1,720,975 research outputs found
The strategic role of the corporate social responsibility and circular economy in the cosmetic industry
Full text linkIn the literature, circular economy (CE) and corporate social responsibility (CSR) are increasingly interconnected concepts. Turon at al. (2016) consider CE the guidelines of conduct for designing and developing good CSR strategies. In particular, the corporate management philosophy needs to be translated into mandatory CSR reports that better frames circular economy objectives by identifying and communicating actions to achieve sustainable development goals. The purpose of this paper is to explore a number of CSR reports in order to understand if cosmetic multinationals' (MNC) nonfinancial reporting is focused on the concept of circular economy and if CSR reports ensure an adequate level of disclosure to circular strategies. Moreover, the paper highlights the advantages that arise by converging the concepts of CSR and CE. The originality of this paper lies on providing evidence on "how" MNC are implementing a circular model. This paper contributes to our understanding on the relation between CSR and CE; it assesses the state of the art of circular strategies in MNC and proposes a consolidation of the concept of CE in terms of sustainable strategic and managerial practices communicated to the market by CSR reports. Moreover, it brings MNC to a better understanding of the ways to communicate their new circular business model. The analysis reveals a good level of attention by MNC to circularity in drafting their CSR reports that in many cases are able to describe objectives and actions that embrace multiple dimensions
2024 Best paper Aword for: Didactics for enhancing balance in adolescents: Core and centering.
No full textThe role of guarantees to access financial markets: a study of italiana companies
No full textAccess to credit in agriculture pursues the important objective of
allowing the development of the agricultural sector. In recent years the need for a new paradigm rises. It aims for sustainable finance in agriculture and uses of guarantee instruments in order
to mitigate risks, lower costs, and expand the opportunities for
access to credit. This article aims to analyze the guarantee instruments available on the Italian financial market in relation to several variables including sector, size, age, and geographical location of the company. From an analysis of the sample of data on the guarantees provided by ISMEA (Italian Service Institute for the Agri-Food Market), emerges the presence of territorial disparities in the use of guarantees, more widespread in northern Italy, and a higher cost of debt for micro-enterprises and for funds dedicated to innovation. Research results are in line with previous research that points out the importance of guarantees to reduce financial risks and increase access to bank financing.
The paper contributes to the existing research in this field by analysing the effect of guarantees on the cost of debt and by suggesting an increase in the use of these instruments in some sectors and in some areas of Italy
L'ecosistema per lo sviluppo delle start-up in Campania. Il contributo del progetto AGRIFOTOI
No full textCircular economy and corporate social responsibility: towards an integrated strategic approach in the multinational cosmetics industry
Full text linkSustainability become, in recent years, an important part of corporate management philosophy. It is communicated through mandatory and non-mandatory reports that identify specific objectives and disseminate best practices to achieve the Sustainable Development Goals (SDGs). In this context Corporate Social Responsibility (CSR) and the Circular Economy (CE) can be integrated despite having a different theoretical focus. The paper aims to discuss “if” and “how” cosmetic luxury brands are improving their environmental sustainability through new integrated strategies, using the different theoretical concepts of CSR and CE, driver of cleaner production. The research analyses the CSR reports of eight well-known Multinationals in Cosmetics (MNCs) to verify how they pursue the typical dimensions of CSR (environmental, social, and economic) and if CE is part of their corporate strategies. We found evidence of a good level of attention by MNCs to circularity in their CSR reporting. In particular, we found companies’ CSR reports communicate multiple objectives typical of a circular approach (eco-design, reuse, low energy consumption, zero emissions). The main contribution of this study is supporting the integration of CE and CSR dimensions in MNCs managerial choices. It also contributes to the understanding on the relation between CSR and CE and assesses the state of art of MNCs in this field making it possible take a step towards an increasingly integrated approach to circularity
Can public-private partnerships foster investment sustainability in smart hospitals?
Full text linkThis article addresses the relationship between Public-Private Partnerships (PPP) and the sustainability of public spending in smart hospitals. Smart (technological) hospitals represent long-termed investments where public and private players interact with banking institutions and eventually patients, to satisfy a core welfare need. Characteristics of smart hospitals are critically examined, together with private actors' involvement and flexible forms of remuneration. Technology-driven smart hospitals are so complicated that they may require sophisticated PPP. Public players lack innovative skills, whereas private actors seek additional compensation for their non-routine efforts and higher risk. PPP represents a feasible framework, especially if linked to Project Financing (PF) investment patterns. Whereas the social impact of healthcare investments seems evident, their financial coverage raises growing concern in a capital rationing context where shrinking public resources must cope with the growing needs of chronic elder patients. Results-Based Financing (RBF) is a pay-by-result methodology that softens traditional PPP criticalities as availability payment sustainability or risk transfer compensation. Waste of public money can consequently be reduced, and private bankability improved. In this study, we examine why and how advanced Information Technology (IT) solutions implemented in "Smart Hospitals" should produce a positive social impact by increasing at the same time health sustainability and quality of care. Patient-centered smart hospitals realized through PPP schemes, reshape traditional healthcare supply chains with savings and efficiency gains that improve timeliness and execution of care
Energy performance contracting and public-private partnership: The importance of technological advanced systems for performance monitoring
No full textPublic Private Partnership (PPPs) arrangements are a well known tool used by the public sector to build and manage public infrastructures or other assets through private partners able to improve efficiency, reduce risks and ensure financial resources.
In recent years, promoting energy efficiency of public buildings ensuring environmental and social sustainability, became a central issue for Public Administrations (PA). For this reason, many Administrations are signing Energy Performance Contracts (EPC) mainly with Energy Service Company (ESCO), to perform one or more activities related to the provision of energy services generally involving initial investments for co-generations plants, heating, ventilation and air-conditioning assets, thermal insulation of buildings and installation of solar panels or led lights. The implementation of these energy efficiency systems is normally accompanied by the introduction of technological advanced systems for performance monitoring. These systems are based on intelligent building energy monitoring and on the Internet of Things (IoT), considered useful technologies to achieve real-time monitoring and control, and improve the energy-saving of intelligent building (Chuyuan and Yongzhen, 2011). These monitoring and control systems are even more important in the context of PPP because they allow a correct allocation of risks between partners and give, to the Public Administration, the possibility to develop control activities necessary to set better pay for performance mechanisms. The research question of this paper is consistent with this framework and focuses on how the main risks of energy efficiency investments through EPC contracts fit with PPP schemes. The issue of the higher public-to-private risk transfer will consequently be examined, showing that advanced monitoring system impact positively on risk allocation. Experience shows that unconditional payments to the private players may easily be transformed into undeserved rents. It will be shown that better contract agreements in terms of benefit sharing can be reached when monitoring activities can be managed by the public partner, through technological advanced control systems. The EPC contracts, define parties' obligations and rights and can be based on different models for delivering public energy efficiency projects. According to literature their adoption is still far from its potential mainly because of two unresolved issues (Carbonara and Pellegrino 2018): i) “the dilemma of equally sharing the benefits between the public and private parties so as assuring a win-win condition, and ii) the lack of adequate public procedures that support the selection of the most appropriate EPC scheme given certain circumstances and projects' characteristics”. These authors classify under the EPC contracts umbrella three different contractual agreements: i) Guaranteed savings contracts, in which the ESCO is responsible for the design, implementation and performance of the project but not for its financing; ii) Shared savings contracts, in which the ESCO is responsible for the design, implementation and performance of the project and share an agreed percentage of energy savings with the client, also bearing credit risk; iii) First-out contracts, in which the ESCO is responsible for the design, implementation and performance and retain 100% of the energy savings until the end of the contract. In this case the greater the savings the shorter should be the contract, and ESCO bears credit risk. Another vein of literature (Zhijian and Shuai, 2016; Zhenfeng et al., 2019) observe that Energy Performance Contracting faces many severe risks that hinder its development. These authors identify the key risk factors, and proposing some policy implications for China's decision-makers to draft effective measures and policies to promote the harmonious development of EPC. They focus on 21 risk factors divided in five categories including: 1) external environmental risks, 2) managerial and operational risks, 3) financial and market risks, 4) technical risks, and 5) client risks. Moreover, literature analyze the advantages of EPC mechanism for delivering energy efficiency projects and explored the critical success factors of EPC (Fiaschi et al., 2012; Roshchanka and Evans, 2016) identifying three main barriers to carry out these projects in the public sector: i) budget constraints, ii) lack of effective and efficient management, iii) lack of technical skills (Lee et al., 2003). While many authors focused on advantages, disadvantages, efficiency and risks of EPC contracts, the peculiarity of public procurement process and the necessity of choice between different EPC schemes to balance the private sector's profitability needs and the public sector's economic and non-economic interests, have been little addressed by the literature. At the same time a gap in literature regards the advantages of energy performance monitoring systems for the public administration. It seems necessary to fill this gap by answering to the following research questions. 1) Which kind of “PPP- EPC contracts are able to provide an optimal allocation of the risks ensuring value for money for the partners? 2) Technological advanced monitoring and control systems are a useful tools for the public partner, able to ensure a better risk transfer? In particular, the first part the paper aims at identifying and discuss the main risks that discourage or limit the adoption of EPC contracts, including on-off balance accounting treatment of the energy investments, looking for solutions to mitigate risks and promote successful and sustainable partnerships. The second part of the paper discuss the usefulness of IT monitoring solution for the PA to ensure a better allocation of risks between partners The third part of the paper, building upon the model proposed by Carbonara and Pellegrino (2018) for assessing and benchmarking the net benefit of the different EPC structures, aims at indenting contractual structures able to minimize the difference between the Net Present Value (NPV) gained by the contractual parties’ in a long term agreement.
To test the thesis of this paper a case study is implemented. It refers to the sign of a EPC-PPP contract for building energy efficiency in the health sector. In particular, the AL Hospital launched a public procurement to identify a private operator able to realize 16 million euro investments and manage the related energy services for a value of about 10 million euro per year. Simulation on the NPV achieved by the project under different allocation of risks and under different contractual agreements are carried out to demonstrate that the optimal contractual structure arises from a mix of different existing contractual schemes and that investments in intelligent monitoring technologies are able to enhance value for money ensuring an optimal allocation of risks and better pay for performance mechanisms. Data for the case study are collected from internal documents and semi-structured interviews with the Public officer in charge of this project. We use the Carbonara and Pellegrino (2018) model as an interpretative lens to understand which net benefit are gained by each party through EPC contract and to look for the existence of new contractual agreements able to ensure balanced economic benefits for the parties in a long term concession. Thus, our findings show that nevertheless the theory identify the “First out” contract as the contract that satisfies both the ESCO and the PA by minimizing the difference between NPVEsco and NPVG, in a long term contact a mix of “First-out” contracts clauses and “Shared savings” clauses can avoid the distortion (identified in literature) of excessive benefits gained by the ESCO during the concession period. Additionally, the results of this paper support the public authority in the decision-making process about the adoption of advanced monitoring system in energy efficiency project in PPP. The paper is novel because it provides significant results on the value of public choices, feeding decision-making in a logic of improved value for money for the public partner. The results of this paper can be used by the academic community, practitioners and policymakers as theoretical and practical advances
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