Governance Structures in Italian Family SMEs

This paper is focused on governance structures, which are analyzed in a two-fold theoretical perspective, that is both contractual (agency theory) and relational (social capital theory), and in the context of Italian family and non-family SMEs The paper intends to offer three types of contributions to governance literature. First, we focus on the whole set of bodies which can be involved in governance and not only on boards of directors. Family firms of small and medium size are generally supposed to feature quite simple governance structures. The paper shows that, on the contrary, they can be fairly elaborate and identifies basic archetypes. Second, we explore archetypes of governance structures. Literature on SMEs and family business governance generally assumes that bodies like the shareholders meeting and the board of directors are often paper ones. This study highlights - for the first time in Italy - to what extent governance structures simply exist and to what extent they are actually used. We posit that increasing ownership complexity and company size induce companies to set up more articulated governance structures in terms of both existence and functioning. Another hypothesis we make is that governance structures are utilized less in family firms than in non-family firms. Third, family business governance literature shows that governance structures may serve either the purpose of reducing agency threats (which is particularly true for \u201cofficial\u201d corporate bodies) or the purpose to create trust, unity and commitment in the firm (which is especially the case of \u201cunofficial\u201d ones like the family council). Our study shows how in family firms official and unofficial bodies can be both present; particularly, it tests the hypothesis that the former are less used than the latter. All the hypotheses have been tested on a statistically representative sample of 546 Italian small and medium-sized businesses, returned from an 15157 mailing sample to an initial population of 94,504 SMEs. Questionnaires were sent to company leaders

Phenotype of early cardiomyopathic changes induced by active immunization of rats with a synthetic peptide corresponding to the second extracellular loop of the human β(1)-adrenergic receptor

In the failing human heart, due to idiopathic dilated cardiomyopathy, it has been suggested that the β(1)-adrenergic receptor (β(1)AR) is a potential pathogenic autoantigen. The aim of the present study was to investigate whether immunization of rats with a synthetic peptide corresponding to the second extracellular loop of the β(1)AR (β(1)AR EC(II)) was able to induce the early stage of cardiomyopathy and also to investigate immunological and receptor functional parameters at a transcriptional level to permit insights into the autoimmune mechanism in cardiomyopathy. Eleven Whistar Fur rats were immunized with a β(1)AR EC(II) peptide (H26R) once a month during 12 months and seven control rats were injected with vehicle according to the same procedure used for the immunized group. Cardiac function, β(1)AR autoantibodies and their functional effects on cardiomyocytes were analysed. β(1)AR receptor signalling, immunological and cardiomyocyte stretch markers were determined on transcriptional level. In H26R immunized rats, β(1)AR autoantibodies were shown to be present and functionally active, cardiac functions in terms of fractional shortening were decreased and β(1)-adrenergic receptor kinase (GRK2) mRNA were increased compared with the control group. These data have shown that immunization of rats with a putative antigenic peptide was able to induce an early stage phenotype of cardiomyopathy in the form of cardiac dysfunction and up-regulation of GRK2 as the first step in the desensitization process of the β(1)AR, implying the pathological importance of the β(1)AR autoantibody

Toward a Dynamic, Systemic, and Holistic Theory for Strategic Value Creation in ICT-Based Services

Our economies are rapidly evolving toward being primarily service-driven, with information and communication as fundamental drivers for the service deployment. Strategic choices are increasingly driven by other parameters than the traditional goods-driven industrial type of economies. In this paper, the major drivers for making strategic choices in a competitive service economy are examined. It is shown how the competition in services based on information and communication technology (ICT) is competence-based. Competition aims at bringing additional value through services, but may also deploy specific techniques to stop value from leaking in particular business processes. Value creation and prevention of value leaks cannot just rely on the traditional material-based techniques, which are grounded in the strong tangible nature of the traditional economies. Today ICT-based services involve creative combinations of technologies, resources, and assets to answer as well as anticipate the growing demand for flexible solutions that create sustained added value. In this paper, the particular role of imperfections in service systems is explored, extending the well-known theories of information imperfections. Imperfections are not always solved but are sometimes even maintained in favor of sustained competitive advantage. Various ways to realize service rent are discussed with extensive examples. The concluding part of the paper points to some crucial service configuration issues, including the need for a sufficient degree of corporate-wide standardized service components and interfaces to address the growing demand for agility in competence-driven markets