Reasons and opportunism control in public grants policies for development and innovations of businesses

In this paper we would to analyze the mechanism of public grants on economic growth. In particular this topic has been the subject of scientific interest by economists and, recently, also by business economics scholars. The studies of the economists focused on the motivations of the intervention itself; the business economic studies, on the other hand, have analyzed the impact both on the behavior of entrepreneurs and on the firms themselves by public grants. The studies examined so far highlight two basic conceptual dimensions, different, but also complementary to each other: on the one hand the economic-oriented to investigate the motivations and effectiveness of the public intervention; the second, business-oriented, focused on the firm’s behavior following public grant. Based on these arguments, our research question arises: could the effectiveness of public intervention for funding development and business innovation be influenced by the differences in the various socio-political and institutional contexts in which they are applied? The aim of paper is analyze the motivations of public grants policies and their influence on the behavior of firms. In this way we want to identify asolutions scheme able to recover efficiency and effectiveness of public actions to support development. It is therefore possible to identify some corrective mechanisms on public intervention policies. In particular with reference to the behaviors induced by the grants policies, the idea is to re-design the grants policies in consideration of the different forms of pre and post contractual opportunism. With reference, instead, to the motivations underlying the public grants policies, it is necessary to examine the relationship between the State (Principal) and the beneficiary firms (Agent) in relation to the respective dimensions of the contractual force

Editorial: new challenges In theory and practice of corporate governance

The aim of international conference “New Challenges in Corporate Governance: Theory And Practice” is to move the field closer to a global theory by advancing our understanding of corporate governance, which combines insights from the literature on firm governance bundles with insights from the national governance systems literature, investigating new perspectives and challenges for corporate governance and outlining possible scenarios of its development

Enterprise Risk Management, Corporate Governance And Systemic Risk: Some Research Perspectives

The general goal of Enterprise Risk Management (ERM) processes is to generate economic value through the coverage of firm business risk, on the one hand, and by exploiting the positive side of uncertainty conditions, on the other hand. The increasing attention attributed to ERM in the creation of economic value has led to even greater interactions between risk management mechanisms and the corporate governance system. In other words, in the last two decades, the relationships between corporate governance and ERM increased since the ERM processes have been considered more and more as critical drivers to combine strategic objectives with relative low volatility of company performance. The basic idea is that a good corporate governance system must deal about specific risks along with their interactions and, at the same time, the firm’s business risk as a whole. Moreover, an efficient and effective ERM system provides clear information about linkages between strategic opportunities and risk exposure and offers tools able to manage in an optimal way the negative side of business risk (or downside risk) as wellas its positive side (or upside risk). Accordingly, extant studies concerning the relationships between ERM and corporate governance have been focusing on a micro-level of analyses (i.e., the individual organization) and, specifically, on a firm’s benefits that stem from the adoption of proper ERM processes that are consistent with corporate governance goals and are able to sustain the increase of economic value while maintaining a bearable business risk over time. From our initial analyses, a gap in literature arises. We argue that the interdependence between ERM and corporate governance may be analyzed from a broader point of view as well (i.e., the firm and its task environment composed by its suppliers, customers, and partners). In particular, our research idea is to enlarge traditional studies about interrelations between corporate governance and ERM taking into account whether such interrelations could be a driver of risk transfer from the focal organization to other organizations that belong to its task environment. Moreover, this study aims to deepen the mechanisms by which the transfer of risk from a focal organization to its task environment may foster the emergence of systemic risk, i.e., a macro risk coming from domino and/or network effects. Therefore, our paper aims to find new research areas by combining micro and macro issues tied to corporate governance, ERM and systemic risk. The starting point of our work is the three following assumptions: 1) The compliance of a firm to ERM processes as well as to corporate governance rules implies the reduction as much as possible of firm business risk; 2) The reduction of the firm business risk leads to externalizing the firm business risk through risk-sharing mechanisms; 3) The risk-sharing may arise like a driver of systemic risk especially in those industries featured by strong network interrelations. Starting from the above assumptions, the paper goal is to open a new research area which combines four academic fields (ERM, corporate governance, corporate finance, and macro-finance). So far, our initial findings tell us that the following research questions arise: RQ1: What are the conditions under which the transfer of business risk towards organizations that belong to a firm task environment is likely to become a source of systemic risk in a specific industry? RQ2: How does the capital structure of a focal firm affect its propensity to transfer business risk not only to commercial but also to financial stakeholders included in firm task environment? RQ3: How does the transfer of business risk influence the capital cost of the focal firm as well as of the organizations that absorbed such risk

Do Eco-Innovation Projects Target Environmental Fragile Areas? The Case Study of Some Italian Southern Regions through a Spatial Approach

A fundamental objective for the effectiveness and, above all, for the efficiency of the dynamics of environmental sustainability is related to the correct directing of project actions towards those areas that need them most. This contribution intends to verify whether the spatial distribution of eco-innovation projects in some regions of Southern Italy affects areas characterized by greater environmental fragility. The proposed approach highlights a centrality of the spatial perspective, thus underlining how important and necessary it is for political actors to evaluate the goodness of projects not in absolute terms but in relation to their relationship with the territory in which they are implemented. To this end, the methodology used envisages two actions, a cartographic comparison between the distribution of environmental projects and that of environmental fragility and an analytical evaluation of the spatial autocorrelation between contiguous areas to detect any geographical determinisms. The results show a “positive” independence regarding the presence of ecoinnovation even in the absence of environmental fragility but not vice vers

The Iconographic Exploitation of the Urban Space for the Amplification of the Symbols of the Camorra. The Case of Spanish Quarters, Naples, Italy

This contribution is inspired by a current scenario regarding the city of Naples, Italy, where a strong popular uprising is underway against local institutions that are destroying the Camorra murals celebrating its “heroes” died in “war”. These events are very interesting to analyse the theme of the iconographic exploitation of urban space by the criminal part of society in order to amplify the identity symbols of a tribal structure such as the Camorra. While on the one hand the analysis aims to show the positive response of civil society and institutions in eradicating these celebra tory icons of evil, on the other hand the research intends to emphasise the profound and worrying systemic modification of public space according to subjective and nega tive canons that, however, are also shared by some intellectuals and even an adminis trative cour

Phenomenological interpolation of the inclusive J/psi cross section to proton-proton collisions at 2.76 TeV and 5.5 TeV

We present a study of the inclusive J/psi cross section at 2.76 TeV and 5.5 TeV. The energy dependence of the cross section, rapidity and transverse momentum distributions are evaluated phenomenologically. Their knowledge is crucial as a reference for the interpretation of A-A and p-A J/psi results at the LHC. Our approach is the following: first, we estimate the energy evolution of the pt-integrated J/psi cross section at mid-rapidity; then, we evaluate the rapidity dependence; finally, we study the transverse momentum distribution trend. Whenever possible, both theory driven (based on pQCD predictions) and functional form (data driven fits) calculations are discussed. Our predictions are compared with the recently obtained results by the ALICE collaboration in pp collisions at 2.76 TeV.Comment: 23 pages, 19 figures, updated text+figures, added comparison to ALICE measurements at 2.76Te

Pre-Tactical Prediction of Atfm Delay for Individual Flights

The day prior operations, the operation plan is drawn generating a first set of flight plans with the objective of identifying potential network issues and preparing pre-tactical preventing measures. During the day of operation flight plans will be updated and pre-tactical actions implemented if needed by the duty manager, in order to minimise the propagation of disruption in the network. This paper focuses on the estimation of ATFM delay for individual flights during the pre-tactical phase. The main objective is to anticipate which flights might be affected by ATFM regulations and the amount of delay will be assigned to them

IL PAESAGGIO COME ESPRESSIONE DELLA COMPLESSITÀ E DELLO SQUILIBRIO: IL CASO DI DAKAR

This paper proposes a summary of research, which is part of a framework collaboration agreement on the themes of innovation and sustainability stipulated on 7 June 2018 by the AICTT (Italian Association for Technology Transfer - of which the authors are part) with the Consulate General of the Sénégal, aimed at showing both the representation of the landscape in the framework of the dichotomous complexity described in relation to the urban and internal area of Dakar, and its role in relation to the possible transformations deriving from the pursuit of the 2035 Strategy of the Country