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Article
Publication date: 29 April 2021

Guido Migliaccio and Pietro Pavone

This paper investigates the income dynamics of Italian primary sector, during and after the international economic crisis. It focuses on three research questions: what has been…

Abstract

Purpose

This paper investigates the income dynamics of Italian primary sector, during and after the international economic crisis. It focuses on three research questions: what has been the evolution of the main profitability ratios of agricultural enterprises in recent years? After the crisis, have the surviving farms increased their profitability? Has the profitability been different also in relation to the geographic location?

Design/methodology/approach

Income dynamics of a sample of companies have been analyzed, obtaining the 10-year evolution of the average value of three income indices (return on equity [ROE], return on assets [ROA] and return on sales [ROS]). Statistical elaborations and the analysis of variance (ANOVA) method have been used.

Findings

The years of the international economic crisis are often characterized by higher incomes than the following ones. The descending trend involves all three national macroareas of Italy, although characterized by considerable socioeconomic differences.

Research limitations/implications

The study considers only the society that survived the crisis, so, presumably, the strongest. Moreover, other ratios should be considered in order to have a more complete view.

Practical implications

Public policymakers could use this study for a better intervention in support of agricultural and agro-industrial activities.

Social implications

The careful economic and financial analysis of the sector favors the relaunching strategies of the Italian primary sector in which many employees work.

Originality/value

The research contributes to the literature by providing a quantitative analysis of the dynamics of the sector, through the comparative information that may be derived from financial statements.

Details

International Journal of Productivity and Performance Management, vol. 71 no. 7
Type: Research Article
ISSN: 1741-0401

Keywords

Open Access
Article
Publication date: 30 October 2023

Guido Migliaccio and Andrea De Palma

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real…

2259

Abstract

Purpose

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

Design/methodology/approach

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

Findings

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

Research limitations/implications

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Practical implications

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

Social implications

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

Originality/value

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

Details

International Journal of Productivity and Performance Management, vol. 73 no. 11
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 11 June 2018

Floriana Fusco and Guido Migliaccio

The purpose of this paper is to analyze the financial structure of Italian cooperatives in the period before and during the crisis (2004-2013), in relation to two discriminating…

Abstract

Purpose

The purpose of this paper is to analyze the financial structure of Italian cooperatives in the period before and during the crisis (2004-2013), in relation to two discriminating factors. At this end, it focuses on two research questions: What financial dynamics the Italian cooperatives have involved before, during and after the 2008 crisis, that is, in the decade 2004/2013? Are there statistically differences between business sectors and geographic area?

Design/methodology/approach

Secondary data on AIDA database have been used. The financial structure is assessed using two ratios: the financial leverage ratio and quick ratio. The final sample consists of 1,446 cooperatives. The trend and exploratory analysis, analysis of variance and Tukey-Kramer post-hoc test have been used.

Findings

The financial structure of cooperatives has not been substantially affected by the crisis in any geographic area and business sector, by virtue of resilience of their business model. Moreover, these two factors produce statistically significant differences in the financial structure of cooperatives.

Research limitations/implications

The study takes into account only the cooperatives that survived the crisis, so, presumably, the strongest. Moreover, another and more ratios should be considered at the end to have a more complete view on the financial dynamics.

Originality/value

The literature on resilience of cooperatives is still not very rich. Moreover, this work analyses and integrates aspects and approaches that are not usually considered together.

Details

EuroMed Journal of Business, vol. 13 no. 2
Type: Research Article
ISSN: 1450-2194

Keywords

Article
Publication date: 11 December 2019

Guido Migliaccio and Luigi Tucci

This study aims to investigate, by means of a balance sheet analysis, the equilibrium and capital, financial, economic and income dynamics of Italian wine producers, during and…

Abstract

Purpose

This study aims to investigate, by means of a balance sheet analysis, the equilibrium and capital, financial, economic and income dynamics of Italian wine producers, during and after the international economic crisis (2008-2017). Therefore, three research questions arise: What was the evolution of the main financial indicators and margins? Did the companies that survived the crisis increased their profitability? Have these companies changed their financial and economic balance sheets?

Design/methodology/approach

It was analyzed the balance sheets of a medium–large companies sample. The study describes the evolution of three income indices (return on equity compared to the average interest rate on government bonds, return on investment compared to the average rate on loans, return on sales), three asset margins (structural margin, net working capital and treasury margin) and four financial ratios (acid ratio, current ratio, leverage and index of financial dependence). The results were graphically represented, also with the use of interpolation curves.

Findings

After the crisis, the sector shows increasing profitability. However, from the balance sheet analysis and the trend of the financial indices, there is a strong imbalance and excessive levels of stocks. Furthermore, the debt situation is excessive: the predominant presence of third-party financing would require enormous recapitalizations and probably an increase in self-financing, which is possible thanks to the constantly growing profitability.

Research limitations/implications

The study takes into consideration only the companies that survived the crisis, therefore, presumably the stronger ones. Moreover, more ratios should be considered to have a more complete picture. It is a uniquely quantitative study based exclusively on the balance sheets data that neglect other important economic factors.

Practical implications

Public policies could use this study for better intervention decisions in support of agricultural and agro-industrial activities. Credit policy above all should consider the results of this research, requesting urgent consideration of possible capitalization warranting the access to regulated financial markets. Besides, internal management may compare company outcomes with average sector outcomes to identify improvement prospects. These kinds of studies are advisable for education and training.

Social implications

The careful economic and financial analysis of the sector favors the relaunching strategies of the Italian wineries in which many employees work. Supporting companies favors employment, constant incomes for workers’ families along the entire supply chain, from the production of grapes to consumption. A solid sector guarantees development and social and economic well-being.

Originality/value

The study contributes to the literature by providing a quantitative method of analysis of the sector, through the comparative information taken from the balance sheets. Therefore, it expands managerial and accounting knowledge on an important sector for the Italian and world economy.

Details

International Journal of Wine Business Research, vol. 32 no. 3
Type: Research Article
ISSN: 1751-1062

Keywords

Article
Publication date: 21 January 2022

Veronica De Blasio, Pietro Pavone and Guido Migliaccio

This study offers a focus on the income dynamics of the sector, analyzing the evolution of the main profitability indicators (ROE, ROA, ROI and ROS) of 457 Italian companies in…

Abstract

Purpose

This study offers a focus on the income dynamics of the sector, analyzing the evolution of the main profitability indicators (ROE, ROA, ROI and ROS) of 457 Italian companies in the 2008–2020 period. So, it is possible to verify the reactivity to the global financial crisis that began in 2008 and the first indications on the 2020 pandemic.

Design/methodology/approach

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance completed by Tukey's test, useful for identifying the existence of significant differences between geographical macro-areas of the country.

Findings

The results show positive dynamics in a sector that has been able to absorb the negative consequences of the great global crisis, improving its profitability over the years, albeit with differences in the macro-regions of Italy.

Research limitations/implications

The study considers only the companies that survived the crisis, so, presumably, the strongest. In the future, other ratios should be considered to have a more complete view. It is a quantitative study based on the financial report data that neglects other important economic factors.

Practical implications

Public policies might use this study for a better intervention in support of the sector. Besides, internal management may compare company outcomes with average sector outcomes to identify improvement prospects.

Social implications

The research represents a significant basis considering the risks deriving from the supply of low-cost Asian products that could significantly affect the profitability of Italian companies in the future.

Originality/value

The study contributes to the literature by providing a quantitative analysis of the dynamics of the sector, through the comparative information that may be deduced of balanced sheets in the course of the years.

Details

Journal of Small Business and Enterprise Development, vol. 29 no. 7
Type: Research Article
ISSN: 1462-6004

Keywords

Book part
Publication date: 29 November 2019

Felicetta Iovino and Guido Migliaccio

This chapter from a brief review of the relevant literature on the energy markets points out the changes in the relationships between energy companies and customers through the…

Abstract

This chapter from a brief review of the relevant literature on the energy markets points out the changes in the relationships between energy companies and customers through the Web. The objective is to highlight the changes of the energy markets thanks to the web demonstrating that it is able to ensure the raising of the switching rates and hence the competition, goal of the liberalization of public services. To this end, the authors will use secondary data from Accenture researches about the perceptions of customers and energy companies around the relations established via the web, and the CUAC for the switching mode performed in the State of Victoria in Australia.

Details

The Cross-Disciplinary Perspectives of Management: Challenges and Opportunities
Type: Book
ISBN: 978-1-83867-249-2

Keywords

Content available
Book part
Publication date: 29 November 2019

Abstract

Details

The Cross-Disciplinary Perspectives of Management: Challenges and Opportunities
Type: Book
ISBN: 978-1-83867-249-2

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