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The aim of this work is to study the noteworthy business case of the Italian airline company, Alitalia, reporting many of the most relevant corporate governance aspects regarding value creation (components, dimensions, and determinants) described in the main managerial literature, as evidenced by La Rocca (2016). In particular, we specify how the components and dimensions of economic value affected its ability to create new value in turn. The framework of the paper is the analysis of a case study. We consider Alitalia airline an ideal company that perfectly suits for this kind of analysis, as many corporate governance issues emerged during the firm life-cycle. This case study is particularly significant as it practically confirms the corporate governance rules theorized by prior managerial studies. Several circumstances throughout the Italian airline‟s life explain the effects of bad governance, the consequences of which still are evident. Alitalia is a striking case suggesting how a competitive advantage of a firm can be destroyed due to bad governance, which leads a profitable company to financial constrain. With this work, we intend to provide a practical case of corporate governance, trying to combine practice and theoretical hot topics aspects. The purpose of the investigation is thus to highlight a remarkable case study to appreciate how mismanagement, focusing on non-value-creating activities, may lead to disastrous consequences in terms of value creation. Information and data of the present work are collected through the analysis of articles from the most authoritative newspapers, including Il Sole 24 Ore, which is the most important Italian business magazine. The paper is organised as follows. Section 2 describes the main features of the concept of firm economic value. Section 3 depicts Alitalia‟s history and the characteristics of the airline industry. Section 4 reports the management and corporate Abstract

Alitalia airline: A business case of bad corporate governance