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International Agricultural Trade under Regulatory Asymmetry: An Economic Analysis of SME Export BehaviorLeishman, David <1968> 12 June 2012 (has links)
Over the last three decades, international agricultural trade has grown significantly. Technological advances in transportation logistics and storage have created opportunities to ship anything almost anywhere. Bilateral and multilateral trade agreements have also opened new pathways to an increasingly global market place. Yet, international agricultural trade is often constrained by differences in regulatory regimes. The impact of “regulatory asymmetry” is particularly acute for small and medium sized enterprises (SMEs) that lack resources and expertise to successfully operate in markets that have substantially different regulatory structures. As governments seek to encourage the development of SMEs, policy makers often confront the critical question of what ultimately motivates SME export behavior. Specifically, there is considerable interest in understanding how SMEs confront the challenges of regulatory asymmetry. Neoclassical models of the firm generally emphasize expected profit maximization under uncertainty, however these approaches do not adequately explain the entrepreneurial decision under regulatory asymmetry. Behavioral theories of the firm offer a far richer understanding of decision making by taking into account aspirations and adaptive performance in risky environments. This paper develops an analytical framework for decision making of a single agent. Considering risk, uncertainty and opportunity cost, the analysis focuses on the export behavior response of an SME in a situation of regulatory asymmetry. Drawing on the experience of fruit processor in Muzaffarpur, India, who must consider different regulatory environments when shipping fruit treated with sulfur dioxide, the study dissects the firm-level decision using @Risk, a Monte Carlo computational tool.
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Impatti paesaggistici ed economici delle misure agroambientali nell'ambito dei programmi di sviluppo rurale / Landscape and Economic Impacts of Agrienvironmental Measures in the Context of Rural Development ProgrammesFurlan, Andrea <1971> 12 June 2012 (has links)
La ricerca è mirata a valutare come l’attuazione delle politiche ambientali di Sviluppo Rurale possa contribuire al miglioramento del paesaggio, analizzando i suoi effetti territoriali. Nell’ambito del caso di studio della Regione Emilia-Romagna vengono analizzate le misure agro-ambientali e di forestazione agricola dal 1994 al 2011, comprendendo gli interventi realizzati con i Regolamenti (CEE) 2078/1992, 2080/1992 e dai Programmi di Sviluppo Rurale (PSR) 2000-2006 e 2007-2013.
In particolare, sono approfonditi i fattori che determinano la partecipazione territoriale delle misure agro-ambientali, individuate a livello aziendale le motivazioni alla partecipazione per le azioni con effetto diretto sul paesaggio, valutati i conseguenti effetti tecnico-economici e analizzati gli impatti degli interventi sul paesaggio a livello territoriale, in funzione del contesto ambientale.
I risultati hanno consentito di approfondire quanto già riportato nelle valutazioni istituzionali dei PSR e in letteratura scientifica, individuando i fattori determinanti della partecipazione a livello regionale. A questo scopo sono state utilizzate analisi di econometria spaziale che hanno permesso di evidenziare effetti di concentrazione territoriale delle superfici sotto impegno, in funzione delle priorità della misura e degli ordinamenti produttivi dei beneficiari.
Sono stati inoltre analizzati gli impatti paesaggistici in un’area di studio ristretta a livello territoriale e aziendale: gli interventi specifici, in alcuni contesti territoriali dove è stata raggiunta una certa concentrazione delle superfici sotto impegno, hanno modificato il paesaggio rurale, differenziandolo rispetto alla matrice agricola intensiva in cui sono stati inseriti. A livello aziendale sono stati rilevati effetti significativi sull’economia dei beneficiari che scelgono di aderire a tali misure, con un diffuso effetto di riduzione della redditività. I contributi compensano in maniera differenziata i costi legati all’implementazione degli interventi in funzione della tipologia di intervento e delle scelte tecniche aziendali adottate per la loro gestione. / The aim of the research was to evaluate how implementing the environmental part of Rural Development can improve the rural landscape, analyzing its territorial effects. The Emilia-Romagna Region was used as a case study, analyzing the agri-environmental and forestry measures from 1994 to 2011, comprising Regulation (EEC) 2078/1992, 2080/1992 and Rural Development Programmes (RDP) 2000-2006 and 2007-2013.
In further details, the research studied the factors that determine agri-environmental measures uptake at territorial level, the farmers motivation in participate to actions with direct effects on landscape, the consequent economic and management effects at farm level and finally the impacts on landscape at territorial level, related to the environmental context.
The results permitted to deepen the findings of institutional evaluation and scientific literature, especially characterizing the determinants of uptake at regional level. Spatial econometric analysis were used to find the spatial targeting effects of the measure, related to priorities set in the RDP and type of farming of beneficiaries.
Using a restricted area as case study for impact assessment on landscape, territorial and farm level were studied: the specific realizations were effective in changing the rural landscape with a differentiation from the intensive agricultural matrix, especially in territorial context where an effective spatial targeting was achieved. Significant economic effects were founded at farm level, with an income reduction in all the farms interviewed. The aids compensate in a different way the implementation related costs, depending from the kind of realization and farmers technical management choices.
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Impatto ambientale dei rifiuti e degli sprechi agroalimentari in Europa e in Italia / Environmental impacts of food waste in Europe and in ItalyScotto, Anastasia Lidia <1980> 26 July 2012 (has links)
Nonostante il fatto che una gran parte del mondo viva ancora oggi a livelli di sussistenza, i dati in nostro possesso ci indicano che le attività umane stanno esaurendo le risorse ambientali del pianeta. La causa di questo eccessivo sfruttamento delle risorse è da ricercare nei pattern non sostenibili di produzione e consumo dei paesi sviluppati. La preoccupazione per le conseguenze sull'ambiente e la lotta al cambiamento climatico hanno posto le politiche ambientali al centro dell'attenzione internazionale. Il Protocollo di Kyoto e la Commissione Europea hanno stabilito degli obiettivi di riduzione delle emissioni di gas serra, rispettivamente del 12% entro il 2012 e del 20% entro il 2020. All'interno del Protocollo di Kyoto l'obiettivo per l'Italia è ridurre del 6,5% le emissioni di gas serra nazionali rispetto al 1990. Le politiche mirate alla riduzione delle emissioni di gas serra hanno in genere come obiettivo gli impianti energetici e i trasporti. Poca attenzione viene data alla filiera agroalimentare pur sapendo che l'agricoltura ha un forte impatto sull'ambiente e recenti studi stimano che circa il 50% del cibo prodotto viene perso o buttato via dalla produzione al consumo. Alla luce di questi dati, il mio lavoro di tesi ha avuto come obiettivo quello di quantificare i rifiuti e gli sprechi agroalimentari in Europa e in Italia e stimare l'impatto ambientale associato. I dati raccolti in questa tesi mettono in evidenza l'importanza di migliorare l'efficienza della filiera agroalimentare per ridurre l'impatto ambientale nazionale e rispettare gli accordi internazionali sulla lotta ai cambiamenti climatici. / Despite the fact that a substantial part of the world's population still lives at subsistence levels of consumption, there are indications that human activities are already overstretching the globe's limited resources and environmental services. The cause of this overstretch is the high per capita use of resources and environmental services from unsustainable consumption and production patterns in developed countries. The Kyoto Protocol and The European Commission have set a target of a 12% reduction in GHG emissions by 2012 and a 20% reduction by 2020. Italy's emissions reduction target under the Kyoto Protocol is to reduce by 2012 greenhouse gas emissions by 6.5 per cent below base-year levels. There is an increased concern about our environmental impacts and how we can reduce GHG emissions. The efforts to reduce the environmental impacts are generally targeted to energy plants and transports. There is much less awareness about the environmental impacts of the food supply chain. This lack of awareness is even more striking if we consider that it is widely acknowledged that agriculture has a great impact on the environment and that about 50% of food produced worldwide is lost from farm to fork. In light of this analysis, in this research I have quantified food waste produced along the food supply chain in Europe and in Italy and I have evaluated its environmental impacts. With this research I show the importance of diminishing food chain's inefficiencies to minimize our environmental impact and to reduce climate change.
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On land management: landowners' attitudes to land and farming in Valdera, TuscanyOrsini, Stefano <1979> 24 July 2012 (has links)
This thesis aims at explaining the intersecting dynamics of structural changes in agriculture and urbanisation, which involves changes in urban-rural relationships.
The research questions are: how and why do landowners differ in their attitudes to land and farming? what are the main implications on rural landscapes and the policy implications?
Relationships between urbanisation and agriculture are firstly analysed through a critical literature review; the analysis focuses on the 'landowner' as the key actor who actively takes decisions on the rural landscape
From the empirical study – which is based on a Tuscan area (Valdera), and addressed through qualitative methods – a great diversity of landowners' attitudes to land and farming emerge, thus contributing to the agricultural restructuring, such as: 1) the emphasis on recreational function of the countryside for urban people 2) contracting out of land management, especially when landowners live or/and have 'urban' employment 3) the active role of hobby farmers in land management 4) agricultural operations simplification and lack of investments (especially in case of property rights expropriation).
The thesis is framed in three papers, with the same methods and research questions.
It seems evident that rural landscapes is subjected to functional changes (e.g. residential) and structural changes (landscape polarisation), which requires the need 1) to consider that rural landscape management is increasingly less connected to agricultural production as economic activity; 2) to give a coherence to the range of policy interventions (physical planning, landscape, sectoral). / La tesi ha l'obiettivo di spiegare le relazioni tra cambiamenti strutturali dell'agricoltura e urbanizzazione, intesa come riconfigurazione dei rapporti città-campagna – consumo di suolo, urbanizzazione nascosta, contro-urbanizzazione, riconfigurazione socio-economica della classe dei proprietari terrieri.
Quali sono gli effetti di queste relazioni sul land management? quali le principali implicazioni sul paesaggio, le implicazioni politiche?
Le relazioni tra agricoltura e urbanizzazione sono inizialmente analizzate attraverso una rassegna della letteratura; l'analisi è inserita in un quadro concettuale relativo al land management ed è focalizzata sul 'landowner' come attore chiave nelle scelte di gestione dei terreni privati.
Dallo studio empirico – basato sul caso Toscano della Valdera, affrontato mediante interviste qualitative, osservazione diretta, raccolta di dati secondari – emerge una grande varietà di risposte dei proprietari terrieri (land management decisions) alle pressioni dell'urbanizzazione e alla marginalizzazione dell'agricoltura, che contribuiscono alla ristrutturazione del settore primario: 1) esasperazione della funzione ricreativa della campagna, anche attraverso cambio di destinazioni d'uso di terreni e fabbricati; 2) affidamento del land management a contoterzisti soprattutto quando il proprietario lavori o viva in città; 3) ruolo attivo degli hobbisti, spesso provenienti dalla vicina città, nella manutenzione del territorio; 4) semplificazione nella gestione e riduzione degli investimenti sui terreni privati espropriati prima che siano utilizzati dai beneficiari dell'esproprio.
La tesi è strutturata in tre articoli, accomunati da domande di ricerca, materiali-metodi, quadro concettuale.
Dallo studio emergono cambiamenti nelle funzioni della campagna (da prevalentemente produttiva a residenziale, aumento attività hobbistica, ecc.), e nella sua struttura (frammentazione per urbanizzazioni, polarizzazione tra le sempre più grandi aziende professionali e le piccole hobbistiche, ecc.). In termini di implicazioni politiche emerge la necessità di 1) considerare la possibilità che la manutenzione del territorio sia affidata anche a profili sociali diversi dall'agricoltore tradizionale; 2) individuare strumenti coerenti di pianificazione territoriale, paesaggistica e di settore.
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A regional environmental accounting matrix and integrated environmental economic analyses to support regional planning / Una matrice regionale di contabilità ambientale e analisi integrate economico ambientali a supporto della pianificazione regionaleBonazzi, Elisa <1980> 14 June 2013 (has links)
This research deals with the deepening and use of an environmental accounting matrix in Emilia-Romagna, RAMEA air emissions (regional NAMEA), carried out by the Regional Environment Agency (Arpa) in an European project. After a depiction of the international context regarding the widespread needing to integrate economic indicators and go beyond conventional reporting system, this study explains the structure, update and development of the tool. The overall aim is to outline the matrix for environmental assessments of regional plans, draw up sustainable reports and monitor effects of regional policies in a sustainable development perspective. The work focused on an application of a Shift-Share model, on the integration with eco-taxes, industrial waste production, energy consumptions, on applications of the extended RAMEA as a policy tool, following Eurostat guidelines. The common thread is the eco-efficiency (economic-environmental efficiency) index. The first part, in English, treats the methodology used to build a more complete tool; in the second part RAMEA has been applied on two regional case studies, in Italian, to support decision makers regarding Strategic Environmental Assessments’ processes (2001/42/EC). The aim is to support an evidence-based policy making by integrating sustainable development concerns at all levels. The first case study regards integrated environmental-economic analyses in support to the SEA of the Regional Waste management plan. For the industrial waste production an extended and updated RAMEA has been developed as a useful policy tool, to help in analysing and monitoring the state of environmental-economic performances. The second case study deals with the environmental report for the SEA of the Regional Program concerning productive activities. RAMEA has been applied aiming to an integrated environmental-economic analysis of the context, to investigate the performances of the regional production chains and to depict and monitor the area where the program should be carried out, from an integrated environmental-economic perspective. / La ricerca ha riguardato lo sviluppo, l’aggiornamento e l’estensione della matrice regionale di contabilità ambientale RAMEA (Regional Accounting Matrix including Environmental Accounts) air emissions, adattata alla Regione Emilia-Romagna e annoverata tra gli Strumenti di sostenibilità nella Relazione dello Stato dell’Ambiente.
Lo studio, svolto in collaborazione con Arpa Emilia-Romagna, seguendo linee guida di Eurostat e inserendosi nel contesto internazionale di ricerca di nuovi indicatori per la misurazione del benessere nelle dimensioni dello sviluppo sostenibile, ha curato la metodologia di estensione della matrice ai temi ambientali previsti dal framework europeo: consumi energetici, imposte ambientali e produzione di rifiuti speciali.
L’obiettivo è il supporto alla pianificazione regionale nelle fasi di valutazione e monitoraggio delle politiche, interpretando l’esigenza di riformare i processi decisionali attraverso lo sviluppo di strumenti di supporto alle decisioni in un’ottica di integrazione tra economia e ambiente, esigenza anticipata già dall’Agenda21 nel 1992.
La dissertazione risulta organizzata in una prima parte in lingua inglese, dedicata all’illustrazione del contesto internazionale, origine, metodologia, approfondimenti, sviluppo, aggiornamento e finalità della matrice. La seconda parte, in lingua italiana, verte su due casi studio che hanno previsto l’applicazione della ricerca a due procedure di VAS nell’ambito della pianificazione regionale.
Nel primo caso si sono predisposte analisi economico-ambientali della produzione di rifiuti urbani e speciali in relazione al contesto socio-economico e alla valutazione dell’eco-efficienza, indice di efficienza economico-ambientale e filo conduttore della tesi. La produzione di rifiuti speciali è stata considerata tramite RAMEA e analisi integrate utili a studiare, monitorare negli anni le interrelazioni tra performance economiche e ambientali dei settori produttivi, fornendo quadri informativi utili al processo decisionale e di VAS.
Con il secondo caso si è voluto contribuire alla redazione del rapporto ambientale di un programma regionale tramite RAMEA e relative analisi integrate economico-ambientali utili all’interpretazione delle filiere produttive regionali e del contesto di riferimento.
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Life Cycle Assessment of Peach Nectar: a comparative analysis between conventional and bioenergy-from-waste integrated food chainsDe Menna, Fabio <1984> 10 June 2013 (has links)
Modern food systems are characterized by a high energy intensity as well as by the production of large amounts of waste, residuals and food losses. This inefficiency presents major consequences, in terms of GHG emissions, waste disposal, and natural resource depletion.
The research hypothesis is that residual biomass material could contribute to the energetic needs of food systems, if recovered as an integrated renewable energy source (RES), leading to a sensitive reduction of the impacts of food systems, primarily in terms of fossil fuel consumption and GHG emissions.
In order to assess these effects, a comparative life cycle assessment (LCA) has been conducted to compare two different food systems: a fossil fuel-based system and an integrated system with the use of residual as RES for self-consumption. The food product under analysis has been the peach nectar, from cultivation to end-of-life. The aim of this LCA is twofold. On one hand, it allows an evaluation of the energy inefficiencies related to agro-food waste. On the other hand, it illustrates how the integration of bioenergy into food systems could effectively contribute to reduce this inefficiency.
Data about inputs and waste generated has been collected mainly through literature review and databases. Energy balance, GHG emissions (Global Warming Potential) and waste generation have been analyzed in order to identify the relative requirements and contribution of the different segments. An evaluation of the energy “loss” through the different categories of waste allowed to provide details about the consequences associated with its management and/or disposal.
Results should provide an insight of the impacts associated with inefficiencies within food systems. The comparison provides a measure of the potential reuse of wasted biomass and the amount of energy recoverable, that could represent a first step for the formulation of specific policies on the integration of bioenergies for self-consumption.
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Analysis of the Slow Food movement impact on the farmers and rural areas’ sustainable developmentDebs, Philipp <1984> 14 June 2013 (has links)
The evaluation of the farmers’ communities’ approach to the Slow Food vision, their perception of the Slow Food role in supporting their activity and their appreciation and expectations from participating in the event of Mother Earth were studied. The Unified Theory of Acceptance and Use of Technology (UTAUT) model was adopted in an agro-food sector context. A survey was conducted, 120 questionnaires from farmers attending the Mother Earth in Turin in 2010 were collected. The descriptive statistical analysis showed that both Slow Food membership and participation to Mother Earth Meeting were much appreciated for the support provided to their business and the contribution to a more sustainable and fair development. A positive social, environmental and psychological impact on farmers also resulted. Results showed also an interesting perspective on the possible universality of the Slow Food and Mother Earth values. Farmers declared that Slow Food is supporting them by preserving the biodiversity and orienting them to the use of local resources and reducing the chemical inputs. Many farmers mentioned the language/culture and administration/bureaucratic issues as an obstacle to be a member in the movement and to participate to the event. Participation to Mother Earth gives an opportunity to exchange information with other farmers’ communities and to participate to seminars and debates, helpful for their business development. The absolute majority of positive answers associated to the farmers’ willingness to relate to Slow Food and participate to the next Mother Earth editions negatively influenced the UTAUT model results. A factor analysis showed that the variables associated to the UTAUT model constructs Performance Expectancy and Effort Expectancy were consistent, able to explain the construct variability, and their measurement reliable. Their inclusion in a simplest Technology Acceptance Model could be considered in future researches.
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Analisi delle preferenze per le diverse categorie di pomodoro trasformato nel food service / Customers’ preferences for different processed tomato categories in the food serviceTisselli, Farid <1980> 14 June 2013 (has links)
Il pomodoro è una delle colture principali del panorama agro-alimentare italiano e rappresenta un ingrediente base della tradizione culinaria nazionale. Il pomodoro lavorato dall’industria conserviera può essere trasformato in diverse tipologie merceologiche, che si differenziano in base alla tecniche di lavorazione impiegate ed alle caratteristiche del prodotto finito. la percentuale di spesa totale destinata all’acquisto di cibo fuori casa è in aumento a livello globale e l’interesse dell’industria alimentare nei confronti di questo canale di vendita è quindi crescente. Mentre sono numerose le indagine in letteratura che studiano i processi di acquisto dei consumatori finali, non ci sono evidenze di studi simili condotti sugli operatori del Food Service.
Obiettivo principale della ricerca è quello di valutare le preferenze dei responsabili acquisti del settore Food Service per diverse tipologie di pomodoro trasformato, in relazione ad una gamma di attributi rilevanti del prodotto e di caratteristiche del cliente. La raccolta dei dati è avvenuta attraverso un esperimento di scelta ipotetico realizzato in Italia e alcuni mercati esteri.
Dai risultati ottenuti dall’indagine emerge che i Pelati sono la categoria di pomodoro trasformato preferita dai responsabili degli acquisti del settore Food Service intervistati, con il 35% delle preferenze dichiarate nell'insieme dei contesti di scelta proposti, seguita dalla Polpa (25%), dalla Passata (20%) e dal Concentrato (15%). Dai risultati ottenuti dalla stima del modello econometrico Logit a parametri randomizzati è emerso che alcuni attributi qualitativi di fiducia (credence), spesso impiegati nelle strategie di differenziazione e posizionamento da parte dell’industria alimentare nel mercato Retail, possono rivestire un ruolo importante anche nell’influenzare le preferenze degli operatori del Food Service. Questo potrebbe quindi essere un interessante filone di ricerca da sviluppare nel futuro, possibilmente con l'impiego congiunto di metodologie di analisi basate su esperimenti di scelta ipotetici e non ipotetici. / Tomato is one of the most important crops of Italian agri-food sector and it is one of the main ingredient in the national culinary tradition. Fresh tomatoes can be processed by Food Industry into different categories (peeled tomatoes, tomato puree, chopped pulp, concentrate), which differ mainly for the production method used and the main features of finished product. The proportion of food expenditures going to the Food-away-from-home (FAFH) market is increasing globally. Food industry is then looking with higher interest for new business opportunities into this market channel. There is a large literature on consumers’ purchase behavior, but there are no evidences of studies on customers preferences in the Food Service market.
This study analyses preferences of Food Service market customers for different types of processed tomato, according to some relevant product attributes and customer's characteristics. Data were collected through a hypothetical discrete choice experiment conducted in Italy and in some foreign markets.
Results show that peeled tomatoes are the processed tomato type preferred by Food Service customers (35% of the preferences), followed by chopped pulp (25%) , tomato puree (20%) and tomato concentrate (15%). Econometric results, obtained through the estimation of a Random Parameter Logit model, indicate that customers’ preferences can be influenced by credence attributes of food products. Such kind of product characteristics are frequently used by Food Industry for market differentiation and positioning strategies in the Retail market; nonetheless, evidences from this survey suggest that they may play an important role also in influencing purchase decisions in the Food Service market. The findings of this study might be interesting for further researches on this market channel, using hypothetical and non-hypothetical methods jointly to test the robustness of these preliminary results.
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Agrofood chain analysis: production, commercialisation and consumption of healthy food for population at risk of poverty in ItalyRuggeri, Arianna <1977> 14 June 2013 (has links)
Italy registers a fast increase of low income population. Academics and policy makers consider income inequalities as a key determinant for low or inadequate healthy food consumption.
Thus the objective is to understand how to overcome the agrofood chain barriers towards healthy food production, commercialisation and consumption for population at risk of poverty (ROP) in Italy.
The study adopts a market oriented food chain approach, focusing the research ambit on ROP consumers, processing industries and retailers.
The empirical investigation adopts a qualitative methodology with an explorative approach. The actors are investigated through 4 focus groups for consumers and carrying out 27 face to face semi-structured interviews for industries and retailers’ representatives. The results achieved provide the perceptions of each actor integrated into an overall chain approach.
The analysis shows that all agrofood actors lack of an adequate level of knowledge towards healthy food definition. Food industries and retailers also show poor awareness about ROP consumers’ segment. In addition they perceive that the high costs for producing healthy food conflict with the low economic performances expected from ROP consumers’ segment. These aspects induce a scarce interest in investing on commercialisation strategies for healthy food for ROP consumers. Further ROP consumers show other notable barriers to adopt healthy diets caused, among others, by a personal strong negative attitude and lack of motivation. The personal barriers are also negatively influenced by several external socio-economic factors. The solutions to overcome the barriers shall rely on the improvement of the agrofood chain internal relations to identify successful strategies for increasing interest on low cost healthy food. In particular the focus should be on improved collaboration on innovation adoption and marketing strategies, considering ROP consumers’ preferences and needs. An external political intervention is instead necessary to fill the knowledge and regulations’ gaps on healthy food issues.
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I beni immateriali nella valutazione d'azienda / Intangible assets in business valuationPullega, Gabriele <1976> 14 June 2013 (has links)
In seguito ad una disamina del materiale presente in letteratura, ci siamo chiesti se i numerosi investimenti pubblicitari, promozionali, di marketing e, per dirla in una parola sola “intangibili”, generassero un aumento del valore dell’impresa nel contesto valutativo oppure se dessero origine esclusivamente ad aumenti di fatturato. L’obiettivo più ambito consiste nel capitalizzare gli investimenti su attività intangibili come la costruzione del marchio, l’utilizzo di brevetti, le operazioni rivolte alla soddisfazione del cliente e tutto quanto si possa definire immateriale. Eppure coesistono nel mare magnum della stessa azienda. Fino a quando non si potrà inserire criteri di valutazione d’azienda delle performance di marketing non ci potrà essere crescita in quanto, le risorse, sono utilizzate senza un criterio di ritorno di investimento. / The analysis of the various methods of business valuation is begun through an examination of the traditionally used witnesses for the instruction of the appraisal matter, continuation from enriched specific witnesses of examples and concluded through a carried out bibliographical analysis on international specific articles. Afterwards to an examination of the material present in literature, we have wondered ourselves if the numerous advertising investments, marketing and, in order to say it in a single word “intangible”, they generated an increase of the value of the enterprise in the valuation context or if they exclusively gave origin to turnover increases. The which aimed at objective more consists in capitalizing the investments on intangible activities like the construction of the brand, the use of licenses, the operations turned to the customer satisfaction and all how much can be defined immaterial. To define a financial method of measurement of a not financial asset represents the fulcrum of the search. The results evidence that the financial market currency positively the intangible investments, but, in spite of everything, considers theoretical the measurement of the monetary value of the same ones. The habit of the companies is that to measure the effects of a cost reduction of production and, more in general terms, than all this that is material, while they do not control minimally as the undertaken actions immaterial generate or they do not generate profit.
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