RISULTATI RICERCA

Nel contesto socioeconomico contemporaneo, governato da metriche di efficienza e da un’idea quasi “performativa” del lavoro, l’inclusione professionale delle persone con disabilità si confronta con dispositivi culturali e organizzativi che tendono a normalizzare la differenza anziché specializzare la normalità. Il presente saggio tenta di proporre una cornice teorico-metodologica unitaria per la transizione scuola–lavoro fondata sulla prospettiva bio-psico-sociale (ICF), sul principio di accomodamento ragionevole (CRPD) e sulla progettazione universale per l’apprendimento (UDL). Dopo aver analizzato i meccanismi del pregiudizio e il passaggio dal “dovere” al “diritto”, si argomenta il valore del lavoro quale dispositivo identitario e di cittadinanza, la funzione della scuola e dei P.C.T.O. come ponte formativo, il ruolo “ambivalente” e continuativo del tutor (scolastico, aziendale e dei pari) e la necessità di reti interistituzionali orientate a un welfare relazionale. Si discutono infine le implicazioni per l’orientamento e per la prevenzione della dispersione, offrendo un set di indicazioni operative per integrare PEI, P.C.T.O. e collocamento mirato in un disegno coerente di Progetto di Vita.

Il contributo esplora il significato e le rappresentazioni del Progetto di vita individuale, personalizzato e partecipato (D.lgs. 62/2024) così come emergono dalle narrazioni di genitori e giovani adulti/e con disabilità. Collocata nel quadro del paradigma dei diritti, la ricerca adotta un approccio qualitativo narrativo-partecipativo per indagare come il Progetto di vita venga vissuto, immaginato e costruito nella quotidianità. L’analisi tematica delle interviste mostra come desideri, sostegni e contesti si intreccino nel definire traiettorie di autodeterminazione prossimale: pratiche artistiche e lavorative, relazioni e reti di prossimità diventano i luoghi concreti del progetto. Genitori e giovani convergono nel concepire il Progetto di vita non come adempimento tecnico, ma come trama pragmatica di relazioni e scelte significative, dove la qualità dell’esperienza si misura in partecipazione, continuità e riconoscimento. La narrazione emerge così come pratica epistemica e pedagogica che restituisce voce ai soggetti, produce conoscenza situata e orienta la progettazione di sostegni e contesti abilitanti, contribuendo a tradurre il paradigma dei diritti in pratiche educative quotidiane.

Le donne con disabilità affrontano numerose sfide nell’esercizio del loro diritto genitoriale, tra cui l’inaccessibilità dei servizi sanitari ginecologici e la mancanza di servizi di supporto genitoriale progettati per rispondere ai loro bisogni. Alla luce di tali considerazioni, il contributo riflette sul Progetto di Vita individuale, personalizzato e partecipato in relazione alle tipologie di sostegno che esso può offrire. In particolare, viene approfondita la figura dell’assistente personale autogestito declinandola come modalità di sostegno in grado di migliorare la qualità di vita delle madri con disabilità e di promuovere in loro processi di autodeterminazione. Le lacune presenti negli attuali servizi socio-psico-pedagogici, tuttavia, pongono la pedagogia speciale e i legislatori politici di fronte alla necessità di progettare nuove modalità di intervento e presa in carico dei genitori con disabilità. Pertanto, a conclusione del contributo vengono proposte possibili traiettorie inclusive e pedagogiche per migliorare il sostegno alla genitorialità fornito alle persone con disabilità

Nel presente contributo gli autori soffermano l’attenzione su quelli che possono essere definiti i presupposti politico-culturali, con una analisi delle correlate questioni pedagogiche, inerenti al Progetto di Vita. In effetti, se si esce dalla logica (e dal rischio) di inquadrare il PdV come uno strumento a carattere tecnico-burocratico-amministrativo e si approda all’idea che sia un mediatore per attivare autenticamente processi di autodeterminazione e autorealizzazione nella prospettiva della vita indipendente, appare chiara l’impossibilità di collocare, gestalticamente, tale figura su uno sfondo di senso che ha coordinate certamente pedagogiche ma anche, e per l’appunto, sociali, culturali e politiche. In tal senso, gli autori dopo una premessa nella quale riprendono le fila del lascito all’attuale dibattito derivante dalle lotte dei movimenti per l’emancipazione, per l’empowerment e per l’autodeterminazione delle persone disabili, soffermano l’attenzione su alcuni temi educativi di grande attualità e rilevanza, come quello dello stigma, dell’hate speech e dell’educazione sentimentale. 

Purpose: Economic uncertainty affects mergers and acquisitions (M&As); however, there is limited evidence regarding its effect on the propensity to acquire privately held versus publicly traded companies, as well as how institutional factors influence such decisions. I hypothesize that economic uncertainty and financial market devel-opment influence the preferences for the type of acquisition targets. Design/methodology/approach: Using a sample of European M&A transactions and employing both measures of economic uncertainty and the uncertainty spike re-sulting from the pandemic, as well as the degree of financial market development, I test whether these factors are associated with the frequency of acquisitions involving privately held companies, further distinguishing between stand-alone private firms and subsidiaries. Findings: My analysis indicates that, under market uncertainty, acquisitions of pub-licly traded company diminish, while transactions involving privately held compa-nies increase. Furthermore, I demonstrate that the COVID-related spike in uncer-tainty generates an additional effect beyond general economic uncertainty. I also find that the positive association between uncertainty and acquisitions of privately held companies particularly applies to stand-alone private firms rather than subsidiaries. My findings also reveal that acquisitions of private companies are more likely in financially developed markets. Originality/value: This study contributes to the literature on the effects of economic uncertainty on M&As by highlighting the importance of uncertainty in shaping the relative frequency of acquisitions involving private versus public companies, while also emphasizing the significance of institutional factors in influencing such prefer ences. Moreover, my research enhances the understanding of privately held firms, whose specificities have largely been neglected in the academic debate.

Purpose: This study examines whether SMEs located in municipalities that favor proximity to stakeholders are more likely to survive financial distress through debt restructuring. Drawing on the resource-based view of the firm, we hypothesize that proximity, as a form of social capital, is a crucial asset in times of crisis. Design/methodology/approach: This study employs a multivariate logistic regres-sion to analyze a sample of Italian private SMEs that underwent formal debt rene-gotiation between 2017 and 2019. Findings: The results of our analyses show that proximity significantly aids in re-solving financial distress through debt restructuring. Research limitations/implications: This study is limited to a single country. Future research could extend the analysis to multiple countries to explore the influence of different legal frameworks on the results. Practical implications: This study provides valuable insights for distressed compa-nies, highlighting the need to invest in stakeholder relationships to reduce the risk of failure. Originality/value: This study is the first to examine the proximity dimension of so-cial capital in the context of financial distress, highlighting the importance of stake-holder support as a vital intangible resource for recovery.

Purpose: This explorative study investigates the determinants of auditor choice in small private firms, leveraging an Italian regulatory change from 2023 mandating audits while allowing selection among different auditor types. It examines how au-ditee characteristics influence small entities’ choice between individual auditors, au-dit firms, and Big4 firms. Design/methodology/approach: Using a large cross-sectional data set of Italian small private firms subjected for the first time to mandatory audit, this study esti-mates a set of regression models to identify the client firm-level drivers of auditor selection. Findings: The results show that auditee characteristics such as firm size and com-plexity increase the likelihood of appointing an audit firm, particularly a Big4 one. At the same time, some governance-related variables (i.e., managerial ownership, ownership dispersion, external financing) are associated with selecting an audit firm. Most auditees opt for individual auditors, even in contexts where stronger external monitoring would seem more necessary. Originality: This study offers novel evidence on auditor choice in a setting where the appointment is mandatory, but firms can choose among different auditor types, highlighting how firm-specific characteristics and governance dynamics particular to private firms shape auditor choices. Practical implications: Oversight bodies may benefit from these results. The clear preference for individual auditors, even in contexts where stronger monitoring mechanisms could help in coping with agency problems, suggests that maintaining con-sistent quality standards across the market is important. Robust public oversight mechanisms applying uniformly to all auditors are essential to ensure audit quality and strengthen stakeholder confidence.

Purpose: This study investigates the relation between ownership structure and fi-nancial default in private firms, focusing on two key dimensions: ownership concen-tration - the share held by the top three shareholders – and institutional ownership – the share held by institutional investors. Design/Methodology/Approach: The empirical research augments traditional de-fault prediction model with ownership structure indicators, using an unbalanced panel of 28,562 Italian private firm-year observations from 2012-2019. Findings: The results show that ownership concentration has a significant positive association with default likelihood, while institutional ownership reduces the prob-ability of default. Further, I find that default prediction models including ownership structure variables have a higher predictive ability than the traditional default pre-diction model. Originality/Value: This study contributes to the literature on ownership structure and financial default by providing empirical evidence on private firms, a setting where market-based predictors are unavailable. It shows that ownership concentra-tion and institutional ownership systematically influence financial stability and im-prove default prediction accuracy. Practical implications: This study suggests that ownership structure indicators can be integrated into credit risk assessment and early warning systems, as promoted by recent European Union insolvency frameworks, to strengthen monitoring of finan-cially distressed private firms.

Purpose: This paper examines financial reporting incentives and behaviour among various private firm groups. The findings of prior research are mixed as to whether the managers of private firms make reporting choices that enhance earnings quality or just to minimize their tax burden. This study contributes a nuanced analysis of private firms’ characteristics, motives, and accounting choices among the European Commission’s recommended private firm classifications. Methodology: While most prior studies in this area consider private firms a homo-geneous group, we divide our sample of 76,588 Italian private firms into four (and two) size categories and compare reporting incentives and behaviour, as documented by existing literature, between these groups. Findings: We find strong evidence of differences in reporting behaviour between firms of different groups. Contrary to expectations, tax minimization does not seem to be the dominating incentive, even for smaller private firms and loss avoidance is prevalent in all groups. We find some evidence that larger firms try to build a reputation to respond to the demand for reporting quality from short-term creditors and minority shareholders but the pressure from long-term debt providers seems to mo-tivate managers to engage in opportunistic earnings management. We also find that smaller firms exhibit a more opportunistic reporting behaviour, although stakeholder pressures seem to affect them to a lower degree. Originality/value: These findings suggest that the diversity of private firms’ char-acteristics and incentives should be taken into consideration in future research on private firms. In other words, earnings management incentives differ notably be-tween private firms.

Purpose: Tax strategy affects earnings. However, little is known about how tax incen-tives affect accounting quality. Existing research suggests that firms are more likely to engage in earnings management (EM) when tax costs are lower and when tax minimi-sation motives prevail. We hypothesise that tax incentives mitigate EM activities. Design/Methodology/Approach: We exploit the implementation of the Hyper-De-preciation provision, a tax investment incentive provision within the Italian Industry 4.0 Plan. Our analysis examined private firms’ EM practices through panel regression and a difference-in-differences approach, comparing behaviour before and after the tax incentive enactment using a matched sample of Austrian firms as a control group. Findings: Our analysis indicates that private firms’ overall EM activity decreases fol-lowing the enactment of the incentive, with varying responses dependent on govern-ance structures. Firms that are closely held, i.e., managed by an owner-manager, re-main largely unaffected by the financial reporting implications of the tax incentive. Conversely, firms that are not closely held, experiencing different levels of stakeholder pressure, demonstrate a consistent reduction in earnings manipulation across various EM metrics. Originality/value: We provide novel insights into how tax incentives can influence accounting quality, an important yet understudied aspect of corporate taxation. We contribute to the accounting literature by demonstrating how governance structures can significantly influence firms’ responses to tax incentives in terms of EM. Practical implications: By highlighting the unintended consequences of tax invest-ment incentives, these findings have implications for policymakers when designing tax stimulus measures.

Purpose: This study examines how firms with no connections to Mafia organiza-tions respond to the tax avoidance and earnings management practices of mafia-con-nected peers, focusing on both industry and geographic spillovers. While prior re-search has documented the financial practices of mafia-connected firms, little is known about how their presence influences otherwise “clean” firms. Design/methodology/approach: We leverage a proprietary dataset from the Italian Internal Intelligence and Security Agency (AISI), which records individuals under investigation for mafia-related crimes. Using a large sample of private firms in the Lombardy region from 2006 to 2013, we examine how exposure to mafia-connected peers - measured at the industry and geographic levels - affects firms’ tax avoidance and financial reporting choices. Findings: We find that greater mafia presence is associated with lower effective tax rates among unconnected peers. Geographic proximity to mafia-connected firms is associated with increased tax-related restatements and income-decreasing abnormal accruals. We also document that unconnected firms in high-crime provinces show stronger tax avoidance responses, suggesting that broader criminal exposure ampli-fies the influence of mafia-connected peers. Originality/value: This study provides the first large-sample evidence of how orga-nized crime influences non-criminal firms’ tax and reporting strategies. Our findings contribute to research on financial reporting and tax avoidance spillovers. Future studies could explore broader implications, including investment and employment decisions. Practical implications: Regulators may benefit from enhanced anti-money launder-ing enforcement and transparency measures to curb organized crime’s economic in-fluence. Firms in high-risk regions should strengthen governance and auditing prac-tices to mitigate exposure.

Purpose: This study examines the impact of Italy’s 2008 interest barrier reform, which capped financing cost deductions at 30% of adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), on the capital structure and tax strategies of private firms. It focuses on the differential effects across firm sizes, particularly small firms. Design/Methodology/Approach: Using a difference-in-difference design, the study compares private firms above and below the 30% EBITDA threshold. The analysis em-ploys robust matching techniques, such as the entropy balance method, to ensure com-parability between treatment and control groups and minimize selection bias. Findings: The reform reduced leverage in medium and larger firms, primarily through adjustments in long-term debt. However, smaller firms, constrained by financial inflexi-bility, increased their reliance on short-term liabilities. Furthermore, medium and larger firms maintained stable effective tax rates (ETR), while smaller firms experienced an increase. Originality: This study contributes to the limited research on private firms’ tax sensitiv-ity, particularly highlighting the structural disadvantages faced by smaller firms. It pro-vides novel evidence on how firm size influences responses to tax policy changes, ad-dressing a critical gap in the literature dominated by studies on public firms. Practical Implications: Policymakers should consider the unequal effects of tax reforms on firms of different sizes. Targeted measures could alleviate the disproportionate bur-dens on smaller firms, supporting their financial stability and competitiveness.