Gli assetti proprietari e di controllo nell'agroalimentare italiano

The recent default of important Italian agri-business companies provides a challenging issue to be investigated through an appropriate scientific approach. The events involving CIRIO, FERRUZZI or PARMALAT rise an important research question: what are the determinants of performance for Italian companies in the Italian agri – food sector? My aim is not to investigate all the factors that are relevant in explaining performance. Performance depends on a wide set of political, social, economic variables that are strongly interconnected and that are often very difficult to express by formal or mathematical tools. Rather, in my thesis I mainly focus on those aspects that are strictly related to the governance and ownership structure of agri – food companies representing a strand of research that has been quite neglected by previous scholars. The conceptual framework from which I move to justify the existence of a relationship between the ownership structure of a company, governance and performance is the model set up by Airoldi and Zattoni (2005). In particular the authors investigate the existence of complex relationships arising within the company and between the company and the environment that can bring different strategies and performances. They do not try to find the “best” ownership structure, rather they outline what variables are connected and how they could vary endogenously within the whole economic system. In spite of the fact that the Airoldi and Zattoni’s model highlights the existence of a relationship between ownership and structure that is crucial for the set up of the thesis the authors fail to apply quantitative analyses in order to verify the magnitude, sign and the causal direction of the impact. In order to fill this gap we start from the literature trying to investigate the determinants of performance. Even in this strand of research studies analysing the relationship between different forms of ownership and performance are still lacking. In this thesis, after a brief description of the Italian agri – food sector and after an introduction including a short explanation of the definitions of performance and ownership structure, I implement a model in which the performance level (interpreted here as Return on Investments and Return on Sales) is related to variables that have been previously identified by the literature as important such as the financial variables (cash and leverage indices), the firm location (North Italy, Centre Italy, South Italy), the power concentration (lower than 25%, between 25% and 50% and between 50% and 100% of ownership control) and the specific agri – food sector (agriculture, food and beverage). Moreover we add a categorical variable representing different forms of ownership structure (public limited company, limited liability company, cooperative) that is the core of our study. All those variables are fully analysed by a preliminary descriptive analysis. As in many previous contributions we apply a panel least squares analysis for 199 Italian firms in the period 1998 – 2007 with data taken from the Bureau Van Dijck Dataset. We apply two different models in which the dependant variables are respectively the Return on Investments (ROI) and the Return on Sales (ROS) indicators. Not surprisingly we find that companies located in the North Italy representing the richest area in Italy perform better than the ones located in the Centre and South of Italy. In contrast with the Modigliani - Miller theorem financial variables could be significant and the specific sector within the agri – food market could play a relevant role. As the power concentration, we find that a strong property control (higher than 50%) or a fragmented concentration (lower than 25%) perform better. This result apparently could suggest that “hybrid” forms of concentrations could create bad functioning in the decision process. As our key variables representing the ownership structure we find that public limited companies and limited liability companies perform better than cooperatives. This is easily explainable by the fact that law establishes that cooperatives are less profit – oriented. Beyond cooperatives public limited companies perform better than limited liability companies and show a more stable path over time. Results are quite consistent when we consider both ROI and ROS as dependant variables. These results should not lead us to claim that public limited company is the “best” among all possible governance structures. First, every governance solution should be considered according to specific situations. Second more robustness analyses are needed to confirm our results. At this stage we deem these findings, the model set up and our approach represent original contributions that could stimulate fruitful future studies aimed at investigating the intriguing issue concerning the effect of ownership structure on the performance levels.

Business Clusters in Eastern Europe: Policy Analysis and Cluster Performance

Clusters have increasingly become an essential part of policy discourses at all levels, EU, national, regional, dealing with regional development, competitiveness, innovation, entrepreneurship, SMEs. These impressive efforts in promoting the concept of clusters on the policy-making arena have been accompanied by much less academic and scientific research work investigating the actual economic performance of firms in clusters, the design and execution of cluster policies and going beyond singular case studies to a more methodologically integrated and comparative approach to the study of clusters and their real-world impact. The theoretical background is far from being consolidated and there is a variety of methodologies and approaches for studying and interpreting this phenomenon while at the same time little comparability among studies on actual cluster performances. The conceptual framework of clustering suggests that they affect performance but theory makes little prediction as to the ultimate distribution of the value being created by clusters. This thesis takes the case of Eastern European countries for two reasons. One is that clusters, as coopetitive environments, are a new phenomenon as the previous centrally-based system did not allow for such types of firm organizations. The other is that, as new EU member states, they have been subject to the increased popularization of the cluster policy approach by the European Commission, especially in the framework of the National Reform Programmes related to the Lisbon objectives. The originality of the work lays in the fact that starting from an overview of theoretical contributions on clustering, it offers a comparative empirical study of clusters in transition countries. There have been very few examples in the literature that attempt to examine cluster performance in a comparative cross-country perspective. It adds to this an analysis of cluster policies and their implementation or lack of such as a way to analyse the way the cluster concept has been introduced to transition economies. Our findings show that the implementation of cluster policies does vary across countries with some countries which have embraced it more than others. The specific modes of implementation, however, are very similar, based mostly on soft measures such as funding for cluster initiatives, usually directed towards the creation of cluster management structures or cluster facilitators. They are essentially founded on a common assumption that the added values of clusters is in the creation of linkages among firms, human capital, skills and knowledge at the local level, most often perceived as the regional level. Often times geographical proximity is not a necessary element in the application process and cluster application are very similar to network membership. Cluster mapping is rarely a factor in the selection of cluster initiatives for funding and the relative question about critical mass and expected outcomes is not considered. In fact, monitoring and evaluation are not elements of the cluster policy cycle which have received a lot of attention. Bulgaria and the Czech Republic are the countries which have implemented cluster policies most decisively, Hungary and Poland have made significant efforts, while Slovakia and Romania have only sporadically and not systematically used cluster initiatives. When examining whether, in fact, firms located within regional clusters perform better and are more efficient than similar firms outside clusters, we do find positive results across countries and across sectors. The only country with negative impact from being located in a cluster is the Czech Republic.

Dynamic power management: from portable devices to high performance computing

Electronic applications are nowadays converging under the umbrella of the cloud computing vision. The future ecosystem of information and communication technology is going to integrate clouds of portable clients and embedded devices exchanging information, through the internet layer, with processing clusters of servers, data-centers and high performance computing systems. Even thus the whole society is waiting to embrace this revolution, there is a backside of the story. Portable devices require battery to work far from the power plugs and their storage capacity does not scale as the increasing power requirement does. At the other end processing clusters, such as data-centers and server farms, are build upon the integration of thousands multiprocessors. For each of them during the last decade the technology scaling has produced a dramatic increase in power density with significant spatial and temporal variability. This leads to power and temperature hot-spots, which may cause non-uniform ageing and accelerated chip failure. Nonetheless all the heat removed from the silicon translates in high cooling costs. Moreover trend in ICT carbon footprint shows that run-time power consumption of the all spectrum of devices accounts for a significant slice of entire world carbon emissions. This thesis work embrace the full ICT ecosystem and dynamic power consumption concerns by describing a set of new and promising system levels resource management techniques to reduce the power consumption and related issues for two corner cases: Mobile Devices and High Performance Computing.

Collaborative Change: Environmental Jolt, Network (Re)Design and Firm Performance

Motivated by the need to understand which are the underlying forces that trigger network evolution, we develop a multilevel theoretical and empirically testable model to examine the relationship between changes in the external environment and network change. We refer to network change as the dissolution or replacement of an interorganizational tie, adding also the case of the formation of new ties with new or preexisting partners. Previous research has paid scant attention to the organizational consequences of quantum change enveloping entire industries in favor of an emphasis on continuous change. To highlight radical change we introduce the concept of environmental jolt. The September 11 terrorist attacks provide us with a natural experiment to test our hypotheses on the antecedents and the consequences of network change. Since network change can be explained at multiple levels, we incorporate firm-level variables as moderators. The empirical setting is the global airline industry, which can be regarded as a constantly changing network of alliances. The study reveals that firms react to environmental jolts by forming homophilous ties and transitive triads as opposed to the non jolt periods. Moreover, we find that, all else being equal, firms that adopt a brokerage posture will have positive returns. However, we find that in the face of an environmental jolt brokerage relates negatively to firm performance. Furthermore, we find that the negative relationship between brokerage and performance during an environmental jolt is more significant for larger firms. Our findings suggest that jolts are an important predictor of network change, that they significantly affect operational returns and should be thus incorporated in studies of network dynamics.

Intercultural Performance and Dialogue. From Richard Schechner Performance Studies Onwards

Attraverso un excursus storico, teorico e metodologico, questa tesi di dottorato analizza la nascita, gli sviluppi e l’attuale dimensione costitutivo-identitaria dei Performance Studies, un ambito di ricerca accademica che, nato negli Stati Uniti alla fine degli anni Settanta, ha sempre palesato una natura restia nei confronti di qualunque tentativo definitorio. Se i Performance Studies concepiscono la performance sia come oggetto d’analisi sia come lente metodologica, e se, come evidenziato da Richard Schechner, praticamente tutto può essere “elevato a performance” e quindi indagato secondo le categorie analitiche di questa disciplina, ecco allora che, con uno slittamento transitivo e “meta-metodologico”, questa ricerca dottorale ha scelto come proprio oggetto di studio i Performance Studies stessi, osservandoli “as performance” e avvalendosi degli strumenti metodologici suggeriti dal suo stesso oggetto d’analisi. Questo lavoro indaga come l’oggetto di studio dei Performance Studies sia, seguendo la teoria schechneriana, il “behaved behavior”, e dunque come di conseguenza, il repertorio, prima ancora che l’archivio, possa essere considerato il fedele custode delle “pratiche incorporate”. Soffermandosi su esempi di “reenactment” performativo come quelli messi in atto da Marina Abramović e Clifford Owens, così come sui tentativi condotti dalla sezione dell’Intangible Cultural Heritage dell’UNESCO, suggerisce validi esempi di “archiviazione” della performance. L’elaborato prende poi in esame casi che esemplificano la proficua identificazione tra “studiare performance” e “fare performance”, sottolinea il ruolo cruciale e imprenscindibile determinato dal lavoro di ricerca sul campo inteso come “osservazione partecipante”, ed evidenzia il costante coinvolgimento sociale e politico assunto dai Performance Studies. Questa dissertazione affronta e supporta l’efficacia dei Performance Studies nel proporsi come uno strumento innovativo in grado di analizzare un mondo sempre più performativo nelle sue dinamiche. La loro natura tanto interdisciplinare quanto interculturale sembra farne una lente adeguata attraverso cui promuovere livelli diversi di performance dialogica tra culture localmente distinte ma globalmente assimilabili.