Department of Business and Social Sciences

Research output

Research output per year 1979 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

• 718 Article
• 457 Chapter
• 95 Conference contribution
• 94 Book
• 144 More
  • 60 Working paper
  • 47 Other report
  • 12 Foreword/postscript
  • 7 Editorial
  • 5 Book/Film/Article review
  • 5 Other contribution
  • 3 Entry for encyclopedia/dictionary
  • 2 Conference article
  • 1 Scholarly edition
  • 1 Other chapter contribution
  • 1 Meeting Abstract

Research output per year

Research output per year

Search results

• 2023

  Climate change risk management and firms’ adaptive responses: evidence from the livestock industry

  D'Este, C., Ciubotaru, M. & Carabelli, M., 2023, Sustainable Transition of Meat and Cured Meat Supply Chain. Fellegara, A. M. . T. R. . C. A. (ed.). p. 1-21 21 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Climate Change 100%
  • Evidence 100%
  • Specific Industry 100%
  • Industry 100%
  • Response 100%

• La cartolarizzazione degli immobili

  Cotugno, M., 2023, Real Estate. Economia, diritto, marketing e finanza immobiliare. Cacciamani, C. & Ielasi, F. (eds.). p. 343-368 26 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• La valutazione degli immobili nei bilanci delle aziende IFRS-compliant

  Translated title of the contribution: [Autom. eng. transl.] The valuation of properties in the financial statements of IFRS-compliant companiesCotugno, M., 2023, Real Estate. Economia, diritto, marketing e finanza immobiliare. Cacciamani, C. & Ielasi, F. (eds.). p. 255-274 20 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • IFRS 100%
  • Enterprise 100%

• Managing Generational Handover in Family Business: Some Case Studies in the Charcuterie Factories

  Barabaschi, B., Virtuani, R. & Cantoni, F., 2023, Sustainable Transition of Meat and Cured Meat Supply Chain. CSR, Sustainability, Ethics & Governance. p. 197-210 14 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• On the Use of the Matrix-Variate Tail-Inflated Normal Distribution for Parsimonious Mixture Modeling

  Tomarchio, S. D., Punzo, A. & Bagnato, L., 2023, Studies in Theoretical and Applied Statistics. Vol. 406. p. 407-423 17 p. (SPRINGER PROCEEDINGS IN MATHEMATICS & STATISTICS).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Matrix 100%
  • Mixture Model 75%
  • Normal Distribution 75%
  • Model-Based Clustering 50%
  • Parameters 50%

• Overtaking the Traditional Leadership Style in Megaprojects

  Virtuani, R., Barabaschi, B. & Cantoni, F., 2023, Complexity and Sustainability in Megaprojects. p. 97-109 13 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Leadership Style 100%
  • Complexity 100%
  • Case Study 33%
  • Technical Skill 33%
  • Project Manager 33%

• The Spread of Sustainability Reporting in the Italian Food Manufacturing Context

  Caccialanza, A. & Marinoni, M. A., 2023, Sustainable Transition of Meat and Cured Meat Supply Chain. Fellegara, A. M., Torelli, R. & Caccialanza, A. (eds.). p. 243-264 22 p. (CSR, SUSTAINABILITY, ETHICS & GOVERNANCE).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Sustainability 100%
  • Food Product 100%
  • Disclosure 33%
  • Goals 16%

• The VIS Assessment Tool for the Cured Meat Italian Supply Chain: Fostering Accountability for Sustainability through a FAO SAFA-Based Framework

  Galli, D., Torelli, R. & Caccialanza, A., 2023, Sustainable Transition of Meat and Cured Meat Supply Chain: A Transdisciplinary Approach. Fellegara, A. M., Torelli, R. & Caccialanza, A. (eds.). p. 265-282 18 p. (CSR, SUSTAINABILITY, ETHICS & GOVERNANCE).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Cured Meats 100%
  • Cured Meat Products 50%
  • Food Product 50%

• “What I Say Is Not Necessarily What I Do”: A Critical Conceptual Analysis of the (Missing) Link between Corporate Sustainability Reporting and Social Impact

  Torelli, R., 2023, Measuring Sustainability and CSR: From Reporting to Decision-Making. Slobodan, K., Johannes, K. D. & Kristian, J. S. (eds.). Vol. 64. p. 27-36 10 p. (ETHICAL ECONOMY).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Social Impact 100%
  • Company 75%
  • Enterprise 75%
  • Analysis 50%
  • Sustainability Reporting 50%
• 2022

  Chiusura dei conti, formazione e riclassificazione del bilancio di esercizio

  Andrei, P. & D'Este, C., 2022, Contabilità generale e bilancio d'impresa. Andrei, P. & Fellegara, A. M. (eds.). p. 245-284 40 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• Chiusura dei conti, formazione e riclassificazione del bilancio di esercizio

  D'Este, C. & Andrei, P., 2022, Contabilità generale e bilancio d'impresa. Andrei, P. . F. A. M. (ed.). p. 245-284 40 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• Directive 2014/95/EU: Insights into the Auditor’s Role

  Carini, C., Farneti, F. & Veneziani, M., 2022, Non-financial Disclosure and Integrated Reporting. Theoretical Framework and Em-pirical Evidence. Vol. Unico. p. 393-402 10 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• Economia mondiale e mercati agro-alimentari

  Translated title of the contribution: [Autom. eng. transl.] World economy and agro-food marketsMoro, D. & Boccaletti, S., 2022, Il sistema agro alimentare dell'Emilia Romagna - Rapporto 2021. R. Fanfani, S. B. (ed.). Vol. 2021. p. 13-30 18 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • International Economic Relations 100%
  • Food 100%
  • Markets 100%
  • International Economy 100%
  • Market 100%

• Economists and COVID-19: The Case of Argentina

  Brondino, G. & Lazzarini, A., 2022, Economists and COVID-19: Ideas, Theories and Policies During the Pandemic. Lazzarini, A. & Melnik, D. (eds.). p. 135-155 21 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Economics 100%
  • Financing 33%
  • Economic Policy 33%

• Ecosystems in Blockchain Competence Certification: An Explorative Multi-Perspective Analysis

  Bolici, F., Cuel, R., Ghiringhelli, C. & Virili, F., 2022, Do Machines Dream of Electric Workers? Understanding the Impact of Digital Technologies on Organizations and Innovation. Solari, L., Martinez, M., Braccini, A. & Lazazzara, A. (eds.). Vol. 49. p. 99-108 10 p. (LECTURE NOTES IN INFORMATION SYSTEMS AND ORGANISATION).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Certification 100%
  • Blockchain 83%
  • Competence 66%
  • Institution 50%
  • Actors 33%

• Family Ownership and M&As: A Systematic Review of the Last Two Decades

  Galavotti, I., 2022, Corporate Governance: Theory and Practice. G. M. Mantovani, A. K. . D. G. (ed.). p. 93-98 6 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Family 100%
  • Mergers 50%
  • Acquisitions 50%
  • Systematic Review 33%
  • Studies (Academic) 16%

• General purpose annual reports objective and financial reporting assumptions and principles

  D'Este, C., 2022, Lessons of Business Administration and Accounting. p. 179-197 19 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Annual Report 100%
  • Purpose 100%
  • Accounting 100%
  • Reporting 100%
  • Health Care Management 100%

• Greenwashing. Environmental Communication and Sustainability

  Torelli, R., 2022, The Palgrave Handbook of Global Sustainability. Brinkmann, R. (ed.). p. 1-11 11 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Communication 100%
  • Greenwashing 37%
  • Ecodevelopment 37%
  • Company 37%
  • Sustainability 37%

• I bisogni di finanziamento del capitale circolante delle imprese

  Translated title of the contribution: [Autom. eng. transl.] The financing needs of the working capital of enterprisesCotugno, M. & Monferra', S., 2022, Strumenti Finanziari e Creditizi. p. 345-388 44 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Working Capital 100%
  • Enterprise 100%
  • Financing 100%

• Informazioni non finanziarie e private firms. Prime evidenze

  Carini, C., Rocca, L., Veneziani, M., Teodori, C. & Calabria, E., 2022, Il valore della sostenibilità. Dinamiche di rilevazione e rendicontazione.. p. 119-128 10 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• Interactions between Corporate Social Responsibility, Firm Performance and Capital Adequacy in Banking Industry

  Cicchiello, A. F., Pampurini, F. & Di Simone, L., 2022, 39th EBES CONFERENCE - ROME. PROGRAM AND ABSTRACT BOOK. p. 55-56 2 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Investment 100%
  • Enterprise 75%
  • Banking 75%
  • Financial Market Regulation 75%
  • Sustainability 50%

• IoT in the hospitality industry: exploring theoretical and practical implications

  Ennas, G., Ghiringhelli, C. & Virili, F., 2022, Tourism, hospitality and culture 4.0: shifting towards the metaverse. Errichiello, L., Micera, R., Buonincontri, P. & Del Chiappa, G. (eds.). p. 55-74 20 p. (TOURISM STUDIES ON THE MEDITERRANEAN REGION).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Specific Industry 100%
  • Hospitality 100%
  • Practical Implication 100%
  • Internet of Things 100%
  • Tourism 66%

• Le politiche comunitarie

  Translated title of the contribution: [Autom. eng. transl.] Community policiesMoro, D. & Tiboldo, G., 2022, Il sistema agro-alimentare della Lombardia - Rapporto 2022. R. Pretolani, D. R. (ed.). p. 65-80 16 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Policy Community 100%
  • Agricultural Policy 100%
  • Innovation 100%
  • Process 50%
  • Food Policy 50%

• Le politiche comunitarie

  Translated title of the contribution: [Autom. eng. transl.] Community policiesMoro, D. & Tiboldo, G., 2022, Il sistema agro-alimentare della Lombardia - Rapporto 2021. Pretolani, R. & Rama, D. (eds.). p. 61-76 16 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Agricultural Policy 100%
  • Innovation 100%
  • Policy Community 50%
  • Process 50%

• Predicting Bank Default with Machine Learning

  Lagasio, V., Pampurini, F., Quaranta, A. G. & Pezzola, A., 2022, 39th EBES CONFERENCE - ROME. PROGRAM AND ABSTRACT BOOK. p. 91-92 2 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Machine Learning 100%
  • Artificial Intelligence 40%
  • Machine Learning Algorithm 40%
  • Specific Industry 40%
  • Banking 40%

• Private Label vs Leading National Brand in the Online Grocery Retail Setting

  Fornari, E., Negri, F., Iuffmann Ghezzi, A., Fornari, D. & Grandi, S., 2022, Advances in National Brand and Private Label Marketing. Francisco J. Martínez-López, J. C. G-A. M. I. (ed.). p. 74-81 8 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Brand 100%
  • Prices 28%
  • Analysis 28%
  • Peers 28%
  • Qualitative Content Analysis 14%

• Proposing a Sustainability-Centered Approach to Overcome Critical Issues in Megaprojects

  Caccialanza, A., Cantoni, F., Favari, E. & Mariani, C., 2022, Sustainability and Megaproject Development. p. 25-44 20 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Ecodevelopment 100%
  • Sustainability 100%
  • Principle of Sustainability 74%
  • Dimension 74%
  • Project Management 74%

• Ruolo e resilienza delle amministrazioni pubbliche nella gestione delle emergenze

  Translated title of the contribution: [Autom. eng. transl.] Role and resilience of public administrations in emergency managementZuffada, E., 2022, FuturAP. Rapporto sul Futuro e l’innovazione dell’Amministrazione Pubblica – 2022. p. 75-86 12 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Emergency Management 100%
  • Public 100%
  • Resilience 100%
  • Management 100%
  • Event 66%

• Sanità di prossimità  e PNRR: quali opportunità  e quali scenari – M6C1

  Translated title of the contribution: [Autom. eng. transl.] Proximity healthcare and PNRR: what opportunities and which scenarios - M6C1Vendramini, E. A., 2022, Rapporto sul Futuro e l’innovazione dell’Amministrazione Pubblica – 2022. p. 221-229 9 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Priority 100%
  • Essays 100%
  • Health Service 50%
  • Mission 50%
  • Scenarios 50%

• The Human Side of Megaprojects: Leadership Style and Traits to Face Growing Levels of Complexity and Uncertainty

  Virtuani, R., Barabaschi, B. & Cantoni, F., 2022, Sustainability and Megaprojects Development. p. 3-25 23 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Leadership 100%
  • Leadership Trait 62%
  • Narrative 50%
  • Leadership Style 37%
  • Managers 25%
• 2021

  An Emerging Digital Ecosystem: Blockchain Competence Certification Networks

  Cuel, R., Virili, F., Ghiringhelli, C. & Bolici, F., 2021, Exploring Innovation in a Digital World. Ceci, F., Prencipe, A. & Spagnoletti, P. (eds.). Vol. 51. p. 50-61 12 p. (LECTURE NOTES IN INFORMATION SYSTEMS AND ORGANISATION).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Certification 100%
  • Blockchain 62%
  • Actors 50%
  • Complementarity 25%
  • Generation 25%

• Blockchain

  Rocca, L., Veneziani, M., Teodori, C. & Kopylova, M., 2021, Intellectual Capital, Smart Technologies and Digitalization. p. 147-157 11 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

• Causality vs. Interdependence - A Distinction That Conveys a World’s View

  Bellino, E. & Nerozzi, S., 2021, Pasinetti and the Classical Keynesians - Nine Methodological Issues. p. 112-156 45 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Employment 100%
  • Theory of Value 100%
  • Income Distribution 100%

• Economia mondiale e mercati agro-alimentari

  Translated title of the contribution: [Autom. eng. transl.] World economy and agro-food marketsBoccaletti, S. & Moro, D., 2021, Il sistema agro-alimentare dell'Emilia-Romagna. Rapporto 2020.. p. 1-429 429 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Price 100%
  • Economy 60%
  • Growth 60%
  • Foods 60%
  • Value 40%

• Economia mondiale e mercati agro-alimentari

  Translated title of the contribution: [Autom. eng. transl.] World economy and agro-food marketsMoro, D. & Boccaletti, S., 2021, IL SISTEMA AGRO-ALIMENTARE DELL’EMILIA-ROMAGNA - Rapporto 2020 a cura di Roberto Fanfani e Stefano Boccaletti. Fanfani, R. & Boccaletti, S. (eds.). p. 13-28 16 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Food 100%
  • Markets 100%
  • Market 100%
  • International Economic Relations 50%
  • Situation 50%

• Enti locali e Sustainable Development Goals. Verso una programmazione ispirata alla sostenibilità?

  Translated title of the contribution: [Autom. eng. transl.] Local authorities and Sustainable Development Goals. Towards a programming inspired by sustainability?Vendramini, E. A. & Galli, D., 2021, Rapporto sul Futuro e l’innovazione dell’Amministrazione Pubblica – 2021. p. 147-161 15 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Sustainable Development Goals 100%
  • Local 66%
  • Authority 50%
  • Local Authority 50%
  • Administrative Structure 33%

• Governance: evoluzione ruoli e responsabilità

  Translated title of the contribution: [Autom. eng. transl.] Governance: evolution of roles and responsibilitiesQuaranta, A. G., Pampurini, F. & Traina, I., 2021, IFRS9 e le sfide di contesto. p. 100-131 32 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Governance 100%
  • Evolution 100%
  • Loans 100%
  • Information 100%
  • Life Cycle 50%

• I comportamenti di acquisto degli immigrati nella distribuzione alimentare

  Translated title of the contribution: [Autom. eng. transl.] Purchasing behaviors of immigrants in food distributionFornari, D., Grandi, S. & Fornari, E., 2021, Immigrati e consumi in Italia. I consumi come fattore di integrazione e acculturation. Fiocca, R. & Cantù, C. (eds.). p. 69-83 15 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Distribution 100%
  • Immigrants 100%
  • Consumption 100%
  • Economic and Social Development 50%
  • Food 50%

• Il ruolo dell'università nell'innovazione del territorio

  Translated title of the contribution: [Autom. eng. transl.] The role of the university in territorial innovationFellegara, A. M., 2021, Il territorio nell'anima. Pensiero strategico e politiche territoriali. Scritti in onore di Enrico Ciciotti. Rizzi, P. (ed.). p. 135-142 8 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Roles 100%
  • Universities 66%
  • Innovation 66%
  • Economics 66%
  • Economic and Social Development 33%

• Imprese e Sustainable Development Goals, fuga e ritorno alla dimensione economica

  Translated title of the contribution: [Autom. eng. transl.] Businesses and Sustainable Development Goals, escape and return to the economic dimensionTorelli, R., 2021, Il valore della sostenibilità. Modelli emergenti di rendicontazione non finanziaria tra le imprese italiane leader ESG. Galli, D. & Torelli, R. (eds.). p. 100-126 27 p. (ACCOUNTING & BUSINESS STUDIES).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Sustainable Development Goals 100%
  • Italian 100%
  • Company 100%
  • Enterprise 100%
  • Economics 100%

• Indici borsistici e performance ESG

  Translated title of the contribution: [Autom. eng. transl.] Stock market indices and ESG performanceVendramini, E. A. & Ciubotaru, M., 2021, Il valore della sostenibilità. p. 21-51 31 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Finance 100%
  • Investment 25%
  • Financial Policy 25%
  • European Union 25%
  • European Community 25%

• Italian Municipalities and the Management of Covid-19 Emergency: a Kaleidoscope Effect

  Galli, D., 2021, L'administration locale face à la crise sanitaire. Kada, N. & Wollann, H. (eds.). p. 273-282 10 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Capacity 100%
  • Italian 80%
  • Government 60%
  • Actors 40%
  • Information 40%

• La distribuzione alimentare al dettaglio

  Translated title of the contribution: [Autom. eng. transl.] Retail food distributionSckokai, P. & Varacca, A., 2021, Il sistema agro-alimentare dell'Emilia Romagna - Rapporto 2020. Boccaletti, S. & Fanfani, R. (eds.). p. 237-254 18 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Food Distribution 100%
  • Emilia 50%

• La frontiera dei big data

  Translated title of the contribution: [Autom. eng. transl.] The frontier of big dataPurpura, A. & Purpura, A., 2021, Fisco e privacy. Il difficile equilibrio tra lotta all'evasione e tutela dei dati personali. p. 71-84 14 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Public Administration 100%
  • Protection 100%
  • Economics 100%

• La reazione alla crisi economica determinata dal Covid: alcune considerazioni sugli interventi della Banca Centrale e sul Next Generation EU

  Translated title of the contribution: [Autom. eng. transl.] The reaction to the economic crisis caused by Covid: some considerations on the interventions of the Central Bank and on the Next Generation EUTimpano, F., 2021, L'economia politica della pandemia. p. 65-75 11 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Intervention 100%
  • Economic Recession 25%
  • Reaction 25%
  • Economic Crisis 25%
  • Central Bank 25%

• La valutazione del "Progetto Safe - Educare e accogliere in ambienti sicuri"

  Translated title of the contribution: [Autom. eng. transl.] The evaluation of the "Safe Project - Educating and welcoming in safe environments"Musi, E., Barabaschi, B., Fabrizi, E., Ranieri, S. & Rizzi, P., 2021, Non è un'App. Promuovere un sistema permanente di tutela dei minori, nella Chiesa e nella società. p. 171-188 18 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Evaluation 100%
  • Training Course 100%
  • Promoter 50%
  • Project 50%
  • Monitoring 50%

• Le parole dello sviluppo locale

  Translated title of the contribution: [Autom. eng. transl.] The words of local developmentTimpano, F., 2021, Il territorio nell'anima. Vol. 2021. p. 83-89 7 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Participatory Development 100%
  • Local Development 100%
  • Development Policy 50%
  • Territory 50%
  • Governance 25%

• Local authorities and the Sustainable Development Goals. Towards a planning approach inspired by sustainability?

  Galli, D. & Vendramini, E. A., 2021, FuturAP - Report on the Future and Innovation of Public Administration – 2021. p. 143-157 15 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Sustainable Development Goals 100%
  • Local 83%
  • Authority 66%
  • Local Authority 66%
  • Sustainability 50%

• L’esperienza di rendicontazione non-finanziaria. Buone pratiche ed evoluzioni necessarie

  Translated title of the contribution: [Autom. eng. transl.] The experience of non-financial reporting. Good practices and necessary evolutionsGalli, D., 2021, Il valore della sostenibilità. Modelli emergenti di rendicontazione non finanziaria tra le imprese italiane leader ESG. Vol. 2021. p. 52-99 48 p. (ACCOUNTING & BUSINESS STUDIES).

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Enterprise 100%
  • Large Firm 28%
  • Benefits 28%
  • Awareness 28%
  • Development 28%

• Managing Generational Handover in Family Business: A Multistakeholders' Perspective Focusing on HR Role

  Barabaschi, B., Cantoni, F. & Virtuani, R., 2021, Designing and Implementing HR Management Systems in Family Businesses. Luca Gnan, G. F. (ed.). p. 244-263 20 p.

  Research output: Chapter in Book/Report/Conference proceeding › Chapter

  • Family 100%
  • Process 66%
  • Employees 50%
  • Workforce 50%
  • Stakeholders 33%