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51.
The hypothesis that ownership structure affects persistence of profits in the Italian banking industry is tested. The time-invariant components of ROA and ROE are regressed against ownership concentration and the fraction of shares held by the major shareholders. The results show that abnormal profits increase if ownership is concentrated in foundations and banks, and decrease if market forces are allowed to operate. 相似文献
52.
In current digitally-empowering contexts, the Integrated Marketing Communications (IMC) paradigm may have lost its ‘original’ customer-centric focus. Drawing on service-dominant logic, the paper examines the changes to IMC when multiple sources of consumer power emerge as central in the value creation process. This change in the focus of IMC likely enables the emergence of negotiated brands, i.e. brands that focus on a marketplace where traditional marketer-created brand value may be replaced by buyer and seller co-created value. The paper argues that this novel type of brand structure represents an appropriate managerial response to multidimensional IMC approaches. As that occurs, four key issues (community-centric orientation, emergent strategy, hybrid communication mix, reciprocity-based assessment) emerge which lead to a number of research questions in the planning and execution of marketing communications in today’s digitally-empowered contexts. All these issues clearly highlight the consumers’ contributions to brand value co-creation, by reaffirming the ‘original’ outside-in perspective of IMC. 相似文献
53.
Mariarosaria Agostino 《International Review of Applied Economics》2017,31(3):339-356
This work empirically investigates the role played by collateralizable assets in helping SMEs to access bank credit, assuming that such a role might be affected by the (balancing between) benefits and costs related to enduring lending relationships. Using an exclusive data-set on European firms, we find that longer lending relationships amplify the beneficial effect of collateral on SMEs’ financing, suggesting that the advantages of longer bank-firm ties might prevail over the disadvantages. This finding holds for both more and less informationally transparent firms, as well as at the outset of the last financial crisis. Combined to the positive influence that the duration of bank relations seems to exert per se, our results provide (further) evidence in support of the valuable role of close lending relationships for SMEs’ financing. 相似文献
54.
Mariarosaria Agostino Francesco Trivieri 《Journal of Industry, Competition and Trade》2008,8(1):33-53
This work investigates whether local differences in banking competition impact on the amount of bank debt used by Italian
small and medium sized manufacturing firms. Sample selection and Double Hurdle models are adopted as the process, which results
in the choice of bank financing may differ from that determining its amount. Our main finding is that more competitive banking
markets seem to be associated with relatively higher usage of bank debt by less transparent firms. On the other hand, a higher
banking competition seems to have no effect on the probability of receiving bank loans.
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Francesco TrivieriEmail: |