Revamping Research on Unrelated Diversification Strategy: Perspectives, Opportunities and Challenges for Future Inquiry

With the aim of achieving an advanced understanding of current research on unrelated diversification and providing fruitful groundwork to foster active interchange between disciplinary traditions, this paper detects articles from two relevant research streams; i.e., strategic management and financial economics. We first provide a brief overview of management thinking on unrelated diversification strategy. Then, we present a conceptual map that offers a comprehensive appreciation of unrelated diversification strategy antecedents (i.e., environmental and institutional, organizational value-enhancing, and managerial drivers), implementation process (i.e., managerial complexity, misallocation o…

The Hubris Hypothesis of Corporate Social Irresponsibility: Evidence from the Parmalat Case

In the last decade, various accounting scandals have come about (such as Enron, Global Crossing, Tyco, Worldcom and Parmalat), stimulating the burgeoning debate on the drivers and conditions underlying the emergence of financial frauds.

Post-acute COVID-19 neurological syndrome: A new medical challenge

In December 2019, in Wuhan (China), a highly pathogenic coronavirus, named SARS-CoV-2, dramatically emerged. This new virus, which causes severe pneumonia, is rapidly spreading around the world, hence it provoked the COVID-19 pandemic. This emergency launched by SARS-CoV-2 also had, and still has, devastating socio-economic aspects. Assessing the impact of COVID-19 on vulnerable groups of people is crucial for the adaptation of governments’ responses. Growing scientific evidence suggests that it is essential to keep the attention on people after acute SARS-CoV-2 infection; indeed, some clinical manifestations are frequently present even after recovery. There is consensus on the need to defi…

Interorganizational network and innovation: a bibliometric study and proposed research agenda

Purpose – This paper aims to explore the latent structure of the literature on interorganizational network and innovation as well as to map the main themes and empirical advances in this research stream. Design/methodology/approach – Using bibliometric coupling, the authors analyze the citation patterns in 67 management studies regarding innovation networks, published in ISI-journals from January 1996 to October 2012. Findings – The authors identify the conceptual orientations that studies share. Bibliometric analysis allows us to draw an overview of how this field of research has developed, recognizing in essence six main clustered research themes: networks as a framework that sustains fi…

Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

Purpose This paper aims to show the importance of introducing an integration manager (i.e. an executive position used to channel the acquiring firm’s course of action and strengthen the success of a post-acquisition integration process) within the acquiring firm’s board of directors. Design/methodology/approach This is a theoretical paper that introduces the integration manager within the board of privately held firms going internationally via acquisitions and serving as an “out-insider” director able to balance the conflicting demands of the previously separated entities during their integration process. The authors present an explanatory case study that empirically contributes to the boa…

Unveiling the Role of Multiple blockholders: Evidence from Closely Held Firms.

Research Question/Issue. This paper disentangles how the modes of ownership distribution among multiple blockholders and their heterogeneity shape principal–principal conflicts and, in turn, affect firm performance. The paper offers empirical evidence from a panel of Italian closely held firms over the period 2009–2014. Research Findings/Insights. We explore the principal–principal conflicts among blockholders across two distinct control structures. When a single blockholder controls the firm, principal–principal conflicts are shaped by the trade‐off between the alignment effect and the monitoring effect. In this scenario, we find that the relationship between the two largest blockholders' …

Protective, antioxidant and antiproliferative activity of grapefruit integropectin on sh-sy5y cells

Tested in vitro on SH-SY5Y neuroblastoma cells, grapefruit IntegroPectin is a powerful protective, antioxidant and antiproliferative agent. The strong antioxidant properties of this new citrus pectin, and its ability to preserve mitochondrial membrane potential and morphology, severely impaired in neurodegenerative disorders, make it an attractive therapeutic and preventive agent for the treatment of oxidative stress-associated brain disorders. Similarly, the ability of this pectic polymer rich in RG-I regions, as well as in naringin, linalool, linalool oxide and limonene adsorbed at the outer surface, to inhibit cell proliferation or even kill, at high doses, neoplastic cells may have open…

What we know and what we should know about stakeholders’ involvement for sustainable innovation

Towards a new treatment against polymicrobial infections: high antibacterial activity of lemon IntegroPectin against Pseudomonas aeruginosa and Escherichia coli

AbstractLemon IntegroPectin obtained via hydrodynamic cavitation of waste lemon peel in water only shows high antibacterial activity against two Gram-negative bacteria, Pseudomonas aeruginosa and Escherichia coli. The antibacterial effect against the ubiquitous pathogen P. aeruginosa was evaluated in terms of the minimal bactericidal (MBC) and minimal inhibitory concentration (MIC). Preliminary insight on the antibacterial mechanism of IntegroPectin originates from investigating its inhibitory activity against E. coli. Given the non-cytotoxic nature of citrus IntegroPectin and the ease of its reproducible production in large amounts, the route is open to the industrial development of a new …

Diversification Strategy

Temporary Competitive Advantage: An Investigation into the Core of the Literature

Evidence of over 350 citations recorded by the articles published in the 2010 special issue on “The Age of Temporary Advantage” of the Strategic Management Journal shows that the inquiry on temporary nature of competitive advantage is an emergent research area in strategic management. They also exhibit that, most likely, it is going to be a significant research area for the coming years. To assess the current status of the literature as well as to fathom the directions and challenges of future research on temporary advantage, we review prior empirical research on temporary advantage so as to offer a conceptual map that provides a comprehensive appreciation of antecedents, processes, and con…

Neuroprotective and Mitoprotective Effects of Lemon IntegroPectin on SH-SY5Y Cells

AbstractLemon IntegroPectin obtained via hydrodynamic cavitation of organic lemon processing waste in water shows significant neuroprotective activity in vitro, as first reported in this study investigating the effects of both lemon IntegroPectin and commercial citrus pectin on cell viability, cell morphology, reactive oxygen species (ROS) production and mitochondria perturbation induced by treatment of neuronal SH-SY5Y human cells with H2O2. Mediated by ROS including H2O2 and its derivatives, oxidative stress alters numerous cellular processes, including mitochondrial regulation and cell signaling, propagating cellular injury that leads to incurable neurodegenerative diseases. These result…

Altered insulin pathway compromises mitochondrial function and quality control both in in vitro and in vivo model systems.

Abstract Altered insulin signaling and insulin resistance are considered the link between Alzheimer's disease (AD) and metabolic syndrome. Here, by using an in vitro and an in vivo model, we investigated the relationship between these disorders focusing on neuronal mitochondrial dysfunction and mitophagy. In vitro Aβ insult induced the opening of mitochondrial permeability transition pore (mPTP), mitochondrial membrane potential (ΔΨm) loss, and apoptosis while insulin addition ameliorated these dysfunctions. The same alterations were detected in a 16 weeks of age mouse model of diet-induced obesity and insulin resistance. In addition, we detected an increase of fission related proteins and …

Multiple Sclerosis: Focus on Extracellular and Artificial Vesicles, Nanoparticles as Potential Therapeutic Approaches

Multiple sclerosis (MS) is an autoimmune disease of the Central Nervous System, characterized by an inflammatory process leading to the destruction of myelin with neuronal death and neurodegeneration. In MS, lymphocytes cross the blood-brain barrier, creating inflammatory demyelinated plaques located primarily in the white matter. MS potential treatments involve various mechanisms of action on immune cells, immunosuppression, inhibition of the passage through the blood-brain barrier, and immunotolerance. Bio-nanotechnology represents a promising approach to improve the treatment of autoimmune diseases by its ability to affect the immune responses. The use of nanotechnology has been actively…

Big data analytics and internationalisation in Italian firms

The chapter focuses on the role of big data in developing firms’ international e-commerce. We explore the effect of three different types of big data approaches on the probability of firms entering international markets via web sales. Specifically, we consider the following approaches: (a) use of big data managed by internal firm staff; (b) use of big data managed by specialised consulting firms; and (c) use of big data jointly managed by internal firm staff and specialised consultant firms. Applying qualitative data models on a large sample of Italian firms (about 18,900 firms), we find that the use of big data managed by internal staff or by specialised consulting firms is positively asso…

The Role Of Complex Leadership In Interfirm Strategic Networks: Enabling Effect Versus Emergence

In today's knowledge-based economy, the sources of competitive advantage lie more and more in webs of relationships among a variety of firms that over time originate the emergence of interfirm strategic networks. The paper aims to shed light on the role of complex leadership exerted by network central firms in promoting and supporting network interactions and the ensuing processes of knowledge and resource transfer and diffusion. Processes on which the network-based sources of competitive advantage are rooted. In the attempt to make the proposed contribution, on the one hand, we underscore the emergent nature of network interactions stemming from the self-organizing behaviors that spontaneo…

New neuroprotective effect of lemon integropectin on neuronal cellular model

Lemon IntegroPectin obtained via hydrodynamic cavitation of organic lemon processing waste in water shows significant neuroprotective activity in vitro, as first reported in this study investigating the effects of both lemon IntegroPectin and commercial citrus pectin on cell viability, cell morphology, reactive oxygen species (ROS) production, and mitochondria perturbation induced by treatment of neuronal SH-SY5Y human cells with H2O2. Mediated by ROS, including H2O2 and its derivatives, oxidative stress alters numerous cellular processes, such as mitochondrial regulation and cell signaling, propagating cellular injury that leads to incurable neurodegenerative diseases. These results, and t…

Past, ongoing, and future debate on the interplay between internationalization and digitalization

AbstractThe interplay between internationalization and digitalization (IDI) is a relatively young research domain that is finding its way into numerous academic journals, which motivates us to systematically portray the proceedings and evolutions of this interplay over time, analyze its methodological and theoretical background and, more importantly, provide insights to guide future research on these phenomena. Combining qualitative and quantitative approaches, we analyze 68 peer-reviewed international business and management papers to explore the structure of knowledge production and identify the emerging trends. Our research reveals four key stages of the debate: (a) how IDI influencesint…

Equity-worthiness and equity-willingness: key factors in private equity deals

While access to private equity funds (PEFs) provides a unique opportunity for firms to set up sturdy growth paths, how PEFs select companies is an unknown process to entrepreneurs and business owners. This study aims to offer insights regarding the private equity market to entrepreneurs searching for external capital. We analyzed a novel dataset of 240 pre-deal negotiations between small- and medium-sized Italian companies and a closed-end fund. Results indicate that the successful closing of a deal depends on more than just the target firm's equity-worthiness (i.e., the company's ability to meet the expectations of a private equity investor). In fact, there is another dimension: the target…

Conglomerate Diversification and Strategic Leadership : allocation, management, and reconfiguration of resources at General Electric Co.

leadership conglomerate diversification

The Psychological Foundations of Management in Family Firms: Values, Biases, and Heuristics

Considering the heterogeneity of family firm behaviors as reflecting the values, biases, and heuristics of individuals, we discuss the implications of the psychological foundations of management in family firms. We develop a conceptual framework for investigating how the values, biases, and heuristics of family and nonfamily members affect strategic decision-making and the outcomes of family firms. To advance the field, we put forward some relevant questions and offer a future research agenda at the intersection of the psychological foundations of management and family business.

A Shotgun Proteomics Approach Reveals a New Toxic Role for Alzheimer's Disease Aβ Peptide: Spliceosome Impairment.

Proteomic changes have been described in many neurodegenerative diseases, including Alzheimer's disease (AD). However, the early events in the onset of the pathology are yet to be fully elucidated. A cell model system in which LAN5 neuroblastoma cells were incubated for a short time with a recombinant form of Aβ42 was utilized. Proteins extracted from these cells were subjected to shotgun proteomics analysis by LTQ-Orbitrap-MS followed by label-free quantitation. By bioinformatics tools we found that the most significant of those found to be up-regulated were related to cytoskeletal dynamics (Rho related) and membrane-related processes. The most significant of the down-regulated proteins we…

Failures to act responsibly: The role of firm’s competitiveness in the post-scandal phase

Temporary Competitive Advantage: A State‐of‐the‐Art Literature Review and Research Directions

In many industries, the traditional sources of competitive advantage tend to evaporate fairly rapidly. Therefore, managers need to continually rethink and reformulate their firm strategies. Likewise, scholars have felt compelled to shift the traditional centre of attention from competitive advantage that is sustainable over time to a focus on how firms compete by achieving a series of temporary advantages. However, the proliferation of research on temporary competitive advantage, far from building a solid body of literature, has produced a series of fragmented studies. This condition calls for detecting the state of knowledge in this realm of strategic inquiry. By leveraging the present sta…

Nano-structured myelin: new nanovesicles for targeted delivery to white matter and microglia, from brain-to-brain

Neurodegenerative diseases affect millions of people worldwide and the presence of various physiological barriers limits the accessibility to the brain and reduces the efficacy of various therapies. Moreover, new carriers having targeting properties to specific brain regions and cells are needed in order to improve therapies for the brain disorder treatment. In this study, for the first time, Myelin nanoVesicles (hereafter defined MyVes) from brain-extracted myelin were produced. The MyVes have an average diameter of 100–150 ​nm, negative zeta potential, spheroidal morphology, and contain lipids and the key proteins of the myelin sheath. Furthermore, they exhibit good cytocompatibility. The…

La valutazione delle sinergie nelle operazioni di M&A

Regular Intake of Pistachio Mitigates the Deleterious Effects of a High Fat-Diet in the Brain of Obese Mice

Obesity has been associated with neurodegeneration and cognitive dysfunctions. Recent data showed that pistachio consumption is able to prevent and ameliorate dyslipidemia, hepatic steatosis, systemic and adipose tissue inflammation in mice fed a high-fat diet (HFD). The present study investigated the neuroprotective effects of pistachio intake in HFD mice. Three groups of mice were fed a standard diet (STD), HFD, or HFD supplemented with pistachio (HFD-P) for 16 weeks. Metabolic parameters (oxidative stress, apoptosis, and mitochondrial dysfunction) were analyzed by using specific assays and biomarkers. The pistachio diet significantly reduced the serum levels of triglycerides and choleste…

The Psychological Foundations of Management in Family Firms: Emotions, Memories, and Experiences

Exploring the psychological foundations of management in family firms is necessary to understand why they formulate and implement strategies differently from nonfamily firms, and why and how family firm behavior varies across different family firms. Picone et al. (2021. The psychological foundations of management in family firms: Values, biases, and heuristics. Family Business Review, 34(1), 12-32) have proposed a conceptual framework for the psychological foundations of management in family business, examining how the values, biases, and heuristics of family firm members affect strategic decision-making and family firm outcomes. Drawing on this framework, we examine emotions, memories, an…

Co-branding research: where we are and where we could go from here

Purpose The motivations behind co-branding alliances, the differences in performance between the paired brands and the emergence of “spillover effects” have been pillars of the marketing research agenda for almost three decades. We observe an extensive number of studies on co-branding alliances, combined with multiple theoretical perspectives and empirical approaches informing extant literature. The purpose of this paper is to summarize of the state of the art of this research. Design/methodology/approach The authors offer a systematic literature review of 190 papers on co-branding alliances. The authors portray a picture of the theories informing co-branding research and build a conceptua…

Corporate social irresponsibility and stakeholders' support: evidence from a case study

AbstractStakeholders’ decisions regarding whether to continue to support a firm after it has been perceived as culpable for socially irresponsible behaviour is “coin of the realm” in selecting which firms (or which parts of a firm) will be able to survive a corporate social irresponsibility (CSI) scandal. Our empirical setting is an embedded polar case of audience support, the Parmalat case, following a severe CSI scandal. The scandal represented a “trigger event” that ignited an active reevaluation of the firm on behalf of its stakeholders. We show that, while the firm’s cognitive legitimacy was not harmed by the CSI scandal, two dimensions of legitimacy played a key role in stakeholder ev…

Stakeholder Involvement in Sustainable Innovation: Toward an Integrated Conceptual Framework

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La hubris manageriale quale antecedente delle scelte d’internazionalizzazione: un framework concettuale

L’obiettivo di questa ricerca è illustrare come la hubris manageriale influisca sensibilmente sulle scelte principali relative all’internazionalizzazione dell’impresa. Alla luce di queste scelte, si discuterà l’impatto sulle performance.

La gestione delle relazioni coopetitive quale "fattore abilitante" la crescita delle PMI

Lo studio presenta le strategie di coopetizione quale strategia attraverso cui le PMI possono sviluppare e ottenere le risorse abilitanti per la loro crescita e l’innovazione. Contestualmente, si evidenzia l’esigenza/opportunità di un approccio multilivello al management delle suddette strategie, posto che le opportunità di crescita di una PMI dipendono dalla gestione non solo delle singole relazioni diadiche attivate, bensì anche dell’articolato portfolio di relazioni cooperative dirette da essa avviate e del complesso interagente di relazioni (dirette ed indirette) che compongono l’ecosistema coopetitivo nel quale l’impresa si trova ad operare. Tali diversi livelli e le interazioni che si…

Dietro le quinte della diversificazione conglomerale: il ruolo della leadership strategica

Synaptosomes: new vesicles for neuronal mitochondrial transplantation

Abstract Background Mitochondrial dysfunction is a critical factor in the onset and progression of neurodegenerative diseases. Recently, mitochondrial transplantation has been advised as an innovative and attractive strategy to transfer and replace damaged mitochondria. Here we propose, for the first time, to use rat brain extracted synaptosomes, a subcellular fraction of isolated synaptic terminal that contains mitochondria, as mitochondrial delivery systems. Results Synaptosome preparation was validated by the presence of Synaptophysin and PSD95. Synaptosomes were characterized in terms of dimension, zeta potential, polydispersity index and number of particles/ml. Nile Red or CTX-FITCH la…

Euristiche imprenditoriali, interpretazione e reazioni alle performance d’impresa

L’obiettivo di questo lavoro è presentare un framework teorico-concettuale sul ruolo delle euristiche imprenditoriali nella definizione e nell’interpretazione delle performance d’impresa e delle scelte scaturenti da suddette interpretazioni

La misurazione della performance finanziaria e strategica tramite un modello integrato EVA-PBC

Behind the curtain of international diversification: An agency theory perspective

This paper dissects the antecedents of international diversification through the lens of the agency cost of free cash flow arguments. It explores whether the partial convergence of interests among managers, majority shareholders, and minority shareholders affects a firm's choice to diversify internationally. Using a sample panel of 60 Italian firms evaluated longitudinally from 2004 to 2014, the study tests whether a firm's international diversification is affected by its free cash flow (as the ultimate source of managerial discretion) and debt (as the main constraint to managerial discretion), especially in firm contexts that exacerbate agency problems. We find that the effects on internat…

Unveiling the Antecedents of International Diversification: An Agency Theory Approach

While various studies have developed hypotheses about the antecedents of international diversification drawing mainly on the resource-based view, the behavioral theory of the firm, and the transaction costs literature, we advance our understanding by investigating the explanatory power of agency costs of free cash flow arguments. Using a sample panel of 167 Italian firms longitudinally evaluated during the 1980-2010 period, this study tests whether the firm’s choice to spread operations in multiple foreign countries is conditioned by excess of free cash flow and debt, especially in firm-contexts where agency problems are exacerbated by managers or large shareholders’ opportunism. We find th…

Moringa oleifera Leaf Powder as Functional Additive in Cookies to Protect SH-SY5Y Cells

The aim of this work is the evaluation of the addition of Moringa leaf powder (MLP) in cookies in terms of antioxidant properties, dough processability and sensorial properties of the cookies. The total content of biophenols and flavonoids in MLP was detected and the identification of the bioactive molecules was performed by HPLC-ESI-TOF-MS measurements, before and after oven treatment at 180 ◦C for 20 min. After a preliminary evaluation of the MLP water soluble fraction (MLPsf) cytotoxicity, its protective effect against an oxidative injury induced in the SH-SY5Y cells was assessed. Data evidence that the bioactive molecules present in MLPsf are effective in preventing ROS production and i…

Long-Term Brain Disorders in Post Covid-19 Neurological Syndrome (PCNS) Patient

In the recent pandemic disease, called COVID-19, the role of neurologists and neurobiologists represents a chance to study key features of brain infection and deepen neurological manifestations of COVID-19 and other coronavirus infections. In fact, many studies suggest brain damage during infection and persistent neurological symptoms after COVID-19 infection. Reverse transcription PCR test, antibody tests, Computed Tomography (CT) of the lung, and Magnetic Resonance (MR) of the brain of the patient were periodically performed during this case report for eight months after infection. The aim of this article is to describe the prolonged neurological clinical consequences related to COVID-19.…

Managing coopetition in diversified firms: Insights from a qualitative case study

Abstract Cooperation among divisions is usually thought to explain the performance of diversification strategies. However, such divisions are also in competition. Through the in-depth analysis of an intraindustry diversified firm operating in the global semiconductor industry, this paper identifies the sources of coopetition and the treatment of coopetitive tensions among divisions in the production allocation process. We find a multipoint origin of cooperation within a competitive setting. Then, we extend a previous study that considers uniquely two substitute views: (a) corporate-centric; and (b) division-centric. Additionally, by employing formal organizational mechanisms, we show that c…

The origin of failure: A multidisciplinary appraisal of the hubris hypothesis and proposed research agenda

The hubris hypothesis complements the extant debate on how people make judgments and decisions in organizations. Drawing on the origin of hubris in Greek mythology, the psychological approach, and finance studies, this paper portrays an informed picture of the current status of managerial hubris literature that develops a more advanced understanding of what is known about hubris. We present a conceptual map that provides a comprehensive appreciation of hubris antecedents-symptoms-strategic choices-feedback performance main cause effect relationships. Our proposed conceptual map draws on the idea that managerial hubris is one of the determinants of CEO judgments, strategic choices, and organ…

Biodistribution of Insulin-Nanogels in Mouse: A Preliminary Study for the Treatment of Alzheimer's Disease

A growing body of evidence shows that Insulin, Insulin Receptor (IR) and IR signaling are involved in brain cognitive functions and their dysfunction is implicated in Alzheimer's disease (AD) neurodegeneration. Thus, administration of insulin could be a strategy for AD treatment. For this aim we have designed, synthesized and characterized a nanogel system (NG) that has been conjugated to insulin molecules (NG-In) to deliver the protein into the brain, as a tool for the development of a new therapy against AD. In our preclinical study in mice, intraperitoneal injection of fluorescent-labeled NG has allowed to determine the biodistribution of NG vs time in the whole body and its clearance th…

Neuroprotective, antioxidant and antiproliferative activity of grapefruit IntegroPectin on SH-SY5Y cells

AbstractTested in vitro on SH-SY5Y neuroblastoma cells, grapefruit IntegroPectin is a powerful neuroprotective, antioxidant and antiproliferative agent. The strong antioxidant properties of grapefruit IntegroPectin, and its ability to preserve mitochondrial membrane potential and morphology, severely impaired in neurodegenerative disorders, make this new biopolymer highly soluble in water an attractive therapeutic agent for oxidative stress-associated brain disorders. Similarly, the ability of this new citrus pectin rich in naringin, linalool, linalool oxide and limonene adsorbed at the outer surface to inhibit cell proliferation or even kill, at high doses, neoplastic cells, coupled to its…

Un approccio resource-based per la gestione responsabile e sostenibile dei distretti turistici

L’identità ambientale e storico–culturale di un territorio appare essere la risorsa rara e di valore intorno a cui costruire un distretto turistico. Effettivamente, la presenza di un monumento di straordinario pregio storico e artistico o l’accesso a percorsi naturalistici di eccezionale merito sovente divengono delle risorse magnete, nel senso che attraggono e catalizzano l’attenzione di un ampio target di domanda. Nonostante l’importanza delle risorse magnete per l’attrattività di un territorio, tale capacità appare solo potenziale. Infatti, l’attrattività di un territorio è definita dalle risorse magnete se opportunamente combinate con altre risorse complementari, quali la qualità dell’a…

CORPORATE SOCIAL IRRESPONSIBILITY AND AUDIENCE SUPPORT: LESSONS FROM THE PARMALAT SCANDAL

Coopetition Strategy and Entrepreneurial Opportunities: Advantages from Multilevel Analyses

The study aims to provide a set of insights concerning the benefits associated with applying a multilevel perspective to the investigation of the link between coopetition strategies and entrepreneurial opportunities. We emphasize that a firm capability to recognize, form, and exploit business opportunities is strictly connected to its coopetitive strategy. In order to fully understand the potential of coopetitive strategies, the focus has to be not just on the examination of the single coopetitive relationship, but also on the micro-foundations underlying such strategies: i.e. the role covered by entrepreneurs’ or CEOs’ personal traits, heuristics, and previous experiences. We also suggest …

Corporate Social Irresponsibility and Legitimacy Maintenance: Lessons from the Parmalat Scandal

Audience decisions regarding whether to continue to support a corporation after it has been perceived as culpable for socially irresponsible behaviour is “coin of the realm” in selecting which firms (or which parts of a firm) will be able to survive a CSI-scandal. Our empirical setting is an embedded polar case of audience support, the Parmalat case, following a severe CSI scandal. Whilst the adaptive strategies taken to maintain the harmed moral legitimacy were a necessary procedural phase to consent the firms’ survival, they could not be considered sufficient to reintegrate the firm with its main constituent audiences. Essential to the maintaining process was the presence of rational effe…

La hubris manageriale quale fonte della irresponsabilità d’impresa: uno studio esplorativo

Obiettivo del paper: L’ondata di scandali etici che ha colpito intensamente il mondo delle imprese a partire dalla fine del XX secolo ha fatto emergere l’esigenza di esplorare i meccanismi istituzionali tesi a evitare nuovi casi di corporate social irresponsibility (CSI). S’intende contribuire a tale dibattito introducendo la trappola della hubris manageriale quale determinante della CSI. Metodologia: Esame qualitativo-longitudinale del caso Parmalat nel periodo in cui è stata sotto la guida del suo fondatore Calisto Tanzi (1961-2003). L’analisi del caso segue i criteri scientifici del campionamento teorico, della triangolazione dei fatti e della periodizzazione della narrazione. Risultati:…

La valutazione delle sinegie nelle operazioni di M&A

The bright and dark sides of CEO hubris: Assessing cultural distance in international business

This paper aims to enrich the behavioral theory of international business strategyby investigating how CEO hubris (i.e., excess pride and confidence) affects inter-national strategic choices, that is, location selection, entry timing, and modes ofentry into the target market. Specifically, we focus on the relationship betweencultural distance and international strategic choices and consider hubris as a mech-anism that influences CEOs’ decisions. Our conceptual framework recognizes thatthe performance of international strategies managed by hubristic CEOs isextremely volatile. On the one hand, we corroborate the idea that hubris has adark side that may lead to pernicious outcomes. On the othe…

Unveiling the Antecedents of International Diversification: An Agency Theory Approach

While various studies have developed hypotheses about the antecedents of international diversification drawing mainly on the resource-based view, the behavioral theory of the firm, and the transaction costs literature, we advance our understanding by investigating the explanatory power of agency costs of free cash flow arguments. Using a sample panel of 167 Italian firms longitudinally evaluated during the 1980-2010 period, this study tests whether the firm’s choice to spread operations in multiple foreign countries is conditioned by excess of free cash flow and debt, especially in firm-contexts where agency problems are exacerbated by managers or large shareholders’ opportunism. We find th…