1,720,961 research outputs found
Strategie di valore e deducibilità dei costi per i servizi infragruppo
No full text- L’internazionalizzazione delle attività è una delle più efficaci strategie in grado di generare valore per l’impresa. Le imprese multinazionali sono in grado di farlo sfruttando economie di scala, economie di scopo e diversificazione geografica, al fine di raggiungere migliori livelli di prestazione lungo tre determinanti chiave del valore: efficienza corrente, gestione del rischio, innovazione e apprendimento.
•• L’incrocio tra mezzi e determinanti genera potenziali vantaggi che si escludono a vicenda, facendo emergere il ruolo chiave delle scelte strategico-organizzative dell’impresa multinazionale.
•• Le strategie trasnazionali combinano la ricerca di economie di scala, a livello di produzione, con la flessibilità a livello distributivo e che beneficiano dei vantaggi dell’arbitraggio tra paesi. Ma tale strategia, che sfrutta l’accentramento dei processi a monte della catena del valore, fa altresì emergere la tematica dei servizi infragruppo per i quali la contribuzione alla generazione di valore deve essere messa in relazione con la tematica fiscale in materia di transfer pricing
La creazione di valore tramite gli strumenti di debito sostenibile
No full textIl contesto normativo Europeo che si propone di definire e guidare la transizione verso un’economia verde è in costante trasformazione. Negli ultimi anni, infatti, sono stati emanati diversi regolamenti europei, tra cui: SFDR, Green Taxonomy, CSRD, Low Carbon Benchmarks Regulation.
All’interno di questo panorama, gli strumenti di debito sostenibile, in particolare green bond, sustainability-linked bond e green loan, rappresentano una soluzione innovativa e in costante crescita per finanziare le attività e i progetti verdi. Nel 2021, infatti, il valore delle emissioni di debito sostenibile ha raggiunto 1,6 trilioni di dollari.
La diffusione di queste tipologie di strumenti di debito è stata accelerata dalla possibile presenza del cosiddetto greenium, cioè il premio negativo che i sottoscrittori del debito sono disposti a riconoscere all’emittente pur di sottoscrivere uno strumento sostenibile. In letteratura, le conclusioni sul greenium non sono univoche. Dalla disamina effettuata si evince che la presenza del greenium è un fattore comune a tutti gli strumenti di debito, che trova però giustificazione più nelle preferenze degli investitori piuttosto che su solide basi di riduzione del profilo di rischio
Una nuova finanza responsabile
No full textLa finanza responsabile è un concetto che affonda le proprie radici
nella necessità di riconsiderare la concezione di valore economico
a seguito della crisi del 2008 e della pandemia causata dal
Covid-19. La nuova disciplina si permea dei concetti di sostenibilità
e di responsabilità e propone una nuova visione della finanza, intesa
come strumento al servizio delle imprese, delle banche, delle famiglie e delle organizzazioni governative e no profìt, alle quali deve
assicurare equilibrio e prospettive di lungo periodo. Si procede quindi ad analizzare i piricipali attori del contesto economico e a rivalutare il loro operato in ottica dei pricipi di sostenibilità.
Nella seconda parte del capitolo, viene presentato il Master in Corporate Finance e vengono descritte le modalità con cui i nuovi principi della finanza responsabile trovano spazio all'interno di un programma Maste
We are young, we are curious, we are dreamers: the Legami growth path
No full textIt was October 2016 when Legami officially opened its share capital to Alto Partners and Rancilio Cube. The two investment funds invested 7.6 million to purchase the 42% of Legami. Alto Partners, through the fund Alto Capital III, purchased the 39% of share capital, while Rancilio Cube the 3%. The governance of the company also changed: a new board of directors has been appointed with a chairman appointed by Mr Fassi, three directors represented the three shareholders. This case study aims at reviewing that successful M&A transaction and specifically: I) Business perspectives; II) Valuation methodologies and price setting; III) Negotiation; IV) Governance, Roles and Responsibilities. After the creation of the company in 2003 in Milan by Mr Alberto Fassi, Legami started to operate in 2005 and 2006 where new managers were hired and products started to get distributed in all the regions in Italy. Between 2007 and 2010, the company started to consolidate its position in the Italian market. Between 2011 and 2014, the company's sales started to peak reaching EUR9.3M with an Ebitda Margin of 11%, thanks to the opening of two new concept stores and the winning of significant key accounts in Italy and abroad. For Mr Fassi, the company was ready to continue its path in 2015 but in order to realize the strategic plan, some issues needed to be solved through some significant changes. The main entrepreneurial question was: What's next
Thriving amidst turbulence: unveiling the resilience of conglomerates in economic downturns
Full text linkThis study analyses the market performance of U.S. conglomerates during economic downturns, focusing on the benefits of diversification and Internal Capital Markets (ICMs). Spanning from 2000 to 2022, the research demonstrates that diversified conglomerates consistently outperform the market in recessions. The key finding is that ICMs act as alternative capital sources, facilitating resource reallocation and mitigating financial constraints in external markets, thereby enhancing conglomerate performance during downturns. Challenging the traditional view of a conglomerate discount’, the paper highlights the overlooked strategic advantages of conglomerate structures, particularly during adverse economic conditions. The empirical analysis reveals that conglomerates, through diversification and effective use of ICMs, achieve reduced return variability and better investment opportunities, leading to market outperformance. In summary, the study offers new insights into the rationale behind conglomerate structures, underscoring their resilience and strategic advantage in economic downturns, and contributes to a more nuanced understanding of the ongoing adoption of diversification strategies by companies
The Reckitt Benckiser merger: from an agile panther to a roaring tiger
No full textThe merger between Reckitt & Colman and Benckiser, to form Reckitt Benckiser (hereinafter also RB), was completed on 3 December 1999. After the deal, RB became one of the company leader in the household cleaning products with a growing presence in health and personal care. As underlined by Mr. Bart Becht, CEO at Benckiser and appointed CEO of the new Reckitt Benckiser plc, three are the main reasons why M&A are often not reaching their targets and failing to meet shareholders' expectations. Very often the financials and business plans are solid and strategic reasons are robust but the soft elements are usually critical mission and only one out of five M&A is reaching and beating the objectives. In particular the definition of company vision and values, sometime only superficially considered, is causing important short and long term negative effects because of unclear objectives. The case study analyses the above described effect of M&A transactions, aiming to investigate how corporations should act in order to success the post-merger integration phase. The discussion has been thought to be develop during M&A, performance measurement and strategy courses of MBAs and Executive Masters, but also within sessions of Executive Programs
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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