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.

Corporate Governance and Dividend Policy in European Banking

This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

CP-MLR Directed QSAR Studies on the Antimycobacterial Activity of Functionalised Alkenols - Topological Descriptors in Modeling the Activity

The antimycobacterial activity of nitro/ acetamido alkenol derivatives and chloro/ amino alkenol derivatives has been analyzed through combinatorial protocol in multiple linear regression (CP-MLR) using different topological descriptors obtained from Dragon software. Among the topological descriptor classes considered in the study, the activity is correlated with simple topological descriptors (TOPO) and more complex 2D autocorrelation descriptors (2DAUTO). In model building the descriptors from other classes, that is, empirical, constitutional, molecular walk counts, modified Burden eigenvalues and Galvez topological charge indices have made secondary contribution in association with TOPO and / or 2DAUTO classes. The structure-activity correlations obtained with the TOPO descriptors suggest that less branched and saturated structural templates would be better for the activity. For both the series of compounds, in 2DAUTO the activity has been correlated to the descriptors having mass, volume and/ or polarizability as weighting component. In these two series of compounds, however, the regression coefficients of the descriptors have opposite arithmetic signs with respect to one another. Outwardly these two series of compounds appear very similar. But in terms of activity they belong to different segments of descriptor-activity profiles. This difference in the activity of these two series of compounds may be mainly due to the spacing difference between the C1 (also C6) substituents and rest of the functional groups in them.

Executive compensation and the performance of the firm

A sample of large industrial corporations is examined to determine whether there is a relationship between the levels of compensation received by the senior executives of those firms and the firms' economic performances. We find consistent evidence of such a relationship, with differences across firms in the total compensation of their three highest-paid officers being positively related to differences in both the common stock returns and operating profitability of the firms. The implication is that compensation packages are designed to reduce agency costs.

[Health literacy : An introduction to the concept and its measurement].

Over the last 20 years, health literacy (German: Gesundheitskompetenz/health competency) has become a popular concept in research and health policy. Initially defined as an individual's ability to understand medical information, the definition has quickly expanded to describe individual-based resources for actions or conduct relevant to health, in different socio-cultural or clinical contexts. Today, researchers and practice experts can draw on a wide variety of definitions and measurements. This article provides an overview of the definitions, briefly introduces the "structure and agency" approach as an example of theorizing health literacy, and shows different types of operationalization. The article presents the strengths and shortcomings of the available concepts and measures and provides starting points for future research in public health and health promotion.

The Optimal Response to Default: Renegotiation or Extended Maturity?

This paper reinforces the argument of Harding and Sirmans (2002) that the observed preference of lenders for extended maturity rather than renegotiation of the principle in the case of loan default is due to the superior incentive properties of the former. Specifically, borrowers have a greater incentive to avoid default under extended maturity because it reduces the likelihood that they will be able to escape paying off the full loan balance. Thus, although extended maturity leaves open the possibility of foreclosure, it will be preferred to renegotiation as long as the dead weight loss from foreclosure is not too large.

Reconstruction and development of rural Cambodia : from Krom Samakki to globalization

This paper reveals how rural Cambodian people reconstructed their social relationships after the collapse of the Pol Pot regime by examining farmland, which was the most important means of production in rural areas at that time. Section 1 and 2 illustrate the process of returning from collective farming under the Pol Pot regime to the family farming system. Section 3 analyzes the structure of land ownership created through land distribution by Krom Samakki. Section 4 studies the actualities of tenant farming. Section 5 examines the changes of the land ownership structure during a decade years after the distribution of Krom Samakki. This paper concludes that the legacy of Krom Samakki started to fade as early as the 1990s.

Economic restructuring and regional distrubution of enterprises in Vietnam

The change in the ownership structure of enterprises was one of the major features of the Vietnamese economy in the 2000s. Of the three sectors of state, private and FDI, the state sector, which employed the majority of enterprise workers at the beginning of the 2000s, became the smallest by the end of the decade. One of the factors contributing to such phenomenon was SOE restructuring. Earlier SOE restructuring in the early 1990s is said to have resulted in increased economic inequality among provinces. The purpose of this paper is to clarify the impact of the SOE restructuring and related changes in the ownership structure of enterprises on the regional distribution of economic activities in the 2000s.

Competition of the mechanisms : how Chinese home appliance firms coped with default risk of trade credit?

During the transition period from a planned economy to a market economy in 1990s of China, there was a considerable accrual of deferred payment, and default due to inferior enforcement institutions. This is a very common phenomenon in the transition economies at that time. Interviews with home electronics appliance firms revealed that firms coped with this problem by adjusting their sales mechanisms (found four types), and the benefit of institutions was limited. A theoretical analysis claim that spot and integration are inferior to contracts, a contract with a rebate on volume and prepayment against an exclusive agent can realize the lowest cost and price. The empirical part showed that mechanisms converged into a mechanism with the rebate on volume an against exclusive agent and its price level is the lowest. The competition is the driving force of the convergence of mechanisms and improvement risk management capacity.

Impact of foreign capital entry in the Indonesian banking sector

After the Asian financial crisis of 1997/98, the Indonesian banking sector experienced significant changes. Ownership structure of banking sector is substantially-changed. Currently, ownership of major commercial banks is dominated by foreign capital through acquisition. This paper examines whether foreign ownership changes a bank’s lending behavior and performance. Foreign banks tend to lend mainly to large firms; this paper examines whether the credit to small and medium-sized enterprises (SMEs) is affected by foreign capital entry into the Indonesian banking sector. Empirical results show that banks owned by foreign capital tend to decrease SME credit.

Governança corporativa e redução de assimetrias de informação

A presente dissertação parte de uma análise dos principais corpos regulatórios nacionais e internacionais da governança corporativa para buscar os traços essenciais que caracterizam tal sistema. Uma vez identificados os traços essenciais a partir dos elementos regulatórios, passa o texto a analisar os elementos caracterizadores da governança corporativa por meio das principais disposições doutrinárias sobre o tema. Após estabelecido um conceito funcional de governança corporativa, busca-se compreender as bases econômicas que originaram e auxiliaram no desenvolvimento do sistema da governança corporativa. A partir deste ponto são levantadas as principais Indagações acerca do funcionamento do mercado em um ambiente de informações assimétricas, ressaltando-se o impacto advindo dos agency costs. Finalmente, após levantados os problemas relacionados à assimetria de informação, essencialmente focados no agency problem, se propõe a dissertação a vincular o desenvolvimento do sistema da governança corporativa à mitigação dos problemas de assimetria de informação.

Poder empresarial e cobertura de analistas financeiros

Este estudo buscou investigar duas relações de interesse: a relação entre poder e cobertura de analistas financeiros no mercado acionário brasileiro, e a relação entre poder e assimetria informacional neste mercado, nos períodos de 2000 a 2010. O objetivo desta pesquisa envolveu verificar se o poder empresarial aumenta a assimetria informacional decorrentes dos custos de agência envolvidos e possibilidade de expropriação de valor (Jensen & Meckling, 1976), ou diminui a assimetria, uma vez que administração da empresa não se sente vulnerável a demissões ou possíveis embaraços a sua atuação, e opta por não omitir informações aos stakeholders (Bertrand & Mullainathan, 2003). Ainda relacionado ao ambiente informacional impactado pelo poder empresarial, buscou-se verificar se os analistas financeiros acompanham empresas que apresentam uma maior assimetria informacional, e assim cumprindo sua função de monitoramento da gestão empresarial (Healy & Palepu, 2001), ou menor assimetria, em decorrência dos custos envolvidos em se obter informações privadas (Frankel, Kothari & Weber, 2006). Com o uso de proxies criadas pela análise fatorial para capturar as especificidades relacionadas a poder empresarial e assimetria informacional no ambiente empresarial brasileiro, foram observadas uma relação negativa entre cobertura de analistas financeiros e poder empresarial e uma relação positiva entre assimetria e poder empresarial. Pelas hipóteses esquematizadas por Jiraporn, Liu e Kim (2012), que abarcam todas as relações possíveis entre assimetria, poder empresarial e cobertura de analistas financeiros, os resultados se enquadram na Hipótese da Opacidade.

Extrinsic and intrinsic factors in the Balanced Scorecard adoption: an empirical study in Portuguese organizations

In this article we aim to analyze the relationship between a set of organizational extrinsic and intrinsic factors and the adoption of the Balanced Scorecard(BSC) by privately-owned Portuguese organizations (large companies and small and médium enterprises).These factos are related to companies age,the diversity of products and services,the nature of the ownership structure,the internationalization,and the organizational size. As a primary means of data collection was carried out a postal survey through a questionnaire sent to 549 privately-owned Portuguese organizations, with na overall responserate of 28.2%. The results indicate that the degree of diversity of the products/services of the organization,the owner- ship of foreign groups,and theo rganizational size are positively associated with the implementation of the BSC.Thus,we conclude that the BSC increases with the degree of diversity of the products/services of the organization,that the Portuguese organizations that use the BSC are mainly owned by foreign groups; and larger organizations are most likely to use this tool.

Higher education reform in Kyrgyzstan: the politics of neoliberal agendas in theory and practice

There would seem to be no greater field for observing the effects of neo-liberal reforms in higher education than the former Soviet university, where attempts to legitimize neo-liberal philosophy over Soviet ideology plays out in everyday practices of educational reform. However, ethnographic research about higher education in post-Soviet Central Asia suggests that its “liberalization” is both an ideological myth and a complicated reality. This chapter focuses on how and why neo-liberal agendas have “travelled” to the Central Asian republic of Kyrgyzstan, what happens when educators encounter and resist them, and why these spaces of resistance are important starting points for the development of alternative visions of educational possibility in this recently “Third-worlded” society.

The intra-firm diffusion of complementary innovations: Evidence from the adoption of management practices by British establishments

This paper presents a simple profitability-based decision model to show how synergistic gains generated by the joint adoption of complementary innovations may influence the firm's adoption decision. For this purpose a weighted index of intra-firm diffusion is built to investigate empirically the drivers of the intensity of joint use of a set of complementary innovations. The findings indicate that establishment size, ownership structure and product market concentration are important determinants of the intensity of use. Interestingly, the factors that affect the extent of use of technological innovations do also affect that of clusters of management practices. However, they can explain only part of the heterogeneity of the benefits from joint use.