Papers by Giuseppe Torluccio
The objective of this study is to provide empirical evidence on how ownership structure and owner... more The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heter...
Organization Studies, 2021
We study nascent project-based enterprises (PBEs) through the lens of upper echelons and institut... more We study nascent project-based enterprises (PBEs) through the lens of upper echelons and institutional theory. We analyse the interplay between the different role-congruent reputations of their project entrepreneurs and the institutional endorsement of their project idea, theorizing how these affect PBEs’ ability to attract private investments. In the context of the Italian film industry, we find that the commercial reputation of the project entrepreneur in the producer role is crucial for attracting investors, while the artistic reputation of the project entrepreneur in the creative director role is crucial for attaining institutional endorsement of the project idea. Finally, we find that the effect of the commercial reputation of the project entrepreneur in the producer role on attracting investments is mediated by the institutional endorsement. We contribute to the literature on PBEs by demonstrating how specific combinations of project entrepreneurs’ roles and (role-congruent) r...
Academy of Management Proceedings, 2016
This study examines the complex relation of new venture reputation and legitimacy on attracting i... more This study examines the complex relation of new venture reputation and legitimacy on attracting investment capital. Many scholars infer legitimacy and reputation from past actions of a new venture’s founders or top management team (TMT) members. This study focuses on the sociopolitical legitimacy of a new venture’s business idea, which is based on the quality evaluation by industry experts on behalf of a government institution that provides subsidies. We find that the reputation of a new venture’s TMT enhances the sociopolitical legitimacy of a new venture idea. In addition, we find that the sociopolitical legitimacy of the new venture idea mediates the effect of TMT reputation on attracting investment capital. However, this is significant for the TMT member acting as chief technology officer (CTO) but not for the TMT member acting as chief executive officer (CEO). We study this in the empirical setting of the Italian film industry where we focus on the sociopolitical legitimacy assigned to a film script ...
Giappichelli eBooks, 2004
\uc8 noto che lo sviluppo del territorio condiziona e viene influenzato anche dagli agenti econom... more \uc8 noto che lo sviluppo del territorio condiziona e viene influenzato anche dagli agenti economici che vi operano, che quindi ne orientano la sua evoluzione sia nella fase della crescita che del declino. Lo sviluppo economico e locale sono quindi connessi in modo bidirezionale ed \ue8 evidente come una crisi economica porti a determinare i tratti delle crisi territoriali ed urbanistiche. \uc8 sufficiente esplorare aree industriali dismesse, quartieri destinati all\u2019insediamento di piccole attivit\ue0 produttive ora in crisi, aree di accesso a zone commerciali in declino, per rendere tangibile il nesso bidirezionale tra territorio ed impresa. Per simmetria, il tumultuoso sviluppo economico ha rappresentato il catalizzatore della crescita delle aree territoriali \u201cemergenti\u201d anche in termini di sviluppo urbanistico e architettonico. Consapevoli della complessit\ue0 del tema \u2013 ma anche della sua crucialit\ue0 e specificit\ue0 italiana per i prossimi anni \u2013 questo breve contributo intende proporre alcuni passaggi metodologici per affrontare, oggi, una dismissione aziendale, inquadrandone per\uf2 la questione almeno entro tre principali direzioni: i) la prima che considera un approccio sistemico, senza cui non \ue8 possibile integrare competenze specialistiche e settoriali (organizzazione aziendale, analisi di mercato, progettazione tecnica, vincoli urbanistici, piani finanziari, etc); ii) la seconda che non limita la riconversione aziendale dentro anacronistici confini privati, ma apre ad una visione strategica e civile che richiede quindi un rinnovato committment pubblico e una inedita partecipazione sociale in grado di elaborare un piano di sviluppo condiviso; iii) la terza che concerne il ripensamento dello sviluppo locale dalla gi\ue0 sperimentata inventiva imprenditoriale nella produzione di beni privati, alla capacit\ue0 di produrre beni collettivi dove qualit\ue0 sociale e capacit\ue0 di cooperazione di soggetti reali diventano la misura di quella innovazione di territorio indispensabile per produrre valore, lavoro, valori
Academic Journal of Interdisciplinary Studies, Oct 1, 2013
The main purpose of this paper is to assess the size of the informal sector of the economy in Alb... more The main purpose of this paper is to assess the size of the informal sector of the economy in Albania by using indirect approaches: national accounts discrepancies, simple currency ratio, electrical energy consumption and some evidence by the labor market developments. A few studies have attempted to estimate the size of the informal economy in Albania in the previous years and there's no evidence of recent estimates of informality (at least they are not publicly available), especially after 2007. Also, there are some other available studies which give some point assessments of informality in Albania but without information on its development over time. Using indirect measurement approaches we found that informality still accounts for a large share to GDP, but, differently from findings in other studies we found lower figures. This may be the result of vast reforms and a formalization process undertaken by the Albanian governments over time. Despite these results, it's important to highlight the fact that the average ratio of the informal sector of the economy to GDP presents a declining trend over the period 1996-2012.
Academic Journal of Interdisciplinary Studies, Oct 1, 2013
The European integration process has, for more than two decades, represented a vital issue for Al... more The European integration process has, for more than two decades, represented a vital issue for Albania. This process has been evolving gradually and Albania is currently working towards receiving 'candidate country' status, subject to the fulfillment of key measures identified in the 2012 Albania Progress Report. This latest assessment is being carried out primarily according to the Copenhagen criteria: economic, political and acquis communautaire, those important for EU membership. Upon fulfillment and granting of candidate status, the next steps would be EMU and introduction of the euro. This is related to the Maastricht criteria fulfillment (convergence criteria) and would entail the following: price stability, exchange rate stability, fiscal criteria and long-term interest rate criteria. The main purpose of this paper is to consider how Albanian macroeconomic indicators comply with Maastricht criteria, and also to assess whether these indicators are methodologically harmonized and thus comparable to those of EU members. The paper also indicates the areas where progress is still needed in order to attain a favorable starting position for ERM II participation (after joining the EU).
La numerosit\ue0 delle relazioni bancarie permette all'impresa di definire il livello di cono... more La numerosit\ue0 delle relazioni bancarie permette all'impresa di definire il livello di conoscenza reciproca. Tale elemento relazionale, dal quale si origina il credito di relazione, \ue8 indagato nel contesto Italiano caratterizzato da una molteplicit\ue0 di relazioni creditizie. La verifica empirica mostra come elementi del lato dell'offerta e della domanda condizionano l'intensit\ue0 del legame banca-impres
International Review of Financial Analysis, Nov 1, 2022
Bonomia University Press eBooks, 2008
Il lavori si propone di sistematizzare principali contributi teorici relativi all'innovazione... more Il lavori si propone di sistematizzare principali contributi teorici relativi all'innovazione e ai problemi del finanziamento. Le verifiche empiriche mostrano come la struttura del sistema finanziario condiziona le modalit\ue0 di finanziamento dell'innovazione
Social Science Research Network, Oct 1, 2015
The European integration process presents a challenging objective for Albania. The process has ev... more The European integration process presents a challenging objective for Albania. The process has evolved gradually and Albania received the “candidate country” status in June 2014. EU accession is subject to the Copenhagen criteria fulfillment: economic, political and acquis communautaire. Upon granting the “member state” status, the next step concerns participation in the Economic and Monetary Union (EMU) and introduction of the single currency. This stage is related to the Maastricht criteria fulfillment or nominal convergence criteria. The main objective of this paper is to assess the nominal (economic) convergence of Albania in terms of price stability, exchange rate stability, fiscal criteria and long term interest rate criteria. We will assess how macroeconomic indicators comply with Maastricht criteria requirements as by the end June 2015. Our main finding is that despite not meeting the Maastricht criteria as by the cutoff date, Albania is following the right path toward full effective European integration.
Il Mulino eBooks, 2007
Il relationship lending rappresenta un modalit\ue0 con la quale le imprese possono trarre vantagg... more Il relationship lending rappresenta un modalit\ue0 con la quale le imprese possono trarre vantaggi in termini di condizioni del credito. Il alternativa, nel caso delle PMI, il capitale interno rappresenta la principale fonti di finanziamento. La scelta autofinanziamento \ue8 qui indagata come modalit\ue0\ue0 alternativa al credito nel finanziamento delle PMI
Palgrave Macmillan UK eBooks, 2011
Abstract: We investigate the relationship between research and development expenditures and the m... more Abstract: We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and intangible firm assets and these valuations should therefore be reflected in the market value of any company. This relation is of particular importance to researchers and has been studied using different approaches since the 80's ...
Social Science Research Network, 2021
Link to publication on Research at Birmingham portal General rights Unless a licence is specified... more Link to publication on Research at Birmingham portal General rights Unless a licence is specified above, all rights (including copyright and moral rights) in this document are retained by the authors and/or the copyright holders. The express permission of the copyright holder must be obtained for any use of this material other than for purposes permitted by law. •Users may freely distribute the URL that is used to identify this publication. •Users may download and/or print one copy of the publication from the University of Birmingham research portal for the purpose of private study or non-commercial research. •User may use extracts from the document in line with the concept of 'fair dealing' under the Copyright, Designs and Patents Act 1988 (?) •Users may not further distribute the material nor use it for the purposes of commercial gain. Where a licence is displayed above, please note the terms and conditions of the licence govern your use of this document. When citing, please reference the published version. Take down policy While the University of Birmingham exercises care and attention in making items available there are rare occasions when an item has been uploaded in error or has been deemed to be commercially or otherwise sensitive.
Utilizzando quozienti di bilancio e di alcune risposte del questionario, le imprese rispondenti s... more Utilizzando quozienti di bilancio e di alcune risposte del questionario, le imprese rispondenti sono state raggruppate in cluster. I risultati mostrano compartamenti statisticamente significativi per propensione alla esportazione, dinamiche finanziarie e presenza di filiera. Analisi best vs worst of breed, confermano l'opportunit\ue0 di procedere per cluster nel descrivere la performance delle imprese manifatturiere
International Review of Financial Analysis
Business Strategy and the Environment
Following the COVID‐19 outbreak, orientation toward sustainability is a critical factor in ensuri... more Following the COVID‐19 outbreak, orientation toward sustainability is a critical factor in ensuring firm survival and growth. Using a large sample of 1,204 firms in Europe during the year 2020, this study investigates how more sustainable firms fare during the pandemic compared with other firms in terms of risk–return trade‐off and stock market liquidity. We also highlight the drivers of the resilience of more sustainable firms to the pandemic. Particularly, we document that higher levels of cash holdings and liquid assets in the pre‐COVID period help these firms to perform and absorb the COVID‐19 externalities better than other firms. Our results are robust to a host of econometric models, including GMM estimations and several measures of stock market performance. These findings contribute to the theoretical and empirical debate on the role of the sustainability as a source of corporate resilience to unexpected shocks.
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Papers by Giuseppe Torluccio