THE DIRECTIONS OF DIVERSIFICATION IN ITALIAN MANUFACTURING

Davide Vannoni

CERIS Working Paper from CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY

Abstract: This paper focuses on the diversification strategies of the largest manufacturing groups operating in Italy between 1987 and 1993. The analysis of diversification at the firm level and at the industry level is followed with an empirical investigation on the links between the different areas of activity of our sample firms. The results highlight that diversification is mainly driven by vertical integration strategies, by the availability of some common specific resources, by strategies that could be defined as "oriented" diversification. In particular, industries with high R&D expenditures are a source of diversification but at the same time they attract investments from other industries, while advertising expenditures only in 1993 seem to be significant. The arguments of those who emphasize the importance of specific assets seem then to be corroborated by the recently observed behavior of italian manufacturing firms.

Keywords: Italina; manufactoring (search for similar items in EconPapers)
JEL-codes: L1 L2 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1996-06
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:csc:cerisp:199612

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