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Domenico Rocco CAMBREA
Ricercatore t.d. art. 24 c. 3 lett. B
Dipartimento di Comunicazione ed Economia
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Pubblicazioni
2023
- Advisory or monitoring role in ESG scenario: Which women directors are more influential in the Italian context?
[Articolo su rivista]
Cambrea, D. R.; Paolone, F.; Cucari, N.
abstract
2023
- CEO Mentoring and Post-CEO Succession Performance in Family Firms
[Relazione in Atti di Convegno]
Amore, Mario Daniele; Cambrea, Domenico Rocco; Muñoz-Bullón, Fernando; Quarato, Fabio; Sanchez-Bueno, Maria Jose
abstract
2023
- CEO Succession and Shared Leadership: Which factors shape firm performance?
[Articolo su rivista]
Quarato, Fabio; Cambrea, Domenico Rocco; Laviola, Francesco
abstract
This paper investigates the effect of CEO succession on the performance of family firms characterized by collegial leadership and the moderating role of the Family CEO, of the board of directors and by the size of the firm. The empirical analysis, carried out on a sample of Italian family firms for the years 2012-2016, shows a positive effect of suc-cession on the performance of family businesses with shared leadership. Moreover, this relationship is negatively moderated by the composition of the co-leadership structure, the characteristics of the board of directors and the size of the firm.
2023
- Family-Induced Heterogeneity Among Female Directors and its Implications to Firm Performance
[Relazione in Atti di Convegno]
Ponomareva, Yuliya; Cambrea, Domenico Rocco; Torchia, Mariateresa; Calabrò, Andrea
abstract
2022
- Corporate Sustainability: Measurement, Reporting and Effects on Firm Performance
[Monografia/Trattato scientifico]
Tenuta, Paolo; Cambrea, Domenico Rocco
abstract
2022
- Corporate social responsibility and corporate financial performance: the role of executive directors in family firms
[Articolo su rivista]
Tenuta, Paolo; Cambrea, Domenico Rocco
abstract
2022
- Resource dependence and stakeholder theories: the resource provision versus balance of conflict roles of outside directors
[Relazione in Atti di Convegno]
Zona, Fabio; Quarato, Fabio; Coller, Graziano; Cambrea, Domenico Rocco
abstract
2022
- Strings attached: Socioemotional wealth mixed gambles in the cash management choices of family firms
[Articolo su rivista]
Cambrea, Domenico Rocco; Ponomareva, Yuliya; Pittino, Daniel; Minichilli, Alessandro
abstract
Family owners differ from other types of owners due to the presence of socioemotional wealth (SEW) concerns. We take a closer look at this distinctive aspect by examining the impact of family control and influence dimension of SEW on the cash management choices of family firms, conceptualizing it as a mixed gamble choice. Our empirical analysis of 195 Italian firms listed on the Milan Stock Exchange between 2003 and 2015 shows that family firms derive more value and incur lower costs than nonfamily firms when they increase their cash holdings. We then delve deeper into family firms’ cash management choices by exploring how different levels of family control and influence as well as types of board governance arrangements moderate this relationship. The empirical results indicate that the positive effects of family ownership are more pronounced under a high level of family control and influence and with separation of the board chair and CEO positions.
2022
- The impact of boards of directors’ characteristics on cash holdings in uncertain times
[Articolo su rivista]
Cambrea, Domenico Rocco; Calabrò, Andrea; La Rocca, Maurizio; Paolone, Francesco
abstract
This study examines the relationship between the board of directors and cash holdings before and during the global financial crisis. We focus on the main demographic characteristics of the board: CEO duality, independent directors, and board size. Employing a sample of listed Italian industrial firms over the period 2003–2013, our empirical findings show the different behaviors of the members of the board of directors in determining cash holdings in normal conditions and during a crisis. In normal periods, in line with agency theory, a vigilant board—characterized by a high proportion of independent directors—reduces cash holdings. Diversely, the presence of CEO duality and larger boards increase cash holdings. In times of crisis, members of the board of directors abandon their monitoring duties or opportunistic behavior and become more participative to help the firm to survive. The results suggest that the effects of the board of directors’ characteristics are contingent on a firm’s external environment.
2022
- Women Ceos and Internationalization of Family-Controlled Firms: the Moderating Role of Ownership And Governance Openess
[Relazione in Atti di Convegno]
D'Angelo, Alfredo; Quarato, Fabio; Cambrea, Domenico Rocco
abstract
2021
- Entrepreneurial intention of female vs male students in Albania
[Relazione in Atti di Convegno]
Makarova, Maria; Depperu, Donatella; Sirianni, Camillo; Cambrea, Domenico Rocco
abstract
2021
- Five shades of women: evidence from Italian listed firms
[Articolo su rivista]
Rubino, Franco Ernesto; Tenuta, Paolo; Cambrea, Domenico Rocco
abstract
Purpose
This paper aims to examine empirically the impact of gender diversity on corporate performance by both comparing different positions occupied by female directors on the boards and their personal-specific characteristics.
Design/methodology/approach
The paper examines a sample of Italian listed companies during 2006–2015. To deal with endogeneity issues, the authors use a generalized method of moments as an empirical methodology.
Findings
The empirical findings show that the positive effect of both independent and executive women directors on firm performance is moderated by the specific characteristics of female directors. Specifically, the analyses show that foreign and busy females negatively impact on performance. Conversely, graduate female directors strengthen the positive link between executive women and firm performance.
Originality/value
The paper sheds light on the consequences of appointing different types of female directors (i.e. independent, executive, graduate, foreign and busy) on firm performance. Our empirical research that investigates the association between gender diversity and performance in the Italian context based on a longitudinal study, which involves a period of ten years, allowing consideration both of the years before and after the introduction of the gender quota law (Golfo–Mosca law).
2021
- Investment decisions of family firms in the three largest euro countries: the role of the financial crisis
[Articolo su rivista]
Quarato, Fabio; Cambrea, Domenico Rocco; Calabrò, Andrea
abstract
This study aims to investigate the impact of family ownership on the investment-cash flow sensitivity relationship. Our main hypotheses are tested through fixed effects regression analysis on panel data of French, German, and Italian listed firms over the 2007-2015 timeframe. The main findings suggest that family ownership is more likely to reduce the investment-cash flow sensitivity, suggesting more family firms’ more efficient investment behaviors. Moreover, during the financial crisis, family firms are particularly able to collect external funds to undertake investment projects, even if the internally generated cash-flow is not adequate to sustain investment policies.
2021
- Jonas Gabrielsson, Wafa Khlif and Sibel Yamak (eds.): Research handbook on board of directors
[Articolo su rivista]
Cambrea, Domenico Rocco
abstract
2020
- Changing roles of female directors in family business: the impact of board gender quotas
[Relazione in Atti di Convegno]
Ponomareva, Yuliya; Cambrea, Domenico Rocco; Torchia, Mariateresa
abstract
2020
- Female directors and corporate cash holdings: monitoring vs executive roles
[Articolo su rivista]
Cambrea, D. R.; Tenuta, P.; Vastola, V.
abstract
Purpose: The purpose of this paper is to investigate the impact of gender diversity on corporate cash holdings by scrutinizing different positions covered by female board directors. Design/methodology/approach: The paper examines a sample of Italian listed companies between 2006 and 2015. Fixed-effects regressions are employed as the base empirical methodology. In addition, because the link between corporate governance variables and cash may suffer from endogeneity issues, the study employs several tests to control for this potential problem. Findings: The empirical findings demonstrate that the relationship between gender diversity and cash holdings depends on the role of female directors on the boards. Specifically, the evidence shows that women in monitoring functions, ruled by independent directors and female chairs, led to a decrease in cash reserves. Conversely, companies managed by female CEOs have larger cash holdings. Research limitations/implications: The paper refers to Italian listed companies only and does not analyze whether and how the financial crisis has affected the link between female directors and cash reserves. Practical implications: The study provides insights for the diverse effects of female directors on cash management decision and contributes to the debate on gender diversity capabilities for improving firm financial flexibility. Originality/value: This paper is the first empirical study to attempt to disentangle the effect of gender diversity on cash holdings. It sheds light on the consequences of appointing female directors on cash policies and explores the Italian context after the introduction of the gender quotas law.
2020
- Is cash always king? The roles of family ownership and board structure
[Relazione in Atti di Convegno]
Cambrea, Domenico Rocco; Ponomareva, Yuliya; Pittino, Daniel; Minichilli, Alessandro
abstract
2019
- Book review: “Corporate governance in emerging economies: Theory and practice”
[Articolo su rivista]
Cambrea, Domenico Rocco
abstract
2019
- CEO investment of deferred compensation plans and firm performance
[Articolo su rivista]
Cambrea, Domenico Rocco; Colonnello, Stefano; Curatola, Giuliano; Fantini, Giulia
abstract
We study how US chief executive officers (CEOs) invest their deferred compensation plans depending on the firm's profitability. By looking at the correlation between the CEO's return on these plans and the firm's stock return, we show that deferred compensation is to a large extent invested in the company equity in good times and divested from it in bad times. The divestment from company equity in bad times arguably reflects CEOs' incentive to abandon the firm and to invest in alternative instruments to preserve the value of their deferred compensation plans. This result suggests that the incentive alignment effects of deferred compensation crucially depend on the firm's health status.
2019
- Is Cash Always King? The Role of Family Ownership and Board Structure
[Relazione in Atti di Convegno]
Cambrea, Domenico Rocco; Ponomareva, Yuliya; Pittino, Daniel
abstract
The literature suggests the presence of tradeoffs associated with increasing level of cash, modeling an inverted u-shape relationship between cash holdings and firm value. We nuance this further arguing that the nature of these tradeoffs depends on nature of corporate governance arrangements within a firm. Using panel data from 195 Italian listed firms (2003-2015), we find that family ownership moderates the inverted u-shape relationship between cash holdings and firm value. More specifically, family firms derive more value and incur less costs when increasing cash holdings comparing with nonfamily firms. We further show that similar moderating effect can be achieved by nonfamily firms in the presence of particular board governance arrangements – smaller, more independent boards characterized by separation between CEO and chairman positions. In nonfamily firms, greater board independence contributes to the reduction of family opportunism, allowing firms to derive greater benefits from higher levels of cash holdings. Our study contributes to the research on how ownership and board governance jointly influence firm strategic decisions.
2019
- The effect of cash holdings on firm performance in large Italian companies
[Articolo su rivista]
La Rocca, Maurizio; Cambrea, Domenico Rocco
abstract
This paper examines the relationship between cash holdings and performance in Italy over 36 years. Specifically, in light of the presence of conflicting evidence concerning the worth of cash stock, which could lead to a positive effect rather than a negative one, the role of moderating factors that can shape the magnitude of this relationship is investigated. The results show that the value of cash holdings is affected by firm-specific characteristics, as well as factors related to the institutional context. Although other studies have analyzed moderators one at a time, this is the first work to consider how they jointly work. When the moderators are considered together, some of them become no longer statistically significant while others become even more economically and statistically relevant.
2019
- Women directors in board of Italian listed companies: a review of ten years’ experience
[Capitolo/Saggio]
Tenuta, Paolo; Cambrea, Domenico Rocco
abstract
2018
- Are All Independent Directors the Same? Evidence from Italian Listed Companies
[Articolo su rivista]
Tenuta, Paolo; Cambrea, Domenico Rocco; Fazzari, Debora
abstract
2018
- Are cash holdings more beneficial for family firms? The moderating roles of family involvement and board structure
[Relazione in Atti di Convegno]
Pittino, Daniel; Cambrea, Domenico Rocco; Ponomareva, Yuliya
abstract
2018
- Cash Holdings and Firm Value: The Moderating Roles of Family Involvement and Board Structure
[Relazione in Atti di Convegno]
Cambrea, Domenico Rocco; Ponomareva, Yuliya; Pittino, Daniel
abstract
Extant corporate governance literature reveals that shareholders differ in their ownership strategies. This paper investigates how owner identity influences relationship between cash holdings and firm value and how board configuration moderates this influence. We focus on corporate cash holdings as a method to deduce the ownership strategies of family versus non-family shareholders. The findings reveal that corporate cash holdings have a positive influence on firm value in family firms, while the relationship turns negative in non-family firms. Out findings also show that board configuration that addresses the governance needs of a firm can enhance the positive effect of cash holdings on firm value in family firms while decreasing the negative effects in non-family firms. Our findings contribute to the research on the distinct impact of family shareholders on their firms while signifying the importance of fit between the ownerships structure of a firm and the configuration of the board of directors.
2018
- Context-Specific and Firm-Specific Factors and Their Effect on Banking Credit Policies in Post-Unification Southern Italy: A Case Study
[Articolo su rivista]
Puntillo, Pina; Rubino, Franco Ernesto; Cambrea, Domenico Rocco
abstract
2018
- Corporate Cash Holdings. Governance e Valore d’Impresa
[Monografia/Trattato scientifico]
Cambrea, Domenico Rocco
abstract
2018
- Il bilancio di esercizio secondo la normativa e i principi contabili nazionali
[Capitolo/Saggio]
Bronzetti, Giovanni; Cristiano, Elena; Mazzotta, Romilda; Silvestri, Antonella; Cambrea, Domenico Rocco
abstract
2018
- Il falso in bilancio
[Capitolo/Saggio]
Cambrea, Domenico Rocco
abstract
2018
- Ownership structure, investors’ protection and corporate valuation: the effect of judicial system efficiency in family and non-family firms
[Articolo su rivista]
Lepore, Luigi; Paolone, Francesco; Cambrea, Domenico Rocco
abstract
Research on the effect of ownership structure on firm performance shows no convergent evidence concerning the sign and form of the above-mentioned relationship. Similarly, there is no homogeneous evidence documenting family ownership concentration is always positively or negatively correlated with firm value, or irrelevant. This paper analyses whether and how the de facto investor protection provided by the judicial system affects the relationship between corporate performance and ownership structure in 1314 firms operating in four European countries (Germany, France, Italy, and Spain) over a five-year period, 2010–2014. Moreover, we analyse whether judicial system efficiency influences if and how family firms in the controlling coalition collude for expropriating minority shareholders. Our findings show that the level of shareholder protection, derived from judicial efficiency, is relevant to the relationship between ownership structure and firm performance, thus corroborating literature in that institutional contexts matter in explaining such relations. The results suggest the need for more efficient external mechanisms of corporate governance to facilitate investment in equity capital, thus decreasing the country risk perceived by investors.
2017
- Board characteristics effects on performance in family and non-family business: a multi-theoretical approach
[Articolo su rivista]
Rubino, F. E.; Tenuta, P.; Cambrea, D. R.
abstract
This paper examines the role of the board of directors in influencing the value of Italian listed firms from 2003 to 2013. In particular, employing agency, stewardship and resource dependence theories, the study aims to compare board characteristics in family and non-family firms and define the theory that best applies to family firms. Empirical results show that the presence of CEO duality and busy directors has a positive effect on the value of family firms, while gender diversity has a negative impact on the value when a member of the family leads a family firm. Conversely, the size of the board positively affects the value of non-family firms. Our main findings suggest the prevalence, in family firms, of the benefits of the board structure argued by stewardship and resource dependence theories rather than the disadvantages expected from agency theory.
2017
- The role of corruption in shaping the value of holding cash
[Articolo su rivista]
La Rocca, M.; Cambrea, D. R.; Cariola, A.
abstract
This paper analyses the relationship between cash holdings and performance, considering the moderating effect of corruption that exists in the institutional context in which firms operate. The results show the importance of corruption in shaping the sign and the intensity of the value of cash holdings. The sign of the effect of corporate liquidity on firm performance changes according to varying levels of corruption. Holding cash is shown to have a noteworthy and no marginal role in supporting business activities and points to an avenue of investigation for future research.
2017
- Top management team diversity and firm performance: Empirical evidence from the fashion and luxury industry
[Articolo su rivista]
Quarato, Fabio; Cambrea, Domenico Rocco; Lussana, Giorgia; Varacca Capello, Paola
abstract