Board compensation and ownership structure: empirical evidence for Italian listed companies

This paper investigates the relationships among corporate ownership, the level of board compensation, and firms’ future performance within Italian listed companies. Board compensation could be related to corporate ownership characteristics, like the type of controlling shareholder, ownership concentration, the separation between cash flow and voting rights, and the presence of shareholders’ agreements. The evidence of high levels of board compensation associated with certain governance characteristics could signal, in a principal-agent framework, rent extraction by entrenched managers or by controlling shareholders versus minority shareholders; high board compensation, however, could be related to the need to hire directors with higher professional standing and also to the desire to create a network with other companies through the enlargement of the board, according to a social network view. In this paper we disentangle this issue showing the relationship between excess board compensation and future performance: examining firms listed on the Milan Stock Exchange over the period 1995–2002, we show that board compensation is linked to many governance characteristics, but excess compensation is never positively related to future performance. For founder family firms, in particular, high board compensation is associated with (a) smaller board size; (b) higher proportion of family members on the board; (c) lower future performance. The whole evidence therefore doesn’t support the hypothesis suggested by the social network view, but is consistent with a rent extraction hypothesis. These results could add new empirical evidence to the recent debate on the need for global remuneration reform. According to our results, some control mechanism and an increase in transparency of executive compensation schemes could be appropriate.     

Insulin-like growth factor 1 receptor polymorphism rs2229765 and circulating interleukin-6 level affect male longevity in a population-based prospective study (Treviso Longeva--TRELONG)

Insulin-like growth factor 1 (IGF-1) signaling modulation has been associated with increased lifespan in model organisms, while high levels of circulating interleukin-6 (IL-6) are a marker of disability and mortality. In the prospective, population-based "Treviso Longeva"--TRELONG Study from Italy (n = 668, age range 70-105.5 years at baseline, followed for seven years) we investigated the effects of survival on the IGF-1 receptor (IGF-1R) gene polymorphism rs2229765, the IL-6 gene promoter polymorphism rs1800795, and plasma concentrations of IGF-1 and IL-6, alone or in combination. We found a sex-dependent effect for the IGF-1R rs2229765 polymorphism, as male carriers of the homozygous A/A genotype survived longer, while the IL-6 rs1800795 genotype did not influence overall or sex-specific longevity. Higher IL-6 levels were more detrimental for survival among males than females, while IGF-1 had no dose-response effect. These findings sustain the hypothesis that sex-specific longevity relies on detectable differences in genetic and biochemical parameters between males and females.     

Sociology of a Newcomer: Muslim Migration to Italy – Religious Visibility,Cultural and Political Reactions

The religious presence of Islam in Europe seems to have become an important issue in the public debate. This also relates to the religious visibility of Islam itself. Some considerations will be proposed on this subject. As in other countries of Europe, Islam has also become a significant religious presence in Italy. I will describe the main aspects of this presence, showing some important elements of the sociography of Islam in Italy, and proposing some interpretative criteria in order to understand the main dynamics at work. Finally, I will focus on how Islam and Muslims have become an object of debate in the Italian public space, particularly in political, religious and cultural circles, drawing attention to some aspects of the present, apparently conflictual situation.     

Religion in the Television-mediated Public Sphere Transformations and paradoxes

This study suggests to look at the audiences of religious television programmes as a possible common field of interest for both the sociology of religion and communication research. The current visibility of religion on Italian television, amplified by the Jubilee 2000 and confirmed by the repeated successes of fictions dedicated to religious characters, put unusual questions to sociological theory. We argue here that such visibility must be interpreted within the ‘process of de-secularization’, i.e. one of the many processes which are currently de-constructing modernity and confusing the distinction between the public and the private sphere. The ‘mediated’ religion is the result of the ambiguous rediscovery of religion in the post-modern society. From this point of view, the Jubilee 2000 appears as a media event typical of the global media society, in that religion is spread throughout the world but within the limits of media (and especially television) formats.     

Real household income and attitude toward immigrants: an empirical analysis

Previous studies have analyzed the (aggregate) effects of unemployment on attitudes towards immigrants and on right-wing crimes. In this paper, we investigate the effects of economic prosperity on attitudes towards immigrants, focusing not only on unemployment status but also on real household income. Using panel data from the German Socioeconomic Panel on around 33,000 individuals over the period 1992–2004 we find a robust negative relationship between real personal household income and self-declared concern about immigrants, both in levels and first differences. Both job loss and income reduction concerns about immigration. Our findings document an interesting interaction between economic variables and social attitudes which does not depend on economic growth per se but on its capacity to generate higher economic wellbeing at individual level, not only for unemployed people but also for those in employment, who may face a fall in real income during economic downturns.     

Disobedience and support for democracy: Evidences from the World Values Survey

For some time, social movement research and political science have studied protests and activists. However, little empirical research attempts to relate movements to the type of social change they endeavour to achieve. In this paper, we suggest that different psychosocial processes may distinguish between different types of movement and protest. In particular, we cross lines between classical social psychology studies on the individual–authority relationship and studies on protest and social movements. We focus attention on the psychological processes triggered in obedience/disobedience. Our results show that when disobedience is associated with attitudes of inclusiveness, it is also positively linked to prodemocratic individual attitudes and to the enhancement of democracy at institutional levels.     

Total cost of ownership along the supply chain: a model applied to the tinting industry

Total Cost of Ownership (TCO) is a consolidated purchasing tool applied across different industries. However, in some cases, existing models are not satisfactory. The paper analyses the tinting industry, where manufacturers of colourant dispensing machines sell products and related services to paint producers, who install them in retail stores to sell the colour paints to the final consumers. Authors develop a TCO model integrating those existing in literature and including the following specifications: (i) all relevant costs along the product life cycle are considered; (ii) both goods and service-related costs are considered; (iii) both explicit and hidden costs are considered; (iv) the model adapts to the perspectives of various actors in the supply chain. The TCO model is tested with real data and provides useful insights on real costs sustained by each actor.     

Socioeconomic Status,Income Inequality,and Health Complaints: A Basic Psychological Needs Perspective

Socioeconomic status (SES) and income inequality are now recognized as important determinants of health, and there is growing interest in uncovering the intermediary psychosocial pathways through which the socioeconomic context affects physical well-being (Marmot in The status syndrome: how social standing affects our health and longevity, Henry Holt, New York, 2004; Wilkinson and Pickett in The Spirit Level: why more equal societies almost always do better, Allen Lane, London, 2009). We adopted the applied framework of self-determination theory (SDT; Deci and Ryan in Psychol Inq 11:227–268, 2000) and hypothesized that fulfillment of the basic psychological needs for autonomy, competence, and relatedness would mediate the relationships that SES and income inequality have to self-rated health. An online community sample of American participants (N = 1,139) completed a detailed demographic survey and provided self-reports of need fulfillment and health complaints. Structural equation models controlled for impression management and self-deceptive enhancement. Controlling for sex and age, need fulfillment was predicted positively by subjective SES and objective household income and negatively by state-level income inequality; in turn, need fulfillment predicted lower levels of health complaints. These findings suggest that SDT provides a useful framework for the study of SES, income inequality, and health, and that basic psychological needs are an important mechanism through which socioeconomic contexts influence health.     

Exploring Networking of Third Sector Organizations: A Case Study Based on the Quartieri Spagnoli Neighborhood in Naples (Italy)

VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations - In the last decades, European Third Sector Organizations have been increasingly affected by marketization and the...