Giovanni Satta

Word of mouth and satisfaction in cruise port destinations

As acknowledged, in addition to a short-term economic (monetary) value, cruise activities can also provide a destination with an additional (non-monetary) value, ‘showcasing’ the tourist attractions to several visitors, who, after the cruise experience, may potentially recommend the same destination to relatives, friends and colleagues. This paper contributes to the theme of the cruise tourism impact on the local community, assuming a long-term perspective, and investigates the effect of overall destination satisfaction on cruisers word-of-mouth (WoM) attitude in three Italian ports. The study analyses the relation between port-related satisfaction attributes and overall destination satisfaction. The empirical findings confirm the positive association between overall destination satisfaction and WoM attitude. In particular, the outcomes on port-related satisfaction attributes demonstrate the key role of the availability of well-designed and comfortable shopping areas and the endowment of properly organized and reliable ground transportation services as antecedents of the overall destination satisfaction. The results are consistent with and add to the academic literature. It is recommended that public policy makers (e.g. Port Authorities, Municipalities, etc.) should play a more significant role as stakeholders’ coordinators, to facilitate the dialogue between the various private actors affecting overall destination satisfaction and long-term value creation.

Unveiling co-operative networks and ‘hidden families’ in the container port industry

Over the last few years, the progressive scarcity of land for greenfield projects in ports and the enormous financial resources required to realize new terminal facilities have induced international terminal operators (ITOs) to enter in various types of agreements. In particular, ITOs have growingly resorted to equity joint-ventures (EJVs) to develop new infrastructures and share project risks. This manuscript introduces a multi-layer conceptual framework and investigates the extent of EJVs through a network analysis of inter-firm communities across various nations. The study has been performed on a data set that includes all port facilities operated in 2010 by ITOs. Indeed, 427 terminal facilities and 250 container port operators, that is 40 ITOs and 210 local firms, have been examined. Results show the different co-operative attitudes of ITOs and demonstrate that firms co-operate in a selective way, disclosing emerging patterns and hidden networks of relationships.

Disclosure as a tool in stakeholder relations management: a longitudinal study on the Port of Rotterdam

This study applies stakeholder management principles to the port domain. We provide a conceptual framework for evaluating the communication strategies a (landlord) Port Authority (PA) relies on in the management of its relevant stakeholders and the adoption of disclosure to critical issues. The theoretical arguments are supported by empirical evidences from the Port of Rotterdam (PoR), i.e. a major port which leverages disclosure to successfully manage stakeholders and support the implementation of corporate strategy. The research questions are addressed using a content analysis on the annual reports (ARs) of PoR in the period 2000–2012. The overall research design enables the investigation of PA disclosure as a tool for managing the evolving interests of stakeholders from a longitudinal perspective. The PoR case shows that the relative importance of topics reported in the ARs change over time, as a result of external pressures and internal key events. The outcomes demonstrate the growing attention of PoR on topics relevant to the broader community (e.g. environment and safety/security) after a period characterised by a prominent focus on financial and governance issues. Besides, key breakthrough forces stimulating the shifts in landlord communication strategies are identified and discussed. Finally, by suggesting an indirect approach to evaluate how PA prioritises its salient stakeholders, the paper adds to extant port literature and brings methodological implications.

Insights to technological alliances and financial resources as antecedents of high-tech firms' innovative performance

High‐tech firms are triggered to externally acquire and combine additional supplementary and complementary resources to develop innovative capabilities and generate new knowledge, products, and business ideas. Firms may rely on cooperation, alliances, and other interfirm ties as well as on the external acquisition of the stock of resources and capabilities to foster their innovativeness and support their patent activity. This contribution develops and tests a conceptual framework for assessing external sources of a firms innovative performance in high‐tech industries. By simultaneously evaluating the explanatory power of technological alliances and financial resources in shaping a firms innovative performance, measured as new patents registered, the paper provides some original outcomes from both conceptual and methodological perspectives. Research hypotheses are tested performing ordinary least squares (OLS) regression models on 90 European‐listed firms operating in the aerospace and defence industry, engaging over 1,300 technological alliances within the 2007–2011 timeframe. The findings demonstrate that high‐tech firms leverage on technological supplementary alliances to innovate and to create new knowledge embodied in artifacts such as patents. In addition, financial slack is proved to be a prerequisite for a successful patent activity in high‐tech industries. Empirical outcomes, discriminating between small and large firms, bring valuable insights both for academics and practitioners.

Dealing with uncertainty and volatility in the port industry network: social and instrumental antecedents of “clique” survival

The recent proliferation of inter-firm collaborative linkages within the container port industry is progressively shaping a complex architecture of voluntary ties among terminal operators, i.e. an inter-organizational network. Within the overall industry network, some stable groups of densely interconnected firms emerge suggesting the existence of “cliques” where firms repeatedly cooperate with each other and develop strong and durable ties. The growing pressure exerted by economic uncertainty and market volatility on clique stability stimulates a fruitful academic debate on clique survival and its determinants. The present contribution investigates social and instrumental antecedents of clique survival, focusing on equity joint ventures engaged by terminal operators in a 10-year time frame (2002–2011). For this purpose, this study introduces a longitudinal network analysis of inter-firm relationships. Research hypotheses are tested performing binomial logistic regression analysis. In line with network theory assumptions, the outcomes corroborate the explanatory role of a number of social (i.e., cultural similarity and organizational mismatch) and instrumental (i.e., the presence of core firms within the clique and clique equality) antecedents in the survival of cliques. The results, indeed, bring valuable implications for both academics and practitioners.

Time, space, and international diversification of service firms: assessing the abnormal growth of container port MNs

Firms’ internationalization paths and their antecedents has become a major topic of recent international business (IB) literature. Indeed, a lively debate about the adequate degree of international diversification has recently emerged. To challenge the traditional temporal and spatial constructs proposed by the international theories, the profound restructuring of the container port sector - driven by the international opening of local markets, the evolution of competitive paradigms, and the overseas expansion of private stevedores - makes it an ideal setting. Using the strategic management and IB literature, the paper aims to demonstrate and measure the abnormal patterns of international diversification embarked on by container port multinational enterprises (MNEs). The analytical lens adopted examines two specific dimensions of internationalization: (i) time, i.e., the pace and rhythm of international diversification, and (ii) space, i.e., the geographic scope of a firm, modeled as inter- and intra-regional diversification. The findings suggest that some container port MNEs leapfrog some of the logical sequential internationalization phases. Moreover, even when latecomers pursue fast and irregular expansion patterns to catch up with the leaders, their geographic scope remains lower than that of the pioneering MNEs.

A taxonomy of logistics centres: overcoming conceptual ambiguity

ABSTRACT This manuscript aims to disentangle the conceptual ambiguity around the notion of logistics centre. It proposes an overarching framework that categorises different types of infrastructure and identifies their distinctive components. The lack of a sound conceptualisation of logistics centres originates from the variety in temporal and spatial approaches. In transportation chains, path-breaking trends in market needs, technological innovations and institutional changes, as well as the place specificity of logistics centres embedded in various national contexts, inevitably led to a substantial theoretical ambiguity. This study consolidates prior fragmented works and identifies suitable criteria for classifying logistics centres. The functional criterion is proposed as a cornerstone for building a sound conceptualisation of these infrastructures. By capturing the distinctive characteristics of each type of logistics centre, the paper proposes an original and comprehensive taxonomy, which emphasises commonalities and specificities of various infrastructures. The paper provides a contribution to literature by sketching out a trustworthy conceptualisation of logistics centres. In addition, the outcomes bring insightful implications for researchers, policy-makers and practitioners.

Initial public offerings in the port industry: exploring the determinants of underpricing

ABSTRACT The capital-intensive nature of the port industry and the long payback period of port investments traditionally determine high financial needs for operating the business. Due to the growing financial requirements for developing greenfield mega-projects and feeding international terminal operators’ overseas expansion, equity markets are expected to extend their role in promoting the industry. In this perspective, the underpricing phenomenon, which represents a direct cost for the issuer during initial public offering (IPO) and discourages companies from going public, is neglected by port literature. The paper explores the antecedents of IPO underpricing in ports. Building upon extant finance and port literature, firm characteristics, transaction features, and country-specific variables are tested as determinants of IPOs’ initial returns. For the aim of this study, 58 port-related IPOs taking place on international stock exchanges are examined, and ordinary least squares regression analysis is performed. The study offers unprecedented understandings of the phenomenon and supports port managers in facing financial challenges. Before launching the IPO, financial executives are invited to carefully identify time-window opportunities, and to monitor underwriters’ reputation when selecting financial partners. Findings bring insights for policymakers, as the public listing of port companies emerges a viable option for implementing port reform.

The impact of multiple-site acquisitions on corporate growth patterns of international terminal operators

This paper deals with multiple-site acquisitions by international terminal operators (ITOs). A multiple-site acquisition is an external growth strategy focusing on the simultaneous take-over of an entire terminal portfolio as part of a unique transaction. The paper presents a theoretical framework about how spatial and temporal dimensions of foreign expansion are influenced by these multiple-site acquisitions. It also analyses the impact of multiple acquisitions on the sustainable growth of firms by focusing on the transaction package problem, the locational diversity problem and the irregular growth path problem. The proposed theoretical arguments are illustrated and supported by an analysis of a comprehensive global terminal-specific dataset related to the 1997-2010 period, and case studies on strategic market entry behaviour of two major ITOs.

Corporate governance mechanisms and disclosure in medium-sized listed firms: substitutes or complements?

This paper, focusing on a non-Anglo-Saxon market, attempts to advance knowledge in the understanding of the complementary/substitute relationship between governance mechanisms and corporate disclosure in medium-sized listed firms. The manuscript applies content analysis techniques and proposes a disclosure quality score index, based on the quantity, the variety and the completeness of information disclosed. Moreover, OLS regression analysis is performed for testing the explanatory power of internal and external corporate governance mechanisms as determinants of communication quality. The results demonstrate the relevance of internal control mechanism, as well as their current substitutive nature respect to disclosure. In addition, empirical evidence show that a diffuse ownership along with the existence of a high number of committees are associated with increased qualitative levels of voluntary disclosure.