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Unlike previous studies on capital structure decisions, the purpose of this paper is to focus on US real estate investment trusts (REITs) in order to find out the main determinants of capital structure choice for real estate companies and in order to verify if they are related to factors similar to those affecting the decisions of public firms in other sectors.

Using a methodology similar to Rajan and Zingales, a sample of 119 listed REITs with different investment strategies and in different property sectors was analyzed. The analysis is carried out in order to determine the basic factors underpinning the capital structures by selecting financial items and ratios related with leverage (such as asset size, profitability ratios, tangibility of assets, growth opportunities, operating risk and geographical diversification of investments).

Results show that REITs follow a pecking order theory of financing since more profitable firms are less levered and REITs with more growth opportunities have higher leverage ratios. The tangibility of assets turns out to be positively correlated with leverage, while REITs whose operating risk is high prefer a lower financial risk and consequently a lower gearing. Finally, it is not clear how size affects leverage decisions and more diversified REITs appear to be riskier.

The research also addresses the issue of asymmetric information and the debt‐equity choice for REITs sampled on the basis of their size, highlighting differences with other business sectors.

Given the importance of food waste in the economic, social, health and environmental dimensions, the purpose of this work is to detect, through a systematic and configurative literature review on food-waste-measurement methodologies, the global approaches, characteristics, limitations, opportunities and results applied within the literature. The analysis of these papers provides useful information about how far we are from international action plans and, therefore, how we need to direct programs and policies to measure and reduce food waste and ensure food security and food safety.

The authors have conducted a systematic, configurative literature review on food waste measurement methodologies applied only within empirical studies published in academic peer-reviewed scientific journals. Based on the Commission Delegated Decision (EU) 2019/1597 of May 3, 2019 (OJEU, 2019) regarding common methodologies and minimum quality requirements for the homogeneous assessment of food waste quantities and composition, the authors investigated the issue on Web of Science Core Collection (WoS) from June 2000 to June 2020. The authors researched keywords within article titles, abstracts and author keywords by utilizing 34 different research strings.

The proposed review particularly refers to following topics: measurement methodologies applied according to the Commission Delegated Decision (EU) 2019/1597; editorial placement and publication timeline; geographical area; food supply-chain stage and publication journals; and the main features, limitations, opportunities and results for each measurement methodology as presented by authors. Among the first 48,000 results, only 58 academic articles are perfectly in line with the aim of the review, highlighting the lack of standardized methodologies, the limits of those proposed and the deficiency of comparable results to achieve sustainable international goals.

The proposed review is one of the few concerning food waste measurement methodologies. Food waste measurement is essential to rebalance the actual inadequate food system and to switch it toward a fair, healthy and environmentally friendly one, thereby (1) managing the human nutrition system paradox of hungry, undernourished and over-weight people; (2) reducing food insecurity; (3) ensuring each living being's access to healthy, nutritious and sustainable food; and (4) reducing environmental impacts (neutral or positive impact) and the loss of biodiversity and mitigating climate change.

Review essay on Finn, D. K. (Ed.). (2010). The true wealth of nations. Catholic social thought and economic life. Oxford/New York, NY: Oxford University Press.

The purpose of this paper is to measure food loss and waste by material flow analysis (MFA) tool. Applying this methodology, the authors estimate wastage-related losses and discuss opportunities for more circular and sustainable practices in the Italian potato industry.

MFA is applied to two specific typologies as follows: ready-to-eat (chips) and dried potato products produced in Italy. The analysis refers to the year 2017 as the complete dataset useful for this study includes measurements until this year. A bottom-up and top-down mixed approach is applied, and functional unit refers to 1 t of potatoes consumed as final product.

MFA is applied to quantify and qualify material balance associated with 1 t of potatoes consumed as final product. In Italy, in 2017, more than 22,000 t of fresh tubers were lost, including 3,500–4,800 t of starch, equivalent to 52,800–72,600 GJs. Moreover, fewer than 23,000 t of skins and scraps were produced within industrial plants, not available for food but suitable for animal feed (dry skins are an excellent carbohydrates source in cattle and poultry feed), starch industry and bioenergy production (biogas and/or bioethanol).

This research is one of the few studies proposing MFA methodology as a tool to measure food waste. This analysis shows its utility in terms of food waste quality/quantity evaluation, supporting both company management and policymakers.

The hospitality industry is responsible for significant amounts of waste, more than one-third of which is food waste. Through the comparison between an Italian and a Romanian hotel, this paper aims to provide a better understanding of food waste management trends in the hotel industry as well as to highlight hotel kitchens and hotel food services weaknesses and opportunities to minimize food waste.

In-depth interviews, personal communication and observations were conducted to investigate food service planning, food procurement and food waste management, as well as to better comprehend current individuals’ understanding and attitudes, infrastructures, legislative culture and opportunities either from the managerial and the employees’ perspective. Data were analyzed according to a content analysis approach.

Three critical hot spots emerged from the analysis: prediction and check of guests’ attendance, communication and transparency with local suppliers and among departments within the unit and purchasing frequency and perishable food provisioning. The accurate forecasting of the number of guests and their nationality is fundamental in avoiding food waste at food service, as well as implementing transparency and communication with local suppliers.

Although academia and authorities have recognized the crucial importance of food waste management, food waste research in the hotel industry remains under-researched. The present exploratory research contributes to the scarce empirical studies about hotels’ food waste, giving theoretical and managerial recommendations for supporting further studies, highlighting the need for formal deals between hotels and local suppliers (food procurement), as well as the importance of food-networks that holds together companies, retailers and charities (food donation).

The hotel industry is one of the leading producers of waste worldwide, and more than one-third of that waste is food. The purpose of this study is to investigate hotel managers' awareness of sustainable and circular practices, with a focus on their attitude toward and perception of food waste in Apulia, Southern Italy. The region has a tourist vocation, accounts for 3.3 million tourists per year and plays a key role in the Italian tourism.

The study was conducted using a questionnaire administered to ten hotel managers located in Apulia. In light of the Checkup Tool Speditivo, a sustainability score indicates managers' awareness of and attitude toward sustainability and circularity, distinguishing between “beginner” (0–25 points), “concerned” (26–50 points), “proactivist” (51–75 points) and “sustainable” (76–100 points). The results have been analyzed using descriptive statistic tools.

The average sustainability score indicating the level of awareness of sustainable and circular practices among hotel managers in Apulia was 84, whereas the average score associated with their attitude toward food waste management strategies was 65. The greater the number of stars, the higher the sustainability scores. However, the greater the number of rooms, the lower the attitude toward food waste management strategies.

The study sheds light on the main opportunities, barriers and trends in the field of food waste management, highlighting the food commodities which are wasted the most and proposing further strategies to improve circularity and sustainability in hotels. To the best of the authors' knowledge, this study is the first on such topics in Southern Italy and could represent the basis for future research on the topic.

This paper aims at understanding whether firms conceive and use social media as disseminators, as well as amplifiers, of their results concerning sustainability and responsibility and whether this practice stimulates stakeholder engagement and participation, laying the foundation for a dialogue on corporate social responsibility.

This research analyses the theoretical background of communication related to sustainability and responsibility and the company–stakeholder dialogue in the food sector. An inductive interpretive approach is provided by conducting a qualitative content analysis related to the communication practices of the food company Ferrero (Italy) from June 2015 to September 2019.

Companies can use social channels to present their vision, values, approaches and choices related to sustainability and responsibility. Social media can become useful networks to reach stakeholders requiring and claiming for transparency about more and more relevant topics – allowing, at the same time, a two-way relationship and dialogue.

The limitation of the paper is that it presents the observation of a single firm.

The managerial implications relate to the value created by a dialogical communication: this is a strong foundation for enhancing relationships capable of maintaining and increasing the company's reputation. The establishment of an interchange about sustainability and responsibility represents a new way to direct the company and its stakeholders towards mutual support in creating value.

This article contributes to enriching the debate on the degree of knowledge, understanding, response and reaction to social media–based corporate social responsibility (CSR) communication.

The study proposes Material Flow Analysis (MFA) methodology as a tool to measure and qualify food waste in the Italian beef supply chain in each stage of the food supply chain, from farm to fork. In particular, the authors attempt to: (1) measure resources consumption and waste generation toward companies' and policymakers' sustainable evaluations; (2) enhance consumers' education in the field of agri-food resilience and sustainability.

MFA is applied to the entire Italian sector of beef consumed as packaged fresh product in 2020, during the Covid-19 pandemic. The analysis regards bovine, which represent roughly one-third of the national meat flow. To collect data, bottom-up and top-down mixed approach is applied. Subsequently, MFA results are used to calculate the wastage-related losses in terms of embedded natural resources (e.g. water, energy).

In 2020, it results that the Italian meat industry slaughtered more than 1.15 Mt of bovine to produce approximately 0.29 Mt of fresh meat, 0.69 Mt of by-products and over 0.015 Mt of food waste at households, while 0.15 Mt of beef meat is destined to catering services and food industry (out-of-boundaries). In terms of hidden natural resources, it emerged that, on average, more than 94bn m3 of water, approximately 101,000 TJ of energy and over 11,500 t of PET and PE trays are required to sustain the entire beef system.

This research is one of the few studies proposing MFA methodology as a tool to measure food waste and hidden associated flows in the agri-food sector. This analysis shows its utility in terms of natural resources (water, energy, materials) and waste quality/quantity evaluation, hidden flows accounting and development of new educational strategies toward food waste minimization and sustainability at household consumption.

The purpose of this paper is to systematically review and critically examine food losses and waste quantification in supply chain, especially in studies that tackle all the supply chain activities in a real context.

This work employed a systematic literature review methodology on the extant literature focusing on peer-reviewed journal articles published from 2000 to 2019.

A systematic analysis of 117 articles reveals that downstream supply chains are studied to a greater extent than upstream supply chains, with an emphasis on consumer waste. The findings also highlight more than half of the articles focus on only one supply chain activity. In terms of the methodologies, surveys and modelling methods are the most used to measure food losses and wastes, adopt monetary, carbon emission and calorific metrics. This study highlights that while food losses and waste research remains a relevant field of study, it has yet to been fully explored.

The main limit is the adoption of a systematic review method for food losses and waste quantification in supply chain.

The results suggest that supply chain managers should invest in acquiring more knowledge about food losses in the global network. Upstream supply chains should be more studied and integrated with the downstream supply chains. Using combined direct and indirect methods has the potential to deal with the contradictions of quantification, the lack of data and reduce losses over time and space.

Based on this review as the first one focusing exclusively on quantification of food losses and waste in supply chain context, the authors develop an aspiring research agenda that proposes opportunities for future research.

Headings

1. We analyse 117 studies addressing food losses and waste quantification.

2. Downstream food supply chains are more studied than upstream food supply chains.

3. Case studies of food supply chains in developed countries are more prolific.

4. The main metric to quantify food losses and waste is weight.

We analyse 117 studies addressing food losses and waste quantification.

Downstream food supply chains are more studied than upstream food supply chains.

Case studies of food supply chains in developed countries are more prolific.

The main metric to quantify food losses and waste is weight.