1,721,377 research outputs found
Entrepreneurship, technology and change: a review and proposal for an interpretative frame work
No full textIdee imprenditoriali, managerial skills e crescita delle imprese
No full textQuesto contributo ha dapprima carattere introduttivo sul fenomeno dell’imprenditorialità e si concentra su alcuni aspetti dirimenti, talvolta oggetto di attenzione separata in letteratura. Il primo attiene il carattere multidisciplinare del tema dell’imprenditorialità. Si parte, infatti, dalle caratteristiche cognitive dell’individuo e quindi dagli studi di natura psicologica e antropologica fino ad arrivare alle sue relazioni con l’organizzazione e con l’ambiente. In merito al primo aspetto, cioè quello dell’organizzazione, la riflessione si apre sulle tipologie e sulla possibilità di attivare una corporate entrepreneurship e di verificare come questa si esplichi al crescere delle dimensioni d’impresa. Viene stigmatizzata la triade “capitalista, imprenditore e manager”. Con riferimento al secondo, cioè all’ambiente, ci si interroga sull’habitat imprenditoriale, inteso come insieme delle condizioni al contorno che possono condizionare l’attitudine all’imprenditorialità. Si rivela essenziale il ruolo dell’Università e più in generale dei sistemi educativi. Nell’ultima parte del lavoro si riflette sul caso italiano e si auspica la necessità di favorire una nuova forma di imprenditorialità, quella che non nasce più dalle semplici necessità materiali come nell’Italia del secolo scorso, ma si innesta sul bisogno anche emotivo dell’individuo di valorizzarsi in termini comparativi e non assoluti. Questo passaggio richiede uno sforzo nuovo al sistema educativo ai diversi livelli poiché si riconosce la necessità di una nuova strumentazione di supporto al tempo stesso tecnologica e manageriale
The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-based Small Firms
No full textFinancial constraints to the development of innovation are often considered one of the main impediments to high-technology firms seeking to expand and grow. In particular this is the case of small and medium size high-tech firms. In the U.S. and the U.K. a variety of sources of finance are available to the start-ups of innovative firms; in the other European countries, and particularly in Italy, these means are still uncommon so that the development of technology is often prevented. This paper, based on an empirical analysis on a survey of 46 small high-tech Italian firms, aims at exploring the problems experienced by small businesses in gaining access to debt and equity finance. The results highlight that traditional financial sources are inadequate to finance innovative projects. The questioned firms rely mainly on personal finance, and secondly on short term bank debt; they are truly involved in maintaining control over the firm activities and are willing to issue outside equity only if the new investors also provide non financial competencies. Among the 46 interviewed firms, only 10 are willing to be listed in the future on small firms' stock markets
Income shifting in Italian business groups and some governance implications
No full textThis paper explores the relationship among group control, financial reporting strategies and governance implications in the pursuit of domestic tax planning. A very large number of papers deals with international tax planning in multidivisional enterprises, but very few are devoted to exploring significant incentives for national business groups to engage in tax planning strategies. In this paper we propose a one-period model relating to the tax incentives of income shifting in Italian business groups. We show that, given the total amount of expected earnings before taxes and the dividends received by the firms belonging to a business group, an optimal solution to the problem of minimizing the group tax burden exists. The optimal solution involves a gain in value for the group as a whole; nevertheless, since in business groups ownership is often differentiated among shareholders (often because of the separation between ownership and control), income shifting may determine wealth transfers, often in favor of the controlling shareholder. We therefore analyze the management and governance implications of such income shifting, for both shareholders and stakeholders (i.e. managers)
Should firms going public enjoy tax benefits? An analysis of the Italian experience in the 1990s
No full textIn Italy tax benefits are granted to firms going public. However, does such tax relief really reduce the corporate tax burden? In this study we tackle the issue by considering 21 industrial firms that were listed on the Italian Exchange from 1995 to 1997 and enjoyed a temporary tax rate cut-off. We find that the increase in the taxable income reported by these firms largely counterbalances the effect of the tax relief. We conclude that a tax rate cut-off may not necessarily provoke a reduction in the tax burden for newly listed firms, since in the short term they report larger earnings compared with privately-owned companies. We claim that this ‘induced’ effect is mainly due to: the significant improvement of operating performance in the year of the listing; the reduction of the debt tax shield; an increase in investment and more accounting transparency. Our findings suggest that tax relief for IPO firms does not necessarily mean a loss of revenue for the government. © 2017 Wiley. All rights reserved
Le agevolazioni fiscali alla quotazione delle imprese: effetti per le imprese e per il mercato finanziario
No full textIn questo lavoro si discute delle agevolazioni fiscali alla quotazione delle imprese. L’analisi identifica quattro tipologie di imprese che possono beneficiare dell’agevolazione: a) le imprese che si sarebbero quotate anche in assenza dell’incentivo fiscale; b) le imprese che sono indotte dall’agevolazione a quotarsi e ad effettuare investimenti che altrimenti non avrebbero fatto perché non redditizi; c) le imprese che, pur avendo canali alternativi di finanziamento di un investimento profittevole, in presenza dell’incentivo, si quotano quando il medesimo è superiore ai costi di quotazione; d) le imprese, infine, che in assenza di canali alternativi di finanziamento, si quotano solo grazie all’incentivo fiscale alla quotazione. La discussione mostra come solo le ultime due tipologie di imprese debbano essere l’obiettivo di un provvedimento agevolativo. Vengono, infine, studiati gli incentivi Tremonti del 1994 e Visco del 1998 evidenziando, per entrambi, pregi e difetti nell’ottica di accrescere il numero di società quotate e viene proposto un incentivo alternativo (denominato “bonus fiscale”) avente il merito di attenuare l’effetto di anticipazione dell’investimento tipico dell’incentivo Tremonti e di essere quantitativamente molto più consistente della superDit (Visco). Peraltro, il nuovo incentivo Tremonti contenuto nell’ultima Legge Finanziaria e valido per il 2004 sembra essere in molte parti in sintonia con le considerazioni svolte in questo lavoro
Regional Transformation Processes through the Universities—Institutions—Industry Relationship
No full textThe purpose of this paper is, first, to highlight the role of the relationships between universities, institutions and firms in different regional development processes working towards a knowledge economy, and, second, to draw some implications for local policy makers. Adopting the regional innovation system (RIS) approach, the authors analyse selected regions – Cambridge (UK), Baden-Württemberg (Germany), Göteborg, (Sweden), Singapore, Milwaukee (USA) and Pittsburgh (USA) – which in the last two decades have undergone a process of economic and industrial renewal. From their analysis of the regional transformation process, they classify three different regional development paths defined respectively as ‘RIS-into’, ‘RIS-from’ and ‘RIS-through’ processes. Some common features emerge. In the process of regional development cooperation among universities, institutions and firms is essential. In particular, local universities play a crucial role in providing highly-educated people, research and spin-off activities. Thus universities are able to foster knowledge spillovers and interact constructively with firms. These interactions are nurtured and promoted by local policy makers
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