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Found documents: 45
Magazine article (E&M - 2022/3) Pippo Federico, Talamini Andrea

The Creation of Value through Sustainable Debt Instruments

Sustainable debt instruments, and in particular green bonds, sustainability-linked bonds, and green loans, represent an innovative, constantly-growing solution to finance business activities and projects. These instruments are characterized by the possible presence of the so-called greenium, the negative premium that debt subscribers are willing to pay the issues for those instruments. Although the ...

Magazine article (E&M - 2022/3) Lanza Andrea, Roscio Anna Maria

Social Responsibility, Environmental Sustainability, and ESG Ratings in Italian SMEs

A study conducted on 10,000 Italian SMEs shows that issues such as climate change and the transition toward a more sustainable economy are still little present in the business world in our country. Only one of three companies is worried about the effects on their business model of climate change, and one of five about the consequences of a transition toward a more sustainable economy. Of the sample ...

Magazine article (E&M - 2022/3) Calcaterra Michele

ESG Rating and Credit: How to Assess Integrated Risk

A sustainability rating, or ESG rating, represents an appropriate integration of the information on business risk deriving from the more consolidated credit rating. An integrated approach that involves a joint assessment of the financial solidity of a company (credit rating) and its sustainability (or solidity of the business model), allows for innovating risk management activity by making it more ...

Magazine article (E&M - 2022/3) Marchesi Cecilia

Accelerating the Transition: Financial Services Must Also Do Their Part

In the last two years, the increase of social disturbances, the growing attention to climate change, and the need to act on environmental, social, and governance (ESG) issues, has attracted attention from companies in all sectors. Financial services companies are also called on to catalyze and accelerate the transition toward a new economy, based on ecosystems that satisfy the needs of all stakeholders. ...

Magazine article (E&M - 2022/3) Caragnano Alessandra

The Impact of Sustainability on the Cost of Capital

The concept of creation of value has recently taken on a new feature, the sharing of value for all of the stakeholders involved. In order for this to occur, it is necessary for business strategies and models to be structured and managed in an amply sustainable vision in environmental, social, cultural, and ethical terms. Companies that are associated with high ESG performance have easier access to ...

Magazine article (E&M - 2022/3) Dallocchio Maurizio

Sustainable Finance. Why It Has to Change

In the focus of this issue of Economia&Management , some colleagues from the REPAiR present studies and analyses on the future of finance, developed in the context of the new laboratory at the SDA Bocconi.

Magazine article (E&M - 2023/2) Ragaini Andrea, Albonico Marzio

The Epochal Challenges of the 2020s: Financial Intermediation

To provide a comprehensive treatment, in an international context characterized by radical choices, uncertainties, transitions, and so on, would require a monumental effort, perhaps only within the reach of artificial intelligence. However, some considerations can still be drawn. It is a common opinion that the Italian entrepreneurial system has developed, more than elsewhere, around family businesses ...

Magazine article (E&M - 2023/4) Conca Valter, Locatelli Mauro

Management Incentive Plans in Private Equity

The success of a private equity deal largely depends on the relationship of trust and alignment of interests between investors and the management of the portfolio companies. Unlike in English-speaking countries, the Italian market is not yet sensitive in evaluating the strategic nature of incentive policies for the target companies, which, moreover, represent a strong lever for management retention.

Magazine article (E&M - 2023/4) Fiorillo Vitaliano, Amico Biagio Maria, Bottacin Leonardo

Sustainability Benefits All Actors, Including Financial Interests

The soil is a finite and non-renewable natural resource, a fundamental part of the natural capital that contributes to basic human needs by supporting food production and water purification, acting as an important reservoir of organic carbon, and serving as a habitat for highly diverse biological communities.

Magazine article (E&M - 2021/3) Filotto Umberto, De Rossi Leonardo Maria, Diaferia Lorenzo, Scimone Xenia

Open Banking: The Directive Exists, and Maybe The Consumers, Too

It is not infrequent for innovations or reforms that declare a precise and limited goal to have a more or less involuntary impact on much broader areas, causing radical changes. This is the case of the PSD2 (the Payment Services Directive, EU 2015/2366, adopted in Italy with Legislative Decree 218 of 2017), that from its title, seems to refer only to payment services, but has turned out to be the ...