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  1. The enabling technologies of industry 4.0
    examining the seeds of the fourth industrial revolution
    Autor*in: Martinelli, Arianna; Mina, Andrea; Moggi, Massimo
    Erschienen: [2019]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Technological revolutions mark profound transformations in socio-economic systems. They are associated with the diffusion of general purpose technologies that display very high degrees of pervasiveness, dynamism and complementarity. This paper... mehr

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    Technological revolutions mark profound transformations in socio-economic systems. They are associated with the diffusion of general purpose technologies that display very high degrees of pervasiveness, dynamism and complementarity. This paper provides an in-depth examination of the technologies underpinning the "factory of the future" as profiled by the Industry 4.0 paradigm. It contains an exploratory comparative analysis of the technological bases and the emergent patterns of development of Internet of Things (IoT), big data, cloud, robotics, artificial intelligence and additive manufacturing. By qualifying the "enabling" nature of these technologies, it explores to what extent their diffusion and convergence can be configured as the trigger of a fourth industrial revolution, and identifies key themes for future research on this topic from the viewpoint of industrial and corporate change.

     
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    Weitere Identifier:
    hdl: 10419/203099
    Auflage/Ausgabe: Version: February 2019
    Schriftenreihe: LEM working paper series ; 2019, 09 (April 2019)
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Firm-level pay agreements and within-firm wage inequalities
    evidence across Europe
    Autor*in: Cirillo, Valeria; Sostero, Matteo; Tamagni, Federico
    Erschienen: [2019]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This article investigates the relation linking single-employer bargaining and within-firm wage dispersion - a significant driver of overall wage inequality. The study considers six European economies (Belgium, Spain, Germany, France, the Czech... mehr

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    This article investigates the relation linking single-employer bargaining and within-firm wage dispersion - a significant driver of overall wage inequality. The study considers six European economies (Belgium, Spain, Germany, France, the Czech Republic and the UK), featuring different collective bargaining institutions, in 2006 and 2010. We examine two different measures of within-firm inequality, allowing to capture how different groups of employees (top vs. bottom paid, and managers vs. low-layer employees) may differently benefit or lose from firm-level bargaining. Our findings show that firm-level bargaining has heterogeneous effects across countries, over time and by inequality measures. We interpret our evidence as supporting that country-specificities and the heterogeneous balance of power within organizations represent key elements to understand the role of the bargaining system in shaping inequalities.

     
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    hdl: 10419/203102
    Schriftenreihe: LEM working paper series ; 2019, 12 (May 2019)
    Umfang: 1 Online-Ressource (circa 36 Seiten)
  3. Long-term firm growth
    an empirical analysis of US manufacturers 1959-2015
    Autor*in: Dosi, Giovanni; Grazzi, Marco; Moschella, Daniele; Pisano, Gary P.; Tamagni, Federico
    Erschienen: [2019]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Firm growth is an essential feature of market economies, shaping together macroeconomic performance and the evolution of industry structures. As a potential indicator of organizational "fitness" within a competitive environment, firm growth is also a... mehr

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    Firm growth is an essential feature of market economies, shaping together macroeconomic performance and the evolution of industry structures. As a potential indicator of organizational "fitness" within a competitive environment, firm growth is also a central concern to both the practice and theory of business strategy. Despite both its theoretical and practical importance, though, growth remains a poorly understood property of firms. While previous studies have documented the highly skewed nature of firm growth rates, we know far less about the persistence of growth rates over long-periods of time. For instance, do "fast growers" tend to maintain their relative growth rates advantages over long-periods or is superior growth a transitory phenomenon? Is, as predicted by evolutionary and capability based theories of the firm, the process of firm growth path-dependent or is it more akin to a random walk? The answers to these questions are central to building a robust theory of firm growth. This paper attempts to address this gap in our empirical knowledge of firm growth using a dataset that spans 50 years, which allows the abandonment of the assumption, common to all incumbent studies, that the stochastic paths of all firms stem from the same generating process. These exploratory results indicate that growth rate persistence is there and my be even substantial for some firms, but it is rare. We also study the links between the micro- properties of firm growth within sectors and the patterns of aggregate growth of these same sectors. Indeed, we find circumstantial but widespread evidence that heterogeneity across firms correlates with industry dynamism.

     
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    hdl: 10419/203103
    Schriftenreihe: LEM working paper series ; 2019, 13 (May 2019)
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
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    Richtiger Name des Verfassers: Giovanni Dosi
  4. Digitalizing firms: skills, work organization and the adoption of new enabling technologies
    Autor*in: Cirillo, Valeria; Fanti, Lucrezia; Mina, Andrea; Ricci, Andrea
    Erschienen: [2021]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    New enabling technologies are shaping the transformation of production activities. This process of change is characterised by growing digitization, inter-connectivity and automation. The diffusion of new technologies is, however, very uneven, and... mehr

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    New enabling technologies are shaping the transformation of production activities. This process of change is characterised by growing digitization, inter-connectivity and automation. The diffusion of new technologies is, however, very uneven, and firms display different adoption behaviours. By using panel data on a large representative sample of Italian firms, we explore the patterns and determinants of new digital technology adoption. We build our theoretical framework on the nexus between technology, skills and the organisation of work. We then provide novel econometric evidence on the positive effects of human capital and training. Among the notable results of the paper, labour flexibility does not seem to favour new technology adoption, whereas second-level collective bargaining plays a positive role in the process. Results also show heterogeneous effects between large vs. small and medium-size firms, and between manufacturing and service sectors.

     
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    hdl: 10419/243500
    Schriftenreihe: LEM working paper series ; 2021, 04 (February 2021)
    Schlagworte: Digital technologies; Industry 4.0; skills; human capital; work organisation
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  5. Innovation strategies and firm growth
    Autor*in: Bianchini, Stefano; Pellegrino, Gabriele; Tamagni, Federico
    Erschienen: February 2016
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    In this work, we explore the relations between sales growth and a set of innovation indicators that capture the different sources, modes and results of the innovative activity undertaken within firms. We exploit a rich panel on innovation activity of... mehr

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    In this work, we explore the relations between sales growth and a set of innovation indicators that capture the different sources, modes and results of the innovative activity undertaken within firms. We exploit a rich panel on innovation activity of Spanish manufacturing firms, reporting detailed CIS-type information continuously over the period 2004-2011. Standard GMM-panel estimates of the average effect of innovation activities reveal significant and positive effect for internal R&D, while no effect is found for external sourcing of knowledge (external R&D, acquisition of embodied and disembodied technologies) as well as for output of innovation (process and product innovation). However, fixed-effects quantile regressions reveal that innovation activities, apart from process innovation and disembodied technical change, display a positive effect on high-growth performance. Finally, we find evidence of super-modularity of the growth function, revealing complementarities of internal R&D with product innovation, and between product and process innovation.

     
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    hdl: 10419/174512
    Schriftenreihe: LEM working paper series ; 2016/03
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  6. Wage dispersion and technology
    a firm-level analysis on European data
    Autor*in: Cirillo, Valeria; Sostero, Matteo; Tamagni, Federico
    Erschienen: February 2016
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Within-firm wage dispersion represents a relevant dimension of the overall wage inequality. A large stream of literature has analysed the wage-technology link without explicitly taking into account within-firm wage dispersion. In this work we aim to... mehr

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    Within-firm wage dispersion represents a relevant dimension of the overall wage inequality. A large stream of literature has analysed the wage-technology link without explicitly taking into account within-firm wage dispersion. In this work we aim to empirically investigate how technology affects within-firm wage dispersion and how it changes according to employer size. By exploiting employer-employee data from a survey of European firms (Eurostat's Structure of Earnings Survey - 2010) matched with information on sector innovation derived from the Community Innovation Survey, we look at the impact of innovation across small and medium-large firms, both on the average wages paid by firms and on the degree of within-firm wage inequality. Furthermore, we distinguish between high-paying and low-paying firms and more equal and unequal firms by means of a quantile regression approach.

     
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    hdl: 10419/174514
    Schriftenreihe: LEM working paper series ; 2016/05
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  7. Persistence of innovation and patterns of firm growth
    Autor*in: Guarascio, Dario; Tamagni, Federico
    Erschienen: September 2016
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    In this work we test if persistent innovators, defined according to different innovation activities (R&D, product and process innovation, patenting) grow more than other firms, and if innovation persistence can contribute to explain the so far little... mehr

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    In this work we test if persistent innovators, defined according to different innovation activities (R&D, product and process innovation, patenting) grow more than other firms, and if innovation persistence can contribute to explain the so far little evidence in favor of persistence in growth itself. We exploit a somewhat uniquely long-in-time dataset tracing a representative sample of Spanish manufacturing firms over the period 1990-2012. This allows to overcome the difficulties in the definition of persistent innovators traditionally based on innovation surveys. Our findings, against the expectations, support that persistent innovators do not generally outperform the other firms. First, they do not grow more, and actually we find that, despite some variation across innovation persistence indicators, they even grow less than other firms in the top-quantiles of the growth rates distribution, that is among high-growth firms. Further, persistent innovators do not show higher growth persistence than other firms, in none of the quantiles of the growth rates distribution, independently from the innovation persistence indicator considered.

     
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    hdl: 10419/174540
    Schriftenreihe: LEM working paper series ; 2016/31
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  8. Innovation strategies and firm growth
    Autor*in: Bianchini, Stefano; Pellegrino, Gabriele; Tamagni, Federico
    Erschienen: [2016]
    Verlag:  Institut d’Economia de Barcelona, Barcelona

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    Schriftenreihe: Array ; 2016, 10
    Schlagworte: Innovationsmanagement; Unternehmenswachstum; Momentenmethode; Spanien
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  9. Persistent high-growth firms in China's manufacturing
    Autor*in: Moschella, Daniele; Tamagni, Federico; Yu, Xiaodan
    Erschienen: January 2017
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This article investigates the characteristics of high-growth (HG) firms in Chinese manufacturing, and further explores the effects of firm characteristics on persistence of high-growth. We employ a multidimensional definition of HG firms that... mehr

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    This article investigates the characteristics of high-growth (HG) firms in Chinese manufacturing, and further explores the effects of firm characteristics on persistence of high-growth. We employ a multidimensional definition of HG firms that simultaneously accounts for growth of sales and employment. Exploiting a representative panel covering the period of the China's miracle, we find that HG firms outperform other firms, showing higher productivity, higher profitability, larger investment intensity, higher sales from product innovation, lower interest expenses and lower leverage. HG firms are also relatively young, larger in size, more often exporters and more concentrated in non-State-controlled companies. However, regression analysis suggests that none of the indicators of structural characteristics and performance considered above displays any statistical association with the ability to persistently replicate high-growth over time. The results speak against the long-run effectiveness of policies supporting the creation and backing of high-growth firms.

     
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    hdl: 10419/174553
    Schriftenreihe: LEM working paper series ; 2017, 03 (January 2017)
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  10. Quantifying knowledge spillovers from advances in negative emissions technologies
    Autor*in: Tripodi, Giorgio; Lamperti, Francesco; Mavilia, Roberto; Mina, Andrea; Chiaromonte, Francesca; Lillo, Fabrizio
    Erschienen: [2022]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Negative emissions technologies (NETs) feature prominently in most scenarios that halt climate change and deliver on the Paris Agreement's temperature goal. As of today, however, their maturity and desirability are highly debated. Since the social... mehr

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    Negative emissions technologies (NETs) feature prominently in most scenarios that halt climate change and deliver on the Paris Agreement's temperature goal. As of today, however, their maturity and desirability are highly debated. Since the social value of new technologies depends on how novel knowledge fuels practical solutions, we take an innovation network perspective to quantify the multidimensional nature of knowledge spillovers generated by twenty years of research in NETs. In particular, we evaluate the likelihood that scientific advances across eight NET domains stimulate (i) further production of knowledge, (ii) technological innovation, and (iii) policy discussion. Taking as counterfactual scientific advances not related to NETs, we show that NETs-related research generates overall significant, positive knowledge spillovers within science and from science to technology and policy. At the same time, stark differences exist across carbon removal solutions. For example, the ability to turn scientific advances in NETs into technological developments is a nearly exclusively feature of Direct Air Capture (DAC), while Bio-energy with Carbon Capture and Storage (BECCS) lags behind. Conversely, BECCS and Blue Carbon (BC) have gained relative momentum in the policy and public debate, vis-Ã -vis limited spillovers from advances in DAC to policy. Moreover, both scientific advances and collaborations cluster geographically by type of NET, which might affect large-scale diffusion. Finally, our results suggest the existence of coordination gaps between NET-related science, technology, and policy.

     
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    hdl: 10419/266087
    Schriftenreihe: LEM working paper series ; 2022, 17 (May 2022)
    Schlagworte: Climate change mitigation; Negative emissions technologies; Carbon dioxide removal; Innovation; Knowledge spillovers; Data mining; Networks
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  11. The causal effects of R&D grants: evidence from a regression discontinuity
    Autor*in: Santoleri, Pietro; Mina, Andrea; Di Minin, Alberto; Martelli, Irene
    Erschienen: [2020]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Direct public support for business R&D is a well-established remedy to market failures, yet empirical evidence on its effectiveness yields conflicting results. The paper investigates the impact of the first European public R&D grant program targeting... mehr

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    Direct public support for business R&D is a well-established remedy to market failures, yet empirical evidence on its effectiveness yields conflicting results. The paper investigates the impact of the first European public R&D grant program targeting small and medium enterprises (i.e. the SME Instrument) on a wide range of firm outcomes. We leverage the assignment mechanisms of the policy and employ a sharp regression discontinuity design to provide the broadest quasi-experimental evidence on R&D grants over both geographical and sectoral scopes. Results show that grants trigger sizable impacts. They increase investment, notably in intangibles, and innovation outcomes as measured by cite-weighted patents; they trigger faster growth in assets, employment and revenues; they lead to higher likelihood of receiving follow-on equity financing and lower failure chances. These effects tend to be larger for firms that are smaller and younger, or operating in sectors characterized by higher financial frictions. Furthermore, responses are stronger in countries and regions with lower economic development. The paper provides extensive evidence that the beneficial effects of R&D grants materialize through funding rather than certification effects.

     
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    hdl: 10419/228157
    Schriftenreihe: LEM working paper series ; 2020, 18 (June 2020)
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  12. Discovering pre-entry knowledge complexity with patent topic modeling and the post-entry growth of Italian firms
    Autor*in: Guerzoni, Marco; Nuccio, Massimiliano; Tamagni, Federico
    Erschienen: [2022]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Innovation studies have largely recognized the role of knowledge in fostering innovation and growth of entrants. Previous literature has focused on entrepreneurial and managerial capabilities and education and knowledge incorporated in material and... mehr

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    Innovation studies have largely recognized the role of knowledge in fostering innovation and growth of entrants. Previous literature has focused on entrepreneurial and managerial capabilities and education and knowledge incorporated in material and immaterial resources. We assume that new firms need to possess different pieces of knowledge, but beyond diversity, business performance relies also on knowledge distinctiveness. In other words, the complexity of a knowledge base is not simply the recombination of homogeneous pieces of knowledge but it also depends on the specific nature of each of them. This paper develops a new complexity indicator able to capture the complexity of the knowledge base by applying a topic modeling approach to the analysis of patent text. We explore the empirical relation between pre-entry complexity of knowledge, as measured by our complexity index, and post-entry growth performance of a sample of Italian firms entering the market in 2009-2011, which we then follow over the period 2012-2021. Baseline results show a significant and positive association between knowledge complexity and growth, even after controlling for firm characteristics and year, sector and region fixed-effects. Robustness analysis reveal this positive effect is stronger in the medium-long run while relatively weaker for innovative SMEs.

     
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    hdl: 10419/273627
    Schriftenreihe: LEM working paper series ; 2022, 25 (September 2022)
    Schlagworte: pre-entry knowledge base; complexity; text analysis; patents; firm growth; post-entry performance
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  13. Persistence in firm growth
    inference from conditional quantile transition matrices
    Autor*in: Bottazzi, Giulio; Kang, Taewon; Tamagni, Federico
    Erschienen: [2022]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    We propose a new methodology to assess the degree of persistence in firm growth, based on Conditional Quantile Transition Probability Matrices (CQTPMs) and well-known indexes of intra-distributional mobility. Improving upon previous studies, the... mehr

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    We propose a new methodology to assess the degree of persistence in firm growth, based on Conditional Quantile Transition Probability Matrices (CQTPMs) and well-known indexes of intra-distributional mobility. Improving upon previous studies, the method allows for exact statistical inference about TPMs properties, at the same time controlling for spurious sources of persistence due to confounding factors such as firm size, and sector-, country- and time-effects. We apply our methodology to study manufacturing firms in the UK and four major European economies over the period 2010-2017. The findings reveal that, despite we reject the null of fully independent firm growth process, growth patterns display considerable turbulence and large bouncing effects. We also document that productivity, openness to trade, and business dynamism are the primary sources of firm growth persistence across sectors. Our approach is flexible and suitable to wide applicability in firm empirics, beyond firm growth studies, as a tool to examine persistence in other dimensions of firm performance.

     
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    hdl: 10419/273629
    Schriftenreihe: LEM working paper series ; 2022, 27 (September 2022)
    Schlagworte: Firm growth persistence; Transition probability matrices; Mobility indexes; Non-parametric statistics
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  14. A numerical revolution
    the diffusion of practical mathematics and the growth of pre-modern European economies
    Autor*in: Danna, Raffaele; Iori, Martina; Mina, Andrea
    Erschienen: [2022]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    The accumulation of knowledge and its application to a variety of human needs is a discontinuous process that involves innovation and change. While much has been written on major discontinuities associated, for instance, with the rise of new... mehr

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    The accumulation of knowledge and its application to a variety of human needs is a discontinuous process that involves innovation and change. While much has been written on major discontinuities associated, for instance, with the rise of new technologies during industrial revolutions, other phases of economic development are less well understood, even though they might bring into even sharper focus the mechanisms through which growth is generated by the systematic application of human knowledge to practical problems. In this paper, we investigate the transmission of new mathematical knowledge from the 13th to the end of the 16th century in Europe. Using an original dataset of over 1050 manuals of practical arithmetic, we produce new descriptive and quasi-experimental evidence on the economic importance of the European transition from Roman to Hindu-Arabic numerals (0, 1, 2, 3, 4, 5, 6, 7, 8, 9). This numerical revolution laid the foundations for the commercial revolution of the 13th century, and the diffusion of knowledge through organised learning had positive and significant effects on the growth of pre-modern European economies.

     
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    hdl: 10419/266088
    Schriftenreihe: LEM working paper series ; 2022, 18 (June 2022)
    Schlagworte: Human capital; knowledge diffusion; learning; economic growth
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  15. Venture capital investments through the lens of network and functional data analysis
    Autor*in: Esposito, Christian; Gortan, Marco; Testa, Lorenzo; Chiaromonte, Francesca; Fagiolo, Giorgio; Mina, Andrea; Rossetti, Giulio
    Erschienen: [2022]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    In this paper we characterize the performance of venture capital- backed firms based on their ability to attract investment. The aim of the study is to identify relevant predictors of success built from the network structure of firms' and investors'... mehr

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    In this paper we characterize the performance of venture capital- backed firms based on their ability to attract investment. The aim of the study is to identify relevant predictors of success built from the network structure of firms' and investors' relations. Focusing on deal-level data for the health sector, we first create a bipartite network among firms and investors, and then apply functional data analysis (FDA) to derive progressively more refined indicators of success captured by a binary, a scalar and a functional outcome. More specifically, we use different network centrality measures to capture the role of early investments for the success of the firm. Our results, which are robust to different specifications, suggest that success has a strong positive association with centrality measures of the firm and of its large in- vestors, and a weaker but still detectable association with centrality measures of small investors and features describing firms as knowl- edge bridges. Finally, based on our analyses, success is not associated with firms' and investors' spreading power (harmonic centrality), nor with the tightness of investors' community (clustering coefficient) and spreading ability (VoteRank).

     
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    Schriftenreihe: LEM working paper series ; 2022, 07 (February 2022)
    Schlagworte: Network analysis; functional data analysis; venture capital; investment trajectory
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  16. Innovation, asymmetric information and the capital structure of new firms
    Autor*in: Taglialatela, Jonathan; Mina, Andrea
    Erschienen: [2021]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    The paper focuses on the capital structure of firms in their early years of operation. Through the lens of Pecking Order Theory, we study how the pursuit of innovation influences the reliance of firms on different types of internal and external... mehr

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    The paper focuses on the capital structure of firms in their early years of operation. Through the lens of Pecking Order Theory, we study how the pursuit of innovation influences the reliance of firms on different types of internal and external finance. Panel analyses of data on 7,394 German start-ups show that innovation activities are relevant predictors of the start-ups' revealed preferences for finance, and that the nature of these effects on the type and order of financing sources depends on the degree of information asymmetries specific to research and development activities, human capital endowments, and the market introduction of new products and processes.

     
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    Schriftenreihe: LEM working paper series ; 2021, 36 (October 2021)
    Schlagworte: Innovation; information asymmetries; start-up; pecking order; entrepreneurial finance
    Umfang: 1 Online-Ressource (circa 39 Seiten)
  17. The direction of technical change in AI and the trajectory effects of government funding
    Autor*in: Iori, Martina; Martinelli, Arianna; Mina, Andrea
    Erschienen: [2021]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Government funding of innovation can have a significant impact not only on the rate of technical change, but also on its direction. In this paper, we examine the role that government grants and government departments played in the development of... mehr

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    Government funding of innovation can have a significant impact not only on the rate of technical change, but also on its direction. In this paper, we examine the role that government grants and government departments played in the development of artificial intelligence (AI), an emergent general purpose technology with the potential to revolutionize many aspects of the economy and society. We analyze all AI patents filed at the US Patent and Trademark Office and develop network measures that capture each patent's influence on all possible sequences of follow-on innovation. By identifying the effect of patents on technological trajectories, we are able to account for the long-term cumulative impact of new knowledge that is not captured by standard patent citation measures. We show that patents funded by government grants, but above all patents filed by federal agencies and state departments, profoundly influenced the development of AI. These long-term effects were especially significant in early phases, and weakened over time as private incentives took over. These results are robust to alternative specifications and controlling for endogeneity.

     
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    Schriftenreihe: LEM working paper series ; 2021, 41 (November 2021)
    Schlagworte: R&D; Technical change; Government subsidies; Technology policy; General purpose technology
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  18. Technological coherence and the adaptive resilience of regional economies
    Autor*in: Rocchetta, Silvia; Mina, Andrea
    Erschienen: [2018]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This paper explores the effect of different regional technological profiles on the resilience of regional economies to exogenous shocks. It presents an empirical examination of the determinants of resilience through panel analyses of UK NUTS III... mehr

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    This paper explores the effect of different regional technological profiles on the resilience of regional economies to exogenous shocks. It presents an empirical examination of the determinants of resilience through panel analyses of UK NUTS III level data for the 2004-2012 period. The results indicate that regions endowed with technologically coherent - and not simply diversified - knowledge bases are better prepared to face an unforeseen downturn and display adaptive resilience. Moreover, local economies tend to be more adaptable if they innovate in sectors with the strongest growth opportunities, even though firms' net entry does not appear to contribute significantly towards resilience.

     
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    Schriftenreihe: LEM working paper series ; 2018, 30 (September 2018)
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  19. The pecking order of innovation finance
    Autor*in: Mina, Andrea; Lahr, Henry
    Erschienen: [2018]
    Verlag:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as... mehr

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    This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing decisions. Our focus on mainly unlisted companies allows us to study the effects of information asymmetries in the context where they are most severe, that is, among small and medium-sized firms. We identify the effect of innovation, alongside the size of the firm, its age and its human capital, on the order of directly observed external capital allocations. Our results show that innovation is strongly associated with a pecking order characterised by increasing agency costs, and that the more uncertain the innovation signal, the stronger its effect on the pecking order. In further robustness tests, this relationship and associated hierarchy of external financing emerge from the data without imposing an a-priori pecking order.

     
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    Schriftenreihe: LEM working paper series ; 2018, 31 (September 2018)
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  20. The evolution of the world trade and the Italian "anomaly"
    a new look
    Autor*in: Di Maio, Michele; Tamagni, Federico
    Erschienen: 2007
    Verlag:  Centro Studi Luca d'Agliano, Torino

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    Schriftenreihe: Development studies working papers ; 227
    Schlagworte: Internationale Arbeitsteilung; Internationale Wirtschaft; Außenhandelsstruktur; Komparativer Vorteil; Italien
    Umfang: 25 S., graph. Darst.
  21. Export activities under financial constraints
    margins, quantities and prices
    Autor*in: Secchi, Angelo; Tamagni, Federico; Tomasi, Chiara
    Erschienen: 2011
    Verlag:  Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa

    This paper provides a comprehensive analysis of the role that financial constraints play in shaping firms' export activities. We use custom information on cross borders transactions for Italian firms, together with an informative measure of financing... mehr

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    This paper provides a comprehensive analysis of the role that financial constraints play in shaping firms' export activities. We use custom information on cross borders transactions for Italian firms, together with an informative measure of financing constraints based on an official credit rating issued by an independent institution. Controlling for potential selection bias our results confirm that limited access to external capital narrows the scale of foreign sales, the exporters' product scope and the number of trade partners. We enrich previous analyses showing that financial problems influence firms' strategies of switching among products or destinations, and also affect firms' pricing decisions. Constrained firms have a reduced probability of adding new products or destinations and a higher probability of dropping products or destinations. Moreover, they attempt to offset, via higher prices, the negative impact on foreign revenues induced by the decreased physical quantity associated with financial constraints. -- Financial constraints ; margins of export ; export prices

     
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    Schriftenreihe: LEM working paper series ; 2011/24
    Umfang: Online-Ressource (PDF-Datei: 27 S., 346 KB), graph. Darst.
  22. Zipf law and the firm size distribution
    a critical discussion of popular estimators
    Autor*in: Bottazzi, Giulio; Pirino, Davide; Tamagni, Federico
    Erschienen: 2013
    Verlag:  Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa

    The upper tail of the firm size distribution is often assumed to follows a Power Law behavior. Recently, using different estimators and on different data sets, several papers conclude that this distribution follows the Zipf Law, that is that the... mehr

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    The upper tail of the firm size distribution is often assumed to follows a Power Law behavior. Recently, using different estimators and on different data sets, several papers conclude that this distribution follows the Zipf Law, that is that the fraction of firms whose size is above a given value is inversely proportional to the value itself. We compare the different methods through which this conclusion has been reached. We find that the family of estimators most widely adopted, based on an OLS regression, is in fact unreliable and basically useless for appropriate inference. This finding rises some doubts about previously identified Zipf Laws. In general, when individual observations are available, we recommend the adoption of the Hill estimator over any other method.

     
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    Schriftenreihe: LEM working paper series ; 2013/17
    Umfang: Online-Ressource (22 S.), graph. Darst.
  23. What does (or does not) determine persistent corporate high-growth
    Autor*in: Bianchini, Stefano; Bottazzi, Giulio; Tamagni, Federico
    Erschienen: 2014
    Verlag:  Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa

    Theoretical and empirical studies of industry dynamics have extensively focused on the process of growth. Theory predicts that production efficiency, profitability and financial status are central channels through which some firms can survive, grow... mehr

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    Theoretical and empirical studies of industry dynamics have extensively focused on the process of growth. Theory predicts that production efficiency, profitability and financial status are central channels through which some firms can survive, grow and eventually achieve outstanding growth performance. Is the same conceptual framework a convincing explanation to account for persistent corporate high growth? Exploiting panels of Italian, Spanish, and French firms we find no evidence that this is the case: companies experiencing persistent high growth are not more productive nor more profitable, and do not display peculiarly sounder financial conditions than firms that only exhibit high, but not persistent, growth performance. The finding is robust across countries, across sectors displaying different innov ation patterns, and also controlling for demographic characteristics such as age and size.

     
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    Schriftenreihe: LEM working paper series ; 2014/11
    Umfang: Online-Ressource (34 S.), graph. Darst.
  24. Financial constraints and firm exports
    accounting for heterogeneity, self-selection and endogeneity
    Autor*in: Secchi, Angelo; Tamagni, Federico; Tomasi, Chiara
    Erschienen: 2014
    Verlag:  Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa

    The paper examines the causal effect of financial constraints on firm exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of Italian exporting and non exporting firms. Our estimation strategy... mehr

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    The paper examines the causal effect of financial constraints on firm exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of Italian exporting and non exporting firms. Our estimation strategy allows to cure for self-selection into exports and endogeneity of financial constraints. At the same time, we can control for unobserved firm fixed effects both in the selection and in the export equation, thus identifying the effect on exports of within firm changes in financial constraints status. We find that financial constraints produce a sizable reduction in the value of firm foreign sales.

     
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    Schriftenreihe: LEM working paper series ; 2014/16
    Umfang: Online-Ressource (22 S.), graph. Darst., Kt.
  25. The micro patterns of export diversification under financial constraints
    Autor*in: Secchi, Angelo; Tamagni, Federico; Tomasi, Chiara
    Erschienen: 2014
    Verlag:  Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa

    Combining detailed data on export transactions and an informative firm level measure of financing constraints, this paper provides new evidence on the extent and dynamics of product and geographical diversification of constrained exporters. Financial... mehr

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    Combining detailed data on export transactions and an informative firm level measure of financing constraints, this paper provides new evidence on the extent and dynamics of product and geographical diversification of constrained exporters. Financial constraints associates with: (i) narrower product/destination margins; (ii) higher probability to drop products and destinations, (iii) higher loss of export value associated to dropping product or destination markets; (iv) higher probability to discard products with relatively high share in firm total export values, and (v) higher likelihood to drop country markets that are bigger, richer, geographically closer and with a relatively high share in total firm export value.

     
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    hdl: 10419/119834
    Schriftenreihe: LEM working paper series ; 2014/17
    Umfang: Online-Ressource (24, 7 S.), graph. Darst.