1,720,985 research outputs found
The impact of corporate governance on default risk: BERTopic literature review
Full text linkThis study utilizes the BERTopic methodology, a topic modelling tool that facilitates a meticulous exploration of existing literature, to comprehensively review the interplay between corporate governance and default risk. Through analysis of diverse empirical studies, it delves into understanding how corporate governance practices influence default probability. The study underscores the importance of effective governance mechanisms — board attributes, ownership structures, executive compensation, shareholder rights, and disclosure practices — in molding default probabilities. It also highlights the role of external governance mechanisms and regulatory frameworks in managing default risk. Notably, this research advocates for further investigation into emerging governance models and their integration with modern machine-learning techniques to amplify their impact
The use of corporate derivatives: effects on firm value in the Italian market
Full text linkIt is an empirical question whether the use of derivatives hedging among firms actually contributes to enhancing firm performances. Despite the increasing use of derivatives by non-financial firms, existing literature still debates about their effect, especially in countries with peculiar corporate governance mechanisms. By using a sample of non-financial Italian firms listed from 2007 to 2018, this paper investigates if the use of several types (currency, interest rate, and commodity) of financial derivatives can affect the value of a company. For measuring the impact of the derivatives and in order to address any possible endogeneity problem, besides using the conventional methodologies applied by previous literature (fixed-effect regression models and system GMM estimators), we run a random forest model, a machine learning technique not yet applied before in this field, and calculate the relative importance of each independent and control variable. Differently from other European countries, findings show that the use of derivatives does not affect the firm value in the Italian market. Therefore, our results confirm the role of corporate governance mechanisms on the relationship between firm value and the use of derivatives and that their impact is country-specific
Fattori che influenzano il valore – Le sinergie applicate al caso Yoox-Net a Porter
No full textIl valore delle sinergie come componente del prezzo in un’operazione di M&A, Il caso YNAP e le sinergie, Perché molte operazioni di M&A falliscono: la difficoltà
di implementare le sinergi
Utilizzare le metodologie di valutazione in ottica di M&A – L’analisi del caso Yoox-Net a Porter
No full textFornire gli strumenti per poter esercitarsi a utilizzare i metodi di valutazione aziendale attraverso un caso pratico: l’acquisizione di Yoox-Net a Porter da parte di Richemont
Evidenziare i passaggi pratici nelle analisi di valutazione in ottica di M&A e i maggiori pregi e difetti dei vari metodi utilizzati nella pratic
Il ruolo degli investitori istituzionali nei processi di M&A – il Private Equity
No full textDefinire il private equity e fornire un quadro introduttivo dei meccanismi di funzionamento dei fondi preposti a tale attività
Comprendere i contesti tipici degli interventi del private equity e l’impat- to economico di tali operazioni sulla crescita e sulla trasformazione delle aziende
Comprendere la struttura di questa tipologia di operazioni, i fattori chiave di successo e le leve di creazione del valor
The impact of CEO turnover on firm performance and insolvency risk - A global analysis
No full textThis research examines the impact of CEO change on company performance by analyzing a global sample of publicly listed firms. The findings demonstrate a significant positive association between CEO change and improvement in a company's Z-Score, indicating the strategic change that a new CEO can bring all over the world regardless of the corporate governance model adopted and cultural differences. The study also finds that the positive impact of CEO turnover on firm performance is present only in the short term (first two years) and are more evident for companies in crisis
Green investments, green returns: exploring the link between ESG factors and financial performance in real estate
No full textThe aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators
We are young, we are curious, we are dreamers: the Legami growth path
No full textIt was October 2016 when Legami officially opened its share capital to Alto Partners and Rancilio Cube. The two investment funds invested 7.6 million to purchase the 42% of Legami. Alto Partners, through the fund Alto Capital III, purchased the 39% of share capital, while Rancilio Cube the 3%. The governance of the company also changed: a new board of directors has been appointed with a chairman appointed by Mr Fassi, three directors represented the three shareholders. This case study aims at reviewing that successful M&A transaction and specifically: I) Business perspectives; II) Valuation methodologies and price setting; III) Negotiation; IV) Governance, Roles and Responsibilities. After the creation of the company in 2003 in Milan by Mr Alberto Fassi, Legami started to operate in 2005 and 2006 where new managers were hired and products started to get distributed in all the regions in Italy. Between 2007 and 2010, the company started to consolidate its position in the Italian market. Between 2011 and 2014, the company's sales started to peak reaching EUR9.3M with an Ebitda Margin of 11%, thanks to the opening of two new concept stores and the winning of significant key accounts in Italy and abroad. For Mr Fassi, the company was ready to continue its path in 2015 but in order to realize the strategic plan, some issues needed to be solved through some significant changes. The main entrepreneurial question was: What's next
ESG dynamics in real estate: temporal patterns and financial implications for REITs returns
Full text linkPurpose – This paper aims to explore the dynamic relationship between ESG scores and REITS returns. The overarching goal is to provide a better understanding of how ESG considerations impact financial performance across different temporal contexts.
Design/methodology/approach – Using a sample of 175 European Equity REITs, this analysis combines numerical ESG scores with the Fama-French model, employing both random and fixed effects methods. It integrates individual REIT data and the HESGL (High ESG Scores Minus Low ESG Scores) factors to assess their impact on REIT returns.
Findings – The findings highlight divergent patterns between the numerical ESG score and the HESGL factor concerning REIT returns. While the numerical ESG score displays a negative impact in later periods, the HESGL factor demonstrates a positive effect during prosperous times but loses significance during crises. Originality/value – This research contributes original insights by emphasizing the importance of temporal segmentation in understanding the nuanced and evolving nature of the relationship between ESG scores and REITs’ returns. The study provides a comprehensive analysis and highlights divergent outcomes that are essential for a better interpretation of ESG impacts on real estate investments
- …
