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This study aims to examine the effects of payment methods used in mergers and acquisitions (M&A) conducted by UK companies spanning the period from 2007 to 2019.

The study used the estimated expected returns method to identify abnormal returns during the deal announcement period, applying event study analysis with both univariate and multivariate regression models to detect cumulative abnormal returns around the announcement timeframe.

The results show a short-term positive return increase for acquiring firms, controlling for deal-specific characteristics like target firm location and payment methods. The authors observed a preference for cash financing across domestic and cross-border transactions. Multivariate analysis revealed insignificance between payment methods and deal characteristics like cross-border acquisitions and diversification.

The study’s focus on publicly traded firms in the UK and the absence of a comparative analysis across different regions and markets limits the sample size and may impact the generalizability of findings.

The study proposes three practical implications. Firstly, firms should tailor payment methods to each transaction, aligning with strategic goals to optimize value and mitigate risks. Secondly, decision-makers must prioritize comprehensive due diligence and strategic alignment throughout M&A processes to enhance success and maximize synergies. Finally, analysing broader strategic contexts and regulatory landscapes when structuring transactions enables goal attainment, such as market expansion or value creation.

The study’s findings can promote transparency and accountability among corporate decision-makers in M&A transactions. Stakeholders can advocate for transparent decision-making processes, enhancing trust in corporate governance.

This study provides valuable insights into the impact of payment methods on shareholder value in M&A transactions involving UK companies, informing strategic decision-making and contributing to the understanding of corporate finance dynamics.

Social media played an irreplaceable role in young people’s online social life and information consumption during the COVID-19 pandemic. This research focuses on the impact of excessive information on social media about COVID-19 vaccines on Generation Z's (Gen Z) associated psychological states and long-term vaccine advocacy.

The research conducted structural equation modeling analysis with online survey data from 409 Gen Z citizens in the UK.

The findings suggest that excessive information increased Gen Z social media users' ambivalence and conspiracy beliefs around COVID-19 vaccines, which, in turn, reduced their long-term vaccine advocacy in terms of vaccine acceptance, vaccination intention and vaccine promotion. Importantly, Gen Z’s confidence in government and in the healthcare systems during COVID-19 was effective in helping them overcome the detrimental effects of conspiracy beliefs and ambivalence about long-term vaccine advocacy, respectively.

This research reveals the “dark side” of social media use in the post-pandemic period and highlights the significant roles played by social institutions in mitigating the detrimental effects of Gen Z’s support in social decisions. Beyond the context of COVID-19, this research has important implications for facilitating the civic engagement of Gen Z and boosting their confidence in social institutions in terms of social cohesion.

The Penrose effect, or the limitation of the growth rate during expansion due to managerial constraints, has been examined in the context of business diversification, withdrawal and MNE’s foreign direct investment, primarily in the for-profit sector. However, insufficient attention has been paid to its impact on professional service firms, particularly in the context of their expansion through service exports. The main purpose of this study is to examine the Penrose effect in the internationalization of professional service firms through service exports.

This study focuses on large Japanese patent firms as traditional professional service firms and constructs panel data for 48 large patent firms over the observation period from 2002 to 2010 to test our hypotheses.

Our results demonstrate a negative relationship between degree of internationalization and international business growth, thus confirming the Penrose effect. Furthermore, we found that the degree of internationalization has a curvilinear relationship with international business growth and that institutional distance does not have a negatively moderating effect on the relationship between the degree of internationalization and international business growth.

This study made a theoretical contribution to Penrose's growth theory and previous studies on international management and professional service firms and international management by showing that the Penrose effect can be observed in the international expansion of professional service firms through service exports. Moreover, this study identifies the factors that modify the Penrose effect, thereby making a significant theoretical contribution.

The aim of this research is to elucidate the correlation between open innovation, digital strategies and networking in enhancing agricultural enterprises within the new perspective of Agrifood 5.0. As such, it contributes to making businesses more competitive, especially in the Italian agricultural sector, where small and medium-sized enterprises are highly fragmented. Numerous studies have asserted that the competitiveness of actors operating within a specific territory is closely linked to local identity and image enhancement. Agricultural organizations are undergoing a profound transformation, with technological assets emerging as catalysts for new synergies. Advanced technologies such as robotics, the Internet of Things (IoT) and automation (AI) are emerging as differentiating elements capable of further advancing the agricultural sector, transitioning it from Agrifood 4.0 to Agrifood 5.0. The empirical analysis of the research shows a positive correlation between a collaborative attitude and a propensity for innovation. Indeed, the data demonstrated that digital strategies and open innovation positively influence competitiveness in agricultural SMEs.

The methodology employed in this study is mixed, incorporating both qualitative and quantitative approaches. The quantitative aspect involves analysis of the dataset from the Italian Statistical Institute (ISTAT) through logistic regression, while the qualitative component entails analysis of semi-structured interviews conducted with a sample of 174 agricultural cooperatives in southern Italian regions (Campania). This approach allows for a comprehensive understanding of the research topic, capturing both numerical trends and nuanced insights from interviews.

After analyzing the data from the 7th General Census of Agriculture conducted by ISTAT, a clear understanding of the sector has emerged, revealing several potential research avenues. It is evident that innovation in the agricultural sector is often driven by the largest and best-capitalized production entities, primarily located in Italy. Conversely, smaller agricultural entities can benefit from networking as new technological assets act as catalysts for new synergies, innovation and competitiveness.

Enhancing the relational contribution within the network and humanizing a fragmented sector are crucial elements for promoting open innovation. Network structuring facilitates the transmission of managerial knowledge, contributing to an overall increase in the intellectual and relational capital of the agricultural sector. These factors, combined with open innovation, enhance the competitiveness of individual firms and elevate the brand of the entire sector, creating a conducive environment for transitioning toward Agrifood 5.0. This transition is characterized by increased interconnection, continuous innovation and overall prosperity. Specific studies on this topic are lacking in Italy, particularly in the southern regions. Therefore, this contribution focuses on investigating the Campania region.

The novelty of this study lies in its investigation of the relationship between agricultural enterprises and innovation in the context of enterprises networking strategies (i.e. associationism and/or cooperation), promoting competitiveness. The limitations of this study are related to the dimension of the sample selected and its relationship with other productive sectors.

This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

Funding difficulties are particularly compounded for Muslim entrepreneurs in Nigeria, owing to the dominance of interest-based financial institutions prohibited in Islam. Thus, this study aims to explore the role of awareness of Islamic finance principles in ameliorating financial deprivation and financial anxiety to increase access to Islamic financing among Muslim entrepreneurs.

A quantitative survey method of data collection was used to collect data from a total of 208 micro, small and medium enterprises (MSME) owners based on hand-delivered questionnaires. The data was analyzed using a partial least square structural equation model.

The result supports the direct negative impact of relative financial deprivation and the positive impact of awareness of Islamic finance principles on access to Islamic finance. However, awareness of Islamic finance principles could not moderate any of the direct relationship.

This study implies that financial deprivation is detrimental to access to Islamic finance, but financial anxiety has no significant impact. In addition, policymakers and MSME owners could directly foster access to Islamic finance through awareness of Islamic finance principles, though it could not redirect the negative impact of relative financial deprivation on access to Islamic finance.

The valuable finding here is that the substantial positive impact of awareness of Islamic finance principles on access to Islamic finance is not enough to redirect the negative effect of relative financial deprivation on access to Islamic finance.

The goal is to investigate the relationship between financial performance and environmental, social and governance (ESG) indicators and disclosures for a sample of Latin American firms.

Dynamic panel data regressions are used to analyze a sample of 114 companies listed on the Latin American Integrated Market, MILA (Chile, Colombia, Mexico and Peru) for the period 2011–2020. The Altman Z-score and Piotroski F-score are used as indicators of the probability of default and comprehensive financial strength. Models are developed in which the relationship between economic value added (EVA) and Jensen’s alpha are evaluated against firms’ ESG practices.

A direct relationship between ESG strategies and financial performance was found. Better practices and transparency in ESG are related to lower probability of bankruptcy, greater financial strength, greater EVA and superior risk-adjusted returns.

ESG data were obtained from the Bloomberg system based on a methodology that may differ from other sources. The sample covers four Latin American countries and large corporations. Independent variables were selected for their perceived validity, given their frequent use in previous studies.

Evidence for company management regarding the importance of strengthening ESG practices and reporting should be part of their balanced scorecards. For investors, the results support the importance of evaluating ESG practices in asset selection.

The present study is the first research to present empirical evidence on the relationship between ESG scores and disclosures for MILA countries, using a comprehensive set of financial performance indicators (Altman Z-scores, Piotroski F-scores, EVA and Jensen’s alpha).