The Institute for Religious Works: key features of financial intermediation

Corresponding author: F. Arnaboldi, email: [email protected]. While the paper is the result of intense collaboration between the two authors, sections 3 is attributable to F. Arnaboldi and section 1 and 2 to B. Rossignoli. Section 4 is a joint effort. The authors wish to thank P. Mottura and two anonymous referees for their valuable comments. All errors are ours.  Article peer reviewed.SUMMARY: 1. Introduction – 2. Background to anti-money laundering – 3. Financial intermediation, 2011–2014 – 4. Conclusion

Business network commons and their fragilities: Emerging configurations of local organizational fields

This study introduces the concept of business network commons as valuable, fragile resources that are available for partnering firms' collective use but that also require users' engagement and collaboration to be protected and/or (re)generated. Building on the theory of commons and the literature on self-organizing networks and organizational fields, this study identifies organizational variables that shape the network's local organizational field and play a relevant role in protecting and developing business network commons. These variables are participatory architecture, organizational integration, and the presence of specific mechanisms for opportunism prevention and resolution. The fsQCA analysis suggests that specific combinations of these three organizational variables at network level enable high firm performance through the development and protection of business network commons. The boundary conditions under which different network-level organizational configurations can equifinally lead to high firm-level performance depend on the different possible levels of fragility of the business network commons at stake

INTERORGANIZATIONAL NETWORKS OF E-INTERMEDIARIES: AN EXPLORATORY STUDY

In this theory-building research, we seek to understand how the emerging systems of e-intermediation influnce the evolution of novel inter-organizational networks. We chose Yoox, a leading e-intermediary in the fashion industry, as an exemplary case. We found that the core technological capabilities of the e-intermediator, rather than deterministically triggering a single coordination strategy (as mainstream literature predicts), have been exploited to develop a range of interaction approaches, including market, hierarchy, and cooperative network relationships. At this phase of our research in progress, we can extract provisionary propositions from our field study. The most representative propositions we elaborated are the following: (i) when Information and Communication Technologies (ICTs) empower e-intermediation B2B interactions, they can effectively support market, hierarchy, or cooperative network interactions; that is, ICTs facilitate inter-organizational dynamism; (ii) e-intermediation does not encourage, per se, preferential or typical inter-organizational coordination forms. Partnering organizations develop market and/or hierarchy and/or cooperative network interactions depending on their perceptions of irreplaceability, as well as on other factors such as managerial strategies, concerns, and previous relational experiences; (iii) in e-intermediation business networks, the e-intermediary´s technological leadership is more likely to produce a long-term competitive advantage if it is leveraged to feed and enrich the e-intermediary´s relational leadership dynamically over time

Gli assetti proprietari delle societ\ue0 quotate: evidenze empiriche in Italia, negli Stati Uniti e in Germania

Gli assetti proprietari rappresentano un elemento costitutivo dei modelli di corporate governance. Il lavoro si propone di verificare l\u2019esistenza \u2013 o meno \u2013 di processi evolutivi orientati a far convergere gli assetti proprietari delle imprese verso un modello \u201cunitario\u201d. A tal fine il lavoro presenta un\u2019analisi quantitativa sviluppata su un campione di societ\ue0 quotate nei mercati finanziari italiano, statunitense e tedesco. L\u2019indagine \ue8 condotta osservando il grado di concentrazione della struttura azionaria e la composizione della compagine azionaria. Dalle evidenze empiriche si evincono precisi segnali che confermano il processo di convergenza in corso, ma che evidenziano anche come tale processo risulti tuttora significativamente influenzato dal contesto economico, culturale e politico di riferimento

GLI \u201cINTANGIBILI\u201d NELLE OPERAZIONI DI M&A. Profili teorici ed evidenze empiriche nella rappresentazione in bilancio

Le operazioni di M&A fanno emergere valori intangibili che non trovano rappresentazione nel bilancio delle societ\ue0 acquisite. La loro allocazione in bilancio presuppone peraltro la distinzione dei benefici ritraibili dalle attivit\ue0 identificate nelle entit\ue0 acquisite rispetto a quelli che confluiscono nei valori di avviamento. In tali contesti, l\u2019utilizzo della discrezionalit\ue0 tecnica accordata dai principi contabili favorisce comportamenti opportunistici che, condizionando la rappresentazione degli intangibili acquisiti, portano talora a disattendere le esigenze informative del mercato. Muovendo dalla letteratura di financial accounting, il volume analizza le determinanti che orientano la scelta di rappresentare le attivit\ue0 intangibili separatamente dall\u2019avviamento, con l\u2019obiettivo di comprendere come queste scelte siano compiute dalle imprese \u201cinnovative\u201d, quelle cio\ue8 nelle quali il ruolo delle risorse intangibili \ue8 prioritario nella creazione del valore. La trattazione \ue8 supportata da una ricerca empirica condotta su un campione di societ\ue0 quotate che hanno concluso operazioni di M&A nel contesto europeo. I risultati dell\u2019indagine consentono di individuare i driver che guidano la scelta di allocare il valore delle business combination agli intangibili, con particolare riguardo alle imprese innovative. Gli esiti dell\u2019indagine contribuiscono ad alimentare l\u2019ampio filone di studi sulle operazioni di M&A, offrendo spunti di riflessione a investitori, standard setter e autorit\ue0 di regolazione del mercato

Network for Knowledge Sharing: An empirical investigation within SMEs

Previous literature has highlighted that SMEs face particular knowledge sharing challenges (Zieba et al., 2016). Frequently the knowledge is kept in the minds of some key employees (Valkokari and Helander, 2007) and the unstructured ways towards knowledge management (Durst and Edvardsson, 2012) jointly with the motivations that impede knowledge sharing (Vuori and Okkonen, 2012) can lead to the risk of loosing important information. Despite such risk is partially prevented by the slow staff turnover (Durst and Wilhelm, 2011) it leads managers to limit the outflow of knowledge from the company (McAdam and Reid, 2001; Bozbura, 2007; Hutchinson and Quintas, 2008). As a consequence, the knowledge sharing is inhibited both inside the company, since SMEs usually have no explicit policy towards knowledge management and outside the company, given that managers in SMEs tend to block it. Considering that networks are seen as tools that allow SMEs to gain new knowledge, the literature call for empirical evidences (Valkokari and Helander, 2007) to investigate such phenomena. This paper contributes to address these calls providing an empirical analysis of whether and how networks enhance the knowledge sharing in SMEs. To this aim the following research question is investigated: how and in what extent networks can enhance knowledge sharing in the SMEs context? The empirical investigation is based on a survey questionnaire submitted to a sample of Italian SMEs. The findings firstly show that network is perceived by the investigated SMEs as an effective tool assisting them in knowledge sharing in several ways. Secondly, network appears to be a tool that fosters knowledge sharing, not only because it enhance the acquisition of new knowledge from outside the company, but also and more importantly because it helps in explicitating tacit and latent knowledge to let it available to be shared inside and outside the company within the network. Empirical evidences about the benefits in term of knowledge sharing from network participation are provided

Networking SMEs for knowledge sharing: Preliminary evidences from a survey

Previous literature has highlighted that SMEs face particular knowledge sharing challenges and claim that networks allow SMEs to overcome such limitations. Prior studies investigate the role of SMEs as active knowledge participants in networks. Nevertheless, scant empirical evidences are provided about the usefulness of networking among SMEs for knowledge sharing purposes and the literature calls for further investigate such phenomena. This research aims to provide an empirical analysis of whether and how networks enhance the knowledge sharing in SMEs. To this aim the following research question is investigated: how and in what extent networks can enhance knowledge sharing in the SMEs context? The empirical investigation is based on a survey questionnaire submitted to a sample of Italian SMEs. Preliminary empirical evidences about the benefits in term of knowledge sharing from network participation are provided. Beyond the aknowledgment of the importance of network belonging in order to share knowledge, the evidences allow to understand that different type of network serve SMEs for multiple objects and different benefits are achived depending on the type of network. Opportunities for future research are identified in the field of knowledge sharing in SMEs

The Annual Report as a Chance to Communicate Knowledge: Intangible Assets in Innovative Companies

Intangible assets\u2019 communication is essential for stakeholder to grasp the companies\u2019 knowledge potential. Despite the annual report is largely inadequate to communicate intangibles value because of accounting requirements, it offers a unique chance of representing intangibles acquired in M&A. Prior evidence shows that opportunistic behaviours drive such allocation reducing the reporting transparency about the display of the acquired intangibles. However, according to the signalling theory, companies are more likely to provide information about intangibles when the proprietary costs of revealing know-how do not outweigh the benefits achievable by reducing the information asymmetry. The paper aims at investigating the representation of the intangibles\u2019 value depending on the companies\u2019 innovation degree. Moving from the argument that innovative companies embrace M&A mainly to acquire intangibles, I hypothesize that such companies are more likely to disclose the value of the intangibles with the aim of reveal the strategic motivations to the price paid. The paper offers empirical evidence about the communication in the annual report of the intangibles acquired in a M&A comparing innovative companies and traditional ones. The findings confirm that innovative companies are more inclined than traditional companies to disclose information about the acquired intangibles. Furthermore, companies that minimize the intangibles disclosure are those acquiring target companies operating in the same industry, indicating that the acquisition is driven by expected synergies instead of identifiable intangibles. Such distinction suggests that the annual report enable managers to reveal the strategic reasons motivating the deal value. Innovative companies are inclined to reveal the source of their innovation to protect their knowledge. Inferences contributes to the literature showing that the annual report may be a communication channel for the corporate knowledge. The evidence offers practical implication for managers and stakeholders about the annual report\u2019s aptitude to communicate the knowledge potential that is incorporated or in the specific intangibles or in the expected synergies

Italian compliance programmes in groups of companies

Legislative Decree 231/01 introduced corporate criminal liability into the Italian legal system: companies are exempted from the liability if they set up and implement a suitable compliance programme (called ‘Model 231’).Recent statements in the sphere of jurisprudence have drawn attention to these compliance programmes in groups of companies, although the legislation doesnot cover them. By means of empirical evidence this paper investigates the organisational set-ups adopted by companies within groups and the measures drawn up to implement a compliance programme. Special attention is paid to elements of differentiation that make the compliance programme ‘specific’ to each company and therefore more likely to prevent criminal offences

La governance della rete

La governance della rete, intesa come l\u2019insieme delle regole e delle modalit\ue0 in cui si snodano le relazioni tra le imprese appartenenti ai network, suscita l\u2019interesse degli imprenditori che hanno scelto di intraprendere la sfida del \u201cgioco di squadra\u201d. La rilevanza del tema discende da due circostanze di seguito illustra-te. In primo luogo, spesso gli imprenditori non vantano ampia esperienza in merito alla gestione delle relazioni collaborative \u201cravvicinate\u201d con altri im-prenditori. In secondo luogo, impostare una governance chiara e definita \ue8 indispensabile per la creazione e la successiva gestione di un network, poi-ch\ue9 lo sviluppo delle relazioni tra i partner \ue8 uno snodo chiave che ne fa, se ben gestito, il punto di forza di questa forma collaborativa. Il lavoro offre una disamina del tema sulla base di evidenze empiriche raccolte attraverso la somministrazione di questionari e casi di reti di imprese