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Article
Publication date: 3 August 2021

Nicola Raimo, Alessandra Caragnano, Massimo Mariani and Filippo Vitolla

In recent years, policymakers have increasingly pushed firms to disclose non-financial information. In Europe, integrated reporting (IR) is an increasingly adopted tool to fully…

1354

Abstract

Purpose

In recent years, policymakers have increasingly pushed firms to disclose non-financial information. In Europe, integrated reporting (IR) is an increasingly adopted tool to fully comply with the requirements of the Directive 2014/95/EU. This study aims to examine the financial benefits of IR quality and specifically the effect on the cost of debt.

Design/methodology/approach

A manual content analysis is performed to measure the quality of the information contained in integrated reports. A panel regression model is used to test the effect of the IR quality on the cost of debt on a sample of 399 observations (a balanced panel of 133 European listed firms for the period 2017–2019).

Findings

Results demonstrate a negative relationship between IR quality and the cost of debt, showing that firms that provide higher quality integrated reports benefit from access to third party financial resources at better conditions.

Research limitations/implications

The results of this study offer important implications for managers and policymakers. The capacity of IR quality to allow a cost of debt reduction should push managers to a greater propensity towards transparency and the dissemination of high quality integrated reports. In addition, in light of the benefits connected to the IR quality, policymakers should push towards the adoption of IR as a solution to fulfil the regulatory obligations deriving from Directive 2014/95/EU.

Practical implications

Results show the goodness of IR as an ideal solution to fulfil the obligations imposed by Directive 2014/95/EU. The important financial benefits associated with IR quality make the high quality integrated report an ideal tool capable of fulfilling regulatory obligations and at the same time guaranteeing a reduction in the cost of debt.

Originality/value

To the best of the authors’ knowledge, this is the first work that analyses the relationship between IR quality and cost of debt.

Details

Journal of Applied Accounting Research, vol. 23 no. 1
Type: Research Article
ISSN: 0967-5426

Keywords

Article
Publication date: 17 October 2023

Massimo Mariani, Mavie Cardi, Francesco D'Ercole, Nicola Raimo and Filippo Vitolla

Understanding the determinants of a corporate initial public offering (IPO) success is essential for reducing investors' valuation uncertainty when participating in share…

Abstract

Purpose

Understanding the determinants of a corporate initial public offering (IPO) success is essential for reducing investors' valuation uncertainty when participating in share offerings. In this sense, this study contributes to the existing debate by examining IPO prospectus readability. The authors specifically investigate how clear and more informative insights into pure corporate key financial numbers can lead to a higher valuation for the company after the listing process.

Design/methodology/approach

Through a sample of European IPOs, the authors employ a cross-sectional regression to test the relationship between prospectus readability through the Flesch reading ease (FRE) score and companies' market-to-book ratio at the period end date after the listing process.

Findings

The study findings show a positive impact of higher readability on the post-IPO market-to-book ratio. Thus, clear and more informative communication results in stocks being traded at a premium to their book value. This study presents a concrete call for firms to increase corporate documents’ readability to mitigate the risk of withdrawing or spoiling corporate market access. Specifically, enhanced clarity and transparency increase investors' confidence, facilitating a better understanding of companies' intrinsic value and the overall IPO process. The authors conducted several tests to validate the results.

Originality/value

To the best of the authors’ knowledge, this is among the first works to explore the relationship between the readability of corporate prospectus and the sustained IPO success in the European context.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 1 January 2014

Chiara Caterina Borghi, Yoko Akiyama, Massimo Fabbri, Shigehiro Nishijima and Pier Luigi Ribani

The aim of this paper is the study of the magnetic separation of pollutants from water by means of a magnetic filter. A magnetic activated carbons nanometric powder that combines…

Abstract

Purpose

The aim of this paper is the study of the magnetic separation of pollutants from water by means of a magnetic filter. A magnetic activated carbons nanometric powder that combines the well-known pollutants absorbent capacity of activated carbons with the magnetic properties of magnetite (Fe3O4) is used.

Design/methodology/approach

The considered magnetic filter is made of stainless steel spheres, magnetized by an external flux density field provided by permanent magnets. Flux density and fluid velocity fields are evaluated using volume integral equation method. The modelling of the particles trajectories inside the filter allows calculating its capture efficiency.

Findings

The results of the model are tested on the experimental data obtained using two different setups. A removal of the powder larger than 90 percent is achieved in both cases. The pollutant removal efficiency is checked on surfactants (water diluted). Their adsorption on magnetic activated carbons leads to residual concentration below the limit for the reuse in agriculture (according to the Italian legislation) for all the tested surfactants.

Originality/value

The proposed process combines efficiently a physico-chemical phase of adsorption and a magnetic phase of filtration due to the particular properties of magnetic activated carbons.

Details

COMPEL: The International Journal for Computation and Mathematics in Electrical and Electronic Engineering, vol. 33 no. 1/2
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 4 March 2022

Mariavittoria Cicellin, Andrea Tomo, Stefano Consiglio, Luigi Moschera and Massimo Aria

This study aims to analyze the effects of the type of agency contract on the relationship between agency workers' organizational commitment and perceived organizational support.

Abstract

Purpose

This study aims to analyze the effects of the type of agency contract on the relationship between agency workers' organizational commitment and perceived organizational support.

Design/methodology/approach

The authors extend a previously developed model considering organizational support and affective commitment by including also continuance commitment in the Italian employment agency industry. The authors use a probabilistic stratified sampling method on a sample of 8,283 agency workers. Data were analyzed with structural equation modelling (SEM) and multiple group analyses.

Findings

The findings confirm the positive relationship between perceived organizational support from both the agency and the client organization and agency workers' affective commitment to them. The authors also find that agency workers develop a mutually related dual commitment in response to the support they receive from both organizations.

Originality/value

The paper contributes to the literature on agency workers and suggests useful managerial and policy makers interventions for both temporary work agencies and client organizations for the development of the agency industry as well as the well-being of workers.

Details

Employee Relations: The International Journal, vol. 44 no. 5
Type: Research Article
ISSN: 0142-5455

Keywords

Open Access
Article
Publication date: 13 December 2022

Silvia Fissi, Elena Gori, Valentina Marchi and Alberto Romolini

The purpose of this study is to analyse the brand communication on social media (SM) made by two- and three-starred restaurants and the customer reaction in terms of engagement…

3769

Abstract

Purpose

The purpose of this study is to analyse the brand communication on social media (SM) made by two- and three-starred restaurants and the customer reaction in terms of engagement effects during a crisis. The research highlights the connections between brand communication and engagement dynamics on Instagram by looking for differences in the strategies of two and three-starred restaurants and by highlighting the changes in the background engagement drivers.

Design/methodology/approach

Using data collected from 5,666 Instagram posts by 34 Italian Michelin-starred restaurants, the authors analysed the crisis-driven changes in online communication and customer engagement comparing three phases of the COVID-19 pandemic by applying a linear regression model with fixed effects.

Findings

Michelin-starred restaurants changed their strategies of brand communication to overcome the effects of the crisis. The findings highlight the importance of SM as a tool to stay in touch with consumers and the pivotal role of customers in engagement, especially during a pandemic.

Originality/value

To the best of the authors’ knowledge, this is among the first studies to investigate the changes in brand communication and the effects on customer engagement during a pandemic, with a focus on Instagram. It contributes to understanding the role of platform and the main drivers of engagement on Instagram, as well as suggesting how managers can improve brand value using SM.

Details

British Food Journal, vol. 125 no. 13
Type: Research Article
ISSN: 0007-070X

Keywords

Open Access
Article
Publication date: 26 January 2022

Stefano Franco, Angelo Presenza, Antonio Messeni Petruzzelli and Enzo Peruffo

The purpose of this study is to explore how luxury companies can use knowledge embedded in tradition to set up effective business models.

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Abstract

Purpose

The purpose of this study is to explore how luxury companies can use knowledge embedded in tradition to set up effective business models.

Design/methodology/approach

Given the limited coverage in previous literature regarding the manner in which tradition can be leveraged by companies to create and capture value, this paper adopts a qualitative approach, i.e. the exploratory analysis of a single case study, namely, that of the high-end Italian hotel Borgo Egnazia.

Findings

Within a focus on luxury firms, this paper conceptualizes the tradition-driven business model highlighting activities aimed at creating and capturing value by using knowledge embedded in tradition. Combining value creation and value capture with tacit and codified knowledge, the authors are able to highlight the components of a business model that uses tradition as its main distinctive resource.

Originality/value

To the best of the authors’ knowledge, this is the first study to explore how companies use tradition to create and capture value.

Details

Journal of Knowledge Management, vol. 26 no. 11
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 25 August 2021

Massimo Coli, Marco Tanganelli, Michele Baldi and Stefania Viti

The paper is aimed at assessing the safety of the Giotto's Bell Tower, with special attention to its foundation system, i.e. the foundation works and soil. The tower, well known…

Abstract

Purpose

The paper is aimed at assessing the safety of the Giotto's Bell Tower, with special attention to its foundation system, i.e. the foundation works and soil. The tower, well known all over the world, has a squared plan, with sides of 14.45 m each, and a total height equal to 84.7 m. The structural response of the tower is assessed with reference to the gravitational load and to the expected seismic action, quantified according to the seismic hazard of the site and the foundation soil.

Design/methodology/approach

A simplified analysis has been performed to check the safety level of the tower to seismic actions. Special attention has been paid to quantify the horizontal actions representing the seismic loads. Such quantification, indeed, has been made both through the elastic spectrum of the tower and by performing a site response analysis on the foundation soil, represented as a one-dimensional stratification of soil layers, described on the basis of experimental investigations. After defining the loading actions, a simplified assessment of the foundation safety has been made by considering the action over foundation, the geotechnical data and the safety factor.

Findings

The findings of the paper concern the assessment of the safety of the tower's foundation system. A lot of experimental data on the foundation soil, provided by various geological investigations, have been provided and used for the assessment. Moreover, the mechanical properties of the materials used for the structure have been collected and shown in the paper.

Originality/value

The paper collects a lot of technical information regarding the Giotto's Bell Tower, both regarding its foundation soil and the constituting materials. On the basis of the collected information, a structural analysis has been made to assess the seismic safety of the tower, and the results of such assessment are provided and discussed.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 13 no. 2
Type: Research Article
ISSN: 2044-1266

Keywords

Open Access
Article
Publication date: 10 July 2020

Emilio Passetti, Massimo Battaglia, Francesco Testa and Iñaki Heras-Saizarbitoria

This paper aims to analyse the extent to which health and safety action controls, results controls and informal controls affect the integration of health and safety issues into…

3765

Abstract

Purpose

This paper aims to analyse the extent to which health and safety action controls, results controls and informal controls affect the integration of health and safety issues into management actions, which in turn leads to improve health and safety performance. It also investigates the extent to which those health and safety control mechanisms contribute complementarily to the integration of health and safety issues.

Design/methodology/approach

A survey of 108 Italian non-listed firms tests a set of hypotheses based on complementarity theory and object of control framework.

Findings

Not all the health and safety control mechanisms positively influence the integration of health and safety issues into business practices and external stakeholder relations. Complementarity between health and safety control mechanisms is significant only for higher health and safety performance companies, indicating that the health and safety control mechanisms operate as a package.

Research limitations/implications

The health and safety performance measure could be replaced in future research by improved inter-subjectively testable information, although collecting health and safety quantitative data is difficult. An additional limitation is the response rate.

Practical implications

The findings encourage companies to design and use a comprehensive set of health and safety control mechanisms to promote a healthy workplace.

Originality/value

The paper contributes to the management control, sustainability management control and health and safety accounting literature. The paper provides an in-depth interdisciplinary analysis of the effectiveness of different control mechanisms in the context of health and safety that hitherto has rarely been investigated despite the multiple importance of the topic.

Details

Accounting, Auditing & Accountability Journal, vol. 33 no. 7
Type: Research Article
ISSN: 0951-3574

Keywords

Content available
Book part
Publication date: 28 June 2023

Abstract

Details

Decision-Making in International Entrepreneurship: Unveiling Cognitive Implications Towards Entrepreneurial Internationalisation
Type: Book
ISBN: 978-1-80382-234-1

Article
Publication date: 2 December 2019

Simone Fanelli, Chiara Carolina Donelli, Antonello Zangrandi and Isabella Mozzoni

Opera houses have been traditionally publicly financed in many western countries. However, today many opera houses are facing serious financial troubles, due to the recent…

Abstract

Purpose

Opera houses have been traditionally publicly financed in many western countries. However, today many opera houses are facing serious financial troubles, due to the recent financial crisis. There is thus a widespread public debate on measures to ensure agency efficiency for performing arts organizations. Focusing on the reform implemented recently in Italy, which submitted opera houses that had severe financial difficulties to a recovery plan and encouraged forms of collaborative governance (CG), the purpose of this paper is to investigate the impact of CG on the performance of the arts sector.

Design/methodology/approach

Multiple case studies are used, on longitudinal data from multiple sources over a period of up to five years, in order to triangulate the narrative of financial and artistic performance and ensure trustworthiness. The study thus spans the period before the Bray Law came into force (2013) and covers the entire period in which recovery plans were implemented.

Findings

The analysis explores how opera houses are building sustainability for themselves and the community in terms of financial and artistic performance through CG. Various forms of CG adopted yielded positive results. Furthermore, more robust forms of CG generated better performance, especially from a financial point of view.

Originality/value

This paper adds to the limited knowledge of CG in the non-profit sector by bridging the fields of agency performance and CG. It discusses how the introduction of forms of CG can build up long-term sustainability, solving the dilemma of how to achieve financial equilibrium without compromising artistic quality, focusing on the case of opera houses, which are notably affected by Baumol’s cost disease.

Details

International Journal of Public Sector Management, vol. 33 no. 1
Type: Research Article
ISSN: 0951-3558

Keywords

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