Corporate governance and performance of Italian gambling SMEs during recession

Purpose: This study aims to explore how the economic recession and some corporate governance (CG) provisions can affect the performance of Italian gambling small and mediumsized enterprises (SMEs) across different business segments. Design/Methodology/approach: This study uses a panel sample of 2,135 observations before and during the global financial crisis. Specifically, the roles of ownership, boards of directors, CEO gender, and gambling business segments are investigated in the Italian gambling market. Findings: Ownership concentration has a negative relationship with the performance of foreigner- and financial-owned firms, while boards exert a positive role on performance. Interestingly, the financial crisis does not impact the performance of Italian gambling SMEs and some business segments, such as bingo, perform even better during the crisis. Research limitations/implications: Further investigations should analyze the role of single games on firm performance. The consumer- and firm-level examinations offer very different perspectives and scholars should be aware of this when investigating the gambling industry. Practical implications: This study might help both policymakers and other gambling firms, such as casinos, to better understand which appropriate CG model should be adopted and how it can positively influence performance, especially in recessionary times. Originality/value: This study contributes to studies on hospitality and tourism by focusing on the complementary role of gambling SMEs with respect to casinos. It also increases knowledge on the role of CG in privately owned gambling firms, which thus far has been scantly investigated by scholars

DIVERSIFIED, INTEGRATED AND CROSS-BORDER ACQUISITIONS AND FIRM PERFORMANCE: A COMPARISON OF FAMILY AND NON-FAMILY ITALIAN LISTED FIRMS

In family firms, the principal-agent relationship and the steward role of family managers are determinants for external growth and acquisition target selection. In fact, some acquisitions are better for the family‟s need for risk reduction and company preservation. We aim to verify if family involvement in ownership and management influences firms‟ acquisition propensity, type of strategy, and post-deal performance. We develop an empirical analysis for a sample of 141 Italian listed companies during 2005–2011, which includes the global financial crisis. Our results reveal that Italian listed family firms have lower acquisition propensity than non-family firms because of family involvement in ownership and executive committees. Especially, diversifying strategies are less pursued by family firms, and this is corroborated when family ownership increases. However, while family firms do not differ from non-family firms on post-acquisition performance, a moderating role of family firms and family ownership does exist for diversified acquisitions and performance

Subthreshold bipolar atrial stimulation affects the discharge rate of the sinus node: an animal study

Aim of this study was to verify whether the electrical field generated inside the right atrium by sub-threshold electrical impulses (impulses unable to induce cells activation) may condition the discharge rate of the sinus node cells. An electrophysiological study was performed on seven young farm pigs before and after denervation. After general anesthesia, pigs were stimulated with impulses delivered at constant rate by a bipolar catheter positioned inside the right atrium. The amplitude of the stimulus was set to avoid atrial capture. A 10-minute atrial stimulation was performed at a rate above and below the spontaneous heart rate, both before and after denervation. Three animals showed a conditioning of the sinus rhythm, observed as phase synchronization. The different response, or even the no response, of animals to stimulation could be due to different factors, concerning biological, pharmacological and "geometric" conditions. The important result remains that a perturbation of the sinus rhythm can be induced by a very low electrical field, as the one generated by the activity of artificial pacemakers, and it could help explaining the onset of rhythm disturbances in paced patients

Impact of acute changes of left ventricular contractility on the transvalvular impedance: validation study by pressure-volume loop analysis in healthy pigs

BACKGROUND: The real-time and continuous assessment of left ventricular (LV) myocardial contractility through an implanted device is a clinically relevant goal. Transvalvular impedance (TVI) is an impedentiometric signal detected in the right cardiac chambers that changes during stroke volume fluctuations in patients. However, the relationship between TVI signals and LV contractility has not been proven. We investigated whether TVI signals predict changes of LV inotropic state during clinically relevant loading and inotropic conditions in swine normal heart. METHODS: The assessment of RVTVI signals was performed in anesthetized adult healthy anesthetized pigs (n = 6) instrumented for measurement of aortic and LV pressure, dP/dtmax and LV volumes. Myocardial contractility was assessed with the slope (Ees) of the LV end systolic pressure-volume relationship. Effective arterial elastance (Ea) and stroke work (SW) were determined from the LV pressure-volume loops. Pigs were studied at rest (baseline), after transient mechanical preload reduction and afterload increase, after 10-min of low dose dobutamine infusion (LDDS, 10 ug/kg/min, i.v), and esmolol administration (ESMO, bolus of 500 µg and continuous infusion of 100 µg·kg-1·min-1). RESULTS: We detected a significant relationship between ESTVI and dP/dtmax during LDDS and ESMO administration. In addition, the fluctuations of ESTVI were significantly related to changes of the Ees during afterload increase, LDDS and ESMO infusion. CONCLUSIONS: ESTVI signal detected in right cardiac chamber is significantly affected by acute changes in cardiac mechanical activity and is able to predict acute changes of LV inotropic state in normal heart

Characterization of tumor antigen peptide-specific T cells isolated from the neoplastic tissue of patients with gastric adenocarcinoma.

Gastric cancer is a significant cause of morbidity and mortality worldwide. Surgical resection remains the primary curative treatment for gastric adenocarcinoma, but the poor (15-35%) survival rate at 5 years has prompted many studies for new therapeutic strategies, such as specific immunotherapy. The aim of this study was to analyze the functional properties of the T cell response to different antigen peptides related to gastric cancer in patients with gastric adenocarcinoma. To this purpose, we have cloned and characterized tumor-infiltrating T cells (TILs) isolated from the neoplastic gastric tissue samples. A T cell response specific to different peptides of gastric cancer antigens tested was documented in 17 out of 20 patients, selected for their HLA-A02 and/or -A24 alleles. Most of the cancer peptide-specific TILs expressed a Th1/Tc1 profile and cytotoxic activity against target cells. The effector functions of cancer peptide-specific T cells obtained from the peripheral blood of the same patients were also studied. The majority of peripheral blood peptide-specific T cells also expressed the Th1/Tc1 functional profile. In conclusion, in most of the patients with gastric adenocarcinoma, a specific type-1 T cell response to gastric cancer antigens was detectable and would have the potential of hamper tumor cell growth. However, in order to get tumor cell killing in vivo, the activity and the number of cancer peptide-specific Th1/Tc1 cells probably need to be enhanced by vaccination with the appropriate cancer antigenic peptides or by injection of the autologus tumor peptide-specific T cells expanded in vitro

Association of kidney disease measures with risk of renal function worsening in patients with type 1 diabetes

Background: Albuminuria has been classically considered a marker of kidney damage progression in diabetic patients and it is routinely assessed to monitor kidney function. However, the role of a mild GFR reduction on the development of stage 653 CKD has been less explored in type 1 diabetes mellitus (T1DM) patients. Aim of the present study was to evaluate the prognostic role of kidney disease measures, namely albuminuria and reduced GFR, on the development of stage 653 CKD in a large cohort of patients affected by T1DM. Methods: A total of 4284 patients affected by T1DM followed-up at 76 diabetes centers participating to the Italian Association of Clinical Diabetologists (Associazione Medici Diabetologi, AMD) initiative constitutes the study population. Urinary albumin excretion (ACR) and estimated GFR (eGFR) were retrieved and analyzed. The incidence of stage 653 CKD (eGFR < 60 mL/min/1.73 m2) or eGFR reduction > 30% from baseline was evaluated. Results: The mean estimated GFR was 98 \ub1 17 mL/min/1.73m2 and the proportion of patients with albuminuria was 15.3% (n = 654) at baseline. About 8% (n = 337) of patients developed one of the two renal endpoints during the 4-year follow-up period. Age, albuminuria (micro or macro) and baseline eGFR < 90 ml/min/m2 were independent risk factors for stage 653 CKD and renal function worsening. When compared to patients with eGFR > 90 ml/min/1.73m2 and normoalbuminuria, those with albuminuria at baseline had a 1.69 greater risk of reaching stage 3 CKD, while patients with mild eGFR reduction (i.e. eGFR between 90 and 60 mL/min/1.73 m2) show a 3.81 greater risk that rose to 8.24 for those patients with albuminuria and mild eGFR reduction at baseline. Conclusions: Albuminuria and eGFR reduction represent independent risk factors for incident stage 653 CKD in T1DM patients. The simultaneous occurrence of reduced eGFR and albuminuria have a synergistic effect on renal function worsening