Francesco Gangi - Academia.edu (original) (raw)
Papers by Francesco Gangi
Analisi degli investimenti aziendali, 2011
Research in International Business and Finance, Apr 1, 2023
IEEE Transactions on Engineering Management, 2023
European Scientific Journal, ESJ, Oct 31, 2020
This paper has a twofold objective. First, it intends to investigate if and how the cultural dive... more This paper has a twofold objective. First, it intends to investigate if and how the cultural diversity of the board of directors affects the corporate environmental performance of energy firms. Second, it aims at verifying if the relationship between board cultural diversity and corporate environmental performance varies across different legal systems. To address this topic, panel data methodology was used on a sample of 153 firms operating in the energy sector, from 32 countries, over the period 2013-2018. The findings suggest that a higher board's cultural heterogeneity positively affects corporate environmental performance. Moreover, the study reveals that this link is stronger among energy firms from civil law countries compared to energy firms from common law countries.
Business Ethics, the Environment & Responsibility
Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainabl... more Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainable management. Through OI, companies can harness their environmental capabilities to develop sustainable innovations that provide mutual benefits for companies and society. We explore the impact of Corporate Governance (CG) on Green Product Innovation (GPI) as OI and the impacts of GPI on corporate financial performance (CFP). Adopting Heckman's two‐stage procedure to a panel of 622 science‐based firms over the study period of 2008–2021, in the first step, we test the link between boards of directors' characteristics and GPI engagement. In the second step, we test the relationship between GPI and CFP. The findings confirm that effective CG mechanisms positively impact GPI performance. Moreover, GPI is a positive predictor of reduced firm riskiness. Therefore, we provide new insights into the debate on the links among CG, GPI, and CFP that can help companies meet the new challenges...
Business Ethics, the Environment & Responsibility
The study investigates how board cultural diversity (BCD) affects bank stakeholder engagement thr... more The study investigates how board cultural diversity (BCD) affects bank stakeholder engagement through improved corporate social performance (CSP) and whether banks' corporate social responsibility (CSR) strategy mediates the relationship between BCD and banks' social performance. Adopting an international sample of 379 banks from 2010 to 2019, we found that BCD improves engagement in socially responsible issues in the banking sector. Moreover, we show a mediating role of strategic CSR on the relationship between BCD and banks' social performance. Hence, we contribute to the research on the role of corporate governance mechanisms as drivers of CSR engagement. Furthermore, based on the mediation effect of strategic CSR, we advance the discussion on the link between BCD and banks' social performance. Our findings provide implications for banks and policy‐makers, indicating the opportunity to promote cultural diversity, which supports socially responsible banking, while ...
Edward Elgar Publishing eBooks, Apr 21, 2023
Research in International Business and Finance
Global Business Review
This article investigates whether equity analysts promote or discourage environmental, social and... more This article investigates whether equity analysts promote or discourage environmental, social and governance (ESG) engagement by using an international sample of firms incorporated in 46 countries. To establish causality, we rely on two natural experiments, that is, brokerage mergers and closures, which generate an exogenous coverage termination. We find that the loss of an equity analyst results, on average, in an increase in the ESG score. This finding is consistent with the view that equity analysts exacerbate managerial myopia, encouraging listed firms’ managers to excessively focus on short-term outcomes. We also find that the impact of analyst loss on the ESG performance holds only for companies whose managers pay more attention to not miss earnings targets and for firms located in countries where the cultural orientation to long-term growth (rather than short-term results) is stronger. Finally, by decomposing the ESG score into its various sub-pillars, we observe that the imp...
Corporate Social Responsibility and Environmental Management
European Scientific Journal ESJ, 2021
The purpose of this paper is to address the relationship between intellectual capital and corpora... more The purpose of this paper is to address the relationship between intellectual capital and corporate environmentalism, assuming that intellectual capital may be an important precondition to foster environmental commitment and that, on the other side, corporate environmentalism may positively determine the level of intellectual capital in a reciprocal and virtuous circle. To address this topic, we conducted two OLS regression analysis on a worldwide sample of 235 firms operating in the food industry, over an eight years’ time horizon (2010-2017), with 1,686 firm-year observations gathered from Asset-4ESG and Worldscope. Results confirm our hypotheses thus providing important theoretical and managerial implications.
CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES
Using a sample of 21 centenarian family firms from European countries over the 2008-2020 study pe... more Using a sample of 21 centenarian family firms from European countries over the 2008-2020 study period, we verify if corporate social responsibility (CSR) engagement can help the longevity of the centenarian family firms. In particular, consistent with the stakeholder theory and resource-based view, we find that the corporate social performance (CSP) has a positive impact on the corporate financial performance of family firms, even during a period affected by international financial crisis that stressed the survival of firms. Hence, based on the concept of CSR as a co-specialized asset that improves other assets, such as resilience, corporate identity, reputation and stakeholder influence capability, our results show that CSR engagement represents a key to longevity and a solution to the potential trade-off between the socioemotional wealth and the financial performance of centenarian family firms
Journal of Cleaner Production
Studies in Managerial and Financial Accounting, 2013
ABSTRACT Purpose � The research aims to empirically investigate the determinants of the breadth o... more ABSTRACT Purpose � The research aims to empirically investigate the determinants of the breadth of the corporate social disclosure (CSD). Design/methodology/approach � The study adopts a multi-perspective approach, referring to different theoretical frameworks on CSD, such as the legitimacy theory, the stakeholder theory, the agency model, the asymmetric information theory, and the institutional perspective. The empirical research is based on the sustainability reports of 80 companies in which investments were made by European socially responsible funds (SRFs) listed on the Morningstar platform during the years 2009�2008. The theoretical hypotheses are tested by a univariate and multivariate analysis. Findings � The breadth of the CSD depends on multiple factors, both external and internal, such as the country of origin, the industry reputation, the firm size, the frequency of the SRFs participation, the corporate social performance. Research limitations/implications � Limits inherent in this type of research are the comparability of the CSR reports and the systematization of the categories of content to be analyzed. Practical implications � The chapter identifies several factors that lead to a greater completeness of the CSD, exploiting the capacity of the social reporting to trigger benefits for the firms such as a stronger social legitimacy and the reduction of asymmetric information. Social implications � The research supports the investigation of the levers of CSD to meet the demand for a broader accountability. Originality/value � The reference to firms in which SRFs participated allows to focus on companies ascertained as socially responsible in accordance with a “certification function” of these funds. Findings support an approach which is not one-sided, thus enabling to look at the determinants of the CSD through different theoretical perspectives.
Studies in Classification, Data Analysis, and Knowledge Organization, 2008
In this paper we aim to investigate the consistency of the certification model against the advers... more In this paper we aim to investigate the consistency of the certification model against the adverse selection model with respect to the operational performances of venture-backed (VB) IPOs. We analyse a set of economic-financial variables an italian IPOs sample between 1995 and 2004. After non-parametric tests, to take into account the non-normal, multivariate nature of the problem, we propose a non-parametric regression model, ie Partial Least Squares, as appropriate investigative tool.
MTISD 2008. Methods, Models and Information Technologies for Decision Support Systems, Oct 27, 2008
Abstract: Arbitrage Pricing Theory (APT) leads good estimates of expected utility stock returns b... more Abstract: Arbitrage Pricing Theory (APT) leads good estimates of expected utility stock returns by means of k factors. Notwithstanding initial skepticism the idea of using multiple risk factors to explain the relationship between expected return and asset risk has been winning. In literature the APT has been seen as a generalization of single risk factor approach of Capital Asset Pricing Model (CAPM). The APT provides a better indication of asset risk and a better estimate of expected return than CAPM does. In this paper we ...
Business for Society, 2019
Renewal Membership Application Date: ____________________________________________________________... more Renewal Membership Application Date: ______________________________________________________________________________ Name: ______________________________________________________________________________ Address: ______________________________________________________________________________ City, State, Zip: ______________________________________________________________________________ Phone: ( _____ ) _____ _____ UTA E mail: _____________________________________
In this section, we intend to answer a specific question: namely, whether a bank has a social fun... more In this section, we intend to answer a specific question: namely, whether a bank has a social function and, if so, how can this claim be justified? A first and fundamental perspective is based on a Schumpeterian vision of the bank's role as an economic institution. Schumpeter was among the first to recognise a bank's crucial role in society, thanks to its function of supporting entrepreneurial initiative and, therefore, economic development. In acknowledging this role, Schumpeter makes reference to some fundamental aspects of his research, namely: the function of the entrepreneur; the interruption of the circular flow through innovation; and the development of the capitalist system. According to Schumpeter, bank credit acts as an injunction to the economic system to subordinate itself to the aims of the entrepreneur, entrusting him with resources (goods and productive forces) that he can use to further his initiative. Only in this way, says Schumpeter, does economic development take place; only in this way do we get to see the new "equilibrium" which comes about by doing the same things differently or by doing new things that interrupt the circular flow. In supporting the entrepreneur, the bank
Business Strategy and the Environment, 2021
Analisi degli investimenti aziendali, 2011
Research in International Business and Finance, Apr 1, 2023
IEEE Transactions on Engineering Management, 2023
European Scientific Journal, ESJ, Oct 31, 2020
This paper has a twofold objective. First, it intends to investigate if and how the cultural dive... more This paper has a twofold objective. First, it intends to investigate if and how the cultural diversity of the board of directors affects the corporate environmental performance of energy firms. Second, it aims at verifying if the relationship between board cultural diversity and corporate environmental performance varies across different legal systems. To address this topic, panel data methodology was used on a sample of 153 firms operating in the energy sector, from 32 countries, over the period 2013-2018. The findings suggest that a higher board's cultural heterogeneity positively affects corporate environmental performance. Moreover, the study reveals that this link is stronger among energy firms from civil law countries compared to energy firms from common law countries.
Business Ethics, the Environment & Responsibility
Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainabl... more Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainable management. Through OI, companies can harness their environmental capabilities to develop sustainable innovations that provide mutual benefits for companies and society. We explore the impact of Corporate Governance (CG) on Green Product Innovation (GPI) as OI and the impacts of GPI on corporate financial performance (CFP). Adopting Heckman's two‐stage procedure to a panel of 622 science‐based firms over the study period of 2008–2021, in the first step, we test the link between boards of directors' characteristics and GPI engagement. In the second step, we test the relationship between GPI and CFP. The findings confirm that effective CG mechanisms positively impact GPI performance. Moreover, GPI is a positive predictor of reduced firm riskiness. Therefore, we provide new insights into the debate on the links among CG, GPI, and CFP that can help companies meet the new challenges...
Business Ethics, the Environment & Responsibility
The study investigates how board cultural diversity (BCD) affects bank stakeholder engagement thr... more The study investigates how board cultural diversity (BCD) affects bank stakeholder engagement through improved corporate social performance (CSP) and whether banks' corporate social responsibility (CSR) strategy mediates the relationship between BCD and banks' social performance. Adopting an international sample of 379 banks from 2010 to 2019, we found that BCD improves engagement in socially responsible issues in the banking sector. Moreover, we show a mediating role of strategic CSR on the relationship between BCD and banks' social performance. Hence, we contribute to the research on the role of corporate governance mechanisms as drivers of CSR engagement. Furthermore, based on the mediation effect of strategic CSR, we advance the discussion on the link between BCD and banks' social performance. Our findings provide implications for banks and policy‐makers, indicating the opportunity to promote cultural diversity, which supports socially responsible banking, while ...
Edward Elgar Publishing eBooks, Apr 21, 2023
Research in International Business and Finance
Global Business Review
This article investigates whether equity analysts promote or discourage environmental, social and... more This article investigates whether equity analysts promote or discourage environmental, social and governance (ESG) engagement by using an international sample of firms incorporated in 46 countries. To establish causality, we rely on two natural experiments, that is, brokerage mergers and closures, which generate an exogenous coverage termination. We find that the loss of an equity analyst results, on average, in an increase in the ESG score. This finding is consistent with the view that equity analysts exacerbate managerial myopia, encouraging listed firms’ managers to excessively focus on short-term outcomes. We also find that the impact of analyst loss on the ESG performance holds only for companies whose managers pay more attention to not miss earnings targets and for firms located in countries where the cultural orientation to long-term growth (rather than short-term results) is stronger. Finally, by decomposing the ESG score into its various sub-pillars, we observe that the imp...
Corporate Social Responsibility and Environmental Management
European Scientific Journal ESJ, 2021
The purpose of this paper is to address the relationship between intellectual capital and corpora... more The purpose of this paper is to address the relationship between intellectual capital and corporate environmentalism, assuming that intellectual capital may be an important precondition to foster environmental commitment and that, on the other side, corporate environmentalism may positively determine the level of intellectual capital in a reciprocal and virtuous circle. To address this topic, we conducted two OLS regression analysis on a worldwide sample of 235 firms operating in the food industry, over an eight years’ time horizon (2010-2017), with 1,686 firm-year observations gathered from Asset-4ESG and Worldscope. Results confirm our hypotheses thus providing important theoretical and managerial implications.
CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES
Using a sample of 21 centenarian family firms from European countries over the 2008-2020 study pe... more Using a sample of 21 centenarian family firms from European countries over the 2008-2020 study period, we verify if corporate social responsibility (CSR) engagement can help the longevity of the centenarian family firms. In particular, consistent with the stakeholder theory and resource-based view, we find that the corporate social performance (CSP) has a positive impact on the corporate financial performance of family firms, even during a period affected by international financial crisis that stressed the survival of firms. Hence, based on the concept of CSR as a co-specialized asset that improves other assets, such as resilience, corporate identity, reputation and stakeholder influence capability, our results show that CSR engagement represents a key to longevity and a solution to the potential trade-off between the socioemotional wealth and the financial performance of centenarian family firms
Journal of Cleaner Production
Studies in Managerial and Financial Accounting, 2013
ABSTRACT Purpose � The research aims to empirically investigate the determinants of the breadth o... more ABSTRACT Purpose � The research aims to empirically investigate the determinants of the breadth of the corporate social disclosure (CSD). Design/methodology/approach � The study adopts a multi-perspective approach, referring to different theoretical frameworks on CSD, such as the legitimacy theory, the stakeholder theory, the agency model, the asymmetric information theory, and the institutional perspective. The empirical research is based on the sustainability reports of 80 companies in which investments were made by European socially responsible funds (SRFs) listed on the Morningstar platform during the years 2009�2008. The theoretical hypotheses are tested by a univariate and multivariate analysis. Findings � The breadth of the CSD depends on multiple factors, both external and internal, such as the country of origin, the industry reputation, the firm size, the frequency of the SRFs participation, the corporate social performance. Research limitations/implications � Limits inherent in this type of research are the comparability of the CSR reports and the systematization of the categories of content to be analyzed. Practical implications � The chapter identifies several factors that lead to a greater completeness of the CSD, exploiting the capacity of the social reporting to trigger benefits for the firms such as a stronger social legitimacy and the reduction of asymmetric information. Social implications � The research supports the investigation of the levers of CSD to meet the demand for a broader accountability. Originality/value � The reference to firms in which SRFs participated allows to focus on companies ascertained as socially responsible in accordance with a “certification function” of these funds. Findings support an approach which is not one-sided, thus enabling to look at the determinants of the CSD through different theoretical perspectives.
Studies in Classification, Data Analysis, and Knowledge Organization, 2008
In this paper we aim to investigate the consistency of the certification model against the advers... more In this paper we aim to investigate the consistency of the certification model against the adverse selection model with respect to the operational performances of venture-backed (VB) IPOs. We analyse a set of economic-financial variables an italian IPOs sample between 1995 and 2004. After non-parametric tests, to take into account the non-normal, multivariate nature of the problem, we propose a non-parametric regression model, ie Partial Least Squares, as appropriate investigative tool.
MTISD 2008. Methods, Models and Information Technologies for Decision Support Systems, Oct 27, 2008
Abstract: Arbitrage Pricing Theory (APT) leads good estimates of expected utility stock returns b... more Abstract: Arbitrage Pricing Theory (APT) leads good estimates of expected utility stock returns by means of k factors. Notwithstanding initial skepticism the idea of using multiple risk factors to explain the relationship between expected return and asset risk has been winning. In literature the APT has been seen as a generalization of single risk factor approach of Capital Asset Pricing Model (CAPM). The APT provides a better indication of asset risk and a better estimate of expected return than CAPM does. In this paper we ...
Business for Society, 2019
Renewal Membership Application Date: ____________________________________________________________... more Renewal Membership Application Date: ______________________________________________________________________________ Name: ______________________________________________________________________________ Address: ______________________________________________________________________________ City, State, Zip: ______________________________________________________________________________ Phone: ( _____ ) _____ _____ UTA E mail: _____________________________________
In this section, we intend to answer a specific question: namely, whether a bank has a social fun... more In this section, we intend to answer a specific question: namely, whether a bank has a social function and, if so, how can this claim be justified? A first and fundamental perspective is based on a Schumpeterian vision of the bank's role as an economic institution. Schumpeter was among the first to recognise a bank's crucial role in society, thanks to its function of supporting entrepreneurial initiative and, therefore, economic development. In acknowledging this role, Schumpeter makes reference to some fundamental aspects of his research, namely: the function of the entrepreneur; the interruption of the circular flow through innovation; and the development of the capitalist system. According to Schumpeter, bank credit acts as an injunction to the economic system to subordinate itself to the aims of the entrepreneur, entrusting him with resources (goods and productive forces) that he can use to further his initiative. Only in this way, says Schumpeter, does economic development take place; only in this way do we get to see the new "equilibrium" which comes about by doing the same things differently or by doing new things that interrupt the circular flow. In supporting the entrepreneur, the bank
Business Strategy and the Environment, 2021