Papers by Gianpaolo Iazzolino
Investment Management & Financial Innovations, 2013
The aim of this work is to propose a new methodology for credit risk assessment, by considering n... more The aim of this work is to propose a new methodology for credit risk assessment, by considering not only financial indicators, but also variables concerning the intellectual capital (IC) of the firm. Two credit scoring models based on Multi Discriminant Analysis (MDA) have been developed: (1) a model which takes into account only financial data and (2) a model which takes into account also intellectual capital variables, divided in the three traditional dimensions, human, structural and relational capital. The two models have been applied on a sample of large firms and the obtained results have been compared. The study highlights that the model which integrates IC and financial variables is more accurate than the model developed using only financial data. Intellectual capital reduces, and in some cases eliminates, both type I and type II errors. The result shows the importance of taking into account some aspects of intangible assets into the credit risk evaluation. Intellectual capital variables can help provide a better understanding of the firm's value (financial and intangible).
The paper proposes a new methodology for evaluating the market value of firms (QuIC – Quantitativ... more The paper proposes a new methodology for evaluating the market value of firms (QuIC – Quantitative Intellectual Capital-based methodology for Firm Valuation) that considers Intellectual Capital (IC) as an important factor that can influence the overall value. Findings show that this approach gives a more fair evaluation able of taking account of the "hidden" value that could remain unconsidered when applying "traditional" valuation approaches. In fact, findings demonstrated that, from a financial standpoint, the difference between DCF and QuIC evaluation can be recognised as the worth of intellectual capital assets.
The aim of this study is twofold: (i) At first, the authors would like to analyze the financial r... more The aim of this study is twofold: (i) At first, the authors would like to analyze the financial reliability of Energy Service Companies (ESCO) industry in Italy by using the Z"-score model by Altman et al. (1995) and (ii) secondly, observing the trend of Z'' values from the year 2010 to the year 2014, they would try to connect these changes to specific business behaviors. An empirical research on a sample of 68 Italian ESCOs has been carried out. By analyzing balance sheet indicators, the authors identify the causes that entail the transition of firms from a specific solvency situation to another. Findings show that in most cases Z''-score increased over the years thanks to the acquisition of White Certificates, that represents an efficient instrument to promote energy saving. Research results allow to hope in a future development of ESCO industry.
Research in Transportation Business & Management
The paper deals with the evaluation and financing of research and innovation projects. The paper ... more The paper deals with the evaluation and financing of research and innovation projects. The paper analyzes and discusses
A better performing Knowledge Management Systems (KMSs) are even more required today from all org... more A better performing Knowledge Management Systems (KMSs) are even more required today from all organizations. However, no specific strategy seems to be widely consolidated for supporting the assessment process of organizational knowledge; and what specifically appears to be needed is a strategy for individuating more precisely which specific functions must be proficiently performed by a KMS to improve the organizations ’ knowledge-management capability. This paper proposes an innovative Knowledge Audit Approach (KAA) which has been particularly developed basing on two main fundamentals: first, the Balanced Scorecard classification scheme of the business objectives and goals; and second, an Intellectual Capital (IC) representation model. Further, here are presented some results obtained by empirically applying the KAA within a public administration body in Southern Italy where a number of e-government best practices were recently carried out.
Continuous progress in information and communication technology is changing the retail industry, ... more Continuous progress in information and communication technology is changing the retail industry, by building a new changeable competitive scenario. The aim of this paper is to provide a clearer understanding of the innovative forces affecting the sector, by focusing on the evaluation of innovation through patent analysis. These measurement tools could provide academics and practitioners with an overview of the actual trends and new approaches required to successfully compete in.
Management Decision, 2021
PurposeThe purpose of this paper is to address the issue of knowledge visualization and its conne... more PurposeThe purpose of this paper is to address the issue of knowledge visualization and its connection with performance measurement from an epistemological point of view, considering quantification and measurement not just as technical questions but showing their relevant implications on the management decision-making of knowledge-based organizations.Design/methodology/approachThis study proposes a theoretical contribution that combines two lines of research for identifying the three main meta-choices problems that arise in the multidimensional benchmarking of knowledge-based organizations. The first is the meta-choice problem related to the choice of the algorithm used (Iazzolino et al., 2012; Laise et al., 2015; Daraio, 2017a). The second refers to the choice of the variables to be included in the model (Daraio, 2017a). The third concerns the choice of the data on which the analyses are carried out (Daraio, 2017a).FindingsThe authors show the interplay existing among the three met...
International Journal of Energy Economics and Policy, 2016
The aim of this study is twofold: (i) At first, the authors would like to analyze the financial r... more The aim of this study is twofold: (i) At first, the authors would like to analyze the financial reliability of Energy Service Companies (ESCO) industry in Italy by using the Z” - score model by Altman et al. (1995) and (ii) secondly, observing the trend of Z’’ values from the year 2010 to the year 2014, they would try to connect these changes to specific business behaviors. An empirical research on a sample of 68 Italian ESCOs has been carried out. By analyzing balance sheet indicators, the authors identify the causes that entail the transition of firms from a specific solvency situation to another. Findings show that in most cases Z’’ - score increased over the years thanks to the acquisition of White Certificates, that represents an efficient instrument to promote energy saving. Research results allow to hope in a future development of ESCO industry
This paper examines conditions for the effectiveness of Information Technology in organisations i... more This paper examines conditions for the effectiveness of Information Technology in organisations in the light ofvaryings and uncertainty in the environment referred to. The paper concentrates on the importance of the human factor and its attitude to wards technology and describes an IT-based system and a user training strategy aimed at enabling the acquisition of a favourable and innovative mental approach. The paper presents an approach for use of IT in education faced to build a forma mentis favourable for an effective Information Systems development process and an ex ample of IS application in an educational context.
Measuring Business Exellence, 2019
Purpose-This paper aims to propose an integrated methodology for evaluating academic spin-offs (A... more Purpose-This paper aims to propose an integrated methodology for evaluating academic spin-offs (ASOs) for supporting both the development phase and performance evaluation. The ASOs have peculiar characteristics compared to other start-up companies and the debate on their evaluation is still open. Design/methodology/approach-The proposed methodology, adopting a lean approach, faces the typical problems that characterize the growth of an ASO: the excessive attention to the technological aspects with respect to the commercial and managerial ones; and the need for evaluation systems that try to evaluate all risk areas and to highlight any misalignment. The methodology was built also starting from the results of an Erasmus þ research project, co-funded by the European Commission, called spin-off lean acceleration. Findings-The methodology proposes to monitor the main risk areas (market, technological, implementation, governance and financial). For each of these areas, at first, a framewo...
International Journal of Industrial Engineering and Management
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Problems and Perspectives in Management
The aim of this paper is to study the relations existing between the relational capital, both int... more The aim of this paper is to study the relations existing between the relational capital, both internal and external, and the firm financial performance. The investigation has been carried out on quantitative and qualitative data extracted from a sample of 100 Italian large firms. The paper deeply analyzes the dimension of the internal relational capital, not so widely studied in the literature. Findings demonstrate the influence of the internal relational capital (IRC) and of the external relational capital (ERC) on performance. The research suggests that an effort has to be devoted not only to improving relations with external stakeholders, but also to developing intra-firm relations. The research contributes to studies in management and in particular in internal organization by demonstrating that designing and implementing systems for supporting internal relation can improve firm performance.
Measuring Business Excellence
Purpose The purpose of this paper is to propose and discuss, from both a theoretical and empirica... more Purpose The purpose of this paper is to propose and discuss, from both a theoretical and empirical point of view, a methodology for measuring the productivity of knowledge workers, then giving a contribution to the question launched by P. Drucker at the end of last millennium. An application of the method on a real case of a knowledge-based firm is shown. Design/methodology/approach The paper is both theoretical and empirical. At first, building also on Pulic’s theory of human capital efficiency (HCE) and on previous works by the same authors of this paper, a deep theoretical analysis is proposed. After, the explicit calculation of the knowledge worker productivity in a real case of a knowledge-based young firm has been carried out. Findings From a theoretical point of view, an inter-theory relationship between Drucker’s approach of sustainable strategies based on knowledge and the theory of HCE, mostly attributable to Pulic, has been constructed. From results of the application on ...
Measuring Business Excellence
Purpose The aim of the paper is to provide some guidelines for using and not using knowledge-base... more Purpose The aim of the paper is to provide some guidelines for using and not using knowledge-based strategies (KS) and for understanding the sustainability of such kinds of strategy. The paper proposes an accounting-based framework that can be used for this aim. The meaning of the guidelines is illustrated with reference to a specific case of a company that implements a KS: the Italian Loccioni Group. The work continues and develops a research already started by the same authors (Iazzolino and Laise, 2013, 2016; Iazzolino et al., 2014). Design/methodology/approach Building on previous works by the same authors (Iazzolino and Laise, 2013, 2016; Iazzolino et al., 2014), the proposed framework starts from the analysis of the value added (VA) created by the firm. To characterize a KS, the VA and its components are analyzed. To evaluate the sustainability of a strategy (from the economic and social point of view), the time trend of the VA and its composition are also analyzed. The resear...
Investment Management and Financial Innovations, 2016
Purpose - This research was designed to shed light on what is the role played by intellectual cap... more Purpose - This research was designed to shed light on what is the role played by intellectual capital within firms for the achievement of leadership positions, according to two main perspectives: (i) intellectual capital commitment and (ii) financial/market performances. Design/methodology/approach - An exploratory study design, involving 10-year data about 45 firms listed on Euronext 100, was devised. Firstly, firms were rated according to their intellectual capital commitment and their financial performances, by gathering indicators from a literature analysis; then, it was developed a new tool, was developed the Positioning Matrix, which is a new business space, where firms can be placed according to the rates received in the first phase. Finally, the authors analyzed all the changes that the sample firms experienced all over the ten years considered. Findings - Findings showed how companies can get the market leadership by using strategies based on their intellectual capital comm...
Journal of Intellectual Capital, 2016
Purpose – The purpose of this paper is to place the value creation process within sustainable gro... more Purpose – The purpose of this paper is to place the value creation process within sustainable growth strategies. Building on Drucker (1968, 1999a, b), Pulic (2000, 2004, 2008) and other papers by the same authors (Iazzolino and Laise, 2013) the specific aim of this research is to propose an accounting-based framework able to: distinguish between knowledge-intensive firms (KIFs) and nonknowledge intensive firms (nonKIFs); and investigate the contribution of the two sets of firms (KIFs and nonKIFs) to overall sustainability, from a social point of view, of the economic system. Design/methodology/approach – The paper uses the notion of value added (VA) (Pulic, 2000, 2004, 2008) as the main indicator to measure the value creation in a knowledge economy context. As regard the first point of the framework, the approach is based on the analysis of VA and its components, starting from a reinterpretation of the concept of value added intellectual coefficient made by the same authors of this ...
Journal of Retailing and Consumer Services, 2017
Full bibliographic details must be given when referring to, or quoting from full items including ... more Full bibliographic details must be given when referring to, or quoting from full items including the author's name, the title of the work, publication details where relevant (place, publisher, date), pagination, and for theses or dissertations the awarding institution, the degree type awarded, and the date of the award.
People, Knowledge and Technology: What have we Learnt so Far? - Proceedings of the First iKMS International Conference on Knowledge Management, 2004
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Papers by Gianpaolo Iazzolino