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Agglomeration, networking and the Great Recession

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  • Giulio Cainelli
  • Valentina Giannini
  • Donato Iacobucci

Abstract

This paper analyzes how and to what extent firms’ external relations, such as belonging to a local cluster or a business group, affect the probability of firm survival and economic performance after the 2008 Great Recession. Using a large data set of Italian manufacturing companies for the period 2005–12, it was found that belonging to a business group or a local cluster mitigates the selection effect determined by the real and financial shocks, while in the case of firms not belonging to groups, only the more efficient units survive. This means that firms belonging to a group or local cluster are expected to show a lower likelihood of failure and also lower performance compared with stand-alone firms.

Suggested Citation

  • Giulio Cainelli & Valentina Giannini & Donato Iacobucci, 2019. "Agglomeration, networking and the Great Recession," Regional Studies, Taylor & Francis Journals, vol. 53(7), pages 951-962, July.
    • Handle: RePEc:taf:regstd:v:53:y:2019:i:7:p:951-962
    DOI: 10.1080/00343404.2018.1511892
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    Cited by:

    1. Cainelli, Giulio & Ganau, Roberto & Giunta, Anna, 2022. "Business groups, institutions, and firm performance," LSE Research Online Documents on Economics 114553, London School of Economics and Political Science, LSE Library.
    2. Iman Cheratian & Saleh Goltabar & Mohammad Reza Farzanegan, 2022. "Survival Strategies under Sanctions: Firm-Level Evidence from Iran," CESifo Working Paper Series 9568, CESifo.
    3. Yang, Jin & Zhou, Chuanli, 2021. "Does industrial clustering mitigate the sensitivity of firm relocation to tax differentials? The role of financing," Finance Research Letters, Elsevier, vol. 40(C).
    4. Olga M. Karpova & Igor A. Mayburov, 2022. "Assessment of the Influence of Tax and Socio-Economic Factors on the Decision on the Territorial Location of Business in Russia," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 21(2), pages 325-364.

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