Alessandro Cirillo

Women on board: evidence from a masculine industry

Purpose – This paper aims to provide insights on the gender-performance relationship, this paper studies the impact of board gender diversity on firm performance, by taking into account the “critical mass” of women directors and their educational level. Design/methodology/approach – The hypotheses are tested on a unique dataset of 211 European Union publicly listed companies in 2012 belonging to the construction industry from 28 different countries through a set of ordinary least squares regressions. Findings – The evidence shows that the “critical mass” rather than the simple presence of women has an incremental benefit on firm performance. In addition, results show that the educational level of women directors negatively affects firm performance, as it might impact the dynamics within the boardroom. Research limitations/implications – The quantitative nature of the study does not allow drawing strong inferences on behavioral processes and dynamics in and around the boardroom. Nevertheless, this study wi...

Does family involvement foster IPO value? Empirical analysis on Italian stock market

Purpose – The purpose of this paper is to shed light on the relationship between family involvement and Initial Public Offering (IPO) value in the Italian context. Design/methodology/approach – Based on a unique hand-collected data set, the authors test the hypotheses on companies that went public between 2000 and 2011, making inference on 113 firms using OLS hierarchical regressions. The authors quantify the IPO value from an outside investors’ perspective with two measures to proxy for IPO value in the short-term and apply robustness checks for long-run performance. In a stewardship framework, the authors examine demographic variables including family firm status, family involvement in managerial positions and family generations. Findings – The results suggest that family firm status positively influences IPO value, that greater family involvement corresponds to higher IPO value and lastly, that the beneficial effect of family control is mainly attributable to the first generation. The results are robus...

La valutazione aziendale delle Case di Cura private: note per la determinazione del valore dell’accreditamento

Nel corso degli ultimi anni, le occasioni di valutazione economica di asset e imprese nel settore sanitario si sono moltiplicate. Tuttavia, rimane ancora lieve l’interesse della ricerca sul tema. La valutazione delle aziende professionali in settori regolamentati si presenta alquanto complessa, specie in riferimento alle componenti intangibili. Questo articolo, da un lato, prova a richiamare l’attenzione dei ricercatori a fornire evidenze e quadri concettuali sull’argomento e, dall’altro, delinea talune note sulla determinazione del valore delle Case di Cura, terminando con una simulazione della valutazione dell’accreditamento.