1,720,997 research outputs found
The socio-economic planning of a community nurses programme in mountain areas: A Directional Distance Function approach
No full textFalavigna G, Ippoliti R. The socio-economic planning of a community nurses programme in mountain areas: A Directional Distance Function approach. SOCIO-ECONOMIC PLANNING SCIENCES. 2020;71: 100770.This manuscript focuses on the sustainability of a European Union project, funded by the Alpine Space Programme. This project aims to develop an innovative care model based on community nurses to support municipalities in promoting active and healthy ageing. Adopting the Directional Distance Function, our work sets out to propose a specific score able to identify all those municipalities that are inefficient in supporting the ageing process through the coordination of socio-economic interventions. According to the estimated scores, policy makers can make more rational use of the available resources, implementing the innovative treatments where it is most necessary. In this way, the achievements of this European Union project can be maintained for the sake of the next generation, avoiding its collapse as soon as funding shifts to new programmes
Model definitions to identify appropriate benchmarks in judiciary
No full textFalavigna G, Ippoliti R. Model definitions to identify appropriate benchmarks in judiciary. Journal of Applied Economics. 2022;25(1):339-360.In this manuscript we present a comparative analysis of benchmarks based on technical efficiency scores computed using Data Envelopment Analysis with two different model specifications. In one case, we adopt the number of settled cases as output and human resources as input; in the other case, we adopt the same model definition but with judicial expenditure as additional key input. Our findings show that the model specification containing both judicial expenditure and human resources is more appropriate than the model based only on human resources. Moreover, we show that, without considering the additional variable costs generated within the production process, those courts incorrectly identified as benchmarks might mislead the policy makers dealing with the reform process
Reform Policy to Increase the Judicial Efficiency in Italy: the Opportunity Offered by EU post-Covid Funds
No full textFalavigna G, Ippoliti R. Reform Policy to Increase the Judicial Efficiency in Italy: the Opportunity Offered by EU post-Covid Funds. Journal of Policy Modeling. 2021.This manuscript focuses on the Italian judicial system and on how to shape a policy reform aimed at increasing court efficiency, taking the budget externalities generated by this production process into account. On the one hand, the authors identify the benchmarks and main drivers of judicial inefficiency, while, on the other hand, they show how incorrect model definition may mislead policy makers tackling this reform process, based on an analysis of the Directional Distance Function with and without bad outputs. According to the results, incorrect model definition causes a type I error equal to 17.99% and a type II error equal to 25.18%. As for the determinants of court performance, the current staff structure and civil procedures are the main drivers of inefficiency and, consequently, the areas in which policy makers could successfully take action. In view of the EU's recovery fund aimed at alleviating the economic impact of Covid-19, policy implications concern the opportunity to adopt these results and the collected benchmarks to drive one of the most important structural reforms in Italy, by leveraging the financial resources of the Next Generation EU package. Such a reform might be able to improve courts’ technical efficiency, while also maintaining the public budget under control
Financial Constraints and the Sustainability of Dividend Payout Policy
No full textFalavigna G, Ippoliti R. Financial Constraints and the Sustainability of Dividend Payout Policy. Sustainability. 2021;13(11): 6334.This article investigates the relation between dividend payout policy and financial constraints, focusing on the Italian SMEs between 2015 and 2019 and adopting credit ratings as a measure of access to external financial resources. According to our findings, there is a positive relation between firm solvency and the payment of dividends, suggesting that, when companies’ financial constraints are higher, we can expect lower odds that they will pay out dividends. Nevertheless, there is also evidence that younger SMEs are interested in signaling their expected profitability to attract future investors and support access to the capital market
Legal environment and corporate finance: evidence from the Italian manufacturing industry
No full textFalavigna G, Ippoliti R. Legal environment and corporate finance: evidence from the Italian manufacturing industry. Journal of Economic Structures. 2021;10(1): 21.**Abstract**
Considering the Italian manufacturing industry between 2014 and 2016 (more than 250,000 observations), this technical note analyzes the relation between the courts’ ability to enforce credit rights and the opportunity to finance business activities with trade credits instead of financial debts, delaying payments and decreasing the financial costs. According to our results, and considering mortgage foreclosure, if the time necessary to settle an insolvency case increases by 1000 days, we can expect an increase in operating debt between 3 and 11%, and a decrease of financial expenses between 3000 and 7000 Euro
The impact of institutional performance on payment dynamics: evidence from the Italian manufacturing industry
Full text linkFalavigna G, Ippoliti R. The impact of institutional performance on payment dynamics: evidence from the Italian manufacturing industry. Journal of Business Economics and Management. 2020;21(5):1285-1306.This work aims to shed new light on the relation between institutional performance and firm dynamics. Considering the Italian manufacturing industry and a panel of 3 years, the authors investigate the relation between the time needed by courts to enforce debtors’ obligations and the time needed by enterprises to repay their debts. In particular, we test the hypothesis that efficiency in settling mortgage foreclosure and bankruptcy cases can affect the creditors’ decision making on judicial disputes. According to our thesis, inordinately long waiting times to enforce credit rights may increase the contractual strength of debtors, further delaying payments. As shown by our results, there is a statistically significant positive relation between the enforcement of debtors’ obligations and the adopted payment index, confirming the key role of the judiciary in the dynamics of firms. Indeed, if the time needed to settle bankruptcy cases decreases by 25%, we can expect the payment index to decrease by 1%; while, focusing on foreclosure cases, we can expect the payment index to decrease by 2%. The policy implications of these results are rather compelling. Policy makers could reform foreclosure and bankruptcy procedures to support national economic growth, without additional burden on the public budget
Financial constraints, investments, and environmental strategies: An empirical analysis of judicial barriers
Full text linkFalavigna G, Ippoliti R. Financial constraints, investments, and environmental strategies: An empirical analysis of judicial barriers. Business Strategy and the Environment. 2022;31(5).This work analyzes the relation between the judicial system and financial constraints, investigating whether inefficiency in enforcing credit rights can amplify companies' difficulties in collecting resources on the capital market, limiting their access to the funds needed to support investments and environmental sustainability. Considering the Italian manufacturing industry and according to the selected insolvency procedures, our results suggest that, if the time necessary to settle cases decreases by 20%, we can expect an increase in the financial debt ratio between 0.92% and 5.08% and a decrease in the trade credit ratio between 0.81% and 2.71%, as well as an increase in investments between 0.46% and 3.22%. These results are robust under a variety of tests and support the hypothesis that judicial inefficiency represents a barrier to environmental sustainability, preventing investments in key technologies able to support green strategies, as well as the key role of trade dynamics as alternative funding strategy for their business. The economic implications of our evidence could be far-reaching for the whole economy, not only reducing the competitiveness and financial stability of the national system but also triggering a cascade effect on the market and undermining environmental strategies
Relief Policy and the Sustainability of COVID-19 Pandemic: Empirical Evidence from the Italian Manufacturing Industry
No full textFalavigna G, Ippoliti R. Relief Policy and the Sustainability of COVID-19 Pandemic: Empirical Evidence from the Italian Manufacturing Industry. Sustainability. 2022;14(22): 15437.This work investigates the impact of COVID-19 on the Italian manufacturing industry, testing whether the recovery measures introduced by the government were effective in alleviating the economic consequences of the virus in 2020. In particular, this work aims to address the impact of COVID-19 on the Italian manufacturing industry, and evaluation of the adopted recovery measures. Considering the current situation, with the war in Ukraine and the related gas crisis across the European Union, such investigation on policy relief is even more relevant, contributing to the current debate. Adopting RE models, and considering the latest economic and financial information available, we analyzed active private limited firms in the Italian manufacturing industry between 2019 and 2020, investigating the impact of layoff on their productivity (i.e., Total Factor Productivity) and profitability (i.e., Return On Assets), as well as their expected probability of default. According to the results of these regression models, and assuming 8 weeks of layoff, we observed an increase in productivity (between 1.20% and 1.59%), a decrease in profitability (1.47%) and an increase in bankruptcy risk (2.27%). Hence, the relief policy was not able to alleviate the economic consequences of COVID-19 for these firms, even though the layoffs were able to support their productivity. Practical implications concern the necessary improvements for the above relief policy, i.e., interventions to support the demand of manufactured products, interventions to support the digitalization of services, interventions to support the remote working, and interventions to support the introduction of innovative products on the market
Financial constraints, R&D investment and uncertainty: new evidence from the Italian automotive supply chain
No full textCalabrese GG, Falavigna G, Ippoliti R. Financial constraints, R&D investment and uncertainty: new evidence from the Italian automotive supply chain. Technology Analysis & Strategic Management. 2023:1-13
Industrial spatial dynamics, financial health and bankruptcy: evidence from Italian manufacturing industry
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