Ownership structure,investors’ protection and corporate valuation: the effect of judicial system efficiency in family and non-family firms

Research on the effect of ownership structure on firm performance shows no convergent evidence concerning the sign and form of the above-mentioned relationship. Similarly, there is no homogeneous evidence documenting family ownership concentration is always positively or negatively correlated with firm value, or irrelevant. This paper analyses whether and how the de facto investor protection provided by the judicial system affects the relationship between corporate performance and ownership structure in 1314 firms operating in four European countries (Germany, France, Italy, and Spain) over a five-year period, 2010–2014. Moreover, we analyse whether judicial system efficiency influences if and how family firms in the controlling coalition collude for expropriating minority shareholders. Our findings show that the level of shareholder protection, derived from judicial efficiency, is relevant to the relationship between ownership structure and firm performance, thus corroborating literature in that institutional contexts matter in explaining such relations. The results suggest the need for more efficient external mechanisms of corporate governance to facilitate investment in equity capital, thus decreasing the country risk perceived by investors.     

Construction,Co‐production,and Beyond. Academic Disputes and Public Concerns in the Recent Debate on Nature and Society

The debate on realism and constructionism has transferred to environment and science studies a long‐standing philosophical controversy over the constitution of, and human cognitive access to, nature. Quite lively years ago, the dispute has been gradually sidestepped by approaches that, without merging into a full‐fledged theory, counter the subject/object dichotomy and argue about the mutual constitution of knowledge and reality. As earlier, analysis and critique, academic questions and ‘public’ concerns, are closely intertwined. Co‐production scholarship has addressed a number of issues at the crossroads of science and policy, offering a reply to the alleged weaknesses of constructionism. Cutting‐edge approaches, with special reference to ‘new materialism’, are now moving forward, making a case for the liveliness and full agential role of matter. They build on different areas of scientific inquiry, where distinctions between living and non‐living and material and symbolic entities are increasingly blurring. They tend, however, also to align with an emergent way of regulating the interface with the material world, which can be ascribed to the neoliberal rationality of government.     

Beyond Employment Rate: A Multidimensional Indicator of Higher Education Effectiveness

This paper proposes a multidimensional indicator of higher education effectiveness that aims at going beyond the limits of measuring university effectiveness merely through employment rates. The units of analysis are the study programmes. Eleven indicators related to external effectiveness are selected, and their reliability for and relevance to the representation of the concept of effectiveness are empirically evaluated. The data are drawn from a longitudinal survey administered to graduates of the University of Padua, Italy, from 2008 to 2011. From our analyses, effectiveness appears to be a multidimensional concept composed by professional empowerment, employability and personal fulfilment. The right time for collecting relevant data on educational outcomes varies according to the types of indicators: indicators of professional empowerment assessed 1 year after graduation are most suitable, while for personal fulfilment measurement both short- and long-term evaluation are relevant, and, for employability, data collected 3 years after graduation cannot discriminate among study programmes.     

Sexual Function in Women with Deep Endometriosis: Correlation with Quality of Life,Intensity of Pain,Depression, Anxiety,and Body Image

Objectives: We evaluated sexual function, quality of life and perceived body image of women with deep endometriosis in comparison to that of healthy women. Methods: The sample consisted of 41 women with deep endometriosis and 40 healthy women without endometriosis. Sexual, psychological and pain evaluation were performed. Results: The study evidenced that deep endometriosis has a significant impact on sexuality and body image. Conclusions: An integrated and patient-centered approach to medical and psychological and sexual issues is suggested.     

A Generalized Estimating Equation in Longitudinal Data to Determine an Efficiency Indicator for Football Teams

Over the years football has attracted enormous interest from various fields of study, attracting attention both for its sporting and social aspects. Professional business operators consider football an important industry with enormous potential both in terms of its size and growth, and also because of indirect benefits due to the popularity gained by investors and management of football teams. The focus of the analysis has been on what characterizes most football clubs, and determines their particular economic and financial needs. The aim of this paper is to establish an efficiency measurement for football team financial resource allocation. In particular, we analysed the impact that the income statement, Net equity and Team value variables have on the points achieved by football teams playing in “Serie A” championship (Italian league). The method used in our study is a generalized estimating equation (GEE) for longitudinal count data. In addition we consider a coefficient of determination in the GEE approach based on Wald Statistics, and we propose a modified Mallow’s Cp for choosing the best model. Finally we propose an AFRSport index based on the differences between observed and theoretical points, in order to identify those teams that efficiently employ their financial resources.

     

Estimation of Feral Pigeon (Columba livia) population size using a novel Superimposed Urban Strata (SUS) method

A reference method to estimate Feral Pigeon (C. livia) population size in urban areas is missing: results of different surveys are difficult to compare due to the wide heterogeneity of approaches. A combined technique, the Superimposed Urban Strata (SUS) method, especially designed to estimate pigeon population size in urban areas, is proposed. SUS implements methods based on stratified sampling layers: its reliability was tested with a pilot study in Padua (Italy). The survey area was split into two superimposed strata and a different survey technique was applied to each stratum. The first stratum consisted of twelve topographic sampling units, identified as critical ornithic-density loci. The second stratum was obtained by selecting 10 % of the survey area with systematic sampling. In the estimate of the population size, different detection probabilities were assigned to the two strata. The SUS method was first applied in 2007, when three-year growth projections for the C. livia population were calculated, with a density-dependent model. In 2010, the survey was repeated to countercheck previous data. Estimated C. livia population size was of 2340 ±93 units in 2007, whereas in 2010 it was of 3679 ±161 units. The 2010 estimated population size resulted in fair accordance with the three-year projections, showing less than a 4 % mismatch. SUS proved to be an adequate estimate method for urban areas: so far it has been tested only in an average Italian urban area, but it could be easily adapted to other cities by calibrating parameters linked to the peculiar urban background.     

Measures of Association and Visualization of Log Odds Ratio Structure for a Two Way Contingency Table

The odds ratio (OR) is a measure of association used for analysing an I × J contingency table. The total number of ORs to check grows with I and J. Several statistical methods have been developed for summarising them. These methods begin from two different starting points, the I × J contingency table and the two‐way table composed by the ORs. In this paper we focus our attention on the relationship between these methods and point out that, for an exhaustive analysis of association through log ORs, it is necessary to consider all the outcomes of these methods. We also introduce some new methodological and graphical features. In order to illustrate previously used methodologies, we consider a data table of the cross‐classification of the colour of eyes and hair of 5387 children from Scotland. We point out how, through the log OR analysis, it is possible to extract useful information about the association between variables.     

A permutation test for umbrella alternatives

There is a wide variety of stochastic ordering problems where K groups (typically ordered with respect to time) are observed along with a (continuous) response. The interest of the study may be on finding the change-point group, i.e. the group where an inversion of trend of the variable under study is observed. A change point is not merely a maximum (or a minimum) of the time-series function, but a further requirement is that the trend of the time-series is monotonically increasing before that point, and monotonically decreasing afterwards. A suitable solution can be provided within a conditional approach, i.e. by considering some suitable nonparametric combination of dependent tests for simple stochastic ordering problems. The proposed procedure is very flexible and can be extended to trend and/or repeated measure problems. Some comparisons through simulations and examples with the well known Mack & Wolfe test for umbrella alternative and with Page’s test for trend problems with correlated data are investigated.     

Behavioural Addictions in Adolescents and Young Adults: Results from a Prevalence Study

Our study aims to assess the prevalence of behavioural addictions in an adolescent population, evaluating the effects of gender and age, and to assess the correlations among different behavioural addictions. 2853 high school students were assessed in order to evaluate the prevalence of behavioural addictions such as Pathological Gambling (PG), Compulsive Buying (CB), Exercise Addiction (EA), Internet Addiction (IA), and Work Addiction (WA), in a population of Italian adolescents. The South Oaks Gambling Screen-Revised Adolescent (SOGS-RA), the Compulsive Buying Scale (CBS), the Exercise Addiction Inventory (EAI), the Internet Addiction Test (IAT), and the Work Addiction Risk Test (WART), were compiled anonymously by the students. Overall prevalence was 7.0% for PG, 11.3% for CB, 1.2% for IA, 7.6% for WA, 8.5% for EA. PG and EA were more common among boys, while gender had no effect on the other conditions. CB was more common among younger (<18 years old) students. The scores of all of these scales were significantly correlated. The strong correlation among different addictive behaviours is in line with the hypothesis of a common psychopathological dimension underlying these phenomena. Further studies are needed to assess personality traits and other clinical disorders associated with these problems behaviours.