MAURIZIO LA ROCCA

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Profile

Maurizio La Roccais an Associate Professorin Management and Financeat University of Calabria (Italy). He was visiting Professor at University of Nanterre (Francia) and University of Antwerp (Belgio). He is member of the Board of the Patent office at University of Calabria. His research interests are in corporate and entrepreneurial finance, SMEs, capital structure, corporate governance, and local financial development. He has published in journals such as the International Small Business Journal, Small Business Economics, Economic Modelling, Review of Managerial Science, Accounting and Finance and others. He has also written several books and chapters in books for editor as Springer, John Wiley & Sons, McGraw-Hill, Pearson, Edward Elgar, MacMillan, Egea, Il Mulino, Cedam, Isedi, Rubbetino and Morlacchi. He has won several awards, as a Best Paper Proceedings at the Academy of Management Annual Meeting, 2014 Philadelphia, PA (USA) and from the Italian Academy of Business Administration and Management (AIDEA) in 2008. He received a PhD in Business Economics and Management from the University of Catania (Italy). He was visiting PhD student at the University of Chicago’s Graduate School of Business (USA), Temple University Fox School of Management (USA) and Master in Economics and Finance at the University of Naples (Italy). He was in Erasmus at the International Business School di Jonkoping (Sweden). He was invited Guest Speaker to the 4^th International Meeting in Law & Economics in Paris. He has served as a Session Chair and Discussant in many Workshops and International Conferences (Strategic Management Society, European Academy of Management, European Financial Management Association, Financial Management Association and International Corporate Governance Society). He has accepted and presented papers in 49 International Conferences. He is member of the Board of the following Journals: “Australasian Accounting Business and Finance Journal”, “Transportation Management” and “Economia & Management”. He teaches in the following courses: General Management, Basic Financial Management and Corporate Governance at undergraduate and master level, and also Theory of the Firm and Advances Topic in Managemet at PhD level.

 

Education and qualification

• ·       Since 2011, Associate Professor in Management and Finance at the University of Calabria (Campus of Arcavacata – Cosenza, Italy). Since 2013 qualified to become Full Professor. Previously, Assistant Professor since 2005 in the same University;
• ·       PhD in Business Economics and Management - University of Catania (Italy);
• ·       Member of the PhD Committee in Business Economics University of Calabria since 2007
• ·       Dean of the placementofficefor the Dep.t of Business and Lawfrom 2008 until 2011;
• ·       Guest speaker to the 4^th International Meeting in Law & Economics sul tema “Local financial development and financial decisions”, http://www.erudite.univ-paris-est.fr/evenements/4th-international-meeting-in-law-economics/
  • ·       Visiting Professor at the University of University of Nanterre (France), May-June 2017;
  • ·       Visiting Professor at the University of Antwerp (Belgium), December 2013;
  • ·       Visiting PhD student to the University of Chicago – Graduate School of Business for the spring quarter 2002 and winter quarter 2003 (Supervisor Prof Luigi Zingales); visiting PhD student to the University of Temple – Fox School of Management, spring quarter 2003 (supervisors Prof Ravi Jain); visiting student Master in Economics and Finance at the University of Naples – (supervisor Prof Marco Pagano);
  • ·       Attended several courses on Corporate Finance and Corporate Strategyat the Bocconi School of Management (Italy) and in Econometric by TStat;
  • ·       Since June 1998 research assistant of Management and Finance at the Economics Faculty of the University of Calabria;
  • ·       Degree in Business Economics, obtained in the academic year 1996/97, at the University of Calabria – Arcavacata of Rende (CS) Summa cum laude. Thesis in Corporate Finance: “The capital structure in the Italian’s firms: An empirical test”;
  • ·       September 1996: Six months in Sweden at the “International Business School of Jonkoping” for the ERASMUS’ program.

 

Research field of studies

My research interests are focused on many topics in Management and Finance relating to SMEs issues, entrepreneurship, capital structure, corporate diversification, internationalization, investment-cashflow sensitivity and financial constraint, local financial development, corporate governance, ownership structure and value creation. On these fields of study I was involved in many national and international research projects.

 

Publications list

Some articles (not updated) are available to: http://ssrn.com/author=363841

I published in the following lists of International Journals:

International Small Business Journal	European Research on Management and Business Economics
Small Business Economics	Economics Bulletin
Economic Modelling	Journal of Managerial Economics
Journal of Business Economics and Management	Australasian Accounting Business and Finance Journal
Accounting & Finance	Corporate Governance: the International Journal of Business in Society
Review of Managerial Science	Icfai Journal of Corporate Governance
Applied Economics	Corporate Ownership & Control
Journal of Applied Business Research	Applied Economics Letters
Finance Research Letters	Frontiers of Entrepreneurship Research

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e su riviste italiane quali:

Finanza, Marketing e Produzione	Ir-Top
Economia & Management	Amministrazione & Finanza
Economia e Politica Industriale	Collana dei working paper dell’Università Bocconi
Sinergie	Collana dei working paper Dip.to Scienze Aziendali Unical
Analisi Finanziaria	Collana dei working paper Dip.to Economia e Statistica Unical

 

Some papers are available on Social Science Research Network (www.ssrn.com) at the author’s webpage: http://ssrn.com/author=363841.

Moreover, books and chapter in books were published in the following Editors:

National Editors	International Editors
McGraw-Hill	Springer
Egea	John Wiley & Sons
Pearson Italia	Edward Elgar
Il Mulino	MacMillan
Cedam
Morlacchi
Isedi
Rubbettino

 

Role of Referee

Ad hoc “Referee” for Small Business Economics, International Small Business Journal, Journal of Small Business Management, International Review of Economics & Finance, European Management Journal, Regional Studies, Journal of Economic Modelling, Applied Economics, Applied Financial Economics, Eurasian Business Review, Corporate Governance: the International Journal of Business in Society, Journal of Management and Governance.  “Occasional” Referee for the Special Conference of the Strategic Management Society on “New Frontiers in Entrepreneurship” (Catania, May 2007), per l’Annual Conference della Strategic Management Society (Roma 2010) and for Euram (Roma 2010).

 

- Books and Chapters in Books (national and international)

1.       Le conseguenze di una governance “malata” sul valore delle imprese. E se manager e membri del CdA non fossero persone perbene?, Pearson International, March 2018.

2.       New firms’ financial structure and financial institutions, with Francesco Fasano (Università della Calabria), Edizioni Accademiche Italiane, October 2016.

3.     Chapter 5 “The Italian SMEs case” in SME’s unleashing the potential, eds Hernandez N. and Ramirez J. (Copenhagen Business School), MacMillan, 2014;

4.     Chapter 12 “I Processi Finanziari”, with Tiziana La Rocca, in Economia e gestione delle imprese. Capacità, processi, competitività, eds Baglieri D., Dagnino G. and Faraci S., Isedi, 2013;

5.     Il valore dell’Assetto Proprietario. Stato dell’arte ed evidenze in Italia, Egea, 2012;

6.     La gestione finanziaria dell’impresa. Prospettive d’analisi e valutazione, Rubbettino, 2012;

7.     Chapter 24 “Crossing boundaries between contemporary research in strategy and finance: Connecting firm's financial structure, governance and corporate strategy”, with Tiziana La Rocca, in Handbook of Research on Competitive Strategy, EDWARD ELGAR,2012;

8.     Chapter 6 “Capital Structure and Corporate Strategy”, in Capital Structure and Corporate Financing Decisions, eds Kent Baker (Professor of Finance, American University - Kogod School of Business, Washington), JOHN WILEY & SONS, 2011;

9.     Chapter 5 “Il finanziamento delle PMI: le scelte finanziarie ed il ciclo di vita delle imprese”, in Efficienza dei mercati mobiliari e creditizi e scelte di finanziamento delle imprese, eds Roberto Guida, Il MULINO, 2011;

10. Chapter 3 “Local financial development and corporate financial policy”, with Tiziana La Rocca and Alfio Cariola, in The banks and the Italian economy, eds Damiano Bruno Silipo, SPRINGER, 2009;

11. Corporate Governance e Valore. L’influenza degli Assetti Proprietari sulla Relazione fra Struttura Finanziaria e Valore, EGEA , 2008;

12. Politiche finanziarie d’impresa. La relazione fra investimenti, cash flow e vincoli finanziari in Italia, eds, EGEA, 2007;

13. Diversificazione e Performance. Analisi empirica in Italia, with Alfio Cariola and Daniele Monteforte, McGRAW-HILL, 2006;

14. Chapter 5 “Il contributo della corporate governance alla creazione di valore”, in Alfio Cariola, La misurazione sistemica delle performance di imprese, CEDAM, 2006;

15. Chapter 4 “La struttura finanziaria delle PMI calabresi”, with Monteforte D., in Le decisioni di struttura finanziaria delle imprese italiane. Evidenza empirica, eds Venanzi, 2003, Edizioni Morlacchi, Perugia, 2003. 

- International papers

1.      “The Impact of Ownership Concentration and Analyst Coverage on Market Liquidity: Comparative Evidence from an Auction and a Specialist Market”, with Raffaele Staglianò   (Montpellier Business School, France) and Dionigi Gerace (University of Wollongong, Australia),  Economic Modelling, 2018 https://doi.org/10.1016/j.econmod.2017.11.004 

2.      “Diversification and performance in Italy. Does relatedness provide a value-enhancing strategy?”, with Tiziana La Rocca (University of Messina) e F. Javier Sánchez Vidal (Universidad Politécnica de Cartagena), 2018 European Research on Management and Business Economics, https://doi.org/10.1016/j.iedeen.2018.01.001;

3.       “The effect of ownership on firm value: a meta-analysis”,  with Tiziana La Rocca (University of Messina), Raffaele Staglianò (Montpellier Business School, France) and Fabiola Montalto (University of Calabria), Economics Bulletin, 2017.

4.      “The role of corruption in shaping the value of holding cash”, con Alfio Cariola e Domenico Cambrea, Finance Research Letters (2015 IF 0.48), forthcoming. http://dx.doi.org/10.1016/j.frl.2016.09.014 

5.      “Local Banking Development and The Use Of Debt Financing By Start-ups”, with Marc Deloof and Tom Vanacker, Frontiers of Entrepreneurship Research, 2016.

6.      “Long-term investment sensitivity to cash flow and financial crisis”, con Raffaele Staglianò & Issam Laguir (Montpellier Business School, France), Applied Economics Letters (2014 Impact Factor: 0.303), 23(6), 2016, pages 411-414, DOI:10.1080/00036846.2015.1030568  http://dx.doi.org/10.1080/13504851.2015.1078437

7.      “Investment cash flow sensitivity and financial constraint: a cluster analysis approach”, con Raffaele Staglianò (GSCM-Montpellier Business School - France), Tiziana La Rocca (Università di Messina) e Alfio Cariola (Unical), su Applied Economics (2014 Impact Factor: 0.613), 47(41), 2015, doi: 10.1080/00036846.2015.1030568;  http://dx.doi.org/10.1080/00036846.2015.1030568 

8.       “Local Financial Development and the Trade Credit Policy of Italian SMEs”, Deloof Marc (University of Antwerp, Belgio), Small Business Economics (Impact Factor 2013: 1.641), 2015, DOI: 10.1007/s11187-014-9617-x  https://link.springer.com/article/10.1007/s11187-014-9617-x

9.      “The value of blockholders shaped by moderators”, con Fabiola Montalto (PhD Università della Calabria e University of Antwerp), in Journal of Business Economics and Management (Impact Factor 2013: 0.723), 2014, Special issue 14(1), pages 313-327, DOI:10.3846/16111699.2013.794750   http://dx.doi.org/10.3846/16111699.2013.794750

10.   “The Effects Of Financial Drivers On Corporate Diversification: A Comparison Of Listed And Unlisted Italian Firms”, con Alfio Cariola (Unical) e Raffaele Staglianò (GSCM-Montpellier Business School - France),  in  Journal of Applied Business Research, 2013, 29(5), DOI: http://dx.doi.org/10.19030/jabr.v29i5.8027            

11.   “Agency problems, efficient capital markets and unrelated diversification: empirical evidence from Italy”, con Tiziana La Rocca (Università di Messina) e Raffaele Staglianò (GSCM-Montpellier Business School - France), Review of Managerial Science (Impact Factor 2014: 0.857), 2014, 8(2), pages 145-174, DOI: 10.1007/s11846-013-0098-0  https://link.springer.com/article/10.1007/s11846-013-0098-0

12.   “Unrelated Diversification and Firm Performance 1980-2007 Evidence from Italy” con Raffalee Staglianò (GSCM-Montpellier Business School - France), Australasian Accounting Business and Finance Journal, (6)1, 2012;

13.   “Do local financial and legal systems affect SMEs capital structure?”, con Tiziana La Rocca (Università di Messina), Maria Rosaria Agostino e Francesco Trivieri (Università della Calabria), Economics Bulletin, 2012;

14.    “Capital Structure Decisions During a Firm’s Life Cycle”, con Tiziana La Rocca e Alfio Cariola, Small Business Economics, 2011, 37, 107-130;  doi:10.1007/s11187-009-9229-z   https://link.springer.com/article/10.1007/s11187-009-9229-z

15.    “Corporate Diversification of British and German Non-Financial Firms” con Raffaele Staglianò (GSCM-Montpellier Business School - France), Journal of Managerial Economics, 9(2), 2011;

16.   “Theoretical foundation of Diversification Decisions: Opportunism or Financial Benefits”, con Raffaele Staglianò (GSCM-Montpellier Business School - France), Corporate Ownership & Control, 8(2), 2011;

17.    “The Influence of Local Institutional Differences on the Capital Structure of SMEs: Evidence from Italy”, con Tiziana La Rocca e Alfio Cariola, International Small Business Journal, 2010, 28(3);  doi: 10.1177/0266242609360614 

18.    “Effect of diversification on capital structure”, con Tiziana La Rocca (University of Messina), Ciorstan Smark (University of Wollongong, Australia) e Dionigi Gerace (University of Wollongong, Australia), Accounting & Finance, 2009, 49(4), 799-826;

19.   “Corporate governance, intellectual capital and value”, con Tiziana La Rocca e Alfio Cariola, Icfai Journal of Corporate Governance, 7(3),July, 2008;

20.   “A survey of the relation between capital structure and corporate strategy”, con Tiziana La Rocca (Unical) e Dionigi Gerace (University of Wollongong, Australia), Australasian Accounting Business and Finance Journal, 2(2) July, 2008;

21.   “The influence of corporate governance on the relation between capital structure and value”, Corporate Governance: the International Journal of Business in Society, 17(3) 2007;

22.   “Overinvestment and underinvestment problems: determining factors, consequences and solutions”, con Tiziana La Rocca e Alfio Cariola (Unical), Corporate Ownership & Control, Special Issue on corporate governance (May), 2007;

Italian papers

1. “Cash holding and firm value: a meta-analysis” with Tiziana La Rocca (Università di Messina), Domenico Cambrea (Università della Calabria) and Salvatore Casciaro (Consulente finanziario), Esperienze d’Impresa, 2015 n.2;
2.  “Cosa influenza il valore del cash holding?” with Alfio Cariola (Università della Calabria), Domenico Cambrea (Università della Calabria), Economia & Management, 2016
3.  “Corruzione e liquidità influenzano le performance delle imprese?” with Alfio Cariola (Università della Calabria), Domenico Cambrea (Università della Calabria), Economia & Management, 2016

4.      “Investimenti e vincoli finanziari. Evidenze da una cluster analysis”, with Tiziana La Rocca (Università di Messina) e Fabiola Montalto (Università della Calabria), Economia e Politica Industriale/ Journal of Industrial and Business Economics, 2012 n.1;

5. “Detenere liquidità genera valore? Benefici, costi ed evidenze dall’Italia” with Tiziana La Rocca (Università di Messina), Alfio Cariola (Università della Calabria), Raffaele Staglianò (GSCM-Montpellier Business School – France), Economia & Management, 2012;
6. “Which is best? Il valore della relatedness nelle scelte di diversification”, with Rosario Faraci (Università di Catania), Finanza, Marketing e Produzione, 4/2011;
7.  “Ownership concentration e performance aziendale: il caso Italiano”, con Fabiola Montalto (Università della Calabria), Finanza, Marketing e Produzione, 3/2011;

8.     “Market liquidity, struttura proprietaria e analisti finanziari”, con Raffaele Staglianò,Finanza, Marketing e Produzione, 2/2011;

9.      “Local financial development and financial structure in SMEs firms”, con Tiziana La Rocca, Maria Rosaria Agostino e Francesco Trivieri, Collana dei Working Paper del Dip.to di Economia e Statistica, n.9/2010;

10. “Il ruolo dell’ownership in Italia”, con Fabiola Montalto, Working Paper Series of the Department of Business Sciences, University of Calabria, n. 14, December 2010;

11.  “Scelte di struttura finanziaria in imprese multi business. L’effetto della relatedness sul comportamento finanziario”, con Tiziana La Rocca e Alfio Cariola,Finanza, Marketing e Produzione, 2009;

12.  “Debt-maturity, diversificazione di impresa e relatedness”, su AF Analisi Finanziaria, con Tiziana La Rocca, n. 76/2009;

13.  “Il mercato italiano del Private Equity e Venture Capital. Scenari futuri e proposte di sviluppo”, su AF Analisi Finanziaria, con Andrea Covello (SEB Financial Group - Luxemburg), n. 72/2009.

14.  “Small and medium-sized firms, financial strategy and institutions in Italy” con La Rocca Tiziana, Sinergie Special Issue relativo alla Strategic Management Society (SMS) International Conference di Catania New Frontiers in Entrepreneurship: Strategy, Governance and Evolution, 2008;

15.  “Influenza degli assetti proprietari sulla relazione fra struttura finanziaria e valore: Evidenze tramite la meta-analisi”, con La Rocca Tiziana, accettato e inserito negli atti del 31° Convegno AIDEA di Napoli 2008;

16.  “How does diversification influence the Italian capital structure choice?”,con Tiziana La Rocca e Alfio Cariola, in Sinergie, Speciale su Heterogeneity, Diversification and Performance, 2007;

17.  “Diversification and performance: an empirical analysis in Italy”, con Tiziana La Rocca, Alfio Cariola e Daniele Monteforte, in Sinergie, Speciale su Heterogeneity, Diversification and Performance, 2007;

18.  “Imperfezioni finanziarie e scelte di investimento. Una verifica empirica in Italia”, su IrTop - Investor Relations & Independent Equity Research, con Aiello Francesco, Celia Patrizia e La Rocca Tiziana, 2007;

19.  “L’influenza dei vincoli finanziari sulla relazione fra investimenti e cashflow in Italia”, con La Rocca Tiziana, Covello Andrea (Kpmg - Enterprise Solution) e Sasso Giovanni (Kpmg - Corporate Finance), su Analisi Finanziaria, 2007;

20.  “Struttura finanziaria e scelte strategiche di diversificazione L’esperienza italiana (1980-2000)”, con Tiziana La Rocca e Alfio Cariola, Economia & Management, Speciale Finanza d’Impresa A.A.V.V., 2007;

21.  “Struttura finanziaria e scelte strategiche di diversificazione L’esperienza italiana (1980-2000)”, con Tiziana La Rocca e Alfio Cariola, Economia & Management, n.4 Luglio/Agosto, 2006;

22.  “Manager e azionisti: evidenze empiriche e problemi aperti nella prospettiva della Corporate Governance”, Speciale Corporate Governance, in A.A.V.V. Economia & Management, 2006;

23.  “Problemi di under e overinvestment: determinanti, conseguenze e soluzioni”, con Tiziana La Rocca e Alfio Cariola,su Analisi Finanziaria, n.61, 2006;

24.  “La relazione fra decisioni d’investimento, cash flow e grado di costrizione finanziaria”, con Giovanni Sasso (Kpmg - Corporate Finance), in Amministrazione & Finanza, n. 14, 2006;

25.  “Il valore di un «buon» governo d’impresa”, in Amministrazione & Finanza, n. 8, 2006;

26.  “L’influenza della diversificazione sulle performance aziendali. L’esperienza italiana dal 1980 al 2000”, con Alfio Cariola e Daniele Monteforte, paper pubblicato sulla collana dei working paper dell’Università BOCCONI, 2006;

27.  “Imperfezioni finanziarie e scelte di investimento. Una verifica empirica in Italia”, con Aiello Francesco, Celia Patrizia e La Rocca Tiziana, accettato e inserito negli atti del 29° Convegno AIDEA di Roma 2006;

28.  “Manager e azionisti: evidenze empiriche e problemi aperti nella prospettiva della Corporate Governance”, in Economia & Management,  n.1 Gen-Feb, 2005;

29.  “L’influenza della corporate governance sulla relazione fra struttura del capitale e valore”, in Sinergie n.68 Settembre, 2005;

30.  “Il ruolo della corporate governance nella relazione fra struttura del capitale e valore economico: un’evidenza empirica”, tesi di dottorato in Economia Aziendale presso l’Università di Catania, XV ciclo - 2004;

31.  “Problemi di under e overinvestment: scelte di investimento sub-ottimali”, con Tiziana La Rocca e Alfio Cariola, Collana Working Paper del Dip. di Organizzazione Aziendale dell’Università della Calabria, n.14, 2004;

32.  “Servizi e iniziative per lo sviluppo delle Imprese”, in A.A.V.V. “Impresa e Territorio. L’azione di Sviluppo Italia Calabria per la genesi e lo sviluppo imprenditoriale”, Sinergie – Rapporti di Ricerca, n. 16 Giungo 2003;

33.  “L’influenza della corporate governance sulla relazione fra struttura del capitale e valore”, Collana Working Paper del Dip. di Organizzazione Aziendale dell’Università della Calabria, n. 9, 2003;

34.  “Corporate governance relationships and value creation: authority combined with responsibility”, Collana Working Paper del Dip. di Organizzazione Aziendale dell’Università della Calabria, n. 14, 2002;

35.  “La struttura finanziaria delle imprese italiane: il ruolo delle determinanti fiscali”, Finanza, Marketing e Produzione, n.3, 2001;

36.  “Il fattore fiscale quale driver delle scelte di struttura finanziaria: teorie ed evidenze empiriche”, Collana Working Paper del Dip. di Organizzazione Aziendale dell’Università della Calabria, n. 3, 2001;

37.  “Appunti di analisi fondamentale”, dispensa per il corso di “Finanza Aziendale” A.A. 2000-2001, 2001-2002, 2002-2003, 2003-2004, 2004-2005, 2005/2006, 2006/2007 e 2007/2008 – Università della Calabria;

38.  “Obiettivi, modelli e strumenti di Finanza Aziendale”, dispensa per il corso di “Economia e Gestione delle Imprese” A.A. 2001-2002, 2002-2003, 2003-2004, 2004-2005, 2005/2006, 2006/2007 e 2007/2008 – Università della Calabria.

Working paper

1.     “Unveiling the antecedents of international diversification:an agency theory approach”, Giovanni Battista Dagnino (University of Catania), Claudio Giachetti (Ca’ Foscari University of Venice), Pasquale Massimo Picone (University of Catania);

2.     “Capital structure and Local Financial Development in Staert-ups”, con Marc Deloof (University of Antwerp - Belgio) e Tom Vanacker (University of Ghent – Belgio);

3.     “Ownership and Value: 25 Years of Research”, con Tiziana La Rocca (Università di Messina), Raffaele Staglianò (GSCM-Montpellier Business School - France) e Fabiola Montalto (Università della Calabria);

4.      “Why do firms invest in diversification?”, con Alfio Cariola e Raffaele Staglianò, submitted to Applied Economics Letters;

5.     “Market liquidity and corporate governance”, con Dionigi Gerace (University of Wollongong, Australia);

6. “Which is best? The value of relatedness in diversification”, con Rosario Faraci (Università di Catania);
7. “Is Ownership a Complement to Debt in Affecting Firm’s Value. A Meta-Analysis”.

 

Others

• ·       Best Paper accepted for  2014 Academy of  Management Meeting (Philadelphia, Pennsylvania);
• ·       Best paper Award – AIDEA Italian Association of Management 2008;
• ·       Research Award – EgiUnical 2009 and 2011;
• ·       Teaching Award at the University of Calabria in the 2005 and 2006; Research award at the University of Calabria in the 2007;
• ·       Top Ten download list SSRN with some papers;
• ·       TOEFL and GRE;
• ·       June 2000: scholarship in the production area of the Turano Baking Company, Chicago (USA).
• ·       May 1997: Stage in U.S.A. chamber of Commerce of Chicago – Illinois (USA);
• ·       Military service fulfilled as lieutenant at the Italian Army Foreign Language School of Perugia;
• ·       1998 scholarship promoted by Calabria  Region Banks and credit in Calabria - B.U.R.-Calabria n.129 - 29.12.1997.

 28/03/2018