Nasta, Luigi

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Luigi Nasta is adjunct professor at JCU and Luiss University. He is Research Fellow at the Luiss Business School Competence Center on Creative Industries. Professor Nasta received his doctoral degree in Management from Luiss University, Italy. He was a visiting researcher in the ARC Centre of Excellence for Creative Industries and Innovation (CCI) at Queensland University of Technology. His research work in the field of digitalization, cultural institutions, crowdsourcing, and business model was published in peer-reviewed journals including Sustainability, Finance Research Letters, International Journal of Business Research and Management (IJBRM), Creative Industries Journal, and Journal of International Accounting Research and chapters for Springer, Routledge, and IntechOpen books.

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    Crowdfunding for sustainability: How environmental activism moderates support for B2B and B2C campaigns
    (Elsevier, 2024) Maiolini, Riccardo; Nasta, Luigi
    This study explores the influence of customer investors' perceptions on their willingness to invest in sustainable crowdfunding campaigns. Specifically, it examines whether emphasizing a product's direct impact on consumers (B2C) or its broader industrial impact (B2B) affects investment decisions. Using a between-subjects experiment with 304 participants, the research investigates how environmental sustainability activism moderates investment behavior. The study found that higher levels of environmental activism decrease support for B2C campaigns compared to B2B campaigns. These results suggest that sustainability-focused backers prefer projects due to perceived greater systemic impact.
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    Does ESG Disclosure Influence Firm Performance?
    (2022) Carnini Pulino, Silvia; Ciaburri, Mirella; Magnanelli, Barbara Sveva; Nasta, Luigi
    This study aims to analyze the impact of the environmental, social, and governance (ESG) disclosure on the firm performance, given the stakeholders’ increasing attention to the firm’s ESG practices. Looking at the European context, the Directive 2014/95/EU and its update encouraged European large companies to provide disclosure about their socially responsible practices. Acting within the Agency and Signaling theory frameworks, this paper focuses on the Italian situation where the Legislative Decree 254/2016 implemented the European Directive and forced the largest firms (those with more than 500 employees) to disclose comprehensive information about their social and environmental activities starting from 2017. By applying a panel regression analysis, using a sample of the largest Italian listed companies, and considering a time span of 10 years (from 2011 to 2020), this study finds that there is a positive relationship between environmental, social, and governance disclosure and firm performance, measured by EBIT. Our findings will help firms’ stakeholders, decision-makers, policymakers, as well as academics, to improve their awareness of the impact of ESG disclosure on the performance of the firm, both as a comprehensive factor and individually by pillar. The findings, which support the positive relationship between ESG disclosure and firm performance, should incentivize managers to invest in CSR practices.
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    Just the right push! Social Media as a Therapeutical Catalyst: The Impact of Influencers’ Motivational (vs. Neutral) Communication on Healthy Consumption
    (2024) Sestino, Andrea; Nasta, Luigi; Bernando, Alessandro; Giannattasio, Alessandro
    Social media influencers (SMIs) today play a pivotal role in shaping consumer behaviors: This influential capacity presents a unique opportunity to channel efforts towards promoting conscious consumption patterns, exemplified by choices that prioritize health and well-being. Coherently, literature delved into the exploration of how influencers' “way to do”, could significantly impact consumer consumption behaviors. Through a preliminary investigation and a main study based on an experiment conducted among a sample of 467 participants, this paper examines the effects of the SMIs motivational communication tone of voice (vs. neutral) on consumers' responses in terms of healthy consumption behaviors. Results demonstrate that the motivational tone of voice doesn't directly impact consumers' willingness to buy healthy food. However, it becomes significant due to the mediating role of connectedness with the influencer - hinging on consumers' sense of connection with their favorite SMIs. Notably, this effect is magnified for those with lower health consciousness levels, while it is not significant for those with higher health consciousness, indicating how such a motivational tone of voice may be perceived as annoying and disturbing. Implications for marketing and communication campaigns incentivizing healthy consumption are discussed.
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    Adapting to the digital wave: tour guides’ role perception and technological integration in the cultural ecosystem
    (2024) Marchegiani, Lucia; Nasta, Luigi; Pirolo, Luca
    The COVID-19 pandemic has underscored the importance of digital technologies in the cultural heritage domain, particularly in the evolving landscape of the hospitality ecosystem. This ecosystem, prioritising personal interactions and improving life quality, demands a strategic change from cultural organisations to address the challenges of digitalisation and the shifting patterns of visitor engagement. Tour guides are central to this adaptation process since they play a pivotal role in the cultural sector. Thus, our research delves into how these guides perceive themselves and adapt to digital tools, impacting their ability to offer genuine cultural experiences. These experiences are fundamental in promoting sustainable tourism, reinforcing local identity, and nurturing community bonds. Our findings disclose a spectrum of different types of tour guides, each group characterised by distinct levels of digital skills and willingness to embrace technological change. Through this study, we aim to contribute to the theory of the digital cultural ecosystem by highlighting the significant role that culture and creativity play, supported by digital advancements, in formulating comprehensive and integrated strategies for cultural tourism management and the overall hospitality sector.
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    Preventing financial statement frauds through better corporate governance
    (2017) Magnanelli, Barbara Sveva; Pirolo, Luca; Nasta, Luigi
    Acting within the agency theory theoretical framework, the paper focuses on the role of the corporate governance as a system to monitor and predict the fraud occurrence and magnitude. Specifically, the study examines the impact of the quality of the corporate governance of the firms, for which a fraud was detected, on the fraud occurrence and magnitude. We posit that fraudulent behaviours, by those who can take advantage of information asymmetry and gain personal benefits from them, can occur when strong agency problems emerge and a weak governance exists. Thus, the financial statement fraud can be seen as the result of high agency problems and high conflicts of interests not solved by the company. Starting from a sample of 101 listed companies, for which a fraud was detected, using a principal component analysis, we develop a corporate governance index, which measures the quality of the governance system of the firms. To test the hypothesis, we run a multinomial logistic regression on a cross-sectional analysis, controlling the results with a matched sample of firms that did not experienced any fraud. Empirical evidences seem to confirm the existence of a negative relationship between the quality of the corporate governance system of a firm and both the financial statement fraud occurrence and magnitude, indicating the governance system of the firm as a fraud deterrent for any amount of financial statement fraud. These findings are even stronger for firms characterized by the presence of a blockholder. This study contributes to the governance literature by focusing on the corporate governance quality and its impact on financial statement frauds. Moreover, the analysis suggests that a good level of governance can help companies to mitigate the agency problems and to detect fraudulent behaviours, thus our empirical evidence can guide regulators in developing regulations to avoid the fraud occurrence.