full textHealth protection is a goal that every State pursues. The WHO defines health as “a state of physical, spiritual, mental, and social well-being and not the mere absence of disease”. Public healthcare systems are mainly financed through taxation, and they often overspend. For this reason, these systems are being reformed to increase efficiency while maintaining high effectiveness. Private healthcare systems make patients cover their health expenditures, which may be challenging. The warranty-based healthcare system is suggested as a new, innovative model that is activated as a public healthcare system but investigates individual responsibility for the disease, so patients may be asked to share part of the expense. This paper aims to show that this model is suited to the post-COVID-19 pandemic “new normal scenario” and can achieve greater economic sustainability than the Italian SSN and the Beveridge healthcare models. This work aims to contribute to previous literature by introducing new perspectives in an increasingly topical public health debate
Futures, provisional sales, and earnings management in the global gold mining industry
No full textThis study investigates the impact of futures on earnings management in the gold mining industry. Using quarterly data from a global sample of gold firms between 2003 and 2019, we find evidence of income-increasing accruals and real earnings management during contango periods (when futures price exceed the current spot price). Conversely, gold firms use income-decreasing accruals and real earnings management during backwardation periods (when the current spot price exceeds the futures price). This study contributes to the literature with evidence on futures as determinants of earnings management, as well as on the process through which managers smooth earnings
Firm Characteristics and Innovation Activity: A Study of Italian Family Firms
No full textIncreasingly, innovation is seen as a novel leverage tool with which to create business and social value and
thereby place its finders and users at a competitive advantage. Contemporary research suggests that the
determinants of the innovation activity of firms are numerous. In this paper, we consider the financial and
governance characteristics that might influence the innovation activity of a sample of 700 family firms in Italy.
Our study was conducted over a 10-year period, from 2007 to 2016, using panel analysis models alongside
robustness tests for the lagging effect and the probability regression as well as diagnostic statistics to ensure the
use of an appropriate model. The results show that the existence of institutional investors, as a proxy for
governance, has a persistent positive relationship with patent value, as a proxy for innovation, but not with the
likelihood of being innovative. Moreover, financial indicators such as net working capital, earnings before
interest, taxes, depreciation, and amortization, debt, and equity are found to explain innovation activity better
than other indicators in both the panel and probability regressions. We also find very little significant difference
between the sectors and regions featured in the study, suggesting that the relationship among them is
quasi-systematic. Concluding the paper, our findings are discussed in relation to their policy implications and
suggestions for further research are made
Capital structure in family firms: the role of innovation activity and institutional investors
No full textPurpose– There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm’s innovation activity in influencing the firm’s decision and ability to acquire debt capital. Design/methodology/approach– A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Twoanalysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are usedasleveragemeasures.Thevalueofpatent(asaproxyforinnovation)andinstitutionalinvestorarethe explanatory variables. Findings–Theresultsshowthatinstitutionalinvestorshavenorelationshipwithfinancialleveragemeasures except when controlling for an interaction variable (Institutional investors 3 Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts. Practical implications– Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value. Originality/value– Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm’s capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms’ decisionmaking
Macroeconomic uncertainty and earnings management: evidence from commodity firms
No full textThis study examines the relationship between macroeconomic uncertainty and earnings management, using quarterly data of US commodity firms from the period 1990-2019. The findings show that oil and iron firms use both accruals and real activities to decrease earnings in quarters with high basis risk. Earnings management is economically significant. Further investigation provides fine-grained evidence that specific types of uncertainty (economic policy, climate policy, geopolitical) have varying effects on earnings management. The study also provides evidence that earnings management is aimed at giving investors useful information about the firms' performance during uncertain times. The study contributes to previous research on uncertainty and earnings management. It also informs market participants about the financial reporting quality of commodity firms, and has practical implications for financial reporting regulation in extracting industries
An assessment of the implementation of the European tourism indicator system for sustainable destinations in Italy
No full textThe European Tourism Indicators System (ETIS) is a product of the European Union (EU) Sustainable Development Strategy, which was formulated with the objectives of promoting economic prosperity, social equity, cohesion, and environmental protection. In this paper, we present an analysis of the results of the implementation of the ETIS during the period 2013-2016, in the Italian tourist destination of South Sardinia. While the implementation of ETIS constitutes a significant advancement in Italy, and more widely in Europe, our findings reveal that an adaptive management approach is necessary for achieving the anticipated objectives and adapting these standardized indicators to different territorial contexts. Difficulties were encountered in both data collection and stakeholders' involvement in the implementation process. Insufficient knowledge, and familiarity with the complex technical aspects of the indicator toolkit among primary stakeholders, was another constraint associated with its implementation. We believe that the findings of this analysis can provide guidelines and inputs for other European countries and tourist destinations that are currently in the process of implementing the ETIS toolkit or similar methodologies. In particular, the pioneering sustainable tourism performance measurement system (STPMS) can be adapted to meet local needs
BUSINESS ECONOMICS DURING THE FASCIST PERIOD IN ITALY: GIOVANNI GENTILE’S PHILOSOPHY OF ACTUALISM
No full textntroduction: The focus of this paper is on the debate about the prevalence of individual or collective interest during the Fascist period in Italy.
Aim of the work: This paper aims to investigate under the Gentilean lens the studies of Business economics developed in the Fascist period. Business economics takes on different connotations depending on the existing organisational-social context.
Methodological approach: This paper adopts a qualitative methodological approach, and it uses both primary and secondary sources. Primary sources are related to the original academic production of the Fascist period; secondary sources are the scientific literature, which was used to analyse and interpret the topic.
Main findings: Business economics and accounting thinking were influenced by Fascism and corporatism. Unlike what has already been established in the literature, thanks to the study carried out, business economics was also influenced by philosophical thought.
Originality: this paper contributes to the literature about accounting and Fascism by proposing research highlighting how Gentilean philosophy influenced and characterised fascist business economics. No publications investigate the influence of the Gentilean philosophy of actualism on Italian business economics during the Fascist period, posing this paper as an element of originality
Overtourism: A Literature Review to Assess Implications and Future Perspectives
No full textOvertourism is an emerging concept facing the world’s main tourist destinations. The growth that tourism has undergone in recent decades is of two different types. On the one hand, the development of new technologies and the creation of low-cost airline carriers have increased tourism levels, leading to growth even in emerging economies. On the other hand, uncontrolled demand alongside a concentration of tourism in particular destinations impact negatively both territories and local communities. The problems caused in some destinations by the increasing, ongoing growth in tourism have created the issue of “overtourism,” which is assuming an increasing significance in the literature. This paper contributes to the literature by providing an exploratory study with which to better understand the origins of overtourism, its implications, and predicted future perspectives in respect to the issue. Examination of the new evidence presented here contributes to the expanding knowledge of particular problems of tourism development
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