Intellectual Capital Disclosure: Some Evidence from Healthy and Distressed Banks in Italy

The article investigates the intellectual capital disclosure of Italian banks over the years 2016–2017, applying the specific lens of healthy and distressed banks. To this end, we used content analysis and encoding techniques. The main results point out that intellectual capital (IC) disclosure is generally poor and that the intensity of disclosure varies slightly between healthy and distressed banks. Regarding the quality of disclosure, healthy banks present a higher, albeit modest, tendency to disclose non-qualitative and forward-looking information, maybe due to the fact that they are more focused on the strategies and the relationships with stakeholders as opposed to a more short-term approach of the distressed banks. To complement our study on healthy and distressed banks, we repeated the analysis focusing on bank size and independent directors. In this case, results do not show relevant differences in terms of IC disclosure. Hence, our findings suggest the need to consider banks’ IC disclosure as a strategic asset for increasing, among others, transparency and reputation

Greenwashing, bank financial performance and the moderating role of gender diversity

Drawing on legitimacy and upper echelons theories, the study explores the impact of greenwashing on bank performance and whether women on boards play a moderating role in this relationship. Using a sample of European listed banks over the period 2013–2020, our findings show greenwashing has a negative effect on bank performance, yet female directors play a moderating role in this relationship. Overall, our research contributes to the emerging literature on the impact of greenwashing on corporate financial performance, shedding new light on the role played by board gender diversity. Our study, therefore, has significant implications for policymakers, regulators and banks

Past, present and future of impact investing and closely related financial vehicles: a literature review

Purpose – The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles. Design/methodology/approach – The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies. Findings – Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals. Practical implications – The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself. Social implications – Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments. Originality/value – To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies

CHIEF RISK OFFICER’S CHARACTERISTICS: ITALIAN LISTED BANKS VERSUS G-SIBs

The global financial crisis has pushed the failure of bank governance mechanisms into the spotlight – revealing risk levels that are higher than the banks’ risk appetite – and is fostering the emergence of stronger corporate governance. It is now clear that overall risk governance was not properly addressed by risk management units, thus, since 2010 several regulators and expert groups have called for a restructuring of the Chief Risk Officer’s (CRO) role. A stronger CRO role, in terms of independence and function, has emerged from the new regulatory environment. Italian regulators have met the international guidelines and the European laws by adopting the Italian internal control regulations (Bank of Italy, 2013b). To date, few studies have investigated the CRO’s role through the Italian lens. Palego (2013) discussed the role of the CRO in conjunction with the approval of the new international framework on internal controls, while Schwizer (2013) examined Italian CROs (I-CROs) in terms of functions and organisational positioning, with particular attention to the function of compliance. Using a sample of Italian listed banks, the aim of the chapter is to extend the knowledge of I-CROs analysing and discussing (i) their evolving roles, (ii) their demographic characteristics (e.g. gender, nationality, age, education and experience) in the light of an international comparison with Global Systemically Important Banks (G-SIB). To achieve this aim, we use a multi-step methodology, including: i) the definition of a framework for analysing CRO attributes; ii) the set-up of three scores to summarise information on CROs; iii) the use of content analysis to identify features mapped in the scores; and iv) the calculation of the scores according to the collection of CRO characteristics. The empirical evidence is based on the banks’ annual reports and institutional websites. The chapter contributes to the existing literature in several ways. Foremost, this study is the first after the implementation of the Italian regulation on internal controls (Bank of Italy, 2013b), thus, it provides evidence on how banks have incorporated the new regulatory framework. Second, to the best of our knowledge, this study is the first to assess the characteristics of I-CROs in terms of diversity, education and experience, while other studies have discussed features of Italian Chief Executive Officers (CEOs) and of board directors (e.g. Del Prete & Stefani, 2015; Pastore, 2018; Cucari, Esposito De Falco, & Orlando, 2018; Esposito De Falco, Bilotta, & Cucari, 2016). Thus, the explorative analysis of CRO characteristics contributes to the broader debate on Italian bank governance, exploring how far Italian practices differ from international practices. In addition, the study offers useful indications for policymakers and regulators interested in strengthening governance mechanisms and bank stability. The research’s findings reveal that the identikit of I-CROs does not significantly differ from G-CROs and specifically: i) the level of education seems appropriate; ii) few CROs are foreigners or women; and iii) several CROs were appointed after extensive experience in the financial industry, but they have no specific experience in risk management. Thus, from the regulatory perspective, improving the regulations regarding CRO appointments should be an interesting point of reflection for scholars and regulators. Furthermore, in consideration of the studies showing the positive role women play on a bank’s performance, our research leads towards the necessary reflection on the under-representation of women in the panorama of CROs, especially considering the pivotal role of the CRO on a bank’s stability

Eficacia de un spray de ácido málico al 1% en el tratamiento de la xerostomía

Tesis (Cirujano Dentista)La saliva es un componente esencial para la mantención de la salud oral. La disminución en la producción de saliva resulta en numerosos cambios orales y comportamientos relacionados que pueden influenciar la calidad de vida de un paciente, tales como dificultades en la fonación, masticación, deglución, alteración del gusto, caries nuevas y recurrentes, falla en la retención de prótesis dentales, infecciones fúngicas, aliento desagradable, deterioro de tejidos blandos y sensación de boca seca o xerostomía (1-3). La “xerostomía” corresponde a una sensación subjetiva de boca seca, causada por la disminución en el flujo salival o por cambios en la composición bioquímica de la saliva (4), que puede o no relacionarse con hiposialia o disminución objetiva del flujo salival. Sin embargo, la sensación de boca seca puede estar presente en pacientes sin alteraciones en la calidad y/o composición de la saliva. Las causas comunes de la xerostomía incluyen ciertos fármacos de uso sistémico, radioterapia de cáncer de cabeza y cuello, diabetes no controlada y enfermedades específicas de glándulas salivales (5). Asimismo, contribuyen algunos hábitos comunes como el consumo de tabaco, uso de alcohol (incluyendo enjuages bucales), el consumo de algunas bebidas que contienen cafeína y factores psicológicos tales como ansiedad y estrés (6). La xerostomía es una condición que va en aumento y las personas de edad avanzada son quienes presentan especialmente riesgo de padecerla, posiblemente porque una mayor longevidad se relaciona con un aumento en el consumo de fármacos y/o enfermedades sistémicas que se asocian a la producción de xerostomía (7). Existe una gran variabilidad de terapias de tratamiento para la xerostomía, las cuales van a más o menos efectivas según la etiología del desorden y el grado de disfunción salival. Sin embargo, cada técnica tiene sus inconvenientes y debido a la multiplicidad y variabilidad de las intervenciones, no hay pruebas sólidas de que algún tratamiento tópico sea efectivo en el alivio de la sensación de boca seca (8). Actualmente en el comercio chileno existen sólo dos agentes disponibles para el alivio de la xerostomía y no existen estudios publicados en la bibliografía revisada que evalúen su eficacia en la población chilena. Uno de ellos es un spray en base a ácido málico (Xeros) que tendría la propiedad de ser estimulante salival. Existen cuatro estudios (4, 9-11) que han evaluado la eficacia de este spray como tratamiento para la sequedad bucal, pero ninguno de ellos evalúa el impacto que tiene este fármaco en la calidad de vida de los pacientes, la cual actualmente es considerada una de las principales formas de medir la eficacia de un determinado tratamiento en estudios clínicos controlados (12). Por otro lado, pese a los resultados promisorios, estos estudios deber ser replicados para tener una mayor evidencia científica. Además, cabe señalar que los cuatro estudios provienen del mismo centro de salud, siendo tres de ellos del mismo autor, por lo que sería interesante comparar resultados obtenidos en otros centros con distinta población. Por lo tanto, la finalidad de este estudio es evaluar la eficacia de un spray de ácido málico en función de la percepción oral de calidad de vida en pacientes chilenos con xerostomía

When do women on board of directors reduce bank risk?

none3sinoneGiuliana Birindelli, Helen Chiappini, Marco SavioliBirindelli, Giuliana; Chiappini, Helen; Savioli, Marc

Clean energy indices and brown assets: an analysis of tail risk spillovers through the VAR for VaR model

This paper studies the dependence between the clean energy markets and brown assets (oil and Bitcoin) over the years 2011–2019. For this purpose, we use the VAR for VaR framework to capture the extreme dependence (tail risk). Moreover, we compute the Granger-causality in risk to study the impact of the Paris Agreement on these markets. We provide novel evidence of the relationship between the clean and oil markets. Notably, the results suggest that they are highly integrated in terms of risk spillover: their lagged returns, risks and extreme events influence both the VaRs of the clean energy sector and oil prices. Additionally, there is a symmetrical and an asymmetrical effect between returns and risks depending on market condition (downside/upside). The focus on the Paris Agreement demonstrates that this event is not neutral concerning the risk transmission. The effects of spillover from oil to clean energy are present before the agreement, while afterwards, we do not find evidence. Finally, the findings provide fresh insights into the relationship between clean energy and Bitcoin. The empirical analysis shows a significant spillover effect of extreme events between the two markets, suggesting a possible substitution effect

Risk factors, hyposalivation and impact of xerostomia on oral health-related quality of life

Abstract To determine xerostomia-related frequency, factors, salivary flow rates and Oral Health-Related Quality of Life (OHRQoL) of patients attending the Universidad Andrés Bello Dental School Clinic, in the city of Viña del Mar, Chile. The study involved 566 patients assessed with xerostomia, based on a single standardized questionnaire. The severity and impact of xerostomia on OHRQoL was assessed using a visual analogue scale (VAS) and the short version of the Oral Health Impact Profile Questionnaire (OHIP-14sp), respectively. Stimulated and non-stimulated salivary flow rates were obtained from a sample of patients. Xerostomia was reported in 61 patients (10.8%), comprising 50 women (83.3%) and 11 men (16.7%) (p < 0.013). The prevalence was 13% among the women and 6.1% among the men. Gender, age and medication were found to be independent risk factors for the development of xerostomia. Hyposalivation was found in 10 of the 35 patients with xerostomia (28.6%) and in 2 patients without it (p < 0.011). Patients with xerostomia had a reduced OHRQoL, compared with patients without xerostomia, as shown by the total OHIP-14sp score (p < 0.001). Xerostomia was a common, potentially debilitating condition with a major impact on the OHRQoL of a patient population attending a university-based dental clinic. Hyposalivation was present in almost 30% of the patients who complained of xerostomia. It is important that general dentists be aware of this condition, so that they can provide patients with a good diagnosis, treatment and follow-up

Risk factors, hyposalivation and impact of xerostomia on oral health-related quality of life

Abstract To determine xerostomia-related frequency, factors, salivary flow rates and Oral Health-Related Quality of Life (OHRQoL) of patients attending the Universidad Andrés Bello Dental School Clinic, in the city of Viña del Mar, Chile. The study involved 566 patients assessed with xerostomia, based on a single standardized questionnaire. The severity and impact of xerostomia on OHRQoL was assessed using a visual analogue scale (VAS) and the short version of the Oral Health Impact Profile Questionnaire (OHIP-14sp), respectively. Stimulated and non-stimulated salivary flow rates were obtained from a sample of patients. Xerostomia was reported in 61 patients (10.8%), comprising 50 women (83.3%) and 11 men (16.7%) (p < 0.013). The prevalence was 13% among the women and 6.1% among the men. Gender, age and medication were found to be independent risk factors for the development of xerostomia. Hyposalivation was found in 10 of the 35 patients with xerostomia (28.6%) and in 2 patients without it (p < 0.011). Patients with xerostomia had a reduced OHRQoL, compared with patients without xerostomia, as shown by the total OHIP-14sp score (p < 0.001). Xerostomia was a common, potentially debilitating condition with a major impact on the OHRQoL of a patient population attending a university-based dental clinic. Hyposalivation was present in almost 30% of the patients who complained of xerostomia. It is important that general dentists be aware of this condition, so that they can provide patients with a good diagnosis, treatment and follow-up