Suchergebnisse

Since the Great Recession, many Eurozone nations have seen their public debt levels increase greatly. By 2010, a member of the monetary union found itself unable to continue servicing its debt and made investors fear for the euro currency. The crisis was resolved thanks to a bailout of supranational organizations. Regardless, government debt from European nations is perceived as risk-free. The European Central Bank, through unconventional monetary policy and the mass purchase of government bonds, has managed to bring nominal interest rates to historical lows and governments have been able to continue borrowing without causing inflation on goods and services. Stock and commodity prices have, since 2010, increased more than the Eurozone's aggregate output. Similarly, home prices have increased more than aggregate GDP since the implementation of the euro. Given the historical precedents of currency and debt crises, it is necessary to question if investors should rationally expect the repayment of the real value lent to the various Eurozone governments.

There is very little scientific literature that considers the relationship between religions and an integral concept of Sustainable Development, including its three dimensions (social, economic and environmental), as proposed in the UN Sustainable Development Goals. It was necessary to conduct a study of this kind, with the aim of making visible and show with concrete data, the contribution of religions to the integral sustainability. This paper presents an empirical research in which we intend to make visible the actions performed by religious organizations in Catalonia, that have been contributing to the Sustainable Development. The study is the launching of the Sustainability and Religions Watch. This study about the contribution of religious organizations to the Sustainable Development has been made by a mixed method with two techniques for data collection: firstly, has counted the presence of indicators linked to the priority areas of Sustainable Development, from the analysis of the content of the websites of religious organizations (quantitative analysis). Moreover, semi-structured in-depth interviews were conducted to representatives of religious organizations (qualitative analysis). The study of the contribution of religions to the Sustainable Development opens new doors to interfaith dialogue because it is based on elements that are common between different beliefs. This dialogue is a path that can effectively contribute to peace. ; info:eu-repo/semantics/acceptedVersion

Introduction. International trade is closely related to environmental sustainable development, while promoting trade growth and environmental sustainable development are also the goals pursued by mankind. China's environmental sustainability is affected by both severe shortages of natural resources and severe environmental pollution. In addition, growing populations and rapid economic growth, as well as weak environmental controls, have increased demand for natural resources and affected their pollution. In the past year, in conditions of the complex international situation and the severe impact of COVID-19 pandemic, China's foreign trade imports and exports have been significantly better than expected, and the scale of foreign trade has once again set a record high. However, how to ensure the growth of international trade while ensuring environmental protection? Sustainable development is one of the problems that the Chinese government needs to solve.Methods. The methodological basis of the study is a set of fundamental provisions of crisis theory, international trade theory, theory of foreign trade of national ecological and economic systems, as well as modern concepts of post pandemic development. The solution of the set tasks was carried out by using a set of general scientific research methods: analysis of scientific literature, method of analogy and comparison, theoretical synthesis, classification, methodological generalization, economic and statistical analysis, expert assessments and scientific abstraction. The authors use the Chinese Ministry of Ecology and Environment, the General Administration of Customs, Baidu academic papers, and relevant documents in the CNKI database as data sources.The purpose of research – to prove the environmental sustainability in the context of China's international trade development.Results. The research proved the environmental sustainability in the context of China's international trade development. The research substantiates environmental sustainability in the context of China's international trade development. Related factors of international trade in the context of environmental sustainability have been identified. The formation of modern international trade in the conditions of changing the ecological environment of China is analyzed. Countermeasures on environmental sustainability in the context of China's growing international trade are proposed. Through the summary of research, it is found out the relevance and causality between trade and the environment, analyze and study the changes in relevant data, and summarize the main imbalances in the process of China's response to international trade and environmental sustainable development, so as to put forward corresponding problems in response to these issues solution.Prospects. The results of the research discover the environmental sustainability in the context of China's international trade. The prospect of further research is to apply the impact of the China's international trade development on its environmental sustainability for the development of domestic foreign trade policy.

Given the forecast of world population growth and the consequent increase in nutritional needs for both humans and animals, animal production will increase dramatically by 2050. For this reason, alternative farming methods are sought to improve sustainability, reduce the environmental impact, in order to guarantee a production consistent with the growth forecasts. Improving welfare is one of the factors that can enhance the sustainability of a farm. Healthy animals with competent immune defences are animals from which originates a final product of better quality and on which less pharmacological aids will be used. To this purpose we decided to test honey bee pollen in two species of marine fish, to verify its antioxidant effect and the its capacity to enhance both the innate and the adaptive immune response. Honey bee pollen is gaining attention as a health-promoter in fish and polyphenols are considered the principal biomarkers of quality for commercially distributed pollen preparations. The aim of the first trial was to evaluate the effects of the inclusion of honey bee pollen (HBP) in meagre (Argyrosoumus regius) juveniles diets on growth performance, diet digestibility, intestinal morphology and immunohistochemistry. Furthermore, stress-related molecular markers and biochemical blood profile of fish were assessed, together with mineral trace and toxic elements concentration in pollen and diets. Trial was conducted at the Institute of Marine Biology, Biotechnology and Aquaculture (IMBBC) of the Hellenic Centre for Marine Research (Crete, Greece). Specimens of meagre (360) of 3.34±0.14 g initial body weight, were randomly allocated in twelve 500 l circular tanks (30 fish per tank). Four diets were formulated: a control diet and three experimental diets with 1%, 2.5% and 4% of HBP inclusion as fed basis. All the growth parameters and crude protein and ether extract digestibility coefficients were negatively linearly affected by increased HBP inclusion (p < 0.0001). Histology of medium intestine showed slight signs of alterations in group HPB1 and HPB2.5 compared to control. Fish from HBP4 group showed severe alterations at the intestinal mucosa level. Immunohistochemical detection of tumour necrosis factor- α (TNF-α) in the medium intestine showed the presence of TNF-α+ cells in the lamina propria, that resulted in accordance with the increased level of the TNF-α protein detected by immunoblotting in the liver. This stress situation was confirmed by the increased hepatic level of Heat Shock Protein 70 (Hsp70) (p < 0.05) in fish fed the HBP4 diet and by the linear decrease of total serum protein levels in HBP containing diets (p < 0.0001). These negative effects can be related to the ultrastructure of the bee pollen grains walls that make the bioactive substances unavailable and can irritate the intestine of a carnivorous fish such as meagre. In view of these results, in the second study, carried out on gilthead sea bream, we wanted to verify whether these negative effects could be overcome by the inclusion in the feed of the bioactive fractions previously extracted from pollen, using advanced techniques such as SFE, which does not involve the use of solvents.This method is considered "green" and it conjugates, to the extraction power, the avoidance of solvents. The immune-stimulatory effect of two levels of honey bee pollen (5% and 10%) and its supercritical fluid extract (0.5% and 1%) included in the diet for Sparus aurata was tested. The preliminary evaluation of the antioxidant properties of the pollen extracts, obtained by chemical and supercritical fluids extractions, attested that the supercritical fluid extract showed the best antioxidants performances. Furthermore, the results demonstrate that the diets supplemented with pollen extract had a stimulatory effect on serum immunity, respect to the inclusion of raw pollen. More specifically, serum peroxidase, protease, antiprotease, lysozyme activities, as well as the bactericidal activity (against Vibrio anguillarium and Vibrio harveyii) were significantly increased in fish fed the diets supplemented with supercritical fluid extract, respect to the fish fed on control and on diets supplemented with 5% and 10% of raw pollen, suggesting to consider this natural resources as supplement in aquaculture. Another aspect that we have considered is the use of innovative protein as feed. Insect meals could be an alternative protein source for livestock, and they would also be able to reduce the environmental problems related to intensive animal production systems. European legislation currently authorizes the use of seven insect species in aquaculture, however, there is still no legislation that regulates the use in the poultry sector. The aim of the third study was to evaluate productive performance, blood analysis, nutrient digestibility, and changes in the internal organs of laying hens fed Hermetia illucens larvae meal (HI) at two different substitution levels (25 or 50%) of soybean meal (SBM). A total of 162 Hy-line Brown hens (sixteen weeks old) were equally divided into three experimental groups and fed isoprotein and isoenergetic diets. Egg weight, feed intake, and feed conversion rate were not affected by the soybean meal substitution at both inclusion levels of insect meal. Egg mass was positively affected by the insect meal diets, as was the lay percentage, although only at the lowest inclusion level. Dry matter, organic matter, and crude protein digestibility coefficients were lower for the diet with 50% of sostitution, probably due to the negative effect of chitin. A reduction in serum cholesterol and triglycerides was observed in both insect-meal fed groups, while serum globulin level increased only at the highest level of insect meal inclusion, and, consequently, the albumin to globulin ratio decreased. Overall, a protein replacement of 25% with an insect meal from Hermetia illucens larvae in the diet of laying hens seems to be more suitable and closer to the optimal level. The fourth and last trial was subsequent of the third one. In this case was evaluated the effects of feeding a Hermetia illucens larvae meal on the different intestinal traits of hens, and to determine the toxic elements' concentration in the insect meal and diets, 162 hens were randomly allotted to three groups. The control received a corn-soybean meal-based diet; the HI25 and HI50 groups received two diets in which the 25% and 50% of the dietary protein were replaced by the HI protein, respectively. The duodenal and jejunal villi height and villi/crypt were higher (p < 0.01) in the SBM than in the HI groups. The ileal villi height was higher (p < 0.05) in the SBM and HI25 groups than the HI50. The HI50 group exhibited a lower duodenal maltase activity. The intestinal alkaline phosphatase (IAP) activity linearly decreased in the duodenum and jejunum as the dietary insect meal inclusion increased. The HI50 group had a higher acetate and butyrate level than the SBM. The levels of cadmium (Cd), lead (Pb), mercury (Hg), and arsenic (As) lower than the maximum values established by the EU Commission. The 25% soybean protein replacement with Hermetia illucens larvae meal in the diet of laying hens was more suitable and closer to the optimal level than 50%.

The methodological target of this paper consists in setting up a supporting tool for the public decision-maker in individuating the areas for parking within urban territory. The construction of this tool is guided by criteria referring more to urban and regional planning choices than to transport ones and concerning mostly the integration among environmental safeguard, activities distribution and need for mobility. As matter of fact, the methodological route tends to join the morphologicalsettlement and environmental characteristics of the site with the demand for parking, which depends on the activities settled in the urban ambit of reference, considering them as keyelements in building compatible choices of city transformation either in the phase of localization, distribution and sizing of interventions or in the following phase of planning the building typology of parking equipments. This paper shares the position expressed in the report on sustainable European Cities, destined to the local authorities of any city in the states of the European Union, which belongs to those documents targeted to affect the development and implementation of innovating policies and actions for promoting a more sustainable urban Europe. Therefore, the paper is divided into three parts. The first part defines the algorithm showing the iter through which it is possible to define feasible and compatible solutions for envisaging localization, distribution and typology of the areas and spaces to be realized. The second part, through the real implementation in a particular case, the city of Naples, deals with the definition of further criteria that are time by time implemented according to the urban context of reference. The tird part deals with the application to Naples and individuates a specific typology of parking areas, as implementation of the worked out algorythm and of the abovesaid criteria. The central part of the paper deals, then, with defining a route through which, among the possible transformations, the feasible alternatives are univocally individuated according to the environmental, historical and geo-morphological compatibilities and on the base of the expressed demand. All the building process is targeted, from its beginning, to reach desired and chosen aims with the awareness, confirmed by the previous analysis phase, that there are limits, bonds and conditions circumscribing the field of physical transformation planning - concerning the parking realization in this case - within well defined boundaries. Although this paper shares the choice of mobility policies targeted to stop and discourage the vehicles transit in the city downtown and against the realization of parking in those areas, nevertheless the suggested algorithm leads to realize exclusively areas for residential parking in historical central areas. ; The methodological target of this paper consists in setting up a supporting tool for the public decision-maker in individuating the areas for parking within urban territory. The construction of this tool is guided by criteria referring more to urban and regional planning choices than to transport ones and concerning mostly the integration among environmental safeguard, activities distribution and need for mobility. As matter of fact, the methodological route tends to join the morphologicalsettlement and environmental characteristics of the site with the demand for parking, which depends on the activities settled in the urban ambit of reference, considering them as keyelements in building compatible choices of city transformation either in the phase of localization, distribution and sizing of interventions or in the following phase of planning the building typology of parking equipments. This paper shares the position expressed in the report on sustainable European Cities, destined to the local authorities of any city in the states of the European Union, which belongs to those documents targeted to affect the development and implementation of innovating policies and actions for promoting a more sustainable urban Europe. Therefore, the paper is divided into three parts. The first part defines the algorithm showing the iter through which it is possible to define feasible and compatible solutions for envisaging localization, distribution and typology of the areas and spaces to be realized. The second part, through the real implementation in a particular case, the city of Naples, deals with the definition of further criteria that are time by time implemented according to the urban context of reference. The tird part deals with the application to Naples and individuates a specific typology of parking areas, as implementation of the worked out algorythm and of the abovesaid criteria. The central part of the paper deals, then, with defining a route through which, among the possible transformations, the feasible alternatives are univocally individuated according to the environmental, historical and geo-morphological compatibilities and on the base of the expressed demand. All the building process is targeted, from its beginning, to reach desired and chosen aims with the awareness, confirmed by the previous analysis phase, that there are limits, bonds and conditions circumscribing the field of physical transformation planning - concerning the parking realization in this case - within well defined boundaries. Although this paper shares the choice of mobility policies targeted to stop and discourage the vehicles transit in the city downtown and against the realization of parking in those areas, nevertheless the suggested algorithm leads to realize exclusively areas for residential parking in historical central areas.

The methodological target of this paper consists in setting up a supporting tool for the public decision-maker in individuating the areas for parking within urban territory. The construction of this tool is guided by criteria referring more to urban and regional planning choices than to transport ones and concerning mostly the integration among environmental safeguard, activities distribution and need for mobility. As matter of fact, the methodological route tends to join the morphologicalsettlement and environmental characteristics of the site with the demand for parking, which depends on the activities settled in the urban ambit of reference, considering them as keyelements in building compatible choices of city transformation either in the phase of localization, distribution and sizing of interventions or in the following phase of planning the building typology of parking equipments. This paper shares the position expressed in the report on sustainable European Cities, destined to the local authorities of any city in the states of the European Union, which belongs to those documents targeted to affect the development and implementation of innovating policies and actions for promoting a more sustainable urban Europe. Therefore, the paper is divided into three parts. The first part defines the algorithm showing the iter through which it is possible to define feasible and compatible solutions for envisaging localization, distribution and typology of the areas and spaces to be realized. The second part, through the real implementation in a particular case, the city of Naples, deals with the definition of further criteria that are time by time implemented according to the urban context of reference. The tird part deals with the application to Naples and individuates a specific typology of parking areas, as implementation of the worked out algorythm and of the abovesaid criteria. The central part of the paper deals, then, with defining a route through which, among the possible transformations, the feasible alternatives are univocally individuated according to the environmental, historical and geo-morphological compatibilities and on the base of the expressed demand. All the building process is targeted, from its beginning, to reach desired and chosen aims with the awareness, confirmed by the previous analysis phase, that there are limits, bonds and conditions circumscribing the field of physical transformation planning - concerning the parking realization in this case - within well defined boundaries. Although this paper shares the choice of mobility policies targeted to stop and discourage the vehicles transit in the city downtown and against the realization of parking in those areas, nevertheless the suggested algorithm leads to realize exclusively areas for residential parking in historical central areas. ; The methodological target of this paper consists in setting up a supporting tool for the public decision-maker in individuating the areas for parking within urban territory. The construction of this tool is guided by criteria referring more to urban and regional planning choices than to transport ones and concerning mostly the integration among environmental safeguard, activities distribution and need for mobility. As matter of fact, the methodological route tends to join the morphologicalsettlement and environmental characteristics of the site with the demand for parking, which depends on the activities settled in the urban ambit of reference, considering them as keyelements in building compatible choices of city transformation either in the phase of localization, distribution and sizing of interventions or in the following phase of planning the building typology of parking equipments. This paper shares the position expressed in the report on sustainable European Cities, destined to the local authorities of any city in the states of the European Union, which belongs to those documents targeted to affect the development and implementation of innovating policies and actions for promoting a more sustainable urban Europe. Therefore, the paper is divided into three parts. The first part defines the algorithm showing the iter through which it is possible to define feasible and compatible solutions for envisaging localization, distribution and typology of the areas and spaces to be realized. The second part, through the real implementation in a particular case, the city of Naples, deals with the definition of further criteria that are time by time implemented according to the urban context of reference. The tird part deals with the application to Naples and individuates a specific typology of parking areas, as implementation of the worked out algorythm and of the abovesaid criteria. The central part of the paper deals, then, with defining a route through which, among the possible transformations, the feasible alternatives are univocally individuated according to the environmental, historical and geo-morphological compatibilities and on the base of the expressed demand. All the building process is targeted, from its beginning, to reach desired and chosen aims with the awareness, confirmed by the previous analysis phase, that there are limits, bonds and conditions circumscribing the field of physical transformation planning - concerning the parking realization in this case - within well defined boundaries. Although this paper shares the choice of mobility policies targeted to stop and discourage the vehicles transit in the city downtown and against the realization of parking in those areas, nevertheless the suggested algorithm leads to realize exclusively areas for residential parking in historical central areas.

Questa tesi affronta il tema della sostenibilità in finanza che gioca un ruolo sempre più significativo nella performance finanziaria delle aziende: sono note le correlazioni positive e statisticamente significative tra le prestazioni ESG e le prestazioni finanziarie. L' obiettivo è approfondire uno dei tre criteri, la Governance, che altro non è che la struttura che abbraccia ogni questione in materia di finanza aziendale, per identificare le pratiche di governo societario che favoriscono sostenibilità e migliore redditività. I tre fattori contaminano l'intero sistema e per analizzarli è opportuno osservarli da due punti di vista principali: da una parte l'universo della finanza responsabile e dall'altra l'universo del business. Il Capitolo 1 si apre con una breve introduzione al mondo della finanza sostenibile, vengono approfonditi i criteri ESG e le strategie SRI. Successivamente entra nel cuore della trattazione con l'analisi del modello di Integrated Governance "A new model of governance for sustainability", ad oggi la ricerca più avanzata sul tema che è alla base di questa tesi e di tutti gli studi e le indagini in essa dibattuti. Nell'ecosistema impresa-società-ambiente l'azienda influenza la società che la circonda così come viene influenzata dagli stakeholder e diventa sempre più difficile danneggiare l'ambiente senza attirare l'attenzione negativa, con un danno di reputazione che riduca il capitale sociale. Lo studio dimostra che integrare la sostenibilità nella strategia aziendale presenta opportunità di innovazione e crescita. L'integrazione è necessaria per gestire rischi e creare un vantaggio competitivo, anche se implementare efficacemente una strategia in modo che risultino migliorate simultaneamente performance finanziaria ed ESG non è semplice: è fondamentale implementare processi e pratiche appropriati, con il coinvolgimento degli stakeholder, con misurazione e reporting delle prestazioni ESG e con una visione di lungo termine. Per questo nasce il modello di Integrated Governance, un ipotetico sistema che integra le questioni di sostenibilità per garantire la creazione di valore a lungo termine. Ogni azienda deve compiere un percorso di adattamento strutturato in tre fasi: dalla fase 1, nella quale la sostenibilità è fuori dell'agenda del CdA, si crea un percorso di transizione verso la fase 2, governance per la sostenibilità, tramite l'istituzione di comitati e il monitoraggio di indicatori che misurano i progressi rispetto alle iniziative. La fase 3, governance integrata, rappresenta lo schema da implementare nel quale il consiglio si assume la responsabilità di garantire una strategia sostenibile e viene assicurata la presenza di quattro caratteristiche imprescindibili: indipendenza a livello individuale, indipendenza di gruppo, retribuzione adeguata e investitori proprietari a lungo termine. Prendendo a riferimento questo modello, il presente lavoro prosegue nel Capitolo 2 a tratteggiare il quadro generale della corporate governance delle società quotate italiane, attraverso l'analisi delle società quotate sull'MTA effettuata da Consob. I risultati principali rilevano che in Italia il modello di controllo prevalente è quello familiare e frequentemente gli investitori istituzionali italiani sono azionisti rilevanti di imprese di piccole dimensioni e del settore industriale, mentre quelli esteri sono presenti in società finanziarie ed a elevata capitalizzazione. Cresce il numero di società che istituiscono comitati interni, multidisciplinari e strutturati in modo similare. Gli interlocker rappresentano il 23% del cda con maggiore presenza nelle grandi e medie imprese, ma rimangono una categoria di minoranza in consiglio. Il background professionale prevalente è di tipo manageriale, seguito da consulenti e professionisti, il livello di istruzione è inferiore nelle società a controllo familiare mentre nelle società controllate dallo Stato o da un istituto finanziario, gli amministratori sono più giovani e più istruiti. I membri delle società pubbliche sono più frequentemente donne e spesso accademiche, mentre nelle società finanziarie gli amministratori femminili sono meno frequenti, con buona presenza di stranieri e background manageriale più comune. La maggioranza degli emittenti riserva al genere femminile la quota di un terzo dei componenti del board: aumenta la quota di donne qualificate come indipendenti mentre si riduce il numero di casi in cui una donna ricopre la carica di ad, soprattutto nelle grandi aziende e nel settore dei servizi. L'età media è di 56,5 anni, ma tende a crescere nelle società Ftse Mib e nelle società finanziarie, viceversa scende nelle società di piccole dimensioni e nel settore servizi. Il Capitolo prosegue a delineare la situazione italiana attraverso l'indagine sul FtseMib Integrated Governance Index, lanciata nel 2016 da TopLegal ed ETicaNews, per conoscere il livello di "buon governo integrato" dei principali gruppi quotati italiani allo scopo di realizzare un indice quantitativo. Dai risultati della prima edizione emerge che esistono società lanciate nell'integrated reporting, tema noto e studiato da più funzioni aziendali, seppur con difficoltà nella gestione dei questionari e nella coordinazione. L'indice ha mostrato un notevole differenziale di punteggio tra settori e anche sui singoli ambiti di analisi c'è grande eterogeneità: nel comparto retribuzioni non viene raggiunto il punteggio pieno, nell'ambito dell'integrazione della sostenibilità solo due casi di pieno punteggio, e sul fronte dei comitati del board a livello di sostenibilità i punti sono molto bassi. Nel 2017 si registra un migliore feedback sulla governance integrata da parte delle aziende e un più alto engagement, con alcune società inizia un dialogo positivo, ma permangono realtà non interessate al progetto e altre con le quali non è stato stabilito un contatto. L'indice viene rivisto e corretto su alcune parti, emerge ancora grande eterogeneità e si confermano le tre posizioni di leadership. I risultati ottenuti nel 2018 invece dimostrano un passo in avanti nella partecipazione sul tema: aumentano i manager coinvolti nella sostenibilità, in particolare del Cfo, e l'Area ordinaria segna un miglioramento. Sull'indice complessivo pesa la parte finanza, introdotta nel 2017 e incrementata nel 2018, che riveste il tema centrale dell'Area Straordinaria. Il comitato di sostenibilità non è ancora la prassi per tutte le società che mostrano scelte eterogenee, risulta complesso l'esercizio sul presidio nel board di tutte le forme di valore, mentre migliora il legame tra remunerazione ed ESG. L'ultima indagine esaminata rivela il consolidamento della consapevolezza sulla governance ESG nel campione di riferimento e segnala un complessivo miglioramento dell'Index. Gli ESG iniziano ad essere percepiti come un tema trasversale alle funzioni aziendali ma per l'agenda del board sono ancora spesso una questione di reporting, policy e compliance. Il Capitolo 2 si chiude con l'approfondimento di due tematiche ritenute cruciali, ovvero la rappresentanza femminile nei Cda ed il ruolo della Direttiva Non Financial. Per quanto riguarda il primo approfondimento questo lavoro analizza i progressi globali verso un'eguale rappresentanza di genere nei CdA delle società attraverso lo studio Women on Boards di MSCI ESG Research, che rivela quanto siano lenti ma costanti i progressi verso l'obiettivo di rappresentanza femminile fissato a livello mondiale. Secondo le proiezioni del 2015 i componenti dell'indice avrebbero dovuto raggiungere il traguardo del 30% di rappresentanza femminile aggregata nel 2027. In base alle tendenze attuali invece le proiezioni sono state aggiornate e rivelano che dovremmo attendere fino al 2029. Ciò significa quindi che i progressi continuano ad avanzare lentamente, le donne occupano incarichi di amministratore ad un ritmo più lento rispetto a quanto. Circa il 21% delle società dell'indice ha ancora un board tutto maschile e sono localizzate in Asia, Cina, Giappone e Corea del Sud. Norvegia, Francia e Svezia aumentano la presenza femminile sopra al livello richiesto, insieme ad 'Australia e Nuova Zelanda. Gli Stati Uniti registrano progressi costanti toccando nuovi record di rappresentanza femminile. Nella suite C il livello è ancora basso ma aumentano i CFO donna, specialmente sui mercati emergenti. L'altro approfondimento riguarda lo sviluppo della rendicontazione non finanziaria: è sempre più pressante la richiesta da parte degli stakeholder di una maggiore trasparenza circa i rischi derivanti dall'attività d'impresa e sulla trasparenza delle informazioni di carattere non finanziario. Le aziende avvertono l'esigenza di definire la propria storia attraverso indicatori relativi alle politiche sociali e ambientali, per accrescere gli elementi della gestione, di natura qualitativa, quali la reputazione, la fiducia e il consenso. La Direttiva UE 2014/95 stabilisce nuovi standard minimi di reporting in relazione alla gestione del personale, al rispetto dei diritti umani e alla lotta alla corruzione. Mira ad introdurre e rafforzare comportamenti virtuosi e ha l'obiettivo di aumentare la trasparenza nella comunicazione di informazioni non finanziarie ed incrementare la fiducia degli investitori e degli stakeholder. Il Capitolo 3 entra nel merito della misurazione ed osservazione della correlazione tra performance finanziarie e integrazione ESG. È incentrato sullo studio di Banor SIM e del DIG del Politecnico di Milano sull'indice Stoxx® Europe 600. Emerge come i portafogli delle società con rating integrato registrano performance migliori rispetto al benchmark, mette in risalto come i portafogli delle società del con rating di governance performano meglio: il dato che vogliamo sottolineare è quello del parametro WOB, che consegue le performance migliori in assoluto. La tesi si chiude con l'esposizione di un case study di azienda che integra efficacemente i fattori esg all'interno del proprio modello di business, in linea con le best practices internazionali. È la migliore società italiana nel 2019 per corporate governance e integrazione dei fattori ESG nelle strategie aziendali, secondo l'IGI, dopo essere salita sul podio già nell'anno precedente.

Human resource management (HRM) has an important responsibility in supporting higher levels of business sustainability development (BSD). In the past decade, traditional strategic HRM focused on economic goals has been supplemented by environmental and social imperatives, framing a new approach called sustainable HRM (SHRM). My research addresses HRM and sustainability linkages. Little research has been carried out on how human resource (HR) professionals' roles can fit with a spectrum of levels of BSD. In addition, the communication of HRM supporting sustainability has been explored privileging a quantitative approach. I argue that the relationship can be understood in a complementary way through qualitative and temporal analysis and that different scientific paradigms are needed to enrich the knowledge. The research is structured as a collection of three scientific articles. First, three typologies of HRM professionals' roles for three levels of BSD are built grounded on roles and paradox theories through a methodological roadmap expressing inherently paradoxical roles and mindsets. This first article is based on a post-positivist, functionalist and universalist approaches. Secondly, a visual rhetoric analysis of photographs in sustainability reports is conducted in a single case study to interpret the messages embedded in the disclosure of the relationship of HRM and sustainability. Finally, the analysis is complemented by a temporal visual rhetoric analysis, which enables us to identify the themes of capabilities, relationships, vulnerability, happiness and national identity that go beyond the standardization of annual reports. The dynamic analysis suggests that the evolution of the disclosure is dependent on contingency in contradiction with sustainability commitment. The second and third articles are underpinned on a subjectivist, constructivist and contextual approach. This research concludes that there is a need to update the HRM roles for BSD and that the relationship between HRM and sustainability is the result of ideologies, contextual and contingent features that are hidden in visual artefacts. My significant contribution to the knowledge is that this research expands the SHRM approach by adopting functionalist and constructivist paradigms, as well as offering methodologies for typology building, unique visual rhetoric procedure and temporal analysis, bridging macro and organizational levels. It raises unexpected issues such as organizational myth making, legitimation of practices, and political and colonial heritages for discussion among practitioners, corporate governance and policy makers. This research illuminates the need to work simultaneously in normative and interpretative perspectives of mindsets to advance in a SHRM approach for the good of the planet.

The aim of this work is to present and investigate a model that departs from three considerations. First, fiscal policy and debt sustainability are two sides of the same coin: the former is the policy instrument that government manages in the present time to achieve its social objectives, whereas, the latter is the repercussion of the former in the long run. Second, fiscal policy has a direct impact on industries capital accumulation because it affects the available income and, therefore, their savings; such an impact can be evaluated through the intertemporal optimization of industries saving decisions. Finally, fiscal policy has to be characterized on both the revenue and the spending side: revenues are determined through a unique tax rate, while spending is represented as an industry-based subsidy with a fixed fraction, Φ, that must be re-invested in capital. The production function in each industry is assumed AK and investment is subjected to quadratic adjustment costs. The consequences of assuming a convex adjustment cost function are twofold: the model does not display growth in the long run and the invested capital due to the public incentivization program hyper-crowds out private saving, consequently the optimal Φ is 0. Another advantage, due to the simplicity of the framework, is that the notion of debt sustainability, contrary to the majority of literature on fiscal policy sustainability, is defined unambiguously therefore it is always possible to determine whether a certain public debt can be sustained. In section 4, the model is solved as a Nash bargaining problem by assuming an explicit welfare function and it is found that the optimal government size results undetermined whenever the optimal Φ is 0. However, in the conclusions, it is proposed a way to modify slightly the model in order to overcome the problem of the hyper-crowding-out and letting the designed public program of capital incentivization work effectively.

Smart Tourism: between technology, participation and sustainability. The articledeals with smart tourism, understood as the relationship between tourism, andtechnology, participation and sustainability. The macro approach adopted allowsto approach the object of study from various points of view and to relate broad andcomplex issues, whose relations with tourism are usually treated separately. However, this advantage is accompanied by the limit of dealing with the issues, by forceof circumstances, in general. The innovativeness of the article lies in the type ofapproach, which highlights the potential, but also the ambiguities and critical issuesrelated to smart tourism, a fuzzy concept and a fashionable buzzword. The firstsection outlines the transformation of tourism within the broader transformation ofthe social system and subsystems: economic, political, value. The following sectionsdeal with the relationship between smart tourism and the three subjects under study:technology, participation, sustainability. The conclusions reflect on the criticalitiesof the concept of smart tourism and outline future lines of research. ; L'articolo ha come oggetto lo smart tourism, inteso come la relazione traturismo e tecnologia, partecipazione e sostenibilità. L'approccio adottato, ditipo macro, permette di affrontare l'oggetto di studio da più punti di vista e di mettere in relazione temi ampi e complessi, le cui relazioni con ilturismo solitamente vengono trattate separatamente. A questo vantaggio siaccompagna peraltro il limite di trattare i temi, per forza di cose, in lineagenerale. L'innovatività dell'articolo risiede nel tipo di approccio, che mettein luce le potenzialità, ma anche le ambiguità e criticità legate allo smarttourism, concetto fuzzy e buzzword di moda. La prima sezione delinea latrasformazione del turismo all'interno della più ampia trasformazione del sistema sociale e dei sottosistemi: economico, politico, valoriale. Le successivesezioni affrontano la relazione tra lo smart tourism e i tre temi oggetto di studio: tecnologia, partecipazione, sostenibilità. Le conclusioni riflettono sullecriticità del concetto di smart tourism e delineano future linee di ricerca.

In the article the strategic concept of ensuring the sustainability and security of spatial development of Ukraine in the context of global challenges by modernizing the national spatial development management system into European practice based on the United Nations Sustainable Development Needs CSR-2015 is substantiated. It was estimated that the introduction of the European nomenclature of territorial units NUTS for the purposes of accounting and other functions of territorial management in Ukraine requires holding, along with decentralization of power, its re-centralization at the level of strategic spatial management - consolidation of regions with the union of regions to the European scale NUTS-1. It has been determined that the allocation of the interregional macro-regions as a regional managerial part without preservation, or with the preservation of the present areas as units of the administrative-territorial system, will contribute to the consolidation of the country's economic space, strengthening the interconnections between regions and in reciprocity with the center, etc., and ensuring consistency and the security of the development of the country and its territories as a holistic national economic complex in conditions of global threats and challenges of the present day.