RISULTATI RICERCA

In the last decades, cultural tourism reached a central role in local development. Nowadays, rural areas are facing new challenges which significantly affect social, economic and cultural dimensions. Sustainable tourism needs to engage stakeholders who positively influence strategies for cultural heritage exploitation. Starting from two case studies in Sardinia, we analyse the relevance of sociological approach to stakeholder mapping in elaborating innovative solutions for local development.

Il saggio riflette sul ruolo del monitoraggio civico delle politiche per la transizione ecologica, approfondendone il nesso con i conflitti ecologici distributivi e le lotte per la giustizia procedurale. Si propone, in particolare, un approfondimento empirico di 14 iniziative civiche mobilitate attorno alla richiesta di accesso e alla ridiscussione dei dati della missione “Rivoluzione verde e transizione ecologica” prevista nel Pnrr. Assumendo un’ottica di ecologia politica, il saggio decostruisce i discorsi che ispirano i percorsi di policy ambientale, descrive gli elementi salienti della trasparenza e del monitoraggio civico, precisando il community based monitory approach in materia ambientale e in rapporto alla citizen science. Quindi propone una modellizzazione delle iniziative locali, catalogandone obiettivi e strumenti e riflettendo sugli aspetti di inclusività e di politicità. L’ultimo paragrafo riflette sul presidio civico della transizione ecologica come forma di ecologia politica.

L’influenza culturale e politica delle teorie sulla concentrazione di povertà e sugli effetti di quartiere negli Stati Uniti è ampiamente riconosciuta dalla letteratura sociologica americana e non solo, ma risulta ancora poco discussa in un contesto scientifico come quello italiano, benché essa si manifesti più o meno consciamente anche in alcuni approcci e programmi politici del nostro paese. Con l’obiettivo di contribuire a innescare un dibattito anche nel nostro ambito disciplinare, questo contributo si focalizza sul più grande esperimento di mobilità geografica e sociale fondato sulle teorie della concentrazione e degli effetti di quartiere, il Moving to Opportunity, nel tentativo di avvia una riflessione critica sulle implicazioni del concetto di concentrazione di povertà e di neighborhood effect quando questi vengono tradotti in politiche e programmi di vasta portata.

Purpose: Agency theory predicts that information asymmetry provides agents with an incentive to manipulate performance signals to maximize their utility, which gives principals reasons to distrust such signals. The accounting and finance literature finds empirical support for this prediction by studying how earnings reliability attributes affect investors’ reactions to earnings an-nouncements. However, research pays less empirical attention to whether in-vestors skeptical of earnings reliability look for confirmatory signals in other parts of the income statement. This study aims at filling such this research gap. Design/methodology/approach: This study examines investors’ combined use of earnings and sales news. It adopts an event-study methodology to ana-lyze whether sales news moderates the stock market response to annual earn-ings announcements. Findings: The results show that investors do not fully trust earnings news if earnings beat analyst expectations and the firm has a reputation for low accru-al quality. In this case, positive sales data alleviate investors’ skepticism of earnings news and, thus, make them react more favorably. In contrast, sales data do not affect the market response if the earnings news is negative, or the firm accrual quality is high. These results are robust to different model speci-fications and explanations. Originality/value: The findings shed new light on how investors use sales data to complement earnings news and our understanding of the consequences of accruals quality on investor information processing.

Purpose: This study examines whether banks’ business models and listing sta-tus drive the discretionary use of loan loss provisions (LLPs) under the Interna-tional Financial Reporting Standard (IFRS) 9 "Financial Instruments". Design/methodology/approach: Ordinary least squares regression is per-formed on a sample of 5,147 listed and unlisted European banks for the 2018-2021 period. Findings: The main results show that after Expected Credit Loss (ECL) im-plementation, banks are prone to manage their earnings via LLPs. In detail, origi-nate-to-hold and listed banks use LLPs to manage their earnings more strongly than originate-to-distribute and unlisted banks. Further, during the financial crisis due to the COVID-19 pandemic, European banks tended to manage earnings more than during the pre-crisis period. Originality/value: This study contributes to the existing literature by expand-ing research on LLPs and highlighting ex-ante factors that might influence banks’ provisioning behavior, such as their listing status and business model. Practical implications: This study provides useful insights for regulators and accounting setters in making informed decisions regarding provisioning policies, even during periods of turmoil.

Purpose: This paper aims to provide an exploratory analysis of Non-Fungible Tokens (NFTs) valuation. NFTs are a new kind of digital asset born out of the dis-ruptive technologies’ introduction (i.e., blockchain). A lot of small and medium en-terprises (SMEs), as innovative start-ups, are involved in this domain. Nowadays, several issues in the evaluation field remain unclear. To fill this gap, this research adopts a holistic approach is crucial to draw a clear picture of the first-time ac-counting treatment of these new digital assets. Design/methodology/approach: Using a structured approach, this research considers some of the state-of-the-art international practices and reviews some major scholars’ opinions on the matter. Particularly, the study analyses the main contributions provided by international entities (e.g., European Financial Reporting Advisory Group - EFRAG, Chartered Business Valuators institute - CBV, PriceWa-terhouseCoopers - PWC), digital operators, and academia. Findings: Based on the two main strands defined for the NFT’s nature, NFTs valuation issues can be resumed in twofold. The first one that considers NFTs as intangible assets suggests following the traditional valuation approaches (cost, in-come, or market) that is already a part of international accounting standards. The second strand that considers NFTs as financial assets proposes a different valua-tion approach based on quantitative methods coming mainly from finance fun-damentals. Originality/value: The originality of this study includes the different NFT val-uation approaches, which enrich the literature and can help SMEs in managing and accounting for this new kind of digital asset.

Purpose: Focusing on the 2007-2009 financial crisis, this study investigates how firms’ and debtholders’ information sensitivity jointly shape corporate debt financing. According to the pecking order theory, opaque firms prefer bank loans over more information-sensitive sources like bonds and equity. When external conditions worsen, firms face difficulties accessing bank loans and look for alter-natives. Yet, as bondholders are more information-sensitive than banks, the substi-tution effect may not occur especially for firms with lower financial reporting qual-ity (FRQ). Design/methodology/approach: A matching difference-in-differences ap-proach is used to compare the debt financing of firms with and without access to corporate bond markets before and after the onset of the financial crisis. A sample of quarterly data of US-listed firms is analyzed for the 2006Q3-2009Q2 period. Findings: The reduction in debt financing due to the crisis was greater for firms with access to bond markets. The effect is more pronounced for firms with lower FRQ. These firms also looked more for alternatives such as equity and cash re-sources.

Navigating towards a sustainable future, Algeria engages in strategic resource management to fulfill its 2030 vision. This study delineates a Fuzzy Goal Programming (FGP) model, inte-grating economic objectives with ecological and energy sustainability. The framework priori-tizes renewable energy, marking a decisive pivot from traditional hydrocarbon reliance to meet global environmental mandates. It also maps out a strategic redistribution of the workforce, signifying a shift towards a diversified, innovation-led economy that embraces sustainable methodologies. The implementation of the model offers a robust, empirical tool for decision-makers, harmonizing Algeria’s specific socio-economic attributes with broader, global sus-tainability trends. The outcome is a blueprint for a robust, renewable-centric economy, posi-tioning Algeria at the forefront of sustainable development and energy reform.

The increasing share of intermittent sources of energy will increase the need for frequency-control reserves. However, the supply from gas and coal-fired power plants might decrease in the following years. Being the procurement of reserves mostly market-based in Europe, the market design should send price signals to encourage participation in these markets. This pa-per analyses the incentives provided by the French market design for seasonal storage and pumped storage hydropower plants to participate in reserve markets. To that end, a determinis-tic mixed-integer linear optimization model is presented. The objective is to maximize profits in the energy and reserve markets according to 2019 market prices. By optimising the trade-offs between the day-ahead and the reserve markets, the storage hydropower plant increase its profits. The pumped storage hydropower plant sometimes chooses the Frequency Contain-ment Reserve market or the day-ahead market only. The apparition of some hours of FCR par-ticipation with the pumped storage plant is explained by its higher number of generating hours and by the higher volatility of reserve energy prices. These two factors also explain the greater response of the pumped storage plant to the incentive measures on the FCR market.

The aim of the article is to analyse the scientific literature of the last decade on the social cost of carbon to identify and discuss the best values representing the external cost of CO2 emis-sions calculated with a damage valuation approach, to use in cost-benefit analysis and in other external costs applications, such as Life Cycle Assessment. The social cost of carbon repre-sents the present value of the global damages of climate change attributable to the emission of an additional ton of carbon dioxide into the atmosphere. The measurement of the social cost of carbon is fundamental in the transition to a net zero emissions economy because it allows bal-ancing the costs of investments needed for decarbonization with their benefits in terms of avoided climate damages. The paper develops and applies a method for identifying the best social cost of carbon estimates, that starts from study reviews conducted within institutional processes (IPCC, OECD, US Government bodies), to then analyse the study reviews made in academic or research contexts and only in the end it delves into selected academic studies that provide original estimates of the social cost of carbon. The method allowed to identify and dis-cuss a robust even if conservative estimate of the social cost of carbon for emissions in the period 2020-2080, recently elaborated by the US Environmental Protection Agency, that can be used worldwide, for example to update the reference external cost values for CO2 emis-sions recommended by the European Commission Handbook on external cost of transport.

This paper examines the role of natural resource wealth in financing public investment in renewable energy in 25 sub-Saharan African countries over the period 1996 to 2019. Results from two step system Generalized Method of Moments (GMM) estimates reveal that natural resource wealth negatively affects public investment in renewable energy. A distinction between the types of natural resources allowed to establish that this negative effect comes exclusively from the rents of point natural resources. Furthermore, the results show that institutional quality and human capital favor public investment in renewable energy. These results are robust when using the Driscoll-Kraay estimator. In terms of policy implications, it is imperative to promote good governance of natural resource rents, especially those from point source resources. It will also be necessary to redirect these rents towards the financing of structuring projects such as renewable energies in order to promote sustainable development.

This article aims to provide a critical analysis of the European Commission communication for a reform of electricity market design, proposed primarily after the energy crisis deriving from the Russia-Ukraine conflict. In particular, the present document highlights some reflections for more in-depth analyses of the electricity market modelling trends in response to crisis factors of a purely endogenous nature (e.g. drought, heat waves, a gradual phasing out of electric power generation with regulating capacity and its replacement with intermittent generation, simultaneous stresses) in relation to a profoundly changing ecosystem.

The authors of this paper attempted a comprehensive study of criminological and criminal law features of the fight and prevention of cattle rustling as the most urgent problem of the modern state (using various norms of the Criminal Code of the Re- public of Kazakhstan dated July 3, 2014 (latest wording as of January 10, 2022), statistical data, modern publications of the analytical plan and law enforcement prac- tice). The purpose of this paper is an in-depth and comprehensive study of crimino- logical and criminal law features of crimes stipulated by Article 188-1 of the Crim- inal Code of the Republic of Kazakhstan. This study employed methods of crimino- logical analysis, research of statistical indicators, content analysis of regulatory doc- uments, as well as elements of system-structural, normative, formal legal, compara- tive legal, and retrospective analysis of cattle raiding. The study analysed the meth- ods, means, composition of this criminal encroachment on someone else’s property in the form of cattle and small-horned cattle, and other varieties of livestock, the system of prevention and suppression of cattle raiding in Kazakhstan, Kyrgyzstan, Russia, Mongolia, and other countries, quantitative and qualitative indicators of this type of crime, which also adversely affects the development of the agro-industrial complex of the country. In addition, the authors noted the problems of causing con- siderable damage to livestock owners and the growth of organised crime in this area of illegal activity. Furthermore, the involvement of materials of law enforcement practice determined the practical significance of this paper, the originality of clari- fying certain issues. Therewith, the issue studied in this paper constitutes the most negative factor affecting the development of the livestock industry in Kazakhstan and other countries, its prevention is certainly promising for further research and detailing controversial issues on tightening the responsibility of criminals and improving the competence of cattle and small-horned cattle owners, other animals (breeding horses, donkeys, camels, pigs) to protect their property. Key words: cattle raiding, theft, civil law, cattle and small-horned cattle, method of commission, animal husbandry.

The purpose of this article is to investigate the specifics of the implementation of the Vienna Convention and the Montreal Protocol on the Protection of the Ozone Layer in the legislation of various states, with the subsequent use of positive experience for the development of national legislation of the Republic of Kazakhstan. The study revealed the specifics of the implementation of the Vienna Convention for the Pro- tection of the Ozone Layer and the Montreal Protocol on Substances that Deplete the Ozone Layer in countries such as China, India, Kazakhstan, and Ukraine. However, the current environmental legislation of Kazakhstan is fragmented and does not fully pay due attention to the protection of the ozone layer.

The aims to analyse this issue in the context of the digitalisation of the socio-eco- nomic space of Kazakhstan’s regions. The article examined the challenges and op- portunities of digitalisation for industrial enterprises. It emphasises the importance of making rational investment decisions under conditions of budget constraints. The article proposes a financing scheme for digital transformation projects using quasi- monetary and crypto-financial instruments to attract investment. It is concluded that the impact of cost savings and benefits of digital transformation of enterprises is directly reflected in the level of company capitalisation and its market value, and the financial system corresponding to the new technological cycle is a necessary condi- tion for financial sustainability.

At present, domestic violence is an epidemic not only in Kazakhstan, but throughout the world. Crimes in this area, according to the research of many concerned organi- sations, do not stop decreasing. During the global pandemic, cases of family conflicts have become more frequent, which become public through social networks due to the low level of legislative protection of victims from family rapists. The purpose of this study is to develop the most effective measures to protect victims of domestic violence. This study extensively used general and special scientific methods, as well as theoretical and empirical methods. The leading approach to the investigation of the problem under study involved the method of analysing the situation and the ap- plicable legislation. One of the reasons for domestic violence in Kazakhstan is the weak legislative system in the field of protection and prevention of domestic vio- lence, regulated by administrative legislation, as well as the low responsibility of law enforcement agencies in the performance of their official duties. The consequences of domestic violence reveal the overall picture of the decomposition of the “social unit”, which contributes to a negative attitude towards the institution of marriage and the normal relationship of relatives. As a result of the author’s research, this study examines the content of domestic violence from the standpoint of crime and miscon- duct based on the legislation of Kazakhstan. The subjective composition of domestic relations is considered not only from the standpoint of legal marriage, but also co- habitation-wise. The study investigates the world statistics and practice on the effec- tiveness of combating domestic violence not only in Kazakhstan, but also in the world. The research-to-practice significance of this paper lies in the proposals to improve the situation with domestic aggressors and the development of measures for more effective protection of a person from domestic violence.

Modern world trends tend to introduce standards under which there is a gradual departure from imprisonment as the main type of criminal punishment of convicts. Following the norms of the current legislation of Kazakhstan, the functions of mon- itoring such persons are carried out by the probation service. It implements a wide range of powers to supervise the registered contingent and interacts in this area with many government agencies and institutions. The article examines the issues of or- ganizing effective preventive work in Kazakhstan with persons sentenced to re- striction of liberty and other measures of criminal punishment not related to deprivation of liberty. The methods used in the work are: analysis of legislative and ap- plied aspects of the activities of state bodies and institutions executing criminal pen- alties, system-structural (scientific knowledge of intra-industry relations), compara- tive analysis (identification of continuity and specificity of various approaches to the formation of an optimal model of interaction between the subjects of preventive ac- tivities), logical method and method of transition from general concepts to private ones. It was found out that the role of the probation service in preventing new of- fences on the part of convicts is great since in recent years their number has been constantly growing, which indicates insufficient preventive work carried out by in- terested state bodies. One of the reasons for this situation is the imperfection of the legal framework governing their activities. The analysis of the current legislation showed the absence of norms in it that create a unified system for organizing pre- ventive work with the registered contingent for all bodies. With this in mind, pro- posals are being made to improve the norms of the Law of Kazakhstan “On Proba- tion”.