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Article
Publication date: 5 October 2022

Antonio Salvi, Felice Petruzzella, Nicola Raimo and Filippo Vitolla

Digitalization is an element capable of improving companies’ financial performance. Despite the relevance of the topic, the financial effects associated with extensive…

Abstract

Purpose

Digitalization is an element capable of improving companies’ financial performance. Despite the relevance of the topic, the financial effects associated with extensive transparency in digitalization choices have rarely been explored in extant literature. This study aims to close this important gap by examining the effect of digitalization-related information on the cost of equity capital.

Design/methodology/approach

This study uses manual content analysis on a sample of 122 international listed firms to measure the level of transparency in digitalization choices and a regression model to test the effect of this transparency on the cost of equity capital.

Findings

The results show that broad transparency allows firms to benefit from a lower cost of equity capital. From this perspective, disseminating information about digitalization choices in a signaling theory key represents the signal that companies send to investors.

Originality/value

This study extends the knowledge about the potential of transparency to facilitate access to finance by examining the effect of another type of information, namely, those relating to digitalization choices, on the cost of equity capital.

Details

Qualitative Research in Financial Markets, vol. 15 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 27 July 2021

Antonio Salvi, Nicola Raimo, Felice Petruzzella and Filippo Vitolla

The purpose of this paper is to analyse the financial consequences of the level of human capital (HC) information disclosed by firms through integrated reports. Specifically, this…

Abstract

Purpose

The purpose of this paper is to analyse the financial consequences of the level of human capital (HC) information disclosed by firms through integrated reports. Specifically, this work examines the effect of HC information on the cost of capital and firm value.

Design/methodology/approach

A manual content analysis is used to measure the level of HC information contained in integrated reports. A fixed-effects regression model is used to analyse 375 observations (a balanced panel of 125 firms for the period 2017–2019) and test the financial consequences of HC disclosure.

Findings

The empirical outcomes indicate that HC disclosure has a significant and negative effect on the cost of capital and a positive impact on firm value. Our results show that companies can reduce investors' perceived firm risk by improving HC disclosure, leading to a lower cost of capital. Moreover, our findings support the notion that increased levels of HC disclosure are linked to firms' improved access to external financial resources, consequently enhancing firm value.

Originality/value

This study is the first contribution to examine the financial consequences of HC disclosure and is one of the first to examine the level of HC information within integrated reports.

Details

Journal of Intellectual Capital, vol. 23 no. 6
Type: Research Article
ISSN: 1469-1930

Keywords

Article
Publication date: 5 June 2018

Nicola Miglietta, Enrico Battisti, Elias Carayannis and Antonio Salvi

The purpose of this paper is to investigate the relationship between capital structure and business process management (BPM) within ambidextrous firms. In particular, referring to…

Abstract

Purpose

The purpose of this paper is to investigate the relationship between capital structure and business process management (BPM) within ambidextrous firms. In particular, referring to the listed companies in the Mercato Telematico Azionario (MTA) and Mercato degli Investment Vehicles (MIV) markets with large- and mid-sized capitalization, divided into ambidextrous and non-ambidextrous companies, the authors examined the capital structure to fill a gap in the current literature.

Design/methodology/approach

This study uses a mixed-method sequential exploratory design. In particular, a qualitative study was conducted to identify some Italian-listed companies, called ambidextrous firms, which have implemented incremental (exploitative) and radical (explorative) innovations in an ambidexterity perspective of process management. A quantitative study was designed to provide insights into the different degrees of leverage of the listed companies selected by the qualitative analysis.

Findings

The research is based on an empirical analysis undertaken with 69 companies listed on Italian markets (starting from the MTA and MIV Italy 100 – large- and mid-sized capitalization). In particular, the authors highlight 11 companies that, based on the literature, can be defined as ambidextrous organizations. These firms, in each year analyzed (2014, 2015, and 2016), have more leverage than non-ambidextrous ones. Considering that firms today need to constantly revisit their portfolio of debt and equity, ambidextrous organizations could evaluate the largest debt available in order to implement new BPM tools.

Originality/value

To the authors’ knowledge, this is the first exploratory study based on capital structure and the simultaneous exploration and exploitation of knowledge (ambidexterity) that also is informed by a BPM perspective. The paper presents evidence from Italian-listed companies that are referred to as ambidextrous and have different degrees of leverage.

Details

Business Process Management Journal, vol. 24 no. 5
Type: Research Article
ISSN: 1463-7154

Keywords

Article
Publication date: 17 January 2022

Antonio Salvi, Nicola Raimo, Felice Petruzzella and Filippo Vitolla

In recent years, crowdfunding is assuming an increasingly central role in the development of business projects as an alternative financing tool to traditional sources. This study…

Abstract

Purpose

In recent years, crowdfunding is assuming an increasingly central role in the development of business projects as an alternative financing tool to traditional sources. This study analyses the role of communication in the success of crowdfunding campaigns in the restaurant sector in the European context.

Design/methodology/approach

This study conducts a regression analysis on a sample of 442 European restaurant crowdfunding projects launched on the Kickstarter platform in a time period spanning from 2014 to 2021. More specifically, this study uses a logistic regression model to test the impact of communication on the success of restaurant crowdfunding projects.

Findings

Empirical results suggest a strong impact of communication, declined in its different forms, on the success of restaurant crowdfunding campaigns. More specifically, they highlight a positive impact of the number of images, number of videos, readability and community orientation of the project description, number of comments and number of updates on the success of restaurant crowdfunding projects.

Originality/value

To the best of the authors’ knowledge, this study represents the first research that examines the effect of the communication on the success of restaurant crowdfunding projects conducted in the European context.

Details

British Food Journal, vol. 124 no. 12
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 28 February 2024

Antonio Salvi, Vittorio Boscia, Niccolò Nirino, Gazi Mahabubul Alam and Felice Petruzzella

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to…

Abstract

Purpose

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

Design/methodology/approach

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Findings

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Originality/value

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 11 May 2020

Antonio Salvi, Filippo Vitolla, Nicola Raimo, Michele Rubino and Felice Petruzzella

The purpose of this study is to examine the impact of intellectual capital disclosure on the cost of equity capital in the context of integrated reporting, which represents the…

1345

Abstract

Purpose

The purpose of this study is to examine the impact of intellectual capital disclosure on the cost of equity capital in the context of integrated reporting, which represents the ultimate frontier in the field of corporate disclosure.

Design/methodology/approach

The authors employ content analysis to measure intellectual capital disclosure levels along with a panel analysis on a sample of 164 integrated reports.

Findings

Empirical outcomes indicate that intellectual capital disclosure levels have a significantly negative association with the cost of equity capital.

Originality/value

This study's major contribution lies in its originality in terms of empirical examination of the relationship between intellectual capital disclosure in integrated reports and the cost of equity capital.

Details

Journal of Intellectual Capital, vol. 21 no. 6
Type: Research Article
ISSN: 1469-1930

Keywords

Article
Publication date: 12 March 2020

Enrico Battisti, Luigi Bollani, Nicola Miglietta and Antonio Salvi

This paper aims to investigate the impact of leverage on the cost of capital and market value in the Indonesia Stock Exchange (IDX), where there are Sharīʿah and non-Sharīʿah

1037

Abstract

Purpose

This paper aims to investigate the impact of leverage on the cost of capital and market value in the Indonesia Stock Exchange (IDX), where there are Sharīʿah and non-Sharīʿah compliant firms.

Design/methodology/approach

This study uses a mixed methods sequential exploratory design and is based on an empirical analysis undertaken with a sample of firms listed on the IDX. In particular, a qualitative analysis was conducted to identify the Sharīʿah-compliant firms and the qualitative study was designed to compare some financial elements in Sharīʿah and non-Sharīʿah compliant listed companies. The correlations among the main elements observed are considered and a principal component analysis describes the framework.

Findings

First, the results of the analysis show that for the Sharīʿah-compliant companies, identified as those that apply Islamic principles, the lower level of leverage that it is typical of these type of firms implies a higher cost of capital [cost of equity and weighted average cost of capital (WACC)] than non-Sharīʿah ones. Secondly, for the Sharīʿah-compliant companies, the lower level of leverage entails a higher market value measured by the multiples method (price/earning and enterprise value/operating profit) than for non-Sharīʿah ones.

Originality/value

This paper sheds new light on how leverage can affect the cost of capital and market value in the case of Sharīʿah and non-Sharīʿah compliant listed companies in the IDX. In particular, this research highlights the fact that Sharīʿah-compliant firms, despite having a higher WACC, create more market value compared to non-Sharīʿah compliant ones.

Details

Management Research Review, vol. 43 no. 9
Type: Research Article
ISSN: 2040-8269

Keywords

Article
Publication date: 23 August 2019

Enrico Battisti, Nicola Miglietta, Antonio Salvi and Fabio Creta

This paper aims to present a systematic literature review (SRL) on the topic of value investing (VI) in the international studies. The purpose of this study is twofold: to…

1188

Abstract

Purpose

This paper aims to present a systematic literature review (SRL) on the topic of value investing (VI) in the international studies. The purpose of this study is twofold: to highlight the strategic approaches followed in recent contributions in the field of finance connected to the main approaches of the pioneering authors (Graham and Dodd, 1934; Fisher, 1958; Fama and French, 1992; Lakonishok, Shleifer and Vishny, 1994) who have investigated VI; and to analyse whether scholars follow a qualitative approach in studying VI that enables companies to achieve greater competitive advantage..

Design/methodology/approach

From a SLR of peer-reviewed papers covering the period 2007-2017, 45 papers were identified and analysed to present a better understanding of the adopted approaches and methodologies compared to the pioneering contributions on the topic.

Findings

This search found that 24 out of 45 papers specifically analyse VI. In particular, this work highlights 20 out of 24 papers that directly or indirectly, follow the approaches of “Graham and Dodd” or “Lakonishok, Shleifer and Vishny”/“Fama and French”, and 4 out of 24 that do not follow one of the main approaches identified. After the descriptive findings of the review, this paper highlights that none of the contributions takes into account qualitative analysis of a company to define whether the firm itself does or does not have a sustainable competitive advantage.

Practical implications

This paper suggests to international investors who intend to invest in one or more markets to revise the basic principles of VI, while also considering qualitative elements related to strategic aspects and behavioural finance. In particular, this study suggests that the investor introduce a qualitative analysis to allocate equity in value firms with a lasting competitive advantage.

Originality/value

This study contributes to advance the knowledge of VI from a theoretical point of view. To the best of the authors’ knowledge, it is the first study that systematises the international literature on this topic by highlighting the main contributions written in the period 2007-2017, analysing the development of the pioneering strategic approaches and examining their method of assessing firms.

Article
Publication date: 26 November 2019

Niccolò Nirino, Nicola Miglietta and Antonio Salvi

The purpose of this paper is to investigate the impact of corporate social responsibility (CSR) on firms’ financial performance (FP) in the food and beverage (F&B) sector.

3386

Abstract

Purpose

The purpose of this paper is to investigate the impact of corporate social responsibility (CSR) on firms’ financial performance (FP) in the food and beverage (F&B) sector.

Design/methodology/approach

The authors developed a conceptual model that hypothesizes a positive effect of CSR governance on CSR outcomes (environmental and social) and these on firm’s FP. Gathering data from 190 F&B companies, the authors empirically tested the validity of the model through an ordinary least squares regression analysis.

Findings

The findings highlight the positive impact of CSR governance on environmental and social outcomes, showing real societal concerns among companies’ stakeholders in the F&B industry. Studies on the effect of CSR outcomes on FP have shown mixed results. On one side, the social outcomes positively impact a firm’s performance; on the other side, environmental outcomes show insignificant or non-positive effects depending on different measurements of FP.

Originality/value

Despite the mixed set of results between CSR and a firm’s performance in the literature, this research provides a new framework in which the impact of CSR on FP is analysed through the effectiveness of CSR governance on CSR outcomes (social and environmental). Moreover, this study contributes to the CSR literature understanding the impact of both environment and social concerns by companies on firm’s FP in F&B context.

Details

British Food Journal, vol. 122 no. 1
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 16 November 2023

Muhammad Akram Naseem, Enrico Battisti, Antonio Salvi and Muhammad Ishfaq Ahmad

This study examines the relationship between green intellectual capital (GIC) and competitive advantage (CA) and proposes the moderating role of corporate philanthropy types…

Abstract

Purpose

This study examines the relationship between green intellectual capital (GIC) and competitive advantage (CA) and proposes the moderating role of corporate philanthropy types (cash, in-kind and both) during the COVID-19 pandemic. In particular, this study investigates the types of corporate philanthropy, strengthening the link between GIC and CA for Chinese listed firms during a pandemic.

Design/methodology/approach

Cross-sectional data were collected from 248 chief executive officers (CEOs) of Chinese firms listed on the Shanghai Stock Exchange through a structured questionnaire. Regression analysis was employed to test the proposed hypotheses.

Findings

The findings reveal that all types of GIC positively influence a firm's CA. Furthermore, all three types of philanthropy – cash, in-kind and both – moderate the relationship between GIC and CA. However, the intensity of moderation was higher in the case of in-kind philanthropy than in the other two types.

Originality/value

To the best of the authors' knowledge, this is the first empirical study to examine the relationship between GIC (considering its three components: human, structural and relational capital) and CA in China. The study finds different types of philanthropy as moderating variables to better explain the relationship between GIC and CA. Further, it contributes to a new line of research that aims to study philanthropic aspects connected to the GIC debate.

Details

Journal of Intellectual Capital, vol. 25 no. 1
Type: Research Article
ISSN: 1469-1930

Keywords

1 – 10 of 27