102,101 research outputs found
Gender diversity and bank risk-taking: an empirical investigation in Italy
No full textPurpose – The purpose of this paper is to investigate the relationship between gender diversity and the risk profile of Italian banks during the period 2015–2019. This study examines whether the presence of female board directors or top executives has any significant effect on bank risk-taking.Design/methodology/approach – To explore the influence of women on bank risk-taking, the authors analyzed a sample of 387 Italian banks and developed an econometric model applying unbalanced panel data with firm fixed effects and controls per year. Within a multivariate regression model, the authors considered five risk dimensions to verify the effect of gender diversity.Findings – The findings suggest that female board directors and executives are considerably more risk averse and less overconfident than their male colleagues, thus confirming a negative causality between risk-taking and gender diversity. The results reveal that banks headed by women are less risky because they report higher capital adequacy and equity to assets ratios. As credit risk in female-led banks is nodifferent from male-led ones, higher capital adequacy does not derive fromlower asset quality because it is linked to the higher risk aversion of female directors and top managers.Research limitations/implications – From a theoretical standpoint, the results suggest that having women in executive positions entails different risk implications for Italian banks; from a managerial perspective, the results highlight conditions that may promote the role of women in the banking sector. The conclusions are of particular significance because they provide some support for the view that regulators should favor gender quotas in the board management of banks to reduce risk-taking behavior.Originality/value – This paper offers an in-depth examination of the risk practices of banks and it attempts to bridge the gap in prior literature on the risk profile of the Italian banking industry given that few empirical studies have examined the determinants of risk-taking in this field, to date. The findings on the higher risk aversion of women directors advance the understanding of the determinants of risk-taking behavior in banks, suggesting that gender quotas in bank boards can contribute to reducing risk-takingbehavior. This also unveils some policy implications for bank regulatory authorities
ESG dimensions and bank performance: an empirical investigation in Italy
No full textPurpose - This study aims to investigate the impact of environmental performance, social responsibility and corporate governance (ESG) on bank performance (BP) in the Italian banking sector. It analyzes the relationships between 10 dimensions of ESG pillars and BP indicators during the period 2016-2020.
Design/methodology/approach - This study examines a sample of 105 Italian banks and develops three econometric models to verify the effect of ESG initiatives on BP indicators. The independent variables are the ESG dimensions collected from the Refinitiv database, whereas the explanatory variables are performance indicators measured through accounting and market variables.
Findings - The findings show that ESG policies negatively affect operational and market performance in the banking sector, suggesting that Italian banks have not fully embraced strong sustainability procedures. However, the relationships between ESG dimensions are mixed if measured individually. The results show a significant positive impact of emission and waste reductions on financial and operating performance, but regarding social aspects, it is proved that better product responsibility decreases accounting performance.
Research limitations/implications - This study offers an in-depth examination of ESG practices in relation to current and future performance. In particular, the findings provide practitioners and academics with an actual set of predictors in the ESG area to improve BP. Originality/value - To the best of the authors' knowledge, this is the only study that has investigated the impact of ESG issues on BP in Italy. Few prior studies have used all dimensions of ESG policies at a disaggregated level to investigate their effect on various performance indicators
Board Diversity and ESG Performance: Evidence from the Italian Banking Sector
No full textThis study examines the influence of the diversity of the board of directors (BoD) and the environmental, social and governance (ESG) performance of 105 Italian banks during the period 2017–2021. Our analysis investigates board diversity in terms of board attributes (board size, board age, board gender diversity, board independence and CSR (corporate social responsibility/sustainability committee) and measures ESG dimensions by using the ESG score provided by the Refinitiv database hosted by Thomson Reuters. The main empirical results reveal that the board size, board independence and the presence of a CSR/sustainability committee positively influence a bank’s ESG performance while no significant relationship between board average age and ESG performance is found. Additionally, the relationship between gender-balanced boards and ESG performance is positive but the impact of female directors on ESG performance is non-linear when a critical mass of women is reached. This paper comprises an in-depth inspection of the corporate governance (CG) in banks, since in Italy there is limited literature concerning diversity in BoDs despite the relevance of the topic. This study is the first that examines the impact of specific CG characteristics (board diversity) on ESG performance in the Italian banking sector, to date. The investigation is highly relevant to managers and investors considering ESG issues in their decision-making process. In addition, findings have implications for both regulators and practitioners, suggesting that policymakers and managers should pay more attention to corporate governance aspects to enhance ESG performance
Evolutionary Selection of Socially Sensitive Preferences in Random Matching Environments
No full textIn this paper we study the evolutionary selection of socially sensitive preferences in the context of reference interaction settings such as coordination failure and cooperation. We refer to a specific class of socially sensitive preferences in which players weigh additively their own material payoff against the opponent with either a positive or negative coefficient (λ-players). Preference evolution is guided by replicator dynamics in a context of perfect observability of preferences types and stochastic pairwise matching. We take an indirect evolutionary approach, that is, the selection mechanism operates on the actual material payoffs earned by players, so that any instance of socially sensitive preference can be thought of as instrumentally maintained. We find that the evolutionary viability of socially sensitive preferences basically depends on whether or not they cause a substantial improvement in the achievement of socially efficient outcomes with respect to the case where only self-serving or unconditionally focused preference orientations are observed. Our results suggest that moderate prosocial preference orientations are likely to emerge from social selection even in the absence of an intrinsic motivational drive, whereas extremely pro-social orientations as well as competitive and anti-social ones may need a stronger motivational base
Selection of the Propulsion System for the LUMIO Mission: an Intricate Trade-Off Between Cost, Reliability and Performance
No full textThe Lunar Meteoroid Impact Observer (LUMIO), one of the two winning concepts of the SysNova Lunar CubeSats for Exploration call by ESA, is a mission designed to observe, quantify, and characterize the meteoroid impacts on the Lunar far side by detecting the flashes generated by the impact. While Earth-based Lunar observations are restricted by weather, geometric and illumination conditions, a Lunar-based observation campaign can improve the detection rate and, when observing the Lunar far side, complement in both space and time the observations taken from Earth. The mission, which has successfully completed its Phase A in March 2021, is based on a 12U CubeSat that carries the LUMIO-Cam, a custom-designed optical instrument capable of detecting light flashes in the visible spectrum. The spacecraft is placed on a halo orbit about the Earth–Moon L2 point, where permanent full-disk observation of the Lunar far side can be performed with excellent quality, given the absence of background noise due to the Earth. The propulsion system is one of the most crucial design choices for the LUMIO spacecraft. It accomplishes various functions: orbital transfer from the initial Lunar orbit to the final halo orbit around L2, station keeping, reaction wheel desaturation, end of life disposal manoeuvres. The total required Delta-V budget for orbital transfer and station keeping is 201.8 m/s, plus an additional total impulse for reaction control tasks ranging from 110 Ns to 170 Ns, depending on the type of reaction control system that is selected. This paper presents a detailed summary of the phase A selection and design of the LUMIO propulsion system, based on the full list of requirements generated by the mission analysis. The main challenges of this process and the way they have been tackled are presented and discussed, including: use of two separate systems as opposed to an integrate one for main propulsion and reaction control tasks; availability of sufficiently reliable European propulsion options, to reduce the general mission costs; feasibility of replacing a chemical/cold gas system with electric propulsion; possible need for custom changes to the design of the selected COTS option (e.g. due to tank sizing).Green Open Access added to TU Delft Institutional Repository ‘You share, we take care!’ – Taverne project https://www.openaccess.nl/en/you-share-we-take-care Otherwise as indicated in the copyright section: the publisher is the copyright holder of this work and the author uses the Dutch legislation to make this work public.Space Systems Egineerin
Commento sub. artt. 2484-2496
No full textIl lavoro relativo allo scioglimento delle società di capitali è costituto da un commento alle disposizioni che vanno dall’art. 2484 all’art. 2496 del codice civile.
In particolare si è tentato di ricostruire, anche attraverso una disamina quanto più possibile analitica dell’istituto, le differenze fra la normativa previgente e quella introdotta dalla Riforma del diritto societario del 2003, soprattutto al fine di individuare le ragioni che hanno determinato la rivisitazione dell’istituto.
Ciò si è fatto ricostruendo gli orientamenti dottrinali e giurisprudenziali in materia, sia antecedenti che conseguenti alla Riforma, anche al fine di comprendere le ragioni che hanno indotto il legislatore a modificare la disciplina normativa, soprattutto con riferimento ad aspetti normativi controversi (si pensi al momento dal quale la causa di scioglimento produce i propri effetti)
Rawlsian altruism with perfect discrimination leads to social efficiency
No full textRecent studies draw attention on the highly specialized capacity of human beings in recognizing altruists versus cheaters in social interactions. These results hint at the existence of specialized abilities that support discriminating behavior in strategic interactions. In this paper, we explore the implications of discriminating behavior in the study of the indirect evolutionary selection of selfish versus altruistic motivations in the context of generic 2×2 base games, and in particular for coordination and cooperation scenarios. We find that inequality averse (Rawlsian) altruism can enforce under rather general conditions socially optimal outcomes, including cases where selfishness cannot, such as in prisoner’s dilemmas. Inequality seeking (Nietzschian) altruism in no case improves upon Rawlsian altruism in terms of social optimality of outcomes, and often does worse. In the cooperation scenario in particular, Nietzschean altruism never manages to implement the cooperative outcome. Under perfect discrimination, moreover, inequality averse (Rawlsian) altruism often evolves at the expense of selfishness. These results suggest that the development of sophisticated discrimination abilities may be strongly adaptive in supporting fairness-oriented forms of pro-sociality in humans in the context of social dilemmas and coordination problems
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