Libera Università Internazionale degli Studi Sociali Guido Carli

About: Libera Università Internazionale degli Studi Sociali Guido Carli is a education organization based out in Rome, Lazio, Italy. It is known for research contribution in the topics: Politics & Monetary policy. The organization has 692 authors who have published 2493 publications receiving 36411 citations. The organization is also known as: Libera Universita Internazionale degli Studi Sociali Guido Carli & Libera Università Internazionale degli Studi Sociali "Guido Carli".

Board monitoring and internal control system disclosure in different regulatory environments

Abstract: Purpose – The purpose of this paper is to investigate two research questions. Is internal control system (ICS) disclosure, as a monitoring mechanism, associated with the characteristics of the board of directors, particularly the audit committee as the main board committee devoted to the effectiveness of ICS? Does the regulatory environment, particularly the regulation on ICS disclosure as an external governance/monitoring mechanism play a role in shaping the relationship between board monitoring and ICS disclosure and, if so, how? Design/methodology/approach – The authors study the ICS disclosure of 149 companies listed in four European financial markets (London, Paris, Frankfurt and Milan), each with its own regulations about ICS disclosure, during a six-year period (2003-2008). Findings – The findings support an inverse association between the extent of ICS disclosure and the proxies for board monitoring. The authors also find a statistically significant negative relationship between board monitoring a...

Global value chains, innovation and performance: firm-level evidence from the Great Recession

Abstract: This paper takes advantage of a newly-available survey to analyze the behavior of Global Value Chains (GVCs) in the aftermath of the Great Recession. The analysis exploits a rich availability of information to design a comprehensive taxonomy of GVC participation modes and explore their impact on rms’ innovativeness and performance. Our ndings highlight relevant heterogeneities in how GVC participants fared the crisis. While high-skill relational suppliers display a signicant propensity to engage in innovative activities and R&D projects, other modes of GVC participation have no premium compared to domestic companies. This heterogeneity is also reected in dierential productivity and sales growth. Compared to the pre-crisis trends, we document a severe demand shock for low-skill and subordinated rms, while relational GVCs appear to be somewhat sheltered from the eects of the crisis.

Skill Dispersion and Firm Productivity: An Analysis with Employer-Employee Matched Data

Abstract: We study the relation between workers' skill dispersion and firm productivity using a unique dataset of Italian manufacturing firms from the early eighties to the late nineties with individual records on all their workers. Our measure of skill is the individual worker's effect obtained as a latent variable from a wage equation. Estimates of a generalized CES production function that depends on the skill composition show that a firm's productivity is positively related to skill dispersion within occupational status groups (production and non-production workers) and negatively related to skill dispersion between these groups. Consistently, the variance decomposition shows that most of the overall skill dispersion is within and not between firms. We find no change over time in the share of each component, in contrast with some evidence from other countries, based on less comprehensive data.

Multiple Banking Relationships: Evidence from the Italian Experience

Abstract: Despite the growing theoretical literature on multiple banking relationships, empirical studies investigating the determinants of the number of bank-lending relationships are very scant. The purpose of this paper is to fill this gap. Using a new data set provided by a large Italian bank we provide econometric evidence that the number of banking relationships is increasing in firms' leverage and in the riskiness of the sector in which the firm operates. This evidence suggests that firms must engage in multiple banking relationships in order to satisfy their demand for leverage and is consistent with an interpretation of the multiple banking relationship "puzzle" based on the behaviour of the bank. A large bank may find it optimal to finance many firms for a small share of their total leverage rather than fully financing a smaller number of firms in order to share risk and to maximize the number of customers.