1,721,022 research outputs found
The valuation of firms of the private healthcare organizations: Notes for the determination of the value of accreditation
No full textOver the last years, there has been a growing interest about the valuation of assets, as well as firms, in the healthcare setting. However, literature is still lacking on this topic. Within regulated sectors, evaluating professional firms presents a high level of complexity, especially as concern as the intangibles. This paper calls for a deeper research interest on the topic from theoretical and practice perspectives. Moreover, we provide some methodological notes to determine the value of a key intangible, such as the accreditation for a private hospital
Does family involvement foster IPO value? Empirical analysis on Italian Stock Market
No full textPurpose - The purpose of this paper is to shed light on the relationship between family involvement and Initial Public Offering (IPO) value in the Italian context. Design/methodology/approach - Based on a unique hand-collected data set, the authors test the hypotheses on companies that went public between 2000 and 2011, making inference on 113 firms using OLS hierarchical regressions. The authors quantify the IPO value from an outside investors’ perspective with two measures to proxy for IPO value in the short-term and apply robustness checks for long-run performance. In a stewardship framework, the authors examine demographic variables including family firm status, family involvement in managerial positions and family generations. Findings - The results suggest that family firm status positively influences IPO value, that greater family involvement corresponds to higher IPO value and lastly, that the beneficial effect of family control is mainly attributable to the first generation. The results are robust to alternative specifications of each phenomenon. Research limitations/implications - As a single-country study, the results refer exclusively to the Italian context and thus the evidence provided may not automatically be generalized to IPOs of comparable equity markets. Originality/value - This study expands current knowledge by showing how investors “price” family ownership in an IPO; furthermore the authors assess how certain characteristics of family firms affect the IPOs (e.g. family involvement and intergenerational)
'La misurazione delle performance economico-finanziarie delle università pubbliche italiane. Logiche e strumenti nel nuovo sistema di contabilità'
No full textNegli studi di teoria della finanza, è noto che la creazione di valore rappresenta un obiettivo aziendale imprescindibile: la sfida che viene lanciata al sistema universitario pubblico italiano dalle novità normative in materia di contabilità è quella di mettere al centro della gestione degli atenei pubblici percorsi virtuosi che consentano di coniugare, al contempo, gli obiettivi istituzionali della creazione di saperi specialistici e di supporto alla competitività del Paese con il conseguimento di adeguati risultati aziendali, in grado di assicurare equilibrio economico e finanziario e autosufficienza patrimoniale in una logica di sviluppo, autonomia gestionale e durabilità. L’adozione di un sistema contabile “accrual basis” pone tuttavia diverse problematiche con riferimento alla interpretazione delle misure di performance economico-finanziaria degli atenei, nell’ambito di una visione più sistematica che impone alla gestione delle Università anche capacità di attrazione di studenti e risorse finanziarie, qualità dei sistemi di ricerca e di didattica e meccanismi di internazionalizzazione
dei saperi e di innovazione tecnologica
Lo sconto di minoranza: framework teorico e profili applicativi
No full textThe present study aims at shedding further light on theoretical basis for the application of minority discount. Starting from the value of control, it focuses on the role of minority discount in business valuation; this paper takes into account the importance of ownership structure. Scholars and practitioners investigated the value of control and several measures for control premium have been developed. However, the matter of control is a relevant issue not only for corporate governance but also, and especially, for business valuation. On one hand, the controlling shareholder may have incentive to deviate from total wealth maximization by extracting private benefit of control; if this is the case, the application of control premium is strictly recommended. On the other hand, in presence of such controlling shareholder, minorities could potentially be excluded from governance, leaving them with no decision power. This condition has a direct impact in term of economic value of pro-quota equity. Whether or not minority discount should be applied is still an open question. Another issue concerns the economic basis to which the discount should refer. From a theoretical standpoint, this paper is a first attempt to systematize the theoretical foundations of the cited discount. Its main contribution is the clarification of the standard values related to minority discount and the relative shareholder levels. The present paper compares the evolution of Italian studies with the American doctrine and provides a comprehensive reconciliation among different standards; last, an inclusive review of control premium and discount for lack of marketability is provided
Sostenibilità, Impresa e Stakeholder. Profili manageriali, finanziari e operativi del bilancio sostenibile
No full textLa relazione esistente tra politiche ESG e valore d’impresa, pur non essendo agevolmente dimostrabile nell’ambito dei metodi valutativi tradizionali come il DCF, trova un interessante campo di indagine (e di possibile soluzione alle problematiche metodologiche e dimostrative finora emerse) nella stima del
patrimonio intangibile aziendale. Esistono evidentemente alcuni intangibili che sono direttamente impattati dalle buone pratiche di sostenibilità, come la maggiore reputazione di un marchio, il rafforzamento del capitale umano, la qualità delle relazioni con la clientela, l’attitudine a guidare i processi di innovazione e di transizione tecnologica. Se sul piano teorico molti passi avanti sono stati fatti negli ultimi anni, sotto il profilo metodologico non è semplice intercettare le relazioni formali che siano in grado di misurare gli effetti sul valore scaturenti da più robuste condizioni di sfruttamento dei benefici economici legati agli intangibili, dall’allungamento della loro vita utile, dal contenimento del rischio connesso al loro impiego in termini di compliance normativa, di protezione da eventi dannosi e di valorizzazione delle potenzialità economiche e di mercato
Family involvement in the Board of Directors: Implications for Board Effectiveness
No full textBoard effectiveness hinges on both functional attributes—such as size, independence, activity and
CEO duality—and interpersonal dynamics like cohesion and trust. In family business, the structural
and dynamic perspectives of the board become intricately linked to family heterogeneity, shaped by
the different levels of family involvement in boardrooms. This study examines the effect of family
involvement on board effectiveness within 385 Italian listed family firms (2014–2018), employing a
fixed-effect panel regression. Findings reveal a U-shaped relationship, where moderate family
involvement disrupts cohesion, but higher family or non-family directors’ prevalence enhances
effectiveness. By integrating socio-emotional wealth and upper echelon theories, this research
advances family business and governance literature, offering practical insights for corporate boards
Socioemotional Wealth and Tax Aggressiveness in Private Family Firms: The Role of the CEO’s Characteristics
No full textpeer reviewedBuilding on recent works calling for more tax research in the family business context, this study draws on the distinction between restricted and extended socioemotional wealth (SEW) to analyze how both SEW dimensions affect tax aggressiveness. Based on a sample of 201 private Belgian family firms, consistent findings from multiple regression analyses indicate that restricted SEW is positively related to tax aggressiveness, whereas extended SEW exerts a negative influence on tax aggressiveness. Our results also indicate that the family status of the CEO, CEO gender and CEO tenure moderate the relationship between both SEW dimensions and tax aggressiveness
Early adoption of non-financial disclosure in family firms
No full textThis study investigates when the reputation enhancing signals of family firms include early adoption of non-financial disclosure. Drawing on signalling theory, we examine the effect of family ownership on the early adoption of non-financial disclosure and the moderating role of contingency signals: founder chief executive officer (CEO) leadership and employee degrowth rate. We test our hypotheses with panel regressions on a dataset of Italian listed family firms over the period 2013-2017, years before the introduction of mandatory non-financial reporting. The results reveal an inverted U-shaped relationship between family ownership and early adoption of non-financial disclosure, negatively moderated by the presence of a founder CEO and positively moderated by employee degrowth. We discuss the implications of our findings for theory and practice.</p
Exploring family millennials' involvement in family business internationalization : Who should be their leader?
No full textDrawing on generational theory, we argue that family millennials' involvement is a driver of export intensity in family firms, but it depends on two different CEO characteristics, namely: family membership and societal generational membership. An ordered probit regression analysis on 92 Italian family firms confirms that the involvement of family millennials positively influences export intensity and that a millennial CEO enhances that positive effect. In addition, we found that a non-family CEO amplifies such a positive effect, whereas a family CEO tends to turn the tide so that the effect of family millennials' involvement becomes negative. The novel findings of our explorative study contribute not only to the research on family business and internationalization, but also to the literature on generational theory.</p
Extract Or Not Extract? The Effect of Familism on Stock Option Plans.
No full textThere is an ongoing debate in managerial literature regarding the aim of stock option plans (SOPs). In this paper we analyse whether and to what extent the family involvement in ownership and managerial positions affects the use of SOPs as tools to extract rents. By examining a sample of plans issued by Italian listed firms, we classify the SOPs according to their characteristics (i.e. vesting period, lock-up, strike price, market index) and identify three different clusters namely Rent SOPs, Non-Rent SOPs, Hybrid. After controlling for CEO family, board size, equity owned by minority shareholders, and other firm-specific characteristics, we find that family firms are less likely to adopt SOPs for rent extraction purpose. We also find that SOPs specifically granted to family members are less likely to pursue rent extraction goals. Our findings are robust against different specifications of family firms. This paper offers important theoretical contributions to management research and insightful policy implications for all family owned listed firms
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