Giovanni Liberatore - Academia.edu (original) (raw)
Papers by Giovanni Liberatore
Accounting & Finance
This study examines the relationship between female pervasiveness within the entire company and f... more This study examines the relationship between female pervasiveness within the entire company and firm‐risk taking. We exploit The UK Equality Act (2010), further enforced in 2017, which was made mandatory for firms operating in UK to disclose their gender pay gap. We use this measure to proxy female pervasiveness and we find it to be negatively associated with firm risk‐taking. These results are robust to several tests using female participation in each pay quartile and the difference in bonus payments between men and women. Our findings provide insights into the role played by women consistent with tokenism theory predictions.
Il capitolo compara le varie finalit\ue0 per cui si richiede una valutazione di azienda, sottolin... more Il capitolo compara le varie finalit\ue0 per cui si richiede una valutazione di azienda, sottolineando come il processo valutativo debba esser impostato coerentemente a queste finalit\ue0. In questo senso si caratterizza la figura dell\u2019esperto di valutazione o valutatore rispetto ad altre figure professionali che possono essere interessate a determinare il valore di un\u2019azienda, come il CFO e l\u2019analista finanziario. Vengono sottolineati anche i rischi di errore e i condizionamenti che il valutatore pu\uf2 subire e come, in ogni caso, non si debba confondere il valore con il prezzo finale di una transazione. Il paradigma valutativo si fonda su diverse configurazioni di valore (valore economico, valore di mercato, valore d\u2019investimento, ecc.), che esprimono valori aventi un diverso significato informativo, funzionale a diversi scopi conoscitivi nei diversi ambiti della valutazione. Inoltre, sono parte del paradigma valutativo le scelte inerenti i procedimenti tecnic...
Social Science Research Network, Apr 1, 2021
Gli autori, sulla base dei glossari degli Standard setter più accreditati nella realtà nord-ameri... more Gli autori, sulla base dei glossari degli Standard setter più accreditati nella realtà nord-americana e a livello internazionale e recependo i termini e le nozioni provenienti dalla dottrina economico-aziendale italiana, hanno elaborato un glossario che possa chiarire dubbi interpretativi nell'uso dei termini delle valutazioni aziendali e possa essere uno strumento per supportare i processi di interazione tra esperti di valutazione. Il glossario rappresenta il risultato di un lavoro di analisi, selezione, traduzione, interpretazione e integrazione dei termini la cui prima versione è stata pubblicata nel 2015 nel volume "Principi di valutazione d'azienda" (a cura di A. Amaduzzi, E. Gonnella, G. Liberatore); la rivisitazione di quel glossario ha ricevuto i suggerimenti del Gruppo di Lavoro sulla Valutazione d'Azienda, istituito da SIDREA (Società Italiana di Docenti di Economia Aziendale); una volta condiviso dal Gruppo di Lavoro SIDREA, il glossario è stato divulgato tra i soci ANDAF (Associazione Nazionale Direttori Amministrativi e Finanziari) per raccogliere suggerimenti attraverso la compilazione di un questionario. Dopo gli ultimi feedback la Commissione (i 4 autori del glossario) ha chiuso i lavori con la stesura del glossario pubblicato nel quaderno e accompagnato da una nota metodologica tesa a illustrare le scelte effettuate nel corso del lavoro
This paper provides a brief presentation of the Guidelines for Distressed Business Valuation, a d... more This paper provides a brief presentation of the Guidelines for Distressed Business Valuation, a document jointly published by CNDCEC and SIDREA at the end of 2016. The guidance is recommended as a standard reinforcement in order to allow practitioners the proper application of general valuation theory to the specialized circumstances found in distressed valuation engagements within the fields of workouts, restructurings and bankruptcy, in the best interests of the CPA profession
The recent adoption (and the following updating) of a new regulation concerning the subsidiaries... more The recent adoption (and the following updating) of a new regulation concerning the subsidiaries of Public Authorities (see Testo Unico in materia di societa a partecipazione pubblica) has increased the attention about rules of law directed to decrease the number of those subsidiaries. The Italian Spending Review process already contained similar policies listing a number of circumstance in which Public Authorities mentioned by law can exercise their withdrawal right. The objective of this study is to examine the issues related to equity valuation connected to this peculiar case of withdrawal. Since prior literature neglected the examination of this topic, we adopt the lens of the Civil Code and Italian Valuation Principles (PIV) related to ordinary circumstances of withdrawal. We selected topics that can create concern in the valuation process, including valuation reference date, recommended method, disclosure, cash flow projection period, majority stake bonuses and minority disco...
While the effects of climate change unfold and become more visible, infrastructures – especially ... more While the effects of climate change unfold and become more visible, infrastructures – especially those related to the distribution of water and energy – are the most exposed to the deep changes expected in the next years. Water is fundamental for people, and for infrastructures like energy, waste, and food production. Water sustainability is therefore a fundamental aspect to be addressed by an efficient use of the resources and by mainteining high quality standards. Hence, water industry and water infrastructure need a deep transformation; in this paper we present a framework based on complex systems and management science as a possible pathway to reshape and optimize the performance of the water infrastructure to cope with the complexity of todays’ challenges. To this aim, we propose the framework Acque 2.0 (Water 2.0), where we point out how the increase of the infrastructural resilience and of the overall quality of service can be attained by integrating models, algorithms and nu...
International journal of business research, 2016
In questo articolo ci proponiamo di spiegare la struttura e il funzionamento dello IVSC, l’attivi... more In questo articolo ci proponiamo di spiegare la struttura e il funzionamento dello IVSC, l’attività da esso fin qui svolta e le caratteristiche dei principi di valutazione attualmente vigenti. In particolare soffermeremo la nostra attenzione sulle tematiche attinenti la valutazione d’azienda, al fine di comprendere il grado di applicabilità dei relativi principi al contesto italiano
FINANCIAL REPORTING, 2011
Il presente lavoro si focalizza sulla qualità dell'informativa obbligatoria sul tasso di attu... more Il presente lavoro si focalizza sulla qualità dell'informativa obbligatoria sul tasso di attualizzazione nella stima a valore d'uso dell'avviamento. L'analisi compara un campione di società italiane con uno del Nord Europa, al fine di verificare se la qualità informativa risulti migliore in paesi che pongono maggiore attenzione sul capitale immateriale. Inoltre, si è inteso verificare se l'informativa aumenti in presenza di svalutazione dell'avviamento, evento più frequente nei periodi di crisi economica. I risultati ottenuti tramite la costruzione di un disclosure index e l'analisi di regressione supportano le ipotesi, mostrando che l'informativa aumenta se l'azienda appartiene ad un paese nordeuropeo; lo stesso effetto si ottiene in caso di rilevazione di impairment loss.
Sustainability, 2020
In recent years, there has been an increase in international tourist arrivals worldwide. In this ... more In recent years, there has been an increase in international tourist arrivals worldwide. In this respect, Art Cities are among the most favorable tourist destinations, as they exhibit masterpieces of art and architecture in a cultural environment. However, the so-called phenomenon of overtourism has emerged as a significant threat to the residents’ quality of life, and, consequently, the sustainability of Art Cites. This research aims to develop a management toolkit that assists site managers to control tourism flows in Art Cities and World Heritage Sites and promotes the residents’ quality of life. The research methodology was developed within the framework of the Atlas Project in 2019. In this project, five European Art Cities, including Florence, Edinburgh, Bordeaux, Porto, and Santiago de Compostela, discussed their common management challenges through the shared learning method. After developing selection criteria, the Atlas’ partners suggested a total of nine strategies as bes...
SSRN Electronic Journal, 2019
Many destinations across the world suffer from the consequences of excessive manmade pressure tie... more Many destinations across the world suffer from the consequences of excessive manmade pressure tied to the explosive growth of tourism, often resulting in a loss of cultural identity and environmental degradation. Cities of art, in particular, contend with the difficult challenge of managing their historic centres while trying to balance the requirements of daily life for their residents and the needs of tourists visiting the main attractions. Local administrators need strategic tools that provide reference guidelines for defining and monitoring specific cautionary thresholds with which to define tourism policies oriented to sustainability. This paper presents a model for analytical measurement of the tourism carrying capacity of historic centres of cities of art consisting of about fifty indicators. The set is accompanied by an analysis of the tourist profile and of the tourist destination system under study, aimed at facilitating the collection of data used to calculate the indicators and their supporting role in decision-making for Destination Management Organisations (DMO) and the public administration. The case study presented is that of the UNESCO World Heritage Historic Centre of Florence for which the analytical model was applied experimentally over the three-year period of 2015–2017. The results of this first implementation show the capacity of the model to assist the city in its definition of a sustainable tourism policy for the historic city centre able to supply a detailed picture of the changing tourism phenomenon and its economic, social, and environmental implications.
SSRN Electronic Journal, 2019
European Management Journal, 2018
International Journal of Business Research, 2016
Corporate Ownership and Control, 2016
In this paper, we examine the marginal value of extra liquidity for a sample of excess cash liste... more In this paper, we examine the marginal value of extra liquidity for a sample of excess cash listed companies (i.e. ECs) operating in the five largest E.U. economies (France, Italy, Germany, Spain and UK). After had shown that these companies are generally penalised by the market, in line with previous literature, we show that extra cash held is not detrimental to shareholder value when it is combined with high investment opportunities leading, hence, in a premium of 1€ extra held. This relation is even stronger during the financial crisis of 2008. These results confirm that the main reason why ECs are generally valued less by the market is the concern that their managers may deploy excess cash in value-destroying activities. However, EC firms are not penalized ceteris paribus when there are investment opportunities. In addition, such relation is stronger with the presence of financial constraints and lack of liquidity, as explained by the transaction and precautionary motive for hol...
Corporate Social Responsibility and Environmental Management, 2016
Our study investigates whether stakeholder engagement is associated with a firm's valuation a... more Our study investigates whether stakeholder engagement is associated with a firm's valuation and the value relevance of accounting earnings. Since prior literature posits that the economic consequences of such practices may depend on the specific environment in which they are adopted, we also explore whether these associations are affected by the cultural traits of the country in which a firm operates. Based on a worldwide sample of firms for the period 2002 to 2014, we document that stakeholder engagement positively influences market‐to‐book value of equity, without enhancing the value relevance of firm's accounting earnings. Drawing on Schwartz's cultural framework, we show that the results hold only in countries with a low (high) level of embeddedness and hierarchy (mastery). Our study contributes to the literature exploring the economic consequences of non‐financial information and the importance of institutional characteristics for economic outcomes. Copyright © 2016...
Accounting & Finance
This study examines the relationship between female pervasiveness within the entire company and f... more This study examines the relationship between female pervasiveness within the entire company and firm‐risk taking. We exploit The UK Equality Act (2010), further enforced in 2017, which was made mandatory for firms operating in UK to disclose their gender pay gap. We use this measure to proxy female pervasiveness and we find it to be negatively associated with firm risk‐taking. These results are robust to several tests using female participation in each pay quartile and the difference in bonus payments between men and women. Our findings provide insights into the role played by women consistent with tokenism theory predictions.
Il capitolo compara le varie finalit\ue0 per cui si richiede una valutazione di azienda, sottolin... more Il capitolo compara le varie finalit\ue0 per cui si richiede una valutazione di azienda, sottolineando come il processo valutativo debba esser impostato coerentemente a queste finalit\ue0. In questo senso si caratterizza la figura dell\u2019esperto di valutazione o valutatore rispetto ad altre figure professionali che possono essere interessate a determinare il valore di un\u2019azienda, come il CFO e l\u2019analista finanziario. Vengono sottolineati anche i rischi di errore e i condizionamenti che il valutatore pu\uf2 subire e come, in ogni caso, non si debba confondere il valore con il prezzo finale di una transazione. Il paradigma valutativo si fonda su diverse configurazioni di valore (valore economico, valore di mercato, valore d\u2019investimento, ecc.), che esprimono valori aventi un diverso significato informativo, funzionale a diversi scopi conoscitivi nei diversi ambiti della valutazione. Inoltre, sono parte del paradigma valutativo le scelte inerenti i procedimenti tecnic...
Social Science Research Network, Apr 1, 2021
Gli autori, sulla base dei glossari degli Standard setter più accreditati nella realtà nord-ameri... more Gli autori, sulla base dei glossari degli Standard setter più accreditati nella realtà nord-americana e a livello internazionale e recependo i termini e le nozioni provenienti dalla dottrina economico-aziendale italiana, hanno elaborato un glossario che possa chiarire dubbi interpretativi nell'uso dei termini delle valutazioni aziendali e possa essere uno strumento per supportare i processi di interazione tra esperti di valutazione. Il glossario rappresenta il risultato di un lavoro di analisi, selezione, traduzione, interpretazione e integrazione dei termini la cui prima versione è stata pubblicata nel 2015 nel volume "Principi di valutazione d'azienda" (a cura di A. Amaduzzi, E. Gonnella, G. Liberatore); la rivisitazione di quel glossario ha ricevuto i suggerimenti del Gruppo di Lavoro sulla Valutazione d'Azienda, istituito da SIDREA (Società Italiana di Docenti di Economia Aziendale); una volta condiviso dal Gruppo di Lavoro SIDREA, il glossario è stato divulgato tra i soci ANDAF (Associazione Nazionale Direttori Amministrativi e Finanziari) per raccogliere suggerimenti attraverso la compilazione di un questionario. Dopo gli ultimi feedback la Commissione (i 4 autori del glossario) ha chiuso i lavori con la stesura del glossario pubblicato nel quaderno e accompagnato da una nota metodologica tesa a illustrare le scelte effettuate nel corso del lavoro
This paper provides a brief presentation of the Guidelines for Distressed Business Valuation, a d... more This paper provides a brief presentation of the Guidelines for Distressed Business Valuation, a document jointly published by CNDCEC and SIDREA at the end of 2016. The guidance is recommended as a standard reinforcement in order to allow practitioners the proper application of general valuation theory to the specialized circumstances found in distressed valuation engagements within the fields of workouts, restructurings and bankruptcy, in the best interests of the CPA profession
The recent adoption (and the following updating) of a new regulation concerning the subsidiaries... more The recent adoption (and the following updating) of a new regulation concerning the subsidiaries of Public Authorities (see Testo Unico in materia di societa a partecipazione pubblica) has increased the attention about rules of law directed to decrease the number of those subsidiaries. The Italian Spending Review process already contained similar policies listing a number of circumstance in which Public Authorities mentioned by law can exercise their withdrawal right. The objective of this study is to examine the issues related to equity valuation connected to this peculiar case of withdrawal. Since prior literature neglected the examination of this topic, we adopt the lens of the Civil Code and Italian Valuation Principles (PIV) related to ordinary circumstances of withdrawal. We selected topics that can create concern in the valuation process, including valuation reference date, recommended method, disclosure, cash flow projection period, majority stake bonuses and minority disco...
While the effects of climate change unfold and become more visible, infrastructures – especially ... more While the effects of climate change unfold and become more visible, infrastructures – especially those related to the distribution of water and energy – are the most exposed to the deep changes expected in the next years. Water is fundamental for people, and for infrastructures like energy, waste, and food production. Water sustainability is therefore a fundamental aspect to be addressed by an efficient use of the resources and by mainteining high quality standards. Hence, water industry and water infrastructure need a deep transformation; in this paper we present a framework based on complex systems and management science as a possible pathway to reshape and optimize the performance of the water infrastructure to cope with the complexity of todays’ challenges. To this aim, we propose the framework Acque 2.0 (Water 2.0), where we point out how the increase of the infrastructural resilience and of the overall quality of service can be attained by integrating models, algorithms and nu...
International journal of business research, 2016
In questo articolo ci proponiamo di spiegare la struttura e il funzionamento dello IVSC, l’attivi... more In questo articolo ci proponiamo di spiegare la struttura e il funzionamento dello IVSC, l’attività da esso fin qui svolta e le caratteristiche dei principi di valutazione attualmente vigenti. In particolare soffermeremo la nostra attenzione sulle tematiche attinenti la valutazione d’azienda, al fine di comprendere il grado di applicabilità dei relativi principi al contesto italiano
FINANCIAL REPORTING, 2011
Il presente lavoro si focalizza sulla qualità dell'informativa obbligatoria sul tasso di attu... more Il presente lavoro si focalizza sulla qualità dell'informativa obbligatoria sul tasso di attualizzazione nella stima a valore d'uso dell'avviamento. L'analisi compara un campione di società italiane con uno del Nord Europa, al fine di verificare se la qualità informativa risulti migliore in paesi che pongono maggiore attenzione sul capitale immateriale. Inoltre, si è inteso verificare se l'informativa aumenti in presenza di svalutazione dell'avviamento, evento più frequente nei periodi di crisi economica. I risultati ottenuti tramite la costruzione di un disclosure index e l'analisi di regressione supportano le ipotesi, mostrando che l'informativa aumenta se l'azienda appartiene ad un paese nordeuropeo; lo stesso effetto si ottiene in caso di rilevazione di impairment loss.
Sustainability, 2020
In recent years, there has been an increase in international tourist arrivals worldwide. In this ... more In recent years, there has been an increase in international tourist arrivals worldwide. In this respect, Art Cities are among the most favorable tourist destinations, as they exhibit masterpieces of art and architecture in a cultural environment. However, the so-called phenomenon of overtourism has emerged as a significant threat to the residents’ quality of life, and, consequently, the sustainability of Art Cites. This research aims to develop a management toolkit that assists site managers to control tourism flows in Art Cities and World Heritage Sites and promotes the residents’ quality of life. The research methodology was developed within the framework of the Atlas Project in 2019. In this project, five European Art Cities, including Florence, Edinburgh, Bordeaux, Porto, and Santiago de Compostela, discussed their common management challenges through the shared learning method. After developing selection criteria, the Atlas’ partners suggested a total of nine strategies as bes...
SSRN Electronic Journal, 2019
Many destinations across the world suffer from the consequences of excessive manmade pressure tie... more Many destinations across the world suffer from the consequences of excessive manmade pressure tied to the explosive growth of tourism, often resulting in a loss of cultural identity and environmental degradation. Cities of art, in particular, contend with the difficult challenge of managing their historic centres while trying to balance the requirements of daily life for their residents and the needs of tourists visiting the main attractions. Local administrators need strategic tools that provide reference guidelines for defining and monitoring specific cautionary thresholds with which to define tourism policies oriented to sustainability. This paper presents a model for analytical measurement of the tourism carrying capacity of historic centres of cities of art consisting of about fifty indicators. The set is accompanied by an analysis of the tourist profile and of the tourist destination system under study, aimed at facilitating the collection of data used to calculate the indicators and their supporting role in decision-making for Destination Management Organisations (DMO) and the public administration. The case study presented is that of the UNESCO World Heritage Historic Centre of Florence for which the analytical model was applied experimentally over the three-year period of 2015–2017. The results of this first implementation show the capacity of the model to assist the city in its definition of a sustainable tourism policy for the historic city centre able to supply a detailed picture of the changing tourism phenomenon and its economic, social, and environmental implications.
SSRN Electronic Journal, 2019
European Management Journal, 2018
International Journal of Business Research, 2016
Corporate Ownership and Control, 2016
In this paper, we examine the marginal value of extra liquidity for a sample of excess cash liste... more In this paper, we examine the marginal value of extra liquidity for a sample of excess cash listed companies (i.e. ECs) operating in the five largest E.U. economies (France, Italy, Germany, Spain and UK). After had shown that these companies are generally penalised by the market, in line with previous literature, we show that extra cash held is not detrimental to shareholder value when it is combined with high investment opportunities leading, hence, in a premium of 1€ extra held. This relation is even stronger during the financial crisis of 2008. These results confirm that the main reason why ECs are generally valued less by the market is the concern that their managers may deploy excess cash in value-destroying activities. However, EC firms are not penalized ceteris paribus when there are investment opportunities. In addition, such relation is stronger with the presence of financial constraints and lack of liquidity, as explained by the transaction and precautionary motive for hol...
Corporate Social Responsibility and Environmental Management, 2016
Our study investigates whether stakeholder engagement is associated with a firm's valuation a... more Our study investigates whether stakeholder engagement is associated with a firm's valuation and the value relevance of accounting earnings. Since prior literature posits that the economic consequences of such practices may depend on the specific environment in which they are adopted, we also explore whether these associations are affected by the cultural traits of the country in which a firm operates. Based on a worldwide sample of firms for the period 2002 to 2014, we document that stakeholder engagement positively influences market‐to‐book value of equity, without enhancing the value relevance of firm's accounting earnings. Drawing on Schwartz's cultural framework, we show that the results hold only in countries with a low (high) level of embeddedness and hierarchy (mastery). Our study contributes to the literature exploring the economic consequences of non‐financial information and the importance of institutional characteristics for economic outcomes. Copyright © 2016...