Stefano Denicolai
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s.Denicolai: Projects, Researches, Theses

Immagine
  • Open Innovation;
  • iSEED: Innovation, Start-up Eco-systems and Entrepreneurship Development
  • The internationalization of Italian firms: the role of intangibles, managerial resources, and corporate governance;
  • Outsourcing and Global Factories.
  • Web based business models
  • New models of Entrepreneurship and 'Ancient' SMEs


OPEN INNOVATION PROJECT
towards the optimization of inbound and outbound flows of knowledge

This project aims at developing a wide, cross-industry and longitudinal database composed of listed companies including information about firm profile, economic performance, international level and - above all - data about inbound and outbound flows of intangibles. 
In particular the focus is on knowledge assets (patents, copyright, design model, ...).

The main goal is to investigate the relation among the openness degree of the firm business model - namely a significant sourcing of external knowledge coupled with a revenue model also based on the exploitation of internal R&D through technology commercialization - and the economic performance of the company.

The lastest release of the database includes 329 listed companies from the five strongest economies in Europe: UK, Germany, France, Italy and Spain. Data collected refers to four years: 2008, 2009, 2010, 2011.


Some facts and figures about sample and preliminary findings:

Immagine

PROJECT 'iSEED'
Innovation, Start-up Eco-systems and Entrepreneurship Development
Understanding dynamics, laws and rules of loosely coupled innovation engines


University of Pavia (Project Coordinator), University of Bologna, 'Politecnico' of Milano, 
University of Torino, University of Varese, University of Verona

The project focuses on the rules and dynamics of Innovation Eco-Systems in Italy. It examines the relationships between early-stage firms and venture funding organizations, e.g. business angels, venture capitalist and crowd-funding platforms. A broad view of 'Innovation Ecosystems', including a variety of interrelated agents - such as firms, universities, start-up incubator/accelerator, etc. - underlies this project. 

As far as Italy is concerned, despite the rapid development of venture funding activities, the market is still underexploited. Entrepreneurs lack visibility of opportunities and equity investors struggle to identify and get onboard the best start-ups. 

In particular, the study relies on the assumption that early-stage equity markets are central to entrepreneurship development. Beyond funding, early investors provide start-ups with access to a diversified portfolio of resources: business opportunities, strategic relationships, managerial and industry-specific competencies, client leads, reputation. 

The iSEED project adopts a multidimensional and multi-method approach rooted in the varied disciplines of the participating units. It tackles economic, managerial and legal issues simultaneously. At the eco-system level, the role of spatial proximity is taken into account since agglomeration economies are important for financing innovation and equity investing. The project also explores the role of Universities and Research Centers as facilitators for both spin-offs and start-ups, as well as emerging venture funding patterns such as 'Crowd-funding'. At the firm level, the project analyzes strategic and organizational dynamics of the risk-capital investment process, from ideation to term sheet signing – accounting for facilitating factors (e.g. mentoring and training programs) and barriers (e.g. information asymmetries or capability gaps).

Set-up and development of start-ups are strongly influenced by legal issues: company law, contract law, IP rights, financial markets law, tax law, deeply affect governance and financing decisions. Regulatory changes recently adopted under Italian Law embody several specific provisions dedicated to start-ups. This is a crucial aspect in the framework of the iSEED project since legal elements affect where and how to do business, especially in the case of innovative ventures in highly regulated economies such as Italy.

The project network comprises researchers from six Italian Universities. Moreover, 35 organizations have formally endorsed this initiative (see figure below).

Immagine

 The internationalization of Italian firms
the role of intangibles, managerial resources, and corporate governance 


Immagine
The study - coordinated by prof. A. Majocchi - addresses the Italian context and investigate Italian firms’ internationalisation. Building upon the extant literature on the relationship among top management team features, board compositions, board members characteristics and corporate governance, the efforts of the research group will concentrate on investigating which are the determinants of internationalisation. For this type of investigation, econometric analyses will be used. 

Special attention is given to test the effects of corporate governance variables which are peculiar to the Italian industrial structure, such as the management team’s independence and characteristics, the firm’s ownership structure and the market for corporate control. 
The overall project is supervised by Jean Francois Hennart, a leading scholar in the international management field. The two databases includes traditional financial indicators, as well as indicators measuring corporate governance characteristics (board composition, existence of shareholders' agreements, typology of ownership etc.) internationalization levels, managerial features and intangibles assets measurements (intangible assets value, R&D expenditure, reputation indexes..). Work-package n. 1 will develop an already existing database of listed Italian manufacturing firms. Work-package n. 2 will tailor a questionnaire for SMEs which will target them through direct and phone interviews. Agreements have been made with local Chambers of Commerce, banks and industry associations who can supply a list of firms available to co-operate with the research. 

The empirical basis, along with the analysis of results, will enable the research group to make a significant contribution to the ongoing debate in Italy on the changes of firm corporate governance and on how such  governance  affect firms’ internationalisation. At the same time, the empirical analysis will help to determine which other managerial characteristics and intangible assets  promote internationalization.

Overall, the project will help to define some weaknesses of the Italian industrial structure and of listed firms and of SMEs in particular. It will also identify some possible adjustments which Italian firms could implement in their corporate governance to increase their international competitiveness, for example in the selection of board members, and in further investments in key resources, for example in R&D and management training.

Last, but not least, the project allows Pavia’s research group to attract young talented researchers under the supervision of one of the leading scholars in the international management field,. This gives the younger members of the team the possibility to receive the best training and will increase the overall quality of the research.



This project is supported and financed by Fondazione Cariplo - Milano.


Stefano Denicolai 2013  |  email: stefano.denicolai [ at ] unipv.it
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