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SIDREA ha lo scopo di promuovere lo sviluppo della base scientifica della cultura economico-aziendale e dei principi di buon governo delle aziende di ogni tipo, dalle imprese alle aziende non-profit, alle amministrazioni pubbliche.
L’Associazione, inoltre, si propone di contribuire allo sviluppo e al miglioramento della funzione didattica svolta dai propri associati, con particolare riguardo ai giovani studiosi che si accostano all’attività di docenza.
SIDREA intende, altresì, fornire un contributo per lo sviluppo e il miglioramento delle metodologie di valutazione della qualità della ricerca scientifica e della didattica universitaria.
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Purpose: Economic uncertainty affects mergers and acquisitions (M&As); however, there is limited evidence regarding its effect on the propensity to acquire privately held versus publicly traded companies, as well as how institutional factors influence such decisions. I hypothesize that economic uncertainty and financial market development influence the preferences for the type of acquisition targets. Design/methodology/approach: Using a sample of European M&A transactions and employing both measures of economic uncertainty and the uncertainty spike resulting from the pandemic, as well as the degree of financial market development, I test whether these factors are associated with the frequency of acquisitions involving privately held companies, further distinguishing between stand-alone private firms and subsidiaries. Findings: My analysis indicates that, under market uncertainty, acquisitions of publicly traded company diminish, while transactions involving privately held companies increase. Furthermore, I demonstrate that the COVID-related spike in uncertainty generates an additional effect beyond general economic uncertainty. I also find that the positive association between uncertainty and acquisitions of privately held companies particularly applies to stand-alone private firms rather than subsidiaries. My findings also reveal that acquisitions of private companies are more likely in financially developed markets. Originality/value: This study contributes to the literature on the effects of economic uncertainty on M&As by highlighting the importance of uncertainty in shaping the relative frequency of acquisitions involving private versus public companies, while also emphasizing the significance of institutional factors in influencing such preferences. Moreover, my research enhances the understanding of privately held firms, whose specificities have largely been neglected in the academic debate. Keywords: M&A, private companies, economic uncertainty
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Il contributo indaga in chiave teorico-esplorativa le potenzialità della Public Value Scorecard (PVSC) come strumento per valutare la co-creazione di valore pubblico nelle Unioni di Comuni italiane nell’ambito del PNRR. Alla luce del limitato utilizzo della PVSC in contesti intercomunali e al fine di testarne la validità nell’ambito di tali esperienze, lo studio propone un adattamento del modello fondato sul Triangolo Strategico di Moore e sulla teoria dei bisogni fondamentali di Meynhardt, applicandolo a due casi studio eterogenei: l’Unione Terre d’Acqua (Emilia-Romagna) e l’Unione di Comuni di Montagna della Provincia dell’Aquila (Abruzzo). L’analisi qualitativa, basata su interviste e documentazione strategica, evidenzia come la PVSC, se contestualizzata, possa rafforzare processi di pianificazione partecipata, apprendimento organizzativo e ac- countability condivisa. I risultati mostrano una correlazione tra maturità istituzionale, capacità tecnico-amministrativa e performance valutativa. Il lavoro colma un duplice gap nella letteratura, contribuendo sia da un lato alla riflessione teorica sulla misurazione del valore pubblico, sia dall’altro lato all’elaborazione di strumenti operativi per le amministrazioni locali. Vengono infine discusse le implicazioni manageriali e le prospettive di ricerca futura, suggerendo la sca- labilità della PVSC anche in contesti fragili, purché sostenuta da leadership, cultura valutativa e coerenza istituzionale. Parole chiave: unioni di comuni, collaborazioni inter-municipali, sviluppo sostenibile, PNRR, co-creazione di valore pubblico
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Il contributo nasce da una tavola rotonda EMMAP di SDA Bocconi e osserva come cicli politici più brevi, disintermediazione digitale e crisi di fiducia impongano alla dirigenza pubblica nuove competenze per decidere in modo rapido e legittimo. Proponiamo il dirigente come “architetto di fiducia”, capace di tenere la giusta distanza abilitante tra tecnica e indirizzo politico, di esercitare creatività rigorosa nell’applicazione delle regole e di praticare accountability circolare verso politica, amministrazione e cittadinanza. Dalle esperienze centrali e regionali ricaviamo un decalogo operativo e cinque messaggi conclusivi, che offrono un quadro pratico per selezionare, formare e valutare i dirigenti. Parole chiave: dirigenza pubblica, competenze politiche, relazione politica–amministrazione, fiducia istituzionale, leadership
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Purpose: Economic uncertainty affects mergers and acquisitions (M&As); however, there is limited evidence regarding its effect on the propensity to acquire privately held versus publicly traded companies, as well as how institutional factors influence such decisions. I hypothesize that economic uncertainty and financial market development influence the preferences for the type of acquisition targets. Design/methodology/approach: Using a sample of European M&A transactions and employing both measures of economic uncertainty and the uncertainty spike resulting from the pandemic, as well as the degree of financial market development, I test whether these factors are associated with the frequency of acquisitions involving privately held companies, further distinguishing between stand-alone private firms and subsidiaries. Findings: My analysis indicates that, under market uncertainty, acquisitions of publicly traded company diminish, while transactions involving privately held companies increase. Furthermore, I demonstrate that the COVID-related spike in uncertainty generates an additional effect beyond general economic uncertainty. I also find that the positive association between uncertainty and acquisitions of privately held companies particularly applies to stand-alone private firms rather than subsidiaries. My findings also reveal that acquisitions of private companies are more likely in financially developed markets. Originality/value: This study contributes to the literature on the effects of economic uncertainty on M&As by highlighting the importance of uncertainty in shaping the relative frequency of acquisitions involving private versus public companies, while also emphasizing the significance of institutional factors in influencing such preferences. Moreover, my research enhances the understanding of privately held firms, whose specificities have largely been neglected in the academic debate. Keywords: M&A, private companies, economic uncertainty
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Management control systems: Encouraging agility and resilience in the twin transition era The current entrepreneurial landscape is shaped by the twin transition, which requires companies to rethink their business models across ecological and digital dimensions. To handle these complex shifts effectively, firms should embed sustainability and digital integration within their core values system to ensure long-term socio-economic value creation. In this context, traditional Management Control Systems (MCS) are evolving into Sustainability Management Control Systems (SMCS). These new systems not only support the monitoring of multidimensional performance (economic, social, environmental, governance, and digital) but also enhance firm agility and resilience. Indeed, SMCS should play a crucial role in translating twin transition strategies into actionable initiatives, driving organizational behavior towards ESG objectives, and promoting a culture of sustainable and digitally enabled innovation. Despite their importance, more research is still needed on how MCS can be redesigned to fully support sustainability and digital integration. The articles contained in this issue contribute to reduce this gap across three key areas: (1) strategic corporate governance for sustainability; (2) performance measurement systems that incorporate multidimensional and multi-stakeholder perspectives; and (3) organizational enablers—including culture, risk management, and agile structures—that influence the MCS contribution to sustainable and digitally driven management. Keywords: Sustainability management control systems (SMCS), Digital transformation, ESG, Sustainability-oriented management
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This paper aims to explore a company’s transformation process into a Benefit Corporation (BC) by analysing the reasons behind their choice, the obstacles encountered, and the effects, also in terms of sustainability, obtained through the specific case of an SME operating in the cosmetics industry. Findings show that the decision to become a BC was driven by the founders’ intrinsic desire to preserve the company’s ethical mission and ensure the continuity of its social and environmental values. The participatory transformation process involved key steps: defining the company’s purpose, stakeholder mapping, materiality analysis, and setting common benefit objectives. Challenges emerged from internal engagement efforts and regulatory complexities. Results demonstrate that becoming a BC enhanced the company’s consistency, accountability, and sustainability performance, enabling it to structure pre-existing practices and increase stakeholder trust. The study contributes to the literature on hybrid organisations and offers practical insights for SMEs pursuing sustainable transformation. Keywords: Benefit corporation, Corporate social responsibility, Sustainability, cosmetics industry, SMEs
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Sustainability is crucial for safeguarding ecosystems and promoting collective well-being, increasingly influencing company management practices through various institutional pressures. Leveraging extended institutional theory (Kauppi, 2013) and the institutional framework proposed by Gonzalez and Zamora-Ramirez (2016), this study explores the drivers that prompt micro, small, and medium-sized enterprises (SMEs) to adopt sustainable practices and it examines how these responses differ by firm size. Through an in-depth case study of the Apuan-Versilian marble industrial district in Italy, we analyze the dynamic interplay between institutional pressures and sustainability adoption patterns, and the role of management control. Our findings indicate that institutional pressures have led firms to transition from predominantly symbolic to more substantive sustainability responses. This shift was facilitated by recognizing the economic benefits inherent in sustainability-oriented practices, such as improved raw material efficiency, cost savings, and optimized packaging. Management control tools emerged not merely as outcomes of increased institutional pressures but also as essential enablers for integrating sustainability into strategic decision-making processes. Additionally, the consortium’s role as an institutional mediator significantly supported SMEs, enabling them to overcome resource constraints and adopt sophisticated sustainability practices. The study contributes to existing literature by clarifying the interplay among institutional pressures, firm size, and management control tools sustainability-oriented, highlighting the pivotal role of collective intermediaries. Keywords: Management Control Systems, Corporate sustainability, Institutional theory, Institutional pressure, Marble industrial district APPENDICE_1
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ABSTRACT: The accounting system underlying the ITAS principles: comparison with IAS/IFRS and IPSAS accounting standards. This research examines the accounting system underlying the Italian national accounting standards for the public sector (ITAS), comparing it with international standards IAS/IFRS and IPSAS. The objective is to delineate the nature of the ITAS accounting system, analyzing its position in the debate between asset-liability and revenue-expense approaches. The study applies a theoretical framework based on ten key dimensions, derived and expanded from the work of Costa et al. (2024), to assess asset-liability and revenue-expense tendencies in various accounting standards corpora. Through a comparative evaluation, the research explores how ITAS balances these perspectives, highlighting elements of continuity and innovation compared to international standards. The methodology includes a content analysis of selected accounting standards, employing an evaluation scale for each framework dimension. The results reveal that while IAS/IFRS and IPSAS demonstrate a strong asset-liability view, ITAS exhibits a more balanced integration of both asset-liability and revenue-expense views, reflecting an adaptation to the specific needs of the Italian public sector. This equilibrium presents opportunities and challenges, particularly regarding valuation criteria selection and implementation consistency across different public entities. This work’s originality lies in its comprehensive comparative analysis of ITAS principles, offering insights into how a national public sector accounting system adapts to international standards while maintaining distinct characteristics. By employing a multidimensional framework, the study provides a nuanced understanding of ITAS’s theoretical underpinnings, contributing to the broader debate on public sector accounting evolution. The study identifies significant implications both for public administration and its stakeholders, highlighting how different valuation approaches affect both internal governance and external accountability. By highlighting ITAS’s balanced approach, the study may inform future developments in public sector accounting standards, both in Italy and internationally. The goal is to enrich the discourse on public accounting evolution in Italy and stimulate reflections on adapting accounting standards to public sector peculiarities in a context of increasing harmonization at European and international levels. The forthcoming implementation of the pilot phase by designated public administrations, commencing in 2025, provides new opportunities for empirical research to validate these theoretical findings. KEYWORDS: Public accounting system, accounting harmonization, accrual accounting, asset-liability view, revenue-expenses view
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ABSTRACT This paper investigates the impact of regulatory changes concerning non-audit services (NAS) on corporate tax planning practices, focusing specifically on auditor-provided tax services (APTS). In particular, the study examines the implications of the European Union (EU) Audit Reform introduced in 2014 through Regulation No. 537/2014 and Directive 2014/56/EU, which imposed significant restrictions on the ability ofaudit firms to offer NAS, such as tax advisory services, to their audit clients. These measures aimed to enhance the reliability offinancial reporting and safeguard auditor independence, in light ofgrowing concerns about potential conflicts of interest arising from the joint provision of audit and non-audit services. To assess the effectiveness of this regulatory intervention, the study employs a Difference-in-Differences (DiD) empirical design using a panel of listed companies headquartered in five major EU economies (Italy, France, Germany, Spain, and the United Kingdom). The findings reveal that prior to the reform, there was no significant association between the fees paid for APTS and firms’ cash effective tax rates (ETRs), suggesting a limited role of APTS in tax planning outcomes. However, in the post-reform period, the study observes a positive association between APTS and ETRs, indicating that restrictions on APTS may have weakened firms’ ability to engage in effective tax planning. Notably, this effect is more pronounced in countries that chose to reinforce the EU-mandated limitations, suggesting that national discretion in implementation plays a relevant role in shaping regulatory outcomes. This study contributes to the existing literature by expanding empirical knowledge on the relationship between APTS and corporate tax planning in a European context, an area that remains underexplored compared to U.S.-focused studies. It also offers the first evidence on how the EU Audit Reform may have unintentionally influenced tax planning effectiveness, thus responding to recent calls for more research on the broader economic implications of audit regulation. Beyond its academic relevance, the study provides practical insights for regulators and policymakers. It highlights the trade-offs between enhancing auditor independence and preserving the informational synergies that may benefit clients’ fiscal strategies. Finally, it raises important questions about how regulatory design, particularly the degree offlexibility left to national governments, can affect both the professional judgment of auditors and firms’ tax behavior. KEYWORDS: tax planning, auditor-provided tax services, European audit reform
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ABSTRACT: Materiality is a cornerstone of sustainability reporting, guiding companies in determining which sustainability information to disclose. Despite its extensive discussion in the literature, practical application, and codification in major sustainability reporting standards, sustainability materiality remains an ambiguous concept, lacking a clear and consistent interpretation regarding its scope, content, and application methods. This article traces the evolution of the materiality principle within sustainability reporting, analyzing the various interpretations it has assumed over time in parallel with changes in the objectives and audiences of sustainability reporting. The analysis delves into the historical context and theoretical underpinnings of materiality, its codification in reporting standards, and the shift toward a more integrated and holistic approach. Methodologically, the study employs a multi-faceted approach to explore doctrinal developments, codifications in reporting standards, and the regulatory landscape at both European and Italian levels. First, the international and national literature on materiality in sustainability reporting was examined to outline its theoretical framework, highlighting five key perspectives: materiality as the strategic relevance of sustainability issues; materiality as the relevance of sustainability information for users; materiality as a tool to counteract washing-strategies; materiality as a mechanism to enhance corporate value; materiality as a subjective process. Next, the professional codifications of materiality within sustainability reporting standards were analyzed, focusing on widely adopted frameworks at national and international levels. This section distinguishes between two dominant approaches in practice: impact materiality, which focuses on the impacts of corporate activities on society and the environment (externality disclosure), and financial materiality, which addresses how sustainability issues affect a company’s financial performance and success (sustainability-related financial disclosure). Finally, the principle of materiality is examined within European and national regulatory frameworks, with a focus on Italy’s Legislative Decree 254/2016 (implementing Directive 2014/95/EU, NFRD) and the Legislative Decree 125/2024 (implementing Directive (EU) 2022/2464, CSRD). The CSRD introduce the double materiality principle, mandating companies to integrate impact and financial materiality. This dual approach requires disclosure of both the significant impacts of corporate activities on sustainability issues and the financial risks and opportunities stemming from these issues. The evolution of the materiality principle enhances the transparency and accountability of sustainability reporting, advancing towards an integrated model of corporate reporting that combines externality disclosure with sustainability-related financial disclosure. This transformation is crucial for fostering resilient, future-oriented business strategies that align economic interests with societal and environmental issues. KEYWORDS: materiality; sustainability reporting; Corporate Sustainability Reporting Directive.
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Per garantire l’integrità della comunità scientifica SIDREA e proteggere l’area riservata da accessi non autorizzati, il portale adotta un sistema di approvazione manuale.
Al fine di armonizzare le scadenze e i profili contabili delle diverse società (SIDREA e SISR) e favorire una maggiore convergenza operativa e organizzativa tra le stesse, si è stabilita una data limite per il pagamento delle quote associative fissata al 30 aprile, analogamente a quanto deliberato dalla SISR. Si invitano pertanto i Soci a provvedere al versamento entro la suddetta scadenza. La quota sociale per l’anno in corso è differenziata per categoria di soci:
Si ricorda che le “quote aggregate” SISR – SIDREA -AIDEA (Società Scientifiche di area aziendale) sono riscosse interamente da SISR, la quale provvederà al versamento a SIDREA e AIDEA dell’importo di loro competenza.
Il pagamento della quota annuale unificata SIDREA-AIDEA o specifica SIDREA può essere effettuato tramite bonifico bancario.
