Territorial capital and firm performance: evidence from Italian regions

The aim of this thesis is to examine whether and how the coexistence of different local assets, conceptualized in the form of territorial capital, influences firm performance in diverse sectors, across different geographical areas of Italy, contributing to endogenous economic development. The notion of territorial capital conceived as a mix of tangible and intangible local resources accumulated in a certain place, incorporates several notions which have been extensively studied within the field of economic geography but provides a distinctive emphasis upon the coexistence and combination of these resources as a defining characteristic of different territories. This study is pursued through a mixed method approach, based on the collection of quantitative and qualitative data. The quantitative analysis is conducted across 20 Italian regions and considers 12 different economic sectors where firms operate. The sample includes about 92,000 companies; the analytical framework is based on the derivation of a measure of Total Factor Productivity (TFP) at firm level, where the contribution of factor inputs is estimated using a Cobb-Douglas production function. The analysis then focuses on the relationship between TFP and a set of different territorial resources at regional level from 2004 to 2012. The qualitative analysis consists of 26 semi-structured interviews conducted with SME owner-managers. Firms are selected in two different regions (Lombardia and Sicily) representing ‘extreme cases’ and in three different sectors (ICT, Accommodation and Food services, Manufacturing). The pursuit of qualitative analysis allows the exploration of how the coexistence of different local resources influences firms’ performance, and whether they represent a source of competitive advantage from the perspective of entrepreneurs themselves. Results from the mixed method analysis show that both tangible and intangible territorial resources are an important source of firm performance, with varying effect across regions and sectors. More specifically, this analysis contributes to the new growth theory, potentially opening new frontiers of research, aimed at explaining long run productivity in terms of endogenous factors and mechanisms based within the coexistence of inputs rooted within different territories. Secondly, this research contributes empirical knowledge pertinent to theories of endogenous development as it supports the idea that a factor of competitiveness can be found within territories; in particular it demonstrates that the presence of territorial capital may increase firm productivity and generate competitive advantages related to location. Finally, this study contributes empirical knowledge to the resource based theory of the firm as it explains how territorial capital, in the same way as firms’ internal resources, can become a source of sustainable competitive advantage for firms. In particular the analysis highlights the importance of created advanced resources or ‘capabilities’ at the local level, which are produced through long term investment, in contrast to inherited basic resources provided by ‘God’ or ancestors

Regional disparities and industrial structure: territorial capital and productivity in Italian firms

We investigate the role of Territorial Capital (TC) on the productivity of Italian firms, constructing indicators for eight dimensions of TC in a first attempt to capture a wide variety of regional resources. When imposing homogeneous TC effects on all firms, we find that technological, social, institutional, financial and infrastructure capital drive productivity. However, only technological and artistic capital contribute to reduce regional disparities. Across industries, financial capital and infrastructure increase productivity in companies operating in a wide range of sectors. Industrial policies should consider sectoral heterogeneity and North-South differences to effectively boost productivity performance

Territorial capital as a source of firm competitive advantage: evidence from the North and South of Italy

This paper investigates how territorial capital, defined as a mix of tangible and intangible local resources accumulated over time across different territories, becomes a source of competitive advantage for firms. The study draws upon semi-structured interviews with firms’ owner-managers operating in the North and South of Italy and shows how local resources generate firms’ costs and differentiation advantages through acting as territorial externalities or becoming an essential core asset to the firm. Results demonstrate how local resources are highly interconnected, making territorial capital unique in each place and not easily imitable, which ensures long term competitive advantages for those firms that benefit from its endowment. A mix of advanced local resources developed through long term investment is shown to be more valuable for firms than inherited resources, provided by ‘God’ or ‘ancestors’. Using the concept of territorial capital in this manner provides insights into understanding sources of firm competitiveness related to location and the persistence of territorial economic disparities

HE-LHC: The High-Energy Large Hadron Collider – Future Circular Collider Conceptual Design Report Volume 4

In response to the 2013 Update of the European Strategy for Particle Physics (EPPSU), the Future Circular Collider (FCC) study was launched as a world-wide international collaboration hosted by CERN. The FCC study covered an energy-frontier hadron collider (FCC-hh), a highest-luminosity high-energy lepton collider (FCC-ee), the corresponding 100 km tunnel infrastructure, as well as the physics opportunities of these two colliders, and a high-energy LHC, based on FCC-hh technology. This document constitutes the third volume of the FCC Conceptual Design Report, devoted to the hadron collider FCC-hh. It summarizes the FCC-hh physics discovery opportunities, presents the FCC-hh accelerator design, performance reach, and staged operation plan, discusses the underlying technologies, the civil engineering and technical infrastructure, and also sketches a possible implementation. Combining ingredients from the Large Hadron Collider (LHC), the high-luminosity LHC upgrade and adding novel technologies and approaches, the FCC-hh design aims at significantly extending the energy frontier to 100 TeV. Its unprecedented centre-of-mass collision energy will make the FCC-hh a unique instrument to explore physics beyond the Standard Model, offering great direct sensitivity to new physics and discoveries

FCC-ee: The Lepton Collider: Future Circular Collider Conceptual Design Report Volume 2

In response to the 2013 Update of the European Strategy for Particle Physics, the Future Circular Collider (FCC) study was launched, as an international collaboration hosted by CERN. This study covers a highest-luminosity high-energy lepton collider (FCC-ee) and an energy-frontier hadron collider (FCC-hh), which could, successively, be installed in the same 100 km tunnel. The scientific capabilities of the integrated FCC programme would serve the worldwide community throughout the 21st century. The FCC study also investigates an LHC energy upgrade, using FCC-hh technology. This document constitutes the second volume of the FCC Conceptual Design Report, devoted to the electron-positron collider FCC-ee. After summarizing the physics discovery opportunities, it presents the accelerator design, performance reach, a staged operation scenario, the underlying technologies, civil engineering, technical infrastructure, and an implementation plan. FCC-ee can be built with today’s technology. Most of the FCC-ee infrastructure could be reused for FCC-hh. Combining concepts from past and present lepton colliders and adding a few novel elements, the FCC-ee design promises outstandingly high luminosity. This will make the FCC-ee a unique precision instrument to study the heaviest known particles (Z, W and H bosons and the top quark), offering great direct and indirect sensitivity to new physics

FCC Physics Opportunities: Future Circular Collider Conceptual Design Report Volume 1

We review the physics opportunities of the Future Circular Collider, covering its e+e-, pp, ep and heavy ion programmes. We describe the measurement capabilities of each FCC component, addressing the study of electroweak, Higgs and strong interactions, the top quark and flavour, as well as phenomena beyond the Standard Model. We highlight the synergy and complementarity of the different colliders, which will contribute to a uniquely coherent and ambitious research programme, providing an unmatchable combination of precision and sensitivity to new physics

HE-LHC: The High-Energy Large Hadron Collider: Future Circular Collider Conceptual Design Report Volume 4

In response to the 2013 Update of the European Strategy for Particle Physics (EPPSU), the Future Circular Collider (FCC) study was launched as a world-wide international collaboration hosted by CERN. The FCC study covered an energy-frontier hadron collider (FCC-hh), a highest-luminosity high-energy lepton collider (FCC-ee), the corresponding 100 km tunnel infrastructure, as well as the physics opportunities of these two colliders, and a high-energy LHC, based on FCC-hh technology. This document constitutes the third volume of the FCC Conceptual Design Report, devoted to the hadron collider FCC-hh. It summarizes the FCC-hh physics discovery opportunities, presents the FCC-hh accelerator design, performance reach, and staged operation plan, discusses the underlying technologies, the civil engineering and technical infrastructure, and also sketches a possible implementation. Combining ingredients from the Large Hadron Collider (LHC), the high-luminosity LHC upgrade and adding novel technologies and approaches, the FCC-hh design aims at significantly extending the energy frontier to 100 TeV. Its unprecedented centre-of-mass collision energy will make the FCC-hh a unique instrument to explore physics beyond the Standard Model, offering great direct sensitivity to new physics and discoveries

FCC-hh: The Hadron Collider: Future Circular Collider Conceptual Design Report Volume 3

In response to the 2013 Update of the European Strategy for Particle Physics (EPPSU), the Future Circular Collider (FCC) study was launched as a world-wide international collaboration hosted by CERN. The FCC study covered an energy-frontier hadron collider (FCC-hh), a highest-luminosity high-energy lepton collider (FCC-ee), the corresponding 100 km tunnel infrastructure, as well as the physics opportunities of these two colliders, and a high-energy LHC, based on FCC-hh technology. This document constitutes the third volume of the FCC Conceptual Design Report, devoted to the hadron collider FCC-hh. It summarizes the FCC-hh physics discovery opportunities, presents the FCC-hh accelerator design, performance reach, and staged operation plan, discusses the underlying technologies, the civil engineering and technical infrastructure, and also sketches a possible implementation. Combining ingredients from the Large Hadron Collider (LHC), the high-luminosity LHC upgrade and adding novel technologies and approaches, the FCC-hh design aims at significantly extending the energy frontier to 100 TeV. Its unprecedented centre of-mass collision energy will make the FCC-hh a unique instrument to explore physics beyond the Standard Model, offering great direct sensitivity to new physics and discoveries

HE-LHC: The High-Energy Large Hadron Collider

In response to the 2013 Update of the European Strategy for Particle Physics (EPPSU), the Future Circular Collider (FCC) study was launched as a world-wide international collaboration hosted by CERN. The FCC study covered an energy-frontier hadron collider (FCC-hh), a highest-luminosity high-energy lepton collider (FCC-ee), the corresponding 100 km tunnel infrastructure, as well as the physics opportunities of these two colliders, and a high-energy LHC, based on FCC-hh technology. This document constitutes the third volume of the FCC Conceptual Design Report, devoted to the hadron collider FCC-hh. It summarizes the FCC-hh physics discovery opportunities, presents the FCC-hh accelerator design, performance reach, and staged operation plan, discusses the underlying technologies, the civil engineering and technical infrastructure, and also sketches a possible implementation. Combining ingredients from the Large Hadron Collider (LHC), the high-luminosity LHC upgrade and adding novel technologies and approaches, the FCC-hh design aims at significantly extending the energy frontier to 100 TeV. Its unprecedented centre-of-mass collision energy will make the FCC-hh a unique instrument to explore physics beyond the Standard Model, offering great direct sensitivity to new physics and discoveries