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Performance e Profili delle Imprese Multinazionali del Quarto Capitalismo

  • Daniele Schilirò

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T The objective of this contribution is to evaluate the performance and build up a profile of Italian medium-size and medium large multinationals who represent the "fourth capitalism”. In fact, the companies' “fourth capitalism" is 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, that uses the dataset from Mediobanca research unit, does not limit its target to a descriptive analysis of the performance but also tries to give an account of the underlying innovation model of multinational enterprises of the "fourth capitalism" (IMQC), thus showing the complex approach to the internationalization of these enterprises, where innovation plays a key role. Moreover, flexibility and specialization in the production are important elements that drive the decision to invest and produce abroad. The commercial dimension also plays a central role for firms in the "fourth capitalism", as it leads to the direct control of foreign markets. One of the strategic objectives of IMQC, which is emphasized in the present work, is their great customer focus and organizational effort to provide their services to the customers, which, in turn, require substantial investment in immaterial assets. Finally, the paper highlights some external constraints that penalize multinational enterprises of the “fourth capitalism”, as the high cost of bureaucracy, high taxation, insufficient institutional support for internationalization.

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Paper provided by Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC) in its series CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale with number crn1104.

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Date of creation: 2011
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Handle: RePEc:crn:wpaper:crn1104
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  1. James R. Tybout, 2001. "Plant- and Firm-Level Evidence on "New" Trade Theories," NBER Working Papers 8418, National Bureau of Economic Research, Inc.
  2. 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, 5.
  3. 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.
  4. 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.
  5. Elhanan Helpman, 2006. "Trade, FDI, and the Organization of Firms," Journal of Economic Literature, American Economic Association, vol. 44(3), pages 589-630, September.
  6. 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).
  7. Marco Mutinelli & Sergio Mariotti, 2009. "L'evoluzione delle imprese multinazionali italiane e il ruolo del quarto capitalismo," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 36(1), pages 123-134.
  8. Colli Andrea, 2005. "Il quarto capitalismo," L'industria, Società editrice il Mulino, issue 2, pages 219-236.
  9. Robert C. Feenstra, 1998. "Integration of Trade and Disintegration of Production in the Global Economy," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 31-50, Fall.
  10. Arndt, Sven W. & Kierzkowski, Henryk (ed.), 2001. "Fragmentation: New Production Patterns in the World Economy," OUP Catalogue, Oxford University Press, number 9780199243310, March.
  11. 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).
  12. 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.
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