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47 results on '"Zazzaro, Alberto"'

44. Management innovations in family firms after CEO successions: Evidence from Japanese SMEs

Author

Hirofumi Uchida, Kazuo Yamada, Alberto Zazzaro, Uchida, Hirofumi, Yamada, Kazuo, and Zazzaro, Alberto

Subjects
Family ownership, Economics and Econometrics, Management innovation, Political Science and International Relations, Succession, Family firm, CEO origin, Finance
Abstract

We examine management innovation of family and non-family firms after CEO successions by using data of small- and medium-sized enterprises (SMEs) in Japan. Consistent with predictions based on the resource-based view and agency theory, we find that family firms managed by non-family professional CEO successors are less innovative than those managed by family CEO successors or non-family firms. Further analyses indicate that limited access to family-based resources is a key determinant of the conservativeness of professional CEO successors. Our findings suggest the importance of the congruence of ownership and management in family firms due to CEOs’ access to family-based resources.

Published
2023
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45. IMF Lending in Times of Crisis: Political Influences and Crisis Prevention

Author

Alberto Zazzaro, Andrea F. Presbitero, Presbitero Andrea, F., and Zazzaro, Alberto

Subjects
Economics and Econometrics, Loan agreement, Sociology and Political Science, Geography, Planning and Development, Developing country, Financial system, International economics, Development, Politics, Shareholder, Low and middle income countries, Loan, Economics, International monetary fund
Abstract

Summary In the wake of the global crisis the International Monetary Fund (IMF) has increased its exposure to developing countries and modified its lending approach to enhance its crisis prevention role. In this paper we examine whether, during the current crisis, IMF lending was actually directed at preventing the spread of the crisis and whether participation in IMF programs was sensitive to the politico-economic interests of the Fund’s main shareholders. We find that the political similarity with G7 countries is positively correlated with the probability of entering a loan agreement, while the harsher the crisis and the exposure of foreign banks in the country, the larger the loan granted by the IMF.

Published
2012
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46. Does gender matter in bank–firm relationships? Evidence from small business lending

Author

Alberto Zazzaro, Alexander Borisov, Andrea Bellucci, Borisov, Alexander, Bellucci, Andrea, and Zazzaro, Alberto

Subjects
Economics and Econometrics, Labour economics, business.industry, media_common.quotation_subject, education, Control (management), Loan officer, Face (sociological concept), Small business, Unobservable, Interest rate, restrict, Relevance (law), business, health care economics and organizations, Finance, media_common
Abstract

In this paper we study the relevance of the gender of the contracting parties involved in lending. We show that female entrepreneurs face tighter credit availability, even though they do not pay higher interest rates. The effect is independent of the information available about the borrower and holds if we control for unobservable individual effects. The gender of the loan officer is also important: we find that female officers are more risk-averse or less self-confident than male officers as they tend to restrict credit availability to new, un-established borrowers more than their male counterparts.

Published
2010
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47. Remittances and Financial Development: Substitutes or Complements in Economic Growth?

Author

Alberto Zazzaro, Giulia Bettin, Bettin, Giulia, and Zazzaro, Alberto

Subjects
Macroeconomics, Economics and Econometrics, Complementarity (molecular biology), Economics, Developing country, Monetary economics, Financial development, Inefficiency, Affect (psychology), Complementarity (physics), Financial sector, Institutional quality
Abstract

Recent studies indicate that the effect of migrants’ remittances on the economic growth of receiving countries depends negatively on the level of development of the domestic financial sector. In this paper, we introduce a new indicator of financial development to measure the efficiency of the domestic banking system, and find the existence of complementarity between remittances and bank efficiency in economic growth, such that remittances promote growth only in countries whose banks function well. This result is robust to controls for other traditional measures of financial depth and institutional quality indicators.

Published
2008
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