Nuova ricerca

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"

Home | Curriculum(pdf) | Didattica |


Pubblicazioni

2025 - Greenwashing, greenhushing, and the path to green banking [Articolo su rivista]
De Novellis, Gennaro; Pedrazzoli, Alessia; Pennetta, Daniela; Venturelli, Valeria
abstract

This study investigates how governance characteristics, specifically gender diversity, and bank business models influence the transition from greenwashing and greenhushing to becoming green banks. A balanced panel of 150 listed banks worldwide from 2015 to 2021 is used. Latent Markov models are applied as a methodology capable of explaining the evolution of a group of banks and the characteristics that may affect their transition over time. Key findings reveal a positive correlation between having a female CEO with at least 30 % female board representation and the likelihood of a bank shifting from greenwashing to a green stance. Conversely, a higher proportion of women on the board appears to reduce the likelihood of transitioning from greenhushing to a vocal green position, suggesting a more risk-averse and conservative approach. Additionally, investment-oriented banks are more likely to evolve toward vocal green banking than retail and universal banks. The research advances the literature on greenwashing and greenhushing by highlighting the importance of governance characteristics in supporting environmentally responsible practices.

2025 - Overcoming the “valleys of death” in Advanced Therapies: the role of Finance [Articolo su rivista]
Cosma, Simona; Cosma, Stefano; Pennetta, Daniela; Rimo, Giuseppe
abstract

Advanced therapies are the frontier of medical research and have a relevant therapeutic potential and a profound social value. Despite this, their funding is hindered by many heterogeneous factors that obstruct their translation and survival on the market, even when approved and effective. Using an extensive bibliometric and systematic review of 174 articles published between 2001 and 2023, this study aims to identify the factors hindering the financing of advanced therapies and suggest future research lines to overcome the biomedical and economic “valleys of death”. This study is the first review focused on advanced therapies from a financial perspective, and it contributes to advancing scientific knowledge in several ways. First, it highlights that finance academics paid little attention to the topic and most of their contributions are now outdated; therefore, there is the need to explore the new opportunities and solutions offered by financial innovation and the application of new technologies to financial activity. Second, it asks for an interdisciplinary approach to exploring advanced therapies' barriers from a holistic and process perspective and exploiting the social value generated by the development of innovative therapies. Finally, it analyzes the obstacles and value destroyed by the absence of an organic and coordinated process of public intervention, underscoring the imperative for further research to explore new public-private financial models and risk-sharing schemes and extend evaluation models by integrating financial and social value logic.

2025 - Political elections and market reactions: the ‘Trump effect’ on green stocks [Articolo su rivista]
Cosma, Simona; Cosma, Stefano; Gambarelli, Luca; Pennetta, Daniela; Rimo, Giuseppe
abstract

The election of Donald Trump as the 45th president of the United States and his sceptical positions on climate threaten the fight against climate change, potentially weakening investors’ green concerns. Through an event study approach, we aim to analyse the reaction of the U.S. stock market to the latest presidential election, exploring the investors’ reactions across sectors. We find a strong heterogeneous reaction across sectors. Moreover, we show that the worst performance in the short period is attributable to companies with better performance on environmental issues, which could mean an adjustment of investors’ assessment criteria in anticipation of President Trump's anti-climate policies, reduced transition risk for "brown" firms and lower benefits for firms excelling in environmental performance.

2024 - Assessing the influence of ESG washing on bank reputational exposure: A cross‐country analysis [Articolo su rivista]
Venturelli, Valeria; Pedrazzoli, Alessia; Pennetta, Daniela; De Novellis, Gennaro
abstract

The study investigates the effects of ESG washing on banks' reputational exposure. We define ESG washing as a disparity between a bank's environmental and social disclosure level and the practical implementation of the relative measures. The analysis involves an international sample of 120 banks operating across 35 countries from 2014 to 2020. The results evidence a different effect based on the pillar considered: the higher the inconsistency on environmental issues, the higher a bank's reputational exposure. Conversely, higher levels of disclosure compared to performance on social issues appear to reduce reputational exposure. In addition, citizen movements and the country's legal system play a significant role in amplifying or mitigating a bank's reputational exposure. Our findings offer insight into the phenomenon of ESG washing in the banking industry, supporting the need for more verified information across countries and all economic sectors.

2024 - Enhancing online visibility through strategic alliances: the case of bank-FinTech relationships [Articolo su rivista]
Cosma, Stefano; Pennetta, Daniela
abstract

Purpose This work aims to explore the effects of (equity and non-equity) strategic alliances between banks and FinTechs on FinTechs' online visibility. Design/methodology/approach For a sample of 124 Italian FinTechs, the authors measured online visibility through their website ranking (Google PageRank) and website traffic (Google Trends). Consistent to the historical depth of these measures, the authors separately investigated the effect of equity and non-equity (contractual) agreements on online visibility by means of ordinal logistic regressions and diff-in-diff analysis. Findings Strategic alliances with banks enhance FinTechs' online visibility. Although both equity and contractual agreements positively influence the popularity of FinTechs' website achieved through the activity of internal and external online content creators (websites ranking), only equity agreements are effective in attracting Internet users (website traffic). Practical implications When deciding to interact with banks, FinTechs' managers should consider that equity agreements may be a powerful strategic choice for enlarging the customer base and boosting visibility of FinTechs. Social implications Fostering strategic alliances between banks and FinTechs contributes to FinTechs' growth, generating virtuous mechanisms of innovation, financial inclusion and better allocative efficiency of the financial system. Originality/value This work expands marketing knowledge and literature regarding online visibility determinants, by investigating the benefits of strategic alliances and cooperation in the market, while providing an empirical strategy replicable by future marketing studies.

2024 - Finanza sociale e BioTech: quale ruolo nel sostegno dello sviluppo delle terapie innovative [Articolo su rivista]
Cosma, Stefano; Gambarelli, Luca; Pennetta, Daniela
abstract

Lo studio analizza le peculiarità operativo-scientifiche del processo di sviluppo delle terapie innovative (ATMP), mostrando come queste rendano complessa la valutazione clinico-economica e inefficaci i tradizionali modelli di decisione e intervento della “Finanza”. Lo studio evidenzia come l’intervento della Finanza sia limitato ed avvenga, unicamente, attraverso la partecipazione al capitale di BioTech (PMI e startups). Emerge l’esigenza di coordinamento dell’intervento della Finanza pubblica, no-profit e privata che ne riduca la dispersione, sia più coerente agli obiettivi dei diversi stakeholders e contribuisca a rendere più sostenibile l’investimento in terapie innovative, anche attraverso l’utilizzo di nuovi modelli di valutazione del valore generato.

2024 - Getting some fuel from incumbents: bank-FinTech relationships and effects on newcomers’ performance [Articolo su rivista]
Cosma, Stefano; Pennetta, Daniela; Pattarin, Francesco
abstract

This study investigates the differences existing between the effects of majority and minority equity investments and partnership (non-equity) agreements on FinTechs’ performance. It also explores different effects among strategic alliances with banks and Other Financial Institutions (OFIs). Analysing a panel of 122 FinTechs operating in Italy over the period 2007–2019, this study shows that equity agreements positively influence performance measured through revenue growth. The effect of banks’ majority equity investments is delayed compared to minority stakes, while partnership agreements are less relevant. Only banks’ minority equity investments signal FinTechs’ quality and enhance their ability to secure subsequent funds, while majority equity investments are strongly manned by banks, excluding new investors entry. Similar effects characterise relationships with OFIs, but with weaker intensity and persistence. Corporate control by OFIs negatively influences revenue growth. For FinTechs’ managers, this study underscores the critical role of equity agreements with banks in boosting growth. Likewise, banks’ managers could create supportive environments for FinTechs to maximise innovation and the benefits of strategic alliances. These findings also hold social implications, since successful bank-FinTech relationships can improve efficiency and innovation in customer servicing.

2024 - 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 - 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 - 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.