Massimo Florio, Matteo Ferraris and Daniela Vandone
This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and…
Abstract
Purpose
This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and acquisition (M&A) deals performed by SOEs as acquirers over the period 2002-2012. The purpose of this paper, after having created a taxonomy of deal motivations, is to empirically test two alternative hypotheses: deviation vs convergence of M&A deal rationales between state-owned and private enterprises.
Design/methodology/approach
The data set is obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). A recursive algorithm is developed to infer the ownership nature of the enterprises at the time the deal took place and then the authors double-checked the identity of the global ultimate owner by visual inspection of all the available information. Motivations are analyzed through a case-by-case analysis and classified into several categories, thereby providing a taxonomy of rationales behind SOE M&As and discussing their differences and similarities relative to private firms.
Findings
More than 60 percent of the deals performed by SOEs as acquirers are driven by “shareholder value maximization” motives, similarly to private enterprise acquirers. The other 40 percent of deals are almost equally spread among three rationales that specifically relate to the role of modern state capitalism in the economy. “Financial distress” motivation, which is the only one clearly deviating from the objectives of profit maximization typical of private ownership, is far less important than the others.
Research limitations/implications
The paper does not analyze the case studies in detail. Neither does it correlate the evidence with the quality of corporate governance or the quality of institutions in the country. This would be interesting in order to discover whether the alignment of objectives between public and private enterprises is enhanced by certain features of public sector management, as suggested by the OECD (2015) Guidelines.
Practical implications
The paper suggests some policy implications in terms of reforms of the corporate governance of the SOEs and accountability of their management against clearly stated public missions. It also calls for the need for citizens to be informed in a transparent way about the rationales of major M&A deals when a SOE is on the acquirer side, and the consistency of such rationales with the mission assigned by governments to the enterprises they own. Finally, it underlines that regulatory concerns raised in many countries by the rise of cross-border SOE M&As are in most of the cases unfounded.
Originality/value
Existing literature has mainly focused on private corporate M&A deals or has just disregarded the ownership status of the acquiring firm. This paper focuses on the motivations for SOE deals in order to elaborate a taxonomy of SOE deal rationales and to identify the differences and similarities between private corporate firms.
Details
Keywords
Dinara Davlembayeva, Savvas Papagiannidis and Eleftherios Alamanos
The sharing economy is a socio-economic system in which individuals acquire and distribute goods and services among each other for free or for compensation through internet…
Abstract
Purpose
The sharing economy is a socio-economic system in which individuals acquire and distribute goods and services among each other for free or for compensation through internet platforms. The sharing economy has attracted the interest of the academic community, which examined the phenomenon from the economic, social and technological perspectives. The paper aims to discuss this issue.
Design/methodology/approach
Given the lack of an overarching analysis of the sharing economy, this paper employs a quantitative content analysis approach to explore and synthesise relevant findings to facilitate the understanding of this emerging phenomenon.
Findings
The paper identified and grouped findings under four themes, namely: collaborative consumption practices, resources, drivers of user engagement and impacts, each of which is discussed in relation to the three main themes, aiming to compare findings and then put forward an agenda for further research.
Originality/value
The paper offers a balanced analysis of the building blocks of the sharing economy, to identify emerging themes within each stream, to discuss any contextual differences from a multi-stakeholder perspective and to propose directions for future studies.
Details
Keywords
Matteo Moscatelli, Nicoletta Pavesi and Chiara Ferrari
The United Nations Convention on the Rights of Persons with Disabilities (2006) recognizes the right of disabled people to access work. Against this legislative backdrop, this…
Abstract
Purpose
The United Nations Convention on the Rights of Persons with Disabilities (2006) recognizes the right of disabled people to access work. Against this legislative backdrop, this study explores the strengths and weaknesses of the Italian system of targeted placement for disabled people, based on Law 68/1999, which delegates to regional authorities the management of the labor market. The examination centers on the perspective of companies, the primary stakeholders in the inclusion of persons with disabilities within organizational structures.
Design/methodology/approach
The article discusses the results of focus groups conducted with 28 managers of large, medium and small enterprises in Lombardy (Italy). Qualitative analysis was employed, and the results were structured using a simplified strengths, weaknesses, opportunities and threats (SWOT) analysis, incorporating practical recommendations.
Findings
The analysis leads to practical suggestions to improve the entire targeted placement process at the regional level, from selection and accompaniment to evaluation, such as improving the networking of local stakeholders who deal with the inclusion of disabled people, homogeneity of the procedures in different regions, making all employees aware of diversity management, etc. The territorial network and the welfare environment are particularly important in achieving a successful targeted placement and to promote an inclusive corporate culture.
Research limitations/implications
This study is not representative of Italy as a whole, as it remains a qualitative investigation focused on a single region.
Originality/value
This contribution accomplishes an in-depth study of the law of labor inclusion of people with disabilities observed from the point of view of companies, which are still usually reluctant to integrate people with disabilities into their organizations or encounter difficulties in doing so.
Details
Keywords
Elisa Giacosa, Alberto Ferraris and Filippo Monge
The purpose of this paper is to focus on how a medium-sized company operating in the food sector should strengthen its business model, thanks to a combination between tradition…
Abstract
Purpose
The purpose of this paper is to focus on how a medium-sized company operating in the food sector should strengthen its business model, thanks to a combination between tradition and innovation.
Design/methodology/approach
This research focuses on one case study. The subject of the case study under analysis is Golosità dal 1885, an internationally recognized fine food Italian company.
Findings
Golosità dal 1885 is characterized by a strong combination of tradition and innovation, both in products and processes. The company’s competitiveness is the result of a balanced management of innovation, in respect of the family’s values, thanks to the active presence of two family generations.
Research limitations/implications
This study is characterized for some limitations, related to the method and to the choice of a single case study. In terms of theoretical implications, the study emphasizes the importance of the link between the food sector and the region it is rooted in.
Practical implications
Practical implications relate to different groups of stakeholders: for owners and management, for investors, for organizations and institutions working on a territory promotion and in the tourism sector, and for politicians and local authorities.
Originality/value
The originality of the research is represented by a focusing on how a strategy based on an effective combination between tradition and innovation should increase the competitive advantage, especially in a mature sector – as the food one – characterized by the need to offer a differentiated and innovative range of products and services for overcoming the consumptions crisis.
Details
Keywords
Matteo Rossi, Giuseppe Festa, Fabio Fiano and Rosa Giacobbe
Recently, corporate venture capital (CVC) has been gaining increasing attention worldwide as a special form of venturing through which non-financial corporations invest in target…
Abstract
Purpose
Recently, corporate venture capital (CVC) has been gaining increasing attention worldwide as a special form of venturing through which non-financial corporations invest in target companies, usually technological firms, as start-ups. These investments mostly aim not at financial goals but constitute a strategic way for the corporation to obtain access to new technologies and innovations through financing entrepreneurial initiatives. The purpose of this paper is to analyze the connections between the core business of the parent company and its venturing investments, investigating, in particular, its “ambidexterity,” i.e., the ability of the CVC company to invest in ventures close to its core activities, exploiting internal resources and exploring new markets.
Design/methodology/approach
Stemming from the results of previous studies, this research has applied a discriminating analysis methodology to the 18 most active CVC companies in the world, all of which have technology innovation as the core business of the corporation, in the 2015/2017 period.
Findings
An evident correlation between the Financing Round (as the independent variable) and the Entrepreneurial Intensity (as the dependent variable) influences the CVCs investment policies and their behavior with respect to their ambidexterity. This link could also influence the strategic orientation of the CVC policy, forcing the company to appropriately govern and manage the starting nature and/or the variable nature of the CVC (ambidextrous, hybrid, dis-ambidextrous or random).
Research limitations/implications
The current research has used only secondary data to explore the behavior of only 18 CVCs in a relatively short period. Thus, it would be advisable to extend the number of observations, to enlarge the period under investigation, and to retrieve field data to obtain more detailed and reliable results.
Originality/value
The main objective/contribution of this study is to understand if there is a correlation between the Financing Round (as the independent variable) and the Entrepreneurial Intensity (as the dependent variable) for the 18 most active CVCs in the world, according to CB Insights, in 2015–2017, adopting and further confirming the model by Rossi et al. (2019). The statistical investigation, based on the conclusions of that linear regression model, has highlighted a total or large correlation between these two variables for the current research perimeter, which includes CVC companies with technology as the core business of the corporation.
Details
Keywords
Francesco Paolone, Matteo Pozzoli, Meghna Chhabra and Assunta Di Vaio
This study aims to investigate the effects of board cultural diversity (BCD) and board gender diversity (BGD) of the board of directors on environmental, social and governance…
Abstract
Purpose
This study aims to investigate the effects of board cultural diversity (BCD) and board gender diversity (BGD) of the board of directors on environmental, social and governance (ESG) performance in the European banking sector using resource-based view (RBV) theory. In addition, this study analyses the linkages between BCD and BGD and knowledge sharing on the board of directors to improve ESG performance.
Design/methodology/approach
This study selected a sample of European-listed banks covering the period 2021. ESG and diversity variables were collected from Refinitiv Eikon and analysed using the ordinary least squares model. This study was conducted in the European context regulated by Directive 95/2014/EU, which requires sustainability disclosure. The original population was represented by 250 banks; after missing data were excluded, the final sample comprised 96 European-listed banks.
Findings
The findings highlight the positive linkages between BGD, BCD and ESG scores in the European banking sector. In addition, the findings highlight that diversity contributes to knowledge sharing by improving ESG performance in a regulated sector. Nonetheless, the combined effect of BGD and BCD negatively impacts ESG performance.
Originality/value
To the best of the authors’ knowledge, this is the first study to measure and analyse a regulated sector, such as banking, and the relationship between cultural and gender diversity for sharing knowledge under the RBV theory lens in the ESG framework.
Details
Keywords
Jamel Chouaibi, Giuseppe Festa, Gazi Mahabubul Alam and Matteo Rossi
The aim of this study is to investigate potential relationships between the corporate governance system and the innovation development process, with a specific focus on the…
Abstract
Purpose
The aim of this study is to investigate potential relationships between the corporate governance system and the innovation development process, with a specific focus on the agri-food sector in the Tunisian context.
Design/methodology/approach
Most studies on innovation management have shown the collective nature of the innovation process, resulting from the multiple interactions that can be established between various actors, internal and external to the enterprise perimeter, which is increasingly digitally open, especially in the COVID-19 era. More specifically, the implementation of an innovation strategy is a risky issue for businesses, most of all when considering its financial requirements and impacts, and thus, appropriate management plays a relevant role in this respect.
Findings
Statistical tests, operated on a sample of 80 Tunisian companies, show that the style of management and the concentration of ownership exert significant influence on the dynamism of technological innovation in the agri-food sector.
Originality/value
The involvement and the commitment of institutional investors can contribute to stimulate the innovation process in the agri-food sector, providing related implications with significant impact, at the scientific and managerial level.
Details
Keywords
This article explores brand positioning and authenticity within the global-local continuum, utilizing the evolution of the Italian rock band, Måneskin, as a case study.
Abstract
Purpose
This article explores brand positioning and authenticity within the global-local continuum, utilizing the evolution of the Italian rock band, Måneskin, as a case study.
Design/methodology/approach
Employing Greimas’s (1987) semiotic framework, I analyze social media and media articles on Måneskin’s success, unveiling consumer perceptions of global, local and intermediate brand positionings and related authenticity dimensions. I particularly uncover a narrative centered on “global” versus “local” brand positioning and their counterparts (i.e. “not global” and “not local”), forming a semiotic square.
Findings
In the “global” perception, the band is evaluated in terms of conforming to global standards, while, in the “local” understanding, the emphasis shifts to connections to local roots. In the “glocalization” perspective (global and local), the band’s activities are assessed concerning an integration between global conformity and local connections. The “glalienation” viewpoint (neither global nor local) is related to consistency, in the sense of being unique and avoiding a commitment to either global or local values. The data also highlight issues of inconsistency regarding brand positioning’s contradictions, such as the band’s incoherently merging local and non-local elements.
Originality/value
The proposed structural semiotics approach enriches previous theories by examining authenticity within global-local dynamics, offering insights into various authenticity dimensions and their interplay. It underlines shifts in authenticity perceptions and challenges binary brand positioning, advocating for strategic placement across the global-local continuum. Moreover, it emphasizes leveraging cultural elements and semiotics to effectively communicate authenticity.
Details
Keywords
Giuseppe Festa, Sihem Elbahri, Maria Teresa Cuomo, Mario Ossorio and Matteo Rossi
The study aims to investigate the influence of FinTech (Financial Technology) determinants such as crowdfunding, mobile payment and blockchain as potential facilitators in an…
Abstract
Purpose
The study aims to investigate the influence of FinTech (Financial Technology) determinants such as crowdfunding, mobile payment and blockchain as potential facilitators in an entrepreneurial ecosystem for undertaking decisions in Tunisia, as an example of emerging economy.
Design/methodology/approach
Quantitative research was carried out with data collection based on a questionnaire that has been sent via email to young Tunisian entrepreneurs (potential or actual). A following regression was calculated on 93 respondents.
Findings
Analysis of the data showed that most of the relationships under investigation were confirmed. Statistical tests highlighted that knowledge, availability and access about crowdfunding and blockchain had a positive and significant impact on entrepreneurial intention. Regarding mobile payment, there was a negative and insignificant effect on entrepreneurial intention.
Originality/value
From the evidence of the research, Fintech ecosystems may positively influence the decision to undertake, with relevant implications at institutional, industrial and individual level. More specifically, demonstrating a positive and significant relationship between some main dimensions of FinTech and entrepreneurial intention and emphasizing the contribution of related knowledge to intellectual capital accumulation through entrepreneurial education, this study seems to be unique in examining and verifying this potential effect.