Credit rating

Companies should not rely only on the services provided by external credit rating agencies like S&P because these agencies are not infallible, especially in the light of what happened with the worldwide financial crisis in 2008, when the rating system objectivity of these agencies was seriously questioned.
Moreover, a counterparty may not have any published credit rating, and other methods to undertake its credit assessment should be used, as follows:
  1. a credit analysis
this could be obtained by the client’s bank, in the form of a credit report, though, for the same reasons as the ones above, companies should not rely on that solely, as banks tend to protect their customers. Instead, companies should investigate the counterparty’s trade credit by looking at the balance sheet and income statement, which are published accounts and accessible to anyone, together with a financial ratio analysis (interest cover, earnings per share, return on capital, etc..)
  1. a detailed credit research
this could be based on companies’ own internal rating systems taking into consideration hard information about creditworthiness and soft information (e.g. senior management quality assessment) as well as historical data (e.g. an assessment of the past experience of the counterparty and similar organisations in the same sector, with a prediction of the likelihood of the counterparty’s credit losses). Companies should also consider whether the counterparty might receive government’s support in case of default, how diversified their income streams are, whether they have access to financial markets funds, which credit support obligations the counterparty has towards their subsidiaries.
However, once the credit assessment has been done, it is still challenging for companies to determine the size of the counterparty’s credit line, which may be also affected by negotiations with the counterparty as well as by the companies’ capacity and appetite for risk.

Rethinking the Adaptive Leadership model through the Italian Adaptive Leadership Behavior Questionnaire

Da quando Heifetz ha creato il modello di leadership adattiva nel 1994, la letteratura accademica è stata popolata da molte pubblicazioni qualitative che hanno studiato sfide adattive e come il modello di leadership adattiva possa essere utilizzato per affrontarle. Sembra che poca ricerca sulla leadership adattiva sia stata portata avanti da una prospettiva quantitativa relativa alla misurazione di comportamenti di leadership adattiva o alla possibilità di verificare la validità del modello a sei dimensioni di Heifetz. La mia tesi di dottorato va in questa direzione ed ha lo scopo di misurare la percezione di comportamenti di leadership adattiva nel contesto aziendale italiano e di comprendere se il modello di leadership adattiva di Heifetz (1994) può essere applicato alla cultura italiana. I risultati ed il contributo alla conoscenza di questa ricerca possono essere letti nella tesi: Novellini, P. (2023) Rethinking the Adaptive Leadership model through the Italian Adaptive Leadership Behavior Questionnaire, PhD thesis, University of Sunderland.

Scarica la tesi in formato pdf


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