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Cinzia PAROLINI

Professore Ordinario presso: Dipartimento di Economia "Marco Biagi"


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Pubblicazioni

2020 - Should we fear or hope for Chinese acquisitions? Evidence from Italy [Working paper]
Paba, S.; Parolini, C.
abstract

In 2016, Chinese outward FDI exceeded inward investment flows, making the country a net exporter of capital, like the large advanced economies. The majority of Chinese investments are M&As, with the aim to acquire strategic assets (advanced technology and know-how) and access to markets (brands). The rapid growth of Chinese direct investments has raised many concerns among the advanced economies. The most important one is the fear that these investments will not produce the positive effects on the host economy typically associated with FDI from advanced countries, but a one-sided transfer of technology and know-how from acquired European firms to China. However, there does not seem to be any evidence so far of a negative impact of Chinese investors on the acquired companies and the host economies. In particular, accurate studies on the pre and post-acquisition behaviour of European companies acquired by Chinese investors are still lacking. This research intends to offer a contribution in this direction by providing new and detailed data on Chinese investments in Italy and by trying a first and tentative assessment of the performance of Italian companies recently acquired or controlled by Chinese investors. To this purpose, we have built an original database gathering detailed company information on more than 7.000 Italian companies with Chinese shareholders. Second, we have studied the pre- and post- acquisition performance of 198 Italian target firms. Overall the results appear quite positive. Roughly 2/3 of the acquired companies have seen an increase in turnover, total assets, and shareholder’s funds and 50% has had an increase in fixed assets. Revenues show a decrease soon after the acquisition followed by a steady growth starting from the third year. Employment and profitability results appear more balanced. The number of companies which has registered an increase in employment is roughly similar to the number of those that have experienced a decline, but there is some evidence that Chinese shareholders prefer to avoid layoffs even in front of severe reductions in turnover. This attitude is reflected in profitability, which especially in the first years soon after the acquisition tend to decrease, followed by a recovery in the following years. Overall, the analysis suggest a long term orientation of Chinese acquirers which deserves further investigation.


2017 - Le determinanti del risultato economico [Capitolo/Saggio]
Parolini, Cinzia
abstract

Il capitolo illustra le principali teorie che aiutano a comprendere cosa determina il risultato economico: l'analisi costi-volumi-risultati, le economie di scala, le economie di raggio d'azione, le economie di apprendimento, i costi di transazione


2017 - Le misure dell'economicità [Capitolo/Saggio]
Parolini, Cinzia; Dubini, Paola
abstract

Dai processi ai risultati; il modello del bilancio di esercizio e la sua interpretazione


2017 - Measures of Economic Viability [Capitolo/Saggio]
Parolini, Cinzia; Dubini, Paola
abstract

The chapter presents the relationships between managerial choices and financial results and how financial statements are built and can be analyzed


2017 - The Drivers of Financial Results [Capitolo/Saggio]
Parolini, Cinzia
abstract

The chapter describes the main drivers of operating results, distinguishing between structural and short term drivers


2016 - Business planning. Dall'idea al progetto imprenditoriale. Ediz. mylab. Con espansione online [Monografia/Trattato scientifico]
Parolini, Cinzia
abstract

Il libro presenta gli strumenti necessari per la stesura di un business plan, sia per quanto riguarda i capitoli qualitativi (analisi del mercato e della concorrenza, definizione del sistema di offerta e scelte di struttura aziendale), sia per quanto riguarda la'elaborazione dei bilanci previsionali. Il libro è corredato da una serie di video e altri materiali di supporto, disponibili sia sulla piattaforma dell'editore


2011 - Business Planning [Monografia/Trattato scientifico]
Parolini, Cinzia
abstract

Il libro presenta le scelte strategiche connesse all'avvio di una nuova iiniziativa imprenditoriale, oltre che un quadro teorico utile per valutare le conseguenze di tali scelte sul profilo economico finanziario aziendale.


2010 - I pannelli di controllo strategico per le destinazioni turistiche [Capitolo/Saggio]
Parolini, Cinzia
abstract

Il contributo si propone l'obiettivo di adattare lo strumento della Balanced Scorecard alle destinazioni turistiche, cercando di evidenziare gli attori coinvolti nell'implementazione di un tale sistema di controllo, le modifiche necessarie per la trasposizione della Balanced Scorecard da singole organizzazioni a sistemi economici territoriali e le criticità in fase di implementazione di tale sistema di controllo.


2007 - Le Strategie [Capitolo/Saggio]
Parolini, Cinzia
abstract

Il capitolo presenta il concetto di strategia ed i livelli della gestione strategica, al fine di fornire il quadro strategico all'interno del quale inserire i sistemi di programmazione e controllo


2007 - THE MANAGEMENT OF CULTURAL DESTINATIONS:IN SEARCH FOR A DESTINATION’S BALANCED SCORECARD [Relazione in Atti di Convegno]
Parolini, Cinzia
abstract

As tourist markets become increasingly competitive, tourist destinations have to develop more sophisticated management tools. The aim of this paper is to try to adapt the tool of the balanced scorecard to tourist destinations, by identifying the players involved in implementing such a control system, the adjustments necessary to transpose the idea of balanced scorecards from single companies to territorial economic systems, and the critical aspects of the implementation phase. Empirically, among other things, the article is based on the experience acquired during the course of a project aimed at developing a balanced scorecard for the city of Florence (Italy).


2007 - The Italy business and information technologies (BIT) survey [Capitolo/Saggio]
Mandelli, A.; Neirotti, P.; Canato, A.; Biffi, A.; Paolucci, E.; Cantamessa, M.; Parolini, C.
abstract

The major intent of this project is to study the impact of new information technologies on industry structure, firms' practices and strategic results. Our research team, since 2002, has worked on this research agenda. The study that we present here builds on the results of the first Business and Information Technologies (BIT) study developed in Italy in 2002-2003 (see DeMatté et al., forthcoming), which highlighted three important phenomena: first, the substantial difference in the rate of digitization of core processes, between firms of different sizes and information and communication technologies (ICT) governance complexity, which could be explained not only by different firms' capabilities, but also by the different role of technology in specific competitive contexts. Second, the different rate of digitization of different organizational processes: digital investments were much higher in the internal processes, and much lower in external relationships, with both customers and suppliers (e-commerce and e-procurement were not highly diffused). Third, the importance of cultural, social and organizational variables, not only as a precondition for the success of e-business projects, but also as a complementary "effect" of the projects themselves. Our second survey built on these results, aims to collect more detailed data on the same critical areas: (1) different and specific areas of adoption; (2) the ICT governance processes; (3) the organizational and social processes (capabilities and changes) related to ICT business impact; (4) the general business results related to ICT innovation. This report synthesizes the results we found with this 2004-2005 survey. The Italian 2004 BIT dataset includes data collected through a survey of the chief information officer managers of a sample of the larger Italian companies, carried outbetweenOctober 2004 and April 2005.The respondents could fill in the questionnaire using the phone, the mail, and the web. The usable questionnaires were 214 out of 2326 invited answers (the response rate was 9.2%). We have analyzed the results of the 2004-2005 BIT survey, focusing in particular on two areas of knowledge: (1) the processes of ICT adoption and ICT governance; (2) the relationship between firm's intangible resources and ICT processes and effects, at the organizational and business level. In this survey, we found that: • At this stage and for the type of firms considered (the larger firms), there is not any digital divide between Southern andNorthern Italy in the spending for information technology (IT), despite of the economic diversity of the two areas. • There is not any divide between Italian and foreign companies operating in Italy, since foreign groups doing business in Italy do not showhigher spending rates for IT. • The real divide, consistent with what we found in the previous BIT study, is related to the different IT investment efforts made by companies of different sizes. • The nature of the industry helps in explaining the different IT adoption processes; the level of spending is significantly higher in the information intensive businesses of the service industries (financial services, consulting, and telecommunications). With regard to the applications adopted and technology use: • Corporate intranets and corporatewebsites represent the most diffused applications, while aminority of companies have explored e-procurement, e-commerce and other innovative frontiers in collaborative supply chains, in line with what we found in the first study, that is, that Italian companies have started to digitize internal processes more than external relationships, and communication processes more than commercial activities (Dematté et al., forthcoming). This phenomenon is particularly interesting, if we consider the average size of our sample companies. • The most innovative systems, radio frequency identification and e-learning platforms, still hav


2005 - Metamanagement del turismo urbano [Monografia/Trattato scientifico]
Parolini, Cinzia
abstract

Il libro tratta il tema del metamanagement dei sistemi turistici prestando particolare attenzione ad un comparto (quello del turismo urbano) dove le attività di gestione sovraordinata sono, se possibile, ancora più critiche di quanto avvenga per gli altri comparti. Nelle destinazioni urbane, infatti, assumono maggiore rilevanza attrattive di tipo culturale, che difficilmente possono essere gestite a scopo di lucro. Nel turismo urbano, inoltre, l’attività dei visitatori non è dominata da attività ripetitive e predefinite come invece avviene tipicamente nel turismo balneare o montano. I turisti devono quindi riempire la propria giornata con tante attività sempre diverse offerte da un numero di soggetti molto elevato, rendendo ancora più accentuati i fenomeni di frammentazione dell’offerta e la necessità di attività di informazione e coordinamento. Il tema viene trattato allargando il discorso al di là delle semplici attività di marketing territoriale e affrontando in senso lato il tema delle attività di sviluppo, regolazione e gestione del sistema.