Template-type: ReDIF-Article 1.0 Author-Name: Massimo G. Colombo Author-Name: Annalisa Croce Author-Name: Massimiliano Guerini Title: Efficacia e persistenza dell?effetto dei sussidi pubblici sulla rimozione dei vincoli finanziari delle giovani imprese ad alta tecnologia Abstract: The paper analyses the effect of public subsidies on firm investments, using a longitudinal sample of two hundred ninety-four Italian unlisted owner-managed new-technology- based firms (NTBFs) observed from 1994 to 2003. We have adopted a modified version of the Euler equation and the use of GMM-system estimation techniques that duly take into account the endogenous nature of public finance. Our findings indicate that small NTBFs rely significantly on internal capital to finance their investments. Small NTBFs that benefit from public subsidies show an increase in the investment rate and a reduction in investment cash flow sensitivity in the year immediately after that when they received the public funds. We interpret these results as an indication of the relaxation of financial constraints. Moreover, while the increase in the investment rate does not persist in the long run, the dependence of investments on cash flows vanishes immediately after the receipt of public subsidies and remains negligible afterwards. Classification-JEL: D92, G28, G32, O16, H25 Keywords: Sussidi pubblici, vincoli finanziari, giovani imprese ad alta tecnologia Note: Pages:5-38 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41687&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Frederic M. Scherer Title: Abuse of dominance by high technology enterprises: a comparison of u.s. and e.c. approaches Abstract: This paper compares how the United States and the European Community dealt with competition policy challenges by two firms operating at the frontiers of technology: Microsoft and Intel. The U.S. Microsoft case was broadly targeted but largely unsuccessful in implementing remedies once violation was found. The European case was more narrowly focused, failing in its media player unbundling remedy but fighting hard to implement its interoperability information remedy. The European case on Intel was also tightly focused, leading to the highest fine in E.C. competition policy history and a mandate to avoid quantity-linked rebates. The newest U.S. settlement regarding Intel poses difficult monitoring problems with respect to its ambitious claim for remedies. The paper ends with critical comments on E.C. adjudication procedures. Classification-JEL: L4 Keywords: innovazione, antitrust, imprese dominanti Note: Pages:39-62 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41688&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Giovanni Dosi Author-Name: Marco Grazzi Author-Name: Chiara Tomasi Author-Name: Alessandro Zeli Title: L?industria manifatturiera negli ultimi due decenni prima della crisi: le micro-dinamiche sottostanti ai trend aggregati Abstract: Italy?s manufacturing performance in the last decade was the worst of all the other major OECD countries. The study investigates the micro-dynamics underlying the aggregate trend. While labor productivity in most manufacturing sectors has remained almost flat, distribution support has widened. Statistical evidence suggests that the different sources of firm heterogeneity (including, among others, productivity, export and innovation) tend to correlate, thus defining different "types" of firms within the same sector. In fact, we can observe a tendency towards a sort of "neo-dualism" in which a (very) small group of dynamic firms coexists alongside another, much bigger group of "laggard" firms, which are less productive and innovative and far more oriented to solely the domestic market. What is particularly intriguing is the inability of competitive pressures to weed out the lowest performing firms. Classification-JEL: C14, D20, F10, L10, L16, L25 Keywords: Produttivit?, dinamiche industriali, selezione del mercato, commercio internazionale, euro shock, regressione quantilica Note: Pages:63-95 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41689&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Franco Malerba Title: Innovazione, sistemi settoriali ed evoluzione industriale Abstract: The article examines three key aspects of the relationship between innovation and industry evolution: the analysis of the links among actors within a sectoral system view and the related research challenges; the modeling of industry evolution that takes into account the specificities of industries; and the public policy implications of an evolutionary and system view of innovation. Classification-JEL: O3, L1, L6 Keywords: Innovazione, industria, sistemi settoriali Note: Pages:97-125 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41690&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Alberto Felettigh Author-Name: Stefano Federico Title: Measuring the price elasticity of import demand in the destination markets of italian exports Abstract: We compare the price elasticity of import demand in the destination markets of Italian exports to the price elasticity in the destination markets of the other main euro-zone countries? exports. We use the elasticities of substitution across varieties estimated for each destination market by Broda, Greenfield and Weinstein (2006). We find that Italy exports to markets that have, on average, lower price elasticity than the markets to which France, Germany and Spain sell their exports. The result is mainly driven by the motor vehicle and other transport equipment sectors. Net of these two industries, the average export elasticities of the four countries are basically identical. The sectoral and geographical composition of Italian exports therefore does not seem to expose them to a relatively more elastic demand, contrary to the indications found in part of the literature. Classification-JEL: F12, F14 Keywords: Export, elasticit? della sostituzione, variet? di Armington, specializzazione internazionale, elasticit? di prezzo dell?export Note: Pages:127-162 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41691&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Jaya Prakash Pradhan Author-Name: Raj Aggarwal Title: On the globalness of emerging multinationals: a study of Indian MNEs Abstract: Contrary to contentions in earlier literature that emerging multinationals are only regional players, the evidence on the globalness of Indian firms presented in this study suggests that a number of emerging multinationals are global firms. Their strategies target both the developed and the developing markets and the intensity of their overseas operations is comparable with or far greater than those of the world?s leading multinationals. Many of these firms have greater sales or capital assets outside their home base. Indeed, many of them qualify as global firms as they have a significant presence (over 10% of sales) in each of the four regions (the triad and the non-triad developing regions) and no region alone accounts for more than 50% of their global sales. The study of the transformation of emerging multinationals into non-home region players provides considerable potential for better understanding management theories and practices. Classification-JEL: F23, F21, O18 Keywords: Emerging multinationals, overseas investments, globalness, Indian firms Note: Pages:163-180 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41692&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: Peter J. Buckley Author-Name: Stefano Elia Author-Name: Mario Kafouros Title: FDI from emerging to advanced countries: some insights on the acquisition strategies and on the performance of target firms Abstract: The paper deals with acquisitions from emerging to advanced countries and the performances of the target firms. We have used descriptive statistics to investigate the strategies and the impact of the entry of emerging multinational companies (EMNCs) from Brazil, Russia, India and China (BRIC) on the performance of firms acquired in Europe, North America and Japan between 2000 and 2007. The results show that EMNCs do not always acquire firms with a high pre acquisition performance and that they do not significantly increase the post acquisition profitability of the target firms. Nevertheless, EMNCs contribute to increase target firms? productivity and sales and to slow down their loss of jobs. We also show the importance of the acquisition experience of the acquiring firms. Experienced EMNCs not only acquire firms with a higher pre acquisition performance, but also contribute to increase more significantly the productivity and sales of the target firms. Ultimately, we highlight the differences in the sizes and the technology intensity of the target firms acquired by experienced and inexperienced EMNCs to provide further insights about the strategies and the effects of acquisitions from emerging to advanced countries. Classification-JEL: F23, L25, G3, P47 Keywords: Fusioni e acquisizioni, imprese multinazionali emergenti, performance delle imprese target, precedente esperienza d?acquisizione Note: Pages:181-197 Volume: 2011/1 Year: 2011 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=41693&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:polipo:v:html10.3280/POLI2011-011007 Number: 7