1,721,009 research outputs found
Regional entrepreneurship and the structure of the banking market
No full textThis paper investigates whether local banking market structure affects regional entrepreneurship,measured by newfirm formation. Considering provincial data over the period 2011–21 in Italy, wefound that bank concentration andfirm formation had an inverted‘U’-shaped relationship. Lowerlevels of bank concentration fosteredfirm formation, but above a market share of about 58% for thelargest banks, which is seen in the South and some peripheral and inner areas of central and northernItaly, increased concentration reducedfirm formation. However, the presence of local banks is beneficialfor the birth of newfirms and can reduce the negative impact of high concentration. Thesefindingssuggest that banking market structure plays an important role in shaping regional entrepreneurship
Turnout and voting behaviour in constitutional referendums: a regional analysis of the Italian case
No full textThis paper investigates regional disparities of both turnout and voting behaviour in constitutional referendums. The analysis is undertaken at the NUTS-3 level and it considers the three constitutional referendums held in Italy in the period 2001–2016. It finds that turnout was lower in provinces with higher unemployment rates and where citizens had a stronger affiliation to opposition parties. These factors, along with level of government popularity, were important drivers of referendum results, especially in 2006 and 2016 when the referendums were rejected. In addition, while the three referendums implied different effects for rich and poor regions, mainly due to decentralization of powers, the local voting patterns did not reflect this. Overall, these findings suggest that the merit of the constitutional reforms played little part in explaining the outcome of the referendums
Regional entrepreneurship and innovation: historical roots and the impact on the growth of regions
No full textThis paper proposes a conceptual framework in which a historical cultural environment based on scientific knowledge and creativity is an important driver of long-term regional entrepreneurship and innovation. These two factors, in turn, foster the growth of regions. This framework is empirically tested in Italy using current and historical data at the NUTS 3 geographical level and applying structural equation modeling to a system of three equations. The empirical evidence supports the conceptual framework and shows that the cultural environment has an indirect effect on regional growth through entrepreneurship and innovation. Historical scientific knowledge, proxied by the presence of universities, and past creativity, proxied by the presence of scientists and inventors in the area, positively affect long-term regional entrepreneurship and innovation. Regions with higher levels of entrepreneurship and innovation grow faster than other regions. Lastly, entrepreneurship plays a crucial role by also strengthening the positive impact of innovation on growth
Cultural environment, entrepreneurship and innovation in europe. The importance of history
No full textThis paper proposes a conceptual framework in which the cultural environment is shaped by historical factors and, in turn, affects entrepreneurship and innovation in the long-term. To support this idea, we have described the scientific revolution that took place in Europe at the end of the Renaissance period, when social and religious tolerance, the power of the church and the attitude of elite groups towards scientific discovery spawned different cultural environments across European regions. In addition, using historical data at NUTS-3 geographical level in Europe, we estimated an econometric model to explore the long-term impact of regional knowledge base and creativity, two important aspects of the cultural environment, on actual economic drivers. The estimates suggest that the presence of universities in the past, our measure for historical knowledge base, and the number of scientists and inventors in the past, our measure for historical creativity, have a positive effect on current levels of regional entrepreneurship and innovation. The effects of creativity depend on the scientific field of the scientists and inventors
Gli effetti dei sussidi pubblici per la R&S delle piccole e medie imprese: un’analisi empirica
No full textBest Paper Awards per il paper dal titolo “The use of stock option in family firms”
No full textThis paper investigates whether the family ownership affects the aim of stock option plans. Taking advantage of the Italian setting that is representative of a family business environment, we perform a cluster analysis based on the characteristics of plan design to disentangle the incentive from the non-incentive stock option plans. We assume that with increasing of family ownership the overlapping between family and business life exacerbates the agency problems between family and non-family members and posit that the use of pay incentives helps to mitigate these problems. Our logit model reveals that family firms are more likely to grant stock options to family members to align their interests to the ones of non-family owners, especially when a non-family CEO is in charge. This paper contributes to the existing literature on corporate governance in family business. Our results have also practical significance for investors, analysts and policy-makers
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Extract Or Not Extract? The Effect of Familism on Stock Option Plans.
No full textThere is an ongoing debate in managerial literature regarding the aim of stock option plans (SOPs). In this paper we analyse whether and to what extent the family involvement in ownership and managerial positions affects the use of SOPs as tools to extract rents. By examining a sample of plans issued by Italian listed firms, we classify the SOPs according to their characteristics (i.e. vesting period, lock-up, strike price, market index) and identify three different clusters namely Rent SOPs, Non-Rent SOPs, Hybrid. After controlling for CEO family, board size, equity owned by minority shareholders, and other firm-specific characteristics, we find that family firms are less likely to adopt SOPs for rent extraction purpose. We also find that SOPs specifically granted to family members are less likely to pursue rent extraction goals. Our findings are robust against different specifications of family firms. This paper offers important theoretical contributions to management research and insightful policy implications for all family owned listed firms
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