Gimede Gigante, Andrea Cerri and Giuseppe Leone
This research investigates the effect of mergers and acquisition (M&A) transactions in the pharmaceutical sector. The study assesses the short-term value creation or destruction…
Abstract
Purpose
This research investigates the effect of mergers and acquisition (M&A) transactions in the pharmaceutical sector. The study assesses the short-term value creation or destruction for shareholders of pharmaceutical companies involved in M&A activities on the acquiring side.
Design/methodology/approach
The empirical analysis is carried out by applying the event study methodology in order to define the cumulative abnormal return for each transaction observed. Then, the correlations between abnormal returns and economic metrics are determined building a multiple regression model. These metrics refers to the acquirer, target or to the deal itself.
Findings
Evidence show a short-term value creation for shareholders of pharmaceutical companies involved in M&A transactions on the acquiring side. On the one hand, the analysis suggests a negative correlation between the value creation and the acquiring firm's level of indebtedness. On the other hand, the value creation is positively correlated with target's metrics such as Return on Equity (ROE), Return on Assets (ROA) and Research and Development (R&D) intensity. Value creation is also tied to deal-specific characteristics regarding the cash used in the transaction and the comparative extent of the deal.
Practical implications
This analysis allows to predict returns around an announcement day considering the described indicators of value creation or destruction. M&As play a key role in the strategy implementation as reaction to exogenous shocks and endogenous needs.
Originality/value
This study enriches the literature of corporate finance applied to the pharmaceutical sector. Indeed, this industry is gaining increasing relevance in the M&A panorama. Thus, the related dynamics need to be assessed considering the uniqueness of the pharmaceutical sector in terms of regulation, stakeholders and social impact.
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Giuseppe Galassi and Richard Mattessich
The paper offers a survey of major Italian accounting scholars and their work for the period from 1900 to 1950. Apart from the late works of Rossi and Besta, the main focus is on…
Abstract
The paper offers a survey of major Italian accounting scholars and their work for the period from 1900 to 1950. Apart from the late works of Rossi and Besta, the main focus is on the contributions by Zappa, who undoubtedly dominated the scene. In this period, as well as later, most Italian accountants and “aziendalisti” adopted the so‐called “income system”. Although its premises originated with Fabio Besta, master of the so‐called “patrimonial or proprietorship system”, the Italian School under Zappa gave this system a new theoretical basis that differed fundamentally from that of Besta. Zappa also developed the dynamic aspect of accounting and business economics that still prevails in Italy. The paper also devotes attention to other Italian scholars, less well‐known abroad. In the area of cost accounting it concentrates on the views of De Minico and his disciple Amodeo, but also mentions other contributors. The final Section deals with Italian contributions to accounting history during this period
Dina Modestus Nziku and John Struthers
Rural farm and non-farm based entrepreneurial activities within Sub-Saharan Africa (SSA) play significant roles in job creation as well as food security for the majority of rural…
Abstract
Rural farm and non-farm based entrepreneurial activities within Sub-Saharan Africa (SSA) play significant roles in job creation as well as food security for the majority of rural dwelling citizens (UNCTAD, 2018). This chapter examines the policies and strategies for supporting both farm and non-farm entrepreneurial activities within rural communities in SSA. In order to achieve this, the authors have completed a systematic literature review of both conceptual and empirical work on the role of policies and strategies for rural entrepreneurship in selected SSA, namely Ethiopia, Rwanda, Sierra Leone, and the United Republic of Tanzania (URT). This was completed alongside an assessment of the constraints and potential opportunities in order to stimulate linkages between rural entrepreneurship and structural economic transformation including the potential roles of both farm and non-farm based entrepreneurial activities. Key linkages between rural farm and non-farm based entrepreneurial activities are emphasised The chapter also highlights mechanisms through which governments and private sectors can work together for the maximisation of available opportunities and best practices that rural entrepreneurship can offer for job creation among rural communities in SSA.
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Emanuele Lettieri, Laura Marone, Nicola Spezia, Ilenia Gheno, Cinzia Mambretti and Giuseppe Andreoni
This study aims to offer novel insights on how industrial marketing might contribute to bringing innovations to market in the peculiar case of health care. This study aims at…
Abstract
Purpose
This study aims to offer novel insights on how industrial marketing might contribute to bringing innovations to market in the peculiar case of health care. This study aims at shedding first light on how the alignment between dissemination and exploitation activities might contribute to bringing to market innovations developed by public–private partnerships funded by the European Commission (EC).
Design/methodology/approach
The theoretical development comes from an inductive research design based on the 42-month pan-European H2020 research project NESTORE aimed at developing an integrated portfolio of innovations for the healthy aging of European citizens.
Findings
This study advances the theory and practice of industrial marketing in health care by conceptualizing an actionable method to align dissemination and exploitation activities within EC-funded projects, facilitating that innovations will go to market. The method is composed of five phases. First, an external analysis to define market opportunities and users’/stakeholders’ needs. Second, an internal analysis to identify the most promising exploitable outputs. Third, scenarios crystallization to define the most suitable scenarios (business models) to bring the selected exploitable outputs to market. Fourth, exploitation and dissemination alignment through the identification and involvement of the most relevant stakeholders. Fifth, scenario refinement and business plan.
Originality/value
This study is relevant because many EC-funded projects still fail to move innovations from labs to market, thus limiting the benefits for the European citizens and the competitiveness of Europe with respect to the USA and China. Although this relevance, past studies overlooked the peculiar context of EC-funded innovation projects, privileging pharmaceutical and biomedical companies. This study advance theory and practice of industrial marketing in health care.
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Antonio D'Amato, Giuseppe Festa, Demetris Vrontis, Jens Mueller and Matteo Rossi
This study aims to highlight the fundamental elements about the potential knowledge ecosystems underlying the crowdfunding environment, providing a tentative analysis of the state…
Abstract
Purpose
This study aims to highlight the fundamental elements about the potential knowledge ecosystems underlying the crowdfunding environment, providing a tentative analysis of the state of the art and suggesting a possible research agenda.
Design/methodology/approach
Based on a sample of 51 papers retrieved from the Web of Science (WOS) database, the investigation, implementing a bibliometric literature review (BLR), has examined the main metadata of the scientific literature that includes studies about crowdfunding and knowledge ecosystems.
Findings
The main research areas in the field, in terms of occurrence network analysis, seem to affect three main clusters (entrepreneurial ecosystems, business ecosystems and service ecosystems), being the role of knowledge (and consequent knowledge management) relevant mostly in regard to entrepreneurial ecosystems.
Originality/value
The research is intended to shed light on the potential connections, relationships and interactions between crowdfunding and the knowledge ecosystems that may emerge in the dynamics involving crowdfunding platforms, projects and operators, emphasizing the contribution of knowledge management in this respect.
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Sexual abuse of women during armed conflict has always been taken for granted; in modern times, it is still viewed as a regrettable part of war. History books have brought forward…
Abstract
Sexual abuse of women during armed conflict has always been taken for granted; in modern times, it is still viewed as a regrettable part of war. History books have brought forward vivid images of women in chains in or behind chariots as spoils of war. Rape was not considered a crime, but an inevitable ‘collateral damage’ to part of the population solely because of their gender. Since women were considered property, they were automatically viewed as the prize of victory. Historians have traced attempts to regulate rape in war in earlier centuries, but even if such an initiative was taken, it had little impact upon actions. Only recently with emphasis on human rights and progress in equating women's rights with men's human rights have there been serious efforts to come to grips with bringing to justice those who committed mass rape during armed conflicts. Though there was evidence of widespread rape during World War II, there were no efforts to find or prosecute the perpetrators during the Nuremberg and Tokyo trials. UN Secretary General, Kofi Annan has observed that “gender based harms including rape during conflict have historically been viewed as less serious transgressions than their non-gender equivalents.”
Maria Cristina Pietronudo, Fuli Zhou, Andrea Caporuscio, Giuseppe La Ragione and Marcello Risitano
This article aims to understand the role of intermediaries that manage innovation challenges in the healthcare scenario. More specifically, it explores the role of digital…
Abstract
Purpose
This article aims to understand the role of intermediaries that manage innovation challenges in the healthcare scenario. More specifically, it explores the role of digital platforms in addressing data challenges and fostering data-driven innovation in the health sector.
Design/methodology/approach
For exploring the role of platforms, the authors propose a theoretical model based on the platform’s dynamic capabilities, assuming that, because of their set of capabilities, platforms may trigger innovation practices in actor interactions. To corroborate the theoretical framework, the authors present a detailed in-depth case study analysis of Apheris, an innovative data-driven digital platform operating in the healthcare scenario.
Findings
The paper finds that the innovative data-driven digital platform can be used to revolutionize established practices in the health sector (a) accelerating research and innovation; (b) overcoming challenges related to healthcare data. The case study demonstrates how data and intellectual property sharing can be privacy-compliant and enable new capabilities.
Originality/value
The paper attempts to fill the gap between the use of the data-driven digital platform and the critical innovation practices in the healthcare industry.
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Andrea Moretta Tartaglione, Ylenia Cavacece, Fabio Cassia and Giuseppe Russo
Nowadays, international healthcare agendas are focused on patient centeredness. Policies are aimed at improving patient’s satisfaction by enhancing patient empowerment and value…
Abstract
Purpose
Nowadays, international healthcare agendas are focused on patient centeredness. Policies are aimed at improving patient’s satisfaction by enhancing patient empowerment and value co-creation. However, a comprehensive model addressing the relationships between these constructs has not so far been developed. The purpose of this paper is to develop and test a model which explains the effects of patient empowerment and value co-creation on patients’ satisfaction with the quality of the services they experience.
Design/methodology/approach
The links between patient satisfaction, empowerment and value co-creation are theoretically outlined via an in-depth literature review. The resulting model is tested through a survey administered to 186 chronically ill patients. The results are analyzed through covariance-based structural equation modeling.
Findings
The results show that patient empowerment positively influences value co-creation which, in turn, is positively related to patient satisfaction. In addition, the analysis reveals that patient empowerment has no direct effects on satisfaction.
Research limitations/implications
Although the cross-sectional design made it possible to clearly estimate the relationships among variables, it overlooked the longitudinal dimensions of co-creation processes.
Practical implications
The study provides practitioners with suggestions to design patient-centered healthcare services by leveraging on patient knowledge, participation, responsibility in care and involvement in the value-creation process.
Originality/value
Over the last decade, healthcare management literature has shifted its focus from healthcare organizations to patients. The number of contributions about patient satisfaction, empowerment and value co-creation exponentially increased. However, these dimensions are often studied separately. This work advances available knowledge by clarifying and testing the relationships between these three constructs.