Abstract
The paper intends to provide in the first instance an explanation of the mechanisms of knowledge transfer and knowledge creation within districts, according to the theoretical perspective of the resource-based theory. We highlight that knowledge transfer mechanisms do not always stimulate knowledge creation processes in district firms, but represent levers that the firm strategy can opportunely use to generate new knowledge and therefore create new value (which increases the economic capital of the firm). The objective of this work is to empirically verify the importance of the knowledge transfer mechanisms in the value strategies of those companies that aim at increasing their intellectual capital through the acquisition of district firms identified as target firms. The results of the analysis demonstrate that the value strategies pursued by acquiring firms that are outside the districts to which the target firms belong, induce attributing values to the target firm’s intellectual capital that are significantly higher than those attributed, in comparable circumstances, by acquiring firms that are within the target firms’ districts of referenceReferences
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Barney J. (1991), “Firm Resources and Sustained Competitive Advantage”, in Journal of Management, vol. 17
Beaudry C., Breschi S. (2003), “Are Firms in Clusters Really More Innovative?”, in Economics of Innovation and New Technology, vol. 12, n. 4, pp. 325-342;
Becattini G. (1990), The Marshallian Industrial District as a socio-economic notion, in Pyke F., Becattini G., Sengenberger W., (eds.), Industrial Districts and Inter-firm cooperation in Italy ,
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Bontis N. (2000), “assessing knowledge assets: a review of the models used to measure intellectual capital”, in Framework Series, Queen’s University at Kingston, April; la serie è
disponibile su http://www.business.queensu.ca/kbe;
Brugnoli C. (1996), Concezione sistemica dell’impresa e scelte aziendali, Egea, Milano;
Camuffo A., Grandinetti R. (2005), “I distretti industriali come economie della conoscenza”, in Argomenti, n. 15;
Cohe W., Levinthal D. (1990), “Absorptive capacity: A new perspective on learning and innovation”, in Administrative Science Quarterly, Vol. 24;
Conner K., Prahald C.K. (1996), “A resource-based Theory of The Firm: Knowledge Versus Opportunism”, in Organization Science, 7 (5);
Coopeland T., Koller T., Murrin J. (1991), Il valore dell’impresa. Strategie di valutazione e gestione, Il Sole 24 Ore, Milano; Trad. italiana di Valuation. Measuring and Managing the Value of Companies, John Wiley & Sons, N.Y.;
Davenport T.H., Prusak L. (1998), Working Knowledge. How Organizations Manage What They Know, Harvard Business School Press, Boston (trad. it. Etas, Milano, 2000);
Dierickx L., Cool K. (1989), “Asset Stock Accumulation and Sustainability of Competitive Advantage”, in Management Science, vol. 35;
Fabiani S., Pellegrini G., Romagnano F., Signorini L.F. (2000), “L’efficienza delle imprese nei distretti industriali italiani”, Banca d’Italia-Servizio Studi;
Festinger L. (1957), A Theory of Cognitive Dissonance, Stanford University Press, Stanford;
Ghemawat P., Ricart I ., Costa J. (1993), “The Organizational Tension Between Static and Dynamic Efficiency”, in Strategic Management Journal, 14;
Grandinetti R. (2002), Conoscenze, relazioni e identità collettiva nei processi evolu tivi dei sistemi distrettuali: riflessioni su alcuni casi del Nord-Est, in Biggiero L., Sammarra A. (a cura di),
Apprendimento, identità e marketing del territo rio, Carocci, Roma;
Grandinetti R., Zoratti G. (2003), “Processi formativi ed evoluzione nei distretti industriali: una prospettiva di analisi basata sull’economia della conoscenza”, in Piccola Impresa, n. 2;
Grant R.M. (1996), “Toward a Knowledge Based Theory of the Firm” in Strategic Management Journal, 17;
Grant R.M. (1991), “The resource-based theory of competitive advantage: implication for strategy formulation”, in California Management Review, 1;
Grant R.M. (1994), L’analisi strategica nella gestione aziendale, Il Mulino, Bologna;
Grant R.M., Baden Fuller C. (1995), “A Knowledge-based Theory of Inter-firm Collaboration”, in Academy of management Best Paper Proceedings, pp. 17-21;
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Haansen G.S., Wernerfelt B. (1989), “Determinants of
Firm Performance: The Relative Importance of Economic and Organizational Factors”, in Strategic Management Journal, 10;
Leblanc G. (2000), Regional Specialization, Local Externalities and Clustering, Information Technology Industries, CERNA, Paris School of Mines and Stincert, LSE, London;
Lindenberg E.B., Ross S.A. (1981), “Tobin’s q ratio and industrial organization”, in Journal of Business, January;
Lipparini a. (2002), La gestione strategica del capitale intellettuale e del capitale sociale, Il Mulino, Bologna;
Lorenzoni G. (1992), a cura di, Accordi, reti e vantaggio competitivo, Etas Libri, Milano;
Lundavall B. A. (1988), Innovation as an interactive process: from user-producer interaction to the national system of innovation, in Dosi G. et Al., (eds.), Technical Change and Economic Theory, Pinter Publishers, London;
MahoneY J., Rajendran T., Pandian J. (1992), “The Resource-based View within the Conversation of Strategic Management”, in Strategic Management Journal, vol. 13, June;
Malerba , F. (2000), Economia dell’innovazione, Carocci editore, Roma;
Malerba , F., Orsenigo, L. (2000), Regimi tecnologici e pattern settoriali di innovazione, in Malerba , F. (2000), Economia dell’innovazione,Carocci editore, Roma;
Manca F. (2002), Il valore di bilancio degli intangible assets, Cedam, 2002, Padova;
Massari M. (1998), Finanza aziendale. Valutazione, MacGraw-Hill, Milano;
Molina-Morales F. X. (2001), “European industrial districts: influence of geographic concentration on performance of the firm”, in Journal of International Management, n. 7;
MoliNa-Morales F. x. (2004), “How much difference is there between industrial district firms? A net value creation approach”, in Research Policy, (33), Elsevier;
Napoli F. (2008), Imprese distrettuali. Una ricerca sulle problematiche economico-aziendali dell’innovazione e dell’internazionalizzazione, FrancoAngeli, Milano;
Nonaka I., (1994), “A Dynamic Theory of Organizational Knowledge Creation”, in Organization Science, 5 (1);
Parrr.l. (1991), Investing in Intangible Assets: Finding and Profiting from Hidden Corporate Value, John Wiley & Sons Inc.,
Penrose e.t. (1959), The Theory of the Growth of the Firm, Oxford University Press, New York. Trad. Italiana: La teoria dell’espansione dell’impresa, FrancoAngeli, 1973, Milano;
Piccolo D., Vitale C. (1984), Metodi statistici per l’analisi economica, Il Mulino, Bologna;
Rappaport a. (1989), La strategia del valore, FrancoAngeli, Milano. Trad. italiana di: Creating Shareholder Value. The New Standard for Business Performance, The Free Press, N.Y., Usa;
Rullani e. (1995), Distretti industriali ed economia globale, in “Economia e Società Regionale”, n. 50;
Rumelt R.P. (1984), Towards a strategic Theory of the Firm, in Lamb R. (a cura di), Competitive Strategic Management, Englewood Cliffs, NJ, Prentice-Hall, pp.556-570;
Rumelt R.P. (1991), “How Much Does Industry Matte r ?” in Strategic Management Journal, 12;
Sammarra A. (2002), Identità, coordinamento e apprendimento nei distretti industria li, in Biggiero L., Sammarra A. (a cura di), Apprendimento, identità e marke ting del territorio, Carocci, Bologna;
Sammarra A., Biggiero l. (2001), “Identity and Identification in Industrial Districts”, in Journal of Management and Governance, n. 1;
Stewart T.A. (1999), Il capitale intellettuale. La nuova ricchezza, Ponte alle Grazie, Milano;
Taliento M. (2005), Il valore dell’impresa nella prospettiva dell’acquirente, G. Giappichelli, Torino;
Teece D. J. (1987), a cura di: The Competitive Challenge, Cambridge, Mass;
Teece D.J. (1989), a cura di, La sfida competitiva. Strategie per l’innovazione, McGraw Hill, Milano; Trad. Italiana di t eeCe d. J. (1987), a cura di: The Competitive Challenge, Cambridge, Mass;
Teece D.J, Pisano G. (1994), “The Dynamic Capabilities of Firm: An Introduction”, in Industrial and Corporate Change, 3 (3);
Teece D.J. (1986), “Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing, and Public Policy”, in Research Policy, vol. 15, n.6;
Teece D.J, Pisano G., Shuen A. (1997), “Dynamic Capabilities and Strategic Management” in Strategic Management Journal, 18(7);
Tobin J., 1969, “A General Equilibrium Approach to Monetary Theory”, in Journal of Money, Credit and Banking, Feb;
Villalonga B. (2004), “Intangible resources, Tobin’s q, and sustainability of performance differences”, in Jour of Ec Beh and Organization (54);
Von Hippel E. (1988), The Sources of Innovation, Oxford University Press, New York;
Trequattrini R. (2008), Conoscenza ed economia aziendale. Elementi di teoria, Edizioni Scientifiche italiane, Napoli;
Wernerfelt B. (1984), “A Resource-based View of the Firm”, in Strategic Management Journal, vol. 5, n. 2;
Wernerfelt B., Montgomery C. (1988), “Tobin’s q and the importance of focus in firm performance” in Am. Econ. Rev.(78);
Zanetti l. (2000), La valutazione delle acquisizioni. Sinergie, rischio e prezzi, Egea, Milano
Barney J. (1991), “Firm Resources and Sustained Competitive Advantage”, in Journal of Management, vol. 17
Beaudry C., Breschi S. (2003), “Are Firms in Clusters Really More Innovative?”, in Economics of Innovation and New Technology, vol. 12, n. 4, pp. 325-342;
Becattini G. (1990), The Marshallian Industrial District as a socio-economic notion, in Pyke F., Becattini G., Sengenberger W., (eds.), Industrial Districts and Inter-firm cooperation in Italy ,
International Institute for Labor Studies, Geneva;
Bontis N. (2000), “assessing knowledge assets: a review of the models used to measure intellectual capital”, in Framework Series, Queen’s University at Kingston, April; la serie è
disponibile su http://www.business.queensu.ca/kbe;
Brugnoli C. (1996), Concezione sistemica dell’impresa e scelte aziendali, Egea, Milano;
Camuffo A., Grandinetti R. (2005), “I distretti industriali come economie della conoscenza”, in Argomenti, n. 15;
Cohe W., Levinthal D. (1990), “Absorptive capacity: A new perspective on learning and innovation”, in Administrative Science Quarterly, Vol. 24;
Conner K., Prahald C.K. (1996), “A resource-based Theory of The Firm: Knowledge Versus Opportunism”, in Organization Science, 7 (5);
Coopeland T., Koller T., Murrin J. (1991), Il valore dell’impresa. Strategie di valutazione e gestione, Il Sole 24 Ore, Milano; Trad. italiana di Valuation. Measuring and Managing the Value of Companies, John Wiley & Sons, N.Y.;
Davenport T.H., Prusak L. (1998), Working Knowledge. How Organizations Manage What They Know, Harvard Business School Press, Boston (trad. it. Etas, Milano, 2000);
Dierickx L., Cool K. (1989), “Asset Stock Accumulation and Sustainability of Competitive Advantage”, in Management Science, vol. 35;
Fabiani S., Pellegrini G., Romagnano F., Signorini L.F. (2000), “L’efficienza delle imprese nei distretti industriali italiani”, Banca d’Italia-Servizio Studi;
Festinger L. (1957), A Theory of Cognitive Dissonance, Stanford University Press, Stanford;
Ghemawat P., Ricart I ., Costa J. (1993), “The Organizational Tension Between Static and Dynamic Efficiency”, in Strategic Management Journal, 14;
Grandinetti R. (2002), Conoscenze, relazioni e identità collettiva nei processi evolu tivi dei sistemi distrettuali: riflessioni su alcuni casi del Nord-Est, in Biggiero L., Sammarra A. (a cura di),
Apprendimento, identità e marketing del territo rio, Carocci, Roma;
Grandinetti R., Zoratti G. (2003), “Processi formativi ed evoluzione nei distretti industriali: una prospettiva di analisi basata sull’economia della conoscenza”, in Piccola Impresa, n. 2;
Grant R.M. (1996), “Toward a Knowledge Based Theory of the Firm” in Strategic Management Journal, 17;
Grant R.M. (1991), “The resource-based theory of competitive advantage: implication for strategy formulation”, in California Management Review, 1;
Grant R.M. (1994), L’analisi strategica nella gestione aziendale, Il Mulino, Bologna;
Grant R.M., Baden Fuller C. (1995), “A Knowledge-based Theory of Inter-firm Collaboration”, in Academy of management Best Paper Proceedings, pp. 17-21;
GuelPa F. - Trenti S. (2007), Un ambiente di crescenti divari ma di vantaggi competitivi persistenti, in Guelpa F. - Micelli S. (a cura di), I distretti industriali del terzo millennio. Dalle econo-
mie di agglomerazione alle strategie d’impresa, Il Mulino, Bologna;
Haansen G.S., Wernerfelt B. (1989), “Determinants of
Firm Performance: The Relative Importance of Economic and Organizational Factors”, in Strategic Management Journal, 10;
Leblanc G. (2000), Regional Specialization, Local Externalities and Clustering, Information Technology Industries, CERNA, Paris School of Mines and Stincert, LSE, London;
Lindenberg E.B., Ross S.A. (1981), “Tobin’s q ratio and industrial organization”, in Journal of Business, January;
Lipparini a. (2002), La gestione strategica del capitale intellettuale e del capitale sociale, Il Mulino, Bologna;
Lorenzoni G. (1992), a cura di, Accordi, reti e vantaggio competitivo, Etas Libri, Milano;
Lundavall B. A. (1988), Innovation as an interactive process: from user-producer interaction to the national system of innovation, in Dosi G. et Al., (eds.), Technical Change and Economic Theory, Pinter Publishers, London;
MahoneY J., Rajendran T., Pandian J. (1992), “The Resource-based View within the Conversation of Strategic Management”, in Strategic Management Journal, vol. 13, June;
Malerba , F. (2000), Economia dell’innovazione, Carocci editore, Roma;
Malerba , F., Orsenigo, L. (2000), Regimi tecnologici e pattern settoriali di innovazione, in Malerba , F. (2000), Economia dell’innovazione,Carocci editore, Roma;
Manca F. (2002), Il valore di bilancio degli intangible assets, Cedam, 2002, Padova;
Massari M. (1998), Finanza aziendale. Valutazione, MacGraw-Hill, Milano;
Molina-Morales F. X. (2001), “European industrial districts: influence of geographic concentration on performance of the firm”, in Journal of International Management, n. 7;
MoliNa-Morales F. x. (2004), “How much difference is there between industrial district firms? A net value creation approach”, in Research Policy, (33), Elsevier;
Napoli F. (2008), Imprese distrettuali. Una ricerca sulle problematiche economico-aziendali dell’innovazione e dell’internazionalizzazione, FrancoAngeli, Milano;
Nonaka I., (1994), “A Dynamic Theory of Organizational Knowledge Creation”, in Organization Science, 5 (1);
Parrr.l. (1991), Investing in Intangible Assets: Finding and Profiting from Hidden Corporate Value, John Wiley & Sons Inc.,
Penrose e.t. (1959), The Theory of the Growth of the Firm, Oxford University Press, New York. Trad. Italiana: La teoria dell’espansione dell’impresa, FrancoAngeli, 1973, Milano;
Piccolo D., Vitale C. (1984), Metodi statistici per l’analisi economica, Il Mulino, Bologna;
Rappaport a. (1989), La strategia del valore, FrancoAngeli, Milano. Trad. italiana di: Creating Shareholder Value. The New Standard for Business Performance, The Free Press, N.Y., Usa;
Rullani e. (1995), Distretti industriali ed economia globale, in “Economia e Società Regionale”, n. 50;
Rumelt R.P. (1984), Towards a strategic Theory of the Firm, in Lamb R. (a cura di), Competitive Strategic Management, Englewood Cliffs, NJ, Prentice-Hall, pp.556-570;
Rumelt R.P. (1991), “How Much Does Industry Matte r ?” in Strategic Management Journal, 12;
Sammarra A. (2002), Identità, coordinamento e apprendimento nei distretti industria li, in Biggiero L., Sammarra A. (a cura di), Apprendimento, identità e marke ting del territorio, Carocci, Bologna;
Sammarra A., Biggiero l. (2001), “Identity and Identification in Industrial Districts”, in Journal of Management and Governance, n. 1;
Stewart T.A. (1999), Il capitale intellettuale. La nuova ricchezza, Ponte alle Grazie, Milano;
Taliento M. (2005), Il valore dell’impresa nella prospettiva dell’acquirente, G. Giappichelli, Torino;
Teece D. J. (1987), a cura di: The Competitive Challenge, Cambridge, Mass;
Teece D.J. (1989), a cura di, La sfida competitiva. Strategie per l’innovazione, McGraw Hill, Milano; Trad. Italiana di t eeCe d. J. (1987), a cura di: The Competitive Challenge, Cambridge, Mass;
Teece D.J, Pisano G. (1994), “The Dynamic Capabilities of Firm: An Introduction”, in Industrial and Corporate Change, 3 (3);
Teece D.J. (1986), “Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing, and Public Policy”, in Research Policy, vol. 15, n.6;
Teece D.J, Pisano G., Shuen A. (1997), “Dynamic Capabilities and Strategic Management” in Strategic Management Journal, 18(7);
Tobin J., 1969, “A General Equilibrium Approach to Monetary Theory”, in Journal of Money, Credit and Banking, Feb;
Villalonga B. (2004), “Intangible resources, Tobin’s q, and sustainability of performance differences”, in Jour of Ec Beh and Organization (54);
Von Hippel E. (1988), The Sources of Innovation, Oxford University Press, New York;
Trequattrini R. (2008), Conoscenza ed economia aziendale. Elementi di teoria, Edizioni Scientifiche italiane, Napoli;
Wernerfelt B. (1984), “A Resource-based View of the Firm”, in Strategic Management Journal, vol. 5, n. 2;
Wernerfelt B., Montgomery C. (1988), “Tobin’s q and the importance of focus in firm performance” in Am. Econ. Rev.(78);
Zanetti l. (2000), La valutazione delle acquisizioni. Sinergie, rischio e prezzi, Egea, Milano
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