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Eterogeneità delle imprese e stagnazione del capitalismo italiano

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  • A. Arrighetti

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  • F. Landini

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Abstract

Questo lavoro offre una spiegazione della (apparente) stagnazione della produttività nel manifatturiero italiano negli anni che precedono la Grande Recessione. Contrariamente ad un’opinione diffusa che vuole l’Italia affetta da un declino della produttività uniforme e difficile da arrestare, l’effettiva stagnazione della produttività aggregata appare in realtà la risultante di un effetto composizione tra le performance di tipologie di imprese molto diverse. Alcune imprese nell’ultimo ventennio hanno adottato strategie proattive volte a migliorare il livello qualitativo e l’efficienza delle produzioni, ottenendo risultanti di rilievo anche e soprattutto nei mercati esteri. Altre si sono invece orientate su strategie di compressione dei costi, riducendo sensibilmente gli investimenti in capitale fisico e capitale umano. In mezzo a questi due estremi, ci sono poi imprese che hanno adottato orientamenti strategici misti caratterizzati da interventi, parziali, incompleti o poco coerenti tra loro. Queste tre tipologie di imprese presentano forti e persistenti differenziali di produttività intra-settoriale, che risultano particolarmente elevati nel confronto tra primo e secondo gruppo. Tali differenziali in aggregato tendono a compensarsi. A ciò si aggiungono differenziali di profittabilità molto contenuti. La combinazione di questi effetti determina una persistente stagnazione della produttività aggregata. La nostra tesi è che questa differenziazione dei profili strategici sia il risultato dei cambiamenti economici e istituzionali che hanno caratterizzato l’economia italiana tra la seconda metà degli anni Novanta e l’inizio degli anni Duemila. Tali cambiamenti includono sia shock esterni come l’avvento della globalizzazione, sia intensi percorsi di riforma istituzionale aventi per oggetto una ampia varietà di aspetti come mercato del lavoro, fiscalità d’impresa, diritto societario, mercato dei capitali e regolazione monetaria.

Suggested Citation

  • A. Arrighetti & F. Landini, 2018. "Eterogeneità delle imprese e stagnazione del capitalismo italiano," Economics Department Working Papers 2018-EP01, Department of Economics, Parma University (Italy).
  • Handle: RePEc:par:dipeco:2018-ep01
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    Keywords

    Firm Heterogeneity; Productivity; Profit; Misallocation; Capabilities; Institutions; Italy;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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