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This work is part of the academic debate focused on the information inadequacy of public administrations and the consequent need to imagine an overall reporting system for a fruitful dialogue with the reference community. Financial sustainability requires the implementation of policies that ensure the feasible provision of public services to the present generation, while protecting the needs of future ones, thus ensuring intergenerational equity. Such information does not normally fall in the domain of traditional financial reports; therefore, one naturally questions how information about financial sustainability can be disseminated to the users of local governments. For these reasons, governments should be interested in developing an integrated popular report (IPR). The present research, using a theoretical-deductive methodology, proposes some characteristics and content that an effective integrated popular report should contain in order to respond to the information needs of public sector user groups — citizens, in particular. The research objective can be summarized in the proposition of IPR as a new transparency and communication tool for citizens, which simplifies the existing voluntary reporting in order to jointly acquire the unique benefits of integrated reporting (IR) and popular reporting (PR).

Nowadays, cryptocurrencies are increasingly at the center of attention, gaining interest around the world and issuing new questions to be addressed by the media, investors, entrepreneurs, academics, and standard setters. The cryptocurrency market is experiencing exponential growth, and experts continue to warn international regulators and investors about the potential risks that characterize the sector. Public skepticism largely hinges on swings within the currency itself, triggered by substantial changes in their prices and several claims that the cryptocurrency market is a bubble with no fundamental value. Despite this, cryptocurrencies are considered as one of the most important inventions that took place in the 21st century, as it is not only technological but also financial innovation.

El carancho austral (Phalcoboenus australis) es una especie endémica de islas del sur de Argentina y Chile y habita principalmente pastizales en los que se reproducen aves marinas. En Isla de los Estados e Islas de Año Nuevo (IDLE), coexiste con especies exóticas invasoras como el ciervo colorado y cabras asilvestradas. El objetivo de este trabajo es estudiar potenciales factores de vulnerabilidad que podrían afectar la viabilidad a largo plazo de la población de carancho austral de IDLE. El grado de estructuración genética a escala regional sugiere que IDLE e Islas Malvinas (las dos poblaciones más importantes de la especie a nivel global) son dos unidades de manejo independientes. En dos sitios estudiados en IDLE, la densidad de parejas reproductivas fue similar (3.4-3.9 parejas/km2). La disposición espacial de los nidos en estuvo asociada con la ubicación de las colonias de pingüino penacho amarillo y en menor medida con características topográficas, y los adultos reproductivos representaron solo el 6-15% de la población. Tanto la reocupación de sitios como el éxito reproductivo estuvieron asociados a la abundancia del pingüino penacho amarillo en los alrededores de los sitios de nidificación. La razón de sexos de pichones estuvo sesgada hacia hembras y estuvo asociada al tamaño de la nidada: los nidos menos productivos produjeron en promedio 83% hembras, mientras que los más productivos, 73% machos. Se equiparon cinco pichones con transmisores GPS, y se obtuvo información sobre la dispersión durante 5 meses. Durante la época reproductiva y primeros días de emancipación, el área natal fue la zona utilizada con mayor frecuencia, con excursiones cortas a bahías cercanas. Luego de la partida de los pingüinos hacia alta mar, a mediados de marzo, el área utilizada por los individuos se amplió e incluyó toda la extensión de IDLE. El nicho trófico de esta población varió en función de la temporada, la edad, el estado reproductivo y en menor medida, el año, y fue más amplio para grupos a priori identificados como oportunistas. La expansión de nicho observada durante la época no reproductiva, no se asoció con un aporte significativo de presas terrestres, sino que se debería a una mayor variedad de presas de redes tróficas marinas. Posiblemente asociado con esta dependencia de recursos marinos, los caranchos australes mostraron los valores más altos de mercurio (Hg) en plumas registrados hasta el momento para un ave sudamericana. Los pingüinos penacho amarillo de IDLE también se encuentran entre las aves con mayores niveles de contaminación por Hg y los altos niveles de Hg en los caranchos australes reflejarían un enriquecimiento trófico en este metal pesado. El carancho austral en IDLE aparenta ser vulnerable por distintos factores actuando a diferentes escalas. A pesar de ser una población localmente abundante, solo una proporción muy pequeña de los individuos son los que efectivamente se reproducen. IDLE representa un linaje único para la especie, y gran parte de su dinámica está asociada al pulso de pingüinos penacho amarillo. Durante la época no reproductiva, tanto la amplitud del nicho trófico como los movimientos individuales sugieren el uso preferencial del hábitat marino-costero. No hubo evidencia de un subsidio alimenticio por parte de ciervos y cabras, las principales especies invasoras en la isla. La población efectivamente conectada sería mucho menor a la población total de la especie; los individuos reproductores representarían una parte muy pequeña de la población, y la abundancia local de la especie sería un mal predictor de su estado actual en Isla de los Estados. Los eventos reproductivos, los movimientos estacionales y los hábitos tróficos de la población estudiada sugieren una dependencia ecológica muy grande hacia especies y ambientes cada vez más amenazados por causas externas que no son susceptibles de ser manejadas localmente. The striated caracara (Phalcoboenus australis) is an endemic species of the islands of southern Argentina and Chile, and inhabits mainly grasslands where seabirds breed. On Isla de los Estados and the Año Nuevo islands (IDLE), they coexist with invasive alien species such as red deer and goats. The aim of this work is to study whether the population in IDLE could be subject to factors that affect their long-term vulnerability. The degree of genetic structuring on a regional scale suggests that IDLE and Islas Malvinas are two independent management units. At two sites studied at IDLE, the density of breeding pairs was similar, and the spatial arrangement of nests was associated with the location of the rockhopper penguin colonies and to a lesser extent with topographic characteristics. The reproductive adults represented only 6-15% of the population. Both site reoccupation and reproductive success were associated with the abundance of rockhopper penguins. The sex ratio of chicks was biased towards females and was associated with clutch size: the least productive nests produced an average of 83% females, while the most productive, 73% males. Five chicks were equipped with GPS transmitters, and dispersion information was obtained for 5 months. During the reproductive season and the first days of post- fledgling the nest area was used, with short excursions to nearby bays. After the departure of the penguins to the open sea, in mid-March, the area used was expanded including the entire IDLE area. The trophic niche of this population varied according to season, age, reproductive status and, to a lesser extent, year,and was broader for groups identified as opportunistic. The niche expansion observed during the non-breeding season, however, was not associated with a significant contribution of terrestrial prey, but due to a greater variability within marine trophic webs. Possibly associated with this dependence on marine resources, the caracaras showed the highest values of mercury (Hg) in feathers recorded for a South American bird. Rockhopper penguins are also among the birds with the highest levels of Hg contamination, and the high levels of Hg in caracaras would reflect trophic enrichment of this heavy metal. The striated caracara in IDLE appears to be vulnerable due to different factors acting at different scales. Despite being a locally abundant population, only a very small proportion of individuals actually breed. IDLE represents a unique lineage for the species, and much of its dynamics is associated with the pulse of rockhopper penguins. During the non-breeding season, both the trophic niche expansion and individual movements indicate the use of the marine-coastal habitat. There was evidence of only a small input from deer and goats, the main invasive species on the island. The population effectively connected would be much smaller than the total population of the species; Breeding individuals would represent a very small part of the population, and the local abundance of the species would be a poor predictor of its current status on Isla de los Estados. Reproductive events, seasonal movements and trophic habits of the suggest an ecological dependence towards species and environments increasingly threatened by external causes that are not susceptible to be locally managed. Fil: Balza, Ulises. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales; Argentina.

A partir de un enfoque interdisciplinario, esta tesis doctoral explora los factores ecológicos y ambientales que regulan la conectividad global y regional de los pingüinos penacho amarillo y realiza una evaluación de la vulnerabilidad de estas especies frente al contexto actual de cambio climático global. El uso de técnicas de secuenciación de genomas completos a nivel poblacional detectó la presencia de tres especies a nivel global: los pingüinos penacho amarillo del norte (Eudyptes moseleyi), del sur (E. chrysocome) y del este (E. filholi). Además, permitió describir una estructuración anidada que separa grupos intraespecíficos dentro de las especies con diferente grado de diferenciación. La principal característica ambiental que correlaciona con la divergencia de las especies es el frente subantártico. Sin embargo, dicho frente no permite explicar la estructuración de menor escala encontrada ni la segregación de la especie del sur de la del este. A fin de comprender los procesos que regulan el flujo génico a escala regional, se focalizó en los pingüinos de penacho amarillo del sur (E. chrysocome) que habitan las costas de Sudamérica. No se encontró ningún rasgo oceanográfico que correlacione con la estructura interna reportada que separa las poblaciones de Malvinas de las del sur de Tierra del Fuego. No obstante, se encontró una baja superposición entre estos grupos en el comportamiento de forrajeo inferido a partir del análisis de isótopos estables y el seguimiento satelital de la migración invernal, lo que podría explicar la estructuración encontrada. Por otro lado, una fundación reciente de una colonia en las costas de Santa Cruz e individuos colectados en un evento de mortalidad en las costas patagónicas fueron ambos asignados a la población de Malvinas, lo que es sustentado por el uso que tienen los individuos de Malvinas de estas zonas para alimentarse. Además, se encontraron diferencias en la concentración de mercurio en plumas entre ambos grupos, con una prevalencia de este metal en plumas particularmente alta para los individuos del grupo de Tierra del Fuego de aproximadamente el triple que en los individuos de Malvinas. Estas diferencias en el forrajeo y la exposición a contaminantes denotan la importancia de considerar la estructura regional encontrada a la hora de evaluar el estado de conservación de la especie. Por último, se realizó una evaluación de vulnerabilidad para cada especie y grupo genético descripto en función de su sensibilidad y exposición al cambio climático. Se resumieron los datos demográficos y ecológicos junto con los rasgos de la historia de vida para obtener un índice de sensibilidad de cada grupo. Se generó un índice de exposición a través de un conjunto de 7 modelos climáticos de temperatura de la superficie del mar para dos escenarios del CMIP6: SSP2-4.5 y SSP5-8.5. Las colonias de E. filholi en general, y sus poblaciones del océano Índico en particular, obtuvieron los valores más elevados de vulnerabilidad. El grupo del océano Índico de la especie E. moseleyi presenta la mayor sensibilidad asociada a sus bajos tamaños poblacionales. La baja conectividad entre los grupos intraespecíficos dentro de E. moseleyi y E. chrysocome presenta un desafío para asegurar su conservación. E. chrysocome en general es la especie con menores valores de exposición, sensibilidad y vulnerabilidad. Los grupos evaluados en este estudio presentan un nivel alto de estructuración que admite considerarlos unidades independientes de conservación. Por lo tanto, sería recomendable que su conservación sea planteada en función de la escala espacial de conectividad detectada y sea ponderada por el nivel de vulnerabilidad inferido para cada grupo. Through an interdisciplinary approach, this PhD thesis explores the ecological and oceanographic drivers of global and regional connectivity in the rockhopper penguins and assesses their vulnerability to current climate change. Whole-genome sequencing confirmed the divergence of three species at the global scale: the northern (Eudyptes moseleyi), the southern (E. chrysocome) and the eastern rockhopper penguins (E. filholi). A nested structure was found within the three proposed species with different degree of divergence. The main oceanographic feature which correlates with species division is the subantarctic front. However, further regional structure can not be explained by this front, which opened questions on behavioral or life-history traits which could drive this segregation. In order to understand the processes that regulate gene flow at the regional scale, the focus was set to E. chrysocome that inhabit South America. In this area, no oceanographic feature correlates with the genetic pattern found, which splits colonies from Malvinas and Tierra del Fuego. Nevertheless, differences were found in foraging behavior inferred through stable isotope analysis and satellite tracking of winter migration. Also, a recently founded colony in Santa Cruz and stranded individuals in continental Patagonia were all assigned to Malvinas population, which is supported by the extensive presence of foraging individuals from Malvinas in this area. Lastly, a three-fold higher mercury concentration in feathers was found in Tierra del Fuego individuals. These differences in foraging and exposure to contaminants denotes the relevance of taking into account regional intraspecific genetic structure in conservation status assessments. Finally, a vulnerability assessment was performed for each described genetic group based on sensitivity and exposure to climate change. Demographic and ecological data was summarized together with life history traits for each cluster in order to score them and obtain a sensitivity index. The exposure index was built through the ensemble of 7 climate models for sea surface temperature for two CMIP6 ScenarioMIP experiments: SSP2-4.5 and SSP5-8.5. E. filholi colonies in general, and the Indian Ocean populations in particular, obtained the highest vulnerability values. The Indian Ocean group of E. moseleyi presents the highest sensitivity, mainly driven by its low population size. The low connectivity between the intraspecific groups within E. moseleyi and E. chrysocome poses yet another challenge to ensure their conservation. E. chrysocome is the species with the lowest exposure, sensitivity and vulnerability values. The groups evaluated in this study present high genetic structure levels that allows considering them as independent conservation units. In this sense, conservation measures should be designed based on the spatial scale of connectivity described in this study and weighted by the level of vulnerability inferred for each group evaluated. Fil: Lois, Nicolás Alejandro. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales; Argentina.

Purpose This study addresses gender composition in universities. The purpose of this study is to define the vertical and horizontal gender segregation in both public and private universities. In particular, it measures the gender distribution throughout academic careers across levels and time, and among fields of science in Italian academia. Design/methodology/approach The authors adopted the framework of Blackburn et al. (2002) as a theoretical lens through which they examine and explain occupational gender segregation in the university context. A mixed methodology of both document analysis and examining some statistical indicators was used to create gender-disaggregated measures to help the authors answer their research questions. The data collected represent academia in Italy for the period 2010-2018. The data were obtained from the Italian Ministry of Education, University and Research. Findings The authors show the gendered nature of academic institutions in Italy. In particular, the authors acknowledge that hierarchies of power exist that privilege men and the masculine and devalue women and the feminine within academic institutions. Practical implications This paper provides theoretical and practical findings that support the literature on gender issues in universities and other public and/or private institutions. The academic community, practitioners and policymakers can use the results to design measures to address gender inequality in academia. Originality/value To the best of the authors’ knowledge, this paper is novel because it provides gender-relevant insights on the gender composition in universities in the Italian context. These insights are also relevant for academic institutions that operate in an international setting.

Nel presente capitolo viene affrontato il tema della stima del valore economico dei gruppi, sottolineandone le problematiche e le diverse tecniche impiegabili dallo stima- tore, nonché i pregi e i limiti di ciascuna tecnica. Verrà, altresì, analizzato l’argomento della valutazione delle singole aziende appartenenti ad un gruppo. Naturalmente, l’ana- lisi e l’approccio valutativo dovranno tenere conto delle caratteristiche del gruppo e dei legami sussistenti tra le aziende.

Intellectual Capital (IC) in universities is an emerging topic of growing importance in academic literature, especially if related to the technology dimension. This paper aims to investigate, through a single case study, how Italian universities deal with IC, particularly with its technological dimension. The case study analysis indicates that technology cannot be considered in isolation but rather in its role supporting the other dimensions of IC. The structural capital, in which technology is prevalent, is transversal to the other dimensions of IC. Therefore, IC not only represents a set of knowledge-based resources it also involves the activities undertaken by an organisation to manage them. Further research is needed to better understand the role of technology as a component of structural capital in enabling performance in universities. An in-depth comprehension of the linkage between IC and performance in universities and their intrinsic meaning is needed for the development of technology policies. Therefore, this paper calls for future research focused on the specific theme of technology policy.

To date, future research trends will certainly concern sustainability and entrepreneurship due to the post-COVID-19 crisis. Studies will focus on the determinants related to corporate governance, such as corporate ownership, or the role of institutional investors, or a company that aims to get public by an IPO as a possible answer to the crisis. A future research trend will surely concern environmental and economic sustainability. Another line of research will concern the protection of biodiversity and gender equality. With the regard to the content of this issue of the Corporate Ownership and Control journal, ownership structure is the most popular issue considered by the authors of the papers.

El nicho trófico de una población puede segregarse entre individuos según edades, sexos, especialización individual, y entre colonias de una misma especie en distintos ambientes y/o con tamaños poblacionales diferentes. Tres colonias de pingüino de Magallanes en Tierra del Fuego (Isla Martillo, Bahía Franklin e Isla Observatorio) se encuentran en condiciones oceanográficas contrastantes y tienen tamaños poblacionales diferentes, lo que las convierte en un buen modelo para estudiar la ecología trófica de un ave marina. El objetivo principal de este estudio fue describir y comparar el nicho trófico (inferido a través del nicho isotópico) de este pingüino en las tres colonias. Se determinaron los valores de δ^13C y δ^15N en sangre y plumas y se evaluaron diferencias entre sexos, edades, colonias y etapas. Se combinaron los análisis de nicho isotópico con análisis de exposición al mercurio (Hg) en las tres colonias. Se evaluaron consistencias individuales, aprovisionamiento selectivo y variaciones inter-anuales en el nicho isotópico en Isla Martillo. Durante la etapa pre-muda, el análisis isotópico y de Hg, mostró que las tres colonias utilizan áreas de forrajeo diferentes y/o de diferentes extensiones. Además de un gradiente isotópico desde el interior del Canal Beagle hacia aguas oceánicas, existe un gradiente creciente en la [Hg] en el mismo sentido. Durante el cuidado temprano de pichones se observó segregación en el nicho entre adultos, pichones y juveniles entre colonias, que reflejó el uso de áreas de alimentación cercanas a cada colonia. Durante toda la temporada de cría, se observó una alta variabilidad intra-familiar, ausencia de aprovisionamiento selectivo y ausencia de consistencia individual que reflejaron cambios en el consumo de presas y en las áreas utilizadas entre etapas. Durante la dispersión invernal, se observó que la especie utilizó extensas áreas de la plataforma patagónica (desde los 54°S hasta los 38°S), y presentó una segregación sexual latitudinal que se correlacionó con valores isotópicos diferentes, pero con iguales posiciones tróficas. Por último, se encontró una variación histórica en el nicho isotópico que correlacionó con cambios en la composición de la dieta hacia presas de menor nivel trófico más disponibles en los últimos años. Este trabajo proporciona información esencial para la toma de decisiones dirigidas a la conservación de las especies y la planificación marina espacial. The trophic niche of a population can be segregated among individuals according to ages, sexes, individual specialization, and between colonies of the same species in different environments and/or with different population sizes. Three Magellanic penguin colonies in Tierra del Fuego (Martillo Island, Franklin Bay and Observatorio Island) are in contrasting oceanographic conditions and have different population sizes, which turn them into a good model for studying trophic ecology in a seabird. The main objective of this study was to describe and compare the trophic niche (inferred through its isotopic niche) in the three colonies. We determined the values of δ^13C and δ^15N in blood and feathers and evaluated differences between and within sexes, ages, colonies and stages. We combined isotopic niche analysis with mercury (Hg) exposure analysis in the three colonies. We assessed individual consistency, selective provisioning and inter-annual variations in the isotopic niche in Martillo Island. During the pre-molt stage, the isotopic and Hg analysis showed that the three colonies use different foraging areas and/or different extensions. In addition to an isotopic gradient from the interior of the Beagle Channel to oceanic waters, there is an increasing gradient in [Hg] in the same direction. During early chick-rearing, we observed segregation in the niche among adults, chicks and juveniles between colonies, which reflected feeding areas close to each colony. Throughout the whole chick-rearing, we observed high intra-family variability, absence of selective provisioning, and absence of individual consistency that reflected changes in the consumption of prey and in the areas used between stages. During the winter dispersion, we observed that the species used large areas of the Patagonian shelf (from 54°S to 38°S), and presented a latitudinal sexual segregation that correlated with different isotopic values but with the same trophic positions. Finally, we found an historical variation in the isotopic niche that correlated with changes in the diet composition towards prey at lower trophic levels, more available in recent years. This work provides essential information for decision making targeting the conservation of the species and spatial marine planning. Fil: Dodino, Samanta Graciela. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales; Argentina.

Lease accounting will never be the same again. The endorsement of IFRS 16 on November 2017 sets out new rules for the recognition and measurement of the lease. The new standard removes the lessee’s distinction between operating and financial lease and it will have a substantial impact for companies have previously kept a large proportion of their financing off balance sheets. Under IAS 17 companies have exploited a financial accounting loophole by structuring lease transactions as operating leases, favouring opportunistic behaviours by managers and distorting the investors’ perception of the disclosure. IFRS 16 removes the so-called bright lines companies used to avoid capitalisation of leases and turns any attempt to hide lease liabilities off the balance sheet into a futile exercise to improve transparency of information. The purpose of this research is to analyse the potential impact of the new accounting rules on key financial ratios of Italian listed companies using a refined constructive capitalisation method. The results of the study show that the reflection of the operating leases on the balance sheet shall cause a significant increase in the assets and liabilities and for this reason, there shall be a significant effect on the main debt, liquidity and profitability ratios.

This paper aims at discovering the association between earnings management (EM) and gender diversity in boards of directors as a predictor of the corporate social performance (CSP) of non‐smallmedium‐sized enterprises in the context of corporate social responsibility (CSR). The existence of a broad literature on the topic allows us to assess EM and its relations with CSR. We used an OLS regression analysis and the accrual quality measure as an EM proxy to investigate our sample of 697 Italian non‐small and medium‐sized enterprises. Our main results reveal that the presence of women on boards of directors results in the adoption of fewer EM practices. Therefore, our empirical findings support the notion that boardroom gender diversity as an instrument of CSP reduces the use of EM practices. The results of this paper are of most relevance to policymakers and academic communities focused on promoting CSP and CSR.

In this work, we examine whether earnings management affects the debt maturity structure of Italian non-SMEs. We employ accruals quality as a proxy for earnings management. We measure the accrual quality as the absolute value of residual reflects the accruals that are not related to cash flow realized in the current, following or previous year. We measure the debt maturity in two ways. First, we consider it as a dummy variable that takes the value equal to 1 if some of the debt is long-term (exceeding one year), and 0 otherwise. Second, we compute the debt maturity as the ratio of long-term debt to total debt. We employ a quantitative approach, carrying out several regressions (probit, logit, and tobit) analyses to investigate the effect earnings management on debt maturity structure, using financial statement data of 1,001 Italian non-SMEs sampled over the period 2011-2017. This paper provides theoretical and practical findings that support the literature on earnings management. First, the study confirms that accrual quality can use as a proxy of earnings management by the academic community. Then the findings show that earnings management is negatively associated with the possibility to access to long-term debt, and with a proportion of long-term debt in total debt. This evidence may support the managers when they have to plan the financial structure, the lenders and the creditors in their decision-making processes, and the policymakers when they have to set programs aimed to make easier the access to external financial resources.

In recent years, the study of smart technologies, sustainability, and corporate digitalization has increasingly aroused the interest of the scientific community. Scholars have initiated several studies, despite the awareness of the effects of certain strategic factors and elements based on the three research streams quoted will only be fully understood only in the near future. This issue aims to offer an overview of smart technologies, corporate digitalization, and sustainability, in order to outline the salient profiles in an economic-corporate key, also through the analysis of their synergies.

The purpose of this paper is to define a new combined model of business valuation for family firm, considering the implications of IC. The role of the family component in business valuation is condensed into the continuity of a trans-generational perspective. The question appears to be centred on the consistency of the familiness link with respect to the economic entity. In other words, it becomes essential to understand the provisional character of the proactive action of family members on business performance levels. After having discussed some of critical theoretical opinions on the peculiar aspects of family business—with particular attention to the relationship between the contribution of cognitive resources inferable from the familiness in the company management and the propensity to create value by the company itself—the aim is to find the most appropriate method to enhance the specificity of the family business and express the size of the equity value in a neutral and objective manner. The methodology is deductive; the integrated model is structured starting from the general framework of business valuation and then proceeds with its adaptation to familiness, intended as a particular attestation of IC. In this way, a new integrated model is made available for a subsequent step of empirical implementation and validation through its application in a family organization. The main advantage of this model is the ability to measure and manage IC and financial/non-financial performance. The added value of this work will enrich the academic literature regarding IC measurement systems in family firms; it also provides an original integrated model that is able to exhibit the advantages highlighted above.

In the aftermath of the last Great Recession in 2007, firms’ commitment to social responsibility and sustainability started to be considered a corporate leverage to make extra-returns as well as to improve corporate reputation on institutional markets. This in turn has implied a lower uncertainty among investors and a higher trust from stakeholders’ categories, rising virtuous firms’ returns to over-perform their less responsible peers. Hence, this paper investigates the positive externalities of CSR on Italian stock exchange market, focusing on Blue Chips’ financial performance over the ten years post-crisis. In particular, we examined whether a listed company has been rewarded by its stakeholders over a high volatility periods, leveraging on CSR and Sustainability issues. Empirical findings highlight, ceteris paribus, two implications in regards to the impact of sustainability rating on corporate financial health. Indeed, the effect of CSR and corporate sustainability improves significantly companies’ earning performance (Return on Asset), although firms do not benefit from economic outperformances (Earning per Share) on stock exchange market.

il presente studio si propone di apportare un contributo originale, sviluppando una tematica interpretativa talvolta solo indicata dalla storiografia più recente: l’Arte come strumento di rilancio del sistema economico corporativo. Fu questo il motivo che spinse nel 1758 la Corporazione dell’Arte della Seta a richiamare a Napoli le più grandi maestranze dell’epoca e affidare loro il rinnovamento artistico della chiesa dei Santi Filippo e Giacomo, fatta da lei edificare nel ‘600 e simbolo del suo potere economico e politico. Elemento chiave della testimonianza storica del suddetto intervento di restauro è rappresentato dalla tracciabilità delle scritture contabili dei banchi pubblici napoletani. In particolare, si fa riferimento ai titoli originali dei pagamenti conservati presso l’Archivio Storico del Banco di Napoli4, considerati veri e propri tesori per la storia dell’arte. Infatti, accanto a bancali firmate da nobili, commercianti, ministri di stato, pubblici funzionari e popolani, sono presenti fedi di credito e polizze di pagamento girate a noti e talora illustri artisti, i quali furono chiamati a lavorare a Napoli, e alle cui Chiesa consegnarono le loro opere d’arte. Pittori, scultori e architetti si recarono agli sportelli dei banchi e vi lasciarono, con la bancale quietanzata, non solo la loro firma, ma anche la causa - spesso molto particolareggiata - del pagamento ricevuto. L’abitudine di abbondare nei dettagli ha fatto si che, la girata conservi precisato un vero capitolato d’opera e offra un contributo talora unico. Ciò esalta il ruolo fondamentale svolto dai banchi nella vita economica e sociale della popolazione napoletana e la stretta connessione con il fenomeno corporativo, fungendo da fulcro nelle reciproche relazioni che accompagnarono lo sviluppo della società meridionale. Il lavoro si sviluppa nel seguente modo: 2. La metodologia, 3. La Corporazione dell’Arte della Seta nel Regno di Napoli, 4. La Chiesa dei Santi Filippo e Giacomo, 5. Le scritture contabili del Banco del Santissimo Salvatore (1640-1806), 6. Il restauro della Chiesa dei Santi Filippo e Giacomo: analisi delle scritture apodissarie dal 1757-1760.

The academic literature on financial reporting and accounting is limited in the football industry compared with other sectors of the economy. The purpose of this paper is to critically analyze the financial communications of football clubs with reference to the impairment test for football players. According to the International Financial Reporting Standards (IFRS), an impairment test measures whether a balance sheet item is actually worth the amount stated on the balance sheet. The balance sheet amount should be reduced if the impairment test indicates a lower value. At the end of each reporting period, a football club is required to assess whether there is any indication that a footballer may be impaired. The paper aims to show that the financial communications and reporting disclosed by football clubs about the impairment test procedure is poor and inadequate. It is argued that the UEFA regulations have gaps that ought to be filled and that IFRS are not perfectly suitable for companies operating in specific business sectors such as the football industry. The study is based on an extensive literature review and an analysis of previous academic studies. In addition, this study investigates the best practices reported in the footnotes of the financial statements of several football clubs in Italy, England and Scotland. These clubs operate and play in different jurisdictions and so also adopt different accounting standards. The research study reveals that only a few of the clubs studied give information about the impairment test in the footnotes to financial statements. This confirms that the financial communications of football clubs are limited. Secondly, only one club studied (Rangers F.C.) acknowledges that a possible external indication for performing an impairment test might be the failure to achieve the sporting goals fixed at the beginning of the sporting season. Our findings suggest that UEFA, FIFA and local football associations should promote new regulations aimed to improve the accuracy of the financial disclosure of football clubs. They should also introduce as an important external indicator to perform the impairment. This kind of failure has a negative impact on football clubs’ revenues. These findings may also have interesting implications for other sporting organisations. This article is published as part of a collection on corporate governance, the sports industry and intellectual capital.

In the last few years, the economic literature has shown an increasing interest in the football industry. Therefore, the purpose of this paper is to investigate the relationship between financial performance and sporting performance in Italian football, by investigating the statistical evidences.In order to do it, the financial indicators and sporting performance will be examined with regards to 29 clubs in Serie A (the highest official Italian football league) that participated in the league during the period 2011-2015. The data are collected from the financial statements of the clubs and have been processed into financial ratio indicators. The empirical statistical analysis has been carried out by means of correlation and regression analysis.This research study empirically reveals that Italian clubs that are in good financial health, not indebted and that record higher revenues achieve the best sporting performance. This process is consistent with the “virtuous circle” theorized by the academic literature.The application of this work can be extended to other national leagues by adding new ratios. On the other hand, the main limitation is related to the fact that the entry of foreign investors in recent years to Serie A could change this trend.

This paper aims to assess whether financial reporting quality affect the access of Italian Non-SME firms to financial debt. In order to measure the financial reporting quality, we assume as proxy the accrual quality. We carried out a regression analysis, using financial statement data of firms sampled. The results reveal a positive association between financial reporting quality and the access to bank and financial institution debt. In addition, our findings also show no association between financial debt maturity and the accounting quality of firms.

Se estudió el comportamiento de búsqueda de alimento del Cormorán Imperial (Phalacrocorax atriceps) en la colonia de Punta León (42°05´S; 64°30´O)utilizando sistemas de posicionamiento global (GPS). A partir del análisis de diversosparámetros de los viajes de alimentación de individuos reproductores se distinguieroncuatro tipos de búsqueda. Se evaluó la consistencia que presentan los individuos endiversos parámetros de sus viajes entre días sucesivos, entre períodos y entretemporadas reproductivas, siendo en general más alta a menores intervalos de tiempo ymenor a largo plazo. A su vez, al comparar los viajes de alimentación de individuos quese reproducían por primera vez con aquellos con experiencia, los machos sinexperiencia reproductiva difirieron de aquellos que se habían reproducidoanteriormente. Se registraron diferencias en el comportamiento de búsqueda de alimentoentre aquellos que consumieron presas bentónicas y pelágicas, a partir del análisis deisótopos de carbono y nitrógeno. Por último, se describió el comportamiento de losindividuos a lo largo del año a partir del uso de dispositivos de geolocalización (GLS). La consistencia en el comportamiento y la especialización en un tipo de presa particularpor parte de los individuos podría estar reflejando una disponibilidad de recursos establea largo plazo, pero también podría eventualmente disminuir la plasticidad que dichosindividuos serían capaces de desarrollar frente a cambios en el ambiente. Foraging behavior of Imperial Shags (Phalacrocorax atriceps) breeding at Punta León colony (42°05´S; 64°30´W) was analyzed with Global Positioning System (GPS) devices. Four types of prey search behavior were distinguished using severalparameters of the foraging trips of breeding individuals. Consistency in foragingbehavior was evaluated for the same individuals on successive days, between periodswithin the season and amongst years and consistency was highest for most parameterswithin short intervals of time than on longer intervals. Individuals breeding for the firsttime were compared with individuals with breeding experience and males withoutbreeding experience differed in their prey search behavior from their experiencedcounterparts. Differences in some foraging trips parameters were associated withbenthic and pelagic diets, evaluated through carbon and nitrogen stable isotope analysis. Behavior of individuals was assessed throughout the year with the use of Geolocation Light Sensors (GLS). Behavioral consistency and dietary specialization may reflect longterm environmental stability and prey abundance, but may also eventually reduce theplasticity individuals are able to develop if the environment changes. Fil: Harris, Sabrina Evelyn. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales; Argentina.