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Stefano Fontana
University of Rome Sapienza, Department of Business and Law, Via Castro Laurenziano, 9, 00161 Roma, Italy

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Journal article
Published: 14 June 2019 in Technological Forecasting and Social Change
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In today's markets, innovation has been identified as a key driver of firms' competitive advantage and innovation capabilities and as a key explanatory variable for differences between firms in behavior and outcomes. Although the literature has explored innovation capabilities, typically from a firm-level perspective, little is known about how firms' innovation capabilities originate in lower-level entities and processes, namely in the microfoundations of innovation capabilities. To bridge this gap, the present research adopts a microfoundations perspective to propose a conceptual model that investigates whether and how individual characteristics for innovation (individual attention to detail, creativity, and openness) and individual-level knowledge sharing behaviors (individual motivation, control, ability, and engagement) affect firm-level strategic innovation capabilities. Drawing on data from 287 R&D employees and general managers operating within 11 firms/research centers belonging to a cross-border R&D partnership, the results of structural equation modeling (SEM) show the crucial role played by individual motivation in effective and frequent sharing of knowledge and by individual engagement in knowledge sharing activities. This research contributes to the existing body of knowledge on innovation capabilities and knowledge management and provides interesting insights for marketers.

ACS Style

Alice Mazzucchelli; Roberto Chierici; Tindara Abbate; Stefano Fontana. Exploring the microfoundations of innovation capabilities. Evidence from a cross-border R&D partnership. Technological Forecasting and Social Change 2019, 146, 242 -252.

AMA Style

Alice Mazzucchelli, Roberto Chierici, Tindara Abbate, Stefano Fontana. Exploring the microfoundations of innovation capabilities. Evidence from a cross-border R&D partnership. Technological Forecasting and Social Change. 2019; 146 ():242-252.

Chicago/Turabian Style

Alice Mazzucchelli; Roberto Chierici; Tindara Abbate; Stefano Fontana. 2019. "Exploring the microfoundations of innovation capabilities. Evidence from a cross-border R&D partnership." Technological Forecasting and Social Change 146, no. : 242-252.

Journal article
Published: 10 June 2019 in Journal of Business Research
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The internationalization of R&D activities has become crucial for small and medium-sized enterprises (SMEs) to create sources of competitive advantage. This research aims to analyze the role of social capital and information technology (IT) in enhancing knowledge sharing and innovation capabilities in the particular context of SMEs with geographically dispersed R&D teams. The study uses structural equation modeling (SEM) and fuzzy-set qualitative comparative analysis (FsQCA) to investigate data from an online survey of 265 R&D managers in Italian manufacturing SMEs with responsibility for at least one international R&D team. The results reveal the critical role of structural social capital and IT in enhancing knowledge sharing and innovation capabilities. The research contributes to existing knowledge and provides useful insights for marketers by highlighting how social capital, also in combination with IT, strengthens SMEs' competitiveness even when they operate in a mature industry.

ACS Style

Alice Mazzucchelli; Roberto Chierici; Debora Tortora; Stefano Fontana. Innovation capability in geographically dispersed R&D teams: The role of social capital and IT support. Journal of Business Research 2019, 128, 742 -751.

AMA Style

Alice Mazzucchelli, Roberto Chierici, Debora Tortora, Stefano Fontana. Innovation capability in geographically dispersed R&D teams: The role of social capital and IT support. Journal of Business Research. 2019; 128 ():742-751.

Chicago/Turabian Style

Alice Mazzucchelli; Roberto Chierici; Debora Tortora; Stefano Fontana. 2019. "Innovation capability in geographically dispersed R&D teams: The role of social capital and IT support." Journal of Business Research 128, no. : 742-751.

Journal article
Published: 23 April 2019 in Journal of Business Research
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We propose an alternative firm-level measure for innovation activities—R&D elasticity—and we analyse its effects on the Tobin's Q of listed companies on the Euronext 100 Index. We find that R&D elasticity is positively related to market appreciation by stakeholder investors. Moreover, we analyse the role of default risk in the relationship between innovation activities and market value, and find that firms' default probabilities are negatively related to Tobin's Q. These findings are supported by OLS regressions, wherein Tobin's Q is regressed on R&D elasticity, five-year default probability, and controls such as ESG voluntary disclosure. These results further the research aimed at developing a conceptual framework for integrating at a policy level the R&D elasticity indicator as a type of innovation disclosure among the non-financial disclosures released by companies.

ACS Style

Daniela Coluccia; Marina Dabić; Manlio Del Giudice; Stefano Fontana; Silvia Solimene. R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective. Journal of Business Research 2019, 119, 259 -271.

AMA Style

Daniela Coluccia, Marina Dabić, Manlio Del Giudice, Stefano Fontana, Silvia Solimene. R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective. Journal of Business Research. 2019; 119 ():259-271.

Chicago/Turabian Style

Daniela Coluccia; Marina Dabić; Manlio Del Giudice; Stefano Fontana; Silvia Solimene. 2019. "R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective." Journal of Business Research 119, no. : 259-271.

Conference paper
Published: 26 September 2018 in Sustainable Transport Development, Innovation and Technology
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In recent years, in European countries, there has been a growing consensus that gender diversity could improve the economic and social performance of companies. In some countries, the process was supported by the issuing of rules that provided for the mandatory presence of women on boards. Our first aim is to study the level and evolution of the presence of female directors on boards in the biggest European listed companies in the period 2012–2016. Secondly, according to previous literature, we want to verify if the presence of female directors positively affects companies’ CRS disclosure. We have selected for the period 2012–2016 the biggest European listed companies and for each one we verify the presence of women through the ratio between the number of women on the board and the total number of the board. We propose to carry out a descriptive analysis aimed at verifying the evolution of women on company boards, regarding presence and power. Furthermore, we want to test if the presence of female directors has positively affected the companies’ CRS disclosure. We will select the Environmental Social and Governance (ESG) indicator from Bloomberg database as the dependent variable and gender equality measures as explicative variables. Our first contribution is to do a descriptive analysis of the presence and the power of female directors in the sample. We want to provide a picture of the European situation regarding gender equality. The second contribution is to verify if the female directors have positively affected the companies’ CSR disclosure. We contribute to literature by providing a comparison among different European countries, to verify if the female presence has been growing only when forced by law. Secondly, we want to verify if the presence of female directors improves the level of CSR disclosure.

ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. The Presence of Female Directors on Boards. An Empirical Investigation About Its Effects on CSR. Sustainable Transport Development, Innovation and Technology 2018, 151 -165.

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. The Presence of Female Directors on Boards. An Empirical Investigation About Its Effects on CSR. Sustainable Transport Development, Innovation and Technology. 2018; ():151-165.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2018. "The Presence of Female Directors on Boards. An Empirical Investigation About Its Effects on CSR." Sustainable Transport Development, Innovation and Technology , no. : 151-165.

Journal article
Published: 09 August 2018 in Sustainability
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We propose to investigate the relationship between corporate social responsibility disclosure and institutional/environmental factors among a sample of European listed companies. We find that, by using several traditional explicative variables, institutional factors affect the level of CSR disclosure, in a context where the EU Commission has been paying growing attention to social and environmental accountability of listed companies (see the EU Dir. 95/2014). Our findings are further supported by multivariate regression, where ESG score (measure of CSR disclosure) is regressed on nine variables which represent the expression of institutional factors. By looking at the institutional determinants of CSR disclosure, we are seeking to pose a challenge for future research agenda, in order to understand whether CSR does actually reflect an effective commitment of firms to accounting practices and rules, as a form of social behavior, or whether it is just a tool to manage stakeholders’ perception and to comply with regulation.

ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50. Sustainability 2018, 10, 2823 .

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50. Sustainability. 2018; 10 (8):2823.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2018. "Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50." Sustainability 10, no. 8: 2823.

Case report
Published: 11 June 2018 in Management Decision
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Purpose The purpose of this paper is to propose a new statistical approach to evaluate complex open innovation projects on a quantitative basis. In certain circumstances, open innovation entails a radical change of policy that involves various different functions of a company such as R&D, production, and management over a period of years and gives rise to mechanisms of mutual interaction with several business partners, such as collaboration with other companies, universities and R&D institutions, and new suppliers. Then, the question arises of how to measure the impact of such complex open innovation processes on the overall performances of companies. Design/methodology/approach A holistic case study is applied to analyze the effect of open innovation projects on a corporate company’s stock price dynamics. The scope is to identify two different scenarios pre- and post-adoption of an open innovation model by a multinational company, Fujifilm. In particular, a stochastic model, namely the log-normal model, is applied along with three statistical tests: Kolmogorov-Smirnov, Cramer von Mises, and F-test for equal variances, in order to verify if the adoption of an open innovation model causes any significant change in the stock price dynamics of the corporate company. Findings From the findings emerges evidence that open innovation projects have a moderate effect on Fujifilm’s stock price dynamics, but a greater improvement of the perception of Fujifilm’s stock value. This enhances the management and financial literature review by offering a novel, empirical perspective on the effect of the adoption of an open innovation model on a corporate company’s stock price dynamics. Research limitations/implications This research is limited to a single case study, but it can be extended to other stock market companies and therefore improve on the present study. Originality/value An original application of Kolmogorov-Smirnov tests to detect and measure the differences between the two regimes of pre-open innovation and post-innovation regimes.

ACS Style

Luca Vincenzo Ballestra; Stefano Fontana; Veronica Scuotto; Silvia Solimene. A multidisciplinary approach for assessing open innovation model impact on stock return dynamics. Management Decision 2018, 56, 1430 -1444.

AMA Style

Luca Vincenzo Ballestra, Stefano Fontana, Veronica Scuotto, Silvia Solimene. A multidisciplinary approach for assessing open innovation model impact on stock return dynamics. Management Decision. 2018; 56 (6):1430-1444.

Chicago/Turabian Style

Luca Vincenzo Ballestra; Stefano Fontana; Veronica Scuotto; Silvia Solimene. 2018. "A multidisciplinary approach for assessing open innovation model impact on stock return dynamics." Management Decision 56, no. 6: 1430-1444.

Article
Published: 13 February 2018 in Journal of the Knowledge Economy
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The aim of this paper is to investigate the effects of value added intellectual coefficient (VAIC) on the voluntary disclosure of a sample of listed companies in the years 2006, 2009, and 2012, according to a multi-stakeholder approach. This research has been organized in two parts. Firstly, the paper discusses the literature on voluntary disclosure in a multi-stakeholder approach. From this point of view, the paper contributes to the previous literature, which mainly relates the voluntary disclosure to individual and distinct stakeholder classes. Among the literature review, the paper also focuses on the themes of intellectual capital and its measurement. In the second part of the paper, we propose an empirical investigation of a sample of 143 companies, listed on Milan Stock Exchange in the years 2006, 2009, and 2012, in order to identify—through a statistical model—the variables that affect voluntary disclosure. Among the explicative variables (firm size, company’s age, recorded intangible assets, VAIC and Tobin Q), the model also includes VAIC to test the relationship between this indicator and the voluntary disclosure. Our results show that the disclosure index is positively influenced by the size of the company and the financial structure as well as the market value of intangible assets. The relationship between voluntary disclosure and VAIC is instead negative.

ACS Style

Stefano Fontana; Daniela Coluccia; Silvia Solimene. VAIC as a Tool for Measuring Intangibles Value in Voluntary Multi-Stakeholder Disclosure. Journal of the Knowledge Economy 2018, 10, 1679 -1699.

AMA Style

Stefano Fontana, Daniela Coluccia, Silvia Solimene. VAIC as a Tool for Measuring Intangibles Value in Voluntary Multi-Stakeholder Disclosure. Journal of the Knowledge Economy. 2018; 10 (4):1679-1699.

Chicago/Turabian Style

Stefano Fontana; Daniela Coluccia; Silvia Solimene. 2018. "VAIC as a Tool for Measuring Intangibles Value in Voluntary Multi-Stakeholder Disclosure." Journal of the Knowledge Economy 10, no. 4: 1679-1699.

Journal article
Published: 01 January 2018 in International Journal of Sport Management and Marketing
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Football is perhaps the most popular sport in the world. The market of football players is one of the most popular factors of the sport that makes the fans dream of each team which increases the interest around the sport. In 2013 the player Gareth Bale was sold from Tottenham to Real Madrid for 100 million Euros. Someone argues that the market for football players is inherently irrational precisely because of the sale price of certain players. This paper is based on Tunaru et al. model that is a real option based model. The aim of the paper is the financial valuation of a goalkeeper of Serie A League club. The model depends on relationship of player's and team's performance and the club's turnover.

ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. An application of the option-pricing model to the valuation of a football player in the 'Serie A League'. International Journal of Sport Management and Marketing 2018, 18, 155 .

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. An application of the option-pricing model to the valuation of a football player in the 'Serie A League'. International Journal of Sport Management and Marketing. 2018; 18 (1/2):155.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2018. "An application of the option-pricing model to the valuation of a football player in the 'Serie A League'." International Journal of Sport Management and Marketing 18, no. 1/2: 155.

Journal article
Published: 01 January 2017 in International Journal of Sport Management and Marketing
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ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. An application of the option-pricing model to the valuation of football player in the Serie A League. International Journal of Sport Management and Marketing 2017, 1, 1 .

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. An application of the option-pricing model to the valuation of football player in the Serie A League. International Journal of Sport Management and Marketing. 2017; 1 (1):1.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2017. "An application of the option-pricing model to the valuation of football player in the Serie A League." International Journal of Sport Management and Marketing 1, no. 1: 1.

Journal article
Published: 01 January 2017 in International Journal of Managerial and Financial Accounting
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This paper is on the relationship between the level of voluntary disclosure related to many corporate stakeholders and the volatility of the market returns among a representative sample of Italian listed companies, in the years 2006, 2009 and 2012. The source of the disclosure is all the available mandatory and voluntary documents. We empirically tested the hypothesis that companies providing more disclosure show a lower volatility than do competitors. Our findings show that disclosure indexes all have a growing trend. Also, the evidence suggests that information disclosure may be useful to the market. Controlling a number of other factors, we found that industries that disclose more information show lower measures of stock volatility than others. We also have ascertained that customers, suppliers, communities, competitors and financial lenders and environment disclosure have a moderate effect on volatility, whereas institutions and human capital and corporate governance disclosure seem to have no effect on volatility.

ACS Style

Silvia Solimene; Stefano Fontana; Daniela Coluccia. The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective. International Journal of Managerial and Financial Accounting 2017, 9, 44 .

AMA Style

Silvia Solimene, Stefano Fontana, Daniela Coluccia. The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective. International Journal of Managerial and Financial Accounting. 2017; 9 (1):44.

Chicago/Turabian Style

Silvia Solimene; Stefano Fontana; Daniela Coluccia. 2017. "The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective." International Journal of Managerial and Financial Accounting 9, no. 1: 44.

Journal article
Published: 01 January 2017 in International Journal of Managerial and Financial Accounting
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This paper is on the relationship between the level of voluntary disclosure related to many corporate stakeholders and the volatility of the market returns among a representative sample of Italian listed companies, in the years 2006, 2009 and 2012. The source of the disclosure is all the available mandatory and voluntary documents. We empirically tested the hypothesis that companies providing more disclosure show a lower volatility than do competitors. Our findings show that disclosure indexes all have a growing trend. Also, the evidence suggests that information disclosure may be useful to the market. Controlling a number of other factors, we found that industries that disclose more information show lower measures of stock volatility than others. We also have ascertained that customers, suppliers, communities, competitors and financial lenders and environment disclosure have a moderate effect on volatility, whereas institutions and human capital and corporate governance disclosure seem to have no effect on volatility.

ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective. International Journal of Managerial and Financial Accounting 2017, 9, 44 .

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective. International Journal of Managerial and Financial Accounting. 2017; 9 (1):44.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2017. "The influence of voluntary disclosure on the volatility of firms from a multi-stakeholder perspective." International Journal of Managerial and Financial Accounting 9, no. 1: 44.

Journal article
Published: 01 January 2016 in International Journal of Managerial and Financial Accounting
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ACS Style

Stefano Fontana; Daniela Coluccia; Silvia Solimene. DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY:A COMPARISON BETWEEN TRADITIONAL AND DIGITAL REPORTING. AN EMPIRICAL ANALYSIS ON ITALIAN LISTED COMPANIES. International Journal of Managerial and Financial Accounting 2016, 8, 1 .

AMA Style

Stefano Fontana, Daniela Coluccia, Silvia Solimene. DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY:A COMPARISON BETWEEN TRADITIONAL AND DIGITAL REPORTING. AN EMPIRICAL ANALYSIS ON ITALIAN LISTED COMPANIES. International Journal of Managerial and Financial Accounting. 2016; 8 (3):1.

Chicago/Turabian Style

Stefano Fontana; Daniela Coluccia; Silvia Solimene. 2016. "DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY:A COMPARISON BETWEEN TRADITIONAL AND DIGITAL REPORTING. AN EMPIRICAL ANALYSIS ON ITALIAN LISTED COMPANIES." International Journal of Managerial and Financial Accounting 8, no. 3: 1.

Journal article
Published: 01 January 2016 in International Journal of Managerial and Financial Accounting
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During recent years, there has been an increase in corporate social responsibility (following CSR) disclosure not only through sustainability reports but also through digital reporting. The purpose of our research is to study the CSR disclosure made by a sample of Italian listed companies. In particular, we built a disclosure index based on CSR disclosure in the sustainability report (traditional reporting) and a disclosure index based on CSR disclosure on the website (digital reporting). Our aim is to verify if there is a convergence between the two communication tools or whether companies prefer one of them. Specifically, we want to verify if digital reporting has really improved the quality and the level of voluntary disclosure. Our findings revealed that the CSR disclosures were generally shallow and unsystematic, indicating that online CSR reporting of our sample is still in infancy.

ACS Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. Disclosure of corporate social responsibility: a comparison between traditional and digital reporting. An empirical analysis on Italian listed companies. International Journal of Managerial and Financial Accounting 2016, 8, 230 .

AMA Style

Daniela Coluccia, Stefano Fontana, Silvia Solimene. Disclosure of corporate social responsibility: a comparison between traditional and digital reporting. An empirical analysis on Italian listed companies. International Journal of Managerial and Financial Accounting. 2016; 8 (3/4):230.

Chicago/Turabian Style

Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2016. "Disclosure of corporate social responsibility: a comparison between traditional and digital reporting. An empirical analysis on Italian listed companies." International Journal of Managerial and Financial Accounting 8, no. 3/4: 230.

Journal article
Published: 11 December 2014 in Business Strategy and the Environment
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In this paper, we have studied the factors that influence the environmental disclosures of Italian listed companies. We also aimed to verify the effects produced by the introduction of specific legislation (albeit of a voluntary nature) on environmental disclosures. The analysis has the advantage of including all of the informational documents produced by the company. The analysis shows an (excessively) low level of disclosure of environmental information by the companies examined. The econometric analysis then shows, contrary to our hypothesis and the results of previous analyses carried out in other countries, a negative and statistically significant relationship between environmental disclosures, the presences of minority shareholders and large auditors and the listing of the company, including in foreign markets. We lastly observed that the introduction of ad hoc legislation as purely voluntary only affects the contents of quantitative environmental disclosures, which are unsuitable for a highly industrialized developed country. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment

ACS Style

Eugenio D'Amico; Daniela Coluccia; Stefano Fontana; Silvia Solimene. Factors Influencing Corporate Environmental Disclosure. Business Strategy and the Environment 2014, 25, 178 -192.

AMA Style

Eugenio D'Amico, Daniela Coluccia, Stefano Fontana, Silvia Solimene. Factors Influencing Corporate Environmental Disclosure. Business Strategy and the Environment. 2014; 25 (3):178-192.

Chicago/Turabian Style

Eugenio D'Amico; Daniela Coluccia; Stefano Fontana; Silvia Solimene. 2014. "Factors Influencing Corporate Environmental Disclosure." Business Strategy and the Environment 25, no. 3: 178-192.