Journal of Management & Governance Editor-in-Chief Roberto Di Pietra Dipartimento di Studi Aziendali e Sociali Facoltà di Economia 'R.M. Goodwin' Università degli Studi di Siena Piazza San Francesco, 8 53100 Siena, Italy E-mail: [email protected] Editor Roberto Di Pietra, University of Siena, IT - Accounting and Governance; Co-Editors Thomas Ahrens, United Arab Emirates University, UAE - Accounting and Governance; Lino Cinquini, Scuola Superiore Sant'Anna of Pisa, IT - Management Accounting and Control Systems; Rosario Faraci, University of Catania, IT - Strategic Governance Igor Filatotchev, Cass Business School, City of London, UK - Entrepreneurial Governance; Reviews and Overviews Editors Corrado Gatti, La Sapienza University, Rome, IT Edoardo Mollona, University of Bologna, IT Scientific Committee Roberto Cafferata, Tor Vergata University, Rome, IT Lorenzo Caprio, Catholic University, Milan, IT Giovanni Costa, University of Padua, IT Rosella Ferraris Franceschi, University of Pisa, IT Robert E. Hoskisson, Rice University, USA Gianni Lorenzoni, University of Bologna, IT Riccardo Mussari, University of Siena, IT Joan Enric Ricart Costa, IESE Business School - Barcelona, ES Joshua Ronen, NYU - Stern Business School, USA Robert Scapens, Manchester Business School, UK Henry Tosi, University of Florida, USA Shaker Zahra, University of Minnesota, USA Luigi Zingales, The University of Chicago, USA General information: Springer.com Electronic content: Springerlink.com Editorial Board Official Journal of Accademia Italiana di Economia Aziendale (AIDEA) Online Submission: editorialmanager.com/mago Also Available First! Online To receive alerts of new articles, register at springer.com/alerting Monte dei Paschi di Siena Bank supports AIDEA in this project R. V. Aguilera ((Univ. Illinois at Urbana-Champaign, USA); M. Allegrini (Univ. Pisa, IT); C. Bagnoli (Univ. Venice, I); L. Canibano (UAM, ES); A. Capasso (Sannio Univ., IT); S. Caselli (Bocconi Univ., IT); S. Chahine (American Univ. Beirut, LB); S. O. Collin (Linneaus University, SE); A. Comacchio (Univ. Venice, IT); T. Dacin (Queen's Univ., CA); G. Dagnino (Univ. Catania, IT); I. Demirag (Queen's Univ. Belfast, UK); J. Doukas (Old Dominion Univ., USA); B. Fidanza (Univ. Macerata, IT); M. Goergen (Cardiff Univ., UK); I. Gutierrez (Carlos III Univ., ES); M. Hilb (Univ. St. Gallen, CH); H. Hinterhuber (Innsbruck Univ., AT); M. Huse (Norvegian School of Management, NO); C. Ingley (AUT Univ., NZ); A. Jorissen (Univ. Antwerp, BE); J. Lampel (Cass Business School, London, UK); S. McLeay (Univ. of Sydney, AU); A. Melis (Univ. Cagliari, IT); R. Mercurio (Federico II Univ., Naples, IT); A. Mora (Univ. Valencia, ES); C. Nakajima (Cass Business School London, UK); M. Nordqvist (Jönköping International Business School, SE); H.Nørreklit (Aarhus School of Business, DK); M. Nowak (Curtin Business School, AU); A. Parbonetti (Univ. Padua, IT); D. Parthiban (American University, Washington, USA); T. Pieper (Kennesaw State University, USA); S. Paroutis (Warwick Business School, UK); R. Ragozzino (University of Illinois at Chicago, USA); L. Renneboog (Tilburg Univ., NL); P. Schwizer (Univ. of Parma, IT); M. Segalla (HEC Paris, FR); M. Semadeni (Kelley School of Business Indiana, USA); P. Servais (Univ. Southern Denmark, DK); W. Shen (Arizona State Univ., USA); M. Sorrentino (Second Univ. Naples, IT); J. Stewart (Griffith Univ., AU); R. Strange (Univ. Sussex, UK); S. Thomsen (CBS, DK); D. Venanzi (Third Univ. of Rome, IT); R. Viganò (Univ. of Naples Federico II, IT); M. Wright (Univ. Nottingham, UK); A. Zattoni (Parthenope Univ., Naples, IT); A. Zucchella (Univ. of Pavia, IT) The Journal of Management and Governance (JMG) is dedicated to advancing the understanding of corporate governance issues within and throughout privately-held firms, publicly-held corporations and government-controlled organizations. The journal is devoted to exploring the links between management and governance through both theoretical analyses and empirical investigations to improve the understanding of all the rules, codes, principles, practices, processes, mechanisms, structure and relationships, as well as institutions, networks and individuals affecting the way firms and organizations are managed, administered and controlled. Analyzed are strategies and decision-making; accounting, reporting and information control; measurement issues in governance; relational, cognitive and behavioural based; institutional economics. Contributions from all areas of business administration (accounting and control, general and strategic management, organizational theory and behaviour, finance and banking) and manuscripts concerning both the private and the public sectors are welcome to the extent that they contribute to these general issues and to the understanding of governance thus broadly defined. Abstracted/Indexed in: ABS Academic Journal Quality Guide, Academic OneFile, Business Source, Cabell's, CSA, Current Abstracts, EBSCO, ECONIS, EconLit, Expanded Academic, Google Scholar, International Bibliography of Book Reviews (IBR), International Bibliography of Periodical Literature (IBZ), International Bibliography of the Social Sciences (IBSS), OCLC, ProQuest, Research Papers in Economics (RePEc), SCOPUS, Summon by Serial Solutions 2012. Volume 16. 1 Issue. ISSN: 1385-3457 (print version) ISSN: 1572-963X (electronic version) Title No. 10997 Easy Ways to Order for the Americas ► Write: Springer Order Department GmbH, PO Box 2485, Secaucus, NJ 07096-2485, USA ► Call: (toll free) 1-800 – SPRINGER ►Fax: +1 (201)348-4505 ► Email: [email protected] or for outside the Americas ► Write: Springer Distribution Center GmbH, Haberstrasse 7, 69126 Heidelberg, Germany ► Call: +49 (0) 6221-345-4303 ► Fax: +49 (0) 6221-345-4229 ► Email: [email protected]