1,720,980 research outputs found
Qual è la capacità informativa del bilancio d’esercizio delle Casse di Previdenza ex D. Lgs. 509/94?
No full textThis paper aims to highlight the limitations, in terms of information provided, related to statutory financial statements of entities referred to Legislative Decree 30 June 1994 n. 509. These entities, indeed, must report in the equity section of their balance sheets only a reserve equal to 5 annuities of pensions without recording the effective reserves for future pensions due in virtue of contributions received and inserted in the asset section.
In our opinion, the lack of debt for future pensions in the liability section affects the capacity of the financial statement to provide complete and proper information to the stakeholders with a significant impact on the possibility to evaluate the sustainability of the funds
A New Approach for Proper Reporting of Pension Benefit Obligations in the Financial Statements of “Old Funds” for Professionals
Full text linkIn this paper, we focus on the disclosure of pension liabilities for entities referred to in Italian Legislative Decree
30 June 1994 no. 509 (also called “old funds” for professionals), which is crucial for a suitable communication.
After illustrating the limits of current statutory financial statements‟ in relation to the information they provide
on pension benefit obligations, we propose three potential solutions to bridge the gap. Each of these proposals
helps ensure the completeness and clarity of financial reporting and improves upon the informational capacity
and quality of disclosure. In our opinion, one of these approaches, in particular, would be preferred because of its
ease of adoption. Indeed, the disclosure in the explanatory notes allows for the quantification of pension benefit
obligations, and hence a more proper evaluation of entities in the medium/long- term, with no impact on annual
economic-financial results as reported in the balance sheet and the income statement
Critical factors for the development of a start-up. Analysis of a “Made in Italy” company
No full textThis research intends to propose the analysis of a case study regarding a small-medium enterprise in the start-up phase. The Company, founded in 2020, is unlisted and is fully held by an Italian familycontrolled group. It meets the basic requirements of a 'Made in Italy' brand and its mission is to produce
through sustainable production processes that implies commitment in promoting a business model that
not only enables the long-term profitability, but pays attention to the environmental and social factors.
Hence, the research applies a qualitative method based on the analysis of data obtained interviewing
Company’s management. In particular, it focuses on commercial, financial, and social strategies
Stakeholder engagement via facebook. An analysis of world’s most popular museums
Full text linkOver the last few years, social media (SM) have been emphasised as a means for organisations to foster stakeholder relationship with particular stress on their potential to promote community building and dialogic engagement with online audiences. These potential benefits of SM have been claimed also with respect to cultural organisations. However, the available research evidence on SM and museums suggests that museums still struggle to exploit these tools to their full potential. This paper adds further evidence on this issue by empirically investigating whether museums are using Facebook to
promote follower engagement using a sample of top-attended museums worldwide. Results suggest that the frequency and content type of posts correlate to some extent with the degree of follower reactions. Nevertheless, sample museums predominantly use SM to publish promotional contents and as a result fail to achieve a true ‘dialogic’ follower engagement
An actuarial mathematical model for a new pension philosophy. An application to the accountant pension fund
No full textThis paper adapts an actuarial mathematical model, built for the Italian public pension system, based on the law proposal 3035/2009 to the Accountant Pension Fund (CNPADC). The aim is to introduce a new philosophy pension highly correlated with the concept of adequacy for an ambitious social welfare; using the logic of the 3035/2009 proposal, which guarantees a minimum threshold for the replacement rate of the direct pension, this study provides a rigorous actuarial mathematical model that explains a sort of rate of contribution at a tendential equilibrium, in a pay-as-you-go pension system. This model reveals for which parameters it is possible to intervene to maintain the standard of living in retirement
La creazione del valore: il necessario completamento del sistema di controllo e di comunicazione aziendale
No full textThis paper provides a proposal in order to improve both monitoring and communication of current and future value creation. In order to achieve this goal, we performed, on one hand, a detailed literature review and, on the other, an analysis of regulatory framework and practices related to accounting, valorization, and communication of value creation. We have developed a conceptual framework and practical implications by integrating insights from studies, regulatory framework, best practices and practitioners’ expectations. Our findings could improve the ability of firms to communicate the value creation process, the quality of firm management and the corporate performance
Board diversity and firm performance: an empirical analysis of Italian small-medium enterprise
Full text linkThis paper aims to empirically verify if the board of directors’ (BoD) diversity (i.e., gender, age, and nationality) affects firm performance, which we calculate referring to ROE, ROA, and EBITDA margin. So far, scholars do not converge on a single answer about the effects of observable diversity in the boardrooms on corporate performance. Therefore, this study — referring to a significantly bigger sample — applies machine learning models following a data-driven approach based on a three-year (2017–2019) dataset composed of 59,229 Italian small-medium enterprises (SMEs). The analysis conducted shows that board
diversity does not impact firm results, either positively or negatively. The lack of a correlation suggests that there is no reason to not appoint females, young people, and foreigners as directors. The nvolvement of these ―minorities‖, which, as shown, does not negatively impact economic-financial results, could on the opposite improve firm reputation as well as enhance the intellectual capital, solving in the meantime a social matter
The accountant pension fund. An actuarial mathematical model for a proposal law.
No full textThis paper adapts an actuarial mathematical model, built for the Italian public pension system based on the proposal law 3035/2009, due to Giuliano Cazzola and Tiziano Treu, to the Accountant Pension Fund “Cassa Nazionale di Previdenza e Assistenza dei Dottori Commercialisti” (CNPADC).
From 2004 CNPADC has introduced the notional defined contribution system. Moreover, CNPADC has made available a simulator to calculate the replacement rate, that is, the ratio between the first annual pension accrual and the average of the revalued income for the last 10 years. Based on this system, the aim of the paper is to use the logic of Cazzola-Treu, which guarantees a minimum threshold for the replacement rate of the direct pension, providing a rigorous mathematical-actuarial model that explicates a sort of rate of contribution at a tendential equilibrium, in a pure pay-as-you-go system. This model - built considering all the pension components (direct, invalidity, inability and survivor's) - reveals on which parameters it is possible to intervene to maintain the standard of living in retirement, in compliance with the law.
The rate of contribution at a tendential equilibrium can be defined as a sort of tendential average replacement rate with a collective logic, considering that it refers to the asymptotic demographic equilibrium theorem referred to the totality of the CNPADC members
Educational heterogeneity of the founding team of innovative start-ups: confirmations and denials
No full textThis paper focuses on the value drivers of innovative start-ups (ISUs). Few com-
panies can overcome the start-up stage; often, the early performance is insufficient,
and the potential contribution of innovation to economic development is very poor.
Studies based on a firm-level perspective show mixed results on the factors affect-
ing the growth of ISUs. Most studies emphasize the role of “external” drivers of
ISUs growth, while more knowledge is required of “internal” drivers. Consequent-
ly, this research focuses on the relationship between the features of the founding
teams and the early performance of ISUs. Specifically, it concentrates on education
heterogeneity and analyzes whether the heterogeneity of the founding team in terms
of educational level (vertical heterogeneity) and field of studies (horizontal hetero-
geneity) affects the Italian ISUs performance. Growth regression and unconditional
quantile regression models confirm the prior literature: the educational level affects
the performance and the vertical heterogeneity in the composition of the founding
team is relevant for ISUs performance. However, the results also suggest interesting
denials: horizontal heterogeneity does not play any role, and no moderating effect
of heterogeneity is shown. These findings are strongly attractive for new ventures
and policymakers
The different impact of executives' turnover on healthy and restructured companies
Full text linkThe aim of this paper is to investigate if top executives’ turnover affects the performance of a company and if it differently impacts the performances of a healthy and a restructured company. In order to investigate the impact of the renewal of both members of the board of directors and CEO impacts on company profitability, we performed a quantitative analysis based on a sample of 144 Italian companies using a logit model. The findings show that management changes influence the performance of a company. However, the results show a different impact for healthy and restructured companies. The renewal of the board of directors negatively affects the performances of a healthy company while influences positively the probability of a future increase in
performances for restructured companies, suggesting useful implications for scholars and practitioners. This analysis confirms that the renewal of top executives can affect the probability of an increase of company performances, especially for distressed firms, contributing to existing literature which is still limited and focused only on few countries
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