1,720,998 research outputs found
Gli investimenti nel servizio idrico integrato: aspetti istituzionali e sfide gestionali
No full textIl libro offre un'analisi dell'insieme dei fattori che condizionano gli investimenti nel Servizio Idrico Integrato in termini di assetti istituzionali, grado di concorrenza, caratteristiche territoriali, capacità gestionali degli operatori, nonché della rilevanza degli investimenti per l'equilibrio economico-finanziario delle singole imprese e dell'intero settore
Corporate governance e performance d’impresa: evidenza empirica nelle imprese di pubblica utilità italiane
No full textpaper presentato al XXI° Convegno AIDEA, Università di Napoli Federico II, 16-17 ottobr
Corporate governance e performance delle utilities: trasformazioni societarie, ingresso di privati e interferenza politica
No full textThis paper analyses the effects of corporatization, mixed ownership and board composition on the behaviour and performance of a sample of 114 Italian local public utilities, for which information about 1,630 directors during 1994-2004 has been collected. Our main findings indicate that, while the corporatization process and the presence of private investors are positively correlated with profitability, the presence of politically connected directors, who dominate boards of directors in the Italian public utilities in the period under investigation, exerts a negative impact on performance
Spatial Competition in the Italian Retail Grocery Sector: An Exploratory Analysis
No full textThe evolution of the retail grocery industry is characterized by the progressive concentration of retailers and the dominance of several large chains. Despite this movement toward fewer but larger outlets, many single store enterprises and small chains continue to survive. In Italy, the concentration in the grocery sector is lower than in most European countries, small retail stores coexist with bigger chains and supermarkets are unevenly distributed over the territory. This paper aims at exploring the determinants of prices at retail grocery stores located within a Province in the North of Italy. The analysis highlights that the presence of competitors within a 10 km radius has a negative effect on the supermarkets' prices. The presence of small retailers also has a negative effect on prices. Finally, there are scale economies at a commercial signs level: the four most important distribution chains in Italy show lower prices than less important chains
Composizione dei Consigli di Amministrazione e profittabilità dei servizi pubblici locali
No full textIl lavoro analizza l’effetto della composizione del Consiglio di
amministrazione sui risultati economici delle imprese di pubblica utilità in Italia sulla base di un campione unico di 114 imprese nel periodo 1994-2004. Questo periodo è reso particolarmente interessante dai cambiamenti legali ed industriali che hanno indotto le imprese del settore a modificare la loro forma giuridica e gli assetti produttivi e a permettere l’entrata di investitori privati nel capitale. L’interesse è concentrato sulla questione se a variazioni
nella composizione del Consiglio di amministrazione siano associati cambiamenti nelle politiche occupazionali e variazioni nei risultati economici delle imprese. I risultati indicano che i Consigli di amministrazione delle imprese di pubblica utilità italiane sono dominati da consiglieri di estrazione politica, molti dei quali rappresentano la proprietà dello Stato o dell’ente locale. La presenza di politici sembra avere un effetto positivo e significativo sulla domanda di lavoro che non trova una contropartita in differenziali
di performance. I consiglieri cosiddetti indipendenti hanno un ruolo ambiguo il che suggerisce la necessità di meglio definire il loro profilo o di adottare una più severa definizione di indipendenza
Nuovi contributi in tema di efficienza nel settore idrico italiano
No full textEfficiency is one of the goals of incentive regulation, pursued with the aim of reconciling the high need for investments that characterizes the water sector with the issue of tariff sustainability. The present work offers a survey of the most recent economic studies about efficiency in the Italian water sector. The analyzed literature highlights the existence a considerable potential for productivity improvements. A regulatory framework based on “standard costs”, designed on the basis of a robust methodological approach, can play a crucial role in bringing out this potential. By conveniently considering the impact that the served area’s and firm characteristics have on performance, such a framework may facilitate a proper calibration of the benchmark comparison of operators and the design of effective incentives schemes. A fine-tuned regulatory system may lead to a correct reorganization of the industrial structure, possibly achieved through mergers
Board composition, political connections, and performance in state-owned enterprises
No full textThis article analyses the effects of board composition on the behavior of a sample of 114 Italian local public utilities, for which information about 1630 directors during 1994–2004 has been collected. This period is particularly interesting because of the legal changes that forced many firms to alter their juridical form and accommodated the entrance of private investors. We investigate whether board size and/or board composition do affect decisions about employment and how they ultimately impact performance. Our main findings indicate that politically connected directors, who dominate boards of directors in Italian public utilities, exert a positive and significant effect on employment, and have a negative impact on performance
The determinants of board compensation in SOEs: an application to Italian local public utilities
No full textThis article investigates the determinants of board compensation for a sample of Italian state owned enterprises (SOEs).
To that purpose, we use newly collected panel data of 106 local public utilities observed from 1994 through 2004, which includes detailed information on the boards of directors.
During this period, the deregulation process inspired institutional interventions that forced utilities, traditionally owned by local municipalities,
to change their juridical form and ownership structure, thereby facilitating the entrance of private investors.
The corporate governance literature shows that such changes may exacerbate the agency conflicts between shareholders, top executives and the board. However,
board compensation could reduce the agency costs by aligning the incentives of managers with the interests of shareholders.
This article addresses this issue by investigating the impact that board composition, firm characteristics and performance have on board compensation.
We find that the average board pay is positively related to firm dimension and negatively related to board size.
The public or private nature of the major shareholder does not influence board compensation but the juridical form does.
Finally, while the proportion of politically connected directors is found to negatively influence the level of per capita compensation, the impact of firm performance is uncertain
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