Gli effetti delle privatizzazioni sulle attivit? di ricerca e sviluppo: dinamiche di investimento e cambiamenti organizzativi

Gli effetti delle privatizzazioni sulle attivit? di ricerca e sviluppo: dinamiche di investimento e cambiamenti organizzativi (di Federico Munari) - ABSTRACT: In the last two decades privatization programs in different countries of the world radically reduced the role of the State as an important owner of productive assets. Evidence on privatization experience has generally shown that the change in ownership improves productive efficiency and profitability at the firm level, but its effects on research and development (R&D) activities, an area that can strongly impact on firms? long-term performance, have been largely ignored in literature. In this paper we use agency theory to discuss the theoretical relationships between changes in the firm?s principal-agent structure and incentives to invest in R&D, and we present a review of the empirical studies that have addressed the issue. We advance that privatization processes can affect R&D activities along different strategic and organizational dimensions, in terms of amount and origins of funds allocated, scope of projects funded, and reliance on outside collaborations.