Description
Entrepreneurship Today
Contents
Preface XI
Part I
Food for Thought 1
1 Entrepreneurship Today
G. Dossena 3
2 Entrepreneurship and Economic Growth
D.B. Audretsch 7
3 The Entrepreneur and the Good Administration of the Firm
R. Cafferata 13
3.1 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
3.2 Complexity, Simplicity and Responsibility
in Business Management . . . . . . . . . . . . . . . . . . . . . . 13
3.3 Good Administration and Stewardship . . . . . . . . . . . . . . . 15
4 Boards of Directors and Corporate Innovation
J. Gabrielsson and M. Huse 17
4.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
4.2 Corporate Governance and Value Creation:
Past and Present . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
4.3 Board Involvement in Strategic Decision Making . . . . . . . . . 22
4.4 Team Attributes and the Boardroom Culture . . . . . . . . . . . . 24
4.5 Formulation of Hypotheses and Illustration
of Research Model . . . . . . . . . . . . . . . . . . . . . . . . . 25
4.6 Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
4.6.1 Sample . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
4.6.2 Statistical Analysis . . . . . . . . . . . . . . . . . . . . . 28
4.6.3 Variables . . . . . . . . . . . . . . . . . . . . . . . . . . 28
4.7 Analysis and Results . . . . . . . . . . . . . . . . . . . . . . . . 31
4.8 Discussion and Conclusions . . . . . . . . . . . . . . . . . . . . 34
VI Contents
4.9 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
5 Entrepreneurship and Entrepreneurship Policies. National and Local
Perspectives
C. Karlsson 41
5.1 What is Entrepreneurship? . . . . . . . . . . . . . . . . . . . . . 41
5.2 What Does it Imply? . . . . . . . . . . . . . . . . . . . . . . . . 41
5.3 Why is Entrepreneurship Important? . . . . . . . . . . . . . . . . 42
5.4 Why is Entrepreneurship so Dif?cult? . . . . . . . . . . . . . . . 42
5.5 What is then Limiting Entrepreneurship? . . . . . . . . . . . . . . 43
5.6 Why do Entrepreneurs Start Firms? . . . . . . . . . . . . . . . . 44
5.7 What about Local Measures to Stimulate
Entrepreneurship? . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Part II
Research Session 47
6 Entrepreneurial Propensity: An Empirical Investigation
C. Bettinelli, G. Dossena and C. Karlsson 49
6.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
6.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 51
6.3 Method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
6.3.1 Participants and Procedure . . . . . . . . . . . . . . . . . 54
6.3.2 Independent Variables . . . . . . . . . . . . . . . . . . . 55
6.4 Analysis and Results . . . . . . . . . . . . . . . . . . . . . . . . 56
6.5 Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
6.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
7 Is Entrepreneurial Management Worth Talking About?
A Process De?nition of Entrepreneurship
K. Randerson and A. Fayolle 73
7.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
7.2 A Critical Presentation of Entrepreneurial
Orientation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
7.2.1 Risk Taking . . . . . . . . . . . . . . . . . . . . . . . . . 76
7.2.2 Innovativeness . . . . . . . . . . . . . . . . . . . . . . . 78
7.2.3 Proactiveness and Competitive Aggressiveness . . . . . . 79
7.2.4 Autonomy . . . . . . . . . . . . . . . . . . . . . . . . . 80
7.3 Presentation of Entrepreneurial Management:
a Process De?nition of Entrepreneurship . . . . . . . . . . . . . . 82
Contents VII
7.3.1 The Strategic Dimensions of EM . . . . . . . . . . . . . 83
7.3.2 The Operational Dimensions of EM . . . . . . . . . . . 88
7.4 Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
8 The Relationship Between Entrepreneurship and Firm Performance.
An Approach Based on Entrepreneurs’ Subjective Characteristics
A. Thomas and R. Passaro 99
8.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
8.2 The Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
8.2.1 Entrepreneurship and Firm Performance . . . . . . . . . . 101
8.2.2 Entrepreneurship and Business Entrepreneurialism . . . . 104
8.3 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
8.4 Some Evidence: Seeking a Prevalent Pro?le . . . . . . . . . . . . 110
8.5 Conclusive Remarks . . . . . . . . . . . . . . . . . . . . . . . . 116
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
9 Entrepreneurial orientation and ?rm performance in SMEs.
A preliminary study
A. Tognazzo, P. Gubitta, M. Gianecchini and G. Costa 123
9.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
9.2 Review of the Relevant Literature . . . . . . . . . . . . . . . . . 124
9.2.1 Entrepreneurial Orientation Construct: Dimensionality
and Measure . . . . . . . . . . . . . . . . . . . . . . . . 124
9.2.2 Family Firms: Entrepreneurship and Performance . . . . . 125
9.3 Research Design and Methodology . . . . . . . . . . . . . . . . . 126
9.3.1 Data Collection . . . . . . . . . . . . . . . . . . . . . . 126
9.3.2 De?nition of Variables . . . . . . . . . . . . . . . . . . . 126
9.4 Impact of Entrepreneurial Orientation . . . . . . . . . . . . . . . 128
9.5 Discussion of the Results and Conclusions . . . . . . . . . . . . . 133
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
10 Systematic Approach for Value Creation through Innovations
T. Tukiainen 135
10.1 Tensions in Theory of Innovations . . . . . . . . . . . . . . . . . 135
10.2 Case Firms in Innovation Domain in Brief . . . . . . . . . . . . . 139
10.3 Discussion and Conclusions . . . . . . . . . . . . . . . . . . . . 141
10.4 Limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
VIII Contents
11 Entrepreneurship and New Venture Creation:
An Analysis of Italian Provinces
B. Del Bosco 153
11.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
11.2 Theoretical Framework and Research Questions . . . . . . . . . . 154
11.3 Methodology and Data Sources . . . . . . . . . . . . . . . . . . . 157
11.4 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
11.4.1 Entrepreneurial Density and New Venture Creation . . . . 159
11.4.2 Initial Industrial Specialization and Distribution
Among Activity Sectors of New Ventures Created . . . . 161
11.4.3 The Differences Related to Entrepreneurial Density . . . . 165
11.5 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
12 The in?uence of vertical and shared leadership within new
venture founders’ teams on the performance of spin-offs
F. Destro, M. Gianecchini, P. Gubitta and G. Costa 171
12.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
12.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 173
12.2.1 The Research Context: the Academic Spin-Offs Reality . 173
12.2.2 Leadership Models in Spin-Off Context . . . . . . . . . . 175
12.3 Research Hypotheses . . . . . . . . . . . . . . . . . . . . . . . . 181
12.4 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
12.4.1 Independent Variables . . . . . . . . . . . . . . . . . . . 183
12.4.2 Dependent Variables . . . . . . . . . . . . . . . . . . . . 184
12.4.3 Control Variables . . . . . . . . . . . . . . . . . . . . . . 184
12.5 Results and Discussion . . . . . . . . . . . . . . . . . . . . . . . 184
12.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
13 Exploring the Emergence of Medium Firms Through the Theory
of Creative Action
S. La Rocca, L. Brena and R. Artaz 195
13.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
13.2 Theoretical Foundations . . . . . . . . . . . . . . . . . . . . . . 197
13.2.1 Rationalism in the Entrepreneurship Literature . . . . . . 197
13.2.2 Action Theory as Alternative to the Means-ends Schema . 200
13.2.3 Entrepreneurship According to the Theory of Creative Ac-
tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
13.3 Theorizing along Narratives . . . . . . . . . . . . . . . . . . . . 206
13.3.1 Exploring the ‘First Change’ . . . . . . . . . . . . . . . . 206
13.3.2 Building the Value Chain Through the Imaginary . . . . . 211
Contents IX
13.3.3 From Entrepreneurs’ Vitality to Organization’s Vitality . . 214
13.4 Conclusions, Contributions, and Implications . . . . . . . . . . . 219
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
14 Rowing Against the Tide: The Struggle to Enhance
Entrepreneurship in a Hostile Region
C.E. Schillaci and M. Nicotra 227
14.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
14.2 Promoting Entrepreneurial Processes in
a Regional Area. The University “Third Mission” . . . . . . . . . 229
14.3 “Wrong Place” and Entrepreneurial
Desiderability: the Department of Management Social Role . . . . 232
14.3.1 Phase 1. STMicroelectronics Ego-Network Analysis and
Entrepreneurial Environment Investigation . . . . . . . . 233
14.3.2 Phase 2. SpinLab and the Creation of an Academic
Entrepreneurial Incubator . . . . . . . . . . . . . . . . . 234
14.3.3 Phase 3. The Inter-Firm Networking: EtnaHighTech
Consortium . . . . . . . . . . . . . . . . . . . . . . . . . 237
14.3.4 Phase 4. “Etna Valley District” as an Institutionally
Recognized Local Network . . . . . . . . . . . . . . . . . 238
14.3.5 Phase 5. From a Geographic Proximity to a Strategic
Regional Vision: the “Technological Cluster Micro
and Nano Systems” . . . . . . . . . . . . . . . . . . . . . 239
14.4 Conclusions and Open Questions . . . . . . . . . . . . . . . . . . 240
15 Turnaround Financing in Italy
A. Danovi 247
15.1 Vulture Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247
15.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 248
15.2.1 The Italian Market . . . . . . . . . . . . . . . . . . . . . 250
15.3 The Empirical Analysis . . . . . . . . . . . . . . . . . . . . . . . 252
15.3.1 The Degree of Participation . . . . . . . . . . . . . . . . 254
15.3.2 The Impact of the New Bankruptcy Law . . . . . . . . . . 255
15.3.3 Turnaround: Opinions About the Market . . . . . . . . . 256
15.3.4 Operative Modalities . . . . . . . . . . . . . . . . . . . . 258
15.4 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262
doc_471175948.pdf
Entrepreneurship Today
Contents
Preface XI
Part I
Food for Thought 1
1 Entrepreneurship Today
G. Dossena 3
2 Entrepreneurship and Economic Growth
D.B. Audretsch 7
3 The Entrepreneur and the Good Administration of the Firm
R. Cafferata 13
3.1 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
3.2 Complexity, Simplicity and Responsibility
in Business Management . . . . . . . . . . . . . . . . . . . . . . 13
3.3 Good Administration and Stewardship . . . . . . . . . . . . . . . 15
4 Boards of Directors and Corporate Innovation
J. Gabrielsson and M. Huse 17
4.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
4.2 Corporate Governance and Value Creation:
Past and Present . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
4.3 Board Involvement in Strategic Decision Making . . . . . . . . . 22
4.4 Team Attributes and the Boardroom Culture . . . . . . . . . . . . 24
4.5 Formulation of Hypotheses and Illustration
of Research Model . . . . . . . . . . . . . . . . . . . . . . . . . 25
4.6 Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
4.6.1 Sample . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
4.6.2 Statistical Analysis . . . . . . . . . . . . . . . . . . . . . 28
4.6.3 Variables . . . . . . . . . . . . . . . . . . . . . . . . . . 28
4.7 Analysis and Results . . . . . . . . . . . . . . . . . . . . . . . . 31
4.8 Discussion and Conclusions . . . . . . . . . . . . . . . . . . . . 34
VI Contents
4.9 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
5 Entrepreneurship and Entrepreneurship Policies. National and Local
Perspectives
C. Karlsson 41
5.1 What is Entrepreneurship? . . . . . . . . . . . . . . . . . . . . . 41
5.2 What Does it Imply? . . . . . . . . . . . . . . . . . . . . . . . . 41
5.3 Why is Entrepreneurship Important? . . . . . . . . . . . . . . . . 42
5.4 Why is Entrepreneurship so Dif?cult? . . . . . . . . . . . . . . . 42
5.5 What is then Limiting Entrepreneurship? . . . . . . . . . . . . . . 43
5.6 Why do Entrepreneurs Start Firms? . . . . . . . . . . . . . . . . 44
5.7 What about Local Measures to Stimulate
Entrepreneurship? . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Part II
Research Session 47
6 Entrepreneurial Propensity: An Empirical Investigation
C. Bettinelli, G. Dossena and C. Karlsson 49
6.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
6.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 51
6.3 Method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
6.3.1 Participants and Procedure . . . . . . . . . . . . . . . . . 54
6.3.2 Independent Variables . . . . . . . . . . . . . . . . . . . 55
6.4 Analysis and Results . . . . . . . . . . . . . . . . . . . . . . . . 56
6.5 Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
6.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
7 Is Entrepreneurial Management Worth Talking About?
A Process De?nition of Entrepreneurship
K. Randerson and A. Fayolle 73
7.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
7.2 A Critical Presentation of Entrepreneurial
Orientation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
7.2.1 Risk Taking . . . . . . . . . . . . . . . . . . . . . . . . . 76
7.2.2 Innovativeness . . . . . . . . . . . . . . . . . . . . . . . 78
7.2.3 Proactiveness and Competitive Aggressiveness . . . . . . 79
7.2.4 Autonomy . . . . . . . . . . . . . . . . . . . . . . . . . 80
7.3 Presentation of Entrepreneurial Management:
a Process De?nition of Entrepreneurship . . . . . . . . . . . . . . 82
Contents VII
7.3.1 The Strategic Dimensions of EM . . . . . . . . . . . . . 83
7.3.2 The Operational Dimensions of EM . . . . . . . . . . . 88
7.4 Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
8 The Relationship Between Entrepreneurship and Firm Performance.
An Approach Based on Entrepreneurs’ Subjective Characteristics
A. Thomas and R. Passaro 99
8.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
8.2 The Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
8.2.1 Entrepreneurship and Firm Performance . . . . . . . . . . 101
8.2.2 Entrepreneurship and Business Entrepreneurialism . . . . 104
8.3 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
8.4 Some Evidence: Seeking a Prevalent Pro?le . . . . . . . . . . . . 110
8.5 Conclusive Remarks . . . . . . . . . . . . . . . . . . . . . . . . 116
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
9 Entrepreneurial orientation and ?rm performance in SMEs.
A preliminary study
A. Tognazzo, P. Gubitta, M. Gianecchini and G. Costa 123
9.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
9.2 Review of the Relevant Literature . . . . . . . . . . . . . . . . . 124
9.2.1 Entrepreneurial Orientation Construct: Dimensionality
and Measure . . . . . . . . . . . . . . . . . . . . . . . . 124
9.2.2 Family Firms: Entrepreneurship and Performance . . . . . 125
9.3 Research Design and Methodology . . . . . . . . . . . . . . . . . 126
9.3.1 Data Collection . . . . . . . . . . . . . . . . . . . . . . 126
9.3.2 De?nition of Variables . . . . . . . . . . . . . . . . . . . 126
9.4 Impact of Entrepreneurial Orientation . . . . . . . . . . . . . . . 128
9.5 Discussion of the Results and Conclusions . . . . . . . . . . . . . 133
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
10 Systematic Approach for Value Creation through Innovations
T. Tukiainen 135
10.1 Tensions in Theory of Innovations . . . . . . . . . . . . . . . . . 135
10.2 Case Firms in Innovation Domain in Brief . . . . . . . . . . . . . 139
10.3 Discussion and Conclusions . . . . . . . . . . . . . . . . . . . . 141
10.4 Limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
VIII Contents
11 Entrepreneurship and New Venture Creation:
An Analysis of Italian Provinces
B. Del Bosco 153
11.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
11.2 Theoretical Framework and Research Questions . . . . . . . . . . 154
11.3 Methodology and Data Sources . . . . . . . . . . . . . . . . . . . 157
11.4 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
11.4.1 Entrepreneurial Density and New Venture Creation . . . . 159
11.4.2 Initial Industrial Specialization and Distribution
Among Activity Sectors of New Ventures Created . . . . 161
11.4.3 The Differences Related to Entrepreneurial Density . . . . 165
11.5 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
12 The in?uence of vertical and shared leadership within new
venture founders’ teams on the performance of spin-offs
F. Destro, M. Gianecchini, P. Gubitta and G. Costa 171
12.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
12.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 173
12.2.1 The Research Context: the Academic Spin-Offs Reality . 173
12.2.2 Leadership Models in Spin-Off Context . . . . . . . . . . 175
12.3 Research Hypotheses . . . . . . . . . . . . . . . . . . . . . . . . 181
12.4 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
12.4.1 Independent Variables . . . . . . . . . . . . . . . . . . . 183
12.4.2 Dependent Variables . . . . . . . . . . . . . . . . . . . . 184
12.4.3 Control Variables . . . . . . . . . . . . . . . . . . . . . . 184
12.5 Results and Discussion . . . . . . . . . . . . . . . . . . . . . . . 184
12.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
13 Exploring the Emergence of Medium Firms Through the Theory
of Creative Action
S. La Rocca, L. Brena and R. Artaz 195
13.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
13.2 Theoretical Foundations . . . . . . . . . . . . . . . . . . . . . . 197
13.2.1 Rationalism in the Entrepreneurship Literature . . . . . . 197
13.2.2 Action Theory as Alternative to the Means-ends Schema . 200
13.2.3 Entrepreneurship According to the Theory of Creative Ac-
tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
13.3 Theorizing along Narratives . . . . . . . . . . . . . . . . . . . . 206
13.3.1 Exploring the ‘First Change’ . . . . . . . . . . . . . . . . 206
13.3.2 Building the Value Chain Through the Imaginary . . . . . 211
Contents IX
13.3.3 From Entrepreneurs’ Vitality to Organization’s Vitality . . 214
13.4 Conclusions, Contributions, and Implications . . . . . . . . . . . 219
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
14 Rowing Against the Tide: The Struggle to Enhance
Entrepreneurship in a Hostile Region
C.E. Schillaci and M. Nicotra 227
14.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
14.2 Promoting Entrepreneurial Processes in
a Regional Area. The University “Third Mission” . . . . . . . . . 229
14.3 “Wrong Place” and Entrepreneurial
Desiderability: the Department of Management Social Role . . . . 232
14.3.1 Phase 1. STMicroelectronics Ego-Network Analysis and
Entrepreneurial Environment Investigation . . . . . . . . 233
14.3.2 Phase 2. SpinLab and the Creation of an Academic
Entrepreneurial Incubator . . . . . . . . . . . . . . . . . 234
14.3.3 Phase 3. The Inter-Firm Networking: EtnaHighTech
Consortium . . . . . . . . . . . . . . . . . . . . . . . . . 237
14.3.4 Phase 4. “Etna Valley District” as an Institutionally
Recognized Local Network . . . . . . . . . . . . . . . . . 238
14.3.5 Phase 5. From a Geographic Proximity to a Strategic
Regional Vision: the “Technological Cluster Micro
and Nano Systems” . . . . . . . . . . . . . . . . . . . . . 239
14.4 Conclusions and Open Questions . . . . . . . . . . . . . . . . . . 240
15 Turnaround Financing in Italy
A. Danovi 247
15.1 Vulture Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247
15.2 Theoretical Framework . . . . . . . . . . . . . . . . . . . . . . . 248
15.2.1 The Italian Market . . . . . . . . . . . . . . . . . . . . . 250
15.3 The Empirical Analysis . . . . . . . . . . . . . . . . . . . . . . . 252
15.3.1 The Degree of Participation . . . . . . . . . . . . . . . . 254
15.3.2 The Impact of the New Bankruptcy Law . . . . . . . . . . 255
15.3.3 Turnaround: Opinions About the Market . . . . . . . . . 256
15.3.4 Operative Modalities . . . . . . . . . . . . . . . . . . . . 258
15.4 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262
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