RISULTATI RICERCA

This study investigates the effect of investments in intangible fixed assets and human capital on the Enterprise Value (EV) of Italian high-growth startups (HGSs). To test our hypotheses, we conducted several Ordinary Least Squares (OLS) regression analyses on a dataset comprising 782 HGSs. The EV was esti-mates using the Discounted Cash Flow (DCF) method. Our findings reveal a posi-tive and statistically significant relationship between investments in intangible as-sets and EV. However, investments in human capital and highly skilled workers show a negatively relationship with EV. Lastly, a positive and statistically signifi-cant relationship between value-added per employees and the EV of HGSs has been identified. This study offers valuable insight into the process through which new firms gener-ate value. By strategically investing in intangible assets and human capital, startups not only enhance their probability of survival but also improve their growth potential. This allows these companies to overcome the challenges of the early stage and embark on a sustainable growth process. To spotlight the unique value drivers of these companies, unlike prior studies, we manually estimate the EV. We have employed the DCF method by playing the cards face up: we used the actual cash flows realized by the HGSs during the study period instead of rely-ing on forecasts. We have therefore “cheated” to measure the value created by the HGSs. This research can be considered a pioneering study that significantly con-tributes to the ongoing debate on the value creation process in fast growing startups.

Sustainability is attracting increasing attention, especially in small and medium-sized companies and the agribusiness industry, because of the need to address ris-ing social and environmental issues. Consequently, the present study explores a sample of small and medium-sized companies operating in the wine sector, with particular attention to the key variables of their sustainable business model and its process design. Age is a variable that is rarely studied in the academic literature, but it is notable. Herein lies the originality of this research, which resides in the lens used to examine the business models of organisations. This study shows the rele-vance of this underexplored variable and its impact on sustainable business mod-els, shedding light on the sustainability implementation of young and old firms.

Despite the EU's commitment to promoting the transition towards the circular economy (CE), implementation continues to face significant constraints within small firms, which represent 99% of all EU businesses. This study deals with the implementation of CE in SMEs to understand their perceptions of CE and assess the firm-level features obstructing transition. We present evidence from 58 inter-views with 37 Italian agri-food firms. Evidence suggests a dichotomy between larger SMEs, which implement CE to pursue economic advantages, and smaller ones. Overall, a lack of a strategic approach to CE emerges, as well as several ob-stacles to circular transition (e.g., lack of technical expertise, effective networks and practical guidance). Our findings suggest the importance of (i) disseminating accounting and measurement tools among SMEs, (ii) working to create circular networks, and (iii) developing tailor-made guidance.

Public services impact on the citizens’ lives, especially in the case they are deliv-ered by totally publicly-owned (TPO) utilities, that are funded by public money. This highlights the relevance of performance management in totally publicly-owned utilities from which derives the research aim that is to investigate elements that can influence their financial performance, with a specific attention on gov-ernance. We focus on a sample of all the utilities (116) wholly owned by the Ital-ian capitals of the provinces for the years 2008-2017 (n. 1,350 observations). Ap-plying the Generalized Least Square (GLS) method, the analysis results allow us to conclude that: the female presence and political orientation of the Board of Direc-tor do not impact on the totally publicly-owned utilities’ performance, while size variables differently impact. Political implications (potential disconnection be-tween ownership strategies and Board of Director choices; possibility of a joint management of public services by more municipalities expanding corporate governance) and managerial implications (recruitment strategy, management control system supporting corporate governance) are highlighted. The limit of the work is also identified in the conclusion.

Studies on New Product Development (NPD) have emphasized the active, dynam-ic, and supportive role of Management Control Systems (MCS). However, limited research has explored how the various MCS can be specifically applied in the port-folio selection process and how these tools can be combined to influence project portfolio success in line with business strategy. In doing so, a complementarity be-tween the different MCS needs to be considered for the different problems that the various MCS are able to solve, and how MCS are used depends on the business strategy followed by the organization. From this perspective, in their use, MCS should be examined as a package to understand how the complementarity of var-ious controls and their ability to align NPD projects with business strategy may im-pact the project selection process in the portfolio context. This study aims to address the following research question: what roles MCS can play in the selection of NPD projects portfolio, considering different strategic con-texts? To answer this research question, we conducted an interpretative and quali-tative case study within a multinational company operating in the semiconductor industry, referred to as “Semicom.” We employed a combination of data sources, including documentary analysis, direct observation, participation in meetings, and semi-structured interviews, to analyze the phenomenon under investigation. The results demonstrate that MCS can offer valuable insights for project manag-ers and division managers in the organization to make informed decisions regard-ing the project portfolio, and to align such decisions with the strategic objectives of the organization.

Il saggio intende analizzare forme e tempi attraverso cui le storie e le testimonianze personali del manicomio e del processo di deistituzionalizzazione sono state utilizzate da giornalisti, intellettuali, personale medico e operatori sociali nella costruzione delle narrazioni dell’internamento. In particolare, esso si concentra sull’utilizzo delle “voci” dei testimoni nel racconto pubblico, per capire quando e come esse siano state usate e abbiano superato i muri dei manicomi, fino a ridefinire il rapporto dentro-fuori e a diventare vere e proprie memorie. L’analisi di trasmissioni televisive, di inchieste giornalistiche, di pubblicazioni, di documentari permetterà di riflettere sul rapporto tra il processo di superamento degli ospedali psichiatrici, le memorie della deistituzionalizzazione e l’opinione pubblica dalla fine degli anni ‘60 agli anni ‘90, quando le istituzioni furono definitivamente chiuse, e consentirà di individuare le principali caratteristiche e i tempi di questa relazione, per l’importanza che essa ha avuto, anche negli anni più recenti, nella produzione di specifici racconti pubblici.

La riforma psichiatrica italiana del 1978 ha rappresentato una rottura rispetto all’idea di internamento fondato sulla cura e custodia previsto dalla normativa del 1904. Nata come Legge 180 e inserita all’interno della legge istitutiva del Servizio Sanitario Nazionale (SSN), ne ha seguito le vicende successive. A partire da una prospettiva che guarda alle politiche pubbliche, il saggio cerca di tratteggiare i lineamenti delle politiche di salute mentale dopo la riforma, seguendo una prospettiva temporale che tiene conto dell’evoluzione delle politiche sanitarie dai primi anni, in cui si assiste ai limiti della nuova regolazione pubblica della sanità, fino agli ultimi due decenni, in cui si è affermato un sistema di regolazione regionale del SSN. Lo scritto pone in evidenza alcuni nodi e alcuni strumenti delle politiche che hanno contribuito a determinare l’assetto attuale dei servizi di salute mentale e a consolidare differenze territoriali esistenti fin dal momento dell’approvazione della Legge 180.

La Colonia-Scuola “Antonio Marro” fu fondata a Reggio Emilia nel 1921. Posta sotto l’amministrazione del Manicomio “San Lazzaro”, essa era destinata all’educazione dei bambini e ragazzi – sia maschi che femmine – con deficit intellettivi, al tempo spesso costretti a convivere con i pazienti dell’ospedale psichiatrico. L’articolo si concentra sulle insegnanti elementari assunte dalla Colonia tra gli anni Venti e Trenta, con l’intento di portare alla luce il loro profilo biografico e, in particolar modo, la loro formazione. Ai fini della ricerca, l’autrice ha combinato lo studio delle pubblicazioni sul tema con la disamina di inedite fonti archivistiche.