Although the current empirical literature has focused predominantly on the direct relationship between corporate social responsibility (CSR) and firm value, in this paper, we aim to explore firm‐level moderators that may contribute to disentangling this relationship. On the basis of a dataset of Western European listed companies, we use a moderation analysis of panel data to examine whether firm size and age drive the impact of CSR on firm value. Our estimations show that the relationship between CSR and firm value is moderated by firm size and age so that it is negatively impacted when small and/or young companies are considered. This finding seems to be consistent with the view that CSR initiatives could be ineffective in smaller and younger companies due to their lack of financial resources, experience, reputation, and so forth. Implications for firms are also discussed.

Purpose Over the past two decades, scholarly attention has focused mainly on a direct and inverse relationship between corporate environmental responsibility (CER) and corporate financial performance (CFP). This study aims to explore the bidirectional causality hypothesis, as good environmental results can lead to good financial results, which makes it possible to invest more resources in projects that improve environmental performance. Design/methodology/approach The authors test the bidirectional causality between CER and CFP on a sample of listed Italian manufacturing firms over the 2005-2014 period. The authors use a fixed effect panel data regression and check the robustness of the results with alternative econometric techniques. Findings Although the findings do not support bidirectional hypothesis, they establish direction/causality from CFP to CER. As a result, environmental responsibility is a consequence of prior financial performance, which supports the slack resources hypothesis. Research limitations/implications Given that companies’ environmental commitment is dictated by economic evaluations or by assessing the availability of resources to invest, it seems that the spread of environmentally responsible behaviours might be supported by different external pressures. Originality/value The paper provides further insights on sustainability management literature by establishing a bidirectional relationship between firm performance and environmental responsibility.

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Purpose -This work seeks to investigate the performance of wine businesses operating in the Campania region in the South of Italy and aims to verify the family power effect on company performance. Design/methodology/approach -The study was conducted on a sample of 114 firms that operate in the quality wines industry. Using a panel data regression model with time fixed effects, the authors analyzed the firm performance during the interval 2007-2010 to detect the effect of family power on the firm performance. Family power was measured through the degree of family involvement in ownership and on the board. Performance was measured in terms of revenue and profitability. Findings -The research highlights a U-shaped relationship between family power and revenue and an inverted U-shaped relationship between family power and profitability. Originality/value -The findings show an empirical framework which could stimulate the academic debate on family effect in order to draw implications for marketing management and policy makers in the wine business and to provide suggestions for further research.

Research Question/Issue Do enforcement actions impact banks' board composition? Based on a unique sample of sanctions imposed on Italian banks by the country's banking supervisory authority from 2009 to 2015, we investigate whether supervisory enforcement actions affect changes at the board level. Moreover, we examine whether changes at the board level after a sanction are effective in reducing the probability of further sanctions in the future. Research Findings/Insights The findings reveal that sanctioned banks change their board composition following a supervisory sanction. We further test whether these changes improve bank governance and find that, under certain conditions, they may reduce the probability that the board is sanctioned again. Robustness tests confirm the results. Theoretical/Academic Implications This study provides empirical evidence that supports the role of supervisory enforcement actions in inducing banks to adopt changes at the board level. Given that the relationship between supervisory sanctions and changes in board characteristics is still neglected, we contend that our results may increase the understanding of the effectiveness of enforcement actions in improving board characteristics. Practitioner/Policy Implications We believe that our results have policy implications by making a clear and concrete contribution to the ongoing debate on the revision of the principles for enhancing corporate governance and banking supervision.

SummaryBackgroundIt is widely accepted that oxidative stress is associated with the physiopathology of type 2 diabetes mellitus. In fact, it has been pointed out as a therapeutic target in T2DM. Fortunately, several papers have reported that long-term training programs improved the antioxidant system in young and adult diabetic rats. Accordingly, this study was designed to assess the influence of a shorter training program in elderly diabetic fatty rats.Material/MethodsStudy subjects were 24 male homozygous Zucker diabetic fatty rats (Gmi, fa/fa) aged 18 weeks with an average weight of 370–450 g. After a 2-week period of environmental adaptation, animals were randomly distributed into the Exercised Group (n=12) that performed a 6-week swimming training protocol and the Sedentary Group (n=12). Animals were sacrificed under anesthesia 24 h after the last exercise session. Serum metabolic profile was determined. Total antioxidant status (TAS), MnSOD expression, glutathione status and ROS generation were assayed in gastrocnemius muscle.ResultsWhen compared with controls, exercised rats significantly improved their metabolic profile. Total antioxidant status (0.19±0.002 vs. 0.13±0.002 μg/mg protein; p<0.001) and MnSOD expression (8471±90 vs. 6258±102 U/μg protein; p=0.003) were also increased in exercised rats.ConclusionsA 6-week swimming training program improved the antioxidant system in elderly fatty diabetic rats. Fortunately, this improvement was enough to reduce oxidative damage, expressed as protein oxidation. A major finding of this study was that our training protocol lasted just 6 weeks, in contrast to longer protocols previously published.

Purpose This paper aims to analyze the relationship between bank institutional setting and risk-taking by exploring whether board education and turnover are drivers of the risk propensity of cooperative banks compared to joint-stock banks. Design/methodology/approach Based on a comprehensive data set of Italian banks over the 2011-2017 period, this paper examines whether these board characteristics affect the risk propensity of cooperative and joint-stock banks. Bank risk is measured by the Z-index, profit volatility and the ratio of non-performing loans to total gross loans. Findings The findings show that cooperatives take less risk than joint-stock banks and have lower board turnover and education. Furthermore, this study finds that while board education mediates the relationship between the cooperative model and bank risk-taking, there is no evidence for board turnover. Thus, the lower educational level of cooperative directors contributes to explaining the lower risk-taking of cooperative banks. Implications The findings have several implications. In terms of the more general policy debate, the results point to the need to strengthen the governance model for both joint-stock and cooperative banks while supporting the view that a more ad hoc perspective on the best models and practices for each type of institutional setting would be preferable. In particular, the study reveals how board education’s effects on bank risk-taking should be carefully monitored. Originality/value Through a mediation framework, this study provides empirical evidence on the relationship between bank institutional setting (by distinguishing between cooperative and joint-stock banks) and risk-taking behavior by exploring the underlying mechanisms at the board level, which is novel in the literature.

Purpose Empirical evidence on the relation between female involvement at the head of a company and firm performance remains inconclusive. This study aims to disentangle the existing evidence by exploring the moderating role of family firm status. Design/methodology/approach The study analyzes the moderating role of family firm status on the relation between gender diversity and firm performance among a sample of 88 Italian wine firms from Campania region during the 2007-2014 period. This work uses random effects panel data regression and tests the robustness of the results using alternative econometric techniques. Performance is measured in terms of profitability. Findings The findings reveal that women in top positions do not affect firm performance. However, it is found that this relation is significantly moderated by family firm status. Specifically, compared to high family-controlled firms, female involvement negatively impacts firm performance in low family-controlled firms. Research limitations/implications From a theoretical standpoint, the results enable a more nuanced interpretation of the relationship between female involvement and firm performance. From a managerial perspective, the results highlight conditions that may promote the role of women in business. Originality/value This paper provides insights into the relation between gender diversity and firm performance by exploring the moderating role of family firm status – a novel approach in the management and wine business literature.