@article {RePEc:mul:j0hje1:doi:10.1430/107739:y:2023:i:1:p:129-152, title = {How Does the Localization of Innovative Start-ups Near the Universities Influence Their Performance?}, journal = {L{\textquoteright}industria}, number = {1}, year = {2023}, pages = {129-152}, abstract = {According to the knowledge spillover theory of entrepreneurship (kste), knowledge spillover tends to occur only within limited geographic areas, embedding economic activity based on this knowledge within the local context. The choice of localization of innovative start-ups near the public research centre (pri) as university from which the knowledge spillover comes could have an impact on their performance. The paper has the aim to demonstrate if the innovative start-ups that are localized near the pri show better performance in terms of profitability and sales. In the empirical analysis, we consider Italian start-ups born within 2012-2015 and their performance during the period 2012-2019 and we measure the road spatial distance (in kilometres) from start-up to the nearest research centres in the province of start-up. Specifically, firm performance is measured as roa (a measure of profit performance). Moreover, we include threshold values of sales to see the different impact of distance on different levels of sales in order to take into account the heterogeneity of this variable. Our results show as the distance is negative and significant for high level of sales and has an effect on the profitability of start-ups. Implications for researchers and policy makers were discussed, and areas for future research outlined.}, keywords = {Innovative Start-up, Italy, Knowledge Spillover, Knowledge-based Entrepreneurship, Universities}, url = {https://EconPapers.repec.org/RePEc:mul:j0hje1:doi:10.1430/107739:y:2023:i:1:p:129-152}, author = {Micozzi, Alessandra and Giannini, Valentina} } @inbook {Giannini2023, title = {The Role of Internal Capital Market in Business Groups}, booktitle = {The Palgrave Handbook of Managing Family Business Groups}, year = {2023}, pages = {49{\textendash}64}, publisher = {Springer International Publishing}, organization = {Springer International Publishing}, address = {Cham}, abstract = {The aim of this chapter is to discuss the role played by the internal capital market in business groups, the results so far achieved by the literature and to open new lines of research on how these internal flows influence the relations between companies belonging to the same group and in particular the relation between the head and its subsidiaries. The internal capital market may play a dual role. The first is that the presence of internal capital flows within a group can make it easier for companies to survive an external shock, such as an economic-financial crisis. The second is that the internal capital market facilitates the allocation of resources to investment projects, in particular innovative projects, for which it could be difficult to raise external funds. Most of this literature is focused mainly on large groups, undervaluing the relevance and the implications of small and medium-sized business groups.}, isbn = {978-3-031-13206-3}, doi = {10.1007/978-3-031-13206-3_3}, url = {https://doi.org/10.1007/978-3-031-13206-3_3}, author = {Giannini, Valentina and Iacobucci, Donato}, editor = {Rautiainen, Marita and Parada, Maria Jos{\'e} and Pihkala, Timo and Akhter, Naveed and Discua Cruz, Allan and Mukherjee, Kajari} } @article {doi:10.1080/08985626.2022.2115559, title = {How local geography shapes firm geography}, journal = {Entrepreneurship \& Regional Development}, volume = {34}, number = {9-10}, year = {2022}, pages = {955-976}, publisher = {Routledge}, doi = {10.1080/08985626.2022.2115559}, url = {https://doi.org/10.1080/08985626.2022.2115559}, author = {Giulio Cainelli and Valentina Giannini and Donato Iacobucci} } @article {en14185637, title = {Smart Grid in China, EU, and the US: State of Implementation}, journal = {Energies}, volume = {14}, number = {18}, year = {2021}, abstract = {Depletion of fossil fuel deposits is the main current issue related to the world{\textquoteright}s power generation. Renewable energy sources integrated with energy efficiency represent an effective solution. The electrification of end-use coupled with renewable power generation integration is considered as an important tool to achieve these tasks. However, the current electric power system does not currently have the suitable features to allow this change. Therefore, in the future, it has to allow two-way direction power flows, communication, and automated controls to fully manage the system and customers. The resulting system is defined as the smart grid. This article analyses the smart grid state of play within China, the US, and the EU, assessing the completion state of each smart grid technology and integrated asset. The analysis related to these countries presented here shows that the smart grid overall state of play in China, the US, and the EU are equal to 18\%, 15\%, and 13\%, respectively, unveiling the need related to further efforts and investments in these countries for the full smart grid development.}, issn = {1996-1073}, doi = {10.3390/en14185637}, url = {https://www.mdpi.com/1996-1073/14/18/5637}, author = {Sospiro, Paolo and Amarnath, Lohith and Di Nardo, Vincenzo and Talluri, Giacomo and Gandoman, Foad H.} } @article {doi:10.1080/09654313.2020.1778644, title = {Spatial networking and firms{\textquoteright} organization. The case of Italy}, journal = {European Planning Studies}, year = {2020}, pages = {1-19}, publisher = {Routledge}, doi = {10.1080/09654313.2020.1778644}, url = {https://doi.org/10.1080/09654313.2020.1778644}, author = {Giulio Cainelli and Valentina Giannini and Donato Iacobucci} } @article {579, title = {Agglomeration, networking and the Great Recession}, journal = {Regional Studies}, volume = {53}, year = {2019}, pages = {951-962}, publisher = {Routledge}, abstract = {

This paper analyzes how and to what extent firms{\textquoteright} external relations, such as belonging to a local cluster or a business group, affect the probability of firm survival and economic performance after the 2008 Great Recession. Using a large data set of Italian manufacturing companies for the period 2005{\textendash}12, it was found that belonging to a business group or a local cluster mitigates the selection effect determined by the real and financial shocks, while in the case of firms not belonging to groups, only the more efficient units survive. This means that firms belonging to a group or local cluster are expected to show a lower likelihood of failure and also lower performance compared with stand-alone firms. {\textcopyright} 2018, {\textcopyright} 2018 Regional Studies Association.

}, keywords = {agglomeration, business, data set, economic analysis, financial crisis, Italy, manufacturing, networking, probability}, issn = {00343404}, doi = {10.1080/00343404.2018.1511892}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053309295\&doi=10.1080\%2f00343404.2018.1511892\&partnerID=40\&md5=614bc6c55f4bf2ab7f9e3f8384b4eef6}, author = {Cainelli, G. and Giannini, V. and Iacobucci, D.} } @article {596, title = {Bank foundations, social capital and the growth of Italian provinces}, journal = {Regional Studies}, volume = {53}, year = {2019}, pages = {231-244}, publisher = {Routledge}, abstract = {

The funding role of bank foundations in the Italian economy, especially to the non-profit sector, significantly increased over the last 25 years. This paper constructs a novel measure of social capital at the provincial level that explicitly takes into account the bank foundations{\textquoteright} sectors of intervention (such as education, public health, and art and culture), together with other traditional aspects of social capital, and then tests the impact of bank foundations on the economic growth of Italian provinces. The findings suggest that the contribution of bank foundations to social capital positively affects the economic growth of provinces. {\textcopyright} 2018, {\textcopyright} 2018 Regional Studies Association.

}, keywords = {banking, economic growth, economic impact, Italy, regional development, social capital}, issn = {00343404}, doi = {10.1080/00343404.2018.1455971}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044974106\&doi=10.1080\%2f00343404.2018.1455971\&partnerID=40\&md5=a2480a72d8e44fd106375170775215e3}, author = {Calcagnini, G. and Giombini, G. and Perugini, F.} } @article {doi:10.1080/10438599.2019.1571668, title = {Local variety and innovation performance in the EU textile and clothing industry}, journal = {Economics of Innovation and New Technology}, year = {2019}, pages = {1-17}, publisher = {Routledge}, abstract = {ABSTRACTA large body of the literature showed that related variety at local level is more relevant than unrelated variety for explaining the innovation performance of firms. Knowledge relatedness is usually measured by considering activities within the same industry (i.e. the same two-digit code) while activities in different industries are associated with unrelated variety. This approach is challenged by the increasing relevance of transversal technologies, i.e. technologies that are developed and applied in rather different sectors. As a result, between industry variety (i.e. unrelated variety) is expected to be more important than within industry variety (i.e. related variety). We test this hypothesis by examining the innovation activities of firms in the textile and clothing industry. The innovation model of these firms is characterized by low investment in R\&D, little capabilities for autonomous innovation and dependence from knowledge suppliers belonging to different sectors. The empirical analysis, carried out over the 1996{\textendash}2014 period at the EU NUTS2 level, shows that between industry variety has a greater impact than within industry variety for the innovative performance of firms.}, doi = {10.1080/10438599.2019.1571668}, url = {https://doi.org/10.1080/10438599.2019.1571668}, author = {Valentina Giannini and Donato Iacobucci and Francesco Perugini} } @article {587, title = {Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence}, journal = {Strategic Entrepreneurship Journal}, volume = {13}, year = {2019}, pages = {47-74}, publisher = {Blackwell Publishing Ltd}, abstract = {

Research Summary: We develop a two-step selection model between entrepreneurial ventures and venture capital (VC) investors in a thin VC market. The model predicts that in a thin VC market, the availability of VC reduces the propensity of firms to self-select into the market for VC (demand-side selection) but not the probability that firms entering the market for VC will receive financing (supply-side selection). We test these predictions using survey-based data on 190 new technology-based firms in Italy during the late 1990s and early 2000s. The empirical evidence supports the predictions of the model. Managerial Summary: Venture capital (VC) is an important ingredient of an environment that is conducive to the birth and the growth of entrepreneurial ventures, but VC markets are often highly local and thin in terms of participants. We show that the scarcity of VC supply may cause a drop in the demand for VC because entrepreneurs, anticipating that competition for VC money will be tough, will not seek VC in the first place. The more a market is thin, the more the demand-side selection is likely to become more important than the supply-side selection of VC investors. Demand-side selection may involve a significant number of otherwise good targets for VC investment, which will not be in the radar of VC investors. In turn, this may deter new VC investors from entering the local market, thus creating a vicious cycle that raises concerns for both policy makers and VC general partners. Copyright {\textcopyright} 2017 Strategic Management Society

}, issn = {19324391}, doi = {10.1002/sej.1280}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062715298\&doi=10.1002\%2fsej.1280\&partnerID=40\&md5=f0d198e85fe00e1a01a538dd1483c050}, author = {Bertoni, F. and D{\textquoteright}Adda, D. and Grilli, L.} } @article {581, title = {Small firms and bank financing in bad times}, journal = {Small Business Economics}, year = {2019}, publisher = {Springer New York LLC}, abstract = {

This paper aims to analyze access to bank financing by small firms belonging to business groups compared to independent firms. We consider Italian manufacturing firms during the severe credit-crunch during 2010{\textendash}2012 caused by the financial crisis and subsequent domestic recession. We expect belonging to a business group to facilitate access to bank financing as the result of two different mechanisms: (i) the implicit guarantee provided by group belonging (affiliation effect) and (ii) the transfer of resources via the internal capital market (portfolio effect). The empirical evidence confirms our hypotheses. Belonging to a business group facilitates access to bank financing, while the presence of an internal capital market, which substitutes for both the decision to obtain bank financing and the amount borrowed, makes firms that are part of a business group less dependent than independent firms on this type of financing. {\textcopyright} 2019, Springer Science+Business Media, LLC, part of Springer Nature.

}, issn = {0921898X}, doi = {10.1007/s11187-019-00164-7}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064335540\&doi=10.1007\%2fs11187-019-00164-7\&partnerID=40\&md5=2f70a062bfa23a6d83401a672dba9a25}, author = {Cainelli, G. and Giannini, V. and Iacobucci, D.} } @article {580, title = {Is Smart Specialisation Strategy coherent with regional innovative capabilities?}, journal = {Regional Studies}, volume = {53}, year = {2019}, pages = {1004-1016}, publisher = {Routledge}, abstract = {

The implementation of the Smart Specialisation Strategy (S3) has required European regions to identify the technological domains in which they show superior innovative capabilities. This choice should promote specialization and facilitate diversification into new sectors. Given that regional specialization shows path dependence, successful diversification can be achieved in domains closely related to the existing knowledge base. The paper provides a first empirical assessment of the coherence between the technological domains chosen by Italian regions and those in which they show actual innovative capabilities, as measured by their patenting activity. {\textcopyright} 2018, {\textcopyright} 2018 Regional Studies Association.

}, keywords = {empirical analysis, Europe, Innovation, regional development, regional policy, specialization}, issn = {00343404}, doi = {10.1080/00343404.2018.1523542}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056099350\&doi=10.1080\%2f00343404.2018.1523542\&partnerID=40\&md5=8bda85ac3cf98fb76919176089a75488}, author = {D{\textquoteright}Adda, D. and Guzzini, E. and Iacobucci, D. and Palloni, R.} } @article {578, title = {Vertical relatedness and services outsourcing: A firm-level analysis}, journal = {Industrial and Corporate Change}, volume = {28}, year = {2019}, pages = {753-771}, publisher = {Oxford University Press}, abstract = {

This paper analyzes the relationship between local-level vertical relatedness and firms{\textquoteright} services outsourcing, using a data set of 46,671 Italian manufacturing firms observed over the period 1999-2007. The analysis uses a firm-level index of services outsourcing based on the Adelman index, and it proposes a new measure of vertical relatedness. Overall, the results suggest that it is not agglomeration per se that matters for services outsourcing but rather the presence of vertically related industries. The role of firm-level heterogeneity in terms of size, geographic location, and technological regime also emerges. {\textcopyright} 2018 The Author(s) 2018. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

}, keywords = {data set, heterogeneity, Italy, manufacturing, outsourcing}, issn = {09606491}, doi = {10.1093/icc/dty038}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073530269\&doi=10.1093\%2ficc\%2fdty038\&partnerID=40\&md5=d73132d61bc21fff0464b43c83894926}, author = {Cainelli, G. and Ganau, R. and Iacobucci, D.} } @article {Cainelli2018, title = {Agglomeration, networking and the Great Recession}, journal = {Regional Studies}, year = {2018}, note = {cited By 0; Article in Press}, doi = {10.1080/00343404.2018.1511892}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053309295\&doi=10.1080\%2f00343404.2018.1511892\&partnerID=40\&md5=614bc6c55f4bf2ab7f9e3f8384b4eef6}, author = {Cainelli, G. and Giannini, V. and Iacobucci, D.} } @article {582, title = {Collaboration for innovation and project failure. A dynamic analysis}, journal = {Economics of Innovation and New Technology}, volume = {27}, year = {2018}, pages = {717-730}, publisher = {Routledge}, abstract = {

The aim of this paper is to investigate the hypothesis that there is a complex and bidirectional relation between collaboration and failure in innovation projects. On the one hand, collaboration in innovative activities may increase the likelihood of project failure. At the same time, the failure in innovation projects may induce the firm to collaborate in order to overcome the problems that determined the failure of innovation projects (induced collaboration). Up to now, we are not aware about the existence of any empirical paper analysing the interaction between these two mechanisms. This paper aims at filling this gap by providing a motivation for the induced collaboration and testing its empirical relevance in a dynamic framework. The empirical analysis is carried out by using two consecutive German Community Innovation Surveys referring to the period 2006{\textendash}2010. The empirical results support the hypothesis of a bidirectional causal relationship between collaboration and failure. {\textcopyright} 2017, {\textcopyright} 2017 Informa UK Limited, trading as Taylor \& Francis Group.

}, issn = {10438599}, doi = {10.1080/10438599.2017.1389125}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032196901\&doi=10.1080\%2f10438599.2017.1389125\&partnerID=40\&md5=adb72ca49b57eeca1cd8d06c5fbe7ed1}, author = {Guzzini, E. and Iacobucci, D. and Palestrini, A.} } @article {565, title = {Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence}, journal = {Strategic Entrepreneurship Journal}, year = {2018}, keywords = {Entrepreneurial firms, High-tech entrepreneurship, market thinness, Selection, Venture capital}, issn = {1932-443X}, doi = {10.1002/sej.1280}, url = {http://onlinelibrary.wiley.com/doi/10.1002/sej.1280/abstract}, author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca} } @article {573, title = {Is Smart Specialisation Strategy coherent with regional innovative capabilities?}, journal = {Regional Studies}, year = {2018}, month = {nov}, pages = {1{\textendash}13}, issn = {0034-3404}, doi = {10.1080/00343404.2018.1523542}, url = {https://www.tandfonline.com/doi/full/10.1080/00343404.2018.1523542}, author = {D{\textquoteright}Adda, Diego and Guzzini, Enrico and Iacobucci, Donato and Palloni, Roberto} } @article {Giannini2018105, title = {To centralize or not to centralize: R\&D organization in diversified firms}, journal = {Industria}, volume = {39}, number = {1}, year = {2018}, note = {cited By 0}, pages = {105-123}, doi = {10.1430/90440}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050100012\&doi=10.1430\%2f90440\&partnerID=40\&md5=df68323f57ad50f4a7a414ef1837890d}, author = {Giannini, V. and Guzzini, E.} } @article {Cainelli2017365, title = {Business groups and the great recession in Italy [I gruppi d{\textquoteright}impresa e la grande recessione]}, journal = {Industria}, volume = {38}, number = {3}, year = {2017}, note = {cited By 0}, pages = {365-383}, doi = {10.1430/88849}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045927415\&doi=10.1430\%2f88849\&partnerID=40\&md5=16b9c0c23e26ef49ad30dbaf659d095e}, author = {Cainelli, G. and Giannini, V. and Iacobucci, D.} } @article {60034, title = {Gruppi di impresa e distretti industriali nel nordest}, journal = {ECONOMIA E SOCIET{\`A} REGIONALE}, number = {2}, year = {2017}, abstract = {Scopo principale di questo lavoro {\`e} quello di fornire un quadro sulla presenza dei gruppi d{\textquoteright}impresa nelle regioni del Nordest, con particolare riferimento alle imprese manifatturiere ubicate nelle aree distrettuali. Il distretto industriale come il gruppo rappresentano due modalit{\`a} alternative di fare networking. L{\textquoteright}idea di fondo {\`e} che sia il distretto sia l{\textquoteright}appartenenza al gruppo hanno supportato le imprese durante la crisi economico-finanziaria permettendo la sopravvivenza anche di quelle meno performanti. Le analisi presentate sono in linea con le nostre ipotesi. Dopo lo shock causato dalla Grande Recessione del 2008, le imprese sopravvissute sono state quelle localizzate all{\textquoteright}interno dei distretti o quelle appartenenti ai gruppi di impresa.} url={http://www.francoangeli.it/Riviste/Scheda_rivista.aspx?idArticolo=60034}, issn = {2038-6745}, doi = {10.3280/ES2017-002008}, author = {Giulio Cainelli and Valentina Giannini and Donato Iacobucci pages=85-93} } @article {Guzzini2017, title = {Project failures and innovation performance in university{\textendash}firm collaborations}, journal = {The Journal of Technology Transfer}, year = {2017}, pages = {1{\textendash}19}, abstract = {The main aim of this paper is to analyze the factors affecting the likelihood of the failure of innovation projects (delay or abandonment) and the relation between project failure and innovation performance. Specific emphasis is given to the role of collaboration in general, and to collaboration with universities and public research institutions (PRI) in particular. We use data about German firms for the period 2002{\textendash}2005, merging the results of two successive Community Innovation Surveys. We show that collaboration is associated with the Delay and, to a lesser extent, the Abandonment of innovation projects. Collaboration with PRI does not increase either the likelihood of project failure or the innovation performance, compared to collaboration with firms. We also show that there is a positive relation between the delay of projects and the innovation performance of firms. The occurrence of delays can be considered as a sort of {\textquoteleft}necessary{\textquoteright} cost in order to raise the level of innovation performance.}, issn = {1573-7047}, doi = {10.1007/s10961-016-9554-8}, url = {http://dx.doi.org/10.1007/s10961-016-9554-8}, author = {Guzzini, Enrico and Iacobucci, Donato} } @article {585, title = {The dark side of collaborations for innovation: Are collaborations with universities darker than those with other partners?}, journal = {Industria}, volume = {37}, year = {2016}, pages = {613-636}, publisher = {Societa Editrice il Mulino}, abstract = {

In addition to its advantages, collaboration for innovation might increase the cost of innovation because of leakages of strategic information, appropriability problems and coordination difficulties. When collaborating with public research institutions (pris) the latter problem is expected to be more severe, thus raising the probability of project failure. The aim of this paper is to investigate whether and to what extent collaboration for innovation raises the probability of failure, i.e. delay or abandonment of innovative projects. It also aims to verify whether and to what extent collaboration with PRIs increases the likelihood of failure. We use data from the fourth Italian Community Innovation Survey (cis 4), which collected data for the three-year period 2002-2004. The empirical results support the hypothesis that collaboration significantly affects the probability of delay or abandonment of innovative projects. However, collaboration with PRIs does not increase the likelihood of failure compared to collaboration with other partners. Moreover, we find that delays are influenced by cost factors (such as lack of financial resources) or knowledge factors (such as lack of qualified personnel) while abandonment is significantly associated with market factors (such as uncertain demand).

}, issn = {00197416}, doi = {10.1430/86053}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-85017646412\&doi=10.1430\%2f86053\&partnerID=40\&md5=ace67a6a95eb6aa6e09536d2212b7e95}, author = {Guzzini, E. and Iacobucci, D.} } @article {GROW:GROW12112, title = {Do Geographic Concentration and Vertically Related Variety Foster Firm Productivity? Micro-Evidence from Italy}, journal = {Growth and Change}, volume = {47}, number = {2}, year = {2016}, pages = {197{\textendash}217}, abstract = {Using a large unbalanced panel dataset of more than 12,000 Italian manufacturing firms for the period 1999{\textendash}2007, this paper investigates the role of geographic concentration and related variety on firms{\textquoteright} total factor productivity (TFP). The main idea is that diversification{\textemdash}captured by a measure of vertically related variety{\textemdash}promotes firm innovativeness and, consequently, productivity, but when the technology has been consolidated, firms join specialized clusters that enhance efficiency. Our results suggest that the effect on firms{\textquoteright} TFP of geographic concentration is stronger than that of related variety. We also confirm previous findings on the relevance of agglomeration forces for small firms compared with medium and large firms, where these agglomerative forces do not seem to influence TFP.}, issn = {1468-2257}, doi = {10.1111/grow.12112}, url = {http://dx.doi.org/10.1111/grow.12112}, author = {Cainelli, Giulio and Ganau, Roberto and Iacobucci, Donato} } @article {doi:10.1080/09654313.2016.1170108, title = {Relatedness and connectivity in technological domains: missing links in S3 design and implementation}, journal = {European Planning Studies}, volume = {24}, number = {8}, year = {2016}, pages = {1511-1526}, abstract = {ABSTRACTEuropean guidelines for the smart specialization strategy (S3) required regions to identify synergies between technological domains within the same region (relatedness) and potential links of the chosen domains with other European regions (connectivity). The aim of this paper is to analyse if and to what extent regions have been able to implement such indications and the methodology adopted. The paper is based on a content analysis of the S3 documents approved by Italian regions. The empirical analysis reveals that only in a few cases regions considered relatedness and connectivity of technological domains. Moreover, the methods adopted by regions to detect potential links between the specialization domains is based more on anecdotal evidence than on the application of theoretically grounded methodologies. The paper suggests that the explanation for this omission is the absence of a consolidated methodology to deal with these issues and proposes some preliminary guidelines to overcome the problem.}, doi = {10.1080/09654313.2016.1170108}, url = {http://dx.doi.org/10.1080/09654313.2016.1170108}, author = {Donato Iacobucci and Enrico Guzzini} } @article {634, title = {The role of universities in the location of innovative start-ups}, journal = {Journal of Technology Transfer}, volume = {41}, year = {2016}, pages = {670-693}, abstract = {Start-ups increasingly find the prospect of university{\textendash}industry collaborations to be a powerful driver of innovation and entrepreneurship activity. Moreover, at the geographical level, they are attracted by teaching and research institutions, either public or private. This paper focuses on the role played by universities. Our hypothesis is that geographical proximity favors the transfer of knowledge and technology from universities to industries and, consequently, represents a positive factor for regional economic development. Results show that university spillovers are positively correlated with the creation of innovative start-ups. Furthermore, the presence of human capital (graduates) exerts a significant influence on the location decisions of start-ups, being a source for competitiveness for firms close to universities. Research quality, especially in the social sciences area, attracts innovative start-ups, while third-mission activities have a weak impact on locational choice. {\textcopyright} 2015, Springer Science+Business Media New York.}, doi = {10.1007/s10961-015-9396-9}, url = {https://www.scopus.com/inward/record.uri?eid=2-s2.0-84924135592\&doi=10.1007\%2fs10961-015-9396-9\&partnerID=40\&md5=7b87e5494bf74eaec8ef255a1747835e}, author = {Calcagnini, G. and Favaretto, I. and Giombini, G. and Perugini, F. and Rombaldoni, R.} } @article {bertoni_cherry-picking_2015, title = {Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets}, journal = {Small Business Economics}, year = {2015}, pages = {1{\textendash}15}, abstract = {

We propose a formal model that analyzes which entrepreneurial ventures actively seek and subsequently obtain venture capital (VC) financing in thin VC markets. The model shows that in thin VC markets, (1) VC investors will invest in companies in need (frog-kissing) rather than in best performers (cherry-picking), and (2) the best performing ventures will self-select out of the market for VC. These conclusions are in line with the results from the literature, which note that in Europe many entrepreneurial firms do not actively seek VC investment and that VC investors do not appear to possess the same cherry-picking ability that they have in the US.

}, keywords = {Entrepreneurship}, issn = {0921-898X, 1573-0913}, doi = {10.1007/s11187-015-9690-9}, url = {http://link.springer.com/article/10.1007/s11187-015-9690-9}, author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca} } @article {Cainelli2015, title = {Do Geographic Concentration and Vertically Related Variety Foster Firm Productivity? Micro-Evidence from Italy}, journal = {Growth and Change}, year = {2015}, note = {cited By 0; Article in Press}, keywords = {Business Groups , Entrepreneurship}, doi = {10.1111/grow.12112}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84931351442\&partnerID=40\&md5=f0abefdeb2cbd51236eeb538bf93956f}, author = {D. Iacobucci and R. Ganau and G. Cainelli} } @article {Guzzini201420, title = {Business Group Affiliation and R\&D}, journal = {Industry and Innovation}, volume = {21}, number = {1}, year = {2014}, note = {cited By 0}, pages = {20-42}, keywords = {Business Groups }, doi = {10.1080/13662716.2014.879253}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84894027567\&partnerID=40\&md5=8083c7625a7c9edf7a76d9f34ba201f3}, author = {D. Iacobucci and E. Guzzini} } @article {Guzzini2014, title = {Growth in total factor productivity and links among firms}, journal = {Journal of Economic Interaction and Coordination}, year = {2014}, note = {cited By 1; Article in Press}, keywords = {Entrepreneurship}, doi = {10.1007/s11403-014-0138-0}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84904844063\&partnerID=40\&md5=0555ce45f7089562305e2128df6dcfa8}, author = {E. Guzzini and A. Palestrini} } @article {Guzzini2014119, title = {Ownership as R\&D incentive in business groups}, journal = {Small Business Economics}, volume = {43}, number = {1}, year = {2014}, note = {cited By 1}, pages = {119-135}, keywords = {Business Groups }, doi = {10.1007/s11187-013-9529-1}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84900828425\&partnerID=40\&md5=ff7b123cfe17816ee8e872b0d1134535}, author = {D. Iacobucci and E. Guzzini} } @article {Guzzini201283, title = {Coase theorem and exchangeable rights in non-cooperative games}, journal = {European Journal of Law and Economics}, volume = {33}, number = {1}, year = {2012}, note = {cited By 0}, pages = {83-100}, keywords = {Entrepreneurship}, doi = {10.1007/s10657-010-9178-7}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84856744597\&partnerID=40\&md5=3058ce7697f2a2230924df5a224751e7}, author = {E. Guzzini and A. Palestrini} } @article {Guzzini2010103, title = {Efficient Nash equilibria, individual rights and Pareto principle: An impossibility result}, journal = {Economics Bulletin}, volume = {30}, number = {1}, year = {2010}, note = {cited By 0}, pages = {103-114}, keywords = {Entrepreneurship}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-77953557919\&partnerID=40\&md5=5690a379d2287d95615426c25fb6bea6}, author = {E. Guzzini} } @article {Guzzini20093095, title = {The empty core in the Coase theorem: A critical assessment}, journal = {Economics Bulletin}, volume = {29}, number = {4}, year = {2009}, note = {cited By 0}, pages = {3095-3103}, keywords = {Entrepreneurship}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-77953581369\&partnerID=40\&md5=c1e35456396a1b290d53298969cdfd16}, author = {E. Guzzini and A. Palestrini} }