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The integrated report (IR) is a new reporting tool connecting financial and nonfinancial information, in one report. The aim of IR is to present the firm's value creation over time. In recent years, IR has received both increasing academic and professional interest. Recent researches have focused on the potentialities (and criticalities) of IR and on its determinants, while there is a dearth of studies examining the value relevance of the information disclosed through IR for investors. Furthermore, in the literature, there are two competing views on IR usefulness for investors, one positing IR as beneficial, the other, detrimental to investors. Our study intends to contribute to the existing literature by systematically reviewing the empirical studies conducted until now in a thorough and unbiased manner, allowing more general conclusions to be drawn about the phenomenon than is possible from individual studies and to give some insights for further research activities.

The main aim of the paper is to provide evidence that merging the corporate social responsibility (CSR), the leadership, and the social entrepreneurship literatures informs and benefit all these literatures. With this aim, a literature review on the studies investigating how leaders affect organizational CSR, why organizations engage in CSR, and how the environment affects the leader and the organizational CSR approach has been carried out. The outcome is a microfocused, multilevel, and multitheoretical conceptual framework, able to underline the links between the role of the leader, the organizational CSR approach, and the sustainable development of the territory. The conceptual framework has been applied to the GOEL case study, a strategic alliance operating in an unfavorable context. The findings provide evidence of the pivotal role of the leader in defining the organizational CSR approach and that the societal and cultural contexts affect the way in which leader faces the sustainability challenges.

Purpose The scope of the study is to analyze an Italian family firm operating in the transformation and marketing of durum wheat to investigate the degree of accountability of the integrated reporting (IR) disclosed by the organization. Design/methodology/approach The paper uses a case study approach proposing a specific research template to evaluate the implementation of IR depicting the role of three main dimensions: stakeholder involvement, business model and integration. Findings The paper enriches theoretical conceptualization of the implementation of IR proposing a new conceptual model that adds empirical findings to the literature on IR and at the same time addresses the call for studies of Dumay et al. (2016) to engage more with practice and development on IR. Research limitations/implications The use of a specific research framework constitutes both the main strength of the paper and also its main limit, as the dimensions of the framework have been chosen by the authors, and the observations and conclusions are based on the authors’ analysis under an interpretative approach. Practical implications The implementation of the same research framework to other organizational IR documents could allow comparisons to be expressed on the quality of the IR disclosed by different organizations and on the same organization in different periods of time. Originality/value The main originality of this paper is the creation and the employment of a specific template to analyze the degree of accountability of the case study selected representing a non-listed Italian company operating in the food industry.

IL BILANCIO D'ESERCIZIO SECONDO LA NORMATIVA E I PRINCIPI CONTABILI NAZIONALI

Polymer nanoparticles (nps) have gained growing interest as carriers for anticancer drugs as they can target tumour tissues by both passive and active pathways. While the passive targeting mechanisms mainly rely on the small size of the carriers, active targeting requires surface modifications of the polymer core in order to introduce specific functionalities to actively recognize cancer cells. The present work proposes an innovative method for the preparation of surface-functionalized nps based on the use of biodegradable polyester- and polyester/ether-urethanes (PURs) embedding amino functionalities. Two polyurethanes were prepared, one based on just poly(ϵ-caprolactone) diol (PCL-PUR) and the other based on both PCL diol and poly(ethylene glycol) (PEG) (70/30 ratio, PCL-PEG-PUR). Nanoparticles of small size ranging between 150 and 200 nm and negative ζ potential (ranging from −18 mV to −27 mV) were obtained. Functional groups were exposed post nps preparation as confirmed by X-ray photoelectron spectroscopy, ninhydrin assay and 1H NMR, which evidenced a 24% tert-butyloxycarbonyl cleavage for PCL-PUR-NH2 nps and 29% for PCL-PEG-PUR-NH2 nps. The monoclonal antibody Herceptin (HER), which targets HER-2 receptors, was coupled through ethyl(dimethylaminopropyl) carbodiimide/N-hydroxysuccinimide (EDC/NHS) mediated chemistry. The optimal HER:NH2 ratio was determined to be 1:16 for the PEG-containing PUR and 1:8 for PCL-PUR. HER-nps maintained the intrinsic cytotoxicity of the antibody, as shown by the ca 50% decrease of HER-2-expressing HeLa cell viability. The results indicate that our protocol for surface functionalization of PUR nps, based on surface exposure of previously inserted functional groups followed by covalent coupling of biomolecules, is suitable for the preparation of nps for active recognition of target cells. © 2016 Society of Chemical Industry

The paper aims to develop a specific research template able to support researchers in analyzing the quality of an organizational IR, in terms of degree of accountability towards the stakeholders. The research template makes an original contribution to the IR literature simplifying the elements to consider to express an evaluation about the degree of accountability followed by the organization in disclosing IR, an issue on which there is a concern in the IR literature. On the other hand, the research template introduces subjective elements, both in the selection of the key dimensions included in the research framework, and because observations and conclusions are based on the authors’ analysis under an interpretative approach.

The production of efficient heart patches for myocardium repair requires the use of biomaterials with high elastomeric properties and controllable biodegradability. To fulfil these design criteria we propose biodegradable poly(ester urethanes) and poly(ether ester urethanes) from poly(ɛ-caprolactone) (PCL) and poly(ethylene glycol) (PEG) as macrodiols, 1,4-diisocyanatobutane as diisocyanate, l-Lysine Ethyl Ester and Alanine-Alanine-Lysine (AAK) as chain extenders. This peptide was used to tune biodegradability properties, since the Alanine–Alanine sequence is a target for the elastase enzyme. Enzymatic degradation tests demonstrated the feasibility of tuning biodegradability properties due to the introduction of AAK peptide in polyurethane backbone. Two formulations have been processed into porous scaffolds by Thermally-Induced Phase Separation (TIPS). Scanning Electron Microscopy micrographs revealed promising microstructures, which were characterized by stretched and unidirectional pores and mimicked the striated muscle tissue. Tensile tests showed that, although scaffolds are characterized by lower mechanical properties than films, these substrates have suitable elastomeric behaviors and elastic moduli for contractile and soft tissue regeneration. Viability tests on cardiomyocytes revealed the best cell response for dense film and porous scaffold obtained from PCL and Lysine Ethyl Ester-based polyurethane, with an increased viability for the porous substrate, which is ascribable to the morphological features of its microstructure. Future works will be addressed to study the in vivo behavior of these constructs and to confirm their applicability for myocardial tissue engineering. © 2013 Wiley Periodicals, Inc. J Biomed Mater Res Part B: Appl Biomater, 2013.

One of the main challenges in tissue engineering/regenerative medicine (TERM) is the repair of damaged heart tissue, avoiding or minimizing ventricular remodeling which leads to ventricular dilatation and hypertrophy, sphericity increase, and functionality loss. Several approaches have been described to restore or enhance the contractility of the failing heart. One of them is based on the fabrication of 3D substrates that can be implanted in the infarcted area to provide an efficient support to the regenerative process. This review focuses on the strategies adopted to design and realize polymeric scaffolds for heart TERM. The implementation of different polymers and the design of scaffold architecture are described.

This article belongs to the current in research literature, which is concerned with value relevance. Its main aim is to test the impact of the current and future accounting variables on the firm’s market value, by analyzing these relations with reference to the financial sector of the Italian Stock Exchange. To pursue this objective we carried out a multiple linear regression analysis, within a model inspired by the Ohlson model (1995). The model employed verified the research hypotheses for following (subsequent) stages by testing at first the impact of the current accounting variables, then of the future ones on the firm’s market value. The results of the analysis show that the relation between the accounting variables (current and future) and the market price, after controlling for market risk, is fully proved on the Italian market, meaning that investors price accounting data in their firm’s evaluation process. The article contributes to expand the number of empirical research studies on the value relevance of accounting variables, by analyzing this theme on a Stock Exchange market not yet explored from this perspective. The main originality of the article consists in its being one of the first research studies to test the validity of the Ohlson model (1995) in its original version on the Italian market.

PurposeThe purpose of this paper is to examine whether information on intellectual capital (IC) is value relevant for investors and the role played by the single components of IC (human capital, organizational capital, relational capital) in creating firm value.Design/methodology/approachThe 1995 Ohlson model has been employed to investigate the relationship between the current accounting measures (book value and earnings) and future measures of profitability, proxied by IC. The Value Added Intellectual Coefficient (VAIC™) approach is used to determine the firm's efficiency in using IC resources. The sample analysis analyzed is constituted of financial sector companies listed on the Italian Stock Exchange for the period 2006‐2008.FindingsThe findings fully confirm the existence of a positive relationship between accounting values and market value on the one hand and IC components as measured by VAIC™ and market value on the other. Results show that investors attach more value relevance to human capital efficiency (HCE) than to structural capital efficiency (SCE) and that HCE plays an indirect role in the relation between IC and market value.Research limitations/implicationsThe paper is focused on one sector (financial) and one country (Italy). The focus on the entire financial sector allows the authors to validate results from an Italian perspective and to extend them for similar banking structures in other countries, and to favor comparisons with other similar studies.Practical implicationsThe main implications for financial company managers are that, when developing a strategy aimed at strengthening IC, they should consider that human capital plays an indirect part with regard to the other components and that each investment in one of the IC subcategories should not be evaluated in isolation but in relation to its interactions.Originality/valueThe paper realizes a fusion between value relevance and IC literature. To the best of the authors' knowledge, this is the first paper that examines the relationship between VAIC™ and the market value of the Italian financial sector, using an Ohlson model modified to include IC information, comprehensive of the human capital indirect effect.

The alcoholysis of the heteroscorpionate methyl aluminum complex (bpzmp)AlMe 2 (1) (bpzmp = 2,4-di-tert-butyl-6-(bis-(3,5-dimethylpyrazol-1-yl)methyl)phenoxo), promoted both by phenol and isopropanol, has been investigated. The reaction of 1 with phenol afforded the dimeric mono(phenoxo) derivative 2, whereas the alcoholysis of 1 with the less acidic isopropanol involved the coordinated heteroscorpionate ligand and led to the tetrahedral complex 3 in which the aluminum atom is surrounded by one κ 2 -N,O - coordinated bpzmp ligand and one n 1 -O - coordinated ppzmp ligand (ppzmp = 2,4-di-tert-butyl-6-(i-propoxy-(3,5-dimethylpyrazol-1-yl)methyl)phenoxo). Complexes 1-3 have been tested in the ring opening polymerization (ROP) of L-lactide. The dimeric mono(phenoxo) derivative 2 was inactive in the ROP of L-lactide. Quite surprisingly, complex 3 was found to be active in ROP of L- and rac-lactide, showing a good molar-mass control.

Bi-layered scaffolds with a 0°/90° lay-down pattern were prepared by melt-extrusion additive manufacturing (AM) using a poly(ester urethane) (PU) synthesized from poly(ε-caprolactone) diol, 1,4-butandiisocyanate and l -lysine ethyl ester dihydrochloride chain extender. Rheological analysis and differential scanning calorimetry of the starting material showed that compression moulded PU films were in the molten state at a higher temperature than 155°C. The AM processing temperature was set at 155°C after verifying the absence of PU thermal degradation phenomena by isothermal thermogravimetry analysis and rheological characterization performed at 165°C. Scaffolds highly reproduced computer-aided design geometry and showed an elastomeric-like behaviour which is promising for applications in myocardial regeneration. PU scaffolds supported the adhesion and spreading of human cardiac progenitor cells (CPCs), whereas they did not stimulate CPC proliferation after 1–14 days culture time. In the future, scaffold surface functionalization with bioactive peptides/proteins will be performed to specifically guide CPC behaviour.

The production of efficient heart patches for myocardium repair requires the use of biomaterials with high elastomeric properties and controllable biodegradability. To fulfil these design criteria we propose biodegradable poly(ester urethanes) and poly(ether ester urethanes) from poly(ɛ-caprolactone) (PCL) and poly(ethylene glycol) (PEG) as macrodiols, 1,4-diisocyanatobutane as diisocyanate, l-Lysine Ethyl Ester and Alanine-Alanine-Lysine (AAK) as chain extenders. This peptide was used to tune biodegradability properties, since the Alanine-Alanine sequence is a target for the elastase enzyme. Enzymatic degradation tests demonstrated the feasibility of tuning biodegradability properties due to the introduction of AAK peptide in polyurethane backbone. Two formulations have been processed into porous scaffolds by Thermally-Induced Phase Separation (TIPS). Scanning Electron Microscopy micrographs revealed promising microstructures, which were characterized by stretched and unidirectional pores and mimicked the striated muscle tissue. Tensile tests showed that, although scaffolds are characterized by lower mechanical properties than films, these substrates have suitable elastomeric behaviors and elastic moduli for contractile and soft tissue regeneration. Viability tests on cardiomyocytes revealed the best cell response for dense film and porous scaffold obtained from PCL and Lysine Ethyl Ester-based polyurethane, with an increased viability for the porous substrate, which is ascribable to the morphological features of its microstructure. Future works will be addressed to study the in vivo behavior of these constructs and to confirm their applicability for myocardial tissue engineering.

It is shown that the solvent and the temperature used during the coordination step in the preparation of an alumina-supported platinum catalyst have large effects on their observed hydrosilylating properties. These unprecedented observations lead to the preparation of a highly active and reusable catalyst.

The paper investigates whether the managers' attitude towards the investments in human capital (HC) vary in relation to the financial healthiness of firms. The sample includes all the listed European firms belonging to the European Monetary Union, excluding emerging European markets. The data was gathered for a seven-year period (2005-2011) and was processed using the fixed-effects panel method. The findings confirm the hypothesised association between investments in HC and the financial healthiness of the firms. The main limitation is that the key variable of the research, the training costs, are not recorded by all companies, and this severely reduced the number of processed observations. The novelty of the research lies in investigating the association between the investments in HC and the financial healthiness, as the majority of researches on HC investigate their association with the firm's profitability.

The structure-property relationship of degradable polyurethanes from non toxic building blocks was studied by synthesising four different biodegradable poly(ester urethanes) from poly(epsilon-caprolactone) (PCL) dial, 1,4-diisocyanatobutane and different chain extenders. For instance, the chain extenders were an amino acid derivative diamine, an amino acid derivative diol, a cyclic diol and a custom made diamine, containing an enzymatically degradable peptide (Ala-Ala sequence). Physicochemical and morphological characterisation (SEC, DSC, DMA, AFM) was performed, showing the influence of the chain extender on the polyurethane properties. A correlation between surface domain morphologies and thermal properties was highlighted and a relationship between the biological response and surface morphologies was observed. Collecting mechanical characterisation and myoblast cell culture results together, the polyurethane synthesised with the amino acid derivative diamine resulted the most promising candidate for fabricating scaffolds supporting the regeneration of muscle tissues. (C) 2013 Elsevier Ltd. All rights reserved.

One of the main challenges in tissue engineering/regenerative medicine (TERM) is the repair of damaged heart tissue, avoiding or minimizing ventricular remodeling which leads to ventricular dilatation and hypertrophy, sphericity increase, and functionality loss. Several approaches have been described to restore or enhance the contractility of the failing heart. One of them is based on the fabrication of 3D substrates that can be implanted in the infarcted area to provide an efficient support to the regenerative process. This review focuses on the strategies adopted to design and realize polymeric scaffolds for heart TERM. The implementation of different polymers and the design of scaffold architecture are described.

A series of biostable polyurethane (PUR) formulations, including a composite containing a clay as filler, were prepared as new biomaterials for cardiovascular applications. Poly(dimethyl siloxane) and poly(tetramethylene oxide) were selected as macrodiols because of their mechanical properties and the high hydrolysis resistance they confer to PURs. 1,6-Diisocyanatohexane and 1,4-cyclohexane dimethanol were used as a diisocyanate and chain extender, respectively. The polymeric products were chemically, thermally, and mechanically characterized. Thermomechanical characterizations highlighted that some of the obtained formulations are promising materials for applications in the cardiovascular field, in particular, for the realization of annuloplastic rings in mitral valve repair. © 2011 Wiley Periodicals, Inc. J Appl Polym Sci, 2011

The paper has the aim of overcoming the additive property of the VAICTM model in order to take into consideration the synergies among different IC components. Hence, the paper proposes a new formulation of the VAICTM methodology, enriched with a term which measures the IC interaction (interacted term). This improved VAICTM method, interacted VAIC, has been tested on the Italian financial sector. The findings show that the interacted VAIC outperforms basic VAICTM.