Papers by filippo reganati
Bank Financing and Start-Up Survival in the Italian Economy
Contributions to economics, Dec 31, 2022
Access to bank financing and start‐up resilience: A survival analysis across business sectors in a time of crisis
The Manchester School
Erratum to ‘Outward FDI Spillovers from Inward FDI: Evidence from Italian Firms’ Structural Change and Economic Dynamics, 61 (2022) 434–443
Structural Change and Economic Dynamics
Le determinanti settoriali della penetrazione estera: il caso dell'industria alimentare spagnola
Efficienza allocativa e politiche di incentivazione
Outward FDI Spillovers from Inward FDI: Evidence from Italian Firms
Structural Change and Economic Dynamics, 2022
Production structure, infrastructures, and knowledge spillovers: What drives FDI inflows?
Although Foreign Direct Investment (FDI) inflows into Europe have substantially grown over the la... more Although Foreign Direct Investment (FDI) inflows into Europe have substantially grown over the last decade, Italian regions account for a very small portion of such increase; moreover, the distribution of the few inward FDI in the Country is highly uneven across Northern, Central and Southern regions (Imbriani and Reganati, 2004). Recent empirical studies attempted to understand the reasons for such a sluggish performance and pointed out the relevance of some “country-specific” characteristics such as the (in)efficiency of the bureaucratic system and the (mal)functioning of the judicial system (Basile et al., 2008; Bronzini, 2004; Guerin and Manzocchi, 2007). Along with country-specific characteristics and the availability of tangible resources, recent literature seeking to examine inward FDI attractiveness has begun to focus on the importance of knowledge spillovers and agglomeration economies. The focus of this study is on the specific characteristics of municipalities, which migh...
Foreign ownership and firms’ survival
The Effects of Foreign Direct Investment on Local Firms: Some Evidence from Panel Data for the Italian Manufacturing Sector
Are productivity spillovers from FDI related to the existence of regional differences ? Using pan... more Are productivity spillovers from FDI related to the existence of regional differences ? Using panel data, we find that in the Italian manufacturing sector, although at a national level productivity levels are higher in the domestic sectors where multinational firms account for larger shares, productivity spillovers are concentrated only in the North-Western area of Italy. This shows firstly, the existence of a geographic component in the spillovers from FDI; secondly, the peculiarity of the Italian manufacturing structure where different models of production, such as the “network enterprise model” in the North-west, the “industrial district model” in the North-east and the “backward model” in the South, live together. Thirdly, this preliminary result confirms those obtained in our previous works where cross-sectional data at industry level were used
Proprietà straniera, multinazionalità e uscita: un'analisi di sopravvivenza delle imprese italiane
Do foreign ownership and technological environment affect rm survival? Evidence on Italian manufacturing and services rms
Multinationality and Firm Survival: An Analysis of Italian Manufacturing Sector
L'industria, 2010
The aim of this paper is to investigate whether and how the multinational status and foreign owne... more The aim of this paper is to investigate whether and how the multinational status and foreign ownership affect the survival of Italian manufacturing firms. To this end, we carry out the analysis on firm survival distinguishing the Italian firms in foreign multinationals, domestic multinationals and domestic non-multinational firms. In the empirical analysis, carried out over the period 2004-2008 and based on the Cox proportional hazard model, we look for the impact of ownership dummies on firm survival controlling for several firm and industry specific covariates. Our findings reveal that manufacturing firms owned by foreign multinationals are more likely to exit from the market than both domestic multinationals and domestic non-multinational firms. However, when we split our sample according the degree of technological intensity, we found that the footloose nature of foreign multinationals is inherently stronger into the less dynamic industries.
2. 2013 " Does multinational ownership affect firm survival? (with R. Pittiglio and F. Reganati), JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT, forthcoming, 15(1), 2014, DOI 10.3846/16111699.2012.707622
Economics Bulletin
How much do the Technological Gap, Firm Size, and Location Matter for Spillovers?
Objectives This paper aimed to verify the presence of FDI-related spillovers from MNEs in the Ita... more Objectives This paper aimed to verify the presence of FDI-related spillovers from MNEs in the Italian manufacturing sector both at an intra-industry and at an inter-industry level, by taking into account different dimensions of the Italian productive system. In particular, it analyzed the absorptive capacity of Italian firms on the basis of (i) the technological gap between domestic and foreign firms, (ii) the domestic firm size, and (iii) the regional composition of Italian economy. Data/Methods The empirical analysis has been conducted by using firm-level data from the AIDA database provided by the Bureau Van Dijk. The AIDA database collects annual accounts of Italian corporate enterprises and contains information on a wide set of economic and financial variables, such as sales, costs and number of employees, value added, fixed tangible assets, R&D, start-up year, as well as the sector of activity and ownership status. By omitting all observations for which the necessary data are ...
The 7th International Scientific Conference "Business and Management 2012". Selected papers, 2012
In this paper authors examine the effects of ownership status and exporting activity on the likel... more In this paper authors examine the effects of ownership status and exporting activity on the likelihood of survival for firms operating in the Italian manufacturing during the recent economic crisis. In particular, they aim to answer the following two main questions: What is the direct impact of being an exporter or a multinational enterprise (both domestic and foreign) on the likelihood of Italian firm survival? Do globally engaged firms react to the severity of the economic crisis differently from national-non exporter firms? Using an original database for the period 2002-2010 and estimating a conditional Probit model based on a wide range of relevant variables, we find strong evidence that during the recent global crisis exporting firms exhibit lower exiting rates than non exporting ones, while domestic multinationals have higher exit risks than those of domestic firms. Also, affiliates of foreign firms do not behave differently from national firms.
Business, Management and Education, 2014
What happens to firms during periods of deep economic crisis? Did different types of firms perfor... more What happens to firms during periods of deep economic crisis? Did different types of firms perform differently under the economic crisis? With the aid of a rich database and focusing on the literature regarding the growth of firms, this paper investigates the relative profitability performance of Italian firms during the current economic crisis, exploring those factors, which help certain firms to do relatively better even in the slowdown period. Some preliminary results show that the Italian firms that are relatively young in age, with relatively better current liquidity and more focused on domestic market have performed better than other firms. Furthermore, firms operating in high-tech and in highly concentrated sectors have enjoyed a better performance in this period.
Multinational Enterprises, Technological Intensity and Firm Survival. Evidence from Italian Manufacturing and Services Firms
Atlantic Economic Journal, 2014
ABSTRACT This paper investigates two main questions: Are affiliates of foreign multinationals mor... more ABSTRACT This paper investigates two main questions: Are affiliates of foreign multinationals more likely to exit the market than domestic firms? Does the exit probability of foreign firms depend on the technological environment in which they operate? Controlling for a set of firm- and industry-specific characteristics, our results show that Italian firms owned by foreign firms are more footloose than domestic ones regardless of the macro sector of activity in which they are involved (i.e. manufacturing and services). By taking into consideration the technological environment where firms operate, we also find that foreign ownership still exerts a negative influence on firm survival in both less and more technologically advanced industries. However, there is evidence of a stronger negative influence on the survival of firms operating in low- and medium-low technology industries and in less-knowledge-intensive services.
International Economics and Economic Policy, 2014
How does outward foreign direct investment (FDI) affect employment of multinationals in the home ... more How does outward foreign direct investment (FDI) affect employment of multinationals in the home country? Does the impact of outward investment differ among manufacturing and service sectors? Using data on Italian MNEs, this paper examines the impact of Italian outward FDI on local employment between 1998 and 2006. In particular, we investigate the relationship existing between employment in the parent company and employment in foreign affiliates by distinguishing according to host-country location and sector of activity. The results suggest that the effects of Italian outward FDI on domestic employment differ according to the sector and the country of destination. In the manufacturing sector, a weak but significant relationship of labour substitutability is found for Italian MNEs producing low-technology products in foreign affiliates localized in high-wage countries. On the other hand, a significant North-south complementarity relationship in labour demands appears in the High and Medium-high-technology sectors. In the service sector, we find strong complementarity between employment in the parent firm and employment in foreign affiliates: in particular, this regards Italian MNEs producing knowledge-intensive services both in Western affiliates and CEEC locations. These results are robust when we control for endogeneity of output and parent wages.
The Effects of Outward Fdi on Domestic Employment
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Abstract. One of the channels through which home jobs may be affected by the increased degree of ... more Abstract. One of the channels through which home jobs may be affected by the increased degree of economic in-tegration in the EU-25 is through the employment (re)-allocation choices of multinational enterprises. Using data on Italian multinationals, this paper examines the impact of Italian ...
This paper studies theoretically and empirically – using data from Italian manufacturing firms – ... more This paper studies theoretically and empirically – using data from Italian manufacturing firms – how the foreign presence in intermediate good sector (i.e. input FDI) affects firm efficiency and aggregate productivity within final good sector. We show that an important role is played by the absorptive capacity. More specifically, if all firms are able to use intermediate inputs from foreign-owned suppliers, then all of them will enjoy productivity gains from input FDI, without any reallocation effect. Conversely, if only the most productive firms can use intermediate inputs from foreign-owned suppliers, while these firms can enhance further their efficiency, the other firms might suffer productivity losses from input FDI, causing some reallocation effects within final good sector.
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Papers by filippo reganati