Magnanelli, Barbara Sveva

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Prof. Magnanelli has been teaching Financial Accounting, Managerial Accounting, Financial Reporting, Performance Measurement, and Corporate Governance courses for undergraduate and graduate programs since 2009. She also worked as a consultant from 2007 to 2013. Her main research interests are in corporate governance issues, with particular regard to the board of directors and financial statement frauds. She has also focused her studies on social enterprises and corporate social responsibility. She regularly publishes in academic journals and presents papers at major academic conferences.

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    Key Factors for Success of Social Enterprises in Italy: Analysis of Financial and Operating Performance
    (2016) Magnanelli, Barbara Sveva; Raoli, Elisa; Sacchi, Agnese
    Abstract: Assessing social performance is one of the greatest challenges for practitioners and researchers in social entrepreneurship. Even though social enterprises (SEs) have the main goal of achieving social purposes, they should also be able to economically and financially survive to meet their aim and accomplish their tasks. To this purpose, we investigate if the key factors leading to the financial and operating performance are the same as those of for-profit firms, by using Italian data at a firm level during the period 2002-2013. We find that the standard financial and operating factors characterising for-profit firms’ performance play a crucial role for SEs’ results as well. Moreover, territorial and socio-economic variables seem to have a positive impact on financial performance. From a policy perspective, this may imply that further programs (e.g. safety-oriented and those promoting facilities in the territory) should be locally adopted to support the SEs’ activity and development.
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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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    Publication
    Corporate social performance and cost of debt: the relationship
    (Emerald Publishing, 2017) Magnanelli, Barbara Sveva; Izzo, Maria Federica
    Purpose – This paper aims to investigate the link between corporate social performance (CSP) and cost of debt financing. Despite academic debate has focused on the link between corporate social responsibility (CSR) and CSP (expressed through accounting and market measures of profitability), few empirical researches have analysed the relations between CSR, cost of debt and its relation with the risk profile of a firm. The literature on the cost of debt determinants generally documents a negative association between measures of the risk of the firm and its cost of debt. The literature on CSR defines risk reduction as one of the potential benefits related to CSR activities. Thus, the expectation is that high CSP scores are inversely related to cost of debt. Design/methodology/approach – Using a unique data set of 332 firms over a time period of five years antecedent to the global financial crisis, a linear regression model is applied. Findings – The results show a positive relation between CSP and cost of debt, demonstrating that CSR is not a value driver with an impact on the firm’s risk profile. Practical implications – The research has also practical implications as it makes managers aware of the potentiality of CSP to reduce the firm’s cost of debt. Originality/value – These findings enlarge the empirical research on the value of CSP, expanding it towards a quite new area of investigation: the cost of external financing.