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.

Study of the components of quality in SO2-free wines obtained by innovative vinification protocols. Evaluation of the pre-fermentative addition of lysozyme and oenological tannins.

The research performed during the PhD candidature was intended to evaluate the quality of white wines, as a function of the reduction in SO2 use during the first steps of the winemaking process. In order to investigate the mechanism and intensity of interactions occurring between lysozyme and the principal macro-components of musts and wines, a series of experiments on model wine solutions were undertaken, focusing attention on the polyphenols, SO2, oenological tannins, pectines, ethanol, and sugar components. In the second part of this research program, a series of conventional sulphite added vinifications were compared to vinifications in which sulphur dioxide was replaced by lysozyme and consequently define potential winemaking protocols suitable for the production of SO2-free wines. To reach the final goal, the technological performance of two selected yeast strains with a low aptitude to produce SO2 during fermentation were also evaluated. The data obtained suggested that the addition of lysozyme and oenological tannins during the alcoholic fermentation could represent a promising alternative to the use of sulphur dioxide and a reliable starting point for the production of SO2-free wines. The different vinification protocols studied influenced the composition of the volatile profile in wines at the end of the alcoholic fermentation, especially with regards to alcohols and ethyl esters also a consequence of the yeast’s response to the presence or absence of sulphites during fermentation, contributing in different ways to the sensory profiles of wines. In fact, the aminoacids analysis showed that lysozyme can affect the consumption of nitrogen as a function of the yeast strain used in fermentation. During the bottle storage, the evolution of volatile compounds is affected by the presence of SO2 and oenological tannins, confirming their positive role in scaveging oxygen and maintaining the amounts of esters over certain levels, avoiding a decline in the wine’s quality. Even though a natural decrease was found on phenolic profiles due to oxidation effects caused by the presence of oxygen dissolved in the medium during the storage period, the presence of SO2 together with tannins contrasted the decay of phenolic content at the end of the fermentation. Tannins also showed a central role in preserving the polyphenolic profile of wines during the storage period, confirming their antioxidant property, acting as reductants. Our study focused on the fundamental chemistry relevant to the oxidative phenolic spoilage of white wines has demonstrated the suitability of glutathione to inhibit the production of yellow xanthylium cation pigments generated from flavanols and glyoxylic acid at the concentration that it typically exists in wine. The ability of glutathione to bind glyoxylic acid rather than acetaldehyde may enable glutathione to be used as a ‘switch’ for glyoxylic acid-induced polymerisation mechanisms, as opposed to the equivalent acetaldehyde polymerisation, in processes such as microoxidation. Further research is required to assess the ability of glutathione to prevent xanthylium cation production during the in-situ production of glyoxylic acid and in the presence of sulphur dioxide.

Trasporto di materia in membrane polimeriche e nanocomposite per la separazione di gas

Membrane-based separation processes are acquiring, in the last years, an increasing importance because of their intrinsic energetic and environmental sustainability: some types of polymeric materials, showing adequate perm-selectivity features, appear rather suitable for these applications, because of their relatively low cost and easy processability. In this work have been studied two different types of polymeric membranes, in view of possible applications to the gas separation processes, i.e. Mixed Matrix Membranes (MMMs) and high free volume glassy polymers. Since the early 90’s, it has been understood that the performances of polymeric materials in the field of gas separations show an upper bound in terms of permeability and selectivity: in particular, an increase of permeability is often accompanied by a decrease of selectivity and vice-versa, while several inorganic materials, like zeolites or silica derivates, can overcome this limitation. As a consequence, it has been developed the idea of dispersing inorganic particles in polymeric matrices, in order to obtain membranes with improved perm-selectivity features. In particular, dispersing fumed silica nanoparticles in high free volume glassy polymers improves in all the cases gases and vapours permeability, while the selectivity may either increase or decrease, depending upon material and gas mixture: that effect is due to the capacity of nanoparticles to disrupt the local chain packing, increasing the dimensions of excess free volume elements trapped in the polymer matrix. In this work different kinds of MMMs were fabricated using amorphous Teflon® AF or PTMSP and fumed silica: in all the cases, a considerable increase of solubility, diffusivity and permeability of gases and vapours (n-alkanes, CO2, methanol) was observed, while the selectivity shows a non-monotonous trend with filler fraction. Moreover, the classical models for composites are not able to capture the increase of transport properties due to the silica addition, so it has been necessary to develop and validate an appropriate thermodynamic model that allows to predict correctly the mass transport features of MMMs. In this work, another material, called poly-trimethylsilyl-norbornene (PTMSN) was examined: it is a new generation high free volume glassy polymer that, like PTMSP, shows unusual high permeability and selectivity levels to the more condensable vapours. These two polymer differ each other because PTMSN shows a more pronounced chemical stability, due to its structure double-bond free. For this polymer, a set of Lattice Fluid parameters was estimated, making possible a comparison between experimental and theoretical solubility isotherms for hydrocarbons and alcoholic vapours: the successfully modelling task, based on application of NELF model, offers a reliable alternative to direct sorption measurement, which is extremely time-consuming due to the relevant relaxation phenomena showed by each sorption step. For this material also dilation experiments were performed, in order to quantify its dimensional stability in presence of large size, swelling vapours.

Cambiamenti dello scenario epidemiologico e clinico dell'epatocarcinoma in Italia nell'ultimo ventennio

Background & Aims: This study investigates whether the aetiologic changes in liver disease and the improved management of hepatocellular carcinoma (HCC) have modified the clinical scenario of this tumour over the last 20 years in Italy. Methods: Retrospective study based on the analysis of the ITA.LI.CA (Italian Liver Cancer) database including 3027 HCC patients managed in 11 centres. Patients were divided into 3 groups according to the period of HCC diagnosis: 1987–1996 (year of the ‘‘Milano criteria’’ publication), 1997–2001 (year of release of the EASL guidelines for HCC), and 2002–2008. Results: The significant changes were: (1) progressive patient ageing; (2) increasing prevalence of HCV infection until 2001, with a subsequent decrease, when the alcoholic aetiology increased; (3) liver function improvement, until 2001; (4) increasing ‘‘incidental’’ at the expense of ‘‘symptomatic’’ diagnoses, until 2001; (5) unchanged prevalence of tumours diagnosed during surveillance (around 50%), with an increasing use of the 6- month schedule; (6) favourable HCC ‘‘stage migration’’, until 2001; (7) increasing use of percutaneous ablation; (8) improving survival, until 2001. Conclusions: Over the last 20 years, several aetiologic and clinical features regarding HCC have changed. The survival improvement observed until 2001 was due to an increasing number of tumours diagnosed in early stages and in a background of compensated cirrhosis, and a growing and better use of locoregional treatments. However, the prevalence of early cancers and survival did not increase further in the last years, a result inciting national policies aimed at implementing surveillance programmes for at risk patients.

Il "Progetto Bagnacavallo": prevalenza dell'ipertransaminasemia e NAFLD nella popolazione generale

Nel corso degli ultimi due decenni in particolare si è andata evidenziando a livello epatologico una entità definita oggi Non-alcoholic Fatty Liver Disease (NAFLD) che si è andata ad affiancare alle cause in precedenza conosciute, fino a risultare, attraverso il succedersi di riscontri scientifici, la causa prevalente di epatopatia, in particolare nei paesi occidentali e industrializzati. Negli stessi anni un'altra problematica clinica complessa che va sotto il nome di Sindrome Metabolica si è andata via via delineando attraverso le sue molteplici correlazioni con quelle che sono le cause di morbidità e mortalità prevalenti nella nostra realtà, dal diabete alla patologia cardiovascolare e non ultima alla NAFLD stessa. Scopo dello Studio in oggetto a questa tesi era proprio di rivalutare nel territorio italiano la prevalenza di epatopatia in particolare correlabile alla NAFLD e la sua associazione con la Sindrome Metabolica.

Verso il consumo sostenibile: i prodotti biologici nelle abitudini alimentari degli italiani

Scegliere di consumare in modo sostenibile significa passare ad un nuovo modello di consumo. Tale modello richiede una maggiore consapevolezza e responsabilità da parte dei consumatori, unite all'adozione di nuovi stili di vita e di scelte d’acquisto, che permettano il raggiungimento di elevati livelli di benessere nel rispetto dell'ambiente. Un notevole sforzo è stato compiuto recentemente dai policy maker per incoraggiare il consumo sostenibile quali implementazioni dello sviluppo sostenibile. Ancora lunga, tuttavia, è la strada da percorrere per raggiungere pienamente questo obiettivo. Tra i prodotti sostenibili, il biologico si è rivelato di gran lunga il più rappresentativo: le statistiche di questo mercato mostrano, infatti, tendenze positive, sebbene il consumo risulti ancora eterogeneo e contenuto rispetto al consumo di alimenti convenzionali. Ciò mostra che il comportamento dei consumatori non è ancora abbastanza reattivo alle suddette politiche. Il presente studio si propone di contribuire alla ricerca sul consumo sostenibile approfondendo i fattori che incoraggiano o impediscono il consumo di prodotti alimentari biologici in Italia. Adottando un nuovo approccio si cerca di capire come i diversi segmenti di diete alimentari affrontino gli alimenti biologici in termini di consumi e di atteggiamenti. Un'analisi multivariata a più fasi è stata condotta su un campione di 3.004 consumatori. Un’analisi delle componenti principali non lineare è stata applicata alle variabili ordinali che misurano il consumo di ventuno categorie di alimenti. Successivamente è stata applicata la cluster analysis che ha dato luogo a quattro segmenti di abitudini alimentari. I prodotti biologici sono diventati parte delle abitudini alimentari in Italia in quasi un terzo della popolazione. Il consumo sembra essersi affermato soprattutto nel segmento con abitudini alimentari sane. Una scarsa attenzione ad una dieta sana, gli stili di vita, il reddito, l'accessibilità, la mancanza di consapevolezza condizionano le abitudini alimentari a scapito di un consumo più sostenibile.