management-control-cover-150x180

INDICE

Management Control 2/2018

Sommario

Quale metodologia di ricerca sulle tematiche di Management Control?

Luciano Marchi

pag.     5
L’eterno divario tra teoria e prassi del pricing nel Management Accounting

Graziano Coller

»   11
 
L’introduzione di un sistema di prezzi di trasferimento. Il caso dell’Azienda Ospedaliero-Universitaria Pisana

Luca Del Bene, Antonello De Vito, Carlo Milli, Fabio Guarracino

»   35
 
L’impatto del contratto di rete nei processi di internazionalizzazione: alcune evidenze empiriche sulle PMI italiane

Andrea Venturelli, Fabio Caputo, Simone Pizzi

»   61
Crisi delle PMI e strumenti di warning. Un test di verifica nel settore manifatturiero

Mauro Paoloni, Massimiliano Celli

»   85
 
La valutazione del Consiglio di Amministrazione in contesti ad elevata concentrazione proprietaria: mero conformismo o reale strumento di valutazione?

Romilda Mazzotta, Giovanni Bronzetti, Graziella Sicoli, Paolo Tenuta

 

 

»

107
 
Big Data e revisione contabile: uno studio esplorativo nel contesto italiano

Federica De Santis

» 129
Strategic Performance Management Systems in Italian banks. A research note

Francesca Francioli

» 155
 
Mission della rivista e norme redazionali » 179

 

management-control-cover-150x180

Quale metodologia di ricerca sulle tematiche di Management Control?

Which research methodology on the Management Control issues?

The aim of the article is to discuss how to strenghthen the process of internationalization of research, but preserving the basic values of Italian accounting thought, also in the methodological side, i.e. maintaining the integrated inductive-deductive method of research.Specific reflections are carried out on the more and more relevant role played by the analytical demonstrations of the research hypotheses, with an experimental approach typical of the “hard” sciences. In particular, the research hypotheses are often based on cause-effect relationships in a true-false logic, with reference to the available data bases or to data collected on a sample basis, often neglecting the accuracy of such a data. Even the language used is more and more the mathematical one, not suitable for the scientific communication in our community, because it neglects the qualitative variables, the interpretation of the data and the understanding of the multiple non-linear cause-effect relationships.With regard to the contents, the relevant issues seem to be no more those related to the understanding of the business complexity, but those that may lent best to the correlation analysis; in fact, the focus is on the quantitative methods, considered a priori better, and this increasingly determines the detachment from the business reality.

Keywords: research methodology, quantitative methods, qualitative methods, data accuracy.

management-control-cover-150x180

L’eterno divario tra teoria e prassi del pricing nel Management Accounting

The everlasting gap between pricing theory and practice in management accounting.

The reality gap between management accounting conventional wisdom and empirical evidence has attracted a lot of interest in management accounting research. The conventional wisdom, based on the neoclassical economics framework, postulates that product pricing should follow marginal analysis. Empirical evidence shows that full-cost pricing is the dominant form of pricing behaviour. A first strand in the literature tried to address the gap reconciling full-cost pricing and marginal cost pricing retaining the neoclassical framework. A second strand rejected the neoclassical framework and adopted an institutional economics framework. Neither strand provided conclusive evidence to bridge the gap. In this paper we discuss the nature of the reality gap in the light of the rationality assumptions underlying neoclassical and institutional economics. We conclude that further research is needed and that the reality gap can only be bridged by showing how observed practice (full-cost pricing) may produce an optimal outcome, without imposing profit-maximizing goals on the firms.

Keywords: Reality-gap, Full-cost pricing, Management Accounting, marginal analysis.

management-control-cover-150x180

L’introduzione di un sistema di prezzi di trasferimento. Il caso dell’Azienda Ospedaliero-Universitaria Pisana

The introduction of a transfer pricing system. The case of the Pisana Hospital-University Company

Hospitals are complex organizations in which the provision of the service involves several organizational units, and this causes intense internal exchanges of goods and services. Aim of the paper is the design of a transfer pricing system that can be very important, both for determining the cost of the service, and for promoting organizational behaviors consistent with the production of the service and with the appropriate use of resources. The adopted approach allows to recover the function of cost accounting system as a real support to decision-making processes through the enhancement of the link between cost information and management operations. The system improves the effectiveness in monitoring the processes of allocation and use of resources by which it’s possible to pursue simultaneously the clinical and economic needs. Finally, transfer prices are instruments that favor the integration and coordination between operators that perform technically and logically related activities, with a view to overall performance.

Keywords: Hospitals, transfer princing, cost accounting system, public sector, decision-support processes

management-control-cover-150x180

L’impatto del contratto di rete nei processi di in-ternazionalizzazione: alcune evidenze empiriche sulle PMI italiane

The impact of network contract in internationalization’s competitive processes. Some evidence on Italian SMEs

In last years, the EU institutions have implemented policies aimed at supporting the internationalization of SMEs. In 2012, Italy has transposed this Community impulses through the introduction into national law of the network contract (NC). The aim of this study is to evaluate the impact of NC in competitive processes of business internationalization. The analysis was conducted on a sample of 126 companies belonging to a NC. The empirical results show that such an instrument could represent for Italian SMEs an effective means of support within the work conducted on international markets. The results show the effectiveness of the instrument in fostering the transfer of know how between the companies belonging to the network.

 Keywords: strategic alliances, internationalization, inter firm network, value creation

management-control-cover-150x180

Crisi delle PMI e strumenti di warning. Un test di verifica nel settore manifatturiero

SME’s crisis and warning tools – A verification test in the manufactoring sector.

Score-based models play an important role for predicting the failure of non-listed SME’s within a few years before bankruptcy, and the the reason of their success is in the fact that they are easy to understand and use easily obtainable data from both balance sheets and statements. This paper ascertains if two of such warning tools, one originally developed for U.S. firms (Z’-Score) while the other one is an adaptation of the latter to the peculiarities of the socio-economic Italian enviroment (BCS), are effectively reliable in measuring the default potential of industrial businesses in Italy. First, we have analyzed the theoretical and practical characteristics of the two models and we highlight some of its potential shortcomings. Second, we have examined a sample of 200 industrial SME’s, of which 100 companies have been subjected in the period 2005-2015 in bankruptcy proceedings because of a default, whereas the remaining 100 companies, which have been selected based on same core business, year of data collection and a comparable size of total assets, did not go bankruptcy. The models were tested by verifying, yesterday for today, whether the future health status of the businesses in the sample, and the impending business failures specifically, could have been predicted up to three years earlier and with reasonable precision using the examined models. We found that the models still work effectively and perform well in predicting failures of Italian SME’s, provided that some critical points illustrated in this study are taken into account.

 Keywords: Z’-Score, Sme, Businesses crises, Financial ratios, Warning tools.

management-control-cover-150x180

La valutazione del CdA in contesti ad elevata concentrazione proprietaria: mero conformismo o reale strumento di valutazione?

Board evaluation and concentrated ownership structure. Conformism or assessment tool?

Board evaluation is a best practice required on voluntary bases by Code of conduct. Despite its voluntary nature, companies very likely adopted this recommendation because the failure to adopt could have a negatively impact on company legitimation and reputation. Moreover, the implementation modalities of BE, however, could be negatively influenced by the specific companies’ ownership structure. The ownership concentration and the search for corporate legitimacy can lead at two possible situations: the BE have only formally adoption or BE have adoption in form and substance. What prevails in the context of ownership concentrated firms? Companies adopt the recommendation to comply with other companies (mere conformism) or it is a real assessment tool? We analyse the Italian non-financial listed companies, a market typically characterized by the presence of firms with high concentration of ownership, over the year 2011-2013. Our results reveal that, generally, BE is adopted but, in our sample, when ownership structure in concentrated, BE is more likely it is a result of mere conformism. The contribution is, as far as we know, the first to analyze the BE with reference to the context characterized by high concentration of ownership that can influence the quality of recommended best practice.

Keywords: board evaluation, codici di condotta, Italia.

Board evaluation Tab. 1

Board evaluation Tab. 2

Board evaluation Appendice 1

management-control-cover-150x180

Big Data e revisione contabile: uno studio esplorativo nel contesto italiano

Big Data and external audit. An explorative study in the Italian context

Recent technological developments referred to Big Data (BD) and Data Analytics (DA) may offer significant opportunities in the statutory auditing context. Despite numerous studies dealing with the opportunities and obstacles related to the adoption of such technological advancement in conducting audit engagements, the way in which BD and DA can contribute to increase the efficiency and effectiveness of the statutory audit activities is still under investigated.

This paper aims to provide an explorative analysis regarding whether, and if so, how extensive is the use of BD and DA technologies within the Italian auditing context. BY performing semi-structured interviews with the partner and senior managers of eight different audit firms (both Big 4 and not Big 4), the proposed analysis allowed to underline that in the Italian context audit firms have shown a lower degree of advancement compared to that of other countries (mostly US and UK). The peculiar characteristics of the Italian economic environment, specifically related to Italian audited companies, as well as the need for high-specialized skills in applying the mentioned technologies constitute the main obstacles to a full endorsement of BD and DA technology within the daily practices of Italian auditors.

Keywords: revisione contabile, Big Data, Data Analytics, audit innovation.

management-control-cover-150x180

Strategic performance management systems in Italian banks. A research note

Over the last decades strategic performance management systems (SPMSs) have attracted a considerable interest, however, despite their great popularity and use only a few investigations describe their uses in Italian banks. The aim of this paper is to provide a picture about the practices and contents of SPMSs showing their features and serving as a reference for academics and practitioners. This paper highlights the extent to which SPMSs are quite common in banks and their features resemble to the traditional model developed by Kaplan and Norton for the traditional balanced scorecard (BSC). Italian banks prefer using SPMSs characterized by multi-dimensional perspectives containing both financial and non-financial measures and link incentive systems to targets paying, in same case, attention to strategic relations. Besides, several banks introduce a further perspective devotes to measure exclusively the global risk level of the bank.

Keywords: strategic performance management systems; banks; balanced scorecard; Italy; implementation; perspectives

management-control-cover-150x180

INDICE – SPECIAL ISSUE

Management Control 2/2018 – Special Issue

Summary

Evoluzione e prospettive dei sistemi di informazione e di controllo

Daniela Mancini

pag.     5
Sistemi di gestione e controllo e professionalizzazione delle imprese familiari. Uno strumento di accreditamento interparentale?

Gaia Bassani, Cristiana Cattaneo, Francesca Maria Cesaroni, Annalisa Sentuti

»   15
 
Carenze informative e vulnerabilità delle imprese giovani: il ruolo del business plan

Domenico Nicolò

»   37
 
Constructing servitization strategies. Accounting information in supporting NPD processes

Antonio Leotta, Carmela Rizza, Daniela Ruggeri

»   53
“Mondo reale-tradizionale” e “mondo digitale”, strategie aziendali e web intelligence: il futuro del controllo e della gestione delle informazioni

Rosita Capurro, Michele Galeotti, Stefano Garzella

»   83
 
A Roadmap for Performance Measurement in Smarter Universities

Rita Lamboglia, Daniela Mancini, Francesco Paolone

 

»

113
 
Cyber Risk. The New Enemy for Risk Management in the Age of Globalisation

Chiara Crovini, Giovanni Ossola, Pier Luigi Marchini

» 135
Trends in Italian Accounting and Management Research by topical areas

Stefano Azzali, Luca Fornaciari, Tatiana Mazza

» 157
 
Mission della rivista e norme redazionali » 183
management-control-cover-150x180

Evoluzione e prospettive dei sistemi di informazione e di controllo

Evolution and perspectives of information and control systems

This special issue includes five articles, identified among the best papers presented at the session “ICT, sustainability, regulation and uncertainty: evolution and perspectives in information and control systems” of the XXXVIII Congress of Italian Academy of Business Administration and Management and two research works.

Nowadays, firms work in a very complex and dynamic environment, in which different forces interact, as new technologies, new ways to look at the future, new principles and values, new regulations influencing the traditional view of accounting and management information systems. In this environment, a key driver to reshape the above-mentioned systems is to identify new models able at describing firms’ complexity. According to the author, these concepts are “ecosystem” and “triple helices”. New ways to look at the role and activities of firms in the economic environment inevitably affect their information and control systems.

Keywords: accounting information systems, ecosystems, triple helics.

management-control-cover-150x180

Sistemi di gestione e controllo e professionalizzazione delle imprese familiari. Uno strumento di accreditamento intraparentale?

Management control systems and family business professionalization. The pathway leading to successor’s seal of approval.

Within the family business field of research, professionalization and succession have strongly attracted the scholars’ attention. Both the processes entail crucial changes for family firms, whose outcomes are mysterious and sometimes differing from expectations. Though scholars have identified several relationships between these processes, the way in which succession and professionalization could evolve in the medium-long term has not been adequately investigated. In particular, it is not clear how the introduction of management control systems and the hiring of skilled non-family managers may be combined with the successor’s professionalization.

This paper builds on an Italian longitudinal case study analyzing the use of managerial systems and the introduction of professional managers during the intra-family succession. Results show that the successor’s seal of approval moves the introduction of managerial systems and the hiring of professional managers to the detriment of long-term survival and growth.

Keywords: Professionalization, Management Control Systems, Family business, Succession.

management-control-cover-150x180

Carenze informative e vulnerabilità delle imprese giovani: il ruolo del business plan

Lack of information and vulnerability of young firms. The role of the business plan

Our previous research has highlighted that a very small number of Italian companies failed planned their activities and carried out the management control through instruments such as budget, reporting, cost analysis, etc. (Nicolò, 2011). The lack of information has likely contributed to the crisis and failure of these companies. About 1/3 of these failed companies were very young, as they had been established for less than ten years. As is well known, young firms are very vulnerable because they do not have a corporate reputation and, consequently, the bonds of trust with the stakeholders are very fragile. Young firms do not have a history that can demonstrate that they are able to keep their commitments to lenders, investors, suppliers, customers, strategic partners. At the first difficulties, these fragile bonds of trust often break down and companies collapse on themselves because of the lack of resources they need to survive (Nicolò 2015, Nicolò and Ferrara 2015, Nicolò 2017). Drawing up a business plan can mitigate the high level of vulnerability of young firms because it helps to prevent wrong decisions. Moreover, the business plan is the only tool that can be used to build quickly a corporate reputation analytically demonstrating to stakeholders that the company will be able to survive over time and to meet their interests and expectations.

Keywords: Start-ups, Corporate Reputation, Business Plan, Survival of Young Firms, Management Control Systems

management-control-cover-150x180

Constructing servitization strategies. Accounting information in supporting NPD processes

In the last decades, a fruitful stream of research has paid attention to the servitization strategy analysing the role of accounting in supporting it. We deeply investigate the role of accounting information in verifying the validity of a servitization strategy. Drawing on the pragmatic constructivism, we identify the key elements of servitization strategy associated to possibilities, facts, and values that could contribute to transform new possibilities into factual possibilities. Focusing on New Product Development (NPD) processes, we aim to analyse the use of accounting information in managing two development projects. In particular, the accounting information, acting as a communication means can verify the validity of a company servitization strategy in order to complete the construction of that strategy.

We conducted an interpretive case-study at a division of a multinational, manufacturing company operating in the semiconductor industry. Case evidence showed how the revisions to the projects, suggested from accounting communications during the NPD phases, allowed a realignment of the two projects to the servitization strategy at the company level, which was validated with respect to the new devices.

Keywords: Servitization Strategy, New Product Development, Pragmatic Constructivism, Accounting Information Systems

management-control-cover-150x180

“Mondo reale-tradizionale” e “mondo digitale”, strategie aziendali e web intelligence: il futuro del controllo e della gestione delle informazioni

The “real-traditional” world and the “digital” world, strategic management and web intelligence. The future of information management and control.

The purpose of this paper is to analyze how the web intelligence may influence the principal dimensions of strategic intelligence, improving the capacity to make right strategic moves. Specifically, the aim is to study the possibilities and the risks, with the related control needs, of using web data and web information in defining strategies in the real traditional world, and not only in defining web strategies. First of all, we advanced a framework  and, then, the research was completed with specific interviews to managers of leader companies in the field of managing information and data. The study shows how “big data” may contain “rich data” and “deep data” and how the digital world may represent the “real traditional world”. Indeed, the study highlightsthe relationship, and maybe also the futures of the relationship, between the “digital world” and the strategic management.

Keywords: strategy, web, intelligence, big data, digitization, information system.

management-control-cover-150x180

A Roadmap for Performance Measurement in Smarter Universities

The university modernization process has introduced a new concept of such institutions: the “Smarter University”. According to this concept, the new role of universities in modern society consists not only of cooperation with other actors focusing on social, cultural and economic activities but also the wide use of web-based technologies to support traditional teaching and research, as well as engagement and social interaction (Coccoli et al., 2014).

The Smarter University model is the result of technological innovations and, in particular, digital tools that facilitate interconnection, networking and sharing between individuals and groups (Coccoli et al., 2014) and increase the ability of universities to contribute to economic and social development.

The new concept of the university has attracted research attention aimed at finding appropriate models to measure the performance of such institutions. In this paper, we develop a model to measure the contribution of smarter universities to social, economic and cultural development. We adopt an integrated approach that links performance measurement to the smart university’s mission and its new business model.

Keywords: Smart Organizations, Smart Universities, Performance Measurement, Triple Helix, SMART Performance Pyramid.

management-control-cover-150x180

Cyber Risk. The New Enemy for Risk Management in the Age of Globalisation

The present paper is a theoretical study on the topic of cyber risk and cyber risk management. This research represents the first step of a far deeper analysis on this topic that aims at underlining the main characteristics of cyber risk, delineating future developments in managing it and strengthening the importance of sharing information and creating a shared knowledge between countries.

Good situational awareness and cyber risk analytics are vital in helping firms identify weaknesses, rank threat scenarios, identify countermeasures and set priorities for intelligence gathering. There emerges the need to improve the traditional risk management process, by considering the necessity to manage not only risks, but also uncertainties, by implementing Business Continuity Management systems with the aim to build business resilience.

To do that, one possible solution might be represented by the intervention of governments with laws and frameworks that might help companies fight cyber threats.

Keywords: Cyber Risk Management, Cyber Risk, Business Continuity Management, Theoretical Paper, Globalisation, Resilience

management-control-cover-150x180

Trends in Italian Accounting and Management Research by topical areas

The research analyzes topics in Accounting and Management studies and their trends over time. Based on hand-collected publication of full professor, associate professor, assistant researchers, doctoral graduates, we first suggest a classification of topics coherent with the one used by mains academic association annual congresses. Next, we find that Management and Financial accounting dominate topics in accounting studies, and that Auditing, Social, Environmental, Integrated reporting, Education and History increase publication over time. We also find that public administration and health care industry dominate topics in management studies, and that public administration topics increases publications over time. We contribute to literature, extending previous studies focused only on specific type of researchers, publication, and topics. Full and Associate professors appear to drive the main topics, both in management (corporate governance – strategies) and accounting studies. Doctoral graduate and Assistant researchers, however, tend to focus their topics of research on articles, with great attention to the ranking of the journal that publishes the study.

 Keywords: Topics, Accounting, Management, Researcher, Publication

management-control-cover-150x180

INDICE

Management Control 1/2018

Sommario

Le sfide evolutive del Management Control tra relazioni strategiche, innovazione e discontinuità: a knowledge transfer matter?

Andrea Cardoni

pag. 5
 
Strategic planning for value creation in business networks. Conceptual framework and theoretical proposals

Andrea Cardoni, Filippo Zanin, Francesca Bartolacci and George H. (Jody) Tompson

» 17
 
Professionalization in Family Businesses. How to strengthen strategy implementation and control, favouring succession

Francesca Culasso, Elisa Giacosa, Luca Maria Manzi, Leo-Paul Dana

» 45
 
Il ruolo degli spin-off universitari nel contesto socio-economico locale: analisi degli indicatori

Christian Corsi

» 73
   
Social Network e Stakeholder Engagement, un binomio tutto da sviluppare? Un confronto tra le università pubbliche di Italia e Cina

Elena Gori, Silvia Fissi, Michele Fiumanò

» 95
 
Accounting Reform in Italian Universities. Internal Response to Accounting Change

Marco Tieghi, Rebecca L. Orelli, Emanuele Padovani

 

 

»

117
 
Un framework integrato per la misura dell’innovazione del Piano Nazionale Scuola Digitale (PNSD)

Domenico Consoli, Selena Aureli

» 139
 
Mission della rivista e norme redazionali » 165
Fr

Indice – Financial Reporting 1/2018

 

Financial Reporting

1/2018

 

Related parties disclosure: Is a risk-based approach more effective?

Fabrizio Bava, Melchior Gromis di Trana, Donatella Busso, Piero Pisoni

pag. 5
A theoretical contribution to 21st Century problems in financial reporting

David Alexander, Roberta Fasiello

» 41
Global financial crisis and relevance of GRI disclosure in Italy. Insights from the stakeholder theory and the legitimacy theory

Luca Fornaciari, Caterina Pesci

» 67
Potential of IFRS 8: Managerial “customization”, relevance of subsidiaries and separate financial statements

Andrea Cuccia

» 103
Conceptual shifts in accounting: Transplanting the notion of boundary from financial to non-financial reporting

Laura Girella, Mario Abela, Elisa Rita Ferrari

» 133
Dialogue with standard setters

Mario Monda, Raffaele Fiume

» 177

 

 

management-control-cover-150x180

Le sfide evolutive del Management Control tra relazioni strategiche, innovazione e discontinuità: a knowledge transfer matter?

The evolutionary challenges of management control between strategic relationship, institutional innovation and discontinuity: a knowledge transfer matter?

Management control studies provide a relevant body of knowledge able to support any organization in the strategy formulation, information processing and performance measurement. The suggested frameworks and tools are now proposed and implemented in a wide range of organizational contexts to face the increasing environmental discontinuity, characterized by the growing importance of strategic relationships and institutional innovations. In this scenario, the selected papers discuss some theoretical proposals and cases of implementation that could be interpreted in the knowledge transfer perspective, stimulating an analytical approach able to foster the role of management control in supporting economic and social development.

Keywords: management control, strategic relationships, innovation, performance measurement, knowledge transfer.

Fr

Related parties disclosure: Is a risk-based approach more effective?

Following recent corporate scandals increased attention has been paid to Relat-ed Party Transactions (RPTs), since they have often played a central role in abuses and frauds. Regulators have consequently been obliged to strengthen current regu-lations, introducing new bans and requirements aimed at guaranteeing the substantial and economic fairness of RPTs and a proper level of transparency. This reaction is due to the high inherent risk of these transactions and because companies in crisis tend to resort to this type of operation. In Italy, the regulations on RPTs were completely revamped in 2010. The material RPTs that have to be disclosed through an ad hoc communication were defined by former regulations through qualitative criteria, whereas now a quantitative approach is used in order to reduce subjectivity. The initial results of the new regulations show that a higher number of RPTs has been disclosed to the market, thus improving transparency, but the effects of RPTs remain unreported in Income Statements. Through an online questionnaire this paper, starting from previous research, in-vestigates potential improvements supported by independent directors involved in the RPT evaluation process. These independent Directors are uniquely placed to shed light on the experience of the initial years of application of the new Regula-tion, which may help lawmakers, after the lengthy initial consultation process, in-evitably influenced by divergent (and non-independent) interests without the bene-fit of the hindsight that is now available. It is to be hoped that lawmakers will take note of these results and fine-tune the regulations accordingly, without necessarily abandoning the quantitative approach, in order to increase the transparency of the information made available on RPTs.

Keywords: Related party transactions, disclosure, IAS 24, quantitative criteria.

Fr

A theoretical contribution to 21st Century problems in financial reporting

The Italian tradition known as ‘Economia Aziendale’ is longstanding and well known in Italy. It broadly spans the 20th Century, with its apotheosis appearing in the 1920s with Gino Zappa. It is not very well-known elsewhere. Its logical conclusions for financial reporting are not applied in practice in Italy, and indeed never have been. They are not applied in the (very different) field of IFRS and European Directive requirements either. Our research question is to investigate the proposition that they significantly should be so applied. Our key area of study, therefore, is the complex and multi-faceted problem of income measurement and asset valuation, valuation issues in short. In order to properly investigate these considerations, we present a thorough survey of the theoretical development and arguments of the EA tradition, showing its logicality and usefulness, and contrasting these effects with the present-day regulatory systems. This forms the major theoretical element of the paper. In summary, therefore, the paper could be characterised as an analytical presentation of major theoretical arguments, with significant application to the real world of today and tomorrow. The EA tradition is not new. But we demonstrate its current relevance, and expose it to an international audience.

Keywords: Economia Aziendale, long-run operating capital maintenance, asset valuation, income measurement, Gino Zappa.

management-control-cover-150x180

Strategic planning for value creation in business networks. Conceptual framework and theoretical proposals

This paper aims at providing some conceptual references to academics and practitioners useful for guiding the strategic planning process in alliance formation.

Research on strategic networking is a multidisciplinary field drawing from different theoretical perspectives. It emphasizes the strategic value of alliances in its various forms but rarely attempts to model the strategic planning process and to test its validity empirically. Most of the contributions are focused on specific aspects of strategy, rarely providing a holistic view able to address the strategic process and contents by explicitly recognizing the existence of different kinds of alliances.

Drawing from three different but interconnected theoretical roots (strategic network, strategic analysis, and value chain management) and adopting a deductive approach, this conceptual paper proposes a comprehensive framework for strategic planning in alliance formation and four theoretical propositions.

These propositions shed light on the relationships between strategic planning process and three different kinds of business collaboration, and focus on the implications of the integrating process for network value creation. The different goals and complexity of such typologies, although not mutually exclusive, specifically influence the strategic analysis contents, the process of negotiation, and the construction of strategic consensus between partners.

Keywords: Strategic planning, business networks, strategic alliances, value chain, negotiation, strategic consensus.

Fr

Global financial crisis and relevance of GRI disclosure in Italy. Insights from the stakeholder theory and the legitimacy theory

In this study, we examine the effects of voluntary disclosure on the market value of Italian-listed companies adopting GRI guidelines, interpreting our results in the light of both stakeholder theory and legitimacy theory. From a methodological viewpoint, an index is used to measure the level of disclosure of human resources and environmental information. We consider a sample of firms listed on the Milan Stock Exchange for an eleven-year period (2004-2014). The period chosen gave us the opportunity to assess the value-relevance of environmental and social information before and during the Global Financial Crisis. We supplement the previous literature on the topic of the relationship between social and environmental disclosure and value-relevance by arguing that sustainability tools have to be evaluated, remembering that they express a notion of value in the long term and provide information to a large number of stakeholders. Our findings show that environmental information is only value-relevant during the crisis period, when the shareholder perspective comes more into line with other stakeholder perspectives because they are seeking a middle-to-long run notion of value. Finally, we find that a high level of GRI information disclosure is positively evaluated by investors; this result is important also because it was obtained in the Italian market which is largely considered inefficient, and thus it supports the urgent need to provide high-quality information in each type of market.

Keywords: Social and environmental reports, global financial crisis, global reporting initiative guidelines, stakeholder theory, value relevance.

management-control-cover-150x180

Professionalization in Family Businesses. How to strengthen strategy implementation and control, favouring succession

Professionalization and management succession represent relevant research topics in family business. Our main aim is to highlight the importance of professionalization in positively supporting a management succession process in family firms (FFs), by strengthening and standardizing the processes of strategy formulation, implementation and control, with the goal of achieving long-run value creation and guaranteeing the survival of the firm. We have carried out an explanatory single case study, which is quite representative for this research topic.

Relying on Simons’ levers of control framework (1995, 2000) and on the work performed by Acquaah (2013), we explain how the entrance of professional managers and the adoption of Diagnostic Control Systems (DCSs) and Interactive Control Systems (ICSs) impact FFs’ strategy formulation, implementation and control, favouring the management succession process. The importance of the professionalization phenomenon as a tool to positively support management succession emerges.

Formal Performance Management Systems (PMSs) have several positive effects on management succession. In particular, the Management Control System (MCS) contributes to the emersion of new opportunities and creativeness within the business and makes it possible to capture strategic initiatives that arise from the bottom of the structure.

Keywords: family business, management succession, generational handover, professionalization, Management Control Systems Control Systems.

management-control-cover-150x180

Il ruolo degli spin-off universitari nel contesto socio-economico locale: analisi degli indicatori di performance e innovazione

The role of university spin-offs in the local socio-economic context. Analysis of performance and innovation indicators

The paper has a twofold objective: 1) to verify whether the innovation resources offered by the socio-economic context can activate the performance of the university spin-offs operating in the same area; 2) to verify also the degree of success obtained by the university spin-offs able to produce effects on the level of innovation that emerges from the specific socio-economic environment.

Starting from the Knowledge Spillover Theory of Entrepreneurship and the analysis of a sample of 405 Italian companies, it emerged that the resources promoting the innovation of the socio-economic context appreciably contribute to the achievement of better performance by the university spin-offs.

Nonetheless, environmental influence is not always able to provide significant impetus or produce clearly positive consequences. Moreover, the impact on the socio-economic context of the actions promoting the university spin-offs innovation is only partially real and positive. Anyway, from the standpoint of the evidence gathered, the spin-off companies play a more significant role for an innovative environmental development than the role played by the territorial context in the growth of the spin-offs.

Keywords: Knowledge Spillover, Theory of Entrepreneurship, university spin-off, innovation, performance.

MC2018.1_4_CORSI_Risultati

MC2018.1_4_CORSI_Tabella_1

MC2018.1_4_CORSI_Tabella_2

Fr

Potential of IFRS 8: Managerial “customization”, relevance of subsidiaries and separate financial statements

Nowadays companies are engaged in an increasingly competitive and global arena, where informational imbalances between companies and investors might be seen as a constraint to the correct functioning of markets. Breakdown of infor-mation by segments might be seen as an attempt to intercept different information needs about each circumscribed area of economic activities individually identified within entity-group. This paper is first intended to figure out, by resorting to practical examples, the effects of full management approach on IFRS 8 segment reporting structure. Then, in the light of the state of art arising from IFRS 8 Post-Implementation Review and the latest criticisms, in order to guarantee its useful-ness, it calls for a more awareness of the multi-faceted nature of segment reporting as a planning and control tool. Besides, merit of segment reporting is to recovery subsidiaries data elided within the consolidated financial statements. Following this perspective, separate financial statements, depicting subsidiaries in terms of in-vestments and profits and losses flowing respectively into balance sheet and in-come statements, is bound to provide a synthetic overview of all the business areas occupied by entity-group.

Keywords: Customization, breakdown, subsidiaries, operating segments.

management-control-cover-150x180

Social Network e Stakeholder Engagement, un binomio tutto da sviluppare? Un confronto tra le università pubbliche di Italia e Cina

Social Network and Stakeholder Engagement, a developing match? A face to face between Italian and Chinese public universities

Interaction between Social Networks (SNs), blogs, websites, and other intenet-related technologies are mostly used to improve Stakeholder Engagement (SE). According to previous researches the universities use the new media tools, however in a traditional ways this underestimate their contribution in SE improving. The article, through exploratory research method, analyses the use of SN by Italian and Chinese public universities also by highlighting the SE’s process. Results reveal, for both countries, increasing attention to SE’s processes in decision-making systems. However, the study has shown how Italian universities achieve a more complete SE than Chinese universities, thus demonstrating greater awareness of the importance of their inclusion in their decision-making processes. Italian universities also manage SN more efficiently, both for news sharing and for data gathering useful to improving SE strategies. In conclusion, the study shows that, despite universities are fully awareness of the link between SN and SE, there is a strong need of improving within hoth countries.

Keywords: Public university, stakeholder engagement, social network, China, Italy.

MC2018.1_5_GORI_Tabella_1

MC2018.1_5_GORI_Tabella_2

 

Fr

Conceptual shifts in accounting: Transplanting the notion of boundary from financial to non-financial reporting

In 1998 Miller, in his paper titled “The margins of accounting” observed that “By looking at the margins of accounting, we can understand how this influential body of expertise is formed and transformed” (Miller, 1998: 618). Drawing on this analogy, the boundaries of reporting and the ways these are defined and re-defined, as a consequence of the relationships organisations form with other entities from time to time, and their substantive nature provide insights about the business and its business model. Accordingly, an examination of reporting boundaries helps to better understand and appreciate the objective of an organisation, the logic that underlies its business model and how that is ‘reflected’ and communicated through the reporting entity’s financial statements – which may or may not align with the boundaries of the ‘organisation’. Despite the relevance of reporting boundaries as a critical aspect of the accounting discipline, it remains a relatively unexplored area in the literature. Accordingly, the aim of this work is to offer an initial overview on how the boundaries of reporting have (not) changed in response to the broadening scope of reporting to address both financial and ‘non-financial’ information (e.g. sustainability, governance and intangibles) and attempts to promote greater integration between both sets of information (IIRC, 2013). In particular, the analysis draws on the interpretative schemes of Zambon (1996) and Zambon and Zan (2000) and is combined with the concept of ‘transplantation’. The manner in which reporting boundaries are defined for both financial and non-financial reporting is investigated and compared. This comparison enables similarities and differences between the definition of the ‘reporting boundary’ to be problematised and explored for both financial and non-financial reporting.

Keywords: Reporting boundaries, financial reporting, non-financial reporting, transplantation.