Matteo Pozzoli

The Empirical Analysis

Through the adopted research method, a critical comparison has been proposed between two paradigmatic institutions in the scenario of the cultural assets heritage entities in Italy and the USA, with the aim to illustrate the related peculiarities. The first case study concerns the Italian Soprintendenza of Pompeii which was the first one in Italy to test forms of managerial, organisational, financial and accounting autonomy, although not without a few limitations related mainly to its membership in the public sphere. The comparative case study is the J. Paul Getty Museum in Los Angeles which is legally instituted as a trust, instead.

Defining Corporate Financial Distress and Bankruptcy

This text analyzes the probability that a company has to be financial distressed in the foreseeable future.

Corporate Financial Distress

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Data Analysis and Empirical Results

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The Models of Financial Distress

In this chapter, we provide a model of bankruptcy prediction setting a logistic regression. We first apply the original and the revised Altman’s models and we find they are not significant in the case of Italian manufacturing companies. For this reason, we propose a new model by re-estimating all the parameters of previous models. This enables us to estimate the probability of bankruptcy with the best accuracy.

An Overlook at Bankruptcy Prediction in Italy in 2016: An Application of the Altman’s Model on Failed Italian Manufacturing Companies In The 2016-First Quarter

Corporate financial distress risk assessment has been a part of economic and financial literature for a long time. Many researchers and practitioners have widely investigated this issue during the recent decades and have developed new methods to predict financial distress and bankruptcy.

Institutional Context of Cultural Asset Heritage: Law, Literature and Accounting Practices

During their life cycle, businesses must face positive and negative phases in financial trends which translate into periods of success and failure, respectively. When a negative period shifts from temporary to permanent (and thus continues over time), the company is often destined to cease. This work aims to test the most used bankruptcy prediction model, the Altman Z-Score, through an application on a sample of Italian manufacturing companies (S.p.A. and S.r.l.) which went bankrupt within the first quarter of 2016. The results confirm a good predictive effectiveness in relation to bankrupted companies with significant discrepancies between the different, analyzed juridical entities. Further research is still open on Italian peculiarities that may require the development of ad hoc parameters.

The Accounting Measurement of Cultural Asset Heritage

This chapter proposes a review of the literature on the different analysis perspectives of cultural assets: the legal approach, the economic and managerial approaches, and finally the accounting approach. This multidisciplinary perspective highlights the complexity, the scope and the versatility of the topic and of the stakeholders interests but at the same time, it makes it difficult to define a cultural assets sharing. Moreover, it creates difficulty for the management of the entities in the sector not easy to resolve.

Management of Cultural Heritage System in Italy

The accounting for heritage assets has been debated during the past years by scholars, professional bodies and standard setters. This chapter analyses some of the most meaningful proposals on recognition, valuation, measurement and presentation of heritage assets coming from the academic and professional worlds. The section takes into consideration the scientific profile of the debate and the professional criteria set out by technicians.

Related Party Transactions and Financial Performance: Is There a Correlation? Empirical Evidence from Italian Listed Companies

In this chapter the focus is on the governance system of cultural assets in Italy. The analysis starts from the premise that there is a link among the normative perspective, the historical perspective and the large number of stakeholders presented that, over the years, has settled a whole management framework on which are grafted the issues, peculiarities and different organisational forms of entities operating in the wide cultural assets heritage available in this country.