1,721,874 research outputs found

    L’attualità del pensiero di Croce, a settant’anni dalla scomparsa

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    Il 14 aprile 2023, su invito del Prof. Guido Melis, ha preso parte all’incontro online dal titolo «Ripensando Benedetto Croce, a settant’anni dalla morte», organizzato dalla rivista della Società per gli studi di storia delle istituzioni, Le Carte e la Storia, presentando una relazione su «L’attualità del pensiero di Croce, a settant’anni dalla scomparsa»

    Energy from the Wind: Land-Based but also Flying Wind Turbines

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    Recent years have seen an increasing focus on electricity generation from renewable sources. Among these, wind power has been the one that has had the greatest growth and attention both at the industrial and academic level. Through large investments, both public and private, it has been possible to design and manufacture very large wind turbines with a Cost of Energy (CoE) comparable to, if not lower than, other conventional sources. Such technologies include a reduction in design and development time through a multidisciplinary design that, from the initial design phase, is able to include the various engineering aspects associated with such a complex machine. But wind energy development can also continue in the coming years by going to exploit the wind resource at higher altitudes: in this area, Airborne Wind Energy (AWE) represents a new technological challenge

    Financial constraints in family firms and the role of venture capital

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    Based on the natural reluctance of family-controlled firms (FCFs) to accept external shareholders, in this paper we analyze whether investment sensitivity to internally generated cash flow is a driver of venture capital (VC) participation in those firms. We argue that FCFs are more likely to accept external investors when they are subject to serious financial constraints. We also aim to ascertain to what extent VC involvement contributes to reducing the dependency between investments and internal cash flow. We focus on a representative sample of Spanish privately held FCFs that received the initial VC investment between 1997 and 2006, and compare the investment-cash flow sensitivity of VC-backed FCFs with that of non VC-backed FCFs. We find that FCFs that received VC were more financially constrained than other similar non VC-backed FCFs before receiving VC. This finding is especially true in first generation FCFs, thus providing additional evidence on the reluctance of FCFs to accept external shareholders. We also find that VC-backed FCFs, in particular first generation ones, significantly reduce the sensitivity of investments to cash flow after the initial VC round
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