Purpose This paper aims to propose a theoretical model designed to predict the likelihood of financial distress of an enterprise and to quantify the damages whenever the financial crisis became full-blown. Design/methodology/approach Coherently with the objectives of the paper, the analysis considers the last seven exercises (period: 1999/2006) of a sample of 25.000 small- and medium-sized enterprises (SMEs) (volume of sales: < 20 mlns; number of employees: < 250) organized in the form of Ltd. The empirical investigation has been affected through the use of BvD database: Aida and Mint Italy. Findings The analysis shows that the ex post costs of financial distress decrease in relation to the company’s increased ability to use intangible assets and in relation to the local roots of the banks (local banks rather than international banking groups). Research limitations/implications The instruments used for this study need to be subjected to more statistical tests to establish a more robust validity and reliability. Replication of this study using larger samples and a broader geographic base (extended at European level) is suggested. Practical implications The timely monitoring of investigated variables allows you to mitigate the costs of exit from the market. Originality/value Following the global financial crisis, this paper sheds new light on the financial distress cost of Italian SMEs.
This paper focuses on bank-firm relationship in an economic deeply changing environment. The objectives of the paper are two-fold: to understand, compared to the overall banking system, if the lending activities and economic-financial performances of Italian local banks have changed after the outbreak of the financial crisis; and to understand what are the conditions that allow to develop a model of a local bank capable of supporting the development routes of SMEs, by an appropriate risk/return profile. In order to answer the first research question, the paper presented an empirical analysis, covering the period 2007-2011, of Italian Cooperative Credit Banks (a particular category of local banks) compared with the system of bank groups with operability spread over much of the Italian territory and not. The empirical comparative analysis has the aim to see the effects of the crisis on the relationship bank-firm through the reading of the impact on the dynamics of lending and on the profiles of structure, riskiness, profitability and efficiency of the banks under examination. In order to provide an answer to the second research question, the paper provides some insight of evolutionary nature reflection in the bank-firm relationship. In accordance with the doctrinal postulates of the relationship lending the empirical analysis shows how the financial then real crisis has not induced Cooperative Credit Banks to restrict credit to local firms. The survey evidences have however highlighted some critical elements that are reflected inevitably on the local bank’s risk-return profile. Based only on quantitative data of statement, the empirical analysis represents a limit in this kind of research. This paper is useful to stimulate the debate of experts as well as to focus on the studies of local banks in particular in the light of their anti-cyclic role. Even if abounding in subjects about local banks and relationship lending literature faces only marginally the effects of global crisis on business profiles of local banks.
The new European HPC facility for Fusion is in operation since July 2016. It replaces, for European fusion researchers, the Helios supercomputer installed in Japan in the context of the Broader Approach agreement. The supercomputer is hosted at CINECA and it is a fraction of the MARCONI system. Thanks to a customized technical project done by ENEA, in a joint development agreement with CINECA, the European community of fusion modelling can exploit the latest available CPU technologies, following the CINECA HPC roadmap towards 50 PFlops planned for 2019. The MARCONI Fusion fraction is being delivered in two phases: the first one, 1 PFlops of CPU multi-core architecture based on the Intel Broadwell processors, is already in operation since July 2016, and the second one, 5 PFlops of the same architecture based on the INTEL Skylake processors, will be deployed in July 2017. Furthermore the project includes 1 PFlops of the third generation of Intel Xeon Phi many-core architecture (Knights Landing generation). Within this framework, ENEA/CINECA provides, in addition, the operation support of the Gateway infrastructure of EUROFusion Work-Package Code Development. A new Gateway HPC system is in operation at CINECA since Jan. 2017 thanks to the data migration and software porting activities carried out by ENEA/CINECA team together with the Core Programming Team of the Infrastructure and Support Activity work package from EUROfusion. The new Gateway infrastructure is tightly coupled with the MARCONI Fusion fraction, sharing the same 100 Gbps low-latency network based on the Intel OmniPath technology. The paper describes the technical details and the performances of MARCONI, one of the largest HPC OmniPath based infrastructure.
This study aims to investigate the correlations between ESG score and firm value. The paper verifies the hypothesis that there is a positive correlation between ESG score and firm performance, as indicated by levered free cash flow, ROE, current ratio, and quick ratio; also, the study aimed to investigate the relationship between ESG score and firm value improvement, as indicated by stock price of firm. The study applied linear regression to a panel data using Bloomberg ESG disclosure scores from a sample of 115 companies listed in Europe. The time under study was from 2016 to 2020. Findings suggest a positive and significant relationship between the variables. Research findings will help firms’ stakeholders to improve their awareness of the impact of ESG disclosure on the performance of the firm. The findings, which support the positive relationship between ESG and firm performance, can be used to supporting or even completing other studies with similar or same concept, after necessary adjustments have been made. Data used for this study need to be subjected to more statistical tests in order to establish a more robust validity and reliability. It is necessary to acquire further strengthened data and assume a variety of conditional situations. It is expected that subsequent studies can use larger samples and diversified by sector, a broader geographic base, and a multi-faceted analysis.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.