Valuation effect of ESG and its impact on capital structure: Evidence from Europe

In this study, we examine the valuation effect of ESG performance using a sample of 895 European companies. The misvaluation of the company is determined by the ratio of its market price to its true value. A true value calculation is based on two measures: first, on the analysts’ forecasted price, and second, on residual income. We find that improvements in ESG profiles increase market prices in relation to their true value. An analysis of overvalued and undervalued stocks separately revealed that ESG performance further enhances the existing level of overvaluation. Conversely, it restores undervalued stocks to their true value for residual income measures of misvaluation. Alternatively, mispricing measured by analysts’ forecasted price is significant only for undervalued stocks and the entire sample. Our analysis suggests that information asymmetry and market sentiment play a moderating role in the ESG-misvaluation nexus, suggesting that ESG is a friction to market efficiency. ESG-related misvaluations further impact capital structure through market timing practices, and the increased stability of CSR can be attributed to a marginal increase in equity issuance. We attribute this valuation effect to the demand effect associated with ESG investments. The findings are robust to alternative measures of estimation

Sistemi integrati e cambiamenti nel controllo di gestione: il caso di un’impresa vetraria

Non solo le grandi, ma anche le aziende di medio-piccole dimensioni possono cogliere interessanti opportunità dall’introduzione dei sistemi informativi integrati: perché ciò avvenga, tuttavia, non sono sufficienti né la mera introduzione del nuovo supporto informatico né la relativa modifica degli assetti organizzativi aziendali. E’ essenziale, invece, gestire con attenzione una serie di fattori interni ed esterni, materiali e immateriali, fra i quali spiccano gli aspetti culturali ed il sistema di valori interno. Il caso di una industria vetraria di medie dimensioni evidenzia le relazioni e le interdipendenze esistenti tra i processi di cambiamento nei sistemi informativi e nei sistemi di controllo di gestione

The role of the ‘abacus tradition’ for the economic and social development of the society: evidence from Tuscany (Italy) between XIII and XVI century

This paper focuses on the “origins” of the book-keeping art which aims to record economic behaviour. In particular, this research investigates the early specific “places” arranged and organized to teach the accounting knowledge and the primitive “means” of study with which it could be handed over: the abacus schools and books. They prevalently spread in Italy between XIII and XVI century with the aim of transferring the knowledge generally defined as “practical maths”, such as the techniques to do arithmetic operations and practical rules to solve commercial and financial questions. The objective of this research is to further investigate the study of abacus schools and books, in order to recover and highlight the role held by the abacus phenomenon in the origins of the “accounting art” and, in general, the role of the “abacus tradition” for the economic and social development of the society during the medieval and renaissance period. To achieve this goal, the study relies upon some evidences from Tuscany (Italy) between XIII and XVI century. By combining theoretical and empirical insights, the analysis points out the contribution the abacus tradition has given to the better development of public life in the city-republic during the medieval and renaissance period, that is to say to the best and most effective exercise of duty and civic right. This contribution has been the basis to the growing interest shown towards the abacus culture by the then city-republic authorities

Sostenibilità e governo aziendale. Parola d’ordine: integrazione!

Il contributo offre una panoramica sui principali sistemi e strumenti di governo e controllo aziendale finalizzati alla migliore gestione della sostenibilità