MAURIZIO LA ROCCA

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Short cv

Maurizio La Rocca is Associate Professor in Business Economics and Management at the University of Calabria (Campus of Arcavacata – Cosenza, Italy) since 2011, while was Assistant Professor since 2005. He teaches courses on General Management, Basic Financial Management, Corporate Governance and Theory of the Firn (as PhD course). He has got a PhD in Business Economics and Management at University of Catania (Italy). He was visiting researcher at the University of Chicago – Graduate School of Business for the spring quarter 2002 and winter quarter 2003 (Supervisor Prof Luigi Zingales), visiting researcher to the University of Temple – Fox School of Management, spring quarter 2003 (supervisors Prof Ravi Jain) and visiting student Master in Economics and Finance at the University of Naples – (supervisor Prof Marco Pagano). He joined at the Erasmus’ program in Sweden at the “International Business School of Jonkoping” as undergraduated student (1996). His research interests concerns topics related to capital structure, corporate diversification, cash holding, corporate governance, ownership structure and value creation. His publications include several articles on International journals with Impact Factors as International Small Business Journal, Journal of Business Economics and Management, Small Business Economics, Review of Management Science and Accounting & Finance, and also on other International Journals, as well as on Italian Journals as Economia e Politica Industriale, Finanza, Marketing e Produzione, Economia& Management. He has also written several books and chapters in books for editor as John Wiley & Sons, McGraw-Hill, Egea and Morlacchi. He has won several teaching awards and a research award from the Italian Academy of Business Administration and Management in 2008. He attended several International Conference as the annual meeting of: European Finance Association (EFA), Financial Management Association (FMA), European Financial Management Association (EFMA), Strategic Mangement Society (SMS), EURAM and others.

 

Education and qualification

  • Since 2011, Associate Professor in Management and Finance at the University of Calabria (Campus of Arcavacata – Cosenza, Italy). I teach courses on General Management, Basic Financial Management, Corporate Governance, Corporate Finance and Theory of the Firm in a PhD class;
  • Since 2005, Assistant Professor in Management and Finance at the University of Calabria (Campus of Arcavacata – Cosenza, Italy).  
  • Member of the PhD Committee in Business Economics University of Calabria since 2007
  • visiting researcher to the University of Chicago – Graduate School of Business for the spring quarter 2002 and winter quarter 2003 (Supervisor Prof Luigi Zingales); visiting researcher 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 Strategyat the Bocconi School of Management (Italy);
  • Since June 1998 research assistant of Corporate Finance and Management at the Business 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 relating to capital structure, corporate diversification, corporate governance, ownership structure and value creation. On these fields of study I was involved in many national and international research project.

 

Publications and working papers

My publications include several articles, on international journals as International Small Business Journal, Journal of Business Economics and Management, Small Business Economics, Accounting & Finance, Review of Managerial Science, Corporate Governance: the International Journal of Business in Society, Icfai Journal of Corporate governance, Australasian Accounting Business and Finance Journal and Corporate Ownership & Control , as well as Italian journals as Finanza, Marketing e Produzione, Economia & Management, Sinergie, Analisi Finanziaria, Amministrazione & Finanza, Ir-Top, Collana dei working paper dell’Università Bocconi. Some working papers area available on Social Science Research Network at the author’s webpage: http://ssrn.com/author=363841. I have also written several books and chapters in books for editor as McGraw-Hill, Egea, Il Mulino and Morlacchi, and at international Level for Springer, Wiley, Macmillan, Edward Elgar (fourthcoming). I attended several International Conference as the annual meeting of: European Finance Association (EFA), Financial Management Association (FMA), European Financial Management Association (EFMA), Strategic Mangement Society (SMS), EURAM, and others.

 

Publications list

Some articles are available to: http://ssrn.com/author=363841

 

- Books and Chapters in Books (national and international)

  1. Chapter 6 “Capital Structure and Corporate Strategy”, in Capital Structure and Corporate Financing Decisions, edsKent Baker (Professor of Finance, American University - Kogod School of Business, Washington), JOHN WILEY & SONS, 2011;
  2. 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;
  3. Chapter 24 “Crossing boundaries between contemporary research in strategy and finance: Connecting firm's financial structure, governance and corporate strategy”, con Tiziana La Rocca, in Handbook of Research on Competitive Strategy, EDWARD ELGAR,fourthcoming 2011;
  4. 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, fourthcoming 2011;
  5. 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;
  6. Corporate Governance e Valore. L’influenza degli Assetti Proprietari sulla Relazione fra Struttura Finanziaria e Valore, EGEA , 2008;
  7. Politiche finanziarie d’impresa. La relazione fra investimenti, cash flow e vincoli finanziari in Italia, (eds), EGEA, 2007;
  8. Diversificazione e Performance. Analisi empirica in Italia, with Alfio Cariola and Daniele Monteforte, McGRAW-HILL, 2006;
  9. Chapter 5 “Il contributo della corporate governance alla creazione di valore”, in Alfio Cariola, La misurazione sistemica delle performance di imprese, CEDAM, 2006;
  10. 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 and national papers

  1.  “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, 2013;
  2. “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
  3. “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, 2013;
  4. “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;
  5. “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;
  6. “Capital Structure Decisions During a Firm’s Life Cycle”, with Tiziana La Rocca and Alfio Cariola, Small Business Economics, 2011;
  7.  “The Influence of Local Institutional Differences on the Capital Structure of SMEs: Evidence from Italy”, with Tiziana La Rocca and Alfio Cariola, International Small Business Journal, 2010, Vol. 28, issue 3;
  8. “Effect of diversification on capital structure”, with Tiziana La Rocca, Ciorstan Smark (University of Wollongong, Australia) and Dionigi Gerace (University of Wollongong, Australia), Accounting & Finance, 2009, 49(4), pp.799-826;
  9.  “Scelte di struttura finanziaria in imprese multi business. L’effetto della relatedness sul comportamento finanziario”, with Tiziana La Rocca e Alfio Cariola,Finanza, Marketing e Produzione, fourthcoming 2009;
  10.  “Corporate governance, intellectual capital and value”, with Tiziana La Rocca and Alfio Cariola, Icfai Journal of Corporate Governance, Vol.7, Issue 3,July, 2008;
  11. “A survey of the relation between capital structure and corporate strategy”, withTiziana La Rocca (Unical) and Dionigi Gerace (University of Wollongong, Australia), Australasian Accounting Business and Finance Journal, Vol2, Issue 2, July, 2008;
  12. “Small and medium-sized firms, financial strategy and institutions in Italy” withLa Rocca M., Sinergie Special Issue relativo alla Strategic Management Society (SMS) International Conference di Catania New Frontiers in Entrepreneurship: Strategy, Governance and Evolution, 2008;
  13. “Influenza degli assetti proprietari sulla relazione fra struttura finanziaria e valore: Evidenze tramite la meta-analisi”, with La Rocca Tiziana, accettato e inserito negli atti del 31° Convegno AIDEA di Napoli 2008;
  14. “The influence of corporate governance on the relation between capital structure and value”, Corporate Governance: the International Journal of Business in Society, Vol. 17, issue 3, 2007;
  15. “Overinvestment and underinvestment problems: determining factors, consequences and solutions”, withTiziana La Rocca and Alfio Cariola (Unical), Corporate Ownership & Control, Special Issue on corporate governance (May), 2007;
  16. “How does diversification influence the Italian capital structure choice?”,withTiziana La Rocca and Alfio Cariola, in Sinergie, Speciale su Heterogeneity, Diversification and Performance, 2007;
  17. “Diversification and performance: an empirical analysis in Italy”, withTiziana La Rocca, Alfio Cariola e Daniele Monteforte, in Sinergie, Speciale on Heterogeneity, Diversification and Performance, 2007;
  18. “Imperfezioni finanziarie e scelte di investimento. Una verifica empirica in Italia”, su IrTop - Investor Relations & Independent Equity Research, with Aiello Francesco, Celia Patrizia and La Rocca Tiziana, 2007;
  19. “L’influenza dei vincoli finanziari sulla relazione fra investimenti e cashflow in Italia”, withLa Rocca T., Covello A. (Kpmg - Enterprise Solution) and Sasso G. (Kpmg - Corporate Finance), on Analisi Finanziaria, 2007;
  20. “Struttura finanziaria e scelte strategiche di diversificazione L’esperienza italiana (1980-2000)”, withTiziana La Rocca and Alfio Cariola, Economia & Management, n.4 Luglio/Agosto, 2006;
  21. “Manager e azionisti: evidenze empiriche e problemi aperti nella prospettiva della Corporate Governance”, Special issue on Corporate Governance, in A.A.V.V. Economia & Management, 2006;
  22. “Problemi di under e overinvestment: determinanti, conseguenze e soluzioni”, withTiziana La Rocca and Alfio Cariola,su Analisi Finanziaria, n.61, 2006;
  23. “La relazione fra decisioni d’investimento, cash flow e grado di costrizione finanziaria”, with Sasso Giovanni (Kpmg - Corporate Finance), in Amministrazione & Finanza, n. 14, 2006;
  24. “Il valore di un «buon» governo d’impresa”, in Amministrazione & Finanza, n. 8, 2006;
  25. “L’influenza della diversificazione sulle performance aziendali. L’esperienza italiana dal 1980 al 2000”, con Alfio Cariola and Daniele Monteforte, collana dei working paper dell’Università BOCCONI, 2006;
  26.  “Manager e azionisti: evidenze empiriche e problemi aperti nella prospettiva della Corporate Governance”, in Economia & Management,  n.1 Gen-Feb, 2005;
  27. “L’influenza della corporate governance sulla relazione fra struttura del capitale e valore”, in Sinergie n.68 Settembre, 2004;
  28. “Il ruolo della corporate governance nella relazione fra struttura del capitale e valore economico: un’evidenza empirica”, PhD Thesis in Economia Aziendale Università di Catania, XV ciclo - 2004;
  29. “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;
  30. “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;
  31. “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;
  32. “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;
  33. “La struttura finanziaria delle imprese italiane: il ruolo delle determinanti fiscali”, Finanza, Marketing e Produzione, n.3, 2001;

 

- Working paper

  1. “Local Financial Development and Trade Credit”, con Marc Deloof (University of Antwerp - Belgio);
  2.  “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);
  3. “The Value of Capital Structure: 40 Years of Research”, in submission to Financial Management;
  4. Market liquidity, ownership and financial analyst”, con Raffaele Staglianò (GSCM-Montpellier Business School - France) e Dionigi Gerace (University of Wollowong – Australia);
  5.  “Local Institutions as drivers of capital structure choices”, con Tiziana La Rocca (Università di Messina), Maria Rosaria Agostino e Francesco Trivieri (Università della Calabria);
  6. “Il valore della struttura finanziaria: 40 anni di ricerca”, prossimamente in submission a Banca, Impresa e Società;
  7.  “Il valore dell’ownership: Evidenze da una rassegna della letteratura”, con Tiziana La Rocca (Università di Messina), Fabiola Montalto (Università della Calabria) e Raffaele Staglianò (GSCM-Montpellier Business School - France);
  8. “La relazione fra assetti proprietari e valore”, con Stincone Raffaella (Università della Calabria), inviato a AF Analisi Finanziaria;
  9.  “IPO and underpricing. Una Meta-Analysis”, con Tiziana La Rocca (Università di Messina), Alfio Cariola (Università della Calabria), e Raffaele Staglianò (GSCM-Montpellier Business School - France), prossimamente in submission Economia & Management;
  10.  “Financial benefits, Opportunistic purposes or CEO’s hubris in the decision to Geographically diversify”, con Giambattista Dagnino e Massimo Picone (Università di Catania);
  11. “Which is best? The value of relatedness in diversification”, con Rosario Faraci (Università di Catania);
  12. “Is Ownership a Complement to Debt in Affecting Firm’s Value. A Meta-Analysis”.

 

Conference

I presented more than 20 papers to International conference: 12 papers to EFMA conference (Basilea, Milano – 2 times –, Vienna, Atene e Milano), 2 papers to FMA conference (Amburgo e Praga) 3 papers to SMS conference (Puerto Rico, Catania and Rome) and 4 papers to Euram conference (Roma, Milano e Lubiana). Many times I had the role of Session Chair in Conference as ’EFMA and FMA

 

Other Experiences

  • Best paper Award – AIDEA 2008;
  • Research Award – EgiUnical 2011 and 2007;
  • 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;