Antonio Iazzi, Andrea Vacca, Amedeo Maizza and Francesco Schiavone
The purpose of this paper is to investigate the effects of corporate governance mechanisms, namely, board of directors and auditors, on tax aggressiveness in Italian companies…
Abstract
Purpose
The purpose of this paper is to investigate the effects of corporate governance mechanisms, namely, board of directors and auditors, on tax aggressiveness in Italian companies listed on the Milan Stock Exchange.
Design/methodology/approach
This study used a population of 168 Italian non-financial firms listed on the Milan Stock Exchange, holding shares in at least one foreign subsidiary in countries other than Italy in fiscal year 2018. Data on corporate boards and auditors were collected through the evaluation of companies’ annual reports over the period 2011–2018. Five panel data analyses with fixed effects were performed for each tax aggressiveness index, yielding 1,176 observations to test the research hypothesis.
Findings
This paper finds that corporate board characteristics, such as size, gender diversity and CEO duality, and auditors’ features, such as external audit quality, increase corporate tax aggressiveness.
Practical implications
This study provides investors with an understanding of corporate boards’ and auditors’ roles in preventing agency conflicts and evaluating a company’s tax approach. Furthermore, the findings are useful for international political bodies in regulating corporate board composition and managerial monitoring.
Originality/value
Almost all studies focusing primarily on corporate governance mechanisms’ effects on tax aggressiveness are within the US context. Empirical evidence on the topic in the European contexts is limited. The legislative discrepancy between countries is reflected in the computation of indices measuring tax aggressiveness, affecting US studies' generalizability across nations. This paper extends the literature on the topic by investigating other unexplored corporate governance mechanisms. Five indices were used to measure corporate tax aggressiveness and to assess analysis reliability and data robustness. Moreover, to the best of the authors’ knowledge, this study is the first attempt to investigate the link between corporate governance mechanisms and tax aggressiveness in Italy.
Details
Keywords
Ting Zheng, Marco Ardolino, Andrea Bacchetti, Marco Perona and Massimo Zanardini
The purpose of this paper is to investigate how much the Italian manufacturing companies are ready to be concretely involved in the so-called “Industry 4.0” (I4.0) journey. In…
Abstract
Purpose
The purpose of this paper is to investigate how much the Italian manufacturing companies are ready to be concretely involved in the so-called “Industry 4.0” (I4.0) journey. In particular, this paper focuses on analyzing the knowledge and adoption levels of specific I4.0 enabling technologies, also considering how organizations are involved and which are the main benefits and obstacles.
Design/methodology/approach
A descriptive survey has been carried out on a total of 103 respondents related to manufacturing companies of different sizes. Data collected were analyzed in order to answer five specific research questions.
Findings
The findings from the survey demonstrate that Italian manufacturing companies are in different positions in their journey toward the I4.0 paradigm, mainly depending on their size and informatization level. Furthermore, not all the business functions are adequately involved in this transformation and their awareness about this new paradigm seems quite low because of the absence of specific managerial roles to guide this revolution. Finally, there are strong differences concerning both benefits and obstacles related to the adoption of I4.0 paradigm, depending on the technology adoption level.
Research limitations/implications
Future research should focus on developing case studies about pilot I4.0 practitioners in order to understand the root cause of successful cases. Both managerial and practical references should be developed, helping Italian manufacturing enterprises to consolidate and strengthen their position in global competitive market. Finally, it would be interesting to carry out the same study in other countries in order to make comparisons and suitable benchmark analyses.
Originality/value
Despite scholars have debated about the adoption of technologies and the benefits related to the I4.0 paradigm, to the best of authors’ knowledge, only a few empirical surveys have been carried out until now on the adoption level of I4.0 principles in the manufacturing sector of a specific country.
Details
Keywords
Ruilong Du, Yinglong Chen and Hua Zhou
The purpose of this paper is to propose a simulation model for studying the lubricating gap between the ring gear and the case in internal gear pumps.
Abstract
Purpose
The purpose of this paper is to propose a simulation model for studying the lubricating gap between the ring gear and the case in internal gear pumps.
Design/methodology/approach
The pressure distribution of the wedge-shaped oil film between the ring gear and the case is obtained based on the theory of film lubrication using the Reynolds equation implemented with MATLAB. After that, the balance of the ring gear is achieved by the radial micro motion of the ring gear. The power loss due to the leakage and the shear stress is then calculated for optimized design of the radial clearance.
Findings
The hydrodynamic effect and the squeezing effect of the wedge-shaped oil film play a role in the hydrodynamic balance of the ring gear, and they become more intense when the operating speed gets lower and the pressure gets higher. The optimal radial clearance should stay between 20 and 25 µm for the minimum power loss.
Originality/value
The present research provides the first simulation model that treats the oil film between the ring gear and the case as wedge-shaped oil film and explains why the ring gear stays balanced. Furthermore, the simulation model can be regarded as a tool for optimized design of the radial clearance.