“Good” corporate governance and the quality of internal auditing departments in Italian listed firms. An exploratory investigation in Italian listed firms

One of the most important issue relating to corporate governance reports refers to their ability to provide users with a complete set of information regarding the effective ability of an entity to achieve oversight objectives by the compliance to corporate governance practices required by a specific law or industry code. In addition, other features, such as the quality of the internal auditing function or the sensitivity of top management to issues relating to corporate internal controls and risk management, can also be taken into account when formulating a judgment on the quality of corporate governance practices. Is there an association between the compliance to codes and internal controls effectiveness? We propose to assess the quality of corporate governance through a proxy that considers several characteristics of internal audit departments and combines them to determine an Internal Audit Departments global quality index—IAD Index. To define IAD global quality we consider the effectiveness of an internal audit function analysing its operational aspects. The IAD Index is based on several signalling elements that previous literature assumed as proxies for quality of IADs which are grouped into four pillars: a formal quality index; a static quality index; an activity-related quality index; and a performance-linked quality index. We then test the IAD index on a sample of Italian listed firms and conclude that there are significant associations (positive and negative) between the degree of compliance to some corporate governance regulations for listed firms and the IAD Index for the sample being considered.     

Children's Perceptions of Family Relationships as Assessed in a Doll Story Completion Task: Links to Parenting, Social Competence, and Externalizing Behavior

This study was designed to examine the links between parenting, children's perceptions of family relationships, and children's social behavior. Seventy‐four children (M age=6.01 years; 39 boys; 35 girls) and their parents took part in the study. Children completed relationship‐oriented doll stories that were coded for coherence, prosocial themes, and aggressive themes. Parents completed a report of their child's social behavior, a parenting scale, and a number of demographic items. Teachers also completed measures of children's social competence and externalizing behavior. Warm parenting predicted both a child's representation of prosocial themes in the doll stories and social competence, whereas harsh parenting predicted both a child's use of aggressive themes in the doll stories and a child's externalizing behavior. These findings support the idea that children are constructing models of relationships out of the early interactions with caregivers, and that they use these representations to guide their social behavior.     

Testing the lucas critique: A review

Claims that the parameters of an econometric model are invariant under changes in either policy rules or expectations processes entail super exogeneity and encompassing implications. Super exogeneity is always potentially refutable, and when both implications are involved, the Lucas critique is also refutable. We review the methodological background; the applicability of the Lucas critique; super exogeneity tests; the encompassing implications of feedback and feedforward models; and the role of incomplete information. The approach is applied to money demand in the u.S.A. to examine constancy, exogeneity, and encompassing, and reveals the Lucas critique to be inapplicable to the model under analysis.     

Occupational preferences and the quality of life

This paper focuses on the theoretical and empirical aspects of occupational choice by examining the structure of individual preferences expressed in terms of abstract characteristics. Both verbal and quantitative models were successfully tested, and a rough upper limit was set on the ability of individuals to specify their quality-of-life technology. The study was too restrictive to permit general inferences concerning the quality of life of particular occupations. However, it may be concluded from the limited empirical findings that the qualitative model captured career-living preferences almost as consistently as did the highly structured quantitative approach. The experiments extracted subjects' cognitive structures for career-living stiuations in all the richness and generality permitted by verbal expression. Although more costly to determine, such qualitative information is of considerable potential benefit to policy makers, ect., and equivalent knowledge cannot be obtained from numerical representations.     

Acculturation status and sexuality among female Cuban American college students

The authors examined relations among different measures of acculturation, and between acculturation and sexual behavior, in a sample of female Cuban American college students (n=61, M age = 18.4 years) who completed self-report surveys. In the first set of analyses, weak to moderate associations emerged among 4 measures of acculturation (birthplace, childhood language use, current language use, and ethnic identity), suggesting that inconsistent findings from prior research may have resulted from measurement limitations. In multivariate analyses, the authors examined predictors of sexual behavior and found that 1 aspect of acculturation (higher levels of ethnic identity) and background characteristics (being older and less religious) were associated with voluntary sexual intercourse. Moreover, higher levels on a sexual risk composite were associated with being born in the United States, more ethnically identified, older, and less religious. These analyses highlight the need for specificity in assessing acculturation in a college student population and support the need to examine cultural factors directly in sexuality research.     

Chronic Effects of Air Pollution are Probably Overestimated

Inappropriate measures of exposure, including inadequate consideration of latency in the analysis of chronic effects of air pollution, may lead to overestimation of the impact of air pollution on health effects. A relatively simple way to check the plausibility of results on chronic effects of air pollution would be to report in parallel the smoking‐associated risks.     

Parenting and children’s negative emotionality,self‐regulation,and academic skills: The moderating role of fathers’ residency

We examined whether fathers’ residency modified the associations among mothers’ supportiveness, father involvement, children’s negative emotionality during toddlerhood and children’s academic skills in pre‐kindergarten via children’s self‐regulation. Participants were 2,291 mothers (M_age = 23.24 years) and children (M_age = 14.99 months at Wave 1; 50.7% girls) in the Early Head Start Research and Evaluation Project. Results revealed distinctive associations by fathers’ residency: self‐regulation mediated the association between mothers’ supportiveness and academic skills only in resident‐father‐families. Self‐regulation mediated the association between negative emotionality and academic skills only in nonresident‐father‐families. The findings highlight the family processes of mothers, fathers, and children in low‐income family contexts that contribute to children’s academic skills, and how those family processes may vary by fathers’ residency status.     

Business model in IPO prospectuses: insights from Italian Innovation Companies

How do companies to be listed deal with the voluntary disclosure of their business model? Is it true that firms with greater intellectual capital resources and technological innovation endowments are less prone to full disclosure? This paper aims to examine the choices of voluntary disclosure of the business model made by three Italian manufacturing companies in initial public offering prospectuses. The objective is to explore whether any differences exist and may be related to the type of innovation underlying the firms’ business model. A series of interviews with the top management allows to deeply understand the business model of each company. A content analysis allows to measure the level of disclosure and identify the strategic concepts of the business model and their relevance. The study provides evidence that companies with a business model based on technology-push and design-driven innovation have a lower propensity to the full disclosure of their intangible resources, particularly of those based on knowledge as some could be also invisible. The paper contributes to the ongoing debate on the role of business and financial reporting.     

Microsimulating the Evolution of Italian Pension Benefits: the Role of Retirement Choices and Lowest Pensions Indexing

A few years after the introduction of the Amato and Dini laws, a renewed debate on reforming the Italian pension system and on modifying its structure and technical parameters is taking place. The present work simulates individual reactions to systemic changes, distinguishing among the different typologies of workers the categories of dependent (private and public) and self‐employed ones. This approach allows us to perform a general micro‐analysis of the effects of past reforms on family pension income distribution and average individual pension benefits. Furthermore, it makes it possible to assess the consequences of legislator's choices such as the indexation of the lowest pensions (‘assegni sociali’ and ‘pensioni integrate al minimo’) to wages or to inflation. Finally, a Monte Carlo analysis projects future inequality and poverty trends with a remarkable accuracy and allows to verify the robustness of our results.