Effects of redistributing policy support on farmers’ technical efficiency

The objective of this article is twofold: first, investigating the relationship between technical efficiency and decoupled direct payments of a sample of Italian farms prior to the application of the 2014–2020 Common Agricultural Policy reform; second, evaluating possible implications of alternative scenarios about distribution of direct payments on technical efficiency. To these aims, a stochastic frontier analysis is adopted. Results indicate that direct payments produce significant effects on technical efficiency in specialized farms, which received higher levels of support. However, effects are contrasting. Moreover, results show that redistribution of policy subsidies may negatively impact on technical efficiency to an extent depending upon the criterion of redistribution applied. Finally, some policy suggestions are given.     

Environmental Kuznets Curves for Air Pollutant Emissions in Italy: Evidence from Environmental Accounts (NAMEA) Panel Data

This paper provides new empirical evidence on delinking and Environmental Kuznets Curves (EKC) for greenhouse gases and other air pollutant emissions in Italy. A panel dataset based on the Italian NAMEA (National Accounts Matrix including Environmental Accounts) for 1990–2001 is analysed. The highly disaggregated dataset (29 production branches, 12 years and nine air emissions) provides a large heterogeneity and can help to overcome the shortcomings of the usual approach to EKC based on cross-country data. Both value added and capital stock per employee are used as alternative drivers for analysing sectoral NAMEA emissions. Trade openness at the same sectoral level is also introduced among the covariates. We find mixed evidence supporting the EKC hypothesis. The analysis of NAMEA-based data shows that some of the pollutants such as two greenhouse gases (CO₂ and CH₄) and CO, produce inverted U-shaped curves with coherent within-range turning points. Other pollutants (SO_X, NO_X, PM₁₀) show a monotonic or even N-shaped relationship. Macro sectoral disaggregated analysis highlights that the aggregated outcome should hide some heterogeneity across different groups of production branches (industry, manufacturing only and services). Services tend to present an inverted N-shape in most cases. Manufacturing industry shows a mix of inverted U and N-shapes, depending on the emission considered. The same is true for industry (all industries, not only manufacturing): although a turning point has been experienced, N-shapes may lead to increased emissions with respect to very high levels of the economic driver. In general, EKC evidence is more pronounced for greenhouse gases. The results suggest that analysis at macro sector (whole industry, manufacturing only and services) can be the most promising approach to future research on EKC.     

Quantitative narrative analysis software options compared: PC-ACE and CAQDAS (ATLAS.ti, MAXqda, and NVivo)

This paper shows how to carry out quantitative narrative analysis (QNA) with different text analysis software (PC-ACE, Program for Computer-Assisted Coding of Events, and various CAQDAS programs, Computer-Assisted Qualitative Data Analysis Software: ATLAS.ti, MAXQDA, and NVivo). QNA is a methodological approach to narrative texts that exploits invariant properties of narrative (namely, a “story grammar”, based on actors, actions, and their attributes) to make a statistical analysis of words possible. In comparing PC-ACE and CAQDAS, the paper leads the reader through the steps involved in setting up a grammar, in data entry, and in data query. A careful comparison of limits and possibilities of the two types of software will allow the reader interested in QNA to make an informed choice between a full implementation of QNA in a specialized but unknown software (PC-ACE) and a limited implementation in any of the widely used and popular CAQDAS programs.     

The impact of monetary policy on asset prices

Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heteroskedasticity that exists in high-frequency data. We show that the response of asset prices to changes in monetary policy can be identified based on the increase in the variance of policy shocks that occurs on days of FOMC meetings and of the Chairman's semi-annual monetary policy testimony to Congress. The identification approach employed requires a much weaker set of assumptions than needed under the “event-study” approach that is typically used in this context. The results indicate that an increase in short-term interest rates results in a decline in stock prices and in an upward shift in the yield curve that becomes smaller at longer maturities. The findings also suggest that the event-study estimates contain biases that make the estimated effects on stock prices appear too small and those on Treasury yields too large.     

The impact of production offshoring on the skill composition of manufacturing firms: evidence from Italy

In this work we explore how the international outsourcing of production impacts the skill composition of employment within Italian manufacturing firms. In particular, our aim is to assess whether the choice to offshore production activities to cheap‐labour countries implies a bias in the employment of skilled workers relative to unskilled ones.

Using a balanced panel of firms covering the period 1995–2003, we set up a counterfactual analysis in which, by using a difference‐in‐differences propensity score matching estimator, we compare the dynamics of skill demand for treated and control firms while addressing the possible problem of selection bias.

Our results identify a ‘potential’ skill bias effect of production offshoring. In particular, we find that treated firms tend to show an upward shift in the skill ratio with respect to the counterfactual sample, but coefficients are not significantly different from zero. When we look at the elements of the skill ratio separately, we find that the skill bias is driven by a fall in the employment of production workers (blue collars), rather than by the increase in the employment of non‐production workers (white collars), thus providing further evidence on the unskilled labour‐saving nature of international outsourcing.     

Multidimensional configurations of the organizational climate construct

This study describes the creation and validation of a multidimensional model which assesses the level of employee satisfaction based on international theoretical models. It utilizes data collected from a sample of 518 public and private company employees during the year 2009 in the city/state of São Paulo, Brazil. In the first stage of the study, 15 independent dimensions were theoretically obtained. In the second stage, five different multiple dimensions were confirmed using structure equation modeling (SEM) technique, thus characterizing general configurations of the organizational climate construct denominated motivation, management philosophy, leadership, people management and nature of work. It is hoped that the model can contribute by enhancing managerial best practices of an organization by attending a major demand for those listed on stock markets, since these companies must periodically provide information on job satisfaction of their employees to maintain or achieve higher levels of corporate governance.     

The Board of Directors and The Adoption of Quality Management Tools

Abstract

The article examines the role of the board of directors in Local Public Utilities (LPUs). It aims at verifying empirically if a correlation exists between specific characteristics of the board of directors and the adoption of innovative arrangements addressing emerging needs of users and citizens (i.e. quality). By means of applying multivariate statistical methods to a random sample of sixty Italian LPUs, this study finds the relational capital of the boards affecting the take up of quality-oriented actions by LPUs. These results support the resource-dependence theory, neglected by mainstream literature.     

Dynamics of intraday serial correlation in the Italian futures market

The serial correlation of high‐frequency intraday returns on the Italian stock index futures (FIB30) in the period 2000–2002 is studied. It is found that intraday autocorrelation is mostly negative for time scales lower than 20 minutes, mainly due to the bid–ask bounce effect. Although this supports the efficiency of the Italian futures market, evidence that intraday serial correlation becomes positive in high‐volatility regimes is also provided. Moreover, it is found that it is mainly unexpected volatility that makes serial correlation rise, and not its predictable part. The results are supportive of the K. Chan (1993) model. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:61–84, 2006