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Ennio LUGLI

Ricercatore Universitario
Dipartimento di Economia "Marco Biagi"

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Pubblicazioni

2022 - Audit quality and digitalization: some insights from theItalian context [Articolo su rivista]
Lugli, Ennio; Bertacchini, Federico
abstract

2020 - Can Practical Wisdom Mitigate the Negative Effects of Rule-following and Hyper-codification? [Articolo su rivista]
Lugli, Ennio; Bertacchini, Federico
abstract

This article sets out to explain how practical wisdom, supported by rationality, can play a fundamental role in management and combat the main problems of rule-following and hyper-codification. The systematic use of Big Data, collected via the ever-increasing adoption of technology, has generated a large increase in the degree of standardisation of company procedures concerning not only physical and technical issues but above all decision-making. Applied to the solution of repetitive, easily codified problems, standardisation increases the level of efficiency, but when used for the resolution of complex problems it may partially, or even completely, preclude the pursuance of the common good. This may occur through the setting of rules which are not capable of fully describing reality, and their inappropriate use, which may lead, through their unthinking application, to a lack of morality, and even to the side-lining of earnings opportunities. We believe that practical wisdom is able to interact with necessary, unavoidable codification systems and rules to provide the right interface with circumstances, becoming a part of the decision-making process in its own right and not just a viewing lens for use retrospectively to verify whether the outcomes of decisions taken have been effective in pursuing the common good.

2020 - Social Accounting at Work: An Analysis of Social Impact Measurement Models [Articolo su rivista]
Kocollari, Ulpiana; Lugli, Ennio
abstract

The development of the field of social entrepreneurship has drawn attention to the need for additional work on identifying and measuring the value created through the solution of social problems by means of businesses with social impact. There has been a multiplication of the measurement models for satisfying the most widely varying demands for information about the Social Impact (SI) generated by social enterprises, although so far the results cannot be considered exhaustive. In this context, the present study attempts to contribute to the debate by investigating the effectiveness of SI measurement models in accounting and communicating SI creation, in relation to the main stakeholders’ needs for information. As a result, a framework for analysing and classifying the main social accountability models is provided. The analysis shows that the measurement models considered are not always able to provide useful information for the assessment of the social activities carried out and the extent to which social oriented organizations fulfil their social goals as stated in their missions and their contribution to the promotion of wider and institutional social change.

2019 - I patti parasociali e la loro diffusione nelle società quotate italiane [Articolo su rivista]
Lugli, Ennio; Marchini Pier, Luigi
abstract

Il presente articolo compie un approfondimento sul tema dei patti parasociali e della loro diffusione nelle società quotate italiane presso la Borsa Valori di Milano.Dopo averne delineato gli aspetti caratterizzanti dal punto di giuridico ed economico aziendale, l’analisi si sofferma sulla rappresentazione della tipologia dei patti parasociali adottati e sul loro andamento nel corso degli anni da parte delle società quotate per il periodo 2002-2006 e 2010-2017.

2019 - La Corporate Governance delle società di calcio professionistiche: un’analisi empirica nel contesto italiano dal 2012 al 2017 [Articolo su rivista]
Marchini, Pier Luigi; Lugli, Ennio
abstract

Negli ultimi anni l’interesse verso la gestione secondo princípi di economicità del settore calcio è fortemente cresciuto. Il presente lavoro intende fornire un contributo al dibattito sul tema dell’economia degli sport di squadra con particolare riferimento alla governance delle società di calcio professionistiche, considerando che le criticità e problematiche gestionali che continuano ad interessare tali tipologie di aziende, a livello nazionale ma anche a livello internazionale, possa essere considerata anche come una crisi dei modelli di gestione, le cui cause vanno probabilmente ricercate nella carenza di cultura manageriale che, tranne rare eccezioni, sembra investire gli organi di governo sia delle singole imprese operanti nel settore sia del sistema nel suo complesso. I dati analizzati derivano da una rielaborazione dei valori rilevati e rappresentati all’interno del ReportCalcio per gli anni 2013-2018, report predisposto dalla Federazione Italiana Giuoco Calcio (FIGC), con la collaborazione di AREL (Agenzia di Ricerche e Legislazione),PwC (Pricewaterhouse Coopers) e dei sottoscritti Autori.

2018 - Risultati economici, ricapitalizzazioni e indebitamento nelle società di calcio professionistiche italiane [Articolo su rivista]
Lugli, Ennio; Marchini, Pier Luigi
abstract

Il presente contributo realizza un approfondimento sui temi connessi alle peculiarità delle società operanti nel settore del calcio professionistico, con particolare riferimento ad aspetti ritenuti generalmente di particolare rilievo: le performance economiche, il livello di indebitamento e il valore delle ricapitalizzazioni. I dati analizzati non risultano essere in buona parte di immediata estrapolazione dai bilanci delle società, ma derivano da una loro rielaborazione attraverso i valori rilevati e rappresentati all’interno del ReportCalcio 2018, report predisposto dalla Federazione Italiana Giuoco Calcio, con la collaborazione di AREL, PwC e dei sottoscritti Autori.

2013 - The Shareholders Agreements: Typologies, Diffusion and Influence on Corporate Governance of Italian Listed Companies [Articolo su rivista]
Lugli, Ennio; Marchini, Pier Luigi
abstract

The shareholders agreement is an agreement drawn up by the shareholders when the company is founded, or after its foundation, to rule one or more aspects of the relationships held by the shareholders. The shareholders agreement phenomenon is particularly relevant in the Italian context, where it is possible to observe a lot of companies with fragmentized ownership in which it is not often possible to find an economic subject that holds so many shares to manage the company. Therefore, it is interesting to investigate the typologies and the diffusion of the shareholders agreements of the Italian listed companies, with the aim to analyze their influence on the corporate governance policies. The paper wants to answer to the following question: do some enterprise characteristics exist that makes more probable that a company adopt a shareholder agreement respects to another one? The empirical analysis is developed on the Italian listed companies at the date of 30, April 2010, belonging to all the sectors classified by Milan Stock Exchange.

2012 - Costi di agenzia e controllo di gestione [Capitolo/Saggio]
Lugli, Ennio
abstract

Quando gli individui costituiscono imprese composte da più persone, i proprietari (principali) assumono soggetti (agenti) al fine di compiere atti per loro conto. Gli agenti, una volta assunti al fine di compiere determinate mansioni, massimizzano la loro funzione di utilità che potrebbe, o non, coincidere con quella del principale; in quest’ultimo caso sorgono costi di agenzia. I costi di agenzia sono pertanto l’inevitabile risultato derivante dalla delega allorquando gli interessi dell’agente non coincidono con quelli del principale. L’obiettivo del presente scritto è di verificare come l’introduzione di un sistema di controllo di gestione, facente parte di una valida architettura organizzativa, possa sensibilmente diminuire i costi di agenzia modificando il comportamento delle persone all’interno dell’organizzazione.

2009 - The Codes of Ethics of S&P/MIB Italian Companies: An Investigation of Their Contents and the Main Factors that Influence Their Adoption [Articolo su rivista]
Lugli, Ennio; Kocollari, Ulpiana; Nigrisoli, Chiara
abstract

This article introduces and discusses the initial results of a survey focused on the contents, role and effectiveness of company codes of ethics. The article examines the contents of the codes of ethics of companies operating in the private sector in Italy, quoted on the Italian Stock Exchange (Standard&Poor/Mib-Milano Indice Borsa). The purpose of this investigation was to identify any correlations between sector characteristics and the contents of the codes of ethics, which would enable us to map out the main principles followed in writing the companies’ codes of ethics. The analysis was conducted in order to ascertain whether there were common factors deriving from the shared ethical questions faced by the companies operating in the same sector of activity. As the first step, the 40 companies were subdivided into three main economic categories – Industrial, Financial and Service. Then the contents of each code of ethics were evaluated and classified in accordance with different criteria. The main categories of classification were based on – general principles, social values, rules of conduct, relationships with third parties, implementation and sanctions. The next objective was to investigate whether these characteristics were due to the regulation of the sector of reference, the existence of sector benchmarks for best practice, or simply companies’ voluntary stance on ethical issues. The main conclusions were that the codes of ethics of the Italian companies that we analysed do not seem to show relevant differences traceable to sector of activity, and their adoption is affected by several reasons other than intentionally ethical considerations.

2008 - Framing the role of the diasporas in international economicdevelopment processes: the best practice of Ghanacoop and theMIDCO ethical mark [Abstract in Atti di Convegno]
Zavani, Mauro; Nigrisoli, Chiara; Kocollari, Ulpiana; Lugli, Ennio
abstract

The aim of the study is to create a model for the development and growth of small and medium enterprises through the implementation of transnational business networks based on the role of immigrants and aimed at developing business in the immigrants’ countries of origin. The work finds its premise in the idea that the growth of the firm, which generates economic and social value, depends strongly on the development of its human resources and the social relationships established with the economic and social environment of reference. The model is based on a network structure. This specific organizational model enables SMEs to expand their activities using immigrants’ opportunities forestablishing relations with their countries of origin. Migratory flows are an inevitable phenomenon, a consequence of economic and social imbalances between human societies. Diasporas and migration are therefore a constant of our present and future, which we have to learn to live with by making full use of their advantages and not only considering the problems they may bring. Most of the time we forget the importance of immigrants’ contribution to overcoming the demographic crisis and associated shortage of labour. Many people still fail to realise that the migrants who arrive in our countries are young and have entrepreneurial spirit and wide cultural horizons. They are not all poor and dangerous. This new human capital is a resource for the host countries and they would be well advised to establish an alliance with it. The creation of an economic and cultural relationship is essential for the development of the main parties involved in migratory flows: the host countries; the countries of origin; and the immigrants themselves.From a methodological point of view the study utilizes both inductive and the deductive methods.Using the deductive method, we will start from the fundamental concepts of the Resource Based View, identifying the knowledge assets of the diasporas as a distinctive resource working as a link between different economic entities. On the other hand we will follow an inductive path, analysing an existing best practice in Modena: the Ghanacoop cooperative. Ghanacoop is a Ghanaian cooperative active in the import-export of exotic fruit using diasporas as a factor of development for the Italian and Ghanaiancommunities. In this way it has created a transnational labour-chain that on the one hand has allowed the Italian economy to access an unexplored market, the Ghanaian market and, while simultaneously enabling the Ghanaian economy to create an independent, successful, business chain.Therefore the goal of the study is to establish a benchmark model for the creation of business structures linking origin and host countries. The former should no longer be passive, on the contrary they become active economic players; while the latter are enabled to reach new markets and broaden their cultural horizons. The model is thus based on socio-economic cooperation and sharing between the participant communities, which exchange not only goods and services, but also knowledge. Migrants can acquire competences and know-how in the host country and apply what they have learnt in their native countries. On the other hand, the small and medium enterprises of the host country benefit from theopportunity, which provides incentives for transnational labour-chains and local responses to a global phenomenon.In the current global contest, SMEs are being required to move from a closed system to an open multinational system with open value chains. To achieve this, it could be useful to develop and spread a new concept of the project, based on the creation of networks involving players who can enable SMEs to obtain the tangible and intangible resources (e.g. knowledge and information) necessary for their success.In particular, the study tries to find possible solutions permitting SMEs to respond to the new challeng

2008 - MIDCO: un marchio di certificazione del ruolo degli immigrati nei processi di relazione internazionale [Capitolo/Saggio]
Zavani, Mauro; Lugli, Ennio; Kocollari, Ulpiana; Nigrisoli, Chiara
abstract

IL BREVE SAGGIO TRATTA TEMA DEL REINVESTIMENTO DEGLI UTILI IN DERIVANTI DA RAPPORTI COMMERCIALI NEI RAPPORTI INTERNAZIONALI LA CERTIFICAZIONE DI TALI RAPPORTI MEDIANTE LA CREAZIONE DI UN MARCHIOM ETICO

2007 - A PERFORMANCE MEASUREMENT SYSTEM AND MANAGEMENT ACCOUNTING IN THE SUPERMARKET CHAIN SECTOR: ANALYSIS IN AN ITALIAN COMPLEX BUSINESS ENTITY [Relazione in Atti di Convegno]
Pier Luigi, Marchini; Lugli, Ennio
abstract

The paper aims to analyse the way in which management accounting is organised within companies which have a strategic need to centralise some functions and decisions, while simultaneously decentralising others. These characteristics are found above all in the supermarket chain sector, where a pressing need to centralise logistical and purchasing functions goes hand-in-hand with the need to respond to demands arising from the individual outlets’ local requirements. In 2005, with a market share of almost 18%, Coop was Italy’s largest food retailing group. Coop’s distinctive organisational feature is that it consists of a total of 140 cooperatives, nine of them large-sized, grouped together in three district associations. The Adriatic District is the largest of these, accounting for about 40% of Coop’s total sales. The unique characteristic of this type of organisational model is the high degree of autonomy enjoyed by each individual cooperative, deriving from its independent corporate structure, with no particular ownership constraints. In spite of this, it may still be beneficial to centralise a number of corporate functions, in order to obtain full benefits from economies of scale with regard to specific management policies. However, if this centralisation is not carefully calculated, it runs the risk of not yielding its full potential in terms of results. The cooperatives in the Adriatic District have responded to these needs by establishing Centrale Adriatica, assigned the task of performing coordination, marketing and logistics functions. This has made it necessary to acquire management accounting tools capable of planning and controlling the decisions affecting the parameters which are governed at the centralised level, but the effects of which are inevitably felt by each individual cooperative. The definition of selling and purchase price policies, promotion and advertising, and logistics management, form the starting-point for systems for the centralised planning and control of the trading margins of the individual cooperatives. By this mechanism, the cooperatives themselves implement a system of delegation of powers which places management of the main factors for the achievement of their strategic and financial objectives in Centrale Adriatica’s hands. The cooperatives continue to handle the acquisition of data and their communication to Centrale Adriatica, together with the planning and control of all the activities performed within the individual outlets, which are still managed entirely by the specific cooperative concerned.

2007 - “Il controllo di gestione in una realtà aziendale complessa: studio di un caso nella grande distribuzione cooperativa nazionale” [Articolo su rivista]
Lugli, Ennio; Marchini, P. L.
abstract

I sistemi di programmazione e controllo rappresentano strumenti di fondamentale importanza a disposizione della direzione aziendale per la gestione d’impresa. Il contributo apportato da tali meccanismi operativi al controllo della gestione viene a determinarsi per tutte le classi e categorie di imprese, agevolando il soggetto economico d’azienda nel definire in modo maggiormente consapevole le proprie scelte di carattere strategico ed operativo (Airoldi, 1979; Anthony, 1965a; Anthony, 1965b; Amigoni, 1979; Bergamin Barbato, 1983; Horngren, 1978; Kaplan, 1982).A tale riguardo, nella letteratura sono stati analizzati nel tempo caratteri ed elementi distintivi dei sistemi di programmazione e controllo, utili per definire modelli e strumenti operativi da applicare all’interno delle aziende ed in grado di fornire risposte coerenti al management al fine di prendere decisioni e di sottoporre a controllo la gestione aziendale (Zimmerman, 1995). L’enfasi è così stata variamente posta sull’impatto dei meccanismi operativi propri del controllo di gestione sull’organizzazione di impresa (Brunetti, 1972; Bruns and Waterhouse, 1975; Brusa, 1978; Otley, 1987; Rugiadini, 1974) oppure sulla definizione delle linee strategiche inerenti i futuri piani di azione (Bastia, 2001; Bergamin Barbato, 1991; Bubbio, 1990; Simmonds, 1981); così come, differentemente, sui meccanismi previsionali a disposizione dei managers per la definizione delle azioni future (Coda, 1981; Otley, 1978; Rossi, 1950) oppure sull’analisi delle configurazioni di costo individuabili all’interno delle imprese (Kaplan and Cooper, 1998).Al contempo, è di tutta evidenza come tali ultimi strumenti, nello specifico, rappresentino sottosistemi che si sviluppano all’interno di ogni singolo sistema aziendale e che, pertanto, pur partendo da presupposti ed elementi costitutivi comuni, debbano raccogliere ed interpretare le peculiari esigenze che si sviluppano in ciascuna realtà imprenditoriale, necessariamente contraddistinta da proprie individuali esigenze di carattere informativo e gestionale.L’approccio adottato all’interno del presente lavoro aderisce al cosiddetto “approccio della contingenza”, il quale basa le proprie premesse sull’ipotesi che non esista un sistema di programmazione e controllo valido e definibile in senso assoluto, applicabile in modo appropriato e standardizzato a tutte le imprese ed in ogni circostanza; ma che, al contrario, esistano meccanismi operativi che si devono adattare a variabili di contesto variamente determinate che consentano di sviluppare coerenti strategie di programmazione e sviluppo (Bruns and Waterhouse, 1975; Waterhouse and Tiessen, 1978; Chenhall, 2003; Otley, 1980; Jermias and Gani, 2004).Nell’ambito di tale approccio, il presente lavoro si propone di studiare il sistema di programmazione e controllo in essere all’interno di una realtà imprenditoriale italiana di particolare interesse in termini di tipologia di business e complessità organizzativa: le Cooperative del Distretto Adriatico.Il paper si sviluppa in cinque paragrafi. Dopo un primo paragrafo introduttivo, nel secondo viene spiegata la metodologia di ricerca posta alla base dello studio realizzato. Nel terzo paragrafo vengono illustrati gli elementi che intervengono nella definizione di una struttura di un sistema di programmazione e controllo, rappresentandoli all’interno in un contesto di riferimento diversamente declinabile in funzione delle specifiche caratteristiche delle singole aziende; nel quarto paragrafo si analizza in modo più specifico il sistema di programmazione e controllo realizzato all’interno delle Cooperative del Distretto Adriatico. Nel quinto paragrafo viene realizzata un’analisi comparativa del sistema di programmazione e controllo sviluppato nelle Cooperative del Distretto Adriatico utilizzando il framework definito in precedenza; l’ultimo paragrafo si propone di fornire alcune considerazioni di sintesi di c

2007 - Il ruolo dei corporate blog nella comunicazione con gli stakeholder [Articolo su rivista]
Lugli, Ennio; Kocollari, Ulpiana; Nigrisoli, Chiara
abstract

Il modo in cui le imprese svolgono la loro attività economica è divenuto nel corso degli anni oggetto di particolari attenzione da parte di tutti quei soggetti che, direttamente o indirettamente, ne sono coinvolti. La comunicazione, sia interna che esterna all'azienda, è divenuta pertanto estremamente importante e con essa anche gli strumenti destinati alla sua diffusione. Alcune aziende stanno affiancando ai tradizionali strumenti di comunicazione uno quanto mai informale: il corporate blog. Le diverse caratteristiche e il modo in cui vengono utilizzati, fanno dei corporate blog uno strumento che presenta intrinseci rischi ed opportunità che devono essere attentamente vagliati da quelle imprese che decidano di adottarli.

2007 - L'evoluzione storica dei sistemi di pianificazione e controllo. L'evoluzione nel contesto italiano [Capitolo/Saggio]
Lugli, Ennio
abstract

Evoluzione storica del sistemi di pianificazione e controllo in Italia dal XIX al XXI secolo

2007 - The codes of ethics of S&P/MIB companies: an investigation of their contents and the main factors that influence their adoption [Articolo su rivista]
Lugli, Ennio; Kocollari, Ulpiana; Nigrisoli, Chiara
abstract

his article introduces and discusses the initial results of a survey focused on the contents, role and effectiveness of company codes of ethics. The article examines the contents of the codes of ethics of companies operating in the private sector in Italy, quoted on the Italian Stock Exchange (Standard&Poor/Mib-Milano Indice Borsa). The purpose of this investigation was to identify any correlations between sector characteristics and the contents of the codes of ethics, which would enable us to map out the main principles followed in writing the companies’ codes of ethics. The analysis was conducted in order to ascertain whether there were common factors deriving from the shared ethical questions faced by the companies operating in the same sector of activity. As the first step, the 40 companies were subdivided into three main economic categories – Industrial, Financial and Service. Then the contents of each code of ethics were evaluated and classified in accordance with different criteria. The main categories of classification were based on – general principles, social values, rules of conduct, relationships with third parties, implementation and sanctions. The next objective was to investigate whether these characteristics were due to the regulation of the sector of reference, the existence of sector benchmarks for best practice, or simply companies’ vol- untary stance on ethical issues. The main conclusions were that the codes of ethics of the Italian companies that we analysed do not seem to show relevant differences traceable to sector of activity, and their adoption is affected by several reasons other than intentionally ethical considerations.

2006 - The contents of S&P/MIB companies’ codes of ethics: an investigation of the main factors that influence their adoption [Relazione in Atti di Convegno]
Lugli, Ennio; Kocollari, Ulpiana
abstract

This paper introduces and discusses the initial results of a survey focused on the content, adoption, role and effectiveness of company codes of ethics. The paper examines the contents of the codes of ethics of companies operating in the private sector in Italy, quoted on the Italian Stock Exchange (S&P/Mib). The purpose of the investigation was to identify any correlations between sector characteristics and the contents of the codes of ethics, which would enable us to map out the main principles followed in writing the companies’ codes of ethics. The analysis was conducted in order to ascertain whether there were common factors deriving from the shared ethical questions faced by the companies operating in the same sector of activity.As the first step, the 40 companies were subdivided into three main economic categories: Industrial, Financial and Service, according to the relevant Italian Stock Exchange definitions. Then the contents of each code of ethics were evaluated and classified in accordance with different criteria. The main categories of classification were based on: general principles, social values, rules of conduct, relationships with third parties, implementation and sanctions. As a result, a list of common ethical themes and main characteristics for each sector were identified. The next objective was to investigate whether these characteristics were due to the regulation of the sector of reference, the existence of sector benchmarks for best practice, or simply companies’ voluntary stance on ethical issues. The main conclusion was that parts of the contents of these codes were due to Italian regulations on companies, others due to sector characteristics, and a small proportion based on voluntary ethical policies.

2004 - Il Ruolo del Capitale Economico nelle Valutazioni di Bilancio [Articolo su rivista]
Lugli, Ennio
abstract

Nell’ambito dell’economia aziendale il capitale si presta a differenti interpretazioni in relazione alle specifiche finalità conoscitive poste alla base della sua valutazione. Il capitale d’azienda può quindi presentare strutture e significati diversi, seppure strettamente correlati tra di loro. Le due configurazioni di capitale ritenute più rilevanti per utilizzo e significatività sono quelle del capitale economico e del capitale di funzionamento.; tali configurazioni, pur scaturendo da obiettivi conoscitivi parzialmente dissimili, presentano alcuni punti di contatto non irrilevanti.Il tema delle correlazioni tra capitale economico e capitale di funzionamento ha rappresentato tema di dibattito dottrinale sin dai primo anni ’30. Lo scopo del presente lavoro è quello di analizzare, senza per questo voler essere esaustivo, l’evoluzione del pensiero dottrinale sul tema a partire da Gino Zappa, sino ad alcuni autori degli anni ’70. La scelta degli autori ha previlegiato Lorenzo de Minico, Domenico Amodeo, Angelo Provasoli e Vittorio Coda, ciò al fine di enfatizzare come le parole di Zappa, riportate nell’edizione de Il Reddito del 1937, abbiano dato origine ad un dibattito dottrinale dal quale sono emerse posizioni, a volte tra loro in antitesi.

2004 - The Role of Fair Value in the Application of International Accounting Standard [Articolo su rivista]
Lugli, Ennio
abstract

Many doubts still persist in the entire economic community regarding the adoption and use of international accounting standards as provided for in European Parliament and Council regulation No 1606/2002 of 19 July 2002.The aim of this study is to investigate the probable effects arising from the implementation of fair value, the valuation method that the International Accounting Standard Board sets in order to valuate certain balance sheet items. Once the concept of fair value has been defined, I first verify the possible change in the quality level of external financial reporting and I examine the impact that its adoption may have on internal administrative procedures. I aim to verify whether the expected increase in costs, due to the more complex internal administrative procedures associated to the changeover from the historical cost to the fair value method, may ensure a higher degree of transparency and comparability of financial statements within the European Community.