Search results for "Economia"
showing 10 items of 2567 documents
Risk Management for Sustainable Sovereign Debt Financing
2021
We model sovereign debt sustainability with optimal financing decisions under macroeconomic, financial, and fiscal uncertainty, with endogenous risk and term premia. Using a coherent risk measure we trade-off debt stock and flow risks subject to sustainability constraints. We optimize static and dynamic financing strategies and demonstrate economically significant savings from optimal financing compared with simple rules and consols, and find that optimizing the trade-offs can be critical for sustainability. The model quantifies minimum refinancing risk and maximum rate of debt reduction that a sovereign can achieve given its economic fundamentals, and an extension identifies optimal timing…
Tourism recovery amid COVID-19: The case of Lombardy, Italy
2021
Travel restrictions and social distancing imposed to curb the spread of the new coronavirus have been strongly hitting tourism since March 2020. Tourism forecasting literature addressed the effects of shocks in contexts characterized by a predictable route to recovery. COVID-19 is without precedents. In this article, monthly overnight stays for the period January 2010 to December 2020 are used to estimate the impact of the pandemic in Lombardy, Italy’s most affected region. A model-based approach is implemented, and the number of overnight stays up to December 2023 is forecasted. Four models are compared. Estimation results from an augmented SARIMA model suggest that, provided a new lockdo…
Corporate governance and performance: An analysis of Italian listed companies
2020
In recent years, both corporate governance and performance management have been subjected to considerable changes. In this dynamic context, it is interesting to study the evolution of the relationship between performance and governance. Does governance still affect performance? The purpose of this paper is to verify the presence and intensity (extent) of the relationship between corporate governance and performance in Italian listed companies by using both accounting and non-accounting performance measures. The purpose of this paper is to investigate the effects of prior firm performance on board composition and governance structure of some companies listed on the Italian stock exchange, an…
Introducing in a Non-Profit Organisation a CSR Strategy through a Learning Oriented Perspective: the Emssanar case-study
2008
Europe 2020 Strategy and New Policies for Marginal Areas
2014
Marginality should be seen as an a asset rather than a liability for a region or a community. Marginality reflects a strategy of economic development, and this paper also seeks institutional means for championing marginality over conformity.
Corporate social irresponsibility and stakeholders' support: evidence from a case study
2022
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…
CORPORATE WRONGDOING AND AUDIENCE SUPPORT: LESSONS FROM THE PARMALAT SCANDAL
2014
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. This paper analyses the main dimensions underlying post-CSI audience support decisions. Our empirical setting is an embedded polar case of audience support following a severe CSI scandal. Though we apply the framework developed in the nascent stream of attribution theory in CSI to comprehend the subjective processes underlying audience reactions, this study adds a number of dimensions to those already included in attribution studi…
Essays on Corruption
2021
Paper III and Paper IV is not published yet. Corruption is blamed for reductions in operational efficiency, information asymmetry, limited income distribution, policy failure, and weak economic growth and development. Corruption can originate from either the “demand-side” (the recipients of the bribe) or the “supply-side” (the givers of the bribe). This double edge effect of corruption on the economy and society makes it a multidisciplinary subject and phenomenon. Thus, scholars from different fields and disciplines, such as finance, banking, economics, accounting, law, foreign aid, and international business, examined and analyzed corruption as a multidisciplinary subject. In this disserta…