Call for papers

Call for papers     

Una classe di funzioni monotone generalizzate

Si considera la classe delle funzioni realiF(x,y) definite inS×S, conSR ^N , che soddisfano per ognix,yS la condizione di monotoniaF(x,y)+F(y,x)0. Indebolendo la precedente disuguaglianza si introducono classi di funzioni monotone generalizzate e, supponendo soddisfatta una opportuna condizione di omogeneità, si caratterizzano tali funzioni in base alla struttura del segno delle funzioni _{x, v} (t, s) = F(x + tv, x + sv), x S, v R ^N \{0}. Infine dopo aver definite le funzioni F-differenziabili, si introducono classi di funzioni conversse generalizzate, rispetto ad F, e si studiano i collegamenti tra queste classi e la monotonia generalizzata diF.

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Summary We consider the class of real valued functionF(x,y) defined inS×S, withSR ^N , satisfying x,yS the monotone conditionF(x,y)+F(y,x)0. Weakening the previous inequality we introduce the class of quasi-monotone, pseudo-monotone and strictly pseudo-monotone functions. Under a suitable assumption of homogeneity we characterize the generalized monotone functions studying the sign structure of the functions _{x, v} (t, s) = F(x + tv, x + sv), x S, v R ^N \{0}.Finally by means of the notion ofF-differentiability we introduce new classes of generalized convex functions (with respect toF) and we study the relationship between these classes and the generalized monotonicity ofF.

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Questa ricerca è stata parzialmente finanziata dal Ministero per l'Università e la Ricerca Scientifica.     

The Effects of Auditor Social and Human Capital on Auditor Compensation: Evidence from the Italian Small Audit Firm Market

Abstract

This study examines whether social and human capital influence the compensation of individual auditors in the small audit firm market. We employ a sample of Italian auditors and use measures from the network and auditing literatures to capture their professional connections, representing social capital, and their industry expertise, representing human capital. Our findings show a positive and economically meaningful association between these individual attributes and auditor compensation. We run several tests to address potential endogeneity issues in our research design. Our results suggest that, in the small audit market, clients perceive as valuable those auditors with higher social and human capital, and as a result, are willing to pay a premium for these specific auditor attributes.     

Extinction accounting and accountability: Empirical evidence from the west European tissue industry

Recently, human activities are more and more invasive with respect to biodiversity. Several studies highlighted the key role played by accountants in contributing to the development of tools able to support company in assessing, reporting, and disseminating, as well as accomplishing, the preservation of natural species and ecosystems (King and Atkins, 2016). Corporate reporting of environmental information might increase the credibility of forest certifications, given that some scholars argued that certified forests are not often run, in a sustainable way. Moreover, certifications sometimes cover harmful forest practices (Elad, 2014) and do not ensure a good quality of environmental reporting and performance. The research question therefore intends to explore how extinction accounting and accountability (EAA) is able to reflect ex post the company's business strategy and, at the same time, influence ex ante its formulation by easing the prevention of deforestation risk and addressing the issue of credibility through specific actions. In more detail, the “Emancipatory Framework for Extinction Accounting and Accountability” (EFEAA) (Atkins and Maroun, 2018) was tested using content and interpretative analyses based on the reports inherent to top four companies working in West Europe in the tissue industry, where the preservation of forest heritage is a “compulsory route” for assuring the business sustainability, in terms of both raw material renewal and brand reputation. The findings highlighted the first attempt to carry out a qualitative research over the management of forest issues. In our study, companies tend to report advantages arising from the use of forest, but this kind of disclosure is too generic without providing evidence over the ecosystem services forests produce. Moreover, firm size affects the quantity and the quality of disclosure. At last, managerial implications and future research avenues are outlined and discussed.     

Technology Exploitation Paths: Combining Technological and Complementary Resources in New Product Development and Licensing

Technological resources in the form of patents, trade secrets, and know‐how have become key assets for modern enterprises. This paper addresses a critical issue in technology and innovation management, namely, the commercial exploitation of technological resources resulting from research and development (R&D) investments. Extracting economic value from these resources by maximizing the benefits for shareholders is an extremely challenging task because technological resources are intangible, idiosyncratic, uncertain, predominantly tacit, and with poorly defined property rights. In their attempt to extract the maximum value from their technological resources, firms increasingly combine their internal exploitation through new product development (NPD) with external exploitation through licensing. However, most existing studies on NPD and technology licensing have treated the two exploitation paths independently and in isolation, which has resulted in two separate research streams using different theories and addressing different managerial challenges. The purpose of this paper is to contribute to filling this gap by developing and testing a comprehensive conceptual framework that simultaneously considers the antecedents affecting the successful implementation of NPD and licensing strategies as well as their consequences on firm profitability. The paper in particular investigates the effects of the interplay between technological resources and three types of complementary resources, marketing, manufacturing, and relational. We test the model using structural equation modeling on a sample of 733 Spanish manufacturing firms observed from 2003 to 2007. The data provide support for the existence of different paths to market firm technologies: an internal path, whereby the ownership of technological resources fully explains NPD performance, and an external path, whereby high intensity of marketing and relational resources reinforces the positive effect of technological resources on licensing performance. This sustains the relevance of the resource‐based value‐enhancing effects of complementary resources in licensing, as opposed to the motivation‐reducing effects advanced by transaction cost‐based literature. Moreover, the empirical analysis shows a substitution effect between NPD and licensing, whereby their simultaneous pursuit at intense levels is associated with lower profit margins. This provides evidence of the much theorized, but seldom tested, rent dissipation effect. These findings offer several contributions to research on licensing, NPD, open innovation, and the resource‐based view of the firm. On a managerial level, they suggest that achieving maximum value from proprietary technologies may not entail exploiting them both through external and internal paths. Managers are also informed that the resource combinations that enhance licensing performance include marketing and relational resources.     

FINANCIAL SAFETY NETS

We study the optimal design of financial safety nets under limited private credit, asking whether and when it is optimal to restrict ex ante the set of investors that can receive public liquidity support. When the government lacks commitment, we show that the optimally designed safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher welfare. Our results can rationalize the prevalence of limited safety nets as well as the coexistence of traditional and shadow banks.     

Mega-events as drivers of community participation in developing countries: The case of Shanghai World Expo

Within a wide body of literature it has been argued and demonstrated that community participation in tourism development is advantageous in terms of the sustainability and effectiveness of the development policies adopted. However, over time, doubts have been raised about whether community participation should take place in developing countries. There are major concerns regarding the immaturity and the incompliance of the political and social conditions of developing countries in relation to the requirements necessary for an effective participatory planning. In this paper, we argue that mega-events, due to their wide scope and the key role that large groups of stakeholders play in their success, may represent a driver for community participation in developing countries. In order to explore our idea, we will analyse tourism development and the planning of a mega-event within the Yangtze River Delta area, driven by the organisation and preparation of the Shanghai World Expo. According to our evidence, some initial elements of participative decision-making have indeed developed around the organisation of this mega-event, even though China has historically been considered refractory towards community participation. Finally, we discuss the findings in the light of existing knowledge to elicit significant questions about community participation in tourism development within developing countries and to address further research on this topic.     

Tourism Restructuring and the Politics of Sustainability: A Critical View From the European Periphery (The Canary Islands)

There has been considerable discussion of sustainable tourism development, in both theory and practice. Less attention has been paid to the discourses, ideologies and power relations which help to shape 'sustainable' tourism policies and planning instruments. This paper analyses recent initiatives introduced by the regional government of the Canary Islands, designed to bring about a more sustainable model of regional tourism, including a temporary moratorium on tourism development and the drafting of a strategic and normative set of guidelines for sustainable tourism. The paper considers the contested nature of the public debate that accompanied these initiatives within the wider context of the regionally distinct pattern of tourism and capitalist development. It is argued that the legacy of uneven development, and the entrenched power of regional economic and political élites, is likely to undermine the prospects for a just model of sustainable tourism, and to consolidate the continuing privatisation of space and socio-spatial inequalities across the region.     

Ownership structure,risk and performance in the European banking industry

We compare the performance and risk of a sample of 181 large banks from 15 European countries over the 1999–2004 period and evaluate the impact of alternative ownership models, together with the degree of ownership concentration, on their profitability, cost efficiency and risk. Three main results emerge. First, after controlling for bank characteristics, country and time effects, mutual banks and government-owned banks exhibit a lower profitability than privately owned banks, in spite of their lower costs. Second, public sector banks have poorer loan quality and higher insolvency risk than other types of banks while mutual banks have better loan quality and lower asset risk than both private and public sector banks. Finally, while ownership concentration does not significantly affect a bank’s profitability, a higher ownership concentration is associated with better loan quality, lower asset risk and lower insolvency risk. These differences, along with differences in asset composition and funding mix, indicate a different financial intermediation model for the different ownership forms.