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AIDEA Conference 2019

Tracks

Track 8 - Doctoral Colloquium (Doctoral Colloquium)

Managers: Milena Viassone (milena.viassone@unito.it)

Read Track abstractSede: Scuola di Management ed Economia – Università di Torino, Sede di Cuneo, via Ferraris di Celle, 2 - Cuneo (rivolto esclusivamente ai giovani scholar)
In un contesto di crescente competizione, all’interno del quale si richiede ai giovani studiosi di confrontarsi in maniera attiva su tematiche originali ed innovative, fin dalle prime fasi della loro carriera accademica, in un ambito internazionale, il DOCTORAL COLLOQUIUM, organizzato all’interno del XXXIX Convegno AIDEA, fornisce un’importante opportunità per i Dottorandi e giovani studiosi di presentare i loro lavori in fase di avanzamento ad un panel altamente qualificato costituito da studiosi e docenti senior con esperienze di pubblicazione internazionali, capace di offrire utili consigli e spunti di riflessione costruttivi sui topic affrontati, le metodologie e gli approcci adottati.
Tutte le tematiche, i filoni e le metodologie di ricerca coerenti con il XXXIX Convegno Nazionale AIDEA sono considerati appropriati per il DOCTORAL COLLOQUIUM.
La metodologia che si intende adottare è quella della discussione dei vari progetti di ricerca secondo un’ottica di peer review.
Sono invitati a partecipare tutti coloro che non siano strutturati (Ph.D, post doc, lecturer, assegnisti di ricerca e borsisti in genere).
Il DOCTORAL COLLOQUIUM sarà in lingua Inglese.
IL DOCTORAL COLLOQUIUM è calendarizzato il 12 settembre 2019 dalle 9.00 alle 12.00
La giornata verrà articolata in questo modo:
9.00 – 9.40: Apertura lavori e incontro con le Istituzioni della Provincia di Cuneo
9.40-10.30: “How to get published in high-impact journals”, Seminario a cura di un eminent scholar con esperienza di editor su riviste di elevato prestigio di interesse per il settore
10.30 – 11.50: Discussione specifica su progetti di ricerca con studiosi e docenti senior con esperienze di pubblicazione internazionali su temi vicini a quelli presentati. Ogni track-session sarà composta da un massimo di 4 presentazioni (20 minuti ciascuna) e il numero massimo di extended abstract / paper accettabili sarà di 30
11.50 – 12.00: Consegna dei premi ai due migliori paper del Doctoral Colloquium e chiusura lavori
Per aderire al DOCTORAL COLLOQUIUM occorre inviare entro il 15/6/2019:
- un extended abstract di almeno 3.000 parole o un paper (in inglese) di dimensione compreso tra le 5.000 e 8.000 parole.
- il CV
- breve descrizione dell’intero progetto di ricerca
L’abstract di almeno 3.000 parole o il paper (in inglese) devono avere come autore/i solo Ph.d o post graduate. Non sono ammessi lavori coprodotti con docenti incardinati.
La submission del contributo deve avvenire seguendo la procedura on-line disponibile sul sito www.aidea2019.it, selezionando la session ”Doctoral Colloquium”.
Il CV e la breve descrizione dell’intero progetto di ricerca deve essere inviato via mail milena.viassone@unito.it. Tutta la documentazione deve essere prodotta in lingua inglese.
Le submission verranno valutate dai Chair del doctoral colloquium e l’eventuale accettazione verrà comunicata entro il 15/7/2019.
È previsto un premio riservato ai due migliori paper del DOCTORAL COLLOQUIUM.
È possibile inviare contemporaneamente un paper al DOCTORAL COLLOQUIUM e anche al CONVEGNO principale AIDEA.
Le submission verranno selezionate sulla base di (con una scala 1-5):
1 – innovatività
2 – rigore metodologico
3 – rilevanza dei risultati.
L’iscrizione al Doctoral Colloquium è gratuita, mentre, se si intende partecipare al Convegno AIDEA, la quota di iscrizione è quella prevista per i giovani ricercatori.
 

PAPERS

A NETWORK ANALYSIS OF BRANDING RELATIONSHIPS IN THE FASHION INDUSTRY
Cinzia Pinello
Abstract

Barriers and Perception to Blockchain Adoption: Organization and Changing in Public Sector – A Question of Knowledge
Giuseppe Modarelli
AbstractThis research work poses the basis on the most controversial debate on web, news and academic context in every sector: the blockchain revolution (Tapsoctt & Tapscott, 2016) or simply evolution in governance and organization (Davidson et al., 2016). The focus is based on the near future for pervasive technologies in social practices. Specifically the ambit of application should be public sector, in which that innovation (blockhain), could be appreciated for its intrinsic functionalities. First of all, the author aim to clarify at theoretical level the role of knowledge in innovation and evolution of civil society based on needs. The author try to identify in knowledge the individual and organizational need, the trigger of need satisfaction and the antecedent of innovation reluctance or acceptance in a recursive evolutionary reconstruction. In this sense the objective would be to shape not the evolution in public sector context during the years, fixing the main steps occurred in governance and bureaucratic changings associated with modernization programs (Hyndman & Lapsley, 2016). By contrast, the objective would be to construct a theoretical dorsal in which intersect empirical analysis (survey-based) on real knowledge (in terms of potentialities, risks and characteristics) related to the blockchain system in public sector. On the other hand would be possible to investigate the relations between adequate knowledge about blockchain and propensity to innovation acceptance.

Citizen participation, tools of accounting: a systematic review and bibliometric analysis
Federico Chmet
AbstractThe evolution of the New Public Management movement has increased emphasis on the relationship between the stakeholders of reference and the public administration with the introduction of new tools in addition become more responsive to citizens as clients. Particularly in conservation and public resource management contexts, where research often addresses complex social–economic questions, the emphasis on about the participation can significantly affect both the way that projects are designed and the outcomes that projects. The screening methodology employed is: first, for a precise search, the keyword to be used have been decided “citizen participation”. For the selection of the results, the inclusion criteria were used: peerreviewed articles written in English, made without time restrictions. The results, therefore, include a time frame for publications between 1968 and 2019. Two databases were considered: Scopus (4,621 results) and Web of Science (2,308 results). The search for results was made selected with at least one AJG star 2018 fields “ACCOUNT” and “PUB SEC”, by adding this selection criterion, the literary resource cluster is composed as follows: Scopus (259 results) and Web of Science (233 results). With the union of the two datasets and eliminating the duplications were obtained 381 articles that are the subject of bibliometric analysis carried out with Bibliometrix. The study continues with a systematic review; the PRISMA guidelines give a good indication of the necessary steps for a robust systematic review aims to shed light on the variables at work in citizen participation. The analysis focuses on citizen participation in accounting, accountability and reporting. The subject of this systematic review are 46 articles were used for qualitative analysis. The study analyzes citizen participation, the scientific production was analyzed by finding the following focus: • Accountability • Budgeting • Reporting • Accounting A gap in the literature emerges that does not deal with citizen participation in the reporting phase as a public financial report of the public administration of reference. As far as budgeting is concerned, the public administration has the instrument of participatory budgeting. There is no participatory reference tool in the reporting phase. In the literature under review, public participation in financial reporting is not covered, but reporting is analyzed based on the measurement of performance and social impact, in which there is little involvement of the citizen.

Communication of responsibility and corporate sustainability: bidirectionality, dialogue, stakeholder engagement.
Silvia Sinicropi
AbstractThis paper intends to investigate the relationship between business communication dedicated to "non-financial" issues - unfortunately a definition by denial, which is used here for ease of identification of topics - with particular reference to the sustainability of the business model and of the behaviors that derive from this and the use of social media as a channel for conveying the message.

Connection between the mission statement framework and the role assumed by the internal auditing function? Evidence from a single case study
Cristina Cersosimo
AbstractI decided to send you extended abstract, thus I attached all that.

Corporate Social Performance and firm risk: a focus on S&P 500 controversial companies
Lorenzo Turriziani
AbstractOver last years, Corporate Sustainability has become a relevant asset able to enhance firms’ market value and, at the same time, meeting stakeholders’ needs. Consequently, an increasing number of companies has been willing to integrate Corporate Social Responsibility (CSR) into different aspects of their business thus lowering their risk exposure. Therefore, also companies involved in controversial activities might leverage on CSR practices to improve their bad reputation. Consequently, the aim of this work is to explore the impact of controversial firms’ corporate sustainability assessment on their risk exposure, according to Environmental, Social, and Governance (ESG) paradigm. I focus on a double risk measurement - systematic and idiosyncratic - developing an empirical study on 132 controversial companies listed on Standard & Poor’s index. To identify firms with bad reputation, I refer to the Sustainalytics’ Controversies Research approach, which defines as “controversial” those companies involved in incidents and events that may negatively impact stakeholders, the environment or the company’s operations. Empirical findings denote that the overall ESG assessment as well as the environmental and social sub-dimensions decrease idiosyncratic firm risk, while no significant results are found according to the systematic risk component.

CORPORATE SOCIAL RESPONSIBILITY GOOD PRACTICES, PROCESS AND POLICIES ADDED VALUE TO THE CIRCULAR ECONOMY
Simona Fortunati
AbstractIn order to foster the transition to the circular economy model, basic frameworks describe how the circular economy principles, are open to integrate any other concept in leading the evolution of the management systems into the transition dimension to strive for new model. There is an increasing attention in studying the Corporate Social Responsibilities practices implemented into the integrated Management systems as well as a growing part of the literature focuses in sudying how to improve the interaction of both areas of circularity and Social Responsibility under the sustainability area. Specifically, the interaction of the two point of view, even if partially overlapping, is not always clearly identifiable and the key elements to ensure their integration into the management systems remains on principle level such as the concept in the case of the subject of the economic sustainability. Social hearing can be an added value for the company as a new model of business strategy. However, the relationship between the economic model and the social model can find a meeting point.

CORPORATE SOCIAL RESPONSIBILITY: GOOD PRACTICES AND IMPLEMENTATION OF THE ADDED VALUE PROCESS TOWARDS THE CIRCULAR ECONOMY
Simona Fortunati
AbstractIn order to facilitate the transition to the circular economy model, the basic frameworks describe how the principles of the circular economy, are fit to integrate any other concept in guiding the evolution of management systems in the transition dimension to seek a new model. More and more often the literature focuses on the study of good practices of Corporate Social Responsibility implemented in integrated management systems (Asif, Searcy, Zutshi, & Fisscher, 2013). Other studies focus on how to improve the interaction between social responsibility and sustainable development(Rahdari, Sepasi, & Moradi, 2016). Although there is a close relationship between the two areas, they often overlap and are therefore not always clearly identifiable. Key elements contributing to the integration of the two concepts into integrated management systems such as economic sustainability have not fully evolved to the benefit of a sustainable circular system. However, the relationship between the economic and social models can find a meeting point(Ranta, Aarikka-Stenroos, Ritala, & Mäkinen, 2018). Leandro and Paixao, define “Csr is the corporate management philosophy and set of practices that better frames sustainability circular economy draws from the purest values of CSR and puts them to practice. Both help achieve the SD goals, and sustainable behaviour at large, for both citizens, institutions and corporations”(Leandro & Paixao, 2018). The research work has been conducted on a study of eight food SMEs italian companies sector little investigated about CSR practices. In according to Coppa et. al. "Much of the scholarly discussion on CSR has focused on large corporations even though small and medium enterprises SMEs constitute the bulk of business in many countries of the world" (Coppa & Sriramesh, 2013) and aims to verify whether the application of the CSR self-regulation model that companies adopt in different management systems and tools to be socially responsible towards their employees, stakeholders and the environment, can facilitate the transition to the circular economy model. It considers some of the barriers that hinder the transition to the implementation of circular economy processes (Araujo Galvão, De Nadae, Clemente, Chinen, & De Carvalho, 2018) and if it's possible the CSR drivers can lead to this transition. In the research work, only a few barriers such as finance, technology, structure, operation and aptitude (Araujo Galvão et al., 2018) which are present in the circular economy and which could be overcome by adopting CSR practices, have been analysed (Gangi, Mustilli, Varrone, & Daniele, 2018; Lins, Servaes, & Tamayo, 2017; Rodriguez-Fernandez, 2016). In particular, the areas of the companies examined in the research work were those of governance, community, workers and the environment, which were fundamental in order to study the effectiveness of the integration of the principles of sociality and circularity.

CSR and firm’s performance in the food and beverage context
Niccolò Nirino
AbstractThe purpose of this paper is to analyze the impact of CSR strategies on firms’ financial performance in the food and beverage sector, through the environmental, social and governance indicators (ESG). This research adopts a OLS model to test the impact of CSR strategies on firms’ performance of 160 firms in food and beverage sector. The research contributes both from theory and practical point of view. Regarding the ESG score I highlighted a negative relationship between it and companies’ performance. Moreover, analyzing the ESG components separately (environmental, social and governance) I have found a non significant effect on firm’s performance.

Data quality: initiatives and health support
Davide Calandra
AbstractUntil a few years ago data and information were collected mainly in printed medical records. The search operation was manual, on request and with very long timings - the use of software and information tools allows today, to improve the sharing of data between different teams. However, there is still little sensitivity and rigour in data management processes. Research team implemented an assessment with operators belonging to the Local Health Authority (LHA) - Department of Dependencies. The study uses a qualitative methodology and has the objective of knowing the perception of data quality within the internal staff. The interviews show different knowledge due to the presence of countless projects that add up to common health activity. Although data reporting systems are standardized for informational debt requirements to the national health system, there are problems regarding the numerous data reporting systems that are currently in use and that do not upload data automatically. Added to this is the difficulty for operators to combine health and data management activities, the presence of the patient and the electronic tools provided. In light of this, the most important initiative related to the possibility to implement a system of data management standardized, characterized by simple applications and easy to use for operators to overcome the trade-off between the need to have high-quality data and ordinary health activity. Finally, education and mentoring activities that explain to the operators the purpose of the data entered and the frequent uses of electronic medical records can be essential drivers to increase awareness of the activities carried out so far with great difficulty.

Exploring Determinants of Female Oriented International Entrepreneurship
Sepideh Khavarinezhad
AbstractInternationalization is one of the most intricate strategies can be undertaken by enterprises (Fernández and Nieto, 2005). In recent years, accelerating changes in the international business environment along with different barriers imposed by governments have created complex circumstances for firms to enter the global markets (Acs et al., 2003; Dana and Wright, 2009; Etemad et al., 2001). In this context, entrepreneurship can play the role of mediator in propelling enterprises into global markets and thus facilitating the country's growth in the economy (Acs et al., 2012). (Nkongolo-Bakenda et al., 2006) presents a model that examines the factors influencing the internationalization of the activities of small- and medium-sized enterprises (SMEs) as an entrepreneurial response to the opportunities and threats posed by the increasing globalization of the economic system. The Nkongolo-Bakenda model applies to small- and medium-sized new ventures as well as to those that are established and adopts a holistic view includes external pulling forces, internal pushing forces, and strategic processes critical for the extension of SME foreign activities (Nkongolo-Bakenda et al., 2010). Further, internationalization of entrepreneurial activities is a hybrid of internationalization and entrepreneurship that involves making judgmental decisions about the coordination of scarce resources across international boundaries (Dana et al., 2009). One leading policy for nations involved with this economic problem is to strengthen their entrepreneurial activities (Acs and Szerb, 2007; Audretsch and Keilbach, 2004; Prieger et al., 2016; Urbano and Aparicio, 2016). By this means, the contribution of local people seeking value creation by establishing new businesses assists overall economic development (Anderson et al., 2005; Meis Mason et al., 2012). In support of this, (Scott, 1988) says that new industrial spaces result from a "very specific articulation of local social conditions with wider coordinates of capitalist development in general" (Anderson and Honig, 2005). Moreover, (Dicken, 1992) emphasizes that successful participation in the global economic system "is created and sustained through a highly localized process" and that "economic structures, values, cultures, institutions and histories contribute profoundly to that success". Entrepreneurship is generally considered as crucial to economic development and prosperity of societies (Acs, Audretsch, Braunerhjelm, & Carlsson, 2005; Brixiová & Kangoye, 2016; Rubio-Bañón & Esteban-Lloret, 2016; Webb, Bruton, Tihanyi, & Ireland, 2013). In fact, launching new businesses not only create employment, innovation, and new markets that cause economic growth but also improves the quality of life at all levels of society, both for men and women (Elam, 2014). The gendered perspective in entrepreneurial research has underlined the differences between women and men entrepreneurs with the focus on the motivational triggers of business creation (Bourgain & Chaudat, 2015; Gupta, Turban, Wasti, & Sikdar, 2009; Lorna & Fleck, 2013; Malach-Pines & Schwartz, 2008). As such, female entrepreneurs seem to be motivated by economic factors and adopt entrepreneurship for self-development (Verheul et al., 2006). Despite some evidence as regards to motivational aspects for women (Thebaud, 2015; Verheul, Stel, & Thurik, 2006), the need of understanding the gender differences concerning motivational factors for creating new ventures is still a research avenue to be explored. From this evidence, this study investigates the differences between women entrepreneurs and men entrepreneurs with exploring their motivations in business venturing, by performing a panel data analysis for different regions of Italy. Indeed, a prominent goal of many indigenous peoples is the recovery of access to, and use of, their traditional lands in part for this purpose (Peredo et al., 2004). These resources, capabilities, beliefs and practices that vary from place to place, culture to culture can be utilized for the development of entrepreneurship in the international context. In this regard, indigenous people contribute to the internationalization of entrepreneurial activities. Their experience can provide insight into the circumstances and potentials for others in similar circumstances. Building on the work on the indigenous framework and the wealth of material on international entrepreneurship including Nkongolo-Bakenda’s model, the the objective of this research is to develop a framework upon which prospective managers/entrepreneurs and academicians can build using a mixed approach to extract the driving determinants of entrepreneurial internationalization. In particular, it is intended to develop a strong theoretical component on international women entrepreneurship in Italy. In doing so, it investigates the core determinants of entrepreneurial internationalization, using a combination of quantitative and qualitative approaches. To expand on insights from the indigenous framework based on regulation theory, case studies will be conducted in Italy.

IPO AND FAMILY BUSINESS: EXPLORING THE ROLE OF HUMAN CAPITAL IN THE BOARD
Emmadonata Carbone
AbstractFamily businesses are unanimously considered the most pervasive form of business around the world (E&Y, 2018). Such firms dominate global equity markets but their presence is even more marked in the private context. (Cirillo et al., 2017; Helwege & Packer, 2009). Indeed, family firms often have neither the possibility nor the desire to go public (Holmen & Högfeldt, 2004). The majority of the studies on IPO and family firms focused on the last phase of the IPO's process and its consequences without shown a deep interest for what happens before the quotation. Within the studies on the previous phase of the IPO, the scholars have analysed the IPO motivations, the IPO actors and how the external factors can influence if and how family firms go public (Rydqvist & Högholm, 1995; Poutziouris & Wang, 2004). However, the observation perspective used was mainly external. In fact, the ability of external actors to provide proper managerial skills, knowledge and relationship resources to family firms it was assessed only considering their "non-family" status. Scant attention, therefore, has devoted on the role of human capital and how it influences the decision to go public for family firms. Indeed, only residual part of literature have empirically tested the effect of CEO educational on IPO process, in term of possibility to survive, by reporting a positive relationship (Cirillo et al., 2017). This is a surprise, considering that there are many studies on the effect of human capital on the implementation of strategic changes (Goodstein et al., 1994; Haynes & Hillman, 2010) and that these claimed a positive influence of some human capital features on strategic changes. Shifting the attention on studies about family business and IPO performance, the scholars have mainly focused on the ending part of the IPO process by considering outcomes in terms of short-term performance and by investigating effect of family involvement with regard to CEO role, TMT and Board as well as the simple family status. However, also in this stream there was a scant attention on how the features of board human capital can affect the IPO performance in term of legitimacy of family firms for the investors. With these premises in mind, the purposes of this research project are twofold: i)empirically test if and how human capital in the board affects the decision of family businesses to go public; ii) understand if and how the presence of human capital in the board affect the IPO underpricing in family firms. The research project well be developed in two steps. In the first step, I will structured the hypotheses more in detail and I will collect data from the AIDA database (Bureau van Dijk) and from family firms IPO prospectus. After collecting and organizing data in a single database, in the second phase, I will run the statistical analysis of collected data concerning the above mentioned aims. The presence of human capital in the board will be tested mainly in terms of executive experience and educational background both in i) and ii). The underpricing will be calculated as the difference between the per share offer price and the closing price on the first day of trading, expressed as a percentage of the offer price (Certo at al., 2009). With regard to the expected results, although there is no research, at least as my knowledge, on the effect of human capital on the decision to go public and on the underpricing of family businesses, the literature on subject shows that expert managers can use their background to make the important decisions regarding the growth of their firm (Guthrie and Datta; 1997). In addition, the type and level of education were found to be related to strategy (Hitt and Tyler 1991) as education is a reflection of an individual’s information-processing capacity (Bantel 1993). In particular, the IPO scholars have found that these above mentioned features affect negatively the time to IPO (Yang et al., 2011). Therefore, with regard to the first aim of the project, I expect that there is a relation and that it is positive. Moreover, with regard to IPO underpricing and human capital in the board it is worth to note that the literature has claimed that family firms often are perceived for investors as no able to manage and successfully implementing a IPO process as they suffer of a lack of professional skills (Mazzola & Marchisio, 2002). Therefore, the presence of human capital in the board in term of executive experience and educational background could improve the perception of investors. On the one side, indeed, the literature emphasizes the necessity for a well legitimacy of family firms with regard to investors (Ding & Pukthuanthong, 2013; Hall & Nordqvist, 2008); on the other side, the literature recognizes the ability to human capital to affect the IPO performance (Finkle, 1998). Therefore, I expect that there is a relation between above mentioned human capital features in the board and underpricing and it is negative. This research provides three main contributions to the academic debate. First, to the best of my knowledge, this is the first empirical study of how human capital in the board affect the decision to go public of family firms. Second, this study demonstrates the importance of consider the human capital as determinant of family firm behaviour with regard to IPO process. Third, the research enrich the literature on family firms and underpricing by taking in count the human capital features. The findings (expected) of the research project have also practical implications. The work could be a good starting point for future policymaking in order to identify those characteristics that can support family firms in the listing process. In addition, this work could help the family owners/managers to understand the possible impacts of include members with a valuable human capital in board in order to prepare and support them during the IPO process as well as to improve the perception of investors towards family involvement in IPO firms.

New framework for advanced strategic planning
Angelo Riva
AbstractThe methodology of strategic planning can be one decisive tool to guide the policy and to promote the integration of a local economic system in wider networks of innovation and production. To our knowledge, before this work, in international literature, there is a lack of study on a global framework for advanced strategic planning. The main aim of this study is to fill this gap. This paper tries to answer some questions about urban planning: (1) How is it possible to build a new model of strategic plan and control? (2) Can it be applied to the case of Pavia? (3) How is possible to improve the process of strategic planning and control? Based on the case of Pavia, this paper outlines the main characteristics of the process of implementing a strategic plan. It states that strategic planning for Pavia can have increasing importance for the development of the city. The aim is to create a new framework model for the planning by highlighting the experiences of some excellent cases and by applying them to the specific case of the strategic planning of Pavia; it can be an opportunity also to try to improve the actual strategic planning process and the result.

Non-financial disclosures: A comparative analysis of different contexts in developed countries
Mohamad Kamal
AbstractCompanies today are not only economic entities, but also entities associated with the society in which they operate. They operate in a complex social and economic environment, under pressure to achieve economic sufficiency on the part of the owners of these companies, and pressure to assume their social and environmental responsibilities. Although the debate on corporate social responsibility (CSR) is not new, it has received greater attention in recent years as a result of developments in economic, political, social and environmental conditions and the emergence of support movements of it. Thus, the objective of this study is to investigate whether different contexts of developed countries may affect the non-financial disclosures in the annual reports of listed companies in these contexts and then their relationship with on financial performance. The study has taken into consideration the two different situations with regard to the political-legal and cultural system: The UK (common law) and Italy (civil law). At the moment, the study has applied the content analysis methodology taking into consideration the 100 Italian companies in the initial stage and the British context in the next one and then will apply the regression model to measure the financial performance and its relation with non-financial disclosures. The preliminary results showed that Italian companies received a low / medium level of 38% of the total disclosure index due to the fact that Italian laws ( civil law) do not oblige companies to disclose non-financial information in the annual reports and the lack of cultural awareness of the importance of disseminating non-financial information in Italian company reports or not adopting Sustainable behaviour in company activities and a sense of corporate responsibility towards society. The study also shows in the initial stage the companies belonging to "civil law" countries represented by Italy doesn't have a greater disclosure of non-financial disclosure than the "common law" countries represented by the UK due to Italian companies having a low/medium level of 38% of the total disclosure index awaiting the results of British companies in the next one.

Real Estate and Equity Crowdfunding: evidence from Italian market
Fabio Creta
AbstractStarting from 2010, crowdfunding has lately emerged as an innovative method of financing new ventures allowing individual founders of for-profit, social, or cultural projects to request funding from multiple people (Mollick, 2014), in which each backer provides a small sum, instead of raising big amounts from a limited number of large investors and/or backers (Belleflamme et al., 2014). Taking inspiration from the principles of crowdsourcing (Kleeman et al., 2008) and micro-finance (Morduch, 1999), it can be defined as a funding that finds its foundation in the community, adapted to the context of fundraising, in fact the crowdfunding incorporates advantages that go beyond the simple forms of funding collected, such as feedback on ideas under development (Gerber et al., 2012), the validity of the project (Frydrych et al., 2014) and the interaction between different stakeholders (Mollick and Kuppuswamy, 2014). Currently there are five standard models of crowdfunding : donation-based crowdfunding, equity-based crowdfunding, reward-based crowdfunding, royalty-based crowdfunding, and lending-based crowdfunding. Briefly, equity involves the purchase of an investor shareholding in the company; lending consisting of a loan from individuals or institutional intermediaries that will be repaid with the consideration of an interest in a pre-established period of time; reward implies a non-monetary reward, a product or a service based on what has been invested in the financial campaign; royalty implies a monetary reward in terms of shares of future earnings of the project for which funding is requested.; donation which implies a donation to finance projects with social implications.

Reporting tools for social cooperatives: between impact measurement and stakeholder needs
Daniel Iannaci
AbstractMost people within the third sector and beyond would endorse the view that social economy organisations should report on what they do and how they work for the common good, and we, as society, should require such reporting. There are several studies and research on the role of reporting for social enterprises hoping to communicate financial information and social impact. However, the gap that emerged from the literature is that the principles of transparency and accountability are defined, but there is a lack of determination of a key element that can put order and respond to the need of stakeholders in the best possible way. The authors believe that a good reporting tool that is representative and that above all is understandable even to non-professional users only works if it can give an effective group representation if it puts the first place: the need. The authors employ the methodology of the case study where data are collected by multiple means through qualitative research techniques such as interviews, and document analysis for acquiring a full understanding. The finding reveals that with the focus on need of stakeholders increase accountability, transparency and stakeholder engagement. Stakeholders would be able to better understand the strong values of good governance, leadership, performance and social impact that the company possesses. Through the research project conducted so far has been possible to demonstrate that in social enterprises to have an effective measurement of impact must use all possible tools to know and describe the company and the ecosystem that surrounds it and this is possible through timely reporting that it returns clear information for all.

Shaping boundaries in the physical stores using augmented reality: a preliminary study on retailers
Francesca Serravalle
AbstractDigital technologies are shaping the boundaries of online and offline shopping. In this vein, retailer and customers should to accept the introduction of such as innovation in business, experiencing new form of shopping. Augmented reality (AR) is one of these innovative technologies, which is able to create a higher experience in business. Thus, the present study wants to investigate the perception of AR technology by companies operating in the Furniture sector of the “Made in Italy” brand. So, thanks to a preliminary study, this working paper could offer some implications to scholars and practitioners, along with its some tracks to further research on the topic.

Special economic zones’ governance and organizational structures: Comparative study by focusing on a policy network approach in Iran, UAE and Kazakhstan
Sara Maryami
AbstractIn such a competitive world government's effort is providing an effective procedure to develop the international market and economic. Special economic zone (SEZ) is regularly used as a tool for developing economic growth, to attract more foreign direct investment, enhance international interaction and boost the national trade, especially in developing countries. On the other hand, it seems clear that governments seek more effective procedure by involving other sectors in projects of SEZs. In Policy network approach the governments involve more private sectors for solving the general problems. To perform the analysis, we study the main characteristic of special Economic zones such as geographical locations, projects, type of zones, and organizational classifications as well as indicators that reflect the institutional framework: zone's ownership, main authority, and management. The article presents a comparative analysis of SEZs institutional framework by considering the network policy approach in selected zones in Iran, UAE, and Kazakhstan. The results of this comparison between cases illustrate the main institutional framework, governing procedure, and effect of network approach in special economic zones.

The explicit and implicit adoption of the Sustainable Development Goals: A non-financial reporting review of companies in the Port of Antwerp.
Imane Allam
AbstractIn 2015, all United Nations Member States adopted the 2030 Agenda for Sustainable Development, in order to build global cooperation for a better present and future for people and the planet. This agenda includes 17 Sustainable Development Goals (SDGs), where the action is not an accessory choice but an urgent responsibility of all countries at the national and local level. Purpose: The purpose of this paper is to explore to what extent the active companies in the Port of Antwerp are aligned with the 2030 Agenda of Sustainable Development. Methodology: This paper utilized primary data based on a qualitative and quantitative analysis of sustainability reporting of among more than 800 companies active in the Port of Antwerp, Belgium published online during 2018-2019. Findings: The detailed analysis of the sustainability reporting of these companies reveals that most companies are not yet reporting against the SDGs explicitly, but many are implicitly active in tackling the SDG topics. Levels of reporting vary by sector and size. Conclusion: Through the detailed analysis of sustainability reporting, we will explore which SDGs are most prevalent among a broad range of companies, notably those connected with the maritime and logistics sector. Research limitations: The research is limited to analysis of disclosed public information. We are not aware whether those sustainability reporting that we are based on are verified by a third party concerning the credibility of the information. Practical implications: This research preliminary contributes to an understanding of the progress and gaps in the adoption of SDGs by companies towards achieving the 2030 UN Agenda. Social implications: The research may reveal where more effort needs to be concentrated by business and government on achieving a balanced implementation of the SDGs.

THE INFLUENCE OF EU POLICY ON R&I NETWORK COMPOSITION AND PERFORMANCE
Jelena Mazaj
Abstract

The role of Hawala in the Islamic culture. A way to avoid crime financing.
Federica Lanzara
AbstractHawala is an informal payment method, typical of Islamic finance widely considered system, and it is completely based on trusted non-bank networks that, only at times, use, in the money transfer process, the banking system as a portion of the transfer process itself. The research will focus on the reasons behind the choice to use the Hawala method to transfer money mostly everywhere and to everyone, analyzing possible solutions to let this unchecked flow of money emerge, trying also to explain its effective impact into real economy and shadow economy. However, there is still little literature and not enough sensitivity on the situation.

TRUST WHO? AND TRUST WHAT? COMPLEMENTARY AND SUBSTITUTE FORMS OF TRUST IN THE ERA OF BLOCKCHAIN
Maria Sciarra
AbstractThe purpose of this research project is to reappraise central concerns and sleeping debates in literature on trust, using the blockchain ecosystem as referential empirical setting. The core meaning of such research is coherent with the fact that the emergence of new coordination structures of the economic action is an opportunity to revise the underlying theoretical logic because they may highlight changes the nature vulnerabilities and the type of trust basis (McKnight et al., 1998; Sheppard and Sherman, 1998). Trust is an important aspect of relationship to predict behavior and provide basis for cooperation (Mayer, Davis and Schoorman, 1995; Dyer and Singh, 1998; Riyanto and Jonathan, 2018). Researchers from a broad range of disciplines have provided important contributions in illuminating and refining the nature of trust and why a trustor would trust a trustee (Bigley and Pearce, 1998; Rousseau, Sitkin, Burt and Camerer, 1998; Gulati and Sytch, 2008; Schoorman, Mayer and Davis, 2007). In spite of so much volume of research, literature adheres to Mayer et al. (1995) who defined trust as the willingness to take a risk varying within the trustor and across relationships. The various uses and meanings of the trust construct are traceable to a psychological or socio-economic phenomenon of individuals, firms and dyads (Rousseau et al., 1998). By concentrating on specific aspects which are overly psychological or overly economic (Bhattacharya, Devinney and Pillutla, 1998), each of these different disciplines have missed the opportunity to bridge the micro- and macro-level perspectives and provided only a partial description of the different mechanisms underlying the building process of cooperative and long-term exchange relationships. The relative scarcity of research focusing directly on trust since the special issue of Academy of Management in 1998 suggests that many aspects still remain for further investigation (Schoorman, Mayer and Davis, 2007; Bachmann and Inkpen, 2011). On top of this, rapid changes in the economic environment indicate that the current knowledge on the significance of the impersonal organization of economic transactions with respect to trust is controversial and not clear and we urgently need to know more (Bachmann and Inkpen, 2011; Seidel, 2018). The present inquiry, therefore, is designed to provide answer to two important questions on this topic: (i) what are the underlying psychological motives that foster the trustor to rely on the organizational form of economic transaction?, and (ii) to what extent does trust in those forms either complement or substitute the willingness to trust the trustee across different environmental realities in time?. The answer to those questions is not trivial and require new points of departure to problematize and reconcile the psychological and socio-economic perspectives in literature on trust. By advancing that the trustor shows an equal propensity to trust the trustee and the organizational form of economic transactions because they are both perceived object of trust, I will show that multiple competing forms of trust are possible in a given context and vary with the perception of the trustor in time. This fact would imply to rethink the current building process of cooperative exchange relationships sorting through the conventional underlying conceptual logics and mechanisms of theorizing the creation, the development and the propagation of trust. Such an endeavor is of particular interest with reference to the emergence of blockchain. Blockchain is a technology of ledgers to coordinate the economic action under secure conditions with no need for mutual trust or intermediaries because the native coordinating capabilities of technology offer a sufficient guaranty to mitigate the information asymmetry issue (Botsman and Roger, 2016). Contrary to actual theory, trust in the correct functioning of the underlying program logic is a fundamental prerequisite to enforce rules of behavior, irrespective of prior knowledge of the trustee and the cost of transaction (Lustig and Nardi, 2015).

Unicorns, VC-backed startups, Gazelles and the new species of entrepreneurship: A systematic Review
Federico Giannetti
AbstractStudying the typical gaps of new ventures’ creation, Arthur Stinchcombe (1965) introduces the concept of liability of newness and points out that new organizations are more likely to die than old organizations, in particular new forms of organizations are the most likely to die, because with the passing of time the structures tend to stabilize and become reproducible, and the relationships with the environments become stable, and the death rates of organizations tend to fall (Freeman et al., 1983). A concept that is still widely accepted in literature up to date (Cafferata et al., 2009), albeit with some little variation (e.g., liability of adolescence), and empirical evidences that can be still observable in recent study that confirms that startups are failing at a faster rate than ever before (Josefy et al., 2017). Stemming from these assumptions, with continuous evidences over the last 60 years, today we are assisting to a new kind of venture that seems to completely upset the concept of Darwin’s Natural Selection (1859) and Stinchombe’s Liability of Newness. Unicorns, Gazelles and Venture Capital backed companies are representing a new kind of paradigm in the entrepreneurship field, and, as point out by Aldrich and Ruef (2017), are attracting an increasing number of entrepreneurship researchers and policy makers even though IPOs and venture capital financing of firms are extremely rare events (Aldrich and Ruef, 2018). However, despite the recent hype in the number of researches published on this theme a systematization of those contributions able to identify the different characteristics that led startups with high failure rate to become one of these entrepreneurship exceptions is still lacking. The objective of this review article is to fill this gap. Therefore, a first systematization of the produced contributions to the characteristics of these new kind of startups is pivotal; this absence means scholars are looking at this phenomenon from similar points of view but leaving important gaps unexplored. Yet, the need for a summarization is even more important looking at the different declinations a startup of these species can take, which can become a Unicorn (Brown and Wiles, 2015) a Gazelle (Sims and O'Regan, 2006) or a VC-backed companies with an high growth rate (Hsu, 2007). Methodology. The methodology implemented to fill the above proposed gap is the Systematic Literature Review. This Systematic Literature Review (SLR) systematizes 42 contributions related to the new species of entrepreneurship. A total of 42 articles have been analyzed through a descriptive as well as a thematic approach. In doing so, it aims to: i) uncover the main themes in this area, especially by looking at the most recent advancements made in the literature, and ii) propose an updated model for the understanding why and how startups with an high failure rate could become successful companies of three different species. The above sample led to the creation of a model that can easily represents the different declinations that a startup can takes, these different declinations was analyzed under three main group of variables that have been emerged during the systematization process, in particular: 1. Ownership: board Composition, founding team, Ceo characteristics, Ceo repleacement, venture capital presence; 2. Operations & Fundings: Practices, patents, firm size, employees, performance, rate of innovation, equity received, exit option, venture financing; 3. Network: Geographical location, socio-economical local condition, political conditions, industry relationships, internationalization process, incubation period. Research limits. The proposed framework has filled a gap in the management literature regarding the understanding of the different characteristics that led startups with high failure rate to become one of these entrepreneurship exceptions through the adoption of the coevolutionary approach. A key advantage in using this lens to study the role of affect is that it allows the analysis of multi-level relationships using the same theoretical framework and helps to identify bidirectional causations; however, as already pointed out by co-evolutionary scholars (Abatecola, 2014; Breslin, 2011; 2016), a common problem in the implementation of these lens lies in the identification of discrete units of analysis at each level, as also done in this work. The main limitation of this contribution lies in its data collection and analysis criteria. Despite the strong verification of the used keywords for the data collection, they may have led the researcher to identify the final sample in ways that other keywords may not have. The limitation about data analysis criteria lies in the assessment of papers' quality based on the researcher's knowledge and, as explained by this work, affective states; on this point, Tranfield et al. (2003) highlighted that ‘the difficulty in specifying and conducting quality assessments of studies is a major challenge in developing a systematic review methodology for management research’ (p. 216). These limitations have been consciously taken into account from the very beginning. It is reasonable to believe that the proper procedure of the conducted systematic review has reduced the probability that not included research would have contained information that would critically alter conclusions.