Food–oil volatility spillovers and the impact of distinct biofuel policies on price uncertainties on feedstock markets

Over recent decades, the link between crude oil and agricultural markets has been reinforced following the introduction of biofuels. We use timely measures of (co)variation spillovers to analyze the role of crude oil in shaping price uncertainties of agricultural commodities, which are largely used as biofuel feedstocks. Our sectoral- and market-specific measures distinguish tranquil (1995–2005) and crisis episodes (2006–2015), as well as periods during which either consumption mandates or tax credits were enacted to spur biofuels. During the crisis period, crude oil volatility transmissions account for 16% (20%) of price uncertainties in ethanol (biodiesel) feedstock markets on average. Moreover, we find evidence of enhanced volatility transmissions under tax credit regimes compared with consumption mandates. The results from pooled regressions confirm stronger volatility transmissions by about 12% under the enactment of tax credits.     

From stand-up to start-up: exploring entrepreneurship competences and STEM women’s intention

International Entrepreneurship and Management Journal - This study seeks to explore the relationship between entrepreneurship competencies and intention (EI) of a sample of potential STEM...     

Political budget cycles: Evidence from Italian cities

The introduction of a new real estate taxes in Italy in 2011 provides a natural experiment, which is useful to test for political budget cycles. The new real estate tax allowed discretion to local governments. This generates a random variation in the distance of municipalities from the following elections when they choose the level of the tax rate. We do find substantial evidence of political budget cycles, with municipalities choosing lower tax rates when close to elections. We observe this budget cycle for smaller municipalities where the tax was more likely to be the single most important issue for the local government. Cities close to elections with large deficits did not set lower rates and so did municipalities with a lower average value of properties. Finally, the political budget cycle is stronger in the South.     

On the Separability of Real and Financial Decisions

The financial manager faces two basic problems: first, the firm’s investment or capital budgeting decision, and second, the financing decision. Capital investment and financing decisions are typically analyzed independently. Capital budgeting criteria proceeds under the simplest possible assumption about financing, namely all-equity financing. The only link between investment and financing decisions is the cost of capital. The basic idea behind Modigliani and Miller’s famous proposition I is that in perfect markets, changes in capital structure do not affect value. As long as the total cash flow generated by the firm’s assets is unchanged by capital structure, value is independent of capital structure. This paper is the first attempt to prove that leverage affects the mathematical structures of the cash flow of financing, and that different mathematical structures of financing cash flows may change the total cash flows generated by the firm or the project, thus altering the value of the firm even in perfect markets. The purpose of this paper is to explore the validity of the separation rule through net present value (NPV) and internal rate of return (IRR) rules, as representatives of academic and business practice, and compare their results with simulations that will include the financial decision of the firm. A singular experiment proving that we can change the IRR or NPV of an investment modifying the financial structure cannot be used to affirm a universal statement, but it can be used to show that a theory is wrong.     

A comparison of family and nonfamily small firms in their approach to green innovation: A study of Italian companies in the agri‐food industry

Despite the growing scholars' attention toward green innovation, on the one hand, and family firms, on the other hand, there is still limited attention toward the intersection of these two streams of literature, because very few studies deal with green innovation in family firms. This paper aims at comparing family and nonfamily small firms in their approach to green innovation. To this aim, a multiple case studies methodology was used to understand whether and in which aspects family firms and nonfamily firms differ. In particular, a sample of 14 small enterprises (seven family and seven nonfamily firms) operating in the agri‐food industry and located in Italy was studied. Results suggest that family and nonfamily firms are similar with regard to green innovation characteristics, features of the green innovation process, faced challenges, and achieved outcomes. On the contrary, family firms differ from nonfamily firms in three key areas: firm's motivations, most relevant pressures, and green innovation view.     

Ambidextrous work in smart city project alliances: unpacking the role of human resource management systems

Abstract

Organizations that are competing in dynamic global markets are increasingly adopting ambidextrous strategies where exploration and exploitation capabilities are combined simultaneously. However, ambidextrous work raises new challenges for human resource management (HRM). Based on 21 interviews with managers in seven multinational firms in Europe, we investigate how ambidextrous work in smart city work is supported through HRM systems. Our findings suggest a complex mix of three different HRM systems (one at corporate and two at project levels) designed to support ambidextrous exploratory and exploitation work. Specifically, corporate HRM systems focused on incentives and development of dual capabilities for smart city managers (SCMs). At project levels, interconnected explorative and exploitative HRM systems offered tailored managerial tools to support social integration and knowledge management between internal and external employees. Theoretical contributions, future research paths, and practical implications are addressed.     

The actorness of the President of the Republic in Italian foreign policy: a quantitative narrative analysis of two case studies (1999–2013)

In this paper, we address the topic of policy actorness in Italian foreign policy to characterize the understudied role of the President of the Italian Republic (PoR). We apply quantitative narrative analysis (QNA) as the methodological tool of our study, answering two research questions to which the academic literature has so far produced limited responses: (a) whether the PoR can be considered a relevant actor in Italian foreign policy and (b) which factors can affect the Italian PoR’s relevance in foreign policy. Considering the Italian PoR’s Diary as the unit of analysis and source of data, we study the two crucial cases of Ciampi’s presidency (1999–2006) and Napolitano’s first presidency (2006–2013). QNA allows us to quantify and compare, while maintaining an actor-centred approach, the relations of the two PoRs with the most relevant actors in foreign policy. The results of our analyses highlight the relevance of the Italian PoR figure, identifying the main areas of influence of the Italian head of state and their changes over time. We conclude providing a few hypotheses to interpret the outcomes of our analyses on the PoR’s role in Italian foreign policy.

     

Early Warning Systems for Currency Crises with Real-Time Data

Open Economies Review - This paper investigates the performance of early warning systems for currency crises in real-time, using forecasts of indicators that are available at the moment predictions...     

Gender Norms and the Gendered Distribution of Total Work in Latin American Households

This study uses time-use survey data for Mexico, Peru, and Ecuador (from 2009, 2010, and 2012, respectively) to analyze differences between countries in terms of the gendered distribution of total work, which includes both paid and unpaid work. It explores whether the variations in the total time worked by women and men, and, particularly, the gender gap unfavorable to women, can be explained by substantive national differences in gendered social norms. Using data from the World Values Survey (WVS; 2010–14), this study computes a gender norms index to measure cross-country differences in gender norms. It finds that more egalitarian countries exhibit higher levels of equality in the gendered distribution of total work.