Farming and tourism enterprise: Experiential authenticity in the diversification of independent small-scale family farming

This article examines the business choices made by independent farming families, when confronting the need to diversify away from traditional agricultural activities by starting farm-based tourism businesses. Based on interviews with farm family members who have set up tourism attractions on their farms, and drawing upon the concept of experiential authenticity, the article explores their self-conceptions of their family identities. In so doing, it addresses the choices and dilemmas facing farm families who attempt diversification through the tourism attraction route, and considers how this affects their attitudes towards more traditional farming activities. Using qualitative case study data, an empirically grounded framework is proposed that expresses the choices and challenges facing tourism entrepreneurial family farm members in the UK, through the conceptual lens of experiential authenticity.     

Earnings Reported under IFRS Improve the Prediction of Future Cash Flows? Evidence from European Banks

This paper examines the relative costs and benefits of International Financial Reporting Standards (IFRS) adoption in the European Union by testing the ability of earnings computed under IFRS to predict future cash flows. The study considers the contribution of net income, comprehensive income and other comprehensive income to the usefulness of earnings to predict cash flows, and it compares IFRS with domestic Generally Accepted Accounting Principles (GAAP). Evidence from a sample of Continental European banks shows that IFRS improve the ability of net income to predict future cash flows. Comprehensive income, too, provides relevant information to predict future cash flows, although with a measurement error which is higher than that in net income for greater lags of time. In our interpretation, these findings are consistent with unrealised gains and losses recognised in other comprehensive income being more transitory and volatile in nature. Overall, our results are relevant to academics and standard setters debating the merits of IFRS adoption and to those who use financial statements and adopt reported earnings to form expectations about future cash flows.     

Dealing with heterogeneity in ordinal responses

Quality & Quantity - In sample surveys where people are asked to express their personal opinions it is conceivable to register a high level of indecision among respondents and this circumstance...     

Introduction to the special issue

Journal of Economic Interaction and Coordination -     

Business fluctuations and bankruptcy avalanches in an evolving network economy

We analyze the properties of a three-sector network economy characterized by credit relationships connecting downstream and upstream firms (inside credit) and credit relationships connecting firms and banks (outside credit). The network topology changes over time due to an endogenous process of partner selection (the preferred-partner choice rule). The output of simulations shows that a business cycle at the macroeconomic level can develop as a consequence of the complex interaction of the heterogeneous financial conditions of the agents involved. In this paper we focus on the emergence of bankruptcy crises: the bankruptcy of one agent can bring about the bankruptcy of one or more other agents in a snowball effect of more or less large size, depending on the network structure and the incidence of non-performing loans on balance sheets of agents involved.     

EU quality labels in the Italian olive oil market: How much overlap is there between geographical indication and organic production?

In the early 1990s, the European Union established two main quality schemes: geographical indications (GIs) and organic production (OP). Despite the abundant literature on the EU quality schemes applied to many food categories, including extra virgin olive oil, in most studies, GIs and OP are analysed separately, under the assumption that they are independent. This study aims to prove that synergies exist between GIs and OP labels. We analysed EU labelling on GIs and organic attributes simultaneously using bivariate probit models, and also assessed the level of independence from each other. A survey was administered to Italian consumers to elicit their purchasing behaviour of olive oil. The results found a correlation between the two certifications, highlighting the promising use of both certifications for olive oil products.