Purpose -Paper aims is to describe, analyze and to increase the knowledge of the emerging crowdfunding phenomenon. This can be defined as the practice of funding a project or venture by raising a lot of small quantities of money from a huge number of people. Even though the number of academic studies has been increasing, the coverage of the population is relatively weak and not well understood by entrepreneurs and individual investors.Design/Methodology/Findings -The research can be classified as an exploratory research. It focuses on how the crowdfunding works. The research addresses the following research questions: What is crodwfunding? Which are the main characteristics of this phenomenon? Wihic are the principal strengths and the main weaknesses of crowdfunding? The findings expose purposes, characteristics, roles and tasks, and investment size of crowd-funding activity.Practical implications -The findings have implications for service managers interested in managing crowd-funding initiatives and to improve the activity of the consumers.Originality/value -The paper analyses a new emergent phenomenon. It aims to define the user/costuemr's role from co-creation to investment.

The stock market efficiency is the idea that equity prices of listed companies reveal all the data regarding the company value (Fama, 1965). In this way, there isn’t possible to make additional returns. However, evidence against the Efficient Market Hypothesis is growing. Researchers studied Calendar Anomalies (CAs) that characterised financial markets. These CAs contradict the efficient hypothesis. This research studies some of the most important market anomalies in France, Germany, Italy and Spain stock exchange indexes in the first decade of new millennium (2001-2010). In this study, to verify the distribution of the returns and their auto correlation, we use statistical methods: the GARCH model and the OLS regression. The analysis doesn’t show strong proof of comprehensive Calendar Anomalies. Some of these effects are country-specific. Furthermore, these country-anomalies are instable in the first decade of new millennium, and this result demonstrates some doubt on the significance of CAs.

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Purpose -Over the last few years, the wine industry has been undergoing a process of accelerated change, consequent to the constantly changing wine geography, both from the demand and the supply sides. This research is based on the 2011 work of Rossi et al. and aims to develop a preliminary prescriptive strategic branding framework for the Campania (Italy) wine firms. Design/methodology/approach -The research focuses on branding strategies and financial performance. It is based on extensive secondary data; the research is exploratory in nature, and it is a theoretical research. Findings -The paper achieves four main objectives: to understand the industry's local and international competitive situation; to identify the role and potentialities of branding in competitive terms; to identify the underlying factors of consumer behavior in relation to wine branding; and to develop a preliminary prescriptive strategic branding framework for the Campania wine firms, with generic application and value.Research limitations/implications -The limitations of the paper are the result of its very nature: it is a largely conceptual paper. Empirical research is therefore needed to test and validate the essentially preliminary framework developed and the (well-based) assumptions made towards its development.Originality/value -The value of the paper stems from the fact that practically no research exists on the subject and this work provides a solid and comprehensive theoretical foundation for further research to build on. Additionally, this research studies the subject but also through the identification of true underlying consumer behavior factors.

PurposeThe purpose of this paper is to investigate the direct and indirect links between environmental, social and governance (ESG) practices and financial performance using the mediate role of green innovation.Design/methodology/approachTo test the current study hypotheses, the authors applied linear regressions with a panel data using the Thomson Reuters ASSET4 and Bloomberg database from a sample of 115 UK and 90 Germany companies selected from the ESG index over the period 2005–2019.FindingsThe results show that the strengths ESG increase the firm value and the weaknesses decrease it. In addition, the authors find that green innovation fully mediates the relationship between ESG practices and financial performance in UK and Germany.Practical implicationsThe findings provide interesting implications to academics practitioners and regulators who are interested in discovering ESG score, financial performance and green innovation. The results also provide insights to regulators and the board of directors on future growth opportunities for the company and the country.Originality/valueThis study is unique in examining the mediation effect of green innovation on the relationship between ESG practices and financial performance.