extensionally customized in order to realize the purposes
assigned to it by those who have promoted the production
(Capaldo 2013) (and the multiple and sometimes competing
partisan expectations, as well as the short-term definable
objectives of general interest). These aims can be concretely
pursued by the governance, through its actions that will be
regarded as a deciding factor in demonstrating the constraint
of economic equilibrium that is valid over time. This balance
represents a central unit, a propulsive drive. This central unit
influences the real behavior of companies and the responsibility of managers (Zanda 1974) in the environment in
which production is implemented and widespread (or
determines its influence).
The remarkable scientific relevance of this topic is
unquestioned, with immediate effects on the entrepreneurial
aspects. This research limits the analysis only to the economic–business context, however, only at the general level
and without claiming absolute completeness. Business risk is
analyzed directly or indirectly in all institutional studies,
those of strategy, or those that affect different functional
areas, typically finance (Damodaran 2001). Business risk is
also dealt with in the study of the financial statement and of
economic capital (Zanda 2013). The topic, therefore,
involves the examination of the net result (Capaldo 1998)
and the relations with the themes of corporate social
responsibility as well as the social balance (Manni 2011a).
The management decision to initiate and/or maintain a
production is related to the risk assessment and, especially in
cases of corporate default must seek concrete and socially
sustainable solutions, both from an economic point of view,
both in the humanistic and environmental profiles, which are
based on different distributions of benefits/sacrifices.
The analysis is conducted according to a deductive logic
and, therefore, does not make use of the quantitative data as
a further element of analytical speculation and validation of
the statements which are, therefore, conjectures.
It may also be considered as thought-provoking consideration on the subject, without any quantitative analysis,
according to the methodological approach of some important
business administration scholars.
The paper initially focuses on the business environment
that has fueled the study, then focuses on uncertainty and
risk as separate topics, subsequently, the cornerstones of the
company’s structure are investigated, also related to the
request for sustainable development from the human and
environmental point of view.
2 Literature Review
The aim of this paper is not only the analysis of the difference
between risk and uncertainty, which has been widely discussed in international literature, but also the investigation of
all those aspects which link the financial return and the social
expectations, focusing on the Italian literature. The idea
underlying the whole paper is to demonstrate a double-way
relationship between financial returns and the well-being of
the community in which the company operates. The business
studies concerning uncertainty and risk in Italy began during
the early decades of the twentieth century, and nowadays
represent scientific fields that claim the interest of researchers
in every field.
The Italian doctrine has investigated the topic in relation
to the management functions that can be usefully studied
(Corsani 1939). The company is considered a system of
risks, understood in general as a “generic risk” represented
by a mix of specific risks. The factors that influence the risks
and the management policies being enforced are examined
throughout this text (Bertini 1969). In this framework, the
analyses concerning the relationship between risk (also
studied in relation to the different phases of the life of the
company) and entrepreneurial behaviors are contextualized
(Fazzi 1957).
The general policy of the company is strongly influenced
by choices that concern risk management (Bertini 1969).
Management behavior is the result of decisions regarding the
governance of the risk system since every management
challenge cannot exclude the factor of risk (Dezzani 1971).
The factor of risk in companies can be encountered when
combining the tendential rigidity of the structures with the
dynamic evolution of the context (Capaldo 1965). Consequently, the topic under consideration can be placed within
two conceptual levels of analysis:
– mitigation of the overall risk intensity by acting on the
internal and environmental variability as well as on the
rigidity of the organizational and operational structures
(strategic vision);
– management of the negative effects of risk by transferring
them in space and time (Cavalieri 2008).
The factors that influence risk are attributable to all those
significant circumstances (in the specific case) that produce
variability (and add rigidity) to the environment. Internal
202
F. Manni and A. Faccia
assigned to it by those who have promoted the production
(Capaldo 2013) (and the multiple and sometimes competing
partisan expectations, as well as the short-term definable
objectives of general interest). These aims can be concretely
pursued by the governance, through its actions that will be
regarded as a deciding factor in demonstrating the constraint
of economic equilibrium that is valid over time. This balance
represents a central unit, a propulsive drive. This central unit
influences the real behavior of companies and the responsibility of managers (Zanda 1974) in the environment in
which production is implemented and widespread (or
determines its influence).
The remarkable scientific relevance of this topic is
unquestioned, with immediate effects on the entrepreneurial
aspects. This research limits the analysis only to the economic–business context, however, only at the general level
and without claiming absolute completeness. Business risk is
analyzed directly or indirectly in all institutional studies,
those of strategy, or those that affect different functional
areas, typically finance (Damodaran 2001). Business risk is
also dealt with in the study of the financial statement and of
economic capital (Zanda 2013). The topic, therefore,
involves the examination of the net result (Capaldo 1998)
and the relations with the themes of corporate social
responsibility as well as the social balance (Manni 2011a).
The management decision to initiate and/or maintain a
production is related to the risk assessment and, especially in
cases of corporate default must seek concrete and socially
sustainable solutions, both from an economic point of view,
both in the humanistic and environmental profiles, which are
based on different distributions of benefits/sacrifices.
The analysis is conducted according to a deductive logic
and, therefore, does not make use of the quantitative data as
a further element of analytical speculation and validation of
the statements which are, therefore, conjectures.
It may also be considered as thought-provoking consideration on the subject, without any quantitative analysis,
according to the methodological approach of some important
business administration scholars.
The paper initially focuses on the business environment
that has fueled the study, then focuses on uncertainty and
risk as separate topics, subsequently, the cornerstones of the
company’s structure are investigated, also related to the
request for sustainable development from the human and
environmental point of view.
2 Literature Review
The aim of this paper is not only the analysis of the difference
between risk and uncertainty, which has been widely discussed in international literature, but also the investigation of
all those aspects which link the financial return and the social
expectations, focusing on the Italian literature. The idea
underlying the whole paper is to demonstrate a double-way
relationship between financial returns and the well-being of
the community in which the company operates. The business
studies concerning uncertainty and risk in Italy began during
the early decades of the twentieth century, and nowadays
represent scientific fields that claim the interest of researchers
in every field.
The Italian doctrine has investigated the topic in relation
to the management functions that can be usefully studied
(Corsani 1939). The company is considered a system of
risks, understood in general as a “generic risk” represented
by a mix of specific risks. The factors that influence the risks
and the management policies being enforced are examined
throughout this text (Bertini 1969). In this framework, the
analyses concerning the relationship between risk (also
studied in relation to the different phases of the life of the
company) and entrepreneurial behaviors are contextualized
(Fazzi 1957).
The general policy of the company is strongly influenced
by choices that concern risk management (Bertini 1969).
Management behavior is the result of decisions regarding the
governance of the risk system since every management
challenge cannot exclude the factor of risk (Dezzani 1971).
The factor of risk in companies can be encountered when
combining the tendential rigidity of the structures with the
dynamic evolution of the context (Capaldo 1965). Consequently, the topic under consideration can be placed within
two conceptual levels of analysis:
– mitigation of the overall risk intensity by acting on the
internal and environmental variability as well as on the
rigidity of the organizational and operational structures
(strategic vision);
– management of the negative effects of risk by transferring
them in space and time (Cavalieri 2008).
The factors that influence risk are attributable to all those
significant circumstances (in the specific case) that produce
variability (and add rigidity) to the environment. Internal
202
F. Manni and A. Faccia