Books by Francesco Crespi
There is wide consensus on the importance of knowledge for economic growth and local development... more There is wide consensus on the importance of knowledge for economic growth and local development patterns. This book proposes a view of knowledge as a collective, systemic and evolutionary process that enables agents and social systems to overcome the challenges of the limits to growth. It brings together new conceptual and empirical contributions, analysing the relationship between demand and supply factors and the rate and direction of technological change. It also examines the different elements that compose innovation systems.
The Economics of Knowledge, Innovation and Systemic Technology Policy provides the background for the development of an integrated framework for the analysis of systemic policy instruments and their mutual interaction the socio-political and economic conditions of the surrounding environment. These aspects have long been neglected in innovation policy, as policymakers, academics and the business community, have mostly emphasized the benefits of supply side strategies. However, a better understanding of innovation policies grafted on a complexity-based approach calls for the appreciation of the mutual interactions between both supply and demand aspects, and it is likely to improve the actual design of policy measures.
This book will help readers to understand the foundations and working of demand-driven innovation policies by stressing the importance of compent and smart demand.
Journal articles by Francesco Crespi
Journal of Cleaner Production, 2017
Small Business Economics, 2015
This paper investigates the dynamics of productivity in a large sample of Italian manufacturing f... more This paper investigates the dynamics of productivity in a large sample of Italian manufacturing firms, focusing on the determinants of firm-level persistence in time of high total factor productivity (TFP) growth rates relative to the corresponding sectoral distributions. In particular, we assess the impact of both the internal characteristics of companies, including size and management strategies, and external systemic conditions, including business cycles and regional innovation performance. In order to disentangle the effects of the mix of internal and systemic factors in shaping firm-level persistence, we implement both transition probability matrices and dynamic probit models. Results reveal the presence of significant persistence in TFP growth rates. Such persistence turns out to be path-dependent since it is shaped by a number of complementary and contingent factors that locally affect the dynamics of the process.
Technological Forecasting and Social Change, 80 pp. 1523-1534.
We provide the background framework to the special section on systemic technology policy.We prese... more We provide the background framework to the special section on systemic technology policy.We present the special section illustrating the coherence of the contributions.We provide a short description of the papers included in the section.In this Introduction, we review the arguments that underpinned the workshop on which the special section is grounded and provide a structured sequence for the contents of the seven selected papers that comprise the section.
This paper contributes the analysis of the persistence of innovation activities, as measured by d... more This paper contributes the analysis of the persistence of innovation activities, as measured by different innovation indicators and explores its past and path dependent characteristics. The study provides new insights on the role of R&D investments in innovation persistence and analyses differentiated patterns of persistence across product and process innovation, by accounting for complementarity effects between the two types of innovative behaviour. The empirical analysis is based on a sample of 451 Italian manufacturing companies observed during the years 1998–2006. Results highlight the relevance of innovation persistence. The highest level of persistence is found for R&D-based innovation activities, witnessing the actual presence of significant entry and exit barriers. Moreover, we obtain more robust evidence of persistence for product innovation than for process innovation when complementarity effects between the two types of innovation are accounted for.► The study offers new insights on the role of R&D in innovation persistence. ► The sample is based on 451 Italian companies for years 1998–2006. ► We found differentiated patterns of persistence for product and process innovation. ► Results confirm the path dependent character of innovation activities.
In this paper, using a sample of 1035 Italian manufacturing firms observed in the period 1998–200... more In this paper, using a sample of 1035 Italian manufacturing firms observed in the period 1998–2003, we try to disentangle the different potential determinants underlying the observed positive elasticity between investments and internal resources by accounting for both the ownership structure of the companies and the role played by financial intermediaries as both investors and debt-holders. We found evidence of an inverted U relationship between concentration of ownership and the elasticity of investment to cash flow. Moreover, the analysis shows that the relationship between investment decisions and internal funds is significantly influenced by monitoring efforts played by institutional investors.
The labour productivity impact of demand and innovation is investigated in this paper combining i... more The labour productivity impact of demand and innovation is investigated in this paper combining insights from the Kaldorian and Schumpeterian traditions. After a review of studies in such traditions, a general model is proposed for explaining productivity growth in European manufacturing and service industries in the late 1990s, followed by two distinct specifications for the industries oriented toward product innovation, and for those where process innovation dominates. The empirical analysis is based on the match of the SIEPI‐CIS2 database developed at the University of Urbino and Eurostat Input–Output Tables at the industry level, for 22 manufacturing sectors and 10 services sectors. Six European countries are considered: Germany, France, Italy, the Netherlands, Portugal and the United Kingdom. The results show that productivity growth in European industries can be explained by a combination of technology factors and demand dynamics, confirming the complementarity of technology and demand effects. On the demand side, household consumption emerges as the most pervasive component of demand, able to stimulate greater efficiency in all manufacturing and service industries. Investment also has a role, focused however on the capital goods producing industries. On the technology side, the mechanisms of productivity growth are fundamentally different in the industries oriented towards product innovation and in those dominated by process innovation. This evidence supports the view that innovation in firms and industries can be associated to two contrasting strategies, searching either for technological competitiveness, through knowledge generation, product innovation and expansion of new markets, or aiming at greater cost competitiveness, through job reductions, labour saving investment, flexibility and restructuring.
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Books by Francesco Crespi
The Economics of Knowledge, Innovation and Systemic Technology Policy provides the background for the development of an integrated framework for the analysis of systemic policy instruments and their mutual interaction the socio-political and economic conditions of the surrounding environment. These aspects have long been neglected in innovation policy, as policymakers, academics and the business community, have mostly emphasized the benefits of supply side strategies. However, a better understanding of innovation policies grafted on a complexity-based approach calls for the appreciation of the mutual interactions between both supply and demand aspects, and it is likely to improve the actual design of policy measures.
This book will help readers to understand the foundations and working of demand-driven innovation policies by stressing the importance of compent and smart demand.
Journal articles by Francesco Crespi
The Economics of Knowledge, Innovation and Systemic Technology Policy provides the background for the development of an integrated framework for the analysis of systemic policy instruments and their mutual interaction the socio-political and economic conditions of the surrounding environment. These aspects have long been neglected in innovation policy, as policymakers, academics and the business community, have mostly emphasized the benefits of supply side strategies. However, a better understanding of innovation policies grafted on a complexity-based approach calls for the appreciation of the mutual interactions between both supply and demand aspects, and it is likely to improve the actual design of policy measures.
This book will help readers to understand the foundations and working of demand-driven innovation policies by stressing the importance of compent and smart demand.