This study reflects the specificities of family small- and medium-sized enterprises （SMEs） which are related to values, culture, and relationships with the territory （local context）. In the following sustainable a...This study reflects the specificities of family small- and medium-sized enterprises （SMEs） which are related to values, culture, and relationships with the territory （local context）. In the following sustainable and corporate social responsibility （CSR）-oriented strategies, family businesses are ＂assisted＂ by the presence of entrepreneurial values which are tied to and derived from the social system in the territory in which they are located. The aim of this study is to demonstrate that the consolidation of stable and durable relations between the family business and the local context depends on the presence of shared values between the members of the family and the stakeholders, all components of civil society are within the same territory. Such values are the fruit of a given territory＇s civic traditions. They are the result of an anthropological culture which is typical of the socioeconomic environment in which the entrepreneur, the family, and the business are all rooted, thus, they are expressions of a culture ＂of the place＂.展开更多
The objective of this paper is to investigate whether mergers create value for shareholders in both the short and long term. For this purpose, 120 announcements of mergers that were registered in Italy during the peri...The objective of this paper is to investigate whether mergers create value for shareholders in both the short and long term. For this purpose, 120 announcements of mergers that were registered in Italy during the period 1994-2006 among listed companies were examined. The short-term analysis was conducted using the event study methodology in order to estimate the cumulative abnormal returns （CARs） in the time window around the announcement date （-10, ＋10）. In this work, the sample of 120 mergers was divided into two sub-samples： the first considers the mergers that were carried out in all sectors of the economy, and the second focuses only on bank mergers. From the results obtained it would appear that, while the sub-sample of all mergers registered a statistically significant value creation for the shareholders of both the bidder and target companies, values also confirmed by combined analysis, the second sub-sample registered negative values for bidder companies and positive values for target companies. Negative values also seem to be confirmed by the results of the combined analysis both at the date of announcement and throughout the entire period of observation. For the long-term analysis, the Buy and Hold Abnormal Returns （BHARs） methodology was used, with which it was possible to observe the returns for three years. In the 36 months following the merger, the portfolios showed a significant destruction of value展开更多
This paper presents some considerations about the definition and role of ＂medium-sized cities＂ in the processes of urban governance of the Italian regional systems, in line with the objectives of European programmin...This paper presents some considerations about the definition and role of ＂medium-sized cities＂ in the processes of urban governance of the Italian regional systems, in line with the objectives of European programming 2007-2013. Beginning from some theoretical considerations, the research objective is to delineate the features of the ＂new urban geography＂ of Campania region as it has been formed on the base of the social and economic processes that in the last 30 years have modified the regional urban system in the widest context of Mezzogiorno. To such aim, the paper is articulated in two parts： the first one in which the fundamental passages are re-called in the processes of development of Italian urban areas that have carried to new paradigms object of theoretical approaches still in course of definition, and the second one in which such processes are considered regarding the model of urban development of Campania, on which the research is concentrated. Specifically, the paper presents the case of two ＂middle cities＂ in the Campania region： Benevento and Salerno, which play a particularly important role in the design and development of a ＂regional network of medium-sized cities＂.展开更多
Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and,...Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and, consequently, reduce financial constraints for its development. Being creative is definitely the first mechanism that leads to innovation. Creativity spreads from both the individuals that work in the firm and from the social processes and contextual factors that characterize individual relationships within the company. Relational capital is the second mechanism that brings innovation. Relationships with clients, suppliers, competitors, producers of complementary products, public and private research institutions provide creative elements that, once screened, give rise to innovation. The first mechanism requires the firm to be creative on its own as innovations come directly from within the organization （＂closed innovation＂ model）. In the second, the firm must get in touch with potentially innovative idea~ coming from outside （＂open innovation＂ model）. Doctrine and praxis point out that firms, which do not stop at the first mechanism of innovation, turn out to be more innovative. The paper is structured as follows. In the first part, a theoretical framework is provided, describing the main findings, in the literature, in terms of relationships among innovation, creativity and relational capital. The second part is based on the analysis of two case studies. The first case （Coswell）, the very different degree of success （in terms of generated income） of its products seems to be tightly related on how much ＂relational capital＂ is ＂inside＂ the innovation. In the second case （Pastificio Rana） shows that innovation resulting from relational capital allows the company to excel against its far bigger and financially superior competitors.展开更多
Several studies about the brand ＂made in Italy＂ have illustrated the real significance of this brand, placing it in the top position for brand awareness in most countries. The words ＂made in Italy＂ evoke in consum...Several studies about the brand ＂made in Italy＂ have illustrated the real significance of this brand, placing it in the top position for brand awareness in most countries. The words ＂made in Italy＂ evoke in consumers＇ minds attributes that positively characterize the image of Italy as a country--in particular, the attributes of creativity, aesthetics, quality, and sophistication--facilitating the perception of a differential value through the effect of the product-country association. Italians are proud of this, but what really composes the brand ＂made in Italy＂？ Above all, is there any truth behind this expression？ The paper aims to propose a critical analysis about the ＂made in Italy＂ value appropriation and the future development of this brand.展开更多
The purpose of this paper is to show preliminary results from an international research project on intellectual capital and value creation led by Lappeenranta University of Technology （Finland）. In the case of this ...The purpose of this paper is to show preliminary results from an international research project on intellectual capital and value creation led by Lappeenranta University of Technology （Finland）. In the case of this paper, results from Italy will be reported and specifically. The Italian analysis focuses on the entrepreneurial capital （EC） and it analyses how large Italian companies develop and enhance this intangible element. The main research question is： What is the current level of EC in Italian organizations and how does it affect value creation.＇？ To this end, the research addressed the different definitions of EC that literature offers. As a secondary step, this paper analysed the variables suggested by previous literature and proposed an original definition for the research project. The definition is that EC is a stock of competences and the personnels＇ attributes related to proactive, risky, and aggressive decision-making and behaviour. This research provides researchers and managers with unique insights into the evolutionary nature of the relationships between distinct 1C variables and draws a picture on the state of art of corporate EC in the selected sample. This research highlights and improves companies＇ abilities to manage their EC. Furthermore, this research will set the agenda for improving the EC practices of Italian companies and will allow future comparison with firms from other countries that are participating in the same project identifying different pathways to success.展开更多
Widespread hotels represent a new Italian phenomenon still not much investigated, both on theoretical and empirical side, which cannot be ignored anymore. Indeed they meet the need to implement techniques and manageme...Widespread hotels represent a new Italian phenomenon still not much investigated, both on theoretical and empirical side, which cannot be ignored anymore. Indeed they meet the need to implement techniques and management tools which are able to improve the culture-tourism binomial. This would permit to transform into valid instruments of national economical development, the shared declaration of intents for which culture and tourism, especially in Italy and in this particular fragile period, represent even more the main strategic levers for the sustainable development. This article intends to describe the potentiality of these widespread hotels as innovations particularly suitable with trends recently emerged in tourism sector and outline the phenomenon pattern in ltaly with particular attention on Umbria region, in order to identify his main strength and weakness and some innovation to improve performance. To this end, it starts from the analysis of the national and international economic-managerial literature concerning in particular cultural and experienced trends shown in tourism. Then it introduces the main acquisitions about widespread hotels in Italy, updating and extending them through a desk survey based on indirect sources of various natures. Lastly, it describes the case of Umbria, analyzing more in depth making use of interviews with entrepreneurs/managers of hotels and based on a semi-structured questionnaire. The aspects of indeterminateness which were found, starting from the normative one, testify how the potentiality of the widespread hotels as far as regards the value creation for the enterprise itself and the territorial stakeholder, are still not properly understood and therefore used. It is clear that, therefore, new behaviors are needed for entrepreneurs and, most importantly, for local policy makers in order to create the conditions for the full success of these hospitality models.展开更多
文摘This study reflects the specificities of family small- and medium-sized enterprises （SMEs） which are related to values, culture, and relationships with the territory （local context）. In the following sustainable and corporate social responsibility （CSR）-oriented strategies, family businesses are ＂assisted＂ by the presence of entrepreneurial values which are tied to and derived from the social system in the territory in which they are located. The aim of this study is to demonstrate that the consolidation of stable and durable relations between the family business and the local context depends on the presence of shared values between the members of the family and the stakeholders, all components of civil society are within the same territory. Such values are the fruit of a given territory＇s civic traditions. They are the result of an anthropological culture which is typical of the socioeconomic environment in which the entrepreneur, the family, and the business are all rooted, thus, they are expressions of a culture ＂of the place＂.
文摘The objective of this paper is to investigate whether mergers create value for shareholders in both the short and long term. For this purpose, 120 announcements of mergers that were registered in Italy during the period 1994-2006 among listed companies were examined. The short-term analysis was conducted using the event study methodology in order to estimate the cumulative abnormal returns （CARs） in the time window around the announcement date （-10, ＋10）. In this work, the sample of 120 mergers was divided into two sub-samples： the first considers the mergers that were carried out in all sectors of the economy, and the second focuses only on bank mergers. From the results obtained it would appear that, while the sub-sample of all mergers registered a statistically significant value creation for the shareholders of both the bidder and target companies, values also confirmed by combined analysis, the second sub-sample registered negative values for bidder companies and positive values for target companies. Negative values also seem to be confirmed by the results of the combined analysis both at the date of announcement and throughout the entire period of observation. For the long-term analysis, the Buy and Hold Abnormal Returns （BHARs） methodology was used, with which it was possible to observe the returns for three years. In the 36 months following the merger, the portfolios showed a significant destruction of value
文摘This paper presents some considerations about the definition and role of ＂medium-sized cities＂ in the processes of urban governance of the Italian regional systems, in line with the objectives of European programming 2007-2013. Beginning from some theoretical considerations, the research objective is to delineate the features of the ＂new urban geography＂ of Campania region as it has been formed on the base of the social and economic processes that in the last 30 years have modified the regional urban system in the widest context of Mezzogiorno. To such aim, the paper is articulated in two parts： the first one in which the fundamental passages are re-called in the processes of development of Italian urban areas that have carried to new paradigms object of theoretical approaches still in course of definition, and the second one in which such processes are considered regarding the model of urban development of Campania, on which the research is concentrated. Specifically, the paper presents the case of two ＂middle cities＂ in the Campania region： Benevento and Salerno, which play a particularly important role in the design and development of a ＂regional network of medium-sized cities＂.
文摘Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and, consequently, reduce financial constraints for its development. Being creative is definitely the first mechanism that leads to innovation. Creativity spreads from both the individuals that work in the firm and from the social processes and contextual factors that characterize individual relationships within the company. Relational capital is the second mechanism that brings innovation. Relationships with clients, suppliers, competitors, producers of complementary products, public and private research institutions provide creative elements that, once screened, give rise to innovation. The first mechanism requires the firm to be creative on its own as innovations come directly from within the organization （＂closed innovation＂ model）. In the second, the firm must get in touch with potentially innovative idea~ coming from outside （＂open innovation＂ model）. Doctrine and praxis point out that firms, which do not stop at the first mechanism of innovation, turn out to be more innovative. The paper is structured as follows. In the first part, a theoretical framework is provided, describing the main findings, in the literature, in terms of relationships among innovation, creativity and relational capital. The second part is based on the analysis of two case studies. The first case （Coswell）, the very different degree of success （in terms of generated income） of its products seems to be tightly related on how much ＂relational capital＂ is ＂inside＂ the innovation. In the second case （Pastificio Rana） shows that innovation resulting from relational capital allows the company to excel against its far bigger and financially superior competitors.
文摘Several studies about the brand ＂made in Italy＂ have illustrated the real significance of this brand, placing it in the top position for brand awareness in most countries. The words ＂made in Italy＂ evoke in consumers＇ minds attributes that positively characterize the image of Italy as a country--in particular, the attributes of creativity, aesthetics, quality, and sophistication--facilitating the perception of a differential value through the effect of the product-country association. Italians are proud of this, but what really composes the brand ＂made in Italy＂？ Above all, is there any truth behind this expression？ The paper aims to propose a critical analysis about the ＂made in Italy＂ value appropriation and the future development of this brand.
文摘The purpose of this paper is to show preliminary results from an international research project on intellectual capital and value creation led by Lappeenranta University of Technology （Finland）. In the case of this paper, results from Italy will be reported and specifically. The Italian analysis focuses on the entrepreneurial capital （EC） and it analyses how large Italian companies develop and enhance this intangible element. The main research question is： What is the current level of EC in Italian organizations and how does it affect value creation.＇？ To this end, the research addressed the different definitions of EC that literature offers. As a secondary step, this paper analysed the variables suggested by previous literature and proposed an original definition for the research project. The definition is that EC is a stock of competences and the personnels＇ attributes related to proactive, risky, and aggressive decision-making and behaviour. This research provides researchers and managers with unique insights into the evolutionary nature of the relationships between distinct 1C variables and draws a picture on the state of art of corporate EC in the selected sample. This research highlights and improves companies＇ abilities to manage their EC. Furthermore, this research will set the agenda for improving the EC practices of Italian companies and will allow future comparison with firms from other countries that are participating in the same project identifying different pathways to success.
文摘Widespread hotels represent a new Italian phenomenon still not much investigated, both on theoretical and empirical side, which cannot be ignored anymore. Indeed they meet the need to implement techniques and management tools which are able to improve the culture-tourism binomial. This would permit to transform into valid instruments of national economical development, the shared declaration of intents for which culture and tourism, especially in Italy and in this particular fragile period, represent even more the main strategic levers for the sustainable development. This article intends to describe the potentiality of these widespread hotels as innovations particularly suitable with trends recently emerged in tourism sector and outline the phenomenon pattern in ltaly with particular attention on Umbria region, in order to identify his main strength and weakness and some innovation to improve performance. To this end, it starts from the analysis of the national and international economic-managerial literature concerning in particular cultural and experienced trends shown in tourism. Then it introduces the main acquisitions about widespread hotels in Italy, updating and extending them through a desk survey based on indirect sources of various natures. Lastly, it describes the case of Umbria, analyzing more in depth making use of interviews with entrepreneurs/managers of hotels and based on a semi-structured questionnaire. The aspects of indeterminateness which were found, starting from the normative one, testify how the potentiality of the widespread hotels as far as regards the value creation for the enterprise itself and the territorial stakeholder, are still not properly understood and therefore used. It is clear that, therefore, new behaviors are needed for entrepreneurs and, most importantly, for local policy makers in order to create the conditions for the full success of these hospitality models.
