Der Einfluss von Mehrfachmandatstr?gern auf die Unternehmensperformance

Although interlocking directorates are regularly associated with a negative connotation, empirical evidence is as yet insufficient to offer convincing answers about their impact on performance. Contradicting results can mostly be explained both by the use of different theoretical frameworks and value creation measures. In order to shed more light as to what effect busy directors have on shareholder??s wealth, we have developed a two-pillar model explaining the potential contributions of directorship interlocks to value creation within an enlarged corporate governance perspective. The validity of the model has been tested through a panel data analysis of director networks within German Blue Chip corporations over a 5 year period from 2001 to 2005. Empirical tests indicate that the performance effects of interlocks depend on the nature of the board positions occupied. Moreover, statistical modelling confirms the existence of cognitive contributions of interlocked directors and partially shows positive effects on value creation. Finally the study argues in favour of board composition without external executive directors and suggests that a simple reduction of the number of external board positions legally authorized, does not within itself enhance corporate performance.     

Using the Hybrid Two-Step estimation approach for the identification of second-order latent variable models

The aim of this paper is to define a new approach, called Hybrid Two-Step, to estimate the parameters of a second-order latent variable (LV) model in the case of formative relationships between the first-order and the second-order LVs. In this respect, we introduce the two main approaches to the estimation of second-order constructs through the partial least squares-path modelling: the so-called Repeated Indicators approach and the Two-Step approach. Some criticisms of these methodologies are highlighted and a solution to the issue of the identification of formative second-order constructs is suggested through the adoption of a Hybrid Two-Step approach. A Monte Carlo simulation study aimed at comparing the approach proposed with the traditional ones was performed. Finally, a case study about the passenger satisfaction is presented to show the implementation of the method and to give some comparative empirical results.     

Preliminary Data Errors and Their Impact on the Forecast Error of Simultaneous-Equations Models

Econometric models, especially when designed for forecasting purposes, tend to use updated economic series, the last figures(s) of which embed first-published or preliminary data errors. This article identifies and assesses the contribution of errors in preliminary data to the forecast error and to the forecast error variance of linear dynamic simultaneous equation models. The effect of preliminary data errors is shown to be pervasive, although not necessarily weighty. The suggested decomposition of the forecast error is applied to a small macroeconometric model of the Italian economy.     

The Effect of a Longer Eligibility to a Labour Market Programme for Dismissed Workers

Liste di Mobilità is an Italian programme targeted to dismissed workers. It combines a ‘passive’ and an ‘active’ component. Eligibility duration varies with the worker's age at dismissal. Using a new panel data set, we identify the impact of extending the duration of eligibility on re‐employment probabilities and wages, via Regression Discontinuity Design. We validate the design by a set of overidentification tests. For most subgroups we find no significant impact, with a peculiar pattern for women entitled to monetary benefits. A major negative impact emerges for workers aged 50 or more granted monetary benefits, likely due to the fact that they can use the programme as a bridge to retirement.     

Social Presence, Embarrassment, and Nonverbal Behavior

Nonverbal behaviors in response to viewing slides depicting nude males, nude females, erotic couples and neutral pictures, either alone or in the presence of two unfamiliar individuals, were studied in 22 female and 16 male university students. Participants were unaware of being videorecorded. Results revealed discrepancies between self-reported embarrassment and nonverbal behaviors supposedly expressive of embarrassment. Although self-reported embarrassment was higher when certain types of slides were viewed in the presence of others than when they were viewed alone, we observed significantly fewer lip movements, gaze shifts, face touches, downward gazes, and downward head movements in the presence of unfamiliar individuals than in the alone condition. We also compared behaviors during slide exposure and during the inter-slide intervals. For 9 out of 11 coded behaviors, frequencies were significantly higher during inter-slide intervals than during slide presentation. We argue that this is probably due to the fact that visual attention to the slides inhibited nonverbal behaviors. The results cast doubt on the possibility of inferring the internal state of an emotion such as embarrassment by analyzing nonverbal behaviors without taking account of the social setting in which such observations are made.     

When Catholics turn right: the effects of the Islamic terrorism threat on the fragmented Catholic Italian voters

Italy, as well as most European countries, has been hit by a wave of anxiety arising from groups such as ISIS and Al Qaeda, whose effects on political attitudes are still under-examined. This article investigates the effect of the perceived threat of Islamic terrorism as a potential driver for a ‘right turn’ in the Catholic Italian electorate with open-ended interviews and an Internet-based experiment in which voters were randomly assigned to a terrorism threat manipulation and to a control condition (N?=?138). The results show that the Islamic terroristic threat significantly increased the support for centre-right leaders who promoted in-group identity and out-group hostility towards Muslims. Implications for the debate about the effects of perceived threat on political opinions and the relevance of the findings beyond the Italian case are discussed at the end of the article.     

Emigration and Immigration in Italy: Recent Trends

ABSTRACT: During the eighties Italy has evolved into being a receiver of immigration. However, the existence of large Italian communities abroad, and the persistence of exit migratory flows (although amply compensated by re-entry flows) show that the connotation of Italy as a country of emigration still persists. This paper points out the differing composition of present immigration flows to Italy compared to those of Italian migratory flows towards the more industrially advanced European countries over the past decades. The labour forces that constitute these present day immigration flows often possess medium to high educational qualifications, and are more frequently absorbed into the tertiary and agricultural markets, rather than the industrial sector. These immigrants rarely have regular, unionized occupations, and satisfy a demand for precarious, unstable labour which is in expansion in Italy, as in other countries. Furthermore, these immigration flows are directed not only towards those regions with high employment rates, but also to those with high unemployment rates. Thus, the implications are that the character of present day emigration can only be clearly understood by taking into account the highly segmented aspect of the labour market.     

Unemployment and Search for Work: Exploratory Analyses of Labour Market Attachment and its Dynamics

This paper deals with measuring unemployment and labour market attachment in Italy, on the basis of Labour Force Survey data. Based on the answers to a set of questions on search for work, a cluster analysis is performed, which yields four groups, clearly characterized as regards their labour market conditions and attachment. Analyses are then carried out on the gross flows between these groups, estimated over a quarterly interval. Results of the dynamic analysis confirm the relevance of the classification established through exploratory techniques. The various groups exhibit a different dynamic behaviour, thus documenting that the exploratory classification has predictive power.