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Article
Publication date: 14 February 2018

Armando Papa, Luca Dezi, Gian Luca Gregori, Jens Mueller and Nicola Miglietta

This paper aims to study the effects of knowledge acquisition on innovation performance and the moderating effects of human resource management (HRM), in terms of employee…

Abstract

Purpose

This paper aims to study the effects of knowledge acquisition on innovation performance and the moderating effects of human resource management (HRM), in terms of employee retention and HRM practices, on the above-mentioned relationship.

Design/methodology/approach

A sample of 129 firms operating in a wide array of sectors has been used to gather data through a standardized questionnaire for testing the hypotheses through ordinary least squares (OLS) regression models.

Findings

The results indicate that knowledge acquisition positively affects innovation performance and that HRM moderates the relationship between knowledge acquisition and innovation performance.

Originality/value

With the increasing proclivity towards engaging in open innovation, firms are likely to face some tensions and opportunities leading to a shift in the management of human resources. This starts from the assumption that the knowledge base of the firm resides in the people who work for the firm and that some HRM factors can influence innovation within firms. Despite this, there is a lack of research investigating the link between knowledge acquisition, HRM and innovation performance under the open innovation lens. This paper intends to fill this gap and nurture future research by assessing whether knowledge acquisition influences innovation performance and whether HRM moderates such a relationship.

Details

Journal of Knowledge Management, vol. 24 no. 3
Type: Research Article
ISSN: 1367-3270

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Article
Publication date: 7 February 2020

Enrico Battisti, Fabio Creta and Nicola Miglietta

This paper gathers initial evidence about the nature and features of the equity crowdfunding model in Italy, especially in terms of regulations. The purpose of this study…

Abstract

Purpose

This paper gathers initial evidence about the nature and features of the equity crowdfunding model in Italy, especially in terms of regulations. The purpose of this study is to examine how equity crowdfunding might support the real estate sector in Italy.

Design/methodology/approach

To explore the recent initiatives in the development of FinTech in Italy, especially referring to equity crowdfunding’s instrument, a qualitative perspective is used. In particular, this paper relies on primary data from regulations and secondary data from the public domain, which are examined in relation to the current literature.

Findings

The results of this study show that equity crowdfunding represents a funding method that is rapidly increasing in Italy, despite rather rigid regulation. Among the various sectors involved, the real estate sector could benefit from the crowdfunding models and, specifically, from the equity one. The development of new real estate equity crowdfunding portals that allow diversification of investment (by reducing the typical entry barriers for real estate investment) could guarantee greater investment transparency and simplicity.

Practical implications

Real estate crowdfunding can be a simple way to invest in the real estate industry. Thanks to the use of technology, specifically internet-based platforms, this type of crowdfunding allows for small investors, as well as professional investors, to access an asset class otherwise not open to small investment tickets and improve the diversification of investments.

Originality/value

Although recent literature has examined the concept of crowdfunding and highlighted different models, aspects and campaigns, no prior studies, to the authors’ knowledge, have explicitly and jointly investigated, also based on the state of art of regulation, the equity crowdfunding model and the real estate sector in Italy.

Details

Journal of Financial Regulation and Compliance, vol. 28 no. 3
Type: Research Article
ISSN: 1358-1988

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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…

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

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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…

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

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Article
Publication date: 19 September 2019

Enrico Battisti, S.M. Riad Shams, Georgia Sakka and Nicola Miglietta

The purpose of this paper is to improve understanding of the integration between big data (BD) and risk management (RM) in business processes (BPs), with special reference…

Abstract

Purpose

The purpose of this paper is to improve understanding of the integration between big data (BD) and risk management (RM) in business processes (BPs), with special reference to corporate real estate (CRE).

Design/methodology/approach

This conceptual study follows, methodologically, the structuring inter-textual coherence process – specifically, the synthesised coherence tactical approach. It draws heavily on theoretical evidence published, mainly, in the corporate finance and the business management literature.

Findings

A new conceptual framework is presented for CRE to proactively develop insights into the potential benefits of using BD as a business strategy/instrument. The approach was found to strengthen decision-making processes and encourage better RM – with significant consequences, in particular, for business process management (BPM). Specifically, by recognising the potential uses of BD, it is also possible to redefine the processes with advantages in terms of RM.

Originality/value

This study contributes to the literature in the fields of real estate, RM, BPM and digital transformation. To the best knowledge of authors, although the literature has examined the concepts of BD, RM and BP, no prior studies have comprehensively examined these three elements and their conjoint contribution to CRE. In particular, the study highlights how the automation of data-intensive activities and the analysis of such data (in both structured and unstructured forms), as a means of supporting decision making, can lead to better efficiency in RM and optimisation of processes.

Details

Business Process Management Journal, vol. 26 no. 5
Type: Research Article
ISSN: 1463-7154

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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.

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

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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…

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.

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Article
Publication date: 24 January 2018

Nicola Miglietta, Enrico Battisti and Alexeis Garcia-Perez

The purpose of this paper is to analyse the companies listed on the US stock market in order to investigate for the selected companies, called the Dividend Champions, the…

Abstract

Purpose

The purpose of this paper is to analyse the companies listed on the US stock market in order to investigate for the selected companies, called the Dividend Champions, the introduction of an open innovation practice.

Design/methodology/approach

This study is based on a mixed-methods sequential explanatory design. This research is based on an empirical analysis undertaken with 65 listed companies in order to examine, in the first phase, the Dividend Champions. These firms have increased their dividend yield for at least the past 40 years. In a second phase, this research studies the application of an open innovation practice for those listed companies that have systematically paid increased dividends for 60 years and have, at the same time, beat the market.

Findings

This study reveals seven listed companies that, for more than 60 years, have regularly paid growing dividends and, at the same time, have beat the yield of the market (i.e. six out of the seven companies). The latter include: American States Water, Dover Corporation, Emerson Electric, Genuine Parts Co., Parker-Hannifin Corporation and Procter & Gamble Co. All of these corporations have adopted or implemented a practice of open innovation.

Originality/value

To the authors’ knowledge, this is among the first pioneer research work, based on the potential relationship between shareholder value and open innovation. In particular, this paper highlights the fact that US-listed companies can create more value for shareholders over a long period and, at the same time, beat the market by adopting different open innovation practices.

Details

Management Decision, vol. 56 no. 6
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 6 November 2017

Nicola Miglietta, Enrico Battisti and Francesco Campanella

The purpose of this paper is to examine listed companies, grouped by sector, that for decades have shown a dividend growth. Referring to the food and beverage (F&B…

Abstract

Purpose

The purpose of this paper is to examine listed companies, grouped by sector, that for decades have shown a dividend growth. Referring to the food and beverage (F&B) industry, the authors have investigated the adoption of an open innovation model in order to fill a gap in the existing literature.

Design/methodology/approach

This paper uses a multi-method design linking qualitative and quantitative approaches. The quantitative study was planned in order to identify some US-listed companies, called Dividend Champions that have distributed consistently growing dividends for over 50 years and have beaten the markets. The qualitative study was designed to provide insight into the adoption or not of an open innovation model by the listed companies in the F&B industry in the US market that were selected by the quantitative analysis.

Findings

The research is based on an empirical analysis undertaken with 816 listed companies in US markets. In particular, the authors underline 20 companies that over the past 50 years have systematically increased dividend paid, and at the same time, have beaten the market (Standard & Poor’s 500). In all, 30 per cent of the selected companies belong to the consumer goods sector, and F&B companies represent 50 per cent of them. All of these companies (The Coca-Coca Company, Hormel Foods Corporation, and Lancaster Colony Corporation) implement an open innovation model.

Originality/value

To the authors’ knowledge, this is the first exploratory study based on value maximisation and open innovation. An open innovation model increases competitiveness and the durability of competitive advantage, which are main sources of value creation. The paper highlights evidence from the F&B industry, referred to as Dividend Champions, and the adoption of an open innovation model.

Details

British Food Journal, vol. 119 no. 11
Type: Research Article
ISSN: 0007-070X

Keywords

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Article
Publication date: 16 May 2019

Enrico Battisti, Nicola Miglietta, Niccolò Nirino and Manuel Villasalero Diaz

The purpose of this paper is to analyse companies listed on the FTSE MIB, in order to investigate the introduction of different types of open innovation practice as a key…

Abstract

Purpose

The purpose of this paper is to analyse companies listed on the FTSE MIB, in order to investigate the introduction of different types of open innovation practice as a key factor to develop a competitive advantage to pursue value creation.

Design/methodology/approach

This research uses a mixed-methods sequential explanatory design. A quantitative study was conducted to determine the firms listed on the FTSE MIB that for more than 10 years have paid dividends and beat the yield of the market. The qualitative analysis was designed to provide insights into the adoption of at least one open innovation practice by the listed companies selected in the quantitative phase.

Findings

This work is based on an empirical analysis undertaken with 40 Italian companies listed on the FTSE MIB. In particular, the authors highlight 16 companies that for more than a decade have regularly paid dividends and, at the same time, have beat the FTSE MIB Index. All of these companies implemented at least one open innovation practice during the period investigated.

Originality/value

This is among the first pioneer research works based on the potential relationship among value creation, innovation practice and competitive advantage in the Italian market. This study highlights the fact that 16 out of 40 companies listed on the FTSE MIB create more value for shareholders over a long period, and all of these firms adopt different open innovation practices (e.g. partnership and collaboration with external entities; mergers and acquisitions and alliances; investment in start-ups; hackathons and call for ideas; outsourcing R&D) as a key factor to develop a sustainable competitive advantage.

Details

European Journal of Innovation Management, vol. 23 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

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