Archivio della ricerca- LUISS Libera Università Internazionale degli Studi Sociali Guido Carli di Roma
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Innovation and Zombie Firms: Empirical Evidence from Italy
Full text linkZombie firms are businesses that cannot repay debt from current profits over an extended period and yet continue to operate and avoid failure. This article specifically investigates whether and under what circumstances the presence of zombies in an industry constitutes a barrier to the innovativeness of non-zombies in the same sector. Conceptually, non-zombie firms may face tougher access to finance and fiercer market competition when zombies are in business, and this could reduce their innovative efforts. By analysing matched patent-firm data from Bureau van Dijk ORBIS Intellectual Property on 426,130 Italian firms from 2012 to 2018, we find evidence in favour of this negative intra-industry spillover. Nonetheless, this general relationship is subject to various contingencies. Specifically, zombies are detrimental to healthy firms that (i) depend on external sources of finance, (ii) operate in highly competitive markets, (iii) are more exposed to the erosion of their market shares, and (iv) do not possess a pre-existing strong knowledge base. Our findings have relevant policy and managerial implications
Digital Constitutionalism & Copyright, Towards a new social contract for the regulation of creativity in the digital environment
No full textManagerial and organisational factors: Unravelling resource allocation choices in high-performing micro-firms
No full textResource allocation decisions are pivotal in shaping the strategic direction of organisations, particularly in micro-firms that operate with limited resources and dispersed information. This research delves into the intricate interplay between managerial and organisational factors related to information collection, processing and resource allocation in the context of high-performing micro-firms. By advancing our understanding of how the internal coordination of information needed in decision-making and resource allocation evolves within micro-firms, we reveal the mechanisms that stabilise the relationship between participants and problems. Additionally, we explore how the capabilities of managers and owners, who often centralise final decisions in micro-firms, can catalyse the emergence of such coordination. This holistic view of strategic resource allocation in micro-firm settings addresses the fundamental question of how micro-enterprises overcome structural limitations to achieve high levels of performance. Our findings provide valuable insights for scholars, managers and policymakers, contributing to the broader discourse on resource management in micro-firms
La nuova governance economica europea tra “metodo PNRR” e costituzionalismo numerico di bilancio
Full text linkIl contributo si propone di indagare il peculiare percorso del “costituzionalismo numerico di bilancio”. Nel periodo compreso tra le due crisi (quella dei debitisovrani e quellapandemica) sia la flessibilità di bilancio sia il “cattivo” utilizzo del debito hanno infatti portato a ridefinire l’equilibrio tra vincoli quantitativi di bilancio e coordinamento qualitativo delle politiche economiche. Next Generation EU e PNRR, in questo senso, possono essere considerati gli sviluppi del percorso iniziato a Maastricht e che si è sviluppato negli ultimi trent’anni, con un’attenzione sempre maggiore all’integrazione delle politiche economiche degli Stati membri e con la sostituzione temporanea del vincolo numerico con indicatori multipli per il raggiungimento di obiettivi più definiti, come quelli relativi a milestonese targets. Questa tendenza si è poi parzialmente indebolita nella nuova governance economica europea derivante dal nuovo Patto di Stabilità e Crescita, in cui viene in parte utilizzato il metodo NRRP ma, allo stesso tempo, sono inserite nuove clausole numeriche di salvaguardia.The paper aims to investigate the peculiar path of “budget numerical constitutionalism”. In the period between the two crises (sovereign debt and pandemic) both budget flexibility and the “bad” use of debt led to a redefinition of the balance between quantitative budget constraints and qualitative coordination of economic policies. Next Generation EU and National recovery and resilience plans (NRRP), in this sense, can be considered the developments of the path that started in Maastricht and which has unfolded over the last thirty years, with ever greater attention to the integration of the economic policies of Member States and with the temporary replacement of the numerical constraint with multiple indicators for the achievement of more defined goals, such as those relating to milestones and targets. This trend then partially weakened in the new European economic governance deriving from the new Stability and Growth Pact, in which on the one hand the NRRP method is internalized but, on the other, new numerical safeguard clauses have entered
The impact of leadership preferences and personality traits on employees’ motivation
No full textPurpose– The COVID-19 pandemic has contributed to making workers more uncompromising with respect to issues such as quality of workplace relations and work-life balance. Hence, motivation and leadership style assume a key relevance for keeping the workforce engaged. We hypothesize that individuals may exhibit different preferences for motivational drivers and for leadership style, and that thesetwosetsofpreferencesmightbecorrelatedwitheachotherandwithemployees’ personality traits. Design/methodology/approach– Here, we empirically investigate the relationship between leadership style and motivation, by also hypothesizing the possible contribution of personality traits. An online survey was developed and distributed to 150 employees or interns/trainees to collect measures related to their preference for leadership, their motivational drivers, as well as their personality traits. The data were analyzed by means of mediation and moderation analyses to disentangle the three-level relationship existing between these constructs. Findings–Ourresultssuggestthatindeedthereexistsarelationshipbetweenpreferencesforleadershipstyle and motivational drivers. Furthermore, one of these relationships appears to be critically mediated by specific personality traits. Originality/value– This work is the first, to our knowledge, empirically testing the existence of a three-level relationship between leadership preferences, motivation and personality traits of employees and to contribute to disentangle their reciprocal influences
Make it work - The challenge to diversity in entrepreneurial teams: A configurational perspective
Full text linkTeams and timing are considered decisive for firm survival. We investigate the impact on firm survival of entrepreneurial team composition, in terms of diversity, and the speed of entering markets. Unlike research analysing the effects of low or high diversity, our research understands new venture teams as configurations of multiple, concurrent dimensions of diversity by untangling it in variety, separation, and disparity. By identifying distinct survival and failure configurations, we demonstrate that team variety is functional for firm survival if challenged by separation or disparity
Direct Effect in EU Law
No full textThe book revisits the past, present, and future of direct effect in European Union law. It offers a fully innovative understanding of this revolutionary doctrine from historical, theoretical, doctrinal, and practical perspectives. The volume explains that direct effect has evolved into a broader legal category than it was at the outset of the European legal integration process in the 1960s. Such evolution should be acknowledged, articulated, and systematized by the CJEU. Indeed, despite direct effect being the backbone of EU (institutional, constitutional, procedural, and substantive) law, this principle lacks a clear legal framing by the CJEU as to its core components and consequences. This form of self-restraint is as troublesome as judicial activism since courts should always endeavour to effectively understand and legally frame fundamental principles from which other principles, rules of reason, and legal taxonomies are derived. Moreover, argumentative minimalism runs the risk of undermining the spirit and purpose of the process of European integration, especially in a time like ours, when new forms of populism, sovereigntism, and anti-Europeanism are on the rise. In this connection, the aim of the book is to reconstruct direct effect, also beyond Van Gend & Loos and the doctrine originating from it, and ultimately submit solutions for its principled comprehension and enforcement
Parfaite: PageRank-Matrix Factorization for Interpretable Graph Embeddings
No full textThere have been increasing efforts in recent years to develop so-called graph embeddings, which among other things allow to employ standard machine learning techniques to solve urgent real-world problems. However, developing interpretable graph embeddings has received much less attention. In our work, we develop Parfaite, an algorithm for finding an interpretable and effective graph embedding, based on the factorization of the PageRank matrix of the input graph. We evaluate the interpretability of our method against popular graph embedding techniques, such as node2vec, showing that Parfaite boasts significantly higher interpretability scores. Another contribution of our work is the release of a novel dataset constructed from all pages of the French version of Wikipedia, which we release for reproducibility and benchmarking
