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La responsabilità degli organi di governance, nel contesto delle procedure concorsuali, ha visto nel tempo alterne interpretazioni. Il presente contributo propone una razionalizzazione in chiave aziendalistica per evitare il rischio di riconoscere una natura inopportunamente oggettiva alla fattispecie.Nesso di causalità e misurazione del danno vengono riletti con la lente delle teorie manageriali e della creazione di valore, in modo da ottenere una valutazione più oggettiva che funga da giusto equilibrio tra tendenze eccessivamente garantiste e approcci inopportunamente deterministici. Il superamento di tale determinismo si perfeziona con la proposta di un metodo di stima del danno liquidabile, che si sostiene proprio sulla logica decrementale della misurazione del valore distrutto, in luogo di quella meramente contabile del profitto.Nell'attuale contesto di riforma del diritto della crisi, soprattutto alla luce del dovere di agire in prevenzione come disposto dal novellato art. 2086 c.c., non si può prescindere da una valutazione di ciascun atto di gestione, nel contesto specifico dell'azienda in cui esso è compiuto superando approcci pericolosamente generalisti.

The recent outbreak of novel coronavirus (Covid-19) has led to a global panic due to its fatal nature which has harshly impacted the tourist sector and on the place reputation in general. This study aims to compare the factors that develop tourist preferences in terms of (i) what drives the favorability of tourist preferences? (ii) what relationship exists between tourist expectations, proximity, and favorable reputation? and (iii) what are the main influences of tourist preferences on hospitality system competitiveness pre and post Covid-19? By employing structural equation modeling, this study advances knowledge into the research variables’ relationships and advances reputation and marketing performance and practices in the hospitality industry.

Knee osteoarthritis is a major cause of disability worldwide. Newer modalities of treatment with less morbidity, such as intra-articular injection of microfragmented fat (MFAT), are showing promise. We report on our novel observation that women show a greater improvement in pain and function to MFAT than men. Traditionally, women have been underrepresented in studies and studies with both sexes regularly fail to analyze the results by sex. To mitigate for this bias and quantify it, we describe a technique using reproducible statistical analysis and replicable results with Open Access statistical software R to calculate the magnitude of this difference. Genetic, hormonal, environmental, and age factors play a role in our observed difference between the sexes. There is a need for further studies to identify the molecular basis for this difference and be able to utilize it to improve outcome for both women and men.

The Italian insolvency framework makes several restructuring tools available to firms and their creditors, so that distress does not necessarily lead to liquidation. This paper analyses two such instruments: debt restructuring agreements (DRAs) and compositions with creditors (CCs), both commonly used to reorganize distressed firms and preserve their continuity. These procedures typically involve large firms, particularly in the case of DRAs where judicial control over negotiations is milder. Firms using DRAs are in less critical economic conditions when they file for restructuring, but they do so after longer periods of distress. Despite their declared aim, the effectiveness of these instruments in terms of business continuity is limited: many firms that use them end up exiting the market, in particular in DRAs. Firms that survive display only partial recovery, which is relatively more intense in CCs. However, the apparently superior performance of CCs is overshadowed by the long duration of restructuring, which may prevent us from observing definitive outcomes.

Corporate restructuring has become a central topic for both academics and practitioners, particularly following the global financial crisis. In particular, there is increasing interest in understanding the effectiveness of turnaround strategies, which are defined as attempts to restore the performance of firms after periods of downfall. However, despite the relevance of this issue, there is a shortage of empirical evidence regarding the effectiveness of turnaround strategies related specifically to financial interventions. Through the support of an empirical analysis among Italian firms, this paper seeks to fill this significant gap in the available literature. In particular, we conducted an in-depth analysis of 262 debt restructuring agreement (DRA) plans that occurred between 2005 and 2013 in 16 bankruptcy courts. Our study confirms the positive effect of changes in the top management team. This measure can be both a symbolic signal of genuine willingness to modify the strategy of the firm, and a real manifestation of the necessity to have new skills to complete the turnaround. In addition, the adoption of operational and strategic/asset measures increase the likelihood of turnaround success.

This work focuses on the economic implications of the relationship between life expectancy, the number of years lost to disability and per-capita total health expenditure. The primary goal of the paper is to identify and plot the correlation between healthcare expenditure and the global increase in life expectancy, in order to assess if, and how, the way longer average lifespans are achieved affects healthcare sustainability. Datasets regarding the United States, the European Union and the five largest emerging healthcare systems (i.e., Brazil, the Russian Federation, India, China and South Africa) were obtained from the Institute for Health Metrics and Evaluation and the WHO Health Expenditure Statistics Repository. All analysis was performed on 2017 data. The results of the analysis showed the number of years lost to disability to be a linear function of life expectancy at birth (male R2 = 0.61; female R2 = 0.47), and per-capita total health expenditure to be an exponential function of the number of years lost to disability (male R2 = 0.60; female R2 = 0.65). This implies that improving life expectancy via social policies bears negative consequences in terms of healthcare sustainability, unless the number of years lost to disability is reduced too. Further studies should narrow the sample of countries and causes of years lost due to disability, to better inform future policy efforts.

Italian Insolvency Law has been widely reformed since 2005 in order to introduce new legal procedures aimed at preserving troubled companies, discerning viable from irredeemable businesses, and increasing productivity through a more efficient management of insolvency proceedings. The excessive duration of bankruptcy cases was repeatedly brought to the attention of the European Court of Human Rights, relating to the right to a fair trial in terms of reasonable duration. After the reform, the Preventive Arrangement with Creditors (Concordato Preventivo) became Italy’s equivalent of US’s Chapter 11 and can be considered the main instrument used by small and medium-sized companies (and sometimes large ones) to manage insolvency by avoiding bankruptcy. This paper provides an empirical analysis on filing of Preventive Arrangements with Creditors in the Court of Milan, one of the largest courts in Italy, in the 2005-2014 period. Through the exam of 720 cases, 60% of the total number, the research shows the different features of the procedure, analyzes the characteristics of companies that resort to it and its diverse purposes of liquidation or restructuring. Due largely to the newness of the legislation, along with the complexity of the Italian system, it is rather difficult to generalize conclusions. Nevertheless, the paper shows how Preventive Arrangements with Creditors can be considered a more efficient instrument than the alternative bankruptcy, both in terms of timeframe as well as with creditors‘ satisfaction. As part of the overall European reform process of insolvency proceedings, following the 2014 Recommendation issued by the European Commission, Italy seems to provide useful insights for other countries in Europe.

Dal 2002 Consob ha introdotto per alcune societa quotate l’obbligo di fornire al mercato piu frequenti informazioni, in presenza di situazioni di tensione finanziaria o di altri elementi che possano far dubitare della continuita aziendale. L’articolo esamina le 79 societa che sono entrate nella c.d. "black list" tra il 2002 e il 2013, evidenziandone le caratteristiche alla ricerca di elementi ricorrenti, sia con riferimento all’ingresso che all’uscita dalla lista. Nonostante le dimensioni del campione consentano di individuare correlazioni solo moderatamente significative, l’analisi si presenta quale primo tentativo sistematico di affrontare il fenomeno e potenziale base per future ulteriori ricerche.

Italian Abstract: Lo studio fornisce un ampio insieme di nuove evidenze empiriche sull’impiego e sul funzionamento delle procedure di concordato preventivo basate su un dataset, appositamente assemblato, che costituisce la piu ricca base informativa al momento disponibile. I concordati sono impiegati prevalentemente con finalita liquidatoria (circa il 70 per cento dei casi). La percentuale di concordati per i quali quanto previsto nel piano e effettivamente realizzato e pari a meno di un quarto. Il recupero dei crediti assistiti da garanzia avviene in misura pressoche integrale in tutte le tipologie di concordato, mentre per i crediti non garantiti i tassi di recupero variano sensibilmente: dal 18 per cento per i concordati liquidatori al 37 per cento per quelli in continuita diretta (23 per cento per quelli in continuita indiretta). Analisi di regressione mostrano che migliori performance dei concordati preventivi sono associate a un minore grado di “cronicita della crisi” al momento dell’apertura del concordato, misurata con il tempo trascorso dalle prime difficolta persistenti che l’impresa incontra nell’adempiere agli obblighi nei confronti dei creditori bancari e l’avvio della procedura. English Abstract: The paper provides a large set of new evidence about the workings of judicial composition with creditors (concordato preventivo) procedures based on a new dataset, specifically compiled, which constitutes the richest source of information currently available on the functioning of these procedures. Judicial composition with creditors is mainly used for the piecemeal liquidation of firms (about 70 per cent of the cases). Less than a quarter of judicial compositions with creditors fulfill the provisions of the plans. The recovery rate for secured loans is almost 100 per cent for all types of compositions, while for unsecured loans, recovery rates vary considerably: from 18 per cent in the case of piecemeal liquidation to 37 per cent in the case of restructuring (23 per cent for judicial composition with creditors that provides for the sale of the entire firm or of a branch). Regression analysis shows that better performance of judicial compositions with creditors is associated with a less chronic crisis at the time the judicial composition with creditors is initiated, measured as the time that passes between the earliest persistent difficulties faced by the firm in fulfilling its obligations to bank creditors and the initiation of the procedure.

In its life cycle, an enterprise may experience periods of crisis. If the crisis is monitored promptly and appropriate measures are taken, not only may the enterprise continue to operate but it may also be able to seize opportunities for growth. The Italian legislator is introducing a procedure aimed at supporting companies to detect the very first warning signs of a crisis. The supervisory board of auditors, the audit firm, and certain qualified creditors will have the right and duty to start the early warning procedure (“allerta”). The board of statutory auditors (Collegio Sindacale) plays a fundamental role: its ex-ante supervisory and control activities over management allow it to effectively play an important role as main recipient of any crisis warning signs. The new regulatory framework lays down certain indicators and critical thresholds, which may trigger the alert process. Initially, the Delegated Legislation (Bill No.3671- bis) sets forth certain specific financial indicators. The new bill (Crisis and Insolvency Code) on the contrary refers to a more complex and sector-specific system of indicators. The findings of an empirical research conducted by analysing a sample of more than 600 enterprises and testing the discriminating capacity of the indicators initially considered are presented herein.

As a sort of Italian equivalent of US’s Chapter 11, the Preventive Arrangement with Creditors (Concordato Preventivo) is now the main instrument in Italy for small and medium-sized companies (and sometimes large ones) to manage insolvency by avoiding bankruptcy. Through the examination of 60% of the total cases filed at the Court of Milan during the 2005–2014 period, authors investigated the different features of the procedure, the characteristics of the company that adopts it, and its diverse purposes of liquidation or restructuring. The complexity of the Italian system and the novelty of the legislation have made it rather difficult to reach definitive conclusions. However, Preventive Arrangements with Creditors can be considered a more efficient instrument than the alternative bankruptcy, both in terms of timeframe and creditors’ satisfaction. Within the overall European reform process of insolvency proceedings, Italy seems to provide useful insights for other countries in Europe, following in particular the 2014 Recommendation issued by the European Commission.

The importance of non-traditional alternative/innovative financing is gaining recognition in both developed and emerging economies throughout the world (OECD, 2012; EC, 2013; ECB, 2013; ECB, 2014). SME financing in Europe remains primarily bank based, in spite of the many policies proposed to develop alternative financing instruments (e.g. adopting directives on venture capital, improving the transparency and visibility of SMEs on capital markets, etc.) The paper aims at understanding the availability of alternative resources for SMEs by analyzing them rigorously, understanding the obstacles for the development of non-bank finance and developing recommendations to overcome them. The research is therefore to expose recent trends in innovative financing in Latvia and Italy, significantly enhancing the evidence base on this key source of entrepreneurial finance. As a source of ‘smart money’, supporting new and early stage businesses, innovative providers are widely accepted as being a critical part of the entrepreneurial eco-system.

Purpose of the paper : Health and sustainability have become an almost indissoluble unity of analysis in all advanced health care systems. We ask the research question if the Italian enduring recession will affect the economic and financial sustainability of Government health financing in the period 2014-2018. Methodology : We have adapted the theoretical framework of economic and financial health care sustainability introduced by the WHO in 2009 to an economy suffering from an enduring recession and stagflation, with data obtained from the Italian Document of Economy and Finance 2011 and 2014 and the International Monetary Fund. Findings : We found that the Document of Economy and Finance 2014: 1) has significantly reduced the fraction of GDP allocated to public health financing (6.98%; 95% CI 6.80-7.21) with respect to the previous Document of Economy and Finance 2011 (6.98%; 95% CI 6.80-7.21) at a confidence level of p < 0.05 with t = 4.4285, df = 11.978 and p-value = 0.0008269; 2) has increased the fraction of GDP allocated to non-health financing; 3) has based its spending forecasts on a growing GDP , contrary to all forecasts made by the IMF. Within the analytical framework utilized, this implies that the Italian Government health financing is both economically and financially unsustainable. Research limitations : This approach encounters some limits as the dynamic uncertainty of a socioeconomic downturn and an aging population could induce a complete modification of health care financing from public to a mixture of public and insured private.

Listed companies are subject to significant transparency obligations, which are essential for correct investor's portfolio allocation and to ensure the proper functioning of markets. The issue is particularly relevant as disclosure requirements related to listing entail a trade-off between costs and benefits of transparency which should be carefully evaluated. In Italy, the “Consob blacklist” includes listed companies which are subject to more frequent obligations of information disclosure, pursuant to art. 114 of Legislative Decree, 24 February 1998, n. 58. Since its establishment in 2002, 79 companies have been included, a large number especially when compared to the small size of the Italian market. This study analyses primary elements of this new instrument such as its effectiveness in investor protection, characteristics and recurring elements of companies included in the list, the role played by general economic trends in determining conditions for inclusion, elements able to influence the possible outcome (favourable or unfavourable) deriving from the inclusion in the blacklist.

Italy and the Eurozone are heading in the year 2012 into a financial depression of unprecedented magnitude, with a forthcoming multitude of often contradictory public economic and financial stability emergency interventions whose ultimate endogenous and exogenous effects on public and private health spending and on the sustainability of universal coverage are difficult to predict ex ante. The research question is to assess whether it is possible to synthesise into a single and simple quantitative index such multitude of public economic and financial stability interventions and assess their magnitude and direction towards increasing or decreasing sustainability of publicly funded health care and universal coverage. We have analyzed the Italian Economic and Stability Reform Program 2011-2014 and we have proposed a quantitative synthetic sustainability index {\sigma} based on simple partial and absolute differential equations. The sustainability index {\sigma} highlights that in case the growth of the GDP in the period 2011-2014 be insufficient - as is already the case in the first semester of 2012 - all the assumptions on which the Italian Economic and Stability Reform Program 2011-2014 rests will fall, and Universal Coverage will become unsustainable. Health and Public Health professionals should intervene immediately with Italian and Eurozone national budgets planners and financial health regulators before unselective exogenously induced health financing and provision shortages produce irreparable epidemiological effects., Comment: 28 pages

Background Italy and the Eurozone are in their largest ever financial depression. Several, often contradictory, public economic and financial stability emergency interventions are being introduced, whose ultimate effects on public and private health spending and on the sustainability of universal health coverage are difficult to predict. We assessed their magnitude and effect on sustainability of publicly funded health care and universal coverage. The Italian Economic and Stability Reform Program 2011–14 assumes that: gross domestic product will grow exponentially between 2011 and 2014, at a rate of 3·18% per year compared with 3·29% in the period 1997–2010; the public component of health-care financing will not grow in the period 2011–14 compared with growth of 0·82% per year for 1997–2010; and growing expenditure for non-health applications—for example, sovereign debt service, pensions, unemployment subsidies, sovereign debt fiscal compact, and deficit reduction—is not expected to affect health financing and universal coverage. Methods We analysed the Italian Economic and Stability Reform Program 2011–2014, which incorporates Eurostat and Organisation for Economic Co-operation and Development health and economic data and guidelines, and developed a quantitative synthetic sustainability index σ based on simple partial and absolute differential equations to account for simultaneous variation in total health financing, its public component, and nominal gross domestic product. We tested historical trends and projections adjusted with the sustainability index σ with standard population Pearson's product-moment correlation coefficients. Findings The Italian Economic and Stability Reform Program 2011–2014 focuses its public health-care financing interventions on freezing the exponential growth of public health financing propensity (the ratio between public health financing and the nominal gross domestic product; presently roughly 7% of gross domestic product), while adjusting the growth rate of public health financing (exponential growth rate=2·83%, r=0·98) to that of gross domestic product (exponential growth rate=3·18%, r=1·00). Under the assumptions of the Economic and Stability Reform Program, the sustainability index σ is in the financially sustainable range (–1 Interpretation Health professionals should advise Italian and Eurozone national budget planners and financial health regulators before unselective public health financing and provision shortages following the European Fiscal Compact Convergence and Stability Parameters incorporated in the Italian Economic and Stability Reform Program damage universal health coverage in Italy. Funding University of Milano-Bicocca, University of Bergamo.

Background Evidence from the Global Burden of Disease Study 2010 is consistent with the expectation that, in China, where the number of healthy years lost to disability at birth in 2010 was 7·95 years compared with the median of 10·51 (median absolute deviation=1·15) of G20 nations, post-2015 a society living longer will lose an increasing number of years to non-fatal disease and injury. We generated the conditional hypothesis that this expansion of morbidity also has economic effects: in 2012, with a per-person total health expenditure of 480 purchasing power parity in international dollars, China was the third lowest spender among the G20 nations (median 2222, median absolute deviation 1723). We reviewed published work on convergence of health status and analysed data from the Global Health Data Exchange (GHDx) of the Institute for Health Metrics and Evaluation, the University of Washington, Seattle, WA, USA, and from the WHO Health Expenditure Statistics Database. Methods Reproducibility can improve evidence-based research, engage stakeholders, and promote transparency among health policy makers. For these reasons, this study uses open-access R software and public repositories of the GHDx (454 410 records) and the WHO Health Expenditure Statistics Database (164 220 records); our statistical inference can be downloaded from GitHub, and reproduced and improved by fellow researchers. We tested the multiple linear model that, within the reference population of G20 nations, per-person total health expenditure is related to health-adjusted life expectancy (HALE) and the number of years lived with disability (YLD). Findings In our reference population, the log transformation of per-person total health expenditure is positively related to HALE and YLD (R 2 0·61; F-statistic 33; p Interpretation We generated the conditional hypothesis that post-2015 in China, if YLD and HALE converge towards the median of G20 nations, per-person total health expenditure will grow from 480 to 2195 purchasing power parity in international dollars (95% CI 1827–2636). Our results lent support to the conclusion that YLD and HALE are relevant quantities for an evidence-based assessment of the sustainability of the health development agenda in China and G20 nations post-2015. Funding University of Bergamo, Bergamo, Italy.

29.1 Amministratori, Direttori generali, componenti degli organi di controllo, liquidatori de soci di società a responsabilità limitata. 29.2 Società con soci a responsabilità limitata 29.3 Fallimento della società e dei soci 29.4 Regolazione della crisi o insolvenza del gruppo di imprese