Alessia Pisoni

Internationalization of Italian Firms in Central and Eastern European Countries: Headquarters–Subsidiary Relationship

This article aims at providing further empirical evidence about the international activity of Italian small and medium enterprises (SMEs). In particular, the present contribution can be ascribable to the stream of research regarding the headquarters–subsidiary relationship. Focusing our attention on the subsidiary of Italian SMEs internationalized in Central and Eastern European countries (CEECs), we provide evidences about the main variables affecting their autonomy. Literature review provides us evidences of the fact that subsidiary autonomy is an extremely heterogeneous topic to investigate. Consequently, we decided to add to the quantitative analysis also a qualitative one. Through personal interviews with the Italian entrepreneurs and the managers of the local subsidiaries, we got a better and deeper insight into the evidences coming from the quantitative data.

Subsidiary autonomy in transition economies: Italian SMEs in Central and Eastern European countries *

This paper aims at shedding new light on the variables that indicate the level of autonomy of subsidiaries of internationalizing companies. Specifically, we examine subsidiaries located in the transition economies of Central and Eastern European Countries (CEECs). We identified a sample of 72 subsidiaries of micro, small and medium-sized Italian companies, and we assessed the impact of three variables on the subsidiary’s autonomy: the size; the strategic aim in the local market (market seeking or cost reduction); and the degree of economic development of the local country. Our results suggest that subsidiarys autonomy reflects local country characteristics, but not the economic development. Our findings also show that subsidiaries looking for penetrating the local market are generally more autonomous than the ones pursuing cost-cutting strategies.

Factors influencing the fund raising process for innovative new ventures: an empirical study

Purpose – The purpose of this paper is to identify the factors that influence the fund raising ability of innovative new ventures/startups. Design/methodology/approach – The authors investigate a data set composed of 108 Italian innovative new ventures. Specifically, the authors run a Tobit regression model linking the amount of equity raised by the company to the human capital of the company. The authors focussed the analysis on the Chief Executive Officer (CEO) of the new company, who usually is a founder and, in the early stages, the most charismatic figure. Findings – The analysis shows a significant relationship between the ability of a startup to raise funds and the level of education of the CEO. The findings suggest that this causal relation is even stronger as the CEO holds an MBA. Research limitations/implications – The results of our empirical study provide further insights about the characteristics of the CEO that mostly impact on fund raising ability of the new ventures. The results are limite...

The Internationalization Strategies of Italian MNCs in India

This study explores the characteristics of Italian foreign direct investment (FDI) in India and aims at filling the gap identified in the literature (i.e., a lack of empirical studies on Italian MNCs internationalizing in India) by providing an exploratory study on this issue. In particular, different questions need basically to be asked and answered, such as “Why do Italian firms invest in India,” “Role of the subsidiary in the international network of the Italian MNC,” and “Its value chain configuration.” In order to investigate the research questions, a unique database of Italian firms that invested in India was created. The first empirical confirmation we collected was about the low number of Italian companies with subsidiaries in India. In terms of internationalization goals it emerges clearly from the research that the main target is market seeking. In order to acquire that market share Italian companies have organized their subsidiaries as partially independent companies, adopting a typical “multidomestic” approach.

Le relazioni tra banca e impresa in Germania: specificità ed evoluzione nel tempo

Le relazioni tra banca e impresa in Germania: specificita ed evoluzione nel tempo (di A. Onetti e A. Pisoni) - ABSTRACT: Il presente articolo si propone di fornire un contributo interpretativo circa la natura delle relazioni tra sistema finanziario e sistema industriale in Germania, anche alla luce delle profonde evoluzioni in atto. Il lavoro, dopo una parte introduttiva dedicata all’individuazione degli elementi tradizionalmente qualificanti il modello tedesco di capitalismo finanziario e delle dinamiche evolutive in atto, si sofferma sull’analisi, dapprima, delle partecipazioni incrociate all’interno del sistema finanziario tedesco e, in seguito, delle relazioni esistenti tra questo e il sistema industriale. In particolare, riguardo a quest’ultimo aspetto, e stato affiancato, allo studio dei legami di tipo equity, quello della composizione dei consigli di sorveglianza, al fine di poter valutare, in modo piu ampio, l’effettiva esistenza ed entita di una situazione di controllo da parte delle principali banche ed assicurazioni sulle imprese. Tale scelta metodologica si basa sulla convinzione che i rapporti banca e impresa si fondino su legami radicati che non hanno solo una dimensione economica, ma che poggiano, anche e soprattutto, su relazioni di carattere personale e istituzionale, che l’analisi della composizione degli organi di governo puo permettere di tracciare.