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1
Spigarelli, Francesca. "Chinese Investments in Italy." International Journal of Asian Business and Information Management 1, no. 1 (January 2010): 54–76. http://dx.doi.org/10.4018/jabim.2010010106.
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This paper focuses on the effects of the Go Global policy in Italy. The main type of Chinese investments, their strategic motivations, as well as the role of ethnic networks are analyzed. The phenomenon is still not significant in quantitative terms, but trends are impressive. Italy can provide an access to western markets and strategic logistic services, as well as to a wide array of distinctive skills/intangible assets in manufacturing industries. At the moment, there is a prevalence of greenfield initiatives, but acquisitions are rising sharply. In geographical terms, the locations chosen by Chinese investors favor areas that offer a wealth of distinctive skills (typically, but not only, district areas), but are not limited to industries in which Chinese ethnic groups are involved.
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Spigarelli, Francesca. "Le multinazionali dei paesi emergenti: gli investimenti cinesi in Italia." ECONOMIA E POLITICA INDUSTRIALE, no. 2 (June 2009): 131–59. http://dx.doi.org/10.3280/poli2009-002007.
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This paper focuses on a recent phenomenon: the Chinese Go global policy, which encourages domestic firms to enter the global competition through active internationalization processes. At present, Chinese investments are still small compared to the world value of outward foreign direct investments, but it is interesting to focus on their trends and skyrocketing growth. The attention is drawn to the Italian case. Italy is still not playing a major role in Chinese companies' internationalization strategies. Flows and stocks of investments are low and only a small number of companies is investing in Italy. But things are changing quickly. Italy is becoming increasingly interesting for Chinese companies aiming to acquire brands, knowledge and specific competencies, as well as strategic locations to penetrate European markets. The small dimension of the target companies (for acquisitions) encourage Chinese investors to come to Italy. Data on Chinese investments flows, on individual entrepreneurs, as well as on Chinese companies operating in Italy are discussed and analyzed to build a framework to test some preliminary hypotheses and to verify the interest for further research projects. . Keywords: Go global policy; Chinese OFDIs; Chinese MNEs in Italy Parole chiave: Go global; IDE cinesi in Italia; acquisizioni ed investimenti cinesi in Italia. Jel Classification: O5 - F23
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Spahija, Fidane. "The Investment and Net Interest Margin: Case Study Commercial Banks in Kosovo." European Journal of Multidisciplinary Studies 1, no. 2 (April 30, 2016): 117. http://dx.doi.org/10.26417/ejms.v1i2.p117-126.
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In Kosovo, but in all developing countries, the foreign investment is the locomotive of the country that considered as the most important economic sectors. In general it can be concluded that most of the investment originates from developed countries and that these investments return to these places. Origin of investments in Kosovo mainly comes from countries such as Austria, Germany, Slovenia, Great Britain, Switzerland, Turkey, the Netherlands, Albania, Serbia, USA, France, Macedonia, Croatia, Cyprus, Norway, Italy, Greece etc. The banking sector in Kosovo has been very attractive to the foreign investors. A total of nine commercial banks, seven are foreign owned. Foreign investments are primarily generated as investments in shares of foreign shareholders from different countries of the world. Investments in securities have increased by the banking sector in 2014. With the change of the interest rate it has also changed net interest margin of the banking sector. Interest on loans and deposits has continued to decline. Especially interest rates on deposits in 2014 have fallen to 1. 1%. This linked to the investment bank in securities of our government as the initiator in this area but cannot be denied to the investment of foreign governments. With the decrease of credit interest rate will be the development of sustainable economic growth and boost investment.
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Stanca, Lorenzo. "Investimenti diretti cinesi in Italia: da ruscello a fiume?" ECONOMIA E POLITICA INDUSTRIALE, no. 1 (April 2009): 135–44. http://dx.doi.org/10.3280/poli2009-001009.
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- Chinese outbound direct investments have experienced a strong increase in the last five years, spurred by the "Go Abroad" policy launched by the Chinese Government in 2002. Europe still ranks at the bottom of the list among the destinations of Chinese direct investments, but it is the fastest growing one. Within Europe, Italy is a late comer in attracting Chinese investments, but has been catching up quickly in the last few years. Investments have been made mostly in the logistics and in the manufacturing sector. In 2008 the acquisition of Cifa, a leading producer of cement-working machines, by Zoomlion signalled an important step in the history of Chinese investments in Italy. It is the largest Chinese acquisition in Europe so far and for the first time the Chinese investor is looking at integrating foreign management into its own managing structure. On average the size of Chinese companies investing in Italy is much larger than that of Italian companies looking at China for expansion. Furthermore, Chinese firms are focusing increasingly on manufacturing companies and are shunning those that do not appear in good shape. Acquiring a market share in Europe is the primary aim of Chinese companies investing in Italy, while the acquisition of technological skills plays a secondary role. Keywords: foreign direct investments, China, Italian industry, acquisitions Parole chiave: investimenti diretti all'estero, Cina, industria italiana, acquisizioni Jel Classification: F2
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Franceschelli, Ferdinando. "PROTECTING ITALIAN INVESTMENTS IN LIBYA’S CHANGING ENVIRONMENT." Italian Yearbook of International Law Online 23, no. 1 (November 17, 2014): 147–72. http://dx.doi.org/10.1163/22116133-90230042.
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Italy is both the main trading partner and the State that has the most sizeable foreign direct investment interests in Libya. However, the outbreak of armed conflict in Libya in 2011 resulted in extensive damage to Italian investors. In order to obtain proper redress Italian investors may seek to rely upon investment protection provisions contained in treaties previously concluded between these two States, notably the BIT of 2000 and the Treaty of Benghazi of 2008. Crucially, however, the outbreak of the armed conflict and the subsequent regime change that took place following the Gaddafi’s removal from power raise doubts about the effectiveness of such treaties. This article firstly reviews both the relevant rules of international law and the investment treaties in force between Italy and Libya. Then, it examines the relationship between Italy and Libya during and after the events of 2011 and comes to the conclusion that such treaties are still effective and as such Italian investors may invoke the provisions contained therein, including those envisaging resort to international investment arbitration.
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Alekseenkova, Elena. "Italy grasped by US-China rivalry." Analytical papers of the Institute of Europe RAS, no. 4 (2021): 23–31. http://dx.doi.org/10.15211/analytics43120212331.
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Cooperation of the EU members with China is now under increasing supervision of Washington and Brussels. The growing US-China confrontation direct impacts the relations between the EU and PRC, contributing to the adoption by Brussels of tighter control over investments in strategic sectors of economy. EU member states have to adapt their bilateral relations with China to these new developments. Formed in February 2021, the new Italian government of M. Draghi over the past eight months has nearly completed the reversal in relations with Beijing, questioning not only the memorandum of understanding signed in March 2019, but also tightening the mechanisms of control over investments coming from China.
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Sabatino, Gianmatteo. "The ‘Golden Power’ on Foreign Investments in EU Law in the Light of Covid Crisis." European Company Law 18, Issue 6 (November 1, 2021): 189–95. http://dx.doi.org/10.54648/eucl2021025.
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The paper focuses on the evolution of the legal regime concerning Foreign Direct Investments (FDIs) both in the EU law and in national law, with special regard for Italy, where special powers on FDIs were recently activated to block Chinese investments. The paper, in the first place, sketches a brief overview on the evolution of such special powers in the last two decades within the EU; in the second place, it assesses the current legal regime at EU level in light of the changes brought by the Covid crisis. At the same time, the paper develops a comparative analysis between the European regime on FDIs and the Chinese one, in order to outline the main legal issues connected to the notion of public control over enterprises investing abroad. Foreign Direct Investments, Investment Regulation, Foreign Subsidies, Chinese Investments, Reg. 452/2019, Covid-related Economic Crisis, State Capitalism, EU-China Economic Relations, Industrial Policy, Golden Shares
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Sbacchi, Alberto. "Italy and Ethiopia: the Colonial Interlude Revisited." Aethiopica 7 (October 22, 2012): 114–35. http://dx.doi.org/10.15460/aethiopica.7.1.283.
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In 1997 the president of the Italian Republic visited Ethiopia and Eritrea to acknowledge the mistakes of Italian colonialism toward the people of the Horn of Africa. The theme of Italian colonialism in Ethiopia has long been an emotional one. However, in the last few years new archival resources have become available. The literature on the Italian occupation has become more objective and reliable. Hence there is a better appreciation of the Italian presence in Ethiopia, and the new generation is ready to admit Italy’s positive contribution. There are statistics on Italian investments in Ethiopia that show that Italy made the largest financial investment that Africa has ever seen. Considering those and other facts, the author of the paper attempts to reassess the issue of the Italian presence in Ethiopia, in all objectivity and on its own merits. ATTENTION: Due to copy-right no online publication is provided.
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STEFANI, Giorgio. "PUBLIC ENTERPRISE INVESTMENTS IN ITALY. Local Transport and Electricity." Annals of Public and Cooperative Economics 59, no. 3 (September 1988): 307–20. http://dx.doi.org/10.1111/j.1467-8292.1988.tb01521.x.
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Sukhodolov, Yakov. "Current State of Russo-Chinese Investment Cooperation." Russian and Chinese Studies 4, no. 1 (March 31, 2020): 10–17. http://dx.doi.org/10.17150/2587-7445.2020.4(1).10-17.
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China is traditionally a leading foreign trade partner of Russia. And its share in the total volume of foreign trade has a positive dynamics. At the same time, the dynamics of the Russo-Chinese investment cooperation sufficiently lags behind the dynamics of development of the Russo-Chinese foreign trade relations. At present, China considerably lags behind France, Germany, Great Britain and Italy in regard to direct investments in Russia’ economy. The major part of direct investments from China falls upon the mining and petrochemical industries, the wood and paper complex, the agriculture, and the real estate sphere. At the same time, the Chinese investors also implement several investment projects in the machine-building sphere. The Russo-Chinese cooperation has good prospects, especially in the sphere of implementing joint transport-logistic and infrastructural projects, as well as the projects in processing industry.
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Ferri and Pini. "Environmental vs Social Responsibility in the Firm. Evidence from Italy." Sustainability 11, no. 16 (August 7, 2019): 4277. http://dx.doi.org/10.3390/su11164277.
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Sustainable behavior should necessarily benefit both the environment and society. However, we cannot take for granted that socially responsible firms are also environmentally responsible—e.g., a firm might benefit its stakeholders while degrading the environment—and the reverse applies too—e.g., an environmentally responsible firm might disrespect its employees. Consequently, our purpose is checking whether social responsibility and green investments—proxying for a firm’s environmental responsibility—are complements, substitutes, or unrelated choices. Using a representative sample of Italian manufacturing firms, our econometric estimates uncover the empirical relationship between social responsibility and green investments at firm level. We find evidence of complementarity, since socially responsible firms: (i) Are systematically more likely to make green investments; (ii) identify green investments as a voluntary choice promoting business competitiveness much more than other firms. Finding complementarity between social and environmental responsibility has important implications. Policies favoring the transition to sustainable development should adopt a systemic approach considering the positive spillovers of Corporate Social Responsibility (CSR) on environmental responsibility. Our evidence also suggests that firms indeed tend to behave in ways consistent with the holistic approach of the 2030 UN Agenda for sustainable development. Additional research should study how governance affects the CSR–environmental responsibility nexus.
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Marchi, Valentina, Antonio Raschi, and Francesca Martelli. "Evaluating Perception of Sustainability Initiatives Invested in the Coastal Area of Versilia, Italy." Sustainability 13, no. 1 (December 31, 2020): 332. http://dx.doi.org/10.3390/su13010332.
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Nowadays, following the increased interest and need for the issue of sustainability, tourist destinations are called upon to promote sustainable tourism development through the implementation of investments and initiatives. Despite the investments by the destinations, how are these perceived by tourists and residents? Based on this, this paper aims to assess the perception of sustainable investments in a coastal area located in Tuscany, through the administration of a questionnaire among 750 people, including both tourists and house owners. The study adopted statistical logit and probit models to detect the perception of sustainable initiatives in relation to beach satisfaction. Moreover, this research developed a model for understanding if there are substantial differences in perception between Italian and foreign beach users and at the same time between residents/house owners and tourists. The findings reveal that those who perceive investments in sustainability are more than satisfied with beach and facilities. The model shows that foreigners and residents/house owners perceive sustainable investments implemented in the destination more than tourists and Italian respondents. This research can provide support to local operators and policymakers in defining the destination image in relation to sustainability.
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Battisti, Enrico, Fabio Creta, and Nicola Miglietta. "Equity crowdfunding and regulation: implications for the real estate sector in Italy." Journal of Financial Regulation and Compliance 28, no. 3 (January 10, 2020): 353–68. http://dx.doi.org/10.1108/jfrc-08-2018-0109.
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Purpose This paper gathers initial evidence about the nature and features of the equity crowdfunding model in Italy, especially in terms of regulations. The purpose of this study is to examine how equity crowdfunding might support the real estate sector in Italy. Design/methodology/approach To explore the recent initiatives in the development of FinTech in Italy, especially referring to equity crowdfunding’s instrument, a qualitative perspective is used. In particular, this paper relies on primary data from regulations and secondary data from the public domain, which are examined in relation to the current literature. Findings The results of this study show that equity crowdfunding represents a funding method that is rapidly increasing in Italy, despite rather rigid regulation. Among the various sectors involved, the real estate sector could benefit from the crowdfunding models and, specifically, from the equity one. The development of new real estate equity crowdfunding portals that allow diversification of investment (by reducing the typical entry barriers for real estate investment) could guarantee greater investment transparency and simplicity. Practical implications Real estate crowdfunding can be a simple way to invest in the real estate industry. Thanks to the use of technology, specifically internet-based platforms, this type of crowdfunding allows for small investors, as well as professional investors, to access an asset class otherwise not open to small investment tickets and improve the diversification of investments. Originality/value Although recent literature has examined the concept of crowdfunding and highlighted different models, aspects and campaigns, no prior studies, to the authors’ knowledge, have explicitly and jointly investigated, also based on the state of art of regulation, the equity crowdfunding model and the real estate sector in Italy.
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Lampo, Giuliana. "Italy’s Exercise of Foreign Investment Screening Power against Chinese Takeover." Italian Review of International and Comparative Law 1, no. 2 (March 15, 2022): 433–42. http://dx.doi.org/10.1163/27725650-01020012.
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Abstract In March 2021, Italy vetoed the acquisition of an Italian company operating in the field of semiconductors by a Chinese group. It did so by using its so-called golden power, meaning the power to interfere with the management of companies to protect strategic economic sectors, introduced in 2012 and substantially revised in 2019 and 2020. The present comment offers an evaluation of the compatibility of Italy’s inward investment screening powers with international law norms on the promotion and protection of foreign investments by trying to outline the limits posed by the latter on domestic foreign investment screening mechanisms.
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Seguiti, Maria Laura. "Financing Local Investments: The Cassa Depositi E Prestiti of Italy." Public Budgeting Finance 12, no. 3 (September 1992): 101–4. http://dx.doi.org/10.1111/1540-5850.00949.
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Segreto, Luciano. "More Trouble than Profit: Vickers' Investments in Italy 1906–39." Business History 27, no. 3 (November 1985): 316–37. http://dx.doi.org/10.1080/00076798500000046.
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Scarpati, Fernando, and Wilson Ng. "Chasing the deal with the money: Measuring the required risk premium and expected abnormal returns of private equity funds to maximize their internal rate of return." Risk Governance and Control: Financial Markets and Institutions 3, no. 3 (2013): 56–69. http://dx.doi.org/10.22495/rgcv3i3art6.
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A number of scholars of private equity (“PE”) have attempted to assess the ex-post returns, or performance, of PEs by adopting an ex-post perspective of asset pricing. In doing so a set of phenomena has been recognized that is thought to be specific to the PE sector, such as “money-chasing deal phenomenon” (Gompers and Lerner, 2000) and “performance persistence” (Lerner and Schoar, 2005). However, based on their continuing use of an ex-post perspective, few scholars have paid attention to the possible extent to which these and other PE phenomena may affect expected returns from PE investments. To address this problem this article draws on an ex-ante perspective of investment decision-making in suggesting how a number of drivers and factors of PE phenomena may produce “abnormal returns”, and that each of those drivers and factors should therefore be considered in accurately assessing the required risk premium and expected abnormal returns of PE investments. In making these contributions we examined a private equity investment of a regional PE in Italy and administered a telephone questionnaire to 40 PEs in Italy and the UK and found principally that while size is the most important driver in producing abnormal returns illiquidity alone cannot explain the expected returns of PE investments (cf. Franzoni et al., 2012). Based on our findings we developed a predictive model of PE decision-making that draws on an ex-ante perspective of asset pricing and takes into account PE phenomena and abnormal returns. This model extends the work of Franzoni et al. (2012), Jegadeesh et al. (2009), and Korteweg and Sorensen (2010) who did not consider the possible influence of PE phenomena in decision-making and will also help PE managers in making better-informed decisions
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Bonfanti, Angelo, Enrico Battisti, and Luca Pasqualino. "Social entrepreneurship and corporate architecture: evidence from Italy." Management Decision 54, no. 2 (March 21, 2016): 390–417. http://dx.doi.org/10.1108/md-08-2014-0532.
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Purpose – The purpose of this paper is to examine the contribution of corporate architecture to social value creation. It especially analyses the social effects of investments in experiential corporate architecture that have been carried out by Italian industrial companies. Design/methodology/approach – This study follows a qualitative approach. It is based on a survey and semi-structured in-depth interviews undertaken with six Italian industrial companies. The dimensions of the social-entrepreneurship model (innovativeness, proactiveness, risk management) proposed by Weerawardena and Sullivan Mort were chosen as a framework to investigate the social effects of investments in corporate architecture. Findings – The social effects of the innovativeness dimension are the integration of the company with the territory and development of sustainability. Proactiveness is related to improving the employees’ wellbeing in the workplace and the community’s quality of life. Risk management ensures the development of the local economic-social fabric. Research limitations/implications – This study combines social entrepreneurship and corporate architecture by highlighting the social effects of corporate architecture. Further, it proposes the structural embeddedness of the company in the territory of reference, a sense for beauty, and a sense of gift giving as further entrepreneurial traits that are generally not proposed in the social entrepreneurship literature. Practical/implications – The results of this study suggest that top management should consider: that investments in corporate architecture are a deliberate strategy of the company; that profits are not a purpose in and of themselves, but rather a means to achieve the social mission’s objectives; and the relationship with architects in terms of mutual involvement in order to understand corporate and local needs and effectively transform them into appropriate architectural solutions. Social/implications – Corporate architecture can help to solve a number of social problems, such as improving the community’s quality of life, providing employments opportunities, allowing the community to benefit from places of socialisation and aggregation, and offering facilities and services that support culture and encourage cultural exchange. Given that the social benefits are reciprocal, all stakeholders should financially support companies that invest in corporate architecture. Originality/value – To the knowledge, this is the first study to connect social entrepreneurship and corporate architecture. This research brings to light some Italian industrial companies that are investing in corporate architecture to create social value in the twenty-first century, after the pioneering investments of the Olivetti company.
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Bronzini, Raffaello, and Eleonora Iachini. "Are Incentives for R&D Effective? Evidence from a Regression Discontinuity Approach." American Economic Journal: Economic Policy 6, no. 4 (November 1, 2014): 100–134. http://dx.doi.org/10.1257/pol.6.4.100.
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This paper evaluates a unique R&D subsidy program implemented in northern Italy. Firms were invited to submit proposals for new projects and only those which scored above a certain threshold received the subsidy. We use a sharp regression discontinuity design to compare the investment spending of subsidized firms with that of unsubsidized firms. For the sample as a whole we find no significant increase in investment. This overall effect, however, masks substantial heterogeneity in the program's impact. We estimate that small enterprises increased their investments—by approximately the amount of the subsidy they received—whereas larger firms did not. (JEL G31, G38, L52, O33, O38, R32)
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López-Rodríguez, Ana Mercedes. "The Sun Behind the Clouds? Enforcement of Renewable Energy Awards in the EU." Transnational Environmental Law 8, no. 02 (June 7, 2019): 279–302. http://dx.doi.org/10.1017/s204710251900013x.
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AbstractA number of European Union (EU) countries have undertaken thorough reforms in the renewable energy sector over the past years. The regulatory changes have triggered a wave of claims from low-carbon investors asserting that the reforms have diminished or exhausted the economic viability of their investments. Unlike local investors, who typically take legal action before domestic courts, foreign investors have filed arbitration claims in accordance with the Energy Charter Treaty, notably against Spain, Italy, Bulgaria, and the Czech Republic, resulting in several awards of damages. However, recent developments in EU state aid law seem to restrict the ability of investors to obtain compensation. This article argues that such developments may undermine renewable energy policy, because arbitration enhances the regulatory stability and predictability which low-carbon investments require only if arbitral awards can be enforced effectively. The article examines the different scenarios that may arise out of the interplay between EU law and investment arbitration in the EU and concludes that the European Commission's arguable redrawing of the boundaries of state aid rules to encompass investment arbitration, combined with the EU's general quest to replace investment arbitration with alternative mechanisms of adjudication, may jeopardize climate change mitigation policies.
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Venezia, Elisabetta. "An Economic and Social Evaluation Approach to the Sustainable Redesign of Old Urban Street Infrastructure." European Transport/Trasporti Europei, no. 82 (June 2021): 1–19. http://dx.doi.org/10.48295/et.2021.82.4.
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The aim of this study is to introduce an economic evaluation approach into the process of redesigning old urban street infrastructures. Several variants of street cross-sections are proposed for redesigning, both in Krakow, Poland and in Bari, Italy, and the optimal sustainable design options are suggested. An experimental economic method is then applied to evaluate the proposed sustainable options. Social return on investment (SROI), as a form of evaluation that contributes to a wider analysis of public investments and uses monetary values to represent the social and economic results. It provides information on creating economic and environmentally sustainable values. Economic evaluation results suggest how society perceives the implementation of sustainable transport investments by assuming the most important aims to be addressed in an urban context, such as sustainability, accessibility and affordability. The innovative evaluation approach enforces the decision-making process and helps to properly allocate economic resources.
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Brunetti, Marianna, and Costanza Torricelli. "Second homes in Italy: every household’s dream or (un)profitable investments?" Housing Studies 32, no. 2 (May 17, 2016): 168–85. http://dx.doi.org/10.1080/02673037.2016.1181720.
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Patarnello, Francesca, Emiliano Briante, and Federico Villa. "Value generated by the multiplier effect of investments by the pharmaceutical industry in Italy: proposals to promote competitiveness and attractiveness." Global & Regional Health Technology Assessment 9 (October 5, 2022): 117–22. http://dx.doi.org/10.33393/grhta.2022.2440.
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Pharmaceutical industry investments in Italy must be supported with a reform process that promotes simplifications to generate an attractive ecosystem that can enhance innovation. Key actions include facilitating the start-up of clinical trials, promoting public-private partnerships to support technology transfer, integrating data infrastructures to overcome the logic of silos, expanding programs for prevention and early identification of diseases, simultaneous reimbursement for therapy and diagnostic testing, and launching a structural program for early access to therapies. The total contribution of the sector in the last 10 years to the Italian economy was € 315 bn. Looking at employment (67 thousand people employed in the sector in 2020), it is possible to estimate about 280 thousand jobs activated in Italy just in 2020. An Altems study quantified a leverage effect of 2.77 in terms of benefits to the Italian NHS from direct investment in clinical research, which means that for every € 1 invested by companies in clinical trials, € 1.77 of additional savings were generated for the NHS. Applying the multiplier on R&D investments of the entire pharmaceutical sector in 2020 (€ 1.6 bn), we could estimate approximately € 4.4 bn in benefits for the NHS. In addition to these benefits there are the noneconomic benefits of clinical research, including early access for patients to innovative therapies, resulting in improved clinical outcomes and quality of life for patients and caregivers in general.
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Esposito, Gaetano Fausto, and Marco Pini. "The Intangible Assets in the Green Transition of Firms: Empirical Insights from Italy." Symphonya. Emerging Issues in Management, no. 2 (December 20, 2022): 80–95. http://dx.doi.org/10.4468/2022.2.07.esposito.pini.
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We empirically investigate the simultaneous relationship between the various types of intangible assets and their effects on eco-innovation adoption through a sample of Italian manufacturing firms. The results highlight a positive influence of the intangibles on the likelihood to invest in eco-innovation. We observe, when focusing on the human capital, that while investments in only employee training only directly affect eco-innovation, the investments in management training for new business models indirectly influence eco-innovations by triggering the other intangible assets (R&D and intellectual property, Organizational capital, Open innovation).
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Van Oyen, Astrid. "Innovation and Investment in the Roman Rural Economy Through the Lens of Marzuolo (Tuscany, Italy)*." Past & Present 248, no. 1 (July 13, 2020): 3–40. http://dx.doi.org/10.1093/pastj/gtz062.
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Abstract: The presence, uptake and economic impact of innovations in the Roman world have been much debated. Not subject to debate, however, is the agency behind innovation, which is assumed to be the large, elite landowner. Evidence of experimentation at the rural terra sigillata production site of Marzuolo (Tuscany, Italy) does not fit dominant models of external investment in the Roman world and challenges the directionality of innovation. Instead, this article makes the case that experimentation at Marzuolo was driven by intensification on the part of local smallholders, but was curbed by a lack of capital investment. A later, scaled-up terra sigillata production phase at the same site, linked to infrastructural investments, shows predatory investment behaviour by a landowner who appropriated a tried and tested facility. Recasting innovation as an open-ended process of trial and error that is centred on human capital development, labour and relations of production, changes the terms of study of the Roman economy and aligns it with broader conversations in economic history.
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Kostiuk, Yaroslava, and Kristína Korená. "Comparison of Value Added within EU in Terms of Corporate Investment in Research and Development." SHS Web of Conferences 90 (2021): 01008. http://dx.doi.org/10.1051/shsconf/20219001008.
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Globalization has accelerated the growth of innovation in many countries outside the European Union. In order to remain competitive, companies and individual EU economies therefore support the development of innovations through investments in research and development. This contribution is focused on the specification of value added in terms of investments in research and development in the construction and manufacturing sectors. Using statistics of the European Commission for the period 2013 – 2017, a dataset of 269,892 companies in the EU28 countries was generated. The purpose of this contribution is to determine to what extent investment in research and development participates in the creation of value added. A research question was formulated to determine the ideal ratio between value added and investment. Methods: To achieve the objectives set, regression analysis of neural networks was applied using Statistica software. The results of the research indicate that the optimal values in the construction sector were achieved by Great Britain (~EUR 11.3 billion.) and France (~EUR 16.1 billion), and in the manufacturing sector by France (~EUR 11.42 billion), Italy (~EUR 11.41 billion) and Great Britain (~EUR 10.6 billion). The authors consider the method of regression analysis and neural networks to be appropriate for examining the optimal ratio between investment in R&D and value added.
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Musolino, Dario, and Alessia Silvetti. "Are Mountain Areas Attractive for Investments? The Case of the Alpine Provinces in Italy." European Countryside 12, no. 4 (December 1, 2020): 469–93. http://dx.doi.org/10.2478/euco-2020-0025.
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Abstract In the increasing territorial competition to attract productive investments in the age of globalization, mountain areas have a role to play, if they wish to find new (exogenous) resources to diversify their economy and to develop sustainably in the future. This means that they have either to be, or to become attractive. Attractiveness for investments is an issue rarely studied with respect to mountain areas. This paper casts light on the attractiveness of the Italian Alpine provinces, using quantitative and qualitative data coming from a research on the stated locational preferences of entrepreneurs in Italy. According to the findings, it is not said that mountain areas are unattractive, due to their characteristics in terms of physical geography and accessibility. Instead, a different perspective on geography itself (Alpine areas bordering with foreign countries), and the role of the government, can make even marginal areas like mountain areas rather attractive for investments. Therefore, policy-makers should identify and strengthen all possible locational advantages that can strengthen the attractiveness of these areas.
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Romano, Giulia, and Andrea Guerrini. "Paying Returns to Shareholders of Water Utilities: Evidence from Italy." Sustainability 11, no. 7 (April 5, 2019): 2033. http://dx.doi.org/10.3390/su11072033.
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The debate about the role of corporations with regard to water also involves the influence that paying returns to shareholders could have on the investment policy of utilities, influencing the development of new infrastructure or the renewal of existing ones. This study investigated the dividend policy of water utilities by analyzing the data of 128 Italian firms during 2009–2014. Data show that the majority of utilities do not distribute any return to shareholders. On average, large utilities pay more frequent returns than medium-sized and small ones. Moreover, water utilities that are part of a group, multi-utilities, and those located in the center of Italy pay more frequent returns than do others. Southern firms usually do not pay returns. As expected, privately owned water utilities pay dividends more frequently and have higher returns to equity. In all the observed years, at least one-third of such utilities paid returns. Empirical results provide water regulators, water utility managers, and stakeholders with information that can impact future regulatory and managerial decisions related to management and strategic model choices in the water industry and how these decisions affect investments to improve water quality, water quantity, and/or water services.
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Manzano-Agugliaro, Francisco, and Javier Carrillo-Valle. "Conversion of an existing electrostatic precipitator casing to Pulse Jet Fabric filter in fossil power plants." DYNA 83, no. 195 (February 23, 2016): 189–97. http://dx.doi.org/10.15446/dyna.v83n195.49723.
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The combustion process of power generation plants originates particulates. There are different technologies to collecting particulate such as electrostatic precipitators (ESPs) or fabric filters. Currently, these ESPs take 25 or 35 years in service and if the performance expectations of their Plants are positives, improving investments required which can adapt to the new particulate emission limits becoming more stringent. This paper analyzes an alternative means great savings in investment costs; Conversion of the existing ESP casing to a Pulse Jet fabric filter. This study also presents a real case, implementing this conversion with good results in unit of 660 MW power plants of Italy.
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Nicolini, Gianni. "The Assessment of Financial Literacy: The Case of Europe*." International Review of Financial Consumers 4, No. 2 Oct 2019 (December 2019): 1–12. http://dx.doi.org/10.36544/irfc.2019.1-2.1.
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The study starts from the definition of financial literacy and its components, to identify the criteria that an assessment methodology should have to properly measure it. In the second part, an empirical analysis of the degree of financial literacy of adult population in several European countries (France, Germany, Italy, Sweden, UK) is used to highlight similarities and to stress differences between countries. Results show how the availability of 50 items allows to differentiate the levels of financial literacy in various areas of knowledge (e.g. loans, investments, money management). The use of money (e.g. credit cards, debit cards, cash) is the area of knowledge where individuals seem to be more well-informed and confident. Conversely, investment and investment products (e.g. stock, bonds) represent a weak point, with average scores being dramatically low.
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Visconti, Roberto Moro. "Healthcare public-private partnerships in Italy: Assessing risk sharing and governance issues with PESTLE and SWOT analysis." Corporate Ownership and Control 13, no. 4 (2016): 122–31. http://dx.doi.org/10.22495/cocv13i4p12.
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Healthcare infrastructural investments are a key strategic issue in countries such as Italy, whose aging population faces severe public budget constraints, exacerbated by the unprecedented recession. The choice between traditional procurement (TP) and Public Private Partnerships/Project Finance (PPP/PF) is by now a cornerstone of public strategies concerning complex infrastructural investments. PESTLE and SWOT strategic analysis provides a systematic and comprehensive reflection of the external and internal operational environment but has infrequently been applied to infrastructural procurement. Risk sharing between public and private actors and consequent corporate governance and ownership issues are still under-investigated in the literature, especially if associated with innovative PESTLE and SWOT instruments. Evidence shows that PESTLE and SWOT analysis improves procurement choices and public-private partnering, softening governance concerns. Since empirical considerations about Italy may be globally extended, even beyond the healthcare industry, the audience of this study may conveniently widen well beyond its apparently narrow focus.
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Manganelli, Benedetto, Pierluigi Morano, Paolo Rosato, and Pierfrancesco De Paola. "The Effect of Taxation on Investment Demand in the Real Estate Market: The Italian Experience." Buildings 10, no. 7 (June 27, 2020): 115. http://dx.doi.org/10.3390/buildings10070115.
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This study investigates the effect that property taxation has on investment in the real estate market. There is a close relationship between investments in the real estate market and taxes, local communities, public policies and economic development. The analysis was developed with reference to the Italian real estate market and its tax regime. In Italy, taxation on real estate affects possession, transfers and income. These three tax rates vary according to the subjects who exchange assets and manage them, to the intended use of the real estate property and to the options for choosing the type of tax regime permitted by law. On the basis of these parameters, a financial analysis of real estate investment is constructed and simulated in order to understand to which types of taxation investment is most sensitive. The results showed that a change in income taxation can have an important effect on the investment choice. This evidence may also suggest fiscal policy actions aimed at stimulating the real estate market.
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GALAMBOS, LOUIS, and FRANCO AMATORI. "The Entrepreneurial Multiplier Effect." Enterprise & Society 17, no. 4 (September 13, 2016): 763–808. http://dx.doi.org/10.1017/eso.2016.41.
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Since the Keynesian revolution in economics, a standard part of the profession’s analytical framework, and an argument for government support for investment, has been the multiplier concept. This classical multiplier works through consumption in an equilibrium model. Our contention is that there is also an entrepreneurial multiplier that works directly through investment by incentivizing or forcing investments in innovation in a dynamic, disequilibrium model. These investments have been analyzed as “spill-overs,” or responses to “bottlenecks,” or Schumpeterian examples of emulation. We suggest that the surges of innovation in capitalism were even broader than Schumpeter did, and that they can best be explored using a multiplier paradigm. We start that exploration by briefly examining selected patterns of entrepreneurship in the first, second, and third industrial revolutions. Our emphasis is on the sequences of innovations; the manner in which they are multiplied; and their economic, cultural, and political consequences. We delve into the first Industrial Revolution in New England and in Lombardy, Italy; the second Industrial Revolution in the United States and France, and the third Industrial Revolution in America and Europe. In all three of these dramatic capitalist transitions, there is evidence of the entrepreneurial multiplier at work, broadening, deepening, and extending the impact of the major innovations.
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Campisi, Domenico, Simone Gitto, and Donato Morea. "Shari’ah-Compliant Finance: A Possible Novel Paradigm for Green Economy Investments in Italy." Sustainability 10, no. 11 (October 28, 2018): 3915. http://dx.doi.org/10.3390/su10113915.
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In Italy, the dramatic reduction of government incentives has caused a decrease of investments in the renewable energy sector. For this reason, it is necessary to rethink funding techniques, extending the analysis to different cultural and financial models. In this paper, we study the incentive-dependency of an Italian case study in the wind energy sector in order to reach grid parity, comparing the obtained results with those of Islamic finance and conventional finance. In particular, we propose that Sukuk Islamic finance instruments be used for the realization of real assets in Shari’ah-compliant finance that prohibits interest rates, as in conventional financial markets, and we present the building cost thresholds necessary to achieve grid parity. Our results highlight the importance of incentives and the applicability of the use of Sukuk instruments for sustainable investments in the wind energy sector, which is crucial in the framework of current efforts against climate change as well as efforts to reduce greenhouse gas emissions.
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Simões, Fernando Dias. "Blusun S.A. and others v Italy : Legal (in)stability and renewable energy investments." Review of European, Comparative & International Environmental Law 26, no. 3 (November 2017): 298–304. http://dx.doi.org/10.1111/reel.12218.
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Manelli, Alberto, Roberta Pace, and Maria Leone. "Leverage, Growth Opportunities, and Credit Risk: Evidence from Italian Innovative SMEs." Risks 10, no. 4 (April 1, 2022): 74. http://dx.doi.org/10.3390/risks10040074.
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The link between leverage and growth opportunities has been a topic issue in corporate finance for many years. The present paper aims to investigate the link between credit risk, leverage, and growth opportunities in a sample of Italian innovative small-and-medium enterprises (SMEs), given the lack of empirical literature on the subject. The results of the WLS model confirm the relationship between investments, leverage, and credit risk highlighted by the literature—in particular, a negative relationship emerges between credit risk and investments and between leverage and investments, while the analysis reveals a positive relationship between investments and liquidity. Furthermore, in consideration of the significant economic differences existing between the regional macro-areas into which Italy is divided, the firms were classified by geographical areas. The results show that the northeast area is the region characterised by the most reliable and significant results. The paper is organised as follows: Introduction provides a review of the theoretical and empirical literature on the link between leverage, investments, and growth opportunities and on credit risk; Materials and Methods explain the model; Results explain the WLS regression; Discussions contain the main finding of the analysis; Conclusions summarize the study.
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Faccia, Alessio, Narcisa Roxana Moşteanu, Luigi Pio Leonardo Cavaliere, and Gabriele Santis. "The rise of online banks in Italy “WIDIBA Bank” Case Study." Financial Markets, Institutions and Risks 4, no. 2 (2020): 80–97. http://dx.doi.org/10.21272/fmir.4(2).80-97.2020.
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The digitalization of technologies for the functioning of the country’s economy, in particular banking institutions, has made a significant impetus to accelerate their development. It is stated that the use of advanced information technologies in the banking sector of the economy (which was gradually formalized into the concept of “online banking”) has greatly facilitated the implementation of financial transactions, in particular, minimized the physical circulation of money. The purpose of the article is to study the features and principles of online banking on the example of the Italian bank WIDIBA. Methodical support of the paper includes a method of analysis of specific situations. The key components of the case method of the study are research on the basis of literature review; formalization of key theses (issues) in the context of the unresolved part of the study; accumulation and analysis of collected information; identification of key features of the issue. This research was carried out in the light of two aspects: the strategic principles of the spread of online banking in Italy; digital technologies in the context of the strategic perspective of the Italian bank WIDIBA. The paper considers the historical aspects of the introduction and use of online banking services. It is noted that in Italy today there are 207 publicly registered commercial establishments, of which 81 are located abroad, and 6 operate mostly in the format of providing online banking services. The object of this research is the activity of the Italian bank WIDIBA, which is justified by its valuable practical experience in formalizing a plan of adequate timely strategy for entering the market of online banking services on the basis of a carefully developed development strategy. The theoretical researches were carried out in the work, in particular, in the following directions: definition of strategic actions of bank establishment according to a time lag of functioning; analysis of the budget of the banking institution (net profitability, interest margin, operating and administrative expenses, etc.); analysis of the income statement of the bank (the ratio of net profit and loss, interest margin and brokerage margin); work with financial report or balance sheet data on the structure of assets, liabilities, and investments, retained earnings; study of trend dynamics of cash flows (operational, financial, investment and free cash flows). Excellent strategies are analyzed, which demonstrate how the banking sector is extremely dynamic and, that technological investments still allow easier access to new operators in case of the implementation of innovation strategies. Keywords: Online banks; online banking; electronic banking; fintech; financial services; WIDIBA; banking sector; banks’ strategies.
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Di Porto, Edoardo, Tommaso Oliviero, and Annalisa Tirozzi. "The economic effects of immovable property taxation: A review of the Italian experience." ECONOMIA PUBBLICA, no. 1 (March 2021): 25–43. http://dx.doi.org/10.3280/ep2021-001002.
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In this paper we review the results in the empirical literature on the effects of immovable property taxation reforms occurred in Italy in the last decades. We preliminary resume the recent history of property taxation reforms and discuss why Italy represents a good experimental laboratory to identify their effects on economic outcomes. We then review the empirical contributions regarding the impact of the ICI, introduced in 1993, and of the IMU, introduced in 2012, on local firms' investments, property values and households' consumption. We finally resume the findings related to the political economy of residential property taxation with respect to the incentives of local authorities, tax avoidance and voters' reaction
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Fermeglia, Matteo. "Cashing-In on the Energy Transition?" Journal of World Investment & Trade 23, no. 5-6 (December 16, 2022): 982–1019. http://dx.doi.org/10.1163/22119000-12340276.
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Abstract Damages assessment in investor-State dispute settlement (ISDS) entail major financial, behavioural, and political consequences upon host States. In fact, damages unreflecting the actual value of investments in energy assets can over-induce investments on the investors’ side and curtail host States’ regulatory space against the unfolding climate change crisis. This contribution investigates the practice of ISDS tribunals on damages assessment in cases dealing with the rollback of support schemes for renewable energy infrastructures brought against Italy and Spain. It acknowledges a narrow, yet consistent approach to quantum, which foregoes elements of balancing and equity in applying the general standard of full reparation enshrined under public international law. Hence a change of paradigm is advocated, whereby ISDS tribunals engage deeply with both the inherent elements of renewable energy investments as well as the ongoing regulatory constraints posed by the dire need to adopt more stringent climate policies domestically.
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Topalović, Amir, and Antonia Azzini. "Data Mining Applications in SMEs: An Italian Perspective." Business Systems Research Journal 11, no. 3 (November 1, 2020): 127–46. http://dx.doi.org/10.2478/bsrj-2020-0031.
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AbstractBackgroundFrom the last decade, data mining techniques, employed in particular in customer relationship management, have assumed a key role in the profitability and operations of companies. To support small and medium companies (SMEs), several innovative and continuously improving tools have been developed that allow SMEs to utilize the internal and external data sources to increase their competitiveness.ObjectivesIn this paper, an analysis of the impact of digitalization, and in particular data mining techniques, in the context of SMEs development is presented.Methods/ApproachA review of various sources has been conducted, with the focus on open source tools, since in the context of the Italian economy they are used by SMEs the most.ResultsFirst, the analysis presents a brief review of the data mining techniques available and shows how they are practically employed in small companies. Second, an economical review of investments in data mining projects in Italy is presented.ConclusionsThe review indicates that data mining techniques can boost a company in the market. However, the awareness of data mining as a company asset is still not strong in Italian SMEs and most investments in Italy are still carried out by large companies.
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Aristei, David, and Manuela Gallo. "Financial Knowledge, Confidence, and Sustainable Financial Behavior." Sustainability 13, no. 19 (September 30, 2021): 10926. http://dx.doi.org/10.3390/su131910926.
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This paper analyzes the effect of financial knowledge and confidence in shaping individual investment choices, sustainable debt behavior, and preferences for socially and environmentally responsible financial companies. Exploiting data from the “Italian Literacy and Financial Competence Survey” (IACOFI) carried out by the Bank of Italy in early 2020, we address potential endogeneity concerns in order to investigate the causal effect of objective financial knowledge on individual financial behaviors. To this aim, we perform endogenous probit regressions, using the respondent’s long-term planning attitude, the use of information and communication technology devices, and the financial knowledge of peers as additional instrumental variables. Our main empirical findings show that objective financial knowledge exerts a positive and significant effect on financial market participation and preferences for ethical financial companies. Moreover, we provide strong empirical evidence about the role of confidence biases on individual financial behaviors. In particular, overconfident individuals display a higher probability of making financial investments, experiencing losses due to investment fraud, and being over-indebted. Conversely, underconfident individuals exhibit suboptimal investment choices, but are less likely to engage in risky financial behaviors.
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Kamaci, Ahmet, Ekrem Gul, and Mustafa Torusdag. "FOREIGN DIRECT INVESTMENTS, TRADE OPENNESS AND CO2 EMISSIONS RELATIONSHIP: THE CASE OF 1995-2019 EU COUNTRIES." Revista de Investigaciones Universidad del Quindío 33, no. 2 (October 1, 2021): 56–73. http://dx.doi.org/10.33975/riuq.vol33n2.637.
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Foreign direct investments (FDI), which are very important in the economic development of countries, prefer regions with free trade. Since the share of international trade in the world economy is constantly increasing, trade openness and foreign direct investments have become more important for countries. However, the increase in trade and FDI entries can have negative effects on the environment. Although many different variables are included in the literature as determinants of carbon emission, foreign direct investments are mostly taken as an explanatory variable with the effect of the economic globalization process.
The aim of this paper is to analyze the relationship between FDI, trade openness and CO2 emission for the 1995-2019 period in 24 EU countries. The relationship between variables was estimated by applying panel AMG estimator and Emirmahmutoglu and Kose causality tests to series with cross-sectional dependency. Empirical results for the overall panel show that there is unidirectional causality from carbon emission to trade openness and FDI. There is a directional causality from FDI to trade openness for the general panel has been determined.
When analyzed on a country basis, there is unidirectional causality from carbon emission to trade openness for Bulgaria, Italy, Latvia, Poland, Portugal and Slovenia. Likewise, for Austria, Denmark, Estonia, Finland, France, Germany, Poland, Portugal, Spain and Switzerland, there is unidirectional causality from carbon emission to FDI. In addition, when analyzed on a country basis, there is a one-way causality relationship from foreign direct investments to trade openness for Bulgaria, Italia, Latvia, Poland, Portugal and Slovenia. For Bulgaria, Finland and Germany, there is a one-way causality from trade openness to foreign direct investment. The importance of this study derives from the emphasis on the need for environmentally protective FDIs to reduce carbon emissions.
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Caneppele, Stefano, Michele Riccardi, and Priscilla Standridge. "Green energy and black economy: mafia investments in the wind power sector in Italy." Crime, Law and Social Change 59, no. 3 (March 13, 2013): 319–39. http://dx.doi.org/10.1007/s10611-013-9418-1.
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Lavista, Fabio. "Structural Policies, regional Development and industrial Specialization in Italy, 1952-2002." Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook 58, no. 1 (May 24, 2017): 83–105. http://dx.doi.org/10.1515/jbwg-2017-0005.
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Abstract The article analyses Italian regional developmental policies between the 1950s and 1990s. It focuses in particular on the intervention through state-owned enterprises and public agencies in the underdeveloped southern regions known as the Mezzogiorno. Analysing the flow of investments in these regions, the article assesses the targets and the results of the so-called “extraordinary intervention,” advancing some hypotheses about the causes of its long-term failure: the lack of planning, the preference for top-down actions, and the peculiar institutional framework. The article also evaluates the long-term effects of this failure on the Italian industrial structure.
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Caruso, Donatello, and Jolita Greblikaitė. "THE PERFORMANCE INDICATORS OF AGRICULTURAL HOLDINGS: COMPARISON BETWEEN LITHUANIA AND ITALY." Management Theory and Studies for Rural Business and Infrastructure Development 40, no. 1 (March 16, 2018): 7–15. http://dx.doi.org/10.15544/mts.2018.01.
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In agricultural sector it is important to evaluate activity performance. The research problem is to analyze difference of performance of agricultural holdings between Lithuania and Italy at farms level. The purpose is to define economic indicators for agricultural holdings’ evaluation and compare between two countries. Methodology is based on quantitative analysis. Research results demonstrate the distribution of performance indicators (e. g., sales growth, investments, productivity and financial position) are significantly different for Lithuanian farms compared to Italian. Presented analysis opens scientific need to develop a tool for farm performance evaluation using FADN data and to as-sess income of farms across Europe.
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Kabaklarli, Esra, Fatih Mangir, and Bansi Sawhney. "Impact of Infrastructure on Economic Growth: A Panel Data Approach Using PMG Estimator." International Review of Business and Economics 2, no. 2 (2018): 29–49. http://dx.doi.org/10.56902/irbe.2018.2.2.2.
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Growth theory asserts that infrastructure investments promote economic growth by improving the quality of life and increasing private sector productivity . Transport services, water utility services and telecommunication services provide better facilities to attract FDI (foreign direct investment) and increase productivity across sectors. The aim of this article is to analyze whether transport infrastructure investments have a strong effect on the economic growth. It also attempts to analyze the differential impact of each type of infrastructural spending on economic growth. Our data set covers annual data from 1993 to 2015 period for 15 OECD countries (Austria, Turkey, Czech Republic, Spain, Finland, Japan, Germany, Ireland, Italy, France, Korea, Mexico, Netherlands, Poland, U.K) and China. In this study, we employ a Pool Mean Group (PMG) estimator to find long run and short run relations between the variables. Output elasticity of air transport is found to be positive and significant at five percent level and there exists a long run relationship between GDP per capita and other explanatory variables such as transport infrastructure indicators, gross capital formation and labor force. The crowding- out hypothesis is also supported by coefficients on county specific results. Our data set includes infrastructure variables such as Railways, (million passenger-km), Air transport, (freight, million ton-km), Individuals using the Internet (% of population).
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Obadić, Alka, and Lorena Pehar. "Employment, Capital and Seasonality in Selected Mediterranean Countries." Zagreb International Review of Economics and Business 19, s1 (December 1, 2016): 43–58. http://dx.doi.org/10.1515/zireb-2016-0012.
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Abstract The paper examines the influence of tourism industry on GDP, employment and capital investments in selected Mediterranean countries (Croatia, France, Greece, Italy and Spain). It points out important contribution which tourism has on economic activity and capital investment of selected economies and labour market. The analysis highlights the importance of tourism strength in generating employment. It synthesizes data on tourism employment and employment according to educational level. The results show that the quality of human capital is increasing but at the same time indicating gender discrimination in tourism labour market. Despite women being the majority of higher education degree holders in tourism, men hold upper-management and decision-making positions more often than women do. Lastly the paper indicates strong contribution of tourism sector in GDP and total employment in selected countries showing strong problem of seasonality.
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Nikolina, Buljan Perusic, and Zhang Jian Hua. "Technical and Scale Efficiency Analysis of 25 Nort Mediterranean Ports: A Data Envelopment Analysis Approach." International Journal of Economics and Finance 12, no. 3 (February 22, 2020): 55. http://dx.doi.org/10.5539/ijef.v12n3p55.
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The strategic position of the northern Mediterranean ports gained importance with the announcement of Chinese investments, which form part of the One Belt One Road project. The research presented in this paper focuses on small ports, which have not heretofore been the subject of interest. In the first half of 2019, both Croatia and Italy agreed on participation in the project, which aims to shorten the journey from China to central Europe by changing sea route destinations to ports in the Adriatic Sea. This paper examines the technical and scale efficiency of 25 ports in Croatia, Italy and Slovenia, as a possible prerequisite for investments. The research uses Data Envelopment Analysis (DEA) variable returns to scale an output-oriented model on a panel data sheet, for 25 ports in the period from 2009 to 2018. This research suggests that the number of efficient ports, in this case, is not directly related to the size of the port or to the country in which it is located. However, it is more often the case that larger ports are more efficient. For all inefficient ports, the DEA provides best practice examples to which ports should aspire and therefore highlights the practical implication of the work.
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NIKOLIC, MARIJA, MAURA LA TORRE, and GORAN LALIĆ. "National Culture Values: reflections on formation process of future leaders in international economic cooperation." Journal of Education Culture and Society 4, no. 2 (January 9, 2020): 217–26. http://dx.doi.org/10.15503/jecs20132.217.226.
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The trend towards foreign investments in Serbia has been in rapid progress in recent years. The biggest and most valuable numbers of investments are coming from Italy. The authors’ expectation is that the trend of Italian investments in future will continue; therefore it is of high importance for the representatives of both countries’ business sectors to under-stand and accept differences and similarities to the other country’s business culture. Research of cultural differences between two nations , which are considered like a frame of business culture, helps avoiding possible misunderstandings and improving business cooperation be-tween two countries. Having in mind students of economics and management, on one hand like future leaders of Italian and Serbian business and on other like representatives of the cur-rent education value system in the field of economics and management, this study consists of an application of the 7-D Hofstede Model. The application of the model takes place through the administration of two surveys done by students of Serbian Megatrend University, in Bel-grade, and Italian Università degli Studi Gabriele d’Annunzio, in Pescara
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Franceschi, Franco. "Big Business for Firms and States: Silk Manufacturing in Renaissance Italy." Business History Review 94, no. 1 (2020): 95–123. http://dx.doi.org/10.1017/s0007680520000100.
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Silk manufacturing began in Lucca in the twelfth century and by the fifteenth century Italy had become the largest producer of silk textiles in Europe, nurtured by extensive domestic and foreign demand for the luxurious fabric. This essay explores the market for silk textiles, the organization of the silk industry, and the role played in it by guilds, entrepreneurs and their capital, and highly sought after artisans. Just as silk manufacturing was an important and lucrative business for entrepreneurs, this article argues, so was it a crucial strategic activity for the governments of Italy's Renaissance states, whose incentives, protections, and investments helped to start up and grow the sector with the aim of generating wealth and strengthening their respective economies.