In this paper we extend to state-owned enterprises the empirical work on investment-cash flow sensitivities. Our sample is a panel of Italian state-owned manufacturing firms over the period 1977-1993. The distinctive element of public firms’ financial environment is the budget regime under...

We investigate implications for the cost of capital in a model with agency conflicts between inside and outside shareholders, where the severity of agency costs depends on a parameter representing investor protection. Using firm-level data for Italy and Germany we find significant differences in...

The good and effective management of a new technology is fundamental for its success not only among the scientific and technical community, but especially for its entry and expansion in the market. There are many examples of new product or process technologies that, notwithstanding the...

The science sector, in some European countries, is doing a strategic restructuring due to budget cuts (e.g. Italy). Thus, the measure and evaluation of research performance (metrics) of its units (public research institute) is needed. General models to assess the R&D performance of a public...

The industrial structure of many European countries is dominated by Small and Medium Enterprises (SMEs). Although SMEs consider the new product development process fundamental for the success in the global market, the level of formalisation of the innovation process is very low (Slywotzky et...

In our analysis, we have remembered the general result reached by studies on innovation of late, according to which innovation in manufacturing industry is a complex phenomenon and does not lend itself to be described and explained through simplistic analytical models. We have then taken clue...

Nowadays, in Italy the science sector is doing a strategic restructuring due to budget cuts. Thus, the measure and evaluation of research performance of its units (public research institute) is needed. This research uses the discriminant analysis (direct and Wilks methods) for measuring the...

Nowadays the Government of industrialized countries, in presence of reduced public resources, has to assign clear objectives to public research laboratories to increase the competitiveness of firms. The purpose of this paper is to analyze the public research bodies of the National Research...

Within the current debate about the role of public research in the modern societies and the relations between public and private research, there is an increasing interest towards a possible rivalry between fundamental and applied research. Some preoccupations arise from the fact that the strong...

This study analyzes the action of the ‘space’ variable on the technological transfer activity, matching the traditional space approach (physical distance) to the modern one (interactions). The aim of this piece of research is double: Build indicators, using the two above mentioned...