Subsidiary’s Embeddedness of Italian SMEs in Central and Eastern European Countries (CEECs)

This paper is focused on relationships which involves the subsidiary both, at an internal (mainly with the headquarter) and at an external level (with economic actors at a local level, i.e. customers and suppliers). In so doing, corporate and external embeddedness (Andersson and Forsgren, 1996) are investigated under a network based approach. To reach this aim, the level of autonomy and control perceived by the subsidiary and the range of value chain activities managed at local level are used as proxy of the degree of corporate embeddedness. At the same time, the number, frequency, and type of relations activated with local supplier and customers and the number and types of cooperation agreements with local enterprises are used to investigate external embeddedness. The attention is focused on Italian SMEs internationalized in the Central and Eastern European Countries (CEECs). With this respect, the sample is composed by firms that widely differ in terms of location, size, year of subsidiary establishment, and industry. The main evidence resulting from the analysis is that in the CEECs – and particularly in the more developed countries within the Region (such as Poland) – is emerging a phenomenon we define “re-localization”. By this term we describe a rising number of firms that is progressively transferring in these countries a wider range of activities, including the more value added ones. The delocalization of less value added activities (typically high-labour intensive and not complex manufacturing) was generally considered the main strategic aim for companies in the CEECs. Our data, on the contrary, seems to demonstrate that such a delocalization do not represent the ultimate result of the internationalization process, but only a step of a wider process. A process aimed at transferring abroad the whole value chain activities in order to serve the local market. Therefore, the internationalization of most of the analysed firms is market-oriented, i.e. aimed at looking for a new market, able to replace the Italian one

The internationalization of Italian firms in India: some empirical evidences

This study explores the characteristics of Italian foreign direct investment (FDI) in India and aims at filling the gap identified in the literature by providing a comprehensive empirical analysis on this issue. More specifically, we try to understand the reasons behind internationalization decisions in India, the strategic goals associated with them (i.e. manufacturing vs. commercial), the role played by the Indian subsidiary 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 customizing products and services to the local needs and demands.Moreover, the industry fragmentation suggests that so far only the best in each class hav approached India. This is indirectly confirmed by the fact that it is indeed almost impossible to find two Italian competitors present at the same in India.India, internationalization, FDI, value chain

Location of value added activities in hi-tech industries. The case of pharma-biotech firms in Italy.

This paper aims at analysing the main features of the activities carried out by the Italian biotech industry. This topic is so wide and various that particularly we decided to focus on the value added activities of the so-called “pharma-biotech”, i.e. pharmaceutical firms that have diversified in the biotech business or pharmaceutical spin-offs. First of all we try to identify the main activities carried out by the studied companies. Particularly, we focus on R&D carried out on biotech, trying to measure its extent both in terms of employees involved and of percentage of total investments. Moreover, we provide a picture of the range of R&D activities performed and the contribution arising from the cooperation with actors in and out of the industry. It is worth pointing out the exploratory scope of this paper that at the present is not yet able to provide through managerial guidelines for decision makers. With this respect, the sample is composed of companies operating in Italy in specific business within the biotech industry. More specifically, in order to reach earlier presented goals, attention was paid on the so called red biotech segment, that is biotech companies which develop drugs and diagnostics. This segment - which is predominant at worldwide level - was further divided accordingly to the adopted business model: born-biotech companies (more focused on R&D activities) and pharma-biotech companies (generally operating also manufacturing and sales activities). The research interest was finally focused on the latter segment, which was divided among pharma-oriented and biotech-oriented companies. The paper is structured in four main sections. In the first one, the most relevant features of biotech firms are discussed on the base of a literature review. In the second paragraph, adopted methodology is presented and sample main characteristics are discussed. In the third section, the main results regarding the localization of R&D activities study carried out on the biotech activities in Italy are presented. The conclusions complete the paper.Biotech, Localization, R&D, MNCs, Value added activities

Managing R&D activities in the Italian red biotech industry. A comparison between Italian independent firms and multinational companies

This paper aims at analysing the main features of R&D activities carried out by the Italian biotech companies. The proposed contribution can be ascribed to the massive stream of research related to the reconfiguration of the value chain activities at the international level. Such a topic has become more and more actual because of both the markets globalisation and diffusion of networked architectures within internationalised companies (see, among others, Bartlett 1986; Bartlett and Goshal 1987, 1990; Bartlett, Doz and Hedlund 1990; Forsgren 1993; Forsgren and Holm 1993; Forsgren, Holm and Johanson 1991, 1992; Forsgren and Johanson 1992; Forsgren and Pedersen 1998; Hedlund 1979, 1980, 1986, 1994; Hedlund and Ridderstrale 1994; Hedlund and Rolander 1990; Lipparini and Fratocchi 1999). Within such a stream of research, we decided to focus the attention on the biotech industry, due to its specific features, that deeply influence both the strategic behaviour of firms and the economic environment of the countries where they operate.Keeping in mind the different types of biotech firms operating at global level, we have decided to focus our attention to a less heterogeneous population. In so doing, we narrowed the analysis to the red biotech segment (that is health care biotech companies which develop drugs and diagnostics), because of its absolute predominance both in Italy (73% of enterprises, 94% of total revenue and 86% of investments1) and at worldwide level (51% of EU firms and 60% of USA ones2). First of all we collected data for a sample of companies operating in the Italian red biotech industry. Particularly, we focused on R&D activities: we tried to quantify its extent, to understand where they are located (domestically or abroad) and the role played by alliances/cooperation with -in and -out the industry. More specifically, in order to reach the goals above described, attention was paid to the aptitude of the Italian country-system to attract investments from abroad. In doing so, we studied separately the Italian independent firms and MNCs. Analysing the peculiarities of how Italian independent firms and MNCs manage R&D activities, we tried to find out the existence of a different approach to R&D investments. The paper is structured in four main sections. In the first one, the main relevant features of biotech firms are discussed and the literature background presented. The second paragraph deals with sample and methodology description. In the third section, the main results regarding the analysis of R&D activities carried out by the red Italian biotech companies are presented. The conclusions complete the paper.Biotech, localisation, R&D, collaborative R&D, MNCs.

Drivers of international development for born global companies founded by Italian entrepreneurs

The rise of “born global” companies, i.e. companies that internationalize their activities from inception or shortly thereafter led researchers to explore the various aspects related to early internationalization. Nevertheless, authors argue that further evidence and analysis on these firms is required (Oviatt and McDougall, 1997). Based on a multiple case study research the paper aims at providing further evidence on this phenomenon. An in-depth qualitative analysis has been performed based on eight startups founded by Italian entrepreneurs that showed an early internationalization towards the US and the Silicon Valley in particular. They have been interviewed with the goal of validating the major drivers of internationalization the literature attributes to born global companies. The cross case study analysis carried out highlights that not all the drivers seem to be equally relevant. The major findings of the study are twofold. First, the importance of professional networks built by entrpreneurs before establishing the company. Secondly, how the entrepreneur’s prior experience abroad (either as entrepreneur or as employee or for studying reasons) triggers and orients the internationalization path of a companyborn global, early internationalization, innovation, entrepreneurship, startup

Use of contrast-enhanced ultrasonography for the characterization of tumor thrombi in seven dogs

Some neoplasia-such as adrenal and thyroid glands tumors-have been associated with "tumor thrombi" both in humans and dogs. The detection and characterization of these venous tumor thrombi is important for both surgical planning and prognosis. In human medicine, contrast-enhanced ultrasonography (CEUS) is considered an accurate diagnostic technique for differentiating malignant from benign portal vein thrombosis in hepatocellular carcinomas. Data regarding the characteristics of tumor thrombi in dogs are currently lacking. Therefore, the aim of this study was to assess the feasibility of CEUS for the characterization of malignant venous thrombosis in dogs. On the basis of our results, CEUS appeared to be useful in the detection of malignant intravascular invasion; contrast uptake of the thrombus was present in all cases. In addition, CEUS may clearly detect newly formed vessels within the thrombus, and arterial-phase enhancement and washout in the venous phase were the main features in malignant thrombosis in our dogs. As CEUS is an easy to perform, noninvasive technique, its application in the detection of malignant thrombosis in dogs may be used to improve the diagnosis in oncological canine patients. Tumors of adrenal and thyroid glands have been associated with vascular invasions-so-called tumor thrombi, both in humans and dogs. The detection and characterization of venous thrombi is an important diagnostic step in patients with primary tumors for both surgical planning and prognosis. The aim of this study was to describe the use of contrast-enhanced ultrasonography (CEUS) for the characterization of tumor thrombi. Dogs with tumor thrombus who underwent bi-dimensional ultrasound (B-mode US) and CEUS were included. Seven dogs were enrolled in this retrospective case series. On B-mode US, all thrombi were visualized, and vascular distension and thrombus-tumor continuity were seen in three and two cases, respectively. On color Doppler examination, all thrombi were identified, seemed non-occlusive and only two presented vascularity. On CEUS, arterial-phase enhancement and washout in the venous phase were observed in all cases. Non-enhancing areas were identified in the tumor thrombi most likely representing non-vascularized tissue that could potentially be embolized in the lungs after fragmentation of the tumor thrombi. On the basis of these preliminary study, CEUS appeared to be useful for the characterization of malignant intravascular invasion

Prediction of vascular invasion using a 7-point scale computed tomography grading system in adrenal tumors in dogs

Background: Previous studies evaluating the accuracy of computed tomography (CT) in detecting caudal vena cava (CVC) invasion by adrenal tumors (AT) used a binary system and did not evaluate for other vessels. Objective: Test a 7-point scale CT grading system for accuracy in predicting vascular invasion and for repeatability among radiologists. Build a decision tree based on CT criteria to predict tumor type. Methods: Retrospective observational cross-sectional case study. Abdominal CT studies were analyzed by 3 radiologists using a 7-point CT grading scale for vascular invasion and by 1 radiologist for CT features of AT. Animals: Dogs with AT that underwent adrenalectomy and had pre- and postcontrast CT. Results: Ninety-one dogs; 45 adrenocortical carcinomas (50%), 36 pheochromocytomas (40%), 9 adrenocortical adenomas (10%) and 1 unknown tumor. Carcinoma and pheochromocytoma differed in pre- and postcontrast attenuation, contralateral adrenal size, tumor thrombus short- and long-axis, and tumor and thrombus mineralization. A decision tree was built based on these differences. Adenoma and malignant tumors differed in contour irregularity. Probability of vascular invasion was dependent on CT grading scale, and a large equivocal zone existed between 3 and 6 scores, lowering CT accuracy to detect vascular invasion. Radiologists' agreement for detecting abnormalities (evaluated by chance-corrected weighted kappa statistics) was excellent for CVC and good to moderate for other vessels. The quality of postcontrast CT study had a negative impact on radiologists' performance and agreement. Conclusions and Clinical Importance: Features of CT may help radiologists predict AT type and provide probabilistic information on vascular invasion