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In the last decade, the Italian natural gas market has undergone profound changes. The slow ongoing process of liberalization that began in 2000 has produced many changes in the industry as companies have had to react to the new regulatory framework. Many companies have sought agreements, alliances and mergers to consolidate their position in the market, other companies have sought to diversify their product range by becoming multi-utility companies, others, unable to react to the new competitive pressures, have gone bankrupt. The aim of the work is to analyse the performance of natural gas retail companies after the liberalization of the sector.

The authors carry out a financial statement analysis for indexes in order to evaluate business management in terms of the financial, profitability and liquidity aspects. The authors analysed a sample of 111 companies operating in Italy for a six-year period (2004-2009) following the full liberalization of the sector (January 1, 2003).

Results show that many of the firms in the sample are suffering from a reduction in profits and present serious financial weaknesses. In particular, the companies that perform the worst are the small, new entrants and those in the south of Italy. In regard to the new entrants it should be noted that although more than ten years have passed since the beginning of the liberalization process, entry barriers are still present. As regards the business diversification, the best financial and operating results are achieved by large firms, listed companies and those which grew mainly through M&As.

Even though there are numerous theoretical and empirical studies on the effects of diversification strategies and M&As, very few researchers have analyzed these effects in the context of a liberalization process of an energy sector. Starting from this gap in the literature, the work aims to analyse the strategies implemented by the Italian companies in the natural gas retail segment.

The empirical findings will help the policy makers of Italy in understanding that more than ten years since the beginning of the natural gas market liberalization, entry barriers are still present. Although all consumers have been free to choose their supplier since 2003, the incumbent firms have maintained a dominant position in the market, thanks to a “weak” unbundling (often the incumbent retail operator belongs to the same group as the distribution network operator) and to the advantage in the supply phase by means of a long-term contract with a “take or pay” clause.

Italy has always been characterized by the centrality of natural gas in its energy basket and it is the third European country for annual consumption. Despite the importance of this energy source, no substantial work has been done in this regard with reference to Italy.

The purpose of this paper is to examine whether cultural backgrounds of nations are expressed through the web design of their companies. Actually, it investigates whether, in countries characterized by the same cultural matrix and language but by different national backgrounds, the cultural specificities of a country are a critical success factor for web design and enablers of business excellence.

Starting from a deep literature review, four research hypotheses on the relationship between cultural background and web design are formulated. By employing both the content analysis and the cross-tabulation methodology, these hypotheses are tested.

Brazilian, Portuguese, Angolan and Macanese web sites show that companies operating in these countries are aware that cultural background is a necessary success factor to consider for improving cross-cultural management of computer-mediated communication. Indeed, the findings confirm that the internet is not a culturally neutral communication medium. By providing evidences of web site cultural adaptation, this study supports the use of a targeted approach to web site design and provides managerial guidelines for improving business excellence of companies’ online environment.

The paper offers insights into the topic of a culturally adapted computer-mediated communication for improving consumer experience.