The Italian network contract: a “new” form of networking with “old” rules? Genesis, dynamics and challenges
25
0
0
Testo completo
(2) VRWKH\KDYHDOVRDSXEOLFYDOXHDQGWKH\FDQ ± XQGHUFHUWDLQFRQGLWLRQV±DVVXPHREOLJDWLRQVWRZDUGVWKLUGSDUWLHV 7KHELUWKRIWKHQHWZRUNFRQWUDFW 1&
(3) ZDVDQDEVROXWHLQQRYDWLRQQRW RQO\ LQ WKH ,WDOLDQ ODQGVFDSH EXW DOVR DW (XURSHDQ OHYHO DQG LW KDV EHHQ UHFRJQL]HGE\WKH(XURSHDQ&RPPLVVLRQDVRQHRIWKHPDLQEHVWSUDFWLFHVLQ WKH³,QQRYDWLRQDQGFRPSHWHQFH´FKDSWHURIWKHUHYLVHG6PDOO%XVLQHVV $FW (XURSHDQ&RPPLVVLRQ
(4) 7KHSULQFLSDOLQQRYDWLRQRIWKLVQHZZD\RIQHWZRUNLQJLVWKHSRVVLELOLW\ IRU ILUPV WR ZRUNWRJHWKHUWRD VKDUHGSURMHFWE\ PD[LPL]LQJ WKH SRVLWLYH HIIHFWV RI QHWZRUNLQJ ZLWKRXW WKH ULJLGLW\ ± LQ WHUPV RI EXUHDXFUDF\ DQG SURFHGXUHVRIRWKHUIRUPVRIDJJUHJDWLRQVVXFKDV0 $RUFRQVRUWLD$IWHU OHVVWKDQ\HDUVIURPLWVLQWURGXFWLRQLQWRWKH,WDOLDQOHJLVODWLRQV\VWHPWKUHH WKRXVDQGVFRQWUDFWV RQHWKRXVDQGIURPRQZDUGV
(5) KDYHEHHQUHJLVWHUHG DOODORQJWKHFRXQWU\LQYROYLQJDOPRVWILIWHHQWKRXVDQGVILUPV 7KHDLPRIWKLVSDSHULVWRDQDO\]HWKHPDLQFKDUDFWHULVWLFVRIWKHQHWZRUN FRQWUDFWVERWKDWWKHRUHWLFDO $OEHUWL $UULJR
(6) DQGSUDFWLFDOOHYHO &DIDJJL
(7) DQG WR LQYHVWLJDWH ZKHWKHU WKH\ LQWURGXFHG DQ\ FRQFUHWH LQQRYDWLRQLQWKHZD\,WDOLDQILUPVFDQDFWDQGSHUIRUPWRJHWKHUWRJHQHUDWH LQQRYDWLRQ )LFKWHU 'RROH\et al.
(8) 7KLVSDSHUFRQWULEXWHVWRWKH OLWHUDWXUH LQYHVWLJDWLQJ WKH UHOHYDQFH RI FRQWUDFWV LQ EXVLQHVVWREXVLQHVV UHODWLRQVKLSVWKDWLVDQXQGHUUHVHDUFKHGGRPDLQLQWKHOLWHUDWXUH 0|KULQJ DQG )LQFK
(9) DQG ZKHUH ERWK UHODWLRQDO LVVXHV 0DFQHLO
(10) DQG JRYHUQDQFHRQHV =DHIDULDQet al.
(11) GHVHUYHPRUHLQYHVWLJDWLRQ 7KDQNVWRWKH352),/2SURMHFWIXQGHGE\WKH/RPEDUG\5HJLRQXQGHU WKH (5*21 OLQH RI IXQGLQJ WKH DXWKRUV ZHUH FKDUJHG E\ WKH %UHVFLD¶V KHDGTXDUWHU RI &RQILQGXVWULD $,%
(12) WR PDNH DQ HPSLULFDO UHVHDUFK WKDW 8QLYHUVLW\RI%UHVFLDFRUUHVSRQGLQJDXWKRU FULVWLDQFDULQL#XQLEVLW 8QLYHUVLW\RI%UHVFLD V - 83.
(13) LQYROYHG QHWZRUNV WKDW DFFRXQW IRU ILUPV
(14) PDLQO\ ORFDWHG LQ WKH 3URYLQFH RI %UHVFLDLQ GLIIHUHQW HFRQRPLF VHFWRUVDQG ZLWKGLIIHUHQW DLPV DQG RUJDQL]DWLRQDO IHDWXUHV 6L[WHHQ VHPLVWUXFWXUHG LQWHUYLHZV KDYH EHHQ FDUULHGRXWIURP-DQXDU\WR$SULOZLWKWKHQHWZRUNPDQDJHUVRUWKHLU GHSXWLHV RQHRIWKHPVSRNHIRUWKHWZRQHWZRUNVKHPDQDJHV
(15) )LQDQFLDO DQDO\VLVRIWKHEDODQFHVKHHWVRIWKHLQYROYHGILUPVZDVDOVRPDGHLQRUGHU WR YHULI\ LI ILQDQFLDO YDULDEOHV FDQ EH FRQVLGHUHG IDFWRUV WKURXJK ZKLFK H[SODLQWKHH[LVWHQFHRIWKHQHWZRUN $IWHUDUHYLHZRIWKHFKDUDFWHULVWLFVRIWKH1&DFFRUGLQJWRWKH,WDOLDQODZ DQGWKHVXEVHTXHQWUHJXODWLRQ &DIDJJL 5XOODQL)
(16) WKHSDSHU ZLOOGLVFXVV1&ZLWKLQWKHIUDPHRIWKH(&¶V6PDOO%XVLQHVV$FWSXEOLVKHG E\WKH(&LQDQGUHYLVHGLQ:HZLOODOVRDQDO\]HWKHSKHQRPHQRQ XQGHUGLIIHUHQWWKHRUHWLFDOSHUVSHFWLYHVE\UHYLHZLQJWKHPDLQVWUHDPVWKDW GHDOZLWKQHWZRUNV %DWKHOWet al. &RRNH 0RUJDQ /XQGYDOO 6DPPDUUD %LJJLHUR 0X]]L $OEHUWLQL 'DJQLQRet al.
(17) DQGJLYLQJDSDUWLFXODUDWWHQWLRQWRWKHGLVFXVVLRQDERXWJRYHUQDQFH PRGHOV &DSDOGR
(18) DQGUHODWLRQDOLVVXHVVXFKDVWUXVW 1HZHOO 6ZDQ =DKHHUet al.
(19) DQGNQRZOHGJHVKDULQJ 7VDL 6ZDQet al. $OEHUWLDQG3L]]XUQR
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et al.
(21) &RQVHTXHQWO\LQRUGHUWRPHDVXUHGLIIHUHQWDVSHFWVRISHUIRUPDQFHZHDGG ± WR WKH FODVVLFDO PHDVXUHV RI HFRQRPLF SHUIRUPDQFH ± DOVR D VXEMHFWLYH HYDOXDWLRQE\DVNLQJLQWHUYLHZHHVWRJUDGHWKHLURYHUDOOOHYHORIVDWLVIDFWLRQ DVVRFLDWHG WR SDUWLFLSDWLRQ WR WKH 1& PDLQO\ ZLWK UHVSHFW WR WKHLU H[SHFWDWLRQV 3UHWL %ULGJHet al.
(22) 7KXVZHDUHLQVHDUFKRIWKH QHZQHVV RI WKLV RUJDQL]DWLRQDO IRUP DQG ZH DUH LQWHUHVWHG LQ YHULI\LQJ ZKHWKHUZHQHHGQHZ³UXOHVRIWKHJDPH´ZLWKUHVSHFWWRRWKHUQHWZRUNHG RUJDQL]DWLRQDO IRUPV RU ZH FDQ VWLFN RQ ³ROG´ UXOHV DQG G\QDPLFV DV SUHGLFWRUV RI 1&V¶ VXFFHVV %HFDWWLQL 5XOODQL ( 3UHWL DQG 3XULFHOOL 3UHWLDQG9LJQDOL
(23) V - 84.
(24) 7KHGLIIXVLRQRIQHWZRUNFRQWUDFWV 1HWZRUNFRQWUDFWVZHUHLQWURGXFHGWRRXUV\VWHPZLWKDUWLFOHVHFWLRQ WHU DQG IROORZLQJ RI /' QR RI WK )HEUXDU\ 7KH ILUVW QHWZRUN FRQWUDFW ZDV VLJQHG RQ VW0DUFK LQ7XVFDQ\ DQGVLQFHWKHQ XQWLO 8QLRQFDPHUH¶V ODWHVW GDWD WK $XJXVW
(25) WKH QXPEHU RI QHWZRUNV FRQWUDFWVLQ,WDO\DPRXQWVWR RYHUWKHODVW\HDU
(26) DQGLQYROYHD WRWDORIFRPSDQLHVDOORYHUWKHFRXQWU\0RUHWKDQRIEXVLQHVVHV WKDW WDNH SDUW LQ QHWZRUN FRQWUDFWV DUH FDSLWDO FRPSDQLHV IROORZHG E\ SDUWQHUVKLSV
(27) DQGVROHSURSULHWRUVKLSV
(28) $FFRUGLQJWRGDWDRQQHWZRUNFRQWUDFWVIURP&HQWUR6WXGL&RQILQGXVWULD
(29) XSGDWHG DW-DQXDU\ RI QHWZRUNV FRQVLVW RI EXVLQHVVHV ZLWKLQ WKH VDPH UHJLRQ 8QGHU D GLPHQVLRQDO SRLQW RI YLHZ RI QHWZRUNHG EXVLQHVVHV HPSOR\ OHVV WKDQHPSOR\HHV DQG HPSOR\ OHVVWKDQSHUVRQV /RPEDUG\LVWKHUHJLRQZLWKPRVWILUPVLQYROYHGLQQHWZRUNFRQWUDFWV ZKLFKPDNHXSRIWKHQDWLRQDOILJXUHLQDOLJKWGHFOLQHRYHUWKH ODVWWZR\HDUV
(30) IROORZHGE\7XVFDQ\DQG(PLOLD5RPDJQDZLWKDERXW HDFKDQG9HQHWRDQG/D]LRZLWKHDFK )URPH[DPLQLQJWKHEUHDNGRZQRIDFWLYLW\VHFWRUV XVLQJ$7(&2 FRGHV
(31) WKH &HQWUR 6WXGL &RQILQGXDWULD
(32) VWUHVVHV WKDW RI WKH FRQWUDFWVRQDQDWLRQDOOHYHOLQHDUO\LQFOXGHVILUPVIURPWKHVHUYLFHV PDFURVHFWRU SDUWLFXODUO\WKHKLJKWHFKVHUYLFHVVHFWRU
(33) RYHUWKHODVW WZR \HDUV
(34) IURP WKH LQGXVWU\ VHFWRU SULPDULO\ PHFKDQLFV
(35) IURP WKH FRQVWUXFWLRQ DQG UHDO HVWDWH VHFWRUV VLQFH
(36) ,W LV LQWHUHVWLQJ WR QRWH KRZ WKH DJULIRRG VHFWRU ZKLFK FRYHUV RI QHWZRUNHGILUPV FRQFHQWUDWHGLQWKH RIWKHQHWZRUNV
(37) DFWXDOO\KDVD QHWZRUNLQJSUHVHQFHWKDWLVPXFKJUHDWHUWKDQWKHVHFWRU VVLJQLILFDQFHLQWKH ,WDOLDQHFRQRP\
(38) 7KHGDWDIURPWKH&HQWUR6WXGL&RQILQGXVWULDDOVR UHYHDOV WKDW RI QHWZRUNV DUH PDGH XS RI EXVLQHVV EHORQJLQJ WR GLIIHUHQWPDFURVHFWRUV DJULIRRGVHUYLFHFRQVWUXFWLRQHWF
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
(40) SUHGHWHUPLQHGZD\VDQGDUHDVFRQQHFWHGZLWKWKHFRQGXFWRIWKHLUEXVLQHVVHV RU WR H[FKDQJH LQGXVWULDO FRPPHUFLDO WHFKQLFDO RU WHFKQRORJLFDO LQIRUPDWLRQRUSHUIRUPDQFHVRUWRVKDUHDFWLYLWLHVFRYHUHGE\WKHVFRSHRI WKHLUEXVLQHVV ,WLVWKHUHIRUHFOHDUKRZQHWZRUNFRQWUDFWVLQWKHZLOORIWKHOHJLVODWRU VKRXOGKDYHDVWURQJIRFXVRQVWUDWHJLFLQQRYDWLRQDQGFROODERUDWLRQWRZDUG DFRPPRQJRDOZKLFKLVWKHTXDOLI\LQJHOHPHQWRIWKHDJJUHJDWLRQ $OEHUWL &DIDJJL
(41) $VIRUWKLVSRLQWLWKDVEHHQREVHUYHGKRZWKLVWRRO FDQEHWKHDQVZHUWRDUHDODQGSHUFHLYHGQHHGWKDWVWDUWVIURPEHORZLH IURPVLQJOHFRPSDQLHV0RUHRYHUQHWZRUNFRQWUDFWVDOORZVDOVRVPDOODQG PHGLXP HQWHUSULVHV 60(V
(42) WR UHDFK WKDW VL]H VFDOH DQG NQRZKRZ DYDLODELOLW\ WKDW FDQ EH FRQVLGHUHG FULWLFDO WR EHDU DQG VXSSRUW LQQRYDWLYH EXVLQHVVGHYHORSPHQWSURFHVVHV 3UHWLDQG9LJQDOL9HUVFKRRUHet al.
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¶V DFWLYLWLHV
(45) IRU DFWLYLWLHV UHOHYDQW WR WKH DFKLHYHPHQW RI WKH FRPPRQ JRDORIWKHFRQWUDFW 7KH UHSRUW ³/H 5HJLRQL D IDYRUH GHOOH UHWL G¶LPSUHVD 6WXGLR VXL ILQDQ]LDPHQWL SHU OH DJJUHJD]LRQL´ 7KH UHJLRQV LQ IDYRXU RI EXVLQHVV QHWZRUNV 6WXG\ RQ IXQGLQJ IRU DJJUHJDWLRQV
(46) HGLWHG E\ 5HW,PSUHVD DQG V - 86.
(47) *UXSSR ,PSUHVD )HEUXDU\
(48) VKRZV KRZ LQ DQG IURP D VDPSOH RI UHJLRQDO LQWHUYHQWLRQV VXUYH\HG WKH ,WDOLDQ UHJLRQV KDYH DOORFDWHGDWRWDORIELOOLRQHXURZRUWKRIUHVRXUFHVSRWHQWLDOO\LQIDYRXU RIEXVLQHVVDJJUHJDWLRQVZLWKDQDEVROXWHSHDNLQ PLOOLRQHXUR
(49) )URP D WHUULWRULDO SRLQW RI YLHZ WKH IXQGV DUH GLVWULEXWHG KRPRJHQHRXVO\ LQ WKH FHQWUHQRUWK DQG LQ WKH VRXWK DQG LVODQGV
(50) :LWK UHJDUG VSHFLILFDOO\WRQHWZRUNFRQWUDFWVLQWKHREVHUYHGSHULRGRQO\ QHWZRUNV EHQHILWHGIURPUHJLRQDOFRQWULEXWLRQVIRUDWRWDORIRYHUEHQHILFLDU\ FRPSDQLHV7KHWRSWKUHHUHJLRQVILQDQFLQJQHWZRUNVDUH(PLOLD5RPDJQD SURMHFWV
(51) /RPEDUG\
(52) DQG$EUX]]R
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
(54) LQLWLDWLYH IRU (XURSH ZKLFK DLPV WR FUHDWH FRQGLWLRQV IRU WKH VXVWDLQDEOHJURZWKDQGFRPSHWLWLYHQHVVRI60(VZKLFKUHSUHVHQWPRUHWKDQ RIEXVLQHVVHVLQWKH(8FRXQWULHV 7XQLVLQLet al.
(55) DQGHPSOR\ RIWKHZRUNIRUFH %XVLQHVV DJJUHJDWLRQ SKHQRPHQD DUH QRW QHZ LQ SUDFWLFH DQG LQ WKH OLWHUDWXUH2YHUWKH\HDUVLWKDVEHHQVHHQWKHHPHUJHQFHRIYDULRXVW\SHVRI QHWZRUNV LQYROYLQJ EXVLQHVVHV RI DOO VL]HV LQGXVWULDO GLVWULFWV %HFDWWLQL 5XOODQL(
(56) QDWLRQDODQGUHJLRQDOLQQRYDWLRQV\VWHPV /XQGYDOO
(57) WHUULWRULDO LQQRYDWLRQ FOXVWHUV %DWKHOW et al. 6DPPDUUD DQG %LJJLHUR
(58) LQQRYDWLYH HQYLURQPHQWV &DPDJQL
(59) LQQRYDWLRQ FRPPXQLWLHV )LFKWHU 0X]]LDQG$OEHUWLQL
(60) DQGOHDUQLQJUHJLRQV &RRNHDQG0RUJDQ
(61) 7KH,WDOLDQH[SHULHQFHRIQHWZRUNFRQWUDFWVFDQGHILQLWHO\EHSDUWRIWKLV IUDPHZRUN DV D QHZ EXVLQHVV DJJUHJDWLRQ PRGH VWLOO LQ LWV LQIDQF\ DQG WKHUHIRUH VWLOO WR EH DQDO\]HG DV IRU WKH PHGLXPORQJ WHUP HIIHFWV RQ WKH SDUWLFLSDWLQJFRPSDQLHV 7KH 6%$ FRQILUPV WKH &RPPLVVLRQ V DWWHQWLRQ WR 60( LVVXHV ZKHQ LW FRPHV WR DFFHVVLQJ LQQRYDWLRQ DQG LQWHUQDWLRQDOL]DWLRQ DQG FRQVWLWXWHV D VWURQJ VLJQDO WR 0HPEHU 6WDWHV WR VWULYH LQ WKLV GLUHFWLRQ 7KH 6PDOO V - 87.
(62) %XVLQHVV$FWLVEDVHGRQWHQSULQFLSOHVWRJXLGHWKHIRUPXODWLRQRI(8DQG QDWLRQDOSROLFLHVDVZHOODVRQSUDFWLFDOPHDVXUHVIRUWKHLULPSOHPHQWDWLRQ 7KH UHYLHZ RI WKH 6PDOO %XVLQHVV $FW E\ WKH (XURSHDQ &RPPLVVLRQHPSKDVL]HVWKHFHQWUDOUROHLQ(XURSHDQSROLFLHVRIEXVLQHVV DJJUHJDWLRQVLQVXSSRUWLQJFRPSHWLWLYHQHVVDQGLQWHUQDWLRQDOL]DWLRQ,QWKH VDPHGRFXPHQWWKH&RPPLVVLRQJDYHVDOLVWRIYLUWXRXVFRXQWULHVDQGEHVW SUDFWLFHVIRUHDFKRIWKHSRLQWVWKDWPDNHXSWKH6%$)RUSULQFLSOH1R 6NLOOVDQGLQQRYDWLRQ,WDO\LVWKHRQO\(XURSHDQFRXQWU\PHQWLRQHGDV DQH[DPSOHRIJRRGSUDFWLFHIRUWKHHVWDEOLVKPHQWRIQHWZRUNFRQWUDFWV )URPDVWUXFWXUDOIRUPDODQGOHJDOSRLQWRIYLHZVRPHDXWKRUV $UULJR 7XQLVLQLet al.
(63) SURSRVHWKDWQHWZRUNFRQWUDFWVEHFODVVLILHGDV ³IRUPDO PDUNHW H[FKDQJH UHODWLRQVKLSV´ SDUWLFXODUO\ DV PXOWLODWHUDO FRQWUDFWVZLWKDFRPPRQSXUSRVH $UULJR
(64) ZKLFKILOOVDOHJDOYDFXXP DWWKH(XURSHDQOHYHO(XURSHDQSULYDWHODZLQWKHUHFHQW'UDIW&RPPRQ )UDPH RI 5HIHUHQFH RI GRHV QRW SURYLGH DQ\ UXOHV RQ PXOWLODWHUDO FRQWUDFWV ZKLFK PHDQV WKDW WKH ,WDOLDQ H[SHULHQFH LV GHILQLWHO\ RI JUHDW LQWHUHVWDQGVWLPXOXVIRU(XURSHDQOHJLVODWRUV *HWWLQJEDFNWRWKHSURSRVHGFODVVLILFDWLRQWKHDXWKRUVGLYLGHGPDUNHW H[FKDQJHVEDVHGRQWZRIXQGDPHQWDOGLPHQVLRQV WUDQVDFWLRQDOH[FKDQJHV VXFK DV G\DGLF WUDQVDFWLRQV ZKHUH VHUYLFH LV JRYHUQHG RQ WKH EDVLV RI HFRQRPLFH[FKDQJH
(65) DQGUHODWLRQDOH[FKDQJHVVXFKDVQHWZRUNFRQWUDFWVDUH Relational exchangesGHSHQGLQJRQWKHGHJUHHRIDZDUHQHVVRIWKHH[LVWHQFH RIDQHWZRUNDQGWKHZLOORIWKHSDUWLHVWRWDNHRQWKHUHOHYDQWRSSRUWXQLWLHV DQGFRQVWUDLQWVFDQEHEURNHQGRZQLQWRXQDZDUHDZDUHDQGIRUPDO $FFRUGLQJ WR $UULJR
(66) WKH XQDZDUH FDWHJRU\ LQFOXGHV FOXVWHUV LQGXVWULDOGLVWULFWVIUDQFKLVLQJDQGOLFHQVLQJDQGLQJHQHUDORWKHUELODWHUDO FRQWUDFWV WKDW GHYHORS ZLWKLQ D QHWZRUNW\SH HQYLURQPHQW HJ VXEFRQWUDFWLQJ
(67) 7KHDZDUHFDWHJRU\FDQLQFOXGHVWUDWHJLFDOOLDQFHVVXSSO\ FKDLQDJUHHPHQWVDQGXPEUHOODDJUHHPHQWV)LQDOO\WKHIRUPDOFDWHJRU\ LQFOXGHV QHWZRUN FRQWUDFWV LQ DGGLWLRQ WR MRLQW YHQWXUHV WHPSRUDU\ DVVRFLDWLRQVRIFRPSDQLHVFRQVRUWLDQHZFRVDQGVRRQ :KDWVHWVQHWZRUNFRQWUDFWVDSDUWIURPRWKHUIRUPDODJJUHJDWLRQVLVWKH HOHPHQW RI IOH[LELOLW\ WR SXUVXH LWV REMHFWLYH JHQHUDWH LQQRYDWLRQ DQG FRPSHWLWLYHQHVV
(68) DQHWZRUNFRQWUDFWXWLOL]HVDIRUPDOLQVWUXPHQWRQO\WKH QHWZRUNSODQEXWWKHSDUWLHVKDYHIXOODXWRQRP\UHJDUGLQJWKHGHWDLOVRIWKH SODQDQGLWVIRUPXODWLRQ+RZHYHUQH[WWRWKHREYLRXVDGYDQWDJHVWKLVUDLVHV D QXPEHU RI LVVXHV WKDW RULJLQDWH IURP VHYHUDO FKDUDFWHULVWLFV RI FROODERUDWLRQVEHWZHHQFRPSDQLHV 7XQLVLQLet al.
(69) ,QSDUWLFXODULWLV SRVVLEOH WR PHQWLRQ WKH LQGHWHUPLQDF\ RI WKH UHODWLRQDO FRQWH[W DQG WKH GLIILFXOWLHV LQYROYHG LQ D
(70) SODQQLQJ WKH UHVXOWV RI WKH QHWZRUN SURFHVV E
(71) V - 88.
(72) SURWHFWLQJ WKH NQRZKRZ RI LQGLYLGXDO FRPSDQLHV F
(73) DSSURSULDWLQJ WKH NQRZKRZ SURGXFHG ZLWKLQ WKH QHWZRUN DQG G
(74) JRYHUQLQJ WKH QHWZRUN FRQVLGHULQJ DOVR WKH UHODWLRQVKLS RI WUXVW EHWZHHQ PHPEHUV 1HZHOO DQG 6ZDQ
(75) 7KHVH LVVXHV ZLOO EH GHDOW ZLWK H[WHQVLYHO\ LQ VXEVHTXHQW VHFWLRQVRIWKLVSDSHU 6DPSOLQJDQGPHWKRGRORJ\ 7KLVVWXG\XVHGDPXOWLSOHFDVHVWXG\GHVLJQ&DVHVWXGLHVDUHHIIHFWLYH IRU GHVFULELQJ DQG H[SDQGLQJ WKH XQGHUVWDQGLQJ RI D SKHQRPHQRQ 6WDNH
(76) 7KH ELUWK RI QHWZRUN FRQWUDFWV DQG WKHLU HYROXWLRQ LV VWLOO QRW ZHOO LQYHVWLJDWHG DQG FDVHVWXG\ GHVLJQ IRFXVHG PDLQO\ RQ µKRZ¶ DQG µZK\¶ GLPHQVLRQV VXLWV WKHVH DUHDV RI HQTXLU\ ZHOO (LVHQKDUGW
(77) )XUWKHUPRUH PXOWLSOHFDVH GHVLJQ IROORZLQJ D µUHSOLFDWLRQ ORJLF¶ KDV WKH DGYDQWDJHRIEHLQJPRUHFRPSHOOLQJDQGUREXVWWKDQVLQJOHFDVHVWXGLHV <LQ
(78) )LQDOO\ D PXOWLSOH FDVH VWXG\ HQDEOHV WKH UHVHDUFKHU WR H[SORUH GLIIHUHQFHVZLWKLQDQGEHWZHHQFDVHV 2XW RI WKH FRQWUDFWV DFWLYH LQ WKH SURYLQFH RI %UHVFLD DV RI UG 1RYHPEHURXUVDPSOLQJVWUDWHJ\ZDVWRVHOHFWQHWZRUNVLQZKLFKWKHUH ZDV DW OHDVW RQH FRPSDQ\ PHPEHU RI $VVRFLD]LRQH ,QGXVWULDOH %UHVFLDQD $,% WKH ORFDO EUDQFK RI &RQILQGXVWULD
(79) VR DV WR PD[LPL]H WKH H[SHFWHG UHGHPSWLRQ UDWH RI WKH LQWHUYLHZV 7KURXJK WKLV SURFHVV QHWZRUN FRQWUDFWVZHUHVHOHFWHGWKDWLQFOXGHLQWRWDOFRPSDQLHVDVVRFLDWHGZLWK $,%7KHVHFRPSDQLHVZHUHVHQWDUHVHDUFKSUHVHQWDWLRQDQGRXWUHDFKHPDLO E\$,%3UHVLGHQW LQWHUYLHZVZHUHFRQGXFWHGGXULQJWKHILUVWPRQWKVUHSUHVHQWLQJ QHWZRUNFRQWUDFWV RQHLQWHUYLHZZDVGRQHRQWZRQHWZRUNVWKHFRPSDQ\ LQTXHVWLRQEHLQJWKHOHDGHULQERWK
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
(81) RQO\ RFFDVLRQDOO\ GR VHUYLFH FRPSDQLHV HQWHU LQWR FROODERUDWLRQ ZLWK PDQXIDFWXULQJ RU FRPPHUFLDO FRPSDQLHV ,Q JHQHUDO WKHUHGRHVQRWVHHPWREHDFURVVLQJRIGLIIHUHQWW\SHVRIDFWLYLWLHV 7KHQHWZRUNVXQGHULQYHVWLJDWLRQDUHIDLUO\UHFHQW ZHUHVHWXSLQ LQWKHILUVWVHPHVWHU
(82) LQDQGLQ V - 89.
(83) 7KH LQYHVWLJDWLRQ ZDV FRQGXFWHG WKURXJK GRFXPHQWDO DQDO\VLV VHPL VWUXFWXUHGLQWHUYLHZV ZLWK WKH QHWZRUN PDQDJHUV ZKHUH SUHVHQW
(84) RU ZLWK HQWHUSULVH RZQHUV LQFOXGHG LQ WKH VWXG\ DQG ILQDQFLDO DQDO\VLV 7KH TXHVWLRQQDLUHIRUWKHLQWHUYLHZVZDVPDGHXSRIDWRWDORITXHVWLRQV FXW GRZQWRLQWKHFDVHRIWHOHSKRQHLQWHUYLHZ
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
(86) UHFHLYHG IRU DOUHDG\ RSHUDWLYH QHWZRUNV ± RU VSHFLILHG SURVSHFWLYHO\ ±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able 2
(87) WKHQHWZRUNVKDYHH[DPLQHGFXPXODWLYHO\UHYHQXHVIRUPRUHWKDQ RQHELOOLRQHXUR ELOOLRQLQ
(88) $OWKRXJK\RXFDQFRXQWVRPHRIWKH QHZ RU QHZO\ HVWDEOLVKHG FRPSDQLHV WKH SUHYDOHQFH RI WKH HQWLWLHV SDUWLFLSDWLQJ LQ WKH QHWZRUN LV HVWDEOLVKHG RQ WKH LQGXVWULDO LQFRPH DQG ILQDQFLDODQGLQVRPHFDVHVUHSUHVHQWHGE\WKHOHDGHUVRIWKHLUUHVSHFWLYH VHFWRUV V - 90.
(89) 6XFK FRQVLGHUDWLRQV DUH IXUWKHU UHLQIRUFHG E\ GHHSHQLQJ WKH IXUWKHU HFRQRPLFDQGILQDQFLDOFKDUDFWHULVWLFVRIWKHHQWLUHSRSXODWLRQ*HQHUDOO\ WKHUHZDVDVLWXDWLRQRIHTXLOLEULXPEHLQJDOOSRVLWLYHHFRQRPLFUHVXOWV,Q GHWDLOWKHDGGHGYDOXHDOWKRXJKVOLJKWO\GRZQRYHUWKHSHULRGH[DPLQHGLV KLJK DQDYHUDJHRIRIVDOHV
(90) WRKLJKOLJKWWKHDELOLW\RIFRPSDQLHVWR FUHDWHZHDOWKWKURXJKWKHFRQGXFWRILWVEXVLQHVV(YHQWKHJURVVRSHUDWLQJ SURILW (%,7'$
(91) WKH PDLQ LQGLFDWRU RI LQFRPH ZLWK ILQDQFLDO YDOXH WKDW H[SUHVVHVWKHDELOLW\RIRSHUDWLRQVWRJHQHUDWHFDVKIORZVLWLVSRVLWLYHDQG LV SRVLWLRQHG RQ GLVFUHWH YDOXHV RQ DYHUDJH RI VDOHV
(92) )LQDOO\ RSHUDWLQJ LQFRPH IURP RUGLQDU\ RSHUDWLRQV OLNH RWKHU LQWHULP UHVXOWV LV DGHTXDWH DYHUDJH
(93) LQWKLVFDVHDVIRUWKHSUHYLRXVLQWHULPUHVXOWVWKH G\QDPLFV RI WKH WULHQQLXP LV LQ FRQWUDFWLRQ 7KH PDQDJHPHQW DQG FRPSOHPHQWDU\ DFFHVVRU\ FRQWULEXWHV PDUJLQDOO\ DQG VR SRVLWLYH DYHUDJH
(94) WRWKHLQFRPH7RWDORSHUDWLQJ%RUURZLQJFRVWVKDYHFRQWHQW DYHUDJH
(95) DQGGRQRWDEVRUEVLJQLILFDQWUHVRXUFHVLQFRPH7KHSRVLWLYHUHVXOWV UHSRUWHG DUH VXPPDUL]HG LQ WKH RYHUDOO UHVXOW RI WKH PDQDJHPHQW 7KH DJJUHJDWHQHWLQFRPHLVSRVLWLYH RQDYHUDJHRIVDOHV
(96) DQGDOWKRXJK VLPLODUWRWKRVHDOUHDG\PHQWLRQHGLVLQGHFOLQHLWLVEDODQFHGZLWKUHVSHFW WRWKHSULQFLSDOSURILWDELOLW\ 0RYLQJ RQ WR LQYHVWLJDWH WKH DSSHDUDQFH DVVHW LQYHVWHG FDSLWDO DOVR VKRZV WKDW WKH SKHQRPHQRQ RI QHWZRUNV JHQHUDOO\ LQYROYHV DFWXDOO\ ZHOO VWUXFWXUHG2YHUDOOWRWDOLQYHVWPHQWVLQSODFHE\WKHHQWLWLHVSDUWLFLSDWLQJLQ WKHQHWZRUNIDUH[FHHGVWKHRQHELOOLRQHXUR ELOOLRQRQDYHUDJHLQWKH SHULRGLQYHVWLJDWHG
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
(98) LHEHWZHHQXQGHUWDNLQJVLQYROYHGLQ WKHVDPHFRQWUDFW,QWKHILUVWSODFHLQHDFKRIWKHWKUHHQHWZRUNVZLWKWKH ODUJHVW FXPXODWLYH UHYHQXHV WKHUH LV WKH SUHVHQFH RI DQ HFRQRPLF VL]H VLJQLILFDQWO\ JUHDWHU WKDQ WKH UHPDLQLQJ SDUWLFLSDQWV 6HFRQGO\ WKH YDULDELOLW\LVSDUWLFXODUO\DFFHQWXDWHGHYHQZLWKLQWKHWZRQHWZRUNVRIVL]H ZLWKWXUQRYHUEHWZHHQDQGPLOOLRQ(YHQLQWKHVHFDVHVLWLVHYLGHQW V - 91.
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
(100) FDQEHFRQVLGHUHGDWILUVWJODQFHDSUR[\WKURXJKZKLFKWRH[SODLQ WKHH[LVWHQFHRIWKHQHWZRUN,QRWKHUZRUGVWKHDQDO\VLVRIWKHGDWDVXJJHVWV WKDWWKHHFRQRPLFGLPHQVLRQGRHVQRWUHSUHVHQWDIDFWRUWKDWFDQSURPRWHRU RWKHUZLVHUHVWULFWWKHIRUPDWLRQRIWKHQHWZRUN . 1HWZRUNV¶ WD[RQRP\ RUJDQLVDWLRQDO PHWKRGV DQG VWUDWHJLF REMHFWLYHV 6WDUWLQJ IURP WKH GHILQLWLRQ RI WKH REMHFWLYHV DQG FRQWHQW WKDW WKH OHJLVODWRU JLYHV WR QHWZRUN FRQWUDFWV VSHFLILFDOO\ LQFUHDVLQJ FDSDFLW\ IRU LQQRYDWLRQ DQG FRPSHWLWLYHQHVV WKURXJK FROODERUDWLRQ LQ WKH PDQDJHPHQW FRQWH[W RI WKH YDULRXV FRPSDQLHV WKH H[FKDQJH RI LQIRUPDWLRQ DQG FRPPHUFLDOWHFKQLFDORUWHFKQRORJLFDOVHUYLFHVRUMRLQWPDQDJHPHQWRIRQH RUPRUHEXVLQHVVHV
(101) DVHWRIFRQFUHWHRSHUDWLQJSULQFLSOHVFDQEHIRXQGLQWKH SURFHGXUHWKDWWKHQHWZRUNHGHQWHUSULVHVKDYHLPSOHPHQWHGDQGLQFOXGHGLQ WKHYDULRXVQHWZRUNFRQWUDFWV $FFRUGLQJ WR $OEHUWL
(102) DQG WR WKH 4XDUWR 2VVHUYDWRULR ,QWHVD 6DQSDROR ± 0HGLRFUHGLWR ,WDOLDQR VXOOH UHWL G LPSUHVD ,QWHVD 6DQSDROR ± 0HGLRFUHGLWR,WDOLDQR³IRXUWKREVHUYDWRU\RQEXVLQHVVQHWZRUNV´
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
(104) LQWKHOLVW
(105) 7KLVLVGHPRQVWUDWHGE\WKHIDFWWKDWRIWKHFRQWUDFWVDUH FRQFOXGHG ZLWK VXSSOLHUV ZKLFK VXSSO\ JRRGV RU SURYLGH LQVWUXPHQWDO VHUYLFHVWRRWKHUHQWHUSULVHV $OEHUWL
(106) :LWKUHJDUGWRWKHUHODWLRQVKLSVLQFOXGHGLQWKLVLQYHVWLJDWLRQPRVWRIWKH QHWZRUNVZHUHHVWDEOLVKHGWRPHHWUHVHDUFKDQGGHYHORSPHQWREMHFWLYHVIRU QHZ LQGXVWU\ WHFKQRORJLHV QHWZRUNV
(107) WR PHHW REMHFWLYHV IRU WKH GHYHORSPHQWRIQHZEXVLQHVVRSSRUWXQLWLHV QHWZRUNV
(108) REMHFWLYHVIRUWKH JHQHUDO VKDULQJ RI NQRZKRZ DQG VNLOOV QHWZRUNV
(109) DQG SXUFKDVH FRVW RSWLPLVDWLRQREMHFWLYHV QHWZRUN
(110) ,WLVKRZHYHUGLIILFXOWWRSHUIRUPDULJLG WD[RQRP\LQWKLVVHQVHEHFDXVHEH\RQGWKHREMHFWLYHVSHFLILHGLQWKHGHHG RILQFRUSRUDWLRQRIWKHQHWZRUNDOPRVWDOOWKHUHVSRQGHQWVVSHFLILHGWKDWWKH\ SXUVXHGPRUHWKDQRQHREMHFWLYHDQGDOOPDGHUHIHUHQFHLQDPRUHRUOHVV H[SOLFLWPDQQHUWRDQLPSURYHGFRPSHWLWLYHSRVLWLRQLQJ7KHVHILQGLQJVDUH LQOLQHZLWKWKHVWUHDPRIUHVHDUFKWKDWDQDO\VHVWKHPXOWLSOH[LW\RIQHWZRUNV WLHV )HUULDQLet al.
(111) WKDWGHYHORSVRYHUWLPHDQGJLYHVDPHDVXUHRI QHWZRUNV¶UHODWLRQDOFRPSOH[LW\$UHFHQWLQYHVWLJDWLRQ %HUWDQL
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
(114) WKHUHPDLQLQJQHWZRUNVILWLQWRWKHVHUYLFHRULHQWHGFDWHJRU\DVWKH\ DLPWRVXSSOHPHQWWKHRIIHURIKLJKTXDOLW\VHUYLFHV )URPDQRUJDQLVDWLRQDOYLHZSRLQWWKHUHVHDUFKHVFRQGXFWHGVRIDURQWKH PDWWHU $OEHUWL 3UHWLDQG9LJQDOL 5XOODQL 7XQLVLQLet al.
(115) DQG WKH UHVXOWV RI RXU HPSLULFDO LQYHVWLJDWLRQ VKRZ WKH YDULHW\ RI QHWZRUNVWUXFWXUHVWKDWLVIRXQGLQWKHFRQWUDFWV,QIDFWWKHUHDUH QHWZRUNVEHWZHHQHTXDOVLQZKLFKDOOWKHPHPEHUVDUHFRQQHFWHGDQG FRQWULEXWHLQDFRPSDUDEOHZD\ -HQVVHQDQG1\EDUU 9HUVFKRRUH HWDO
(116) QHWZRUNV LQ ZKLFK D OHDGLQJ FRPSDQ\ LH D ODUJHU HQWHUSULVH RU RQH ZKLFK LV FORVHU WR WKH PDUNHW KDV JURXSHG WRJHWKHU D VHULHV RI LWV TXDOLILHGVXEFRQWUDFWRUVDQG PXOWLOHDGLQJEXVLQHVVQHWZRUNVZKLFKDUHEDVHGRQWKHDVVXPSWLRQRI VHYHUDO ODUJHU FRPSDQLHV ZKLFK VKDUH DQG TXDOLI\ D VHOHFWHG VXSSOLHU SRUWIROLR /HHet al.
(117) 7KHUHIRUHWKHQHWZRUNFRQWUDFWSUHVHQWVLWVHOIDVDQLQVWUXPHQWVXLWDEOH IRU PDQDJLQJ ERWK KRUL]RQWDO DQG YHUWLFDO QHWZRUNV 7RPOLQVRQ
(118) +RUL]RQWDOQHWZRUNVDUHWKRVHHVWDEOLVKHGEHWZHHQVXSSOLHUVRIWKHVDPHRU DVLPLODUOHYHORUEHWZHHQHQGSURGXFHUVRUGLVWULEXWLRQFRPSDQLHV $OEHUWL
(119) ,Q YHUWLFDO RU LQGXVWU\ QHWZRUNV RQ WKH RWKHU KDQG WKH REMHFWLYH JHQHUDOO\FRQFHUQVPRUHHIILFLHQWDGPLQLVWUDWLRQRIRQHSDUWRIWKHFKDLQDQG WKHVHQHWZRUNVXQGRXEWHGO\KDYHDPRUHIDYRXUHGJRYHUQDQFHGXHWRWKH IDFWWKDWWKHHQWHUSULVHVDUHXVHGWRFROODERUDWLQJDORQJWKHFKDLQLWVHOI :LWKUHJDUGWRWKHQHWZRUNVWUXFWXUHVPRVWRIWKHFRQWUDFWVLQFOXGHGLQ WKHLQYHVWLJDWLRQDUHRUJDQLVHGDVQHWZRUNVRIHTXDOV RXWRIQHWZRUNV
(120) DV QHWZRUNVOHG E\ DOHDGLQJ HQWHUSULVH DQG DV PXOWLOHDGLQJ EXVLQHVV QHWZRUNV 7KHUHIRUH ZH VHH VXEVWDQWLDO HTXDOLW\ EHWZHHQ KRUL]RQWDO DQG YHUWLFDO QHWZRUNV ,Q DGGLWLRQ DOVR QHWZRUN RSHUDWRUV WKDW DUH GLUHFW FRPSHWLWRUVFDQEHQHILWIURPMRLQLQJWRJHWKHUDVDQHWZRUN LQIDFWLQDWOHDVW LQWKUHHFDVHVWKDWWKH\KDYHSUHIHUUHGWRGLYLGHXSWKHFOLHQWHOHLQRUGHUWR RIIHUHDFKIRULWVRZQSRUWLRQWKHPL[RISURGXFWVDQGVHUYLFHVWKDWEHVW UHSUHVHQWVHDFKRQH¶VFRPSHWLWLYHDGYDQWDJH . 6WUHQJWKVDQGFULWLFDOLWLHV. ,QWKHGHVFULSWLRQJLYHQLQWKHDERYHSDUDJUDSKH[SOLFLWUHIHUHQFHZDV PDGHWRWKHREMHFWLYHVRIWKHQHWZRUNFRQWUDFWVDVGHFODUHGSXEOLFO\LQWKH GHHGRILQFRUSRUDWLRQRIWKHQHWZRUNLWVHOIDQGLQWKHDQVZHUVWRWKHVSHFLILF TXHVWLRQRIWKHTXHVWLRQQDLUH+RZHYHUWKHHPSLULFDOLQYHVWLJDWLRQKDVPDGH LW SRVVLEOH WR JR LQWR GHWDLO RQ WKH LQGLYLGXDO EXVLQHVV FRPELQDWLRQV DQG V - 94.
(121) FKHFNWKHDFWXDORSHUDWLQJPHFKDQLVPVDQGWKHFULWLFDOLWLHVRIHDFKQHWZRUN LQFOXGHGLQWKHDQDO\VLV ,Q OLQH ZLWK LQIRUPDWLRQ KLJKOLJKWHG LQ WKH OLWHUDWXUH 7XQLVLQL et al.
(122) WKHUHIRUHLWLVQHFHVVDU\WRLQYHVWLJDWHWKHUHODWLRQEHWZHHQWKHIRUP DQGVXEVWDQFHRIWKHFRQWUDFWLHZLWKZKLFKFRQWHQWWKHLQVWUXPHQW±WKH SRWHQWLDO RI ZKLFK KDV EHHQ KLJKOLJKWHG RQ D QXPEHU RI RFFDVLRQV LQ WKLV UHVHDUFK±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
(123) $WKLUGSUREOHPFRQFHUQVWKHGLIILFXOW\LQSURWHFWLQJNQRZKRZDQGWKH YDULRXV VWUHQJWKV RI WKH HQWHUSULVHV FROODERUDWLQJ ZLWK HDFK RWKHU WR WKH H[WHQW WR ZKLFK WKH QHWZRUN RSHUDWLRQ LQYROYHV VWUDWHJLFDOO\ VKDULQJ WKH NQRZKRZDQGVNLOOVIRUZKLFKHDFKFRPSDQ\H[FHOV 7LZDQD &DQWQHU DQG*UDI 3KHOSVet al.
(124) 6WULFWO\FRQQHFWHGWRWKLVLVWKHSUREOHP RI WKH H[FKDQJH LQ WKH RSSRVLWH GLUHFWLRQ LH WKH H[WHQW WR ZKLFK WKH FROODERUDWLQJEXVLQHVVHVPDQDJHWRPDNHXVHRIWKHNQRZKRZSURGXFHGLQ WKHFROODERUDWLRQ /DVWO\VHULRXVJRYHUQDQFHSUREOHPVRIWHQRFFXULQFROODERUDWLRQVZKLFK KDYH QRW EHHQ IRUPDOLVHG DW OHDVW IRU WKRVH FROODERUDWLRQV ZLWKRXW KLJK EDUJDLQLQJSRZHUGLIIHUHQWLDOVEHWZHHQWKHSDUWLHV :LWKUHJDUGWRWKHVHIRXUSRLQWVWKHQHWZRUNFRQWUDFWFDQEHLGHQWLILHGDV D³UHODWLRQDOFRQWDLQHU´ 0DFQHLO
(125) DVZHOODVDOHJDORQH 0|ULQJDQG )LQFK
(126) ZKLFKFDQRIIHUWKHLQVWUXPHQWVWRRYHUFRPHDWOHDVWDSDUWRI WKHVHSUREOHPV Thevagueness of the relational context of reference 7KH QHWZRUN FRQWUDFW RIIHUV WKH SRVVLELOLW\ WR HVWDEOLVK ZHOOGHILQHG ERXQGDULHV IRU WKH FROODERUDWLRQV RI WKH FRQWUDFWV LQFOXGHG LQ WKH LQYHVWLJDWLRQ PDQ\ GR QRW SURYLGH IRU WKH SRVVLELOLW\ RI QHZ PHPEHUV HQWHULQJ SUHFLVHO\ EHFDXVH WKH\ KDYH EHHQ FUHDWHG DURXQG D VSHFLILF V - 95.
(127) LQQRYDWLRQ SURMHFW RU ZHOOGHILQHG FRPSHWLWLYH UHTXLUHPHQWV WKDW QHHG D VWDEOH DQG ³VHFXUH´ UHODWLRQDO HQYLURQPHQW 2WKHU FRQWUDFWV RQ WKH RWKHU KDQGZKLFKFDPHLQWREHLQJLQUHODWLRQWRDQLGHDUDWKHUWKDQDSURMHFWPDNH WKHFRQWUDFWLWVHOIDVWUHQJWKIRUVHHNLQJRXWQHZSDUWQHUVZKRFDQEULQJWKH VNLOOVUHTXLUHGWRWUDQVIRUPWKDWLGHDLQWRDFRQFUHWHSURMHFW 7KHPDQDJHUVRI1HWZRUNDQG VD\V ³the contract for us is an opportunity to stabilize and norm relationships that already existed among us´DQG³in this way>WKURXJKWKHFRQWUDFW@we can be almost sure that no information about our project will be given to our competitors…it is expensive to break this rule for network members, we put a specific comma on that´ 8QGHUDFRPSOHWHO\GLIIHUHQWSHUVSHFWLYHLVWKHDSSURDFKRI1HWZRUN ,WVUHSUHVHQWDWLYHVD\V “In order to get new and specific knowledge for improving our project we established a set of activities that imply the seek for new partners and collaborations, we need fresh competences….we need to be open” The difficulty in planning the network business activities and the uncertainty of results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
(128) VRWKH\KDGWRIL[VHYHUHUXOHVIRUGLYLGLQJWKHPDUNHW EHWZHHQWKHP ,WVPDQDJHUVD\ ³We have a lot of procedures, too many maybe….but still…sometimes a piece of information goes in the wrong hands, so we introduce more procedures to fix it. We need to be sure that partners respect the agreements…we also have a third party consultant for those stuffs…´ 5HSUHVHQWDWLYHVRI1HWZRUNVQDQGJLYHOHVVLPSRUWDQFHWRUXOHVDQG WKH\VD\DOPRVWWKHVDPHWKLQJ V - 96.
(129) ³We have some rules, but coordination is made day-by-day´ 1
(130) DQG ³at the moment we don’t have that much rules and procedures, we still go on by solving everyday problems on the phone´ 1
(131) Theprotection of know-how 7KHFRQWUDFWPDNHVLWSRVVLEOHWRUHJXODWHWKHFRQWHQWVRIVKDULQJEHWZHHQ WKH FRPSDQLHV RI WKH QHWZRUN DQG WKH PHFKDQLVPV RI XVH RI WKH VNLOOV GHYHORSHGDVSDUWRIWKHFROODERUDWLRQSURFHVVPDNLQJWKHUHODWLRQVKLSVPRUH VWDEOHDQG³SURWHFWHG´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³Nowadays know-how is available almost everywhere, we just have do to a better job than others….and before them!´ 1
(132) DQG³We want to support firms to share know-how, we have to give the good example´ 1
(133) Network governance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“If I want to make things going, I have to control almost everything….sometimes it is quite stressing….it seems I’m the teacher at the kindergarten! Big men on whims! However we are working hard and this is my role…keeping them happy and focused” ,WVKRXOGDOVREHQRWHGKRZFHUWDLQQHWZRUNVDQGVSHFLILFDOO\WKHPRUH DFWLYH RQHV IURP DQ RSHUDWLYH SRLQW RI YLHZ KDYH KLUHG GHGLFDWHG KXPDQ UHVRXUFHV WR PDQDJH WKH DFWLYLWLHV XQGHU WKH FRQWUDFW 7KH PRVW IUHTXHQW ILJXUHLVWKHQHWZRUNPDQDJHUZKRRIWHQVXSSRUWVWKHQHWZRUNSUHVLGHQWDQG ZKR LQ DWOHDVWWZRFDVHV DOVR SHUIRUPV WKHUROH RIVDOHV GLUHFWRU IRUWKH V - 97.
(134) QHWZRUN,QRQHFDVHDWHFKQLFDOGLUHFWRUIRUWKHQHWZRUNKDVDOVREHHQSXW LQSODFHZKRRYHUVHHVWKHLQWHJUDWHGRIIHUWRWKHFXVWRPHUE\WKHQHWZRUNHG HQWHUSULVHVDQGZKRLVDOVRWKHSXUFKDVLQJPDQDJHU. /RRNLQJIRU³QHZ´UXOHV". 7KH QHWZRUN FRQWUDFW LQVWUXPHQW WKHUHIRUH VHUYHV WR IDFLOLWDWH WKH FROODERUDWLRQVEHWZHHQHQWHUSULVHVLQPDQ\UHVSHFWVSURWHFWLQJWKHGLYHUVH QDWXUHRIWKHLQGLYLGXDOFRPSDQLHVDQGOHDYLQJWKHSDUWLHVWRVHOHFWIUHHO\WKH FRRUGLQDWLRQDQGGHFLVLRQPDNLQJPHFKDQLVPVWROHDGWKHLQWHUDFWLRQV7KH QHWZRUNFRQWUDFWSURYLGHVPHPEHUVRIDQH[SOLFLWIUDPHZRUNRIVWUXFWXUDO HPEHGGHGQHVV *UDQRYHWWHU -RQHVet al.
(135) DVLWLQWHJUDWHVVRFLDO PHFKDQLVPVRQKRZWR©FRRUGLQDWHDQGVDIHJXDUGH[FKDQJHVLQQHWZRUNV IRU LW GLIIXVHV YDOXHV DQG QRUPV WKDW HQKDQFH FRRUGLQDWLRQ DPRQJ DXWRQRPRXVXQLWVDQGLWGLIIXVHVLQIRUPDWLRQDERXWSDUWLHV EHKDYLRUVDQG VWUDWHJLHVWKDWHQKDQFHVVDIHJXDUGLQJFXVWRPL]HGH[FKDQJHVª -RQHVet al.
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³FRPLQJ WR D VWDQGVWLOO´ QRW PDQ\ LQ DFWXDO IDFW
(137) DUH DFWXDOO\ SUHFLVHO\ WKRVH ZKLFK GHVFULEHYHU\GHWDLOHGUXOHVRUZKRVHKLVWRU\VKRZVWKDWWKHUHKDGEHHQQR PXWXDOFROODERUDWLRQEHIRUHWKHHVWDEOLVKPHQWRIWKHFRQWUDFW 7KLVUHIOHFWLRQRSHQVWKHZD\WRWZRNLQGVRIFRQVLGHUDWLRQ2QWKHRQH KDQG WKH IXQGDPHQWDO UROH RI flexibility 3URYDQ .HQLV
(138) ZKLFK EHFRPHVRQHRIWKHNH\ZRUGVRIWKHVXFFHVVRIWKHQHWZRUNV2QWKHRWKHU KDQGWKHVLJQLILFDQFHRIprevious collaborations 3DLHU 6FKHUQJHOO
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
(140) EHFURVVFKHFNHGZLWKWKHGDWDRIIHUHGE\WKH4XDUWR2VVHUYDWRULR,QWHVD 6DQSDROR ± 0HGLRFUHGLWR ,WDOLDQR VXOOH UHWL G LPSUHVD ,QWHVD 6DQSDROR ± 0HGLRFUHGLWR ,WDOLDQR ³IRXUWK REVHUYDWRU\ RQ EXVLQHVV QHWZRUNV´
(141) $FFRUGLQJRWWKH2VVHUYDWRULRWKHPHPEHUVKLSRIDQHFRQRPLFJURXSLVQRW DSDUWLFXODUO\VLJQLILFDQWSUHGLFWRUIRUWKHSUREDELOLW\RIEHLQJLQYROYHGLQD QHWZRUN)URPWKHVHFRQVLGHUDWLRQVLWFDQEHGHGXFHGKRZWKHGLVFULPLQDWLQJ IDFWRULVQRWVRPXFKWKHIDFWRIEHLQJLQYROYHGLQIRUPDOQHWZRUNV VXFKDV HFRQRPLFJURXSVSUHFLVHO\
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et al. 1HZHOODQG 6ZDQ
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strong, shared network projectZKLFKWKXVEULQJVDQLPSRUWDQW SOXV IRU H[LVWLQJ FROODERUDWLRQV DQG FRQVWLWXWHV D VLJQLILFDQW HOHPHQW RI GLIIHUHQWLDWLRQ LQ WHUPV RI WKH FRQWHQW RI WKH UHODWLRQVKLSV DQG WKH RUJDQLVDWLRQDO PHWKRGV FRPSDUHG WR FROODERUDWLRQV ZKLFK H[LVWHG SUHYLRXVO\ :LWK UHJDUG WR WKH QDWXUH DQG FKDUDFWHULVWLFV RI WKH QHWZRUN SURMHFW LW LV LPSRUWDQW WR PDNH D IXUWKHU GLVWLQFWLRQ EXLOGLQJ RQ WKH WD[RQRP\SURSRVHGE\3UHWL 3UHWLDQG3XULFHOOL
(144) FRQFHUQLQJWKH QDWXUH RI FROODERUDWLRQV EHWZHHQ FRPSDQLHV 7KHVH DXWKRUV XQGHUOLQH WZR GLPHQVLRQV FKDUDFWHULVLQJ WKH FROODERUDWLRQV WKH VL]H RI WKH LQWHU RUJDQLVDWLRQDOLQYHVWPHQW±LHWKHOHYHORILQYHVWPHQWLQWKHRUJDQLVDWLRQDO VWUXFWXUH DQG LQ WKH RSHUDWLQJ PHFKDQLVPV ± DQG WKH SULRULWLHV RI WKH V - 99.
(145) DJUHHPHQW DQG LGHQWLI\ WKH WUXH HVVHQFH RI JURXS HQWUHSUHQHXUVKLS ZKHQ LQYHVWPHQWLVKLJKDQGZKHQWKHREMHFWLYHLVGLUHFWO\PDQDJHPHQWUHODWHG LHDLPHGDWKDYLQJDGLUHFWLPSDFWRQWKHSURGXFWLRQSURFHVVHVDQGVXSSO\ DQG FRPPHUFLDO SURFHVVHV :KHQ WKH DLPV RI WKH DJUHHPHQW DUH LQVWHDG GLIIHUHQWDQGWKHFROODERUDWLRQDLPVWRSXUVXHREMHFWLYHVWKDWRQO\KDYHDQ LQGLUHFWLPSDFWRQWKHDFWLYLWLHVRIWKHHQWHUSULVHVLQYROYHGWKHQWKHDXWKRUV LGHQWLI\WKHFDWHJRU\RI³DSSDUHQWFROODERUDWLRQV´ZKLFKDUHFKDUDFWHULVHGE\ SRRURSHUDWLYHGULYH 2IWKHQHWZRUNVDQDO\VHGMXVWWZRRIWKHPGHFODUHWRKDYHDPRQJWKHLU REMHFWLYHVWKHDLPWRJDLQEHQHILWVIURPSXEOLFIXQGLQJHYHQLIPDQ\LQFOXGH WKLV EHQHILW LQ WKH DGYDQWDJHV RI WKH QHWZRUN FRQWUDFW HVSHFLDOO\ WKH GH WD[DWLRQRISURILWVZKLFKPDNHVLWSRVVLEOHWRFUHDWHUHVHUYHVWRGHGLFDWHWR LQYHVWPHQWV 7KH GDWD RI WKH ,QWHVD 6DQSDROR0HGLRFUHGLWR ,WDOLDQR 2EVHUYDWRULHV
(146) DOORZVLQIHUULQJWKDWWKHQHWZRUNHGHQWHUSULVHVKDYHD VWURQJHUWHQGHQF\WRLQYHVWWKDQQRQQHWZRUNHGHQWHUSULVHV $PRQJWKHIXUWKHUFRQGLWLRQVRIHIILFDF\RIWKHQHWZRUNVLWLVWKHUHIRUH XQGRXEWHGO\ QHFHVVDU\ WR LQFOXGH WKH SUHVHQFH RI D VWURQJ PRWLYDWHG DQG motivating leadership -HQVVHQ DQG 1\EDNN 0X]]L DQG $OEHUWLQL /DQGVSHUJHU et al.
(147) WKDW LV YHU\ SUHVHQW LQ WKH GD\WRGD\ EXVLQHVVRIWKHHQWHUSULVHVSDUW\WRWKHFRQWUDFW,QWKLVVHQVHWKHPRQRFUDWLF JRYHUQDQFH SURYHV WR EH WKH PRVW HIIHFWLYH LQVWUXPHQW WR OHDG D QHWZRUN XQGHU FRQGLWLRQV RI HIILFDF\ FHUWDLQO\ LQ DQLQLWLDO SKDVH OLNH PRVW RI WKH FRQWUDFWVIRUPLQJWKHVXEMHFWPDWWHURIWKHLQYHVWLJDWLRQ7KHOHVVSHUIRUPLQJ QHWZRUNV DOVR IURP DQ RUJDQLVDWLRQDO YLHZSRLQW ± IRU WKH LQIRUPDWLRQ RQ HFRQRPLF SHUIRUPDQFH UHIHUUHG WR DERYH ± DUH WKRVH FXUUHQWO\ OHG E\ FROOHFWLYH ERGLHV WKDW PHHW RQFH D PRQWK RQ DYHUDJH :H KDYH DOUHDG\ UHSRUWHG DERXW WKH UROH RI WKH SUHVLGHQW RI 1HWZRUN Q LQ WKH SUHYLRXV VHFWLRQ$FRPSOHWHO\GLIIHUHQWVLWXDWLRQHPHUJHVLQ1HWZRUNQ “It seems nothing really changes over time….any improvement is made thanks to personal initiatives of partners. We do have a committee that should manage the network….but it is almost impossible to make them sitting around a table more than once a month…and it’s not enough…absolutely not” 7KHLVVXHRIWKHSHUIRUPDQFHRIWKHHQWHUSULVHVLQQHWZRUNVLVGHVHUYLQJ RIIXUWKHULQGHSWKH[DPLQDWLRQDWOHDVWZLWKUHVSHFWWRWKHLUSHUIRUPDQFH EHIRUH EHFRPLQJ D SDUW\ WR WKH FRQWUDFWV %RWK WKH DQQXDO %DQFD ,QWHVD 0HGLRFUHGLWR ,WDOLDQR 2EVHUYDWRULHV
(148) DQG WKH &RQILQGXVWULD 5HVHDUFK&HQWHU
(149) VKRZKRZWKHUHFRXUVHWRWKHQHWZRUNFRQWUDFWLVQRW DVWUDWHJ\WRIDFHQHJDWLYHHFRQRPLFUHVXOWV6SHFLILFDOO\WKHGDWDIURPWKH )RXUWK 2EVHUYDWRU\ VKRZ KRZ WKH QHWZRUNHG HQWHUSULVHV KDYH D EHWWHU V - 100.
(150) FRPSHWLWLYH SRVLWLRQLQJ FRPSDUHG WR QRQQHWZRUNHG HQWHUSULVHV ERWK LQ WHUPV RI SUHVHQFH DEURDG ZLWK H[SRUW EXVLQHVV DQG JUHDWHU LQFOLQDWLRQ WRZDUGV SDWHQWLQJ DQG TXDOLW\ FHUWLILFDWLRQV ,W LV KDUG WR ILQG WKH FRUUHFW FDXVDO UHODWLRQVKLS EHWZHHQ FRPSHWLWLYH SRVLWLRQLQJ DQG QHWZRUN PHPEHUVKLSLQWKDWDVKDVDOUHDG\EHFRPHFOHDULWLVWRWDOO\SUHPDWXUHWR LGHQWLI\ DQ DERYH DYHUDJH SHUIRUPDQFH LQGLFDWRU LQ QHWZRUN PHPEHUVKLS +RZHYHU LW LV SHUKDSV SRVVLEOH WR KLJKOLJKW D VRUW RI ³LQSXW VHOHFWLRQ´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¶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
(151) PDMRULW\RIILUPVLQYROYHGLQRXUVDPSOHDUH60(VDQGWKLVFRQILUPVWKDW 1&JRHVWRZDUGVWKHGLUHFWLRQLQGLFDWHGE\WKH(&WKDWVWURQJO\ZDQWHGWR VXSSRUW60(VLQQRYDWLRQ7KLVLVVXHJHWVPRUHUHOHYDQFHE\ORRNLQJDWWKH FRPSRVLWLRQRI(XURSHDQLQGXVWULDOVHWWLQJ 60(VDFFRXQWIRU RI(8 ILUPVDQGHPSOR\RISHRSOHDQGPLFURDQGVPDOOILUPVDORQHIRU RI WKH HQWLUH SRSXODWLRQ 7XQLVLQL et al.
(152) 7KH UHODWLRQVKLS EHWZHHQ EHLQJQHWZRUNHGIRUILUPVDQGWKHLUHFRQRPLFDQGILQDQFLDOSHUIRUPDQFH DQDO\]HGWKURXJKEDODQFHVKHHWVIORZDQGUDWLRV 7HRGRUL &DULQL 9HQH]LDQL
(153) LV VWLOO FRQWURYHUVLDO DOO PHPEHUV KDYH SRVLWLYHHFRQRPLFDQGILQDQFLDOSHUIRUPDQFHEXWWKHGDWDDYDLODEOHDWWKH PRPHQW GR QRW DOORZ IRU XQGHUVWDQGLQJ WKH FRUUHFW FDXVDO UHODWLRQVKLS EHWZHHQSHUIRUPDQFHDQGPHPEHUVKLS *RLQJEDFNWRRXUUHVHDUFKTXHVWLRQVRXULQYHVWLJDWLRQ±HYHQLIWKLVDQ H[SORUDWLYHVWXG\±VXSSRUWVRWKHUHYLGHQFHV 3UHWL 3XULFHOOL 3UHWL 9LJQDOL
(154) LQKLJKOLJKWLQJWKHIDFWWKDWWKHQHWZRUNFRQWUDFWSURYLGHV PHPEHUVRIDJHQHUDOIUDPHRIUHIHUHQFHZKHUHWKH\FDQVKDSHWKHLURZQZD\ RIZRUNLQJWRJHWKHU,QWKLVSHUVSHFWLYHILUPVGHFLGHWREXLOGXSDFRQWUDFW EHFDXVHWKH\IHHOWKHPVHOYHVPRUHVHFXUHDQGEHFDXVHLQWKLVZD\WKH\FDQ IRUPDOL]H DJUHHPHQWV DQG SURWRFROV RI LQWHUDFWLRQ ,Q WKLV VHQVH ZH FDQ DUJXHWKDWQHWZRUNFRQWUDFWVFRXOGEHGHILQLWHO\FRQVLGHUHGDVD³QHZ´IRUP RI LQWHURUJDQL]DWLRQDO QHWZRUNV HYHQ LI WKLV LVVXH GHVHUYHV PRUH LQYHVWLJDWLRQV ,QRUGHUWRDQVZHUWRRXUVHFRQGUHVHDUFKTXHVWLRQZHKDGWRJRWKURXJK JRYHUQDQFHVWUXFWXUHDQGUHODWLRQDOLVVXHV2XUUHVXOWVVKRZWKDWLQRUGHUWR JHW SRVLWLYH UHVXOWV DFFRUGLQJ WR PHPEHUV¶ VDWLVIDFWLRQ WKDW SUREDEO\ ZLOO OHDGWRSRVLWLYHHFRQRPLFSHUIRUPDQFHV
(155) WKHQHWZRUNQHHGVKLJKOHYHOVRI IOH[LELOLW\LQWKHRSHUDWLYHDFWLYLW\KLJKOHYHOVRIWUXVWDPRQJPHPEHUVD YHU\ FOHDU DQG VKDUHG LQQRYDWLYH SURMHFW DQG D VWURQJ DQG PRWLYDWLQJ OHDGHUVKLSDWOHDVWDWWKHEHJLQQLQJRIWKHFRPPRQH[SHULHQFH,WVHHPVWKXV WKDWWKHFRQGLWLRQVIRUDQHIIHFWLYHJRYHUQDQFHRI1&VDUHDPL[RIGLIIHUHQW VHWVRI³UXOHV´ WKRVHWKDWVXSSRUWLQWHUDFWLRQLQLQWHURUJDQL]DWLRQDOQHWZRUNV IOH[LELOLW\DQGWUXVW
(156) DQGWKRVHWKDWPDQDJHVXFFHVVIXOSURMHFWVLQ3URMHFW 0DQDJHPHQWGRPDLQVDQGLQQRYDWLRQFRPPXQLWLHVWKDWLVDVRXQGSURMHFW DQGVWURQJOHDGHUVKLS 0X]]LDQG$OEHUWLQL
(157) . /LPLWDWLRQVDQGIXWXUHUHVHDUFK. 7KLV SDSHU SUHVHQWV VHYHUDO OLPLWDWLRQV ILUVW DV D TXDOLWDWLYH DQG H[SORUDWLYHUHVHDUFKLWLVKDUGWRH[WHQGWKHUHVXOWVDQGWKHFRQFOXVLRQVWRDOO WKH QHWZRUN FRQWUDFWV DFWLYH LQ ,WDO\ 2XU UHVXOWV DUH FRKHUHQW ZLWK RWKHU VWXGLHVDQGUHVHDUFKHVPDGHE\FROOHDJXHVDQGUHVHDUFKLQVWLWXWHVKRZHYHU V - 102.
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
(159) DPRQJDVXEVHWRI1&VLQRUGHUWRDQDO\VHWKHLULQWHUQDOVWUXFWXUHDQG G\QDPLFV8QIRUWXQDWHO\61$VDPSOLQJPHWKRGRORJ\RIVQRZEDOOVDPSOLQJ RQSULPDU\GDWDPDNHVLWTXLWHKDUGWRKDYHJRRGGDWDRXWVLGHDFRQWUROOHG VHWWLQJEXWVRPHSUHYHQWDWLYHPHDVXUHFRXOGEHLPSOHPHQWHGLQRUGHUWRJHW DFRPSOHWHGDWDVHW 7KHWDEOHOLVWLQJWKHQHWZRUNVZKRVHPHPEHUVZHUHLQWHUYLHZHGWRJHWKHU ZLWK WKH WDEOHV UHSUHVHQWLQJ WKH QHWZRUN WXUQRYHU DQG LQYHVWPHQW DUH DYDLODEOHLQWKHDSSHQGL[ KWWS ZZZVLGUHDLWLWDOLDQQHWZRUNFRQWUDFW
(160) . 5HIHUHQFHV $OEHUWL)
(161) ,OFRQWUDWWRGLUHWH XQDUDVVHJQDStudi OrganizzativiSS $OEHUWL)* 3L]]XUQR(
(162) .QRZOHGJHH[FKDQJHVLQLQQRYDWLRQ QHWZRUNV HYLGHQFHVIURPDQ,WDOLDQDHURVSDFHFOXVWHUCompetitiveness review
(163) $UULJR7
(164) Il contratto di rete. Profili giuridiciLQ7XQLVLQLet al.2SFLW %DWKHOW+0DOPEHUJ$DQG0DVNHOO3
(165) &OXVWHUVDQG.QRZOHGJH /RFDO%X]]*OREDO3LSHOLQHVDQGWKH3URFHVVRI.QRZOHGJH&UHDWLRQ,Q Progress in Human Geography
(166) %HFDWWLQL*
(167) Il distretto industriale5RVHQEHUJ 6HOOLHU %HUWDQL 5
(168) I casi studiati: una lettura strategico-organizzativa LQ 7XQLVLQLet al.2SFLW %ULGJH 6 2¶1HLOO . &URPLH 6
(169) Understanding enterprise, entrepreneurship and small business.%DVLQJVWRNH 0DF0LOODQ &DIDJJL )
(170) ,O FRQWUDWWR GL UHWH QHOOD SUDVVL SULPH ULIOHVVLRQL LQ I CONTRATTIS V - 103.
(171) &DPDJQL 5 3
(172) 7HFKQRORJLFDOFKDQJH XQFHUWDLQW\ DQG LQQRYDWLRQ QHWZRUNV WRZDUGV D G\QDPLF WKHRU\ RI HFRQRPLF VSDFH ,QRegional Science SS
(173) 6SULQJHU%HUOLQ+HLGHOEHUJ &DQWQHU 8 *UDI +
(174) 7KH QHWZRUN RI LQQRYDWRUV LQ -HQD $Q DSSOLFDWLRQRIVRFLDOQHWZRUNDQDO\VLV. Research Policy
(175) &DSDOGR $
(176) 1HWZRUN JRYHUQDQFH $ FURVVOHYHO VWXG\ RI VRFLDO PHFKDQLVPVNQRZOHGJHEHQHILWVDQGVWUDWHJLFRXWFRPHVLQMRLQWGHVLJQ DOOLDQFHVIndustrial Marketing Management
(177) &DULQL&
(178) L’analisi di bilancio e la valutazione del posizionamento strategico)UDQFR$QJHOL0LODQR &HQWUR 6WXGL &RQILQGXVWULD
(179) /H UHWL G LPSUHVD / LGHQWLNLW GL FKL VL DJJUHJD FRPSHWWLWLYR HG RULHQWDWR DL PHUFDWL HVWHUL UHWULHYHG IURP ZZZUHWLPSUHVDLW &RRNH3DQG0RUJDQ.
(180) The associational economy. Firms, regions, and Innovation2[IRUG 2[IRUG8QLYHUVLW\3UHVV 'DJQLQR * % /HYDQWL * 0LQj $ 3LFRQH 3 0
(181) ,QWHURUJDQL]DWLRQDO QHWZRUN DQG LQQRYDWLRQ $ ELEOLRPHWULF VWXG\ DQG SURSRVHGUHVHDUFKDJHQGD. Journal of Business & Industrial Marketing
(182) 'RROH\/.HQQ\% &URQLQ0
(183) ,QWHURUJDQL]DWLRQDOLQQRYDWLRQ DFURVVJHRJUDSKLFDQGFRJQLWLYHERXQGDULHV GRHVILUPVL]HPDWWHU"R&D Management 6
(184) (XURSHDQ&RPPLVVLRQ
(185) ³7KLQN6PDOO)LUVW´$³6PDOO%XVLQHVV$FW´ IRU(XURSHKWWS HXUOH[HXURSDHX (XURSHDQ &RPPLVVLRQ
(186) 5HYLHZ RI WKH ³6PDOO %XVLQHVV $FW´ IRU (XURSHKWWS HXUOH[HXURSDHX )HUULDQL6)RQWL) &RUUDGR5
(187) 7KHVRFLDODQGHFRQRPLFEDVHV RI QHWZRUN PXOWLSOH[LW\ ([SORULQJ WKH HPHUJHQFH RI PXOWLSOH[ WLHVStrategic Organization
(188) )LFKWHU.
(189) ,QQRYDWLRQFRPPXQLWLHV WKHUROHRIQHWZRUNVRISURPRWHUV LQ2SHQ,QQRYDWLRQR&D Management
(190) )UDQFR6DQWRV 0 .HQQHUOH\ 0 3LHWUR 0 0DUWLQH] 9 0DVRQ 6 0DUU % *UD\ ' DQG 1HHO\ $
(191) µµ7RZDUGV D GHILQLWLRQ RI D EXVLQHVV SHUIRUPDQFH PHDVXUHPHQW V\VWHP¶¶ ,QWHUQDWLRQDO -RXUQDO RI 2SHUDWLRQV 3URGXFWLRQ0DQDJHPHQW9RO1RSS *UDQRYHWWHU 0
(192) (FRQRPLF LQVWLWXWLRQV DV VRFLDO FRQVWUXFWLRQV D IUDPHZRUNIRUDQDO\VLVActa sociologica35
(193) -HQVVHQ - , 1\EDNN (
(194) ,QWHURUJDQL]DWLRQDO QHWZRUNV DQG LQQRYDWLRQ LQ VPDOO NQRZOHGJHLQWHQVLYH ILUPV $ OLWHUDWXUH UHYLHZ International Journal of innovation management
(195) V - 104.
(196) -RQHV & +HVWHUO\ : 6 %RUJDWWL 6 3
(197) $ JHQHUDO WKHRU\ RI QHWZRUN JRYHUQDQFH ([FKDQJH FRQGLWLRQV DQG VRFLDO PHFKDQLVPV Academy of management review
(198) .HRQJ &KRRQJ .
(199) 8QGHUVWDQGLQJ WKH IHDWXUHV RI SHUIRUPDQFH PHDVXUHPHQW V\VWHP D OLWHUDWXUH UHYLHZ 0HDVXULQJ %XVLQHVV ([FHOOHQFH9RO,VVSS /DQGVSHUJHU - 6SLHWK 3 +HLGHQUHLFK 6
(200) +RZ QHWZRUN PDQDJHUV FRQWULEXWH WR LQQRYDWLRQ QHWZRUN SHUIRUPDQFH International Journal of Innovation Management
(201) /HH-3DUN6+5\X< %DLN<6
(202) $KLGGHQFRVWRIVWUDWHJLF DOOLDQFHV XQGHU 6FKXPSHWHULDQ G\QDPLFV Research Policy
(203) /XQGYDOO%c
(204) National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning3LQWHU/RQGRQ 0DFQHLO,5
(205) ³([FKDQJHDQGFRRSHUDWLRQ´LQ&DPSEHOO' (G
(206) The Relational Theory of Contract: Selected Works of Ian Macneil6ZHHW DQG0D[ZHOO/RQGRQSS 0|KULQJ00 )LQFK-
(207) &RQWUDFWVUHODWLRQVKLSVDQGLQQRYDWLRQ LQ EXVLQHVVWREXVLQHVV H[FKDQJHV Journal of Business & Industrial Marketing
(208) 0XQNVJDDUG.%
(209) ,VWKLVQHWZRUNIRU\RXRUIRUPH"7KHSXUVXLWRI VHOIDQGFROOHFWLYHLQWHUHVWVLQDVWUDWHJLFQHWZRUNJournal of Business & Industrial Marketing
(210) 0X]]L & $OEHUWLQL 6
(211) &RPPXQLWLHV DQG PDQDJHULDO FRPSHWHQFLHV VXSSRUWLQJ 60(V LQQRYDWLRQ QHWZRUNLQJ $ ORQJLWXGLQDO FDVH VWXG\ R&D Management
(212) SS 1HZHOO66ZDQ-
(213) 7UXVWLQLQWHURUJDQL]DWLRQDOQHWZRUNLQJHuman Relations
(214) SS 3DLHU 0 6FKHUQJHOO 7
(215) 'HWHUPLQDQWV RI FROODERUDWLRQ LQ (XURSHDQ 5 ' QHWZRUNV HPSLULFDO HYLGHQFH IURP D GLVFUHWH FKRLFH PRGHOIndustry and Innovation18
(216) 3KHOSV & +HLGO 5 :DGKZD $
(217) .QRZOHGJH QHWZRUNV DQG NQRZOHGJH QHWZRUNV D UHYLHZ DQG UHVHDUFK DJHQGD Journal of Management
(218) 3UHWL3
(219) L’organizzazione dell’impresa minore(JHD0LODQR 3UHWL 3 3XULFHOOL 0
(220) Il contratto di rete: riflessioni su una prima ricercaLQ3UHWL9LJQDOLRSFLW 3UHWL39LJQDOL5 DFXUDGL
(221)
(222) Con –correre per competere. Le reti di impresa tra territorio e globalizzazione,*UXSSR2UH V - 105.
(223) 3URYDQ.* .HQLV3
(224) 0RGHVRIQHWZRUNJRYHUQDQFH 6WUXFWXUH PDQDJHPHQW DQG HIIHFWLYHQHVVJournal of public administration research and theory18
(225) 5XOODQL (
(226) La fabbrica dell'immateriale. Produrre valore con la conoscenza&DURFFL 5XOODQL)
(227) Reti strategiche oltre i distretti. L’esperienza dei contratti di rete nel bresciano SDSHU SUHVHQWHG DW ³&RQYHJQR GHO %LFHQWHQDULR $,'($´/HFFH VHSWHPEHU 6DPPDUUD$DQG%LJJLHUR/
(228) +HWHURJHQHLW\DQGVSHFLILFLW\RILQWHU ILUPNQRZOHGJHIORZVLQLQQRYDWLRQQHWZRUNVJournal of Management Studies
(229) 6FRWW-
(230) Social network analysis6DJH 6WDNH5(
(231) The art of case study research6DJH 6ZDQ - 1HZHOO 6 6FDUEURXJK + +LVORS '
(232) .QRZOHGJH PDQDJHPHQW DQG LQQRYDWLRQ QHWZRUNV DQG QHWZRUNLQJ Journal of Knowledge Management9RO,VV SS 7HRGRUL&
(233) L’analisi di bilancio**LDSSLFKHOOL(GLRWRUH7RULQR 7HRGRUL &
(234) Il rendiconto finanziario: caratteristiche, ruolo informativo ed interpretazione**LDSSLFKHOOL(GLWRUH7RULQR 7HRGRUL&
(235) Il bilancio consolidato. La metodologia di costruzione e il profilo informativo*LXIIUp0LODQR 7LZDQD$
(236) 'REULGJLQJWLHVFRPSOHPHQWVWURQJWLHV"$QHPSLULFDO H[DPLQDWLRQ RI DOOLDQFH DPELGH[WHULW\ Strategic Management Journal
(237) 7RPOLQVRQ 3 5
(238) &RRSHUDWLYH WLHV DQG LQQRYDWLRQ 6RPH QHZ HYLGHQFHIRU8.PDQXIDFWXULQJResearch Policy
(239) 7VDL :3
Documenti correlati
As we shall see, the Taub-NUT-AdS solutions may always be uplifted to global supersymmetric M-theory solutions, for any choice of internal space Y 7 , and in this case we are able
Nutritional composition and fatty acid profile of milk and yoghurt (g / 100 g of total fatty 495 acids).. Nutritional composition and fatty acid profile of cheese (g / 100 g of
Table IV shows the vertical displacement calculated at the free end of a hybrid specimen made up of glass/epoxy laminated substrate, for each ply-stacking sequence and two
Finally, it is worth to notice that, contrarily to the top-pinned samples, in the bottom-pinned case, the exchange bias field increases upon the first annealing, reaching values
Conclusion: The most frequent serotypes in pneumococcal community-acquired pneumonia are 35F, 3, 24, 6 and 7A, and thus almost 50% of Streptococcus pneumoniae strains could be
If at least two out of four buyers in each market vote “Yes”, the tax is accepted and the following changes are implemented for the following trading periods: (1) a tax of 60
Pierdominici’s article tries to fill this gap in the scholarship, questioning constitutional courts’ reluctant approaches toward preliminary references aimed
relative routinarity of tasks; to workers’ individual characteristics (measured at the occupation level, and including variables as young workers, women, graduates
