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The paper aims to investigate the approach and tools adopted by an Italian city, included amongst the UNESCO World Heritage sites (WHS), to involve different stakeholders in the protection and valorisation of its historical centre to achieve the goals of sustainable development. The paper focusses on the role of local authorities as the key actors that should engage different city users to jointly achieve heritage conservation and socio-economic development.

Data were collected, thanks to the researchers' direct participation in a project launched by the municipality of Urbino, which involved several local stakeholders and lasted about a year. Participant observation allowed the authors to collect informal interviews, join collective discussions and reflect on the direct observation of the activities undertaken.

The case study analysed suggests how participatory governance may be effective in fostering responsible principles in “asset usage” by any type of city users and how citizens actively co-design and co-implement initiatives of heritage revitalisation when engaged in cultural heritage (CH) policies.

The paper addresses a long-standing problem that has never been solved: how to enhance the consciousness of the CH amongst stakeholders and reconcile their different and conflicting needs in the historical urban environment in the process of revitalisation.

The purpose of this paper is to empirically test the knowledge-intensive process of creative problem-solving and its outcomes.

This study uses survey data from 113 leading Italian companies. To test the structural relations of the research model the authors used the partial least square (PLS) method.

Results show that work design and training have a positive direct impact on creative problem-solving process while organizational culture has a positive impact on both creative problem-solving process and its outcomes. Finally creative problem-solving process has a strong direct impact on its outcomes and this, in turn, on firms’ competitiveness.

This study suggests that managers must highlight the problem-solving process as it affects a firm’s capability to find creative solutions and therefore its competitiveness. Moreover, the present paper suggests managers should invest in specific knowledge management (KM) practices for enhancing knowledge-intensive business processes.

The present paper fills an important gap in the BPM literature by empirically testing the relationship among KM practices, multistage processes of creative problem-solving and their outcomes, and firms’ competitiveness.

This study aims to understand if network brand management is a key activity in tourism business networks and how the network brand relates to the place brand and the brands of individual network members.

Preference has been given to a qualitative approach and to the use of case study methodology. Two qualitative techniques have been used: document analysis and in-depth semi-structured interviews.

Results indicate that network brand identity is a prerequisite for all alliances, thus confirming the brand’s aggregating role in business networks. However, the network brand is not always exploited for commercial purposes, as signalled by the few efforts in communication activities. Results also indicate that there is a strong connection between the network brand and the place, confirming that tourism businesses are intertwined on a local context and cannot avoid citing the place where they operate.

Two main aspects limit the generalizability of this study. First, the empirical evidence is limited to four case studies and refers to only one country. Second, chairmen of the examined networks were interviewed without investigating the opinions of network members who may have contrasting views.

Poor brand management within the examined networks suggests that network managers should have more decision-making power. To apply concepts of brand architecture, network managers should be able to influence brand strategies of individual network members. For example, structures and processes could be created to engage all members in brand management activities like for Destination Management Organizations (DMOs) searching to increase participation of all stakeholders.

The novelty of this study is that it explores the role of brand management in networks created by partners with equal decision power. Moreover, it differs from previous research on inter-firm relations because it adopts the concept of brand consonance to evaluate if networks will succeed in the long term thanks to a proper management of the network brand.

The aim of this work is to investigate the key factors that lead to a successful deal in the case of acquisitions of Western companies by multinationals from emerging countries (EMNCs).

This study adopts a qualitative paradigm and uses a case study method as a tool of analysis. The case concerns Fondalmec, an Italian unlisted medium-sized joint stock company. The company was acquired in 2007 by the Indian multinational Endurance. Primary data were collected through semi-structured interviews and integrated with secondary data retrieved from relevant documents such as annual reports prepared before and after the acquisition.

Research findings show that EMNCs have some country-specific characteristics, which should be adequately assessed and realigned to the characteristics of the host country and targets’ resources during both the evaluation phase and the integration process.

The research limitation is attributed to there being only one case study analysis.

The study recommends examining the country of origin of the acquirer and suggests EMNCs’ managers to prefer a “light-touch” integration of Western target companies to gain access to their intangible assets and achieve success.

This work differs from much of the existing literature on mergers and acquisitions because it focuses on EMNCs and analyses the target company together with the buyer and their post-operative development strategy. Furthermore, it is one of the few empirical research studies on non-listed companies, which are often overlooked given the greater difficulty of accessing data.

This study investigates the implementation of a sustainable circular business model from an accounting perspective. Its goal is to understand if and how decision- makers use management accounting systems, and what changes are needed if these systems are to support the transition toward a circular economy.

Dialogic accounting theory frames the case study of six companies that built a value network to develop and implement an innovative packaging solution consistent with circular economy principles. Content analysis was utilised to investigate the accounting tools used.

The findings indicate that circular solutions generate new organisational configurations based on value networks. Interestingly, managers’ decision-making process largely bypassed the accounting function; they relied on informal accounting and life cycle analysis, which stimulated a multi-stakeholder dialogue in a life cycle perspective.

The research provides theoretical and practical insights into the capability of management accounting systems to support companies seeking circular solutions.

The authors offer implications for accounting practice, chief financial officers (CFOs) and accounting educators, suggesting that a dialogic approach may support value retention of resources, materials and products, as required by the circular economy.

The research contributes to the debate about the role of accounting in sustainability, specifically the need for connecting for resource efficiency at the corporate level with the rationalisation of resource use within planetary boundaries.

The study contributes to the limited research into the role of management accounting in a company’s transition to circular business models. Dialogic accounting theory frames exploration of how accounting may evolve to help businesses become accountable to all stakeholders, including the environment.

Purpose – This study aims to investigate the role of private equity and venture capital (PE/VC) operators in the introduction of innovative and sophisticated performance measurement and management control systems (MCSs) within their acquired companies.

Methodology/approach – Contingency theory suggests that PE/VC operators represent an important factor of change in a company's control system as they set the motivation for change and facilitate the transformation process within management systems. This study uses an explorative case study to verify this hypothesis. Data are derived from interviews with managers and public information.

Findings – Results demonstrate that PE funds promote the adoption of advanced MCSs such as the Tableau de Bord. Their aim is both to monitor and guide the acquired companies while sustaining their managers' decision-making process. However, company managers can be a critical variable in the process of change. At the same time, the case study confirms that PE/VC funding is positively correlated with the growth of acquired companies.

Research limitations/implications – Results are limited to the analysis of a single case study, representing a starting point for further research in other industries and countries.

Originality/value of paper – This study sheds light on the role of PE/VC operators in promoting the adoption of MCSs. Moreover, it suggests that despite their supposed short-term orientation these operators invest in the implementation of time-consuming and expensive MCSs.

The purpose of this paper is to shed lights on both economic and social impacts associated to the increasing amount of western companies acquired by multinationals from emerging countries. Focussing on the Italian context, its main intent is to analyze changes in targets’ performance and capability to contribute to stakeholders’ wealth to assess the business and social viability of this type of deal.

Operations of mergers and acquisitions (M & As) were identified through Zephyr (Bureau VanDijk’s database). Only acquisitions of a controlling interest were considered for a total of eight case studies. Financial Statements and Management Reports over a eight-year period have been analyzed to understand the rationale of the deal and to assess financial performance and company social impact before and after the merger.

Results suggest that foreign investors mainly search for know-how and technical expertise and their arrival does not lead to better financial performance. Only one target records profits. Four companies are still controlled by Indian investors while the other four have been dismissed. Nevertheless Indian investors are not destroying profitable organizations as these were recording negative results already before the merger. With reference to value added distribution, acquisitions do not reduce local stakeholders’ wealth for the benefits of shareholders. Jobs are preserved and valued added is mainly distributed to employees. Great difficulties in achieving the expected value resulting from synergies emerge.

Observations emerging from this explorative study are limited to the case studies analyzed while it could be important to enlarge the number of companies to investigate, including targets acquired by Russian, Chinese and Brazilian investors. Moreover, additional information could be obtained from interviews with top managers to reveal how they interpret the merger’s success or failure. Also interviews with local stakeholders like suppliers, clients, representatives of employees and local institutions could be of great importance as they can help identify their specific point of view about the social and economic impact of foreign investors’ arrival.

With reference to the public debate on the increasing number of European companies sold to foreign investors, research findings indicate that FDI from emerging economies do not necessarily lead to job losses or target’s closure. Indian investors are interested in brand, knowledge and other intangible assets (like Chinese ones). However they do not relocate production or expertise abroad. Some target companies record higher investments financed by the new shareholder, indicating that the arrival of new investors owing a large amount of money to invest in financial distressed Italian companies, can be beneficial to the local economy.

Most literature studies M & As from the buyer’s perspective to assess if shareholders’ value is created (Tuch and O’Sullivan, 2007; Meglio, 2009; Dauber, 2012). On the contrary this research adopts the target’s and stakeholders’ perspective, in order to measure the value created and distributed to the territory. Moreover it focuses on unlisted companies, while most studies deal with publicly traded companies (Meglio and Risberg, 2010; Meglio and Risberg, 2012b). Lastly it enriches M & A mainstream literature, which usually adopts a positivistic mindset and rely on statistical analysis, by adopting a qualitative approach based on case study analysis.

Purpose – Since risk management is crucial for achieving strategic objectives in a complex and uncertain environment and its effectiveness relies deeply on efforts to create a risk-conscious culture, this study aims at understanding whether risk management can be promoted and reinforced by the use of performance-based monetary incentives given to Board members and top managers.

Methodology/approach – This study is explorative in nature and investigates four case studies based on document analysis and semi-structured interviews with risk managers.

Findings – Results show that some companies have already adopted risk measures in incentive schemes. At the same time all interviewees agree with the usefulness of linking traditional performance-based monetary incentives to risk management objectives in order to improve the effectiveness of the latter and to create a risk-aware culture. However, the difficulty in identifying proper measures has been underlined.

Practical implications – The study confirms the feasibility of linking risk dimensions to reward systems and suggests that firms should move in this direction. The study also outlines and proposes some possible measures to reward managers.

Limitations – This study views risk as measurable and managerially actionable and focuses only on incentives while acknowledging the use of other mechanisms that can contribute to the creation of an informed risk culture. Furthermore, the integration of risk management with other management control systems and accounting instruments has not been analyzed.

Value of the paper – This study addresses firms and their stakeholders’ need to make top managers more accountable for risk in their decision-making.