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DANIELA PENNETTA

Assegnista di ricerca
Dipartimento di Economia "Marco Biagi"
COLLABORATORE COORDINATO CONTINUATIVO
Dipartimento di Economia "Marco Biagi"
Docente a contratto
Dipartimento di Economia "Marco Biagi"

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Pubblicazioni

2023 - Banks’ attitude to partnership as an antecedent of Open Banking platforms: structural determinants and effects on performance in the Italian context [Working paper]
Pennetta, D.; Gambarelli, L.
abstract

The recent developments in regulation, in particular PSD2 and ICT technologies, are fostering the Open Banking phenomenon, a model of forced or voluntary collaboration based on the sharing of data and applications between subjects not necessarily affiliated, in order to develop, produce and distribute innovative and value-added financial products and services for the customer. Open Banking is still in its early stages, and the approach with which banks decide to interpret and adapt to the new PSD2 regulations is crucial to grasp the evolution of the structure and operativity of the financial system in the coming years, as well as the role that banks will play in it. Indeed, a positive banks’ attitude to partnership is a crucial factor for developing Open Banking ecosystems and platforms and deserves the attention of researchers. In this paper, we investigate the attitude to partnership of a sample of 45 Italian banks, which allows us to better understand whether there exist conditions for creating Open Banking ecosystems. Furthermore, we explore the economic determinants of banks’ attitudes to partnership and its effect on performance. Results reveal a low current attitude to partnership of Italian banks, a factor that may hinder the formation of Open Banking ecosystems and platforms. The attitude to partnership tends to be low for larger and more capitalised banks, while the opposite occurs for smaller and less capitalised banks, which can be more inclined to participate in Open Banking platforms to compensate for possible constraints in size, resources and human capital. Overall, participation in Open Banking platforms can be justified by the positive effect of attitude to partnership on banks’ performance, as shown by our analysis.

2023 - FinTech and Sustainability [Capitolo/Saggio]
Cosma, Stefano; Pennetta, Daniela
abstract

Current concerns over sustainability issues have heightened attention on the role of the financial system in supporting the transition to a sustainable economic model, which includes digital finance and FinTech. Leveraging on new technologies, FinTech firms may contribute to Sustainable Development Goals (SDGs) thanks to their ability to redirect financial resources toward more sustainable uses and to mitigate financial exclusion. We investigate if FinTech firms’ SDG-orientation has a strategic potential in establishing strategic alliances with banks, which could be crucial for FinTechs’ development and growth path. More specifically, we investigate if FinTech firms’ SDG-orientation facilitates bank-FinTech relationships and if there are differences among various types of agreement (equity or non-equity agreements). Using a sample of 124 Italian FinTech firms, our evidence shows that FinTech firms’ SDG-orientation positively affects the probability to observe relationships between FinTechs and banks. This holds for social and environmental dimensions introduced by Agenda 2030. FinTech firms that contribute the most to sustainability, and particularly the economic pillar, are more likely to strongly cooperate with banks through equity agreements, which usually imply a firm commitment of banks in sustaining FinTech firms’ activity. Based on these results, we conclude this study highlights important managerial (both for FinTechs and banks) and regulatory implications.

2023 - Il finanziamento della ricerca clinica in Advanced Therapy Medicinal Products (ATMP): cosa determina l'intervento della Finanza? [Working paper]
Pennetta, D.; Gambarelli, L.
abstract

Il finanziamento della ricerca medica è un prerequisito per migliorare la salute pubblica e l'inclusione sociale ed economica. Tuttavia, la ricerca medica incontra numerosi ostacoli nell’ottenimento di finanziamenti, che sono ancora più rilevanti per la ricerca su Advanced Therapy Medicinal Products (ATMP). Lo sviluppo clinico degli ATMP presenta sfide peculiari che possono influenzare il processo di valutazione degli investitori e le decisioni di investimento, con conseguente errata o mancata allocazione delle risorse finanziarie da parte di investitori pubblici e privati. L'industria finanziaria ha il potenziale per mobilitare capitali pazienti e superare le difficoltà di finanziamento della ricerca nel campo degli ATMP. Combinando un approccio sia qualitativo che quantitativo, questo studio indaga se e come le istituzioni finanziarie investono nella ricerca medica sugli ATMP e quali sono i fattori trainanti dell'intervento della finanza attraverso un campione di 1.042 studi clinici europei nell’ambito degli ATMP. Attualmente, il settore finanziario supporta indirettamente la ricerca clinica in ATMP. Tale supporto si concretizza attraverso il finanziamento di PMI impegnate in studi clinici in ATMP di Fase I, solitamente più soggette a esclusione o razionamento finanziario. Questo studio, peraltro, dimostra empiricamente che l’investimento in queste PMI è caratterizzato da un processo decisionale razionale. Nello specifico, risultati suggeriscono che le istituzioni finanziarie si concentrano su progetti caratterizzati da minore incertezza, un orizzonte temporale più breve tra investimento e ritorno economico, maggiore fattibilità, maggiore qualità e rigore metodologico e maggiore diversificazione delle malattie target.

2023 - Pinkwashing in the Banking Industry: The Relevance of Board Characteristics [Articolo su rivista]
Venturelli, Valeria; Pedrazzoli, Alessia; Pennetta, Daniela; Gualandri, Elisabetta
abstract

Corporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity.Corporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity.

2023 - The Rise of Financial Services Ecosystems: Towards Open Banking Platforms [Capitolo/Saggio]
Cosma, Simona; Cosma, Stefano; Pennetta, Daniela
abstract

The recent developments in regulation, ICT technologies and purchase and consumption habits of customers are profoundly changing the competitive scenario of the financial services market. In particular in the European context, PSD2, although limited to the payment services segment, is promoting a greater level of competition and efficiency within the market, reducing barriers to entry for new payment service providers (called TPPs, which also include FinTech firms). To this purpose, PSD2 explicitly empowers account holders with the authority to share payment data, removing the financial institution’s role as gatekeeper and starting the Open Banking phenomenon. When banks actively comply with PSD2, new credit and financial ecosystems and Open Banking platforms can arise, in which participants share information through Application Programming Interfaces (APIs) and develop, produce and distribute innovative and value-added financial products and services for the customer. This chapter aims to theoretically examine to what extent information sharing, although limited by regulation, reduces banks' ability to generate value through the management of information asymmetry issues and their ability to build long-term relationships. We argue that banks’ ability to generate value can be negatively affected to the extent that banks decide to preserve their status quo, thus the way in which banks decide to comply with PSD2 is the crucial factor to consider.

2021 - Il mercato del credito alle famiglie nell’emergenza sanitaria: comportamenti delle famiglie e risposte degli intermediari [Capitolo/Saggio]
Cosma, Stefano; Pennetta, Daniela
abstract

iL CONTRIBUTO ANALIZZA IL MERCATO DEL CREDITO ALLE FAMIGLIE NELL'ANNO DEL COVID SIA SUL LATO DELLA DOMANDA CHE DELL'OFFERTA, APPROFONDENDO I COMPORTAMENTI DELLE FAMIGLIE E LE REAZIONI DEGLI INTERMEDIARI FINANZIATI

2020 - Banche, modelli di business e Open Banking [Articolo su rivista]
Cosma, Stefano; Pattarin, Francesco; Pennetta, Daniela
abstract

According to Psd2, banks are required to open up access to customers’ account data to authorized third parties. In order to comply with the new legislation, banks may decide to align only to minimum requirements or to adopt an active approach, moving from a model of forced collaboration to a model of voluntary collaboration. Assuming that the active approach to Psd2 requires a greater willingness to open up to external parties, contributing to the emergence of Open Banking ecosystems and platforms, the article studies the current attitude to partnership of Italian banks and its structural, economic and capitalization determinants. Results reveal a low attitude to partnership, especially for larger and highly capitalized banks and for those that are mainly oriented to traditional credit activity.

2020 - Business Models in Lending-Based Crowdfunding Industry [Capitolo/Saggio]
Cosma, Stefano; Pattarin, Francesco; Pennetta, Daniela
abstract

Lending-Based Crowdfunding (LBCF) facilitates the matching of credit demand and supply through a specific marketplace, managed through online platforms. In recent years, the LBCF phenomenon has been analysed from different perspectives. In particular, many studies focus on lenders’ and borrowers’ behaviour, companies’ operating mechanisms and network effects, since these are widely considered to be critical points for the growth and stability of market operators.However, there has been little discussion about the strategies and business models adopted by LBCF companies. The aim of this study is to arrive at a more insightful categorization of LBCF companies’ business models by simultaneously considering, in addition to their intermediation function, their strategic choices concerning customer segments (borrowers and lenders) and the additional services they provide. Specifically, we identify four main business models in the LBCF industry: diversified, business specialized, consumer specialized and peer-to-peer. This classification provides a more effective, realistic description of LBCF companies’ strategies at a global level and can be a useful tool for future analysis on the performance of LBCF companies, as well as for their market positioning and for benchmarking their activities.