Relazione impresa-territorio e modelli predittivi del default d’impresa. Primi risultati di una analisi statistica sulle piccole imprese italiane (Firm-Territory Relationships and Business Failure Prediction Modeling. Preliminary Findings of a Statistica

Authors

  • Francesco Ciampi
  • Niccolò Gordini

DOI:

https://doi.org/10.7433/s90.2013.05

Keywords:

business failure prediction modeling, rating, firm-territory relationships, consonance

Abstract

Purpose of the paper: To test whether the qualitative variables regarding the territory and/or the firm-territory relationship can improve the accuracy rates of small enterprise business failure prediction models.

Methodology: We applied logistic regression to a sample of 736 Italian small enterprise and built 4 different business failure prediction models. We then tested the accuracy rates obtained with these models against a holdout sample.

Findings: Including territory qualitative variables and, most importantly, those regarding the relationships between firms and their territories, significantly improves the accuracy rates of default prediction models. This improvement is most marked in the case of smaller firms.

Research limits: The qualitative variables data collected are affected by subjective judgments made by managers in the firms studied. In addition, no other qualitative variables (such those regarding competitive strategies, or managerial skills, or inter-organizational characteristics) were included, nor were quantitative variables regarding the relationships between firms and financial institutions.

Practical implications: The study suggests that financial institutions should include territory qualitative variables, and, above all, qualitative variables regarding the firm-territory relationship, when constructing business default prediction models. Including this type of variable could reduce the tendency to place unnecessary restrictions on credit.

Originality of the paper: In the field of business failure prediction modeling no research has been done into whether it would be useful to adopt qualitative variables regarding the firm-territory relationship. It is a unexplored area.

 

References

ACS Z.J., ANSELIN L., VARGA A. (2002), “Patents and Innovation Counts as Measures of Regional Production of New Knowledge”, Research Policy, n. 31, pp. 1069-1085.

AHUJA G. (2000), “Collaboration Networks, Structural Holes, and Innovation: a Longitudinal Study”, Administrative Science Quarterly, vol. 45, n. 3, pp. 425-455.

ALESSANDRINI P., PRESBITERO A.F., ZAZZARO A. (2006), Banks, Distances and Financing Constraints for Firms, Università Politecnica delle Marche - Quaderni di Discussione.

ALESSANDRINI P., PRESBITERO A.F., ZAZZARO A. (2007), Bank Size or Distance: What Hampers Innovation Adoption by SMEs?, Università Politecnica delle Marche - Quaderni di Discussione.

ALTMAN E.I. (1968), “Financial ratios, discriminant analysis and the prediction of corporate bankruptcy”, The Journal of Finance, vol. 23, n. 4, pp. 589-609.

ALTMAN E.I. (1993), Corporate Financial Distress and Bankruptcy (2nd ed.), Wiley, New York, NY.

ALTMAN E.I., HALDEMAN R., NARAYANAN P. (1977), “ZETA Analysis: A New Model to Identify Bankruptcy Risk of Corporations”, Journal of Banking and Finance, vol. 1, n. 1, pp. 29-54.

ALTMAN E.I., SABATO G. (2007), “Modeling Credit Risk for SMEs: Evidence from the US Market”, Abacus, vol. 43, n. 2, pp. 332-357.

ALTMAN E.I., SABATO G., WILSON N. (2010), “The Value of Non-Financial Information in Small and Medium-Sized Enterprise Risk Management”, The Journal of Credit Risk, vol. 6, n. 2, pp. 95-127.

ALTMAN E., SAUNDERS A. (1996), “Credit Risk Measurement: Development over the Last 20 Years”, Working Paper Series, New York.

ASHEIM B., COENEN L. (2005), “Knowledge Bases and Regional Innovation Systems: Comparing Nordic Clusters”, Research Policy, vol. 34, n. 8, pp. 1173-1190.

ASHEIM B., ISAKSEN A. (2002), “Regional Innovation Systems: The Integration of Local ‘Sticky’ and Global ‘Ubiquitous’ Knowledge”, The Journal of Technology Transfer, vol. 27, n. 1, pp. 77-86.

ASHEIM B.T., GERTLER M.S. (2005), “The Geography of Innovation: Regional Innovation Systems”, in Fagerberg J., Mowery D., Nelson R., (eds.), The Oxford Handbook of Innovation, Oxford University Press, Oxford.

AUTIO E. (1998), “Evaluation of RTD in Regional Systems of Innovation”, European Planning Studies, vol. 6, n. 2, pp. 131-140.

BARILE S. (2009), Management sistemico vitale, Giappichelli, Torino, II ed.

BACCARANI C., GOLINELLI G.M. (1993), Tratti del divenire dei distretti industriali, Istituto Tagliacarne, Roma.

BACCARANI C., GOLINELLI G.M. (2011), “Per una rivisitazione delle relazioni tra impresa e territorio”, Sinergie, n. 84, pp. VII-XIII.

BACK B., LAITINEN T., SERE K. (1996), “Neural Networks and Genetic Algorithms for Bankruptcy Predictions”, Expert System With Applications, vol. 11, n. 4, pp. 407-413.

BAFFIGI A., PAGNINI M., QUINTILIANI F. (2000), “Localismo bancario e distretti industriali: assetto dei mercati del credito e finanziamento degli investimenti”, in Signorini F.L. (a cura di), Lo sviluppo locale, Donzelli, Roma.

BARNES P. (1982), “Methodological Implications of Non-Normality Distributed Financial Ratios”, Journal of Business Finance and Accounting, vol. 9, n. 1, pp. 51-62.

BANCA CENTRALE EUROPEA (2012), Parere del 2 aprile 2012 in merito alla proposta di regolamento che modifica il regolamento (CE) n. 1060/2009 relativo alle agenzie di rating del credito, Gazzetta ufficiale dell’Unione europea C167/2 del 13 giugno 2012.

BECATTINI G. (1979), “Dal settore industriale al distretto industriale. Alcune considerazioni sull’unità di indagine dell’economia industriale”, Rivista di Economia e Politica Industriale, vol. 5, n. 1, pp. 35-48.

BECATTINI G. (1989), Modelli locali di sviluppo, Il Mulino, Bologna.

BECATTINI G. (1990), “The Marshallian Industrial District as a Socio-Economic Notion”, in Pyke F., Becattini G., Sengenberger W., (a cura di), Industrial Districts and Inter-firm Co-operation in Italy, ILO, Ginevra.

BECATTINI G. (2000), Il distretto industriale. Un nuovo modo di interpretare il cambiamento economico, Rosenberg & Sellier, Torino.

BECATTINI G., RULLANI E. (1993), “Sistema locale e mercato globale”, Economia e politica industriale, n. 80, pp. 25-48.

BEHR P., GÜTTLER A. (2007), “Credit Risk Assessment and Relationship Lending: An Empirical Analysis of German Small and Medium-Sized Enterprises”, Journal of Small Business Management, vol. 45, n. 2, pp. 194-213.

BELLANDI M. (2009), “External Economies, Specific Public Goods and Policies”, in Becattini G., Bellandi M., De Propris L., (eds), A handbook of industrial districts, Edward Elgar, Cheltenham.

BELUSSI F., GOTTARDI G., RULLANI E. (2003), The Technological Evolution of Industrial Districts, Kluwer, Boston.

BELUSSI F., PILOTTI L. (2008), “Creazione, produzione, trasferimento di conoscenze nei SPL tra tacitness e codified knowledge in una prospettiva ecologica del valore”, in Centazzo R., Pasini F., (a cura di), I sistemi produttivi locali: evidenze empiriche e politiche di sviluppo, Franco Angeli, Milano.

BLUM M. (1974), “Failing Company Discriminant Analysis”, Journal of Accounting Research, vol. 12, n. 1, pp. 1-25.

BOARI C., LIPPARINI A. (1999), “Network within Industrial Districts: Organising Knowledge Creation and Transfer by Means of Moderate Hierarchies”, Journal of Management and Governance, n. 3, pp. 339-360.

BORTOLUZZI G., TRACOGNA A. (2011), “Processi di innovazione e fattori di competitività nei cluster internazionali della nautica”, Sinergie, n. 84, pp. 89-118.
BOSCHMA R. (2005), “Proximity and Innovation: A Critical Assessment”, Regional Studies, vol. 39, n. 1, pp. 61-74.

BOTTINELLI L., PAVIONE E. (2010), Distretti industriali e cluster tecnologici: strategie emergenti di valorizzazione della ricerca e dell’innovazione, Giuffrè, Milano.

BOYD B.K. (1995), “CEO Duality and Firm Performance: A Contingency Model”, Strategic Management Journal, vol. 16, n. 4, pp. 301-312.

BOZEMAN B. (2000), “Technology Transfer and Public Policy: A Review of Research and Theory”, Research Policy, n. 29, pp. 627-655.

BRACZYK H.J., COOKE M.H. (1998), Regional Innovation Systems: The Role of Governances in a Globalized World, Routledge, New York.

BRADY K.O. (2002), “Corporate Reputation and Sustainability: Creating Value by Unifying Two Disciplines”, Ethical Corporation Magazine, n. 9, pp. 26-27.

BRESCHI S., MALERBA F. (2005), Clusters, Networks and Innovation, Oxford University Press, Oxford.

BRUSCO S. (1982), “The Emilian Model: productive Decentralisation and Social Integration”, Cambridge Journal of Economics, vol. 6, n. 2, pp. 167-184.

BRUSCO S. (1989), Piccole imprese e distretti industriali, Rosemberg & Sellier, Torino.

BRUSCO S. (1999), “The Rules of the Game in Industrial Districts”, in Grandori A., (ed), Interfirm Networks: Organization and Industrial Competitiveness, Routledge, London.

BUESA M., HEIJS J., BAUMERT T. (2010), “The Determinants of Regional Innovation in Europe: A Combined Factorial and Regression Knowledge Production Function Approach”, Research Policy, vol. 39, n. 6, pp. 722-735.

CAIROLI M.G. (2011), Il marketing territoriale. Strategie per la competitività sostenibile del territorio, Franco Angeli, Milano.

CAMAGNI R. (1991), Innovation Networks: Spatial Perspectives, Belhaven-Pinter, London.
CAMUFFO A., GRANDINETTI R. (2006), “I distretti industriali come sistemi locali di innovazione”, Sinergie, n. 69, pp. 33-60.

CAPELLO R. (2002), “Spatial and Sectorial Characteristics of Relational Capital in Innovation Activity”, European Planning Studies, n. 10, pp. 177-200.

CARTER R., VAN AUKEN H. (2006), “Small Firm Bankruptcy”, Journal of Small Business Management, vol. 44, n. 4, pp. 493-512.

CHAGANTI R.S., MAHAJAN V., SHARMA S. (1985), “Corporate Board Size, Composition and Corporate Failures in Retailing Industry”, Journal of Management Studies, n. 22, pp. 400-416.

CHIAVERSIO M., MICELLI S. (2007), “Oltre il distretto come sistema: le strategie delle imprese fra locale e globale”, in Guelpa F., Miceli S., I distretti industriali del terzo millennio, Il Mulino, Bologna.

CIAMPI F. (1994), “Squilibri di assetto finanziario nelle P.M.I. Finanziamenti e contributi della Comunità Europea”, Studi e Informazioni, Supplemento al n. 3, pp. 1-202.

CIAMPI F., GORDINI N. (2008), “Using Economic-Financial Ratios for Small Enterprise Default Prediction Modeling: An Empirical Analysis”, 2008 Oxford Business & Economics Conference Proceedings, Association for Business and Economics Research (ABER), pp. 1-21.

CIAMPI F., GORDINI N. (2009), “Default Prediction Modeling for Small Enterprises: Evidence from Small Manufacturing Firms in Northern and Central Italy”, Oxford Journal, vol. 8, n. 1, pp. 13-29.

CIAMPI F., GORDINI N. (2013), Small Enterprise Default Prediction Modeling through Artificial Neural Networks: An Empirical Analysis of Italian Small Enterprises, Journal of Small Business Management, vol. 51, n.1, pp. 23-45.

COLEMAN J.S. (1988), “Social Capital in the Creation of Human Capital”, American Journal of Sociology, n. 94, pp. 95-120.

COLEMAN J.S. (1990), Foundations of Social Theory, Belknap Press of Harvard University Press, Cambridge, MA.

COOKE P. (2001), “Regional Innovation Systems, Clusters and the Knowledge Economy”, Industrial and Corporate Change, vol. 10, n. 4, pp. 945-973.

COOKE P. (2002), Knowledge Economies. Clusters, Learning and Cooperative Advantage, Routledge, London.

COOKE P., MORGAN K. (1998), The Associational Economy: Firms, Regions and Innovation, Oxford University Press, Oxford.

COOKE P., URANGA M.G., ETXEBARRIA G. (1997), “Regional Innovation Systems: Institutional and Organizational Dimensions”, Research Policy, n. 26, pp. 475-491.

COOPER A., GASCON J., WOO C. (1991), “A Resource-Based Prediction of New Venture Survival and Growth”, Proceedings Academy of Management, Summer, pp. 113-119.

CORÒ G., MICELLI S. (2006), I nuovi distretti produttivi. Innovazione, internazionalizzazione e competitività dei territori, Marsilio, Venezia.

CORÒ G., MICELLI S. (2007), “I distretti industriali come sistemi locali dell’innovazione: imprese leader e nuovi vantaggi competitive dell’industria italiana”, Economia Italiana, n. 1, pp. 321-356.

CORÒ G., RULLANI E. (1998), Percorsi locali di internazionalizzazione. Competenze e auto-organizzazione dei distretti industriali del Nord-Est, Franco Angeli, Milano.

CREVOISIER O., CAMAGNI R. (2000), Les Milieu Urbains: Innovation, Systèmes de Production et Anchorage, EDES, Neuchâtel, Switzerland.

CROUHY M., GALAI D., MARK R. (2001), “Prototype Risk Rating System”, Journal of Banking and Finance, vol. 25, n. 1, pp. 47-95.

DAGNINO G.B., D’ALLURA G.M., FARACI R., PISANO V. (2011), “La localizzazione dei processi innovativi ad alto contenuto tecnologico: il ruolo delle imprese “àncora” fra sistemi locali e network globali”, Sinergie, n. 84, pp. 179-207.

DAILY C., DALTON R. (1994), “Bankruptcy and Corporate Governance: The Impact of Board Composition and Structure”, Academy of Management Journal, vol. 37, n. 6, pp. 1603-1617.

DE MAIO A., MAGGIORE E. (1992), Organizzare per innovare, Etas Libri, Milano.

DEAKIN E.B. (1972), “A Discriminant Analysis of Predictors of Business Failure”, Journal of Accounting Research, vol. 10, n. 1, pp. 167-179.

DEI OTTATI G. (1994), “Trust, Inter-Linking Transactions and Credit in the Industrial District”, Cambridge Journal of Economics, vol. 18, n. 6, pp. 529-546.

DEI OTTATI G. (2003), “Fiducia e cambiamento economico nei distretti industriali. Il caso del distretto di Prato”, Sviluppo Locale, vol. X, n. 23-24, pp. 82-105.

DENICOLAI S., CIOCCARELLI G., ZUCCHELLA A. (2010), “Reputation, Trust and Relational Centrality in Local Networks: An Evolutionary Geography Perspective”, in Boschma R., Martin R., (eds), Handbook on evolutionary economic geography, Edward Elgar, UK.

DOLOREUX D., PARTO S. (2005), “Regional Innovation Systems: Current Discourse and Unresolved Issues”, Technology in Society, vol. 27, n. 2, pp. 133-153.

DOSI G., FREEMAN C., NELSON R., SILVERBERG G., SOETE L. (1988), Technical Change and Economic Theory, LEM Book Series, Pisa.

DUNCAN R. (1976), “The Ambidextrous Organization: Designing Dual Structures for Innovation”, The management of organization design: Strategies and implementation, vol. 1, pp. 167-188.

DYER J., SINGH H. (1998), “The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage”, Academy of Management Journal, vol. 23, n. 4, pp. 660-679.

EDMISTER R. (1972), “An Empirical Test of Financial Ratio Analysis for Small Business Failure Prediction”, Journal of Financial and Quantitative Analysis, vol. 7, n. 2, pp. 1477-1493.

ELY J., VALIMAKI J. (2002), “Bad Reputation”, NAJ Economics, vol. 4, n. 5, pp. 1-24.

ENGELMANN D., FISCHBACHER U. (2003), “Indirect Reciprocity and Strategic Building in an Experimental Helping Game”, Working Paper, Egham.

EVANS D.S., LEIGHTON L. (1989), “Some Empirical Aspects of Entrepreneurship”, American Economic Review, vol. 79, n. 3, pp. 519-535.

FERGUSON T.D., DEEPHOUSE D.L., FERGUSON W.L. (2000), “Do Strategic Groups Differ in Reputation?”, Strategic Management Journal, vol. 21, n. 12, pp. 1195-1214.

FERRI P., LUSIANI M., SANTONI S. (2009), “The Contingent Value of Bridging and Bonding Social Capital on Firm Performance: A Meta-Analysis”, Academy of Management Meeting, Chicago, Illinois.

FOSS N.J. (1996), “Higher-Order Industrial Capabilities and Competitive Advantage”, Journal of Industry Studies, vol. 3, n. 1, pp. 1-20.

GALASKIEWICZ J. (1985), Social Organization of an Urban Grants Economy, Academic Press, Orlando, FL.

GARGIULO M., BENASSI M. (2000), “Trapped in Your Own Net? Network Cohesion Structural Holes, and the Adaptation of Social Capital”, Organization Science, vol. 11, n. 2, pp. 183-196.

GERINGER J.M., TALLMAN S., OLSEN D.M. (2000), “Product and International Diversification among Japanese Multinational Firms”, Strategic Management Journal, n. 21, pp. 51-80.
GHOSHAL S., BARLETT C. (1994), “Linking Organizational Context and Managerial Action: The Dimension of Quality of Management”, Strategic Management Journal, vol. 15, Supplement S2, pp. 91-115.

GLAESER E., KALLAL H., SCHEINKMAN J., SCHLEIFER A. (1992), “Growth in Cities”, Journal of Political Economy, vol. 100, n. 6, pp. 1126-1152.

GOLINELLI C.M. (2002), Il territorio sistema vitale. Verso un modello di analisi, Giappichelli, Torino.

GOLINELLI G.M. (2010), Viable System Approach, Governing Business Dynamics, Kluwer, Cedam, Padova.

GOLINELLI G.M. (2011), L’Approccio Sistemico Vitale (ASV) al governo dell’impresa, Cedam, Padova.

GOLINELLI G.M., PASTORE A., GATTI M., MASSARONI E., VAGNANI G. (2002), “The Firm as a Viable System: Managing Inter-Organisational Relationship, Sinergie, n. 58, pp. 65-98.

GRANDINETTI R., TABACCO R. (2003), “I distretti industriali come laboratori cognitivi”, Sviluppo Locale, vol. 10, n. 22, pp. 33-60.

GRANOVETTER M. (1985), “Economic Action and Social Structure: The Problem of Embeddedness”, American Journal of Sociology, vol. 91, n. 3, pp. 481-510.

GRECO S., MATARAZZO B., SLOWINSKI R. (1998), “A New Rough Set Approach to Evaluation of Bankruptcy Risk”, in Zopounidis C., Operational Tools in the Management Of Financial Risks, Kluwer Academic Publisher, Dordrecht.

GULATI R. (1998), “Alliances and Networks”, Strategic Management Journal, vol. 19, n. 4, pp. 293-317.

GULATI R., NOHRIA N., ZAHEER A. (2000), “Strategic Networks”, Strategic Management Journal, vol. 21, n. 3, pp. 203-215.

HASWELL S., HOLMES S. (1989), “Estimating the Small Business Failure Rate: A Reappraisal”, Journal of Small Business Management, vol. 27, n. 3, pp. 68-74.

HENDERSON V. (1996), Externalities and Industrial Development, Brown University, Mimeo.

HUNDLEY G., JACOBSON C. (1998), “The Effects of Keiretsu on Export Performance of Japanese Companies: Help or Hindrance?”, Strategic Management Journal, vol. 19, n. 10, pp. 927-937.

JIMENEZ G., SALAS V., SAURINA J. (2007), Organizational Distance and Use of Collateral in Business Loans, Mimeo.
JO H., HAN I., LEE H. (1997), “Bankruptcy Prediction Using Case-Based Reasoning, Neural Network and Discriminant Analysis”, Expert Systems With Applications, vol. 13, n. 2, pp. 97-108.

KARELS G.V., PRAKASH A.J. (1987), “Multivariate Normality and Forecasting of Business Bankruptcy”, Journal of Business Finance & Accounting, vol. 14, n. 4, pp. 573-595.

KOH H.C. (1996), “Testing Hypotheses of Entrepreneurial Characteristics: A Study of Hong Kong MBA Students”, Journal of Managerial Psychology, vol. 11, n. 3, pp. 12-25.

KRUGMAN P. (1991a), “Increasing Returns and Economic Geography”, Journal of Political Economy, vol. 99, n. 3, pp. 483-499.

KRUGMAN P. (1991b), Geography and Trade, MIT Press, Cambridge, MA.

KRUGMAN P. (1995), Development, Geography and Economic Theory, MIT Press, Cambridge.

LARSON C.M., CLUTE R.C. (1979), “The Failure Syndrome”, American Journal of Small Business, vol. 4, n. 2, pp. 35-43.

LAVIE D. (2006), “The Competitive Advantage of Interconnected Firms: An Extension of the Resource-Based View”, Academy of Management Review, vol. 31, n. 3, pp. 638-658.

LAZERSON M.H., LORENZONI G. (1999), “The Firms that Feed Industrial Districts: A Return to the Italian Source”, Industrial and Corporate Change, vol. 8, n. 2, pp. 235-266.

LEE K.C., HAN I., KWON Y. (1996), “Hybrid Neural Network Models for Bankruptcy Predictions”, Decision Support Systems, vol. 18, n. 1, pp. 63-72.

LEIPONEN A., BYMA J. (2009), “If You Cannot Block, You Better Run: Small Firms, Cooperative Innovation, and Appropriation Strategies”, Research Policy, vol. 38, n. 9, pp. 1478-1488.

LIBERTI J. M., MIAN A. (2006), Estimating the Effect of Hierarchies on Information Use, Mimeo.

LIPPARINI A., LORENZONI G. (1996), “Le organizzazioni ad alta intensità relazionale. Riflessioni sui processi di “learning by interacting” nelle aree ad alta concentrazione di imprese”, L’Industria, vol. 17, n. 4, pp. 817-839.

LORENZ E. (1992), “Trust, Community, and Co-Operation. Toward a Theory of Industrial Districts”, in Storper M., Scott A., (eds.), Pathways to Industrialization and Regional Development, Routledge, London.

LORENZONI G. (1997), “Le reti interimpresa come forma organizzativa”, in Lomi A. (a cura di), L’analisi relazionale delle organizzazioni. Riflessioni teoriche ed esperienze empiriche, Il Mulino, Bologna.

LUGARESI S., ROTONDI Z. (2007), “Internazionalizzazione e finanziamento dei distretti industriali”, Economia Italiana, n. 1, pp. 105-125.

LUNDVALL B.Å. (1992), National Systems of Innovation. Towards a Theory of Innovation and Interactive Learning, Pinter Publishers, London.

LUSSIER R. (1995), “A Non Financial Business Success versus Failure Prediction Model for Young Firms”, Journal of Small Business Management, vol. 33, n. 1, pp. 8-20.

MAGGIONI M., UBERTI T.E. (2005), “International Networks of Knowledge Flows: An Econometric Analysis”, Papers in Economics and Evolution, Max Planck Institute, Jena.

MAILLAT D. (1995), “Territorial Dynamics, Innovative Milieu and Regional Policy”, Entrepreneurship and Regional Development, vol. 7, n. 2, pp. 157-165.

MAILLAT D., PERRIN J.C. (1992), Entreprises Innovatrices et Développement Territorial, GREMI EDS, Neuchâtel, Switzerland.

MAILLAT D., QUEVIT M., SENN L. (1993), Réseaux D’innovation e Milieux Innovateurs: Un Pari Pour le Développement Régional, GREMI EDES, Neuchâtel, Switzerland.

MALECKI E. (1995), “Culture as Mediator of Global and Local Forces”, in Van Der Knaap B., Le Heron R., (eds), Human Resources and Industrial Spaces: A Perspective on Globalization and Location, John Wiley & Sons, Chichester.

MALECKI E. (2000), “Soft Variables in Regional Science”, Review of Regional Studies, vol. 30, n. 1, pp. 61-69.

MARSHALL A. (1919), Industry and Trade, MacMillan, London.

MARSHALL A. (1925), Principles of Economics 8th edn., MacMillan, London.

MASKELL P., MALMBERG A. (2007), “Myopia, Knowledge Development and Cluster Evolution”, Journal of Economic Geography, vol. 7, n. 5, pp. 603-618.

MASKELL P., MALMBERG A. (1999), “Localised Learning and Industrial Competitiveness”, Cambridge Journal of Economics, vol. 23, n. 2, pp. 167-185.

MCEVILY B., ZAHEER A. (1999), “Bridging Ties: A Source of Firm Heterogeneity in Competitive Capabilities”, Strategic Management Journal, vol. 20, n. 12, pp. 1133-1156.

MELE R. (2011), “Enti locali e valorizzazione dell’imprenditorialità innovative”, Sinergie, n. 84, pp. 119-122.
MICELLI S., CHIARVESIO M. (2003), “Processi di internazionalizzazione e strategie delle imprese distrettuali tra delocalizzazione e innovazione”, Conferenza ICE: Internazionalizzazione e frammentazione della produzione dei distretti industriali, Roma.

MOLINA-MORALES F.X., MARTINEZ-FERNANDEZ M.T. (2003), “The Impact of Industrial District Affiliation on Firm Value Creation”, European Planning Studies, vol. 11, n. 2, pp. 155-170.

MORAN P., GHOSHAL S. (1996), “Value Creation by Firms”, Academy of Management Best Paper Proceedings, vol. 5, n. 1, pp. 41-45.

MUSTILLI M., CAMPANELLA F., SORRENTINO F. (2011), “La valutazione delle performance innovative dei sistemi locali di innovazione: il caso dell’aerospazio e dei nuovi materiali in Campania”, Sinergie, n. 84, pp. 209-229.

NAHAPIET J., GHOSHAL S. (1998), “Social Capital, Intellectual Capital, and the Organizational Advantage”, The Academy of Management Review, vol. 23, n. 2, pp. 242-266.

NOOTEBOOM B. (2002), Trust: Forms, Foundations, Functions, Failures and Figures, Edward Elgar, Cheltenham, UK and Northampton, MA, USA.

NOOTEBOOM B. (2004), Interfirm Collaboration, Learning and Networks, Routledge, London.

OHLSON J.A. (1980), “Financial Ratios and the Probabilistic Prediction of Bankruptcy”, Journal of Accounting Research, vol. 18, n. 1, pp. 109-131.

OLMEDA I., FERNANDEZ E. (1997), “Hybrid Classifiers for Financial Multicriteria Decision Making: The Case of Bankruptcy Prediction”, Computational Economics, vol. 10, n. 4, pp. 317-335.

PAGNINI M. (2000), “I vincoli finanziari per le imprese distrettuali”, in Signorini F.L., (a cura di), Lo sviluppo locale, Donzelli, Roma.

PIORE M., SABEL C. (1984), The Second Industrial Divide: Possibilities for Prosperity, Basic books, New York.

POMPE P.P.M., BILDERBEEK J. (2005), “The Prediction of Bankruptcy of Small-And Medium-Sized Industrial Firms”, Journal of Business Venturing, vol. 20, n. 6, pp. 847-868.

PORTER M. (1990), The Competitive Advantage of the Nations, The Free Press, New York.

PORTER M.E. (1998), “Clusters and the New Economics in Competition”, Harvard Business Review, vol. 76, n. 6, pp. 77-90.

PUTNAM R. (1993), “The Prosperous Community: Social Capital and Public Life”, American Prospect, vol. 4, n. 13, pp. 35-42.

PUTNAM R. (1995), “Bowling Alone: America’s Declining Social Capital”, Journal of Democracy, vol. 6, n. 1, pp. 65-78.

QUADRIO CURZIO A., FORTIS M. (2002), Complessità e distretti industriali. Dinamiche, modelli, casi reali, Il Mulino, Bologna.

RAISCH S., BIRKINSHAW J., PROBST G., TUSHMAN M.L. (2009), “Organizational Ambidexterity: Balancing Exploitation and Exploration for Sustained Performance”, Organization Science, vol. 20, n. 4, pp. 685-695.

ROBERTSON P.L., JACOBSON D., LANGLOIS R.N. (2009), “Innovation Processes and Industrial Districts”, in Becattini G., Bellandi M., De Propris L., (eds), A Handbook of Industrial Districts, Edward Elgar, Cheltenham.

ROLFO S. (1996), “Innovazione tecnologica e competitività internazionale: quale futuro per i distretti e le economie locali?”, Working Paper Ceris-CNR.

ROTONDI Z. (2005), “Banche, finanziamento dello sviluppo e dell’innovazione e internazionalizzazione”, in Bracchi G., Masciandaro D. (a cura di), Decimo Rapporto SFI. Le banche Italiane e la finanza per lo sviluppo: territori, imprese e famiglie, Edibank-Bancaria Editrice
.
RULLANI E. (1996), “Reti globali e reti metropolitane per l’economia del Nordest”, in Banco Ambrosiano Veneto (a cura di), Nord-Est: fattori di competitività, Il Mulino, Bologna.

RULLANI E. (2003), “I distretti industriali al tempo dell’economia globale”, Impresa e Stato, n. 63-64, pp. 80-83.

RULLANI E. (2006), “L’internazionalizzazione invisibile. La nuova geografia dei distretti e delle filiere produttive”, Sinergie, n. 69, pp. 3-32.

RUSSO P.F., ROSSI P. (1999), “Costo e disponibilità del credito per le imprese nei distretti industriali”, Banca d’Italia - Temi di Discussione, n. 360, pp. 1-53.

SAKO M. (1991), “The Role of Trust in Japanese Buyer-Supplier Relationships”, Ricerche Economiche, vol. XLV, n. 2-3, pp. 449-474.

SALCHENBERGE, L.M., CINAR E.M., LASH N.A. (1992), “Neural Networks: A New Tool for Predicting Thrift Failures”, Decision Sciences, vol. 23, n. 4, pp. 899-916.

SANTONI S., ZANNI L. (2011), “Comportamenti di ricerca e innovazione nei distretti industriali: gli attori del cambiamento e l’accesso a “conoscenze distanti”, Sinergie, n. 84, pp. 231-256.
SAURINA J., TRUCHARTE C. (2004), “The Impact of Basel II on Lending to Small-and-Medium-Sized Firms: A Regulatory Policy Assessment Based on Spanish Credit Register Data”, Journal of Financial Services Research, vol. 26, n. 2, pp. 121-144.

SAXENIAN A.L. (1994), Regional Advantage: Culture and Competition in Silicon Valley and Route 128, Harvard University Press, Cambridge, MA.

SCHILLACI C.E., GATTI M. (2011), “E pluribus unum: intenzionalità collettiva e governo dei sistemi territoriali”, Sinergie, n. 84, pp. 21-45.

SCHILLACI C.E., ROMANO M., LONGO C. (2009), Hybrid Organizational Forms and Academic Entrepreneurship. The Evolution of Italian University Incubators, Giappichelli, Torino.

SIGNORINI F.L. (2000), Lo sviluppo locale, Donzelli, Roma.

SMITKA M. (1991), Competitive Ties: Subcontracting in the Japanese Automotive Industry, Columbia University Press, New York.

SOBRERO M., ROBERTS E.B. (2001), “The Trade-Off between Efficiency and Learning in Interorganizational Relationships for Product Development”, Management Science, vol. 47, n. 4, pp. 493-511.

SUCHMAN M. (1994), On Advice of Counsel: Law Firms and Venture Capital Funds as Information Intermediaries in the Structuration of Silicon Valley, Doctoral Dissertation, Stanford University.

TODTLING F., TRIPPL M. (2005), “One Size Fits All? Towards a Differentiated Regional Innovation Policy Approach”, Research Policy, vol. 34, n. 8, pp. 1203-1219.

TSAI W., GHOSHAL S. (1998), “Social Capital and Value Creation: The Role of Intrafirm Networks”, Academy of Management Journal, vol. 41, n. 4, pp. 464-476.

UGHETTO E. (2006), “Territorial Proximity and Credit Constraints to Innovation: Evidence from Italian Firms”, in Bracchi G., Masciandaro D., (a cura di), Undicesimo Rapporto SFI. Banche e geografia: nuove mappe produttive e metamorfosi del credito, Edibank-Bancaria Editrice, Milano.

UZZI B. (1996), “The Sources and Consequences of Embeddedness for Economic Performance of Organizations: The Network Effect”, American Sociological Review, vol. 1, n. 4, pp. 674-698.

UZZI B. (1997), “Social Structure and Competition in Interfirm Networks: The Paradox of Embeddedness”, Administrative Science Quarterly, vol. 42, n. 2, pp. 339-365.

VALLINI C., CIAMPI F., GORDINI N. (2009), “Using Artificial Neural Networks Analysis for Small Enterprise Default Prediction Modeling: Statistical Evidence from Italian Firms”, 2009 Oxford Business & Economics Conference Proceedings, Association for Business and Economics Research (ABER), pp. 1-26.
VALLINI C., CIAMPI F., GORDINI N., BENVENUTI M. (2008), “Can Credit Scoring Models Effectively Predict Small Enterprise Default? Statistical Evidence from Italian firms”, Proceedings of the 8th Global Conference on Business & Economics, Association for Business and Economics Research (ABER), pp. 1-23.

VALLINI C., CIAMPI F., GORDINI N., BENVENUTI M. (2009), “Are Credit Scoring Models Able to Predict Small Enterprise Default? Statistical Evidence from Italian Small Enterprises”, International Journal of Business & Economics, vol. 8, n. 1, pp. 3-18.

VARALDO R. (1979), Ristrutturazioni industriali e rapporti tra imprese, Franco Angeli, Milano.

VARALDO R. (2006), “Il nuovo modello competitivo aziendale dei distretti industriali”, Economia e Politica Industriale, n. 1, pp. 25-42.

VARALDO R., FERRUCCI L. (1996), I distretti industriali fra logiche di sistema e logiche di impresa, Franco Angeli, Milano.

VELO D. (2007), L’Europa dei progetti. Impresa, innovazione, sviluppo, Giuffrè, Milano.

VELO D. (2011), “La varietà dei sistemi locali per l’innovazione emergente in Europa”, Sinergie, n. 84, pp. 5-20.

VON STEIN J.H., ZIEGLER W. (1984), “The Prognosis and Surveillance of Risks from Commercial Credit Borrowers”, Journal of Banking and Finance, vol. 8, n. 2, pp. 229-247.

ZHANG G.P., HU M.Y., PATUWO E.B., INDRO D.C. (1999), “Artificial Neural Networks in Bankruptcy Prediction: General Framework and Cross-Validation Analysis”, European Journal of Operational Research, vol. 116, n. 1, pp. 16-32.

Downloads

Published

2018-10-24