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Innovation and performance of Italian multinational enterprises of the “fourth capitalism”

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  • Schilirò, Daniele

Abstract

The aim of the contribution is to focus on the innovation of Italian medium and medium -large multinationals who represent the "fourth capitalism” and also to evaluate their performance. The enterprises of “fourth capitalism " are the set of medium and medium-large enterprises who seem to be stronger on foreign markets, either through exports or through foreign direct investment. The paper uses the data set from Mediobanca Research Unit to provide a descriptive analysis of the performance of Italian multinational enterprises of the "fourth capitalism", showing the complex approach to the internationalization of these enteprises, where innovation plays a key role. Flexibility and specialization in the production are also important elements that drive the decision to invest and produce abroad for these enterprises. The commercial dimension also plays a key role for the firms of the "fourth capitalism", as it leads to the direct control of foreign markets. The study points out that one of the strategic objectives of Italian multinationals of the “fourth capitalism” is their strong customer focus and organizational effort to provide their services to the customers, which require substantial investment in immaterial assets. Finally, the work highlights some external constraints that penalize the Italian multinational enterprises of the “fourth capitalism”, as the high cost of bureaucracy, excessive and unfair taxation, lack of support to internationalization by public institutions.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34916.

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Date of creation: Nov 2011
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Handle: RePEc:pra:mprapa:34916

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Keywords: Italian multinational firms; fourth capitalism; innovation; internazionalization;

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References

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  1. Elhanan Helpman, 2006. "Trade, FDI, and the Organization of Firms," NBER Working Papers 12091, National Bureau of Economic Research, Inc.
  2. James R. Tybout, 2001. "Plant- and Firm-Level Evidence on "New" Trade Theories," NBER Working Papers 8418, National Bureau of Economic Research, Inc.
  3. Robert C. Feenstra, . "Integration Of Trade And Disintegration Of Production In The Global Economy," Department of Economics 98-06, California Davis - Department of Economics.
  4. Colli Andrea, 2005. "Il quarto capitalismo," L'industria, Società editrice il Mulino, issue 2, pages 219-236.
  5. Giorgio Barba Navaretti & Matteo Bugamelli & Fabiano Schivardi & Carlo Altomonte & Daniel Horgos & Daniela Maggioni, . "The global operations of European firms - The second EFIGE policy report," Blueprints, Bruegel, number 581, December.
  6. Francesca De Girolamo & Lucia Piscitello, 2010. "Il successo internazionale delle PMI italiane: quali competenze distintive?," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2010(3), pages 189-200.
  7. Daniele Schilirò, 2008. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0804, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  8. Acs, Zoltan J & Audretsch, David B, 1988. "Innovation in Large and Small Firms: An Empirical Analysis," American Economic Review, American Economic Association, vol. 78(4), pages 678-90, September.
  9. Daniele Schilirò & Maria Musca, 2010. "Le Medie Imprese Multinazionali del Quarto Capitalismo," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn1002, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  10. Matteo Bugamelli & Luigi Infante, 2003. "Sunk Costs of Exports," Temi di discussione (Economic working papers) 469, Bank of Italy, Economic Research and International Relations Area.
  11. Arndt, Sven W. & Kierzkowski, Henryk (ed.), 2001. "Fragmentation: New Production Patterns in the World Economy," OUP Catalogue, Oxford University Press, number 9780199243310, September.
  12. Hagedoorn, John, 1995. "Strategic technology partnering during the 1980s: Trends, networks and corporate patterns in non-core technologies," Research Policy, Elsevier, vol. 24(2), pages 207-231, March.
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Cited by:
  1. Daniele Schilirò & Giuseppe Timpanaro, 2012. "L’esperienza dei distretti produttivi in Sicilia nel triennio 2007-2010: un’analisi per macrosettori," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn1201, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  2. Daniele SCHILIRÒ, 2013. "Diversification And Development Of The United Arab Emirates' Economy," Journal of Applied Economic Sciences Quarterly, ASERS Publishing, vol. 0(2), pages 228-239, July.
  3. Schilirò, Daniele, 2013. "Diversification and development of the UAE’s economy," MPRA Paper 47089, University Library of Munich, Germany.
  4. Schilirò, Daniele, 2013. "I patti di sviluppo dei distretti produttivi in Sicilia: 2011-2013
    [The development pacts of productive districts in Siciliy: 2011-2013]
    ," MPRA Paper 43678, University Library of Munich, Germany.
  5. Daniele SCHILIRÒ, 2012. "Italian Medium-Sized Enterprises And The Fourth Capitalism," Journal of Applied Economic Sciences Quarterly, ASERS Publishing, vol. 0(4), pages 437-446, December.
  6. Musca, Maria & Schilirò, Daniele, 2012. "An investigation into medium-sized multinational enterprises," MPRA Paper 43012, University Library of Munich, Germany.

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