impact of coca‑cola companies on the economy and employment in

COCA-COLA IN ITALY: IMPACT ON THE ECONOMY AND EMPLOYMENT

IN 2014

A Research conducted by Prof. Fabrizio Perretti and Prof. Stefano Basaglia, SDA Bocconi Milan, Research Division “Claudio Dematté”, in 2015

SUMMARY OF THE STUDY

2

COCA-COLA IN ITALY

4

Structure 5

Research: Aim, Model

and Methodology 8

ECONOMIC WEIGHT

OF COCA-COLA 12

IMPACT OF COCA-COLA

ON EMPLOYMENT 18

Direct impact 22

Indirect impact 24

NOT JUST BUBBLES

26

CONCLUSIONS 28

2

In early 2015, Professor Fabrizio Perretti and Professor Stefano Basaglia, SDA Bocconi School of Management, conducted a Study, as part of the Research Division “Claudio Dematté”, on the impact generated by Coca-Cola on the economy and employment in Italy*. The three companies Coca-Cola Italia, Coca-Cola HBC Italia, Fonti del Vulture, were taken into consideration for the purpose of this Research, excluding Sibeg from the analysis.


The results of the Research are presented in terms of economic resources distributed within the Italian economic system with reference to households, enterprises and the State, and in terms of generation of employment either directly (employees) or indirectly (providers at different levels). Coca-Cola has been operating in Italy for almost a century and today:

It is the number 1 enterprise in the sector of Drinks and in that of Beverages and it ranks fifth in the larger food & beverage industry in terms of resources generated and distributed within the economic system.

0.18% of total taxes

on products paid altogether in Italy

are attributable to it.

3

The findings of the analysis confirmed that Coca-Cola is an Italian enterprise strongly rooted in the community with more than 2,000 employees: a true engine of direct and indirect employment and wealth, with a significant economic impact for the country.


ECONOMIC WEIGHT OF COCA-COLA

NOT JUST BUBBLES

IMPACT OF COCA-COLA ON EMPLOYMENT

CONCLUSIONSCOCA-COLA IN ITALY

It entertains business relations with more than

1,000 suppliers (64% in Northern Italy

and 36% in the Center-South).

In Italy, it generates

815 million in resources,

a figure equivalent to

0.05% of GDP.

Each direct job generates about

13 indirect jobs within the Italian economy.

It offers

a higher salary profile than the average in the beverage sector (+12% in the case of middle-managers and white collars; +21% in the case of blue collars).

It employs a

higher percentage of women,

compared with the industry average, both in terms of middle-managers (34% compared with 28%) and in terms of management positions (24% compared with 13%).

It directly employs

2,074 people.

It has a direct and indirect impact on employment of about

26,000 jobs (i.e. 0.1% of the total workforce in Italy), on whose income

70,000 people

depend.

5

The Coca-Cola Company has been operating in Italy for almost a century: in 1919, it registered its trademark and, in 1927, the first bottling plant was opened.

COCA-COLAIN ITALY

4 BRANCHES (Offices, technical service centers and warehouses)

6 PRODUCTION PLANTS

MORE THAN 2,300 EMPLOYEES

STRUCTURE

COCA-COLA IN ITALY

Structure

Research: Aim, Model and Methodology



NOT JUST BUBBLES


CONCLUSIONS

6

2,000EMPLOYEES

PLANTS5

214EMPLOYEES

The activities of Coca-Cola in Italy are conducted by three companies:

COCA-COLA ITALIA

responsible for strategic marketing, brand management and protec-tion, reputational risk, packaging, promotion aimed at consumers, advertising, market research, brand communication and institutional relations.

COCA-COLA HBC ITALIA

the largest bottler in Italy where it began operations in 1995; it deals with the merchandising of products, relations with customers, implementa-tion of promotions, activities related to Corporate Social Responsibility, public and institutional relations and product distribution throughout Italy, except Sicily. Coca-Cola HBC Italia purchases concentrates and bases from The Coca-Cola Company, manufactures the product at five bottling plants distributed in various regions of Italy and conveys them to almost 160,000 customers. In 2006, together with The Coca-Cola Company, it entered the mineral water sector by acquiring the manufacturer Fonti del Vulture.

SIBEG* has been producing, bottling, distributing and developing all products under the brand The Coca-Cola Company in Sicily since 1960.

*Coca-Cola Italia and Coca-Cola HBC Italia were considered for the purpose of this Research, excluding Sibeg S.r.l. from the analysis.

74EMPLOYEES

PLANT1

7

Structured as shown above, Coca-Cola presents itself as an Italian enterprise with a strong link with the community and a significant economic impact that we are going to analyze hereunder.

In Italy, the Coca-Cola world comprises six bottling plants altogether, with four

beverage bottling plants located in Nogara (Verona), Oricola (Aquila),

Marcianise (Caserta), Catania, and two water bottling plants, i.e. Monticchio

and Rionero in Vulture (Potenza). There are also four office and warehouse

locations, two in Sesto San Giovanni (Milan), one in Buccinasco (Milan), one in Catania, and a technical support center in Catania.

Product/beverage plants Water plants Locations/Offices Service center

COCA-COLA IN ITALY

Structure




NOT JUST BUBBLES


CONCLUSIONS

8

Aim This Study aims to analyze and describe the value in the economic sector and impact on employment of Coca-Cola in the country.

Coca-Cola branded beverages are often considered by Italian consumers as originating from a single multinational company based in Atlanta, United States. Actually, production takes place locally in the various countries where Coca-Cola operates and is performed by one, or more, bottling companies that purchase concentrates directly from The Coca-Cola Company. The national bottling companies create jobs, sustain employment, generate income and tax revenues thanks to their purchase of goods and services and sale of products through an extensive distribution network.

The local presence of Coca-Cola in Italy is one of the three topics presented at Expo 2015, “Feeding the Planet, Energy for Life”. Given the global challenge posed by the Universal Exhibition in Milan, which can only be coped with by joining the efforts of everyone - institutions, civil society and private companies - Coca-Cola, the largest beverage company in the world, has chosen to be part of the solution. In fact, Coca-Cola in Italy, through a constant and enduring commitment to innovation aims at supporting and developing a sustainable community, promotes initiatives to reduce its environmental impact by encouraging an active lifestyle and supports the economic development of the communities in which it operates.

RESEARCH: AIM, MODEL AND METHODOLOGY

impactON THE ECONOMY ON EMPLOYMENT

impactAn in-depth study was conducted of the value chain of Coca-Cola in Italy, both considering revenues generated for Italian companies/suppliers, and economic worth generated as a result of other contributions, such as tax revenues and investments, attributable to the presence of Coca-Cola in the country.

The impact of Coca-Cola on employment in Italy has been evaluated both in direct terms, referring to the number of employees at Coca-Cola offices and plants, and in indirect terms considering the number of employees attributable to its main suppliers.

9

Model for the study of the economic impact The economic impact was measured in terms of economic resources distributed by the company within the Italian economic system, considering the income of, respectively, households, enterprises and the State, namely the three main players into which every economic system is traditionally divided.

HOUSEHOLDS ENTERPRISES STATE

With regard to these three categories, the economic contribution of Coca-Cola was analyzed in terms of: ■

wages and salaries paid to its employees (households);

■

purchases of goods and services and investment in tangible assets (enterprises);

■

taxes and contributions paid (State).

COCA-COLA IN ITALY

Structure




NOT JUST BUBBLES


CONCLUSIONS

10

Model for the study of the economic impact The impact on employment was measured by distinguishing:

■

Direct impact, considering the number of employees and workers at offices and plants of Coca-Cola.■

Indirect impact, first-tier and second-tier, considering the number of employees and workers attributable to the main suppliers of Coca-Cola in Italy.

More specifically, in the latter case, Coca-Cola is considered as a “hub enterprise” at the heart of an inter-organizational network which includes suppliers that are distinguished on two different levels based on their relations with Coca Cola:

■

first-tier suppliers are suppliers with which Coca-Cola maintains direct relations; ■

second-tier suppliers are represented by “suppliers of suppliers”, i.e. an enterprise with which Coca-Cola does not have a direct relationship but whose activities are influenced by the purchase decisions of Coca-Cola through the relationship that these companies have with first-tier suppliers.

In the assessment of the impact of Coca-Cola on employment in Italy a difference has been made between employment understood as number of employees and employment understood as total number of employed workers which includes employees, self-employed, external and temporary workers. Therefore, keeping in mind all the above categories, the Research findings being presented refer to the various categories of employees, direct and indirect, first and second tier, and employed workers, in turn direct and indirect, first and second tier.

INDIRECT IMPACT FIRST TIER

DIRECT IMPACTemployees and employed workers at offices and plants of Coca-Cola

suppliers with which Coca-Cola maintains direct relations

INDIRECT IMPACT SECOND TIER

suppliers with which Coca-Cola does not have a direct relationship

11

Methodology■

Sources of data: direct data of Coca-Cola*, data from AIDA**, Istat (Italian statistics institute) figures, data compiled by SDA Bocconi through an online questionnaire administered to a select number of suppliers of Coca-Cola HBC Italia (n = 112).

■

Years: the analysis mainly refers to the year 2014. For some databases and some aggregates, the most recent data available were for the year 2013; where used, the analysis refers to the year 2013.

■

Estimation parameters used for the calculation of the impact on first-tier employment: - value purchased from suppliers of Coca-Cola HBC Italia in 2013 and 2014; - revenues, number of employees, turnover per employee for each supplier (average past 10 years)

- AIDA database; - number of employees that may be related to the purchase of goods and services by Coca-Cola

out of the total number of employees and changes in such number with reference to increases/decreases in such purchases - SDA Bocconi questionnaire.

■

Estimation parameters used for the calculation of the impact on second-tier employment: - input-output model for sector interdependence based on tables of resources and investments

(2010 and 2011) and symmetrical tables (2010) published by Istat on 13 January 2015 and consistent with national accounting aggregates according to Sec 2010, circulated on 22 September 2014.

■

In reference to the impact on employment, a distinction was made between employment understood as number of employees and employment understood as the total number of employed workers, which includes employees, self-employed, external and temporary workers. The estimates of total employment - from an indirect standpoint - are based on Istat figures concerning the structural data of the Italian entrepreneurial system and on the 9th census of industry and services.

*The three companies Coca-Cola Italia, Coca-Cola HBC Italia and Fonti del Vulture were considered for the purpose of this Research, excluding Sibeg S.r.l. from the analysis.

**AIDA: Analisi Informatizzata delle Aziende Italiane (Computerized Analysis of Italian Firms) - database

COCA-COLA IN ITALY

Structure




NOT JUST BUBBLES


CONCLUSIONS

13

FOOD & BEVERAGE Enterprises belonging to the food & beverage industry (Food & Beverage - ATECO Codes 10.0 and 11.0). Based on AIDA data retrieved from 2013 financial statements. This group includes 16,017 enterprises and distributed €98,227 million* to the economic system.

ECONOMIC WEIGHT OF COCA-COLAA comparison with a group of similar companies in terms of operations proved useful to fully understand the company’s economic weight: the peer group. As part of the research, the following were thus identified:

DRINKS Enterprises belonging to the sector of soft drinks, mineral waters and other bottled mineral waters (ATECO code 11.07). Based on AIDA data retrieved from 2013 financial statements. This group includes 322 enterprises and distributed resources of €3,071 million to the economic system.

BEVERAGES Enterprises belonging to the sector of soft drinks, mineral waters, other bottled waters, wine from grapes, cider and beer (ATECO code 11.0). Based on AIDA data retrieved from 2013 financial statements. This group includes 2,072 enterprises and distributed resources of €12,453 million to the economic system.

*The food & beverage industry includes the beverage sector. The beverage sector includes the sector of soft drinks, mineral waters and other bottled waters.

ATECO code: an Ateco code is an alphanumeric combination that identifies an Economic Activity. As from 1 January 2008 a new 2007 Ateco classification has been in force, as approved by Istat (National Statistics Institute) in close collaboration with the Italian Revenue Service, the Chambers of Commerce and other Government Agencies, Ministries and business associations concerned.



NOT JUST BUBBLES



14

DRINK INDUSTRY322 enterprises that generate

3,071 million in turnover

FOOD & BEVERAGE INDUSTRY16,017 enterprises that generate


ENTERPRISE

Coca-Cola represents

32.9 %

BEVERAGE INDUSTRY 2,072 enterprises that generate



8.1 %


1.0 %

ENTERPRISE

ENTERPRISE

st

st

st

15

COCA-COLA IN ITALY* - DRINK INDUSTRY

The resources distributed by Coca-Cola* represent 32.9% of total resources generated by the drink industry (amounting to €3,071 million), namely:

■

34.1% of the resources that this group allocates to households, ■

32.5% of resources allocated to enterprises, ■

39.0% of resources allocated to the State.

In terms of resources generated by this group of 322 companies, Coca-Cola ranks first.

COCA-COLA IN ITALY* - BEVERAGE INDUSTRY

The resources generated by Coca-Cola represent 8.1% of the total resources of the beverage industry (amounting to €12,453 million), namely:

■

9.9% of the resources that this group allocates to households, ■

7.9% of resources allocated to enterprises,■


In terms of resources generated by this group of 2,072 companies, Coca-Cola ranks first.

COCA-COLA IN ITALY* - FOOD & BEVERAGE INDUSTRY

The resources generated by Coca-Cola represent 1% of the total resources of the food & beverage industry (amounting to €98,227 million), namely:

■

1.3% of the resources that this group allocates to households,■

1.0% of resources allocated to enterprises, ■


In terms of resources generated by this group of 16,017 companies, Coca-Cola ranks fifth.

*In this case, the economic impact is not attributable exclusively to Italy. It is, in fact, an overall economic impact (which in the case of the category Enterprises also includes foreign suppliers and in the case of the category Households, it also includes wages and compensation to non-residents in Italy). The three companies Coca-Cola Italia, Coca-Cola HBC Italia and Fonti del Vulture were considered for the purpose of this Research, excluding Sibeg S.r.l. from the analysis.



NOT JUST BUBBLES



16

of GDP

households - enterprises - the State

FROM COCA-COLA IN ITALY

FROM TAXES ON COCA-COLA PRODUCTS

815 m

481 m 334 m

17

Focusing on the Italian economic system, in 2014 Coca-Cola allocated resources of €481 million, distributed as follows:

■

78 MILLION TO HOUSEHOLDS■

366 MILLION TO ENTERPRISES■

37 MILLION TO THE STATE

If taxes on Coca-Cola products were added to the above data, another €334 million allocated to the State would be generated, which is equal to

0.18% of total taxes paid on products in Italy altogether.

Overall resources therefore become €815 million, equivalent to a value of 0.02% of total resources generated in Italy, representing 0.05% of GDP.

In terms of distribution of resources, out of the €481 million generated by Coca-Cola, the largest share, i.e. 76%, is allocated to Enterprises. While also considering the resources generated from taxes on products, amounting to a total of €815 million, the percentages change: 45% of resources allocated to enterprises, another 45% to the State and the remaining 10% to households.

Focusing on enterprises and, therefore, on the suppliers of Coca-Cola, it is shown that in 2014 Coca-Cola directly purchased goods and services from 1,052 first-tier suppliers*, for a purchased value equal to over €281 million and an average value per supplier of about €267 thousand.

*The number of suppliers and their geographical distribution relate only to Coca-Cola HBC Italia and Fonti del Vulture.



NOT JUST BUBBLES



19

IMPACTOF COCA-COLA ON EMPLOYMENT

As already mentioned in the explanation to our research model for the study of the impact on employment (page 10), both a direct impact, referring to the number of employees and employed workers at Coca-Cola offices and plants in Italy, with the exception of Sicily, and an indirect impact referred to the number of employed workers attributable to the major suppliers were considered.First-tier suppliers were then identified, i.e. suppliers with which Coca-Cola entertains direct relations, and second-tier suppliers, represented by “suppliers of suppliers” of Coca-Cola. It should also be remembered that the evaluation distinguished between employment understood as number of employees and employment as number of total employed workers, which includes employees, self-employed, external and temporary workers.

The company’s overall impact on employment is measured by setting apart:

directimpact

indirectimpact


Direct impact

Indirect impact



NOT JUST BUBBLES


20,135EMPLOYEES

25,918EMPLOYED WORKERS

Direct

First-tier indirect

Second-tier indirect

2,074

1,911

16,150

2,661

2,457

20,800

of the total workforce in Italy

equal to

0.1%

20

21

peopledepend on income from work generated by Coca-Cola

If we consider employees, in 2014 Coca-Cola had an impact on employment totaling 20,135 workers, including 2,074 direct and 18,061 indirect employees (1,911 first-tier indirect workers and 16,150 second-tier indirect workers).

In terms of employed workers, i.e. employees, self-employed, external and temporary workers, in 2014 Coca-Cola in Italy had a total impact on employment of 0.1% of the total workforce in Italy. Including 2,661 direct and 23,257 indirect employed workers (more precisely 2,457 first-tier indirect workers and 20,800 second-tier indirect workers).

The research shows that:

■

Coca-Cola has a direct and indirect impact on employment of about 26,000 jobs, representing 0.1% of the total workforce in Italy, on whose income approximately 70,000 people* depend in whole or in part.

■

Each direct job in Coca-Cola generates about 13 indirect jobs within the Italian economy.

*Estimate based on (2013) Istat data on the distribution of Italian households by number of members.


Direct impact

Indirect impact



NOT JUST BUBBLES


Employees of Coca-Cola in Italy in 2014 amounted to 2,074 resources, with an estimated share of total employed workers amounting to 2,661. The share of direct employees can be analyzed by taking into account the different variables of geographic distribution, age, gender and professional qualifications.

GEOGRAPHICAL DISTRIBUTION

From a geographical point of view, the distribution of workers according to residence* sees 58% of workers in the North, 19% in Central Italy and 23% in the South and in Sardinia. In particular, the regions with the highest number of employees are Lombardy (516), Veneto (315), Campania (240), Lazio (172) and Emilia-Romagna (142). These five regions alone are home to 69% of the Coca-Cola workforce. Moreover, 49% of the labor force is concentrated in the Lombardy - Veneto - Emilia - Romagna “triangle”. However, the distribution according to place of work sees 61% of workers in the North, 17% in Central Italy and 22% in the South and in Sardinia.

AGE

74% of workers belong to the so-called Generation X, i.e. workers aged 30 and 50, born between 1964 and the early eighties, while 20% of workers belong to the Baby Boomers, people over 50 born before 1964, 6% to the Generation Y, people under 30 born starting in the first half of the eighties. Compared to other active enterprises, the proportion of members in the Generation X is much greater (74% compared with 61%), while that of workers in the Generation Y is smaller (6% compared with 17%).

DIRECT IMPACT ON EMPLOYMENT

6% Generation Y (under 30)

74% Generation X (between 30 and 50)

20% Baby Boomers (over 50)

*This figure refers to Coca-Cola HBC Italia and Fonti del Vulture.

23

5% Executives

GENDER AND PROFESSIONAL QUALIFICATIONS

The analysis of the data referred to 2014 shows that while men accounted for 72% of the workforce, Coca-Cola in Italy is characterized by a higher percentage of women both in terms of middle-managers (34% compared with 26%) and in terms of senior executive positions (24% compared with 13%) with respect to the industry average. Moreover, in Coca-Cola HBC Italia, half of the positions belonging to the corporate Executive Committee are held by women. With regard to professional category, white collars represent a clear majority (69%), followed by blue collars (19%), middle-managers (7%) and senior executives (5%). This break-down by professional category is very different from that of active enterprises where the majority of workers are blue collars, followed by white collars, middle-managers and senior executives. In particular, Coca-Cola has a lot more white collars (69% compared with 38%), more middle-managers (7% compared with 4%) and more senior executives (5% compared with 4%). Finally, if one compares the average salaries of Coca-Cola with industry averages in the beverage sector*, it is shown that Coca-Cola provides a salary profile 12% higher in the case of middle-managers and white collars, and 21% higher in the case of blue collars, also showing a less unequal profile regarding executive compensation**.

*2014 Istat data relating to ATECO 11.0 enterprises

69% White collars

19% Blue collars

7% Middle-managers

**Data of OD&M Consulting XVIII Report on earnings in Italy


Direct impact

Indirect impact



NOT JUST BUBBLES


24

INDIRECT FIRST-TIER WORKERS

In 2014 employees and total employed workers of first-tier suppliers with business relations with Coca-Cola were respectively 1,911 and 2,457. The analysis shows that workers are mainly concentrated in the following areas:

INDIRECT IMPACT ON EMPLOYMENT

Sales and marketing

Logistics and transport

Refrigeration equipment and services

Real property and facility management

26%

12%

10%

35%

25

INDIRECT SECOND-TIER WORKERS

In 2014 employees and employed workers of second-tier suppliers with business relations with Coca-Cola were respectively equal to 16,150 and 20,800.

From a geographical point of view, the employees of first-tier suppliers are broken down as follows:

58% in the North (29% in Lombardy, 18% in Emilia-Romagna, 8% in Veneto),

32% in Central Italy (28% in Abruzzo) and 10% in the South and Sardinia

(6% in Campania).

NORTH

58%

CENTRAL ITALY

32%

SOUTH and SARDINIA

10%


Direct impact

Indirect impact



NOT JUST BUBBLES


26

The initiatives and projects promoted and carried out as part of Corporate Social Responsibility, including the promotion of educational plans, environmental protection, sporting activities and local cultural events, are managed with the same rigor with which the company operates in every aspect of its business.

SOCIAL RESPONSIBILITY REPORT

published by Coca-Cola HBC Italia annually since 2004

NOT JUST BUBBLES

20,000 CHILDREN FROM ALL OVER ITALY

welcomed in the plants of Coca-Cola HBC Italia

MORE THAN 750,000 PEOPLE ON THE MOVE involved in sporting activities

OVER 70 SPORTING EVENTS sponsored annually including marathons, half marathons, events related to sports

such as volleyball, football, basketball and skiing

Social responsibility and sustainability are essential elements of Coca-Cola’s business model in Italy.

27

PROPER RECYCLING

PROMOTING AN ACTIVE LIFESTYLE

MANAGEMENT OF WATER RESOURCES

EDUCATIONAL PROJECTS FOR SCHOOLSsupported by the Coca-Cola HBC Italia Foundation

The attention that Coca-Cola pays to the management of water resources, appropriate recycling and promoting active lifestyles is particularly significant. These topics inspired it to create a series of children’s books and educational projects for schools, including opening up Coca-Cola HBC Italia plants to students with the opportunity to participate in fun educational workshops.

For more information on Corporate Social Responsibility of Coca-Cola HBC Italia check the website: www.lanostraricetta.it



NOT JUST BUBBLES



28

THE IMPACT ON THE ECONOMY

The analysis of the economic impact shows that Coca-Cola is a leading world player in terms of resources generated and distributed within the economic system as a whole:

CONCLUSIONSThe research on the company’s impact on the economy and employment shows significant data and leads to develop a series of meaningful conclusions.

■

At the Italian level it generates resources for €481 million that, if one considers the taxes on Coca-Cola products (equal to 0.18% of total taxes on products paid altogether in Italy), become equal to

815 million.

The latter generated amount is equal to 0.02% of total resources generated in Italy and represents

0.05% of GDP;

■

It is the number 1 enterprise in the sector of Drinks and in that of Beverages and the fifth in the larger food & beverage industry in terms of resources generated and distributed within the economic system.

■

It has business relations with more than

1,000 suppliers,

spread over the entire peninsula (64% in Northern Italy, 36% in Central and Southern Italy) and the main component of resources generated by Coca-Cola in Italy refers specifically to the business world.

29

IMPACT ON EMPLOYMENT

The analysis of the impact on employment clearly shows the importance of the role played by Coca-Cola in the world of work in Italy. It should be noted that:

■

the impact on direct and indirect employment is approximately

26,000 jobs,

i.e. 0.1% of the total workforce in Italy;

Data on the profile of employees is particularly significant, as it shows that Coca-Cola employs a higher percentage of women both in terms of middle-management staff, and especially at the level of senior executive positions, with a rate almost twice the average of active enterprises (24% compared with 13%). Even in terms of salaries, the research shows that Coca-Cola has a higher salary profile than the average in the beverage industry and a less unequal profile regarding executive compensation.

■

each direct job corresponds to approximately

13 indirect jobs within the Italian economy;

■

about

70,000 peoplepartly or wholly, depend on employment income generated by Coca-Cola.



NOT JUST BUBBLES



30

The analysis also measured what would the socio-economic impact of Coca-Cola be in Italy in the event that the latter disappeared.

In such a hypothetical scenario, the consequences would be a loss of €481 million in the Italian system in the short term (i.e. 0.01% of total resources generated in the country) and about 9,300 employees, on which over 25,000 people depend in whole or in part.

Professor Fabrizio PerrettiHe is SDA Professor of Strategy and Entrepreneurship and Associate Professor in the Department of Management and Technology at the Bocconi University where he teaches Business Strategy. He has been a visiting scholar at several institutions in Italy and abroad, including the Research Department of the Bank of Italy, Harvard University, MIT Sloan School of Management, UCLA School of Management. He is the author of numerous publications in the field of strategy and sociology of organizations.

Professor Stefano BasagliaHe is SDA Professor of Organization and Personnel and is a collaborator of Diversity Management Lab at SDA Bocconi School of Management. He is also Researcher in Business Organization at Università degli Studi in Bergamo, where he teaches Cross-Cultural and Diversity Management. He is a visiting professor at the School of Management of Fudan University in Shanghai. He is the author of numerous publications in the field of organizational climate, organizational identity and diversity management.

SDA BOCCONI SCHOOL OF MANAGEMENT

Established in 1971 by the University Bocconi, SDA Bocconi School of Management operates in the field of training (through its MBA programs, Master’s degrees and Executive courses) and research (through research programs, study and knowledge centers of the Division Claudio Dematté Research). SDA Bocconi has enjoyed international recognition that rank it 1st in Italy and among the first in Europe and the world: it was the first School of Management in Italy and is one of 59 Business Schools in the world worthy of wearing the so-called “triple crown”, i.e. it can boast 3 among the most prestigious international accreditations: AACSB, EQUIS and AMBA; in the Financial Times Global MBA (2015) ranking, it was in 26th place in the world, 10th in Europe and was confirmed as the only Italian university in the list of the 100 best MBAs in the world; in the Financial Times European Business School Ranking (2014) ranking, it was in 8th place and was confirmed as the only Italian school present.

THE AUTHORS



NOT JUST BUBBLES



The study “Coca-Cola in Italy: impact on the economy and employment in 2014” is available online:

www.coca-colahellenic.itwww.coca-colaitalia.it

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impact of coca‑cola companies on the economy and employment in

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