Corporate governance effectiveness along the entrepreneurial process of a family firm: the role of private equity

This paper was motivated by the increasing interest in the corporate governance debate on how effective structure and processes may influence entrepreneurial transitions. Along the entrepreneurial process, little research to date has investigated the exit in the context of entrepreneurial family firms. Previous literature has considered the exit mainly as a failure for entrepreneurial families, but when uncertainties arise this choice may enable ownership transitions, thus facilitating survival and long term strategies. Among the exit options, a private equity buyout may balance the family’s wealth protection and the firm’s future growth. However, which family specific characteristics and strategic needs may affect the exit option still remains a neglected topic. Drawing on corporate governance literature and recent research addressing entrepreneurship in family firms, this paper investigates, by a single case study, the bridging role of private equity buyout for going through entrepreneurial transitions. Findings suggest that a private equity buyout is a governance mechanism that may sustain an entrepreneurial transition by realigning family interests and goals. It may also allow the family commitment for improving organizational capabilities required by an entrepreneurial transition.     

The “bomb” risk elicitation task

This paper presents the Bomb Risk Elicitation Task (BRET), an intuitive procedure aimed at measuring risk attitudes. Subjects decide how many boxes to collect out of 100, one of which contains a bomb. Earnings increase linearly with the number of boxes accumulated but are zero if the bomb is also collected. The BRET requires minimal numeracy skills, avoids truncation of the data, allows the precise estimation of both risk aversion and risk seeking, and is not affected by the degree of loss aversion or by violations of the Reduction Axiom. We validate the BRET, test its robustness in a large-scale experiment, and compare it to three popular risk elicitation tasks. Choices react significantly only to increased stakes, and are sensible to wealth effects. Our experiment rationalizes the gender gap that often characterizes choices under uncertainty by means of a higher loss rather than risk aversion.     

The Pursuit of Happiness and the Globalized Tourist

The most problematic issues that characterize western society is the crisis of the subject and the difficulties of interpersonal relationships, leading to situations of deep distress and increasing the fragility of human beings. This behavior of the contemporary man also depends on flexibility rules in all areas of society and particularly inside the work, causing a significant impact on the character of individuals, reducing the expectations and hopes for the future, making flexible affective relationships. It is a fragile, insecure, unsatisfied self that waits all the year round for holiday and concentrates on it great expectations and hopes: the conquest of a new social identity, the self-realization, the development of communicative relations. Tourists prefer places with a strong link with nature, where it is possible to do open air activities, play sports and enjoy the beauties of the surrounding landscape. But in practical terms it must be said that holidays not always turn into such a perfect experience: individuals can barely satisfy their wishes and needs because of the difficulty in cutting themselves off from the routine life; moreover the pervasive machinery of tourist facilities tends to wrap in the consumer spiral even holidays’ places and times. Furthermore, the relation with the otherness reveals not to be exclusive only to the festive or vacation time, but it rather involves the whole existence of a person in his ethical and social dimension. The difficulties in fulfilling the wish for happiness through tourism depend perhaps on the impossibility of completely telling everyday life from spare time, which means that acting changes its modes, but not its substance.     

Choosing Welfare or Losing Social Citizenship? Citizens' Free Choice in Recent Italian Welfare State Reforms

In the past fifteen years, the Italian welfare state has gone through various important reforms. Almost all social policy fields have been significantly challenged by the presence of both national and European constraints, and in different policy fields some fundamental principles of the welfare state have been questioned and changed. The purpose of this article is to present an analysis of the most recent arguments used for welfare state reforms in Italy, focusing in particular on one key question: have the reforms been formulated and implemented in order to increase the freedom of choice of Italian citizens with respect to social protection? After a brief introduction and conceptual clarification, each section of the article will focus on one social policy field (employment, pensions, health care) and discuss the origins and consequences of the reforms with respect to the freedom of choice of citizens. The main argument is that very limited attention has been paid in the national political discourse and reform design to the freedom of choice for citizens in welfare state policies, since other goals (such as cost containment) were much more crucial. The article will end with an overall assessment of the evolution of freedom of choice in the Italian welfare state setting.     

Crime and Labour Market Opportunities in Italy (1993–2002)

Abstract. This paper investigates the relationship between labour market conditions and crime in Italy accounting for both age and gender in the unemployment measure and considering regional disparities between the North‐Centre and the South of Italy. Using regional data over the period 1993–2002, we study the impact of wages and unemployment on different types of crime. To mitigate omitted variables bias, we control extensively for demographic and socio‐economic variables. Empirical results suggest that unemployment has a large and positive effect on crime rates in southern regions. Our results are robust to model specification, endogeneity, changes in the classification of crimes, and finally, to alternative definitions of unemployment.     

The Photovoltaic Market Facing the Challenge of Organic Solar Cells: Economic and Technical Perspectives

Solar cells are gaining more interest in recent times as a possible technological solution to improve energy production whilst reducing its environmental impact. The majority of the market is still dominated by first generation solar cells made of single crystal or poly-crystalline silicon solar cells. Silicon technology has reached an high standard efficiency. However, silicon technology needs a very pure material that means high cost in dollar per watt. In order to improve the production of solar power, governments have started big economical interventions, like the feed-in tariff. The advancement of technology, especially the nano-technological revolution, is bringing the attention to another generation of solar cells, hybrid/organic solar cells like Dye Solar Cells, which reduce the costs and suggest the possibility of a mass production of solar modules without the need of public funds.     

National identity and ethnic diversity

In countries with high levels of ethnic diversity, “nation building” has been proposed as a mechanism for integration and conflict reduction. We find no evidence of lower intensity of national sentiment in more ethnically fragmented countries or in minority groups. National feelings in a minority can be higher or lower than in a majority, depending on the degree of ethnic diversity of a country. On the one hand, in countries with high ethnic diversity, nationalist feelings are less strong in minority groups than in the majorities; on the other hand, in countries with low ethnic diversity, the reverse is true.     

Promoting social Europe? The development of European youth unemployment policies

Since the beginning of the millennium, the institutions of the European Union have intensified their political efforts to combat youth employment. Youth‐specific policy initiatives were launched after the financial and economic crisis of 2008, and the overall subsequent rise of unemployment rates among young people. In this article, we analyse and assess these developments on the basis of an analysis of European policy documents and interviews. Our conclusions are twofold. One, we argue that the Europe 2020 Strategy and its flagship initiatives devoted to youth do not constitute a new policy field or approach, but are rather the outcome of an incrementalist logic of policy development. Two, the European youth strategy is clearly committed to activation, and it pushes policy developments towards a minimalist policy approach of precarious protection. Both developments are explained by the actor constellations and path dependencies of the European policy arena.     

The politics of death: on life after the “end of history”

In this paper, the most recent writings by Giorgio Agamben and Bruno Latour are brought into dialog by examining what light they shed on contemporary debates concerning “end of life” decisions. More specifically, the paper focuses on the debates sparked by Diane Pretty's request for a grant of immunity against legal prosecution if her husband were to assist her to commit suicide and so terminate her increasingly unbearable suffering from motor neurone disease. The aim of this exercise is to articulate the presuppositions informing two influential and radically opposed views on the contemporary reconfiguration of relationships between humans, animals and other non‐humans.     

‘I'm not like all these Ecuadorians’. Promises and dilemmas of immigrants’ selective ethnicity appropriation

This article revisits my translocal ethnography of Ecuadorian immigration to Italy, building on the notions of ethnicization and selective ethnicity appropriation. The salience of an ethnic dimension, in the daily lives of the migrants I met, is explored with regard to collective identification, alignment with co-nationals and interactions with natives. By de-constructing migrants’ ethnicity from within, a range of expectations and strategies towards the receiving society emerges. While processes of ethnicization affect them in cognitive, discursive and practical terms, immigrants selectively draw from their ethnicity patterns, as their previous identities and lifestyles interact with the mainstream overseas. Their ethnicity – as a shared repertoire of habits, ways of life and common sense ideas, supported by a communal identity and background – can be purposefully negotiated in several respects, as they strive to negotiate better life conditions overseas. Why this occurs, under what conditions, and producing what effects, are the questions to be approached in this article. As I shall argue, ethnicity-related attitudes and behaviours raise opportunities and dilemmas both for migrants’ incorporation overseas and for their transnational connections.