MEGA YACHT, ITALIAN LEADERSHIP AND FINANCIAL CRISIS. EMPIRICAL EVIDENCE ON HOW ITALIAN LEADING COMPANIES IN MEGA YACHT SECTOR OVERCOME THE CRISIS

The current financial crisis is one of the most studied topics, which attracts the attention of many academics seeking to analyze its causes and impacts. Nevertheless many studies on this issue, the crisis effects on specific industries is still unexplored. The present research seeks to study this topic by analyzing the mega yacht sector with particular emphasis on two world leaders, i.e. Azimut-Benetti and Ferretti. The purpose of this study is to assess if they succeed to tackle the financial crisis, keeping a satisfactory level of profitability associated to a good financial health in spite of the financial crisis. Furthermore, we analyze the strategies those shipyards implement to survive the crisis. The concern of this research is both qualitative and quantitative. Hence, we calculate a complete set of financial ratios adopting a specific methodology for financial statement analysis, taking into account 2006-2013 financial years. That data is integrated with other information retrieved from companies annual report (i.e. the notes to the accounts, management reports and supervisory board reports). This study finds out that both companies suffer financial health and they do not register a satisfactory level of profitability, as well as a low rate of liquidly because of an excessive reliance on current liabilities. However, the key strategies to succeed are ongoing investments in state-of-the-art plant and machinery, an increasing use of equity (even though it is eroded by losses), along with steadily investments in R&D, trademarks, licenses and international nautical fairs

The Board of Directors and Firm Performance: Empirical Evidence from Listed Companies

Purpose: This study seeks to reconcile some of the conflicting results in prior studies of the board structure/firm performance relationship, and to evaluate the effectiveness and applicability of agency theory in the specific context of Italian corporate governance practice. Design/methodology/approach: This research applies a dynamic Generalized Method of Moments (GMM) methodology on a sample of Italian listed companies over the period 2003-2015. Proxies for corporate governance mechanisms are the board size, the level of board independence, ownership structure, shareholder agreements and CEO-Chairman leadership. Findings: While directors elected by minority shareholders are not able to impact upon performance, independent directors do have a non-linear effect on performance. Board size has a positive effect on firm performance for lower levels of board size. Ownership structure per se and shareholder agreements do not affect firm performance. Research Implications: This paper contributes to the literature on agency theory by reconciling some of the conflicting results inherent in the board structure-performance relationship. Firm performance is not necessarily improved by having a high number of independent directors on the board. Ownership structure and composition do not affect firm performance; therefore, greater monitoring provided by concentrated ownership does not necessarily lead to stronger firm performance. Practical Implications: We suggest that Italian corporate governance law should improve the rules and effectiveness of minority directors by controlling whether they are able to impede the main shareholders to expropriate private benefits on the expenses of the minority. The legislator should not impose any restrictive regulations with regard to CEO-duality, as the influence of CEO-duality on performance may vary with respect to the unique characteristics of each company. Originality/Value: The results enrich the understanding of the applicability of agency theory in listed companies, especially in Italy. Additionally, this paper provides a comprehensive synthesis of research evidence of agency theory studies

The Relationship Between Wetland Productivity And The Distribution Of Breeding Mallards, Black Ducks, And Their Broods: Historical And Spatial Analysis

During the last 50 years mallards have increased dramatically in southern Ontario and have completely replaced black ducks in many areas. In northern Ontario, black duck densities appear stable at present, however, mallard densities now exceed 60 pairs/100 km{dollar}\sp2{dollar} in many areas. I examined historical and spatial distributions of mallards and black ducks in Ontario in relation to water chemistry and physical habitat characteristics. My objectives were to determine (1) if mallards invaded the most fertile wetlands, and (2) if mallards replaced black ducks on the most productive wetlands.;I used Canadian Wildlife Service survey data (1971-87) to define 7 wetland categories regarding changes in mallard and black duck distributions in southern Ontario. In northern Ontario, I used 1990-1992 breeding pair survey data to define wetlands as used by mallards only, black ducks only, shared, or vacant. Habitat was evaluated based on water chemistry and physical characteristics.;In southern Ontario, wetlands where mallards first appeared were, on average, more fertile than those where mallards later appeared. Wetlands where mallards first replaced black ducks were more fertile than those where black ducks were replaced later. On Canadian Wildlife Service plots in southern Ontario, black ducks persist only on wetlands with extremely low fertility. Major conclusions for southern Ontario: (1) Mallards did not invade southern Ontario randomly with respect to wetland fertility, but invaded the most fertile wetlands first. (2) Mallards replaced black ducks from fertile wetlands, and black ducks are now restricted to the least fertile area of southern Ontario.;In north-central Ontario, mallards occupy the most fertile wetlands, with areas dominated by mallards having the most fertile wetlands. Major conclusions for northern Ontario: (1) Wetland fertility has played a major role in the distribution and abundance of mallards in north-central Ontario. (2) Areas that support the most breeding mallards have the most productive wetlands. (3) Mallards and black ducks appear to select for similar wetland characteristics and likely compete for breeding sites.;Mallards and black ducks are ecological equivalents, therefore competition for breeding sites is likely. Of the many factors suggested as causing the decline of the black duck the mallard may be having the most significant impact

How far that little candle throws his beams! An interview with Mats Isaksson

This article adopts a policy-maker perspective on corporate governance, while exploring the role of academia in influencing corporate governance principles, the reasons for the boilerplate approach to governance rules typically adopted by most companies, and the reasons for a possible disconnect between research and corporate governance policies. The article ends with some key lessons about corporate governance and the future research agenda

Effects of Chia Seed Supplementation on Biochemical Markers of Cardiometabolic Diseases in Spontaneously Hypertensive Rats

Some studies suggested a positive effect against cardiometabolic diseases of supplementation of alpha-linolenic acid (ALA, C18:3 n-3) rich foods in pathological subjects, even if the total literature is controversial. In order to clarify ALA-rich chia seed action in hypertensive model with the overt pathology and without drug interference, in the present study the biochemical markers of cardiometabolic diseases (endothelin-1, ET-1; nitric oxide, NO; and bradykinin, BK) in Spontaneously Hypertensive Rats (SHRs) were analysed after 5% chia seed dietary supplementation for five weeks, and compared with the staple raw material wheat and corn. At the end of the experimental period, also plasma antioxidant capacity and inflammatory condition were evaluated. Our results showed that the chia seed group was more oxidized. On the other hand, ET-1 significantly decreased in chia seed group, and there was no difference between groups for NO, BK, and the inflammatory C-reactive protein (CRP). In conclusion, some positive effects of chia seed consumption on cardiometabolic markers in SHRs were observed, despite this the association of chia seeds with antioxidants is suggested to avoid plasma oxidation increase