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Full-Text Articles in Finance and Financial Management
Corporate Or Network Governance? The Case Of The Italian Productive Chains And Their Scaffolding Finance Approach., Guido Max Mantovani, Teresa Guidone
Corporate Or Network Governance? The Case Of The Italian Productive Chains And Their Scaffolding Finance Approach., Guido Max Mantovani, Teresa Guidone
The Journal of Entrepreneurial Finance
We investigate and find out the inner differences between stand-alone firms and those participating to Productive Chain Networks (PCNs) as far as ownership and corporate governance characteristics are concerned. PCNs are typical Italian economic realities made of small and medium enterprises (SMEs) which behave like a unique meta-firm. Different clusters are found from an empirical analysis: firms outside PCNs, leaders in PCNs and suppliers participating to PCNs. The clusters differentiate on corporate governance practices and the consequent capability to attract funding from financial institutions. The inner differences in governance structure relate to the underpinnings of the competitive advantage of the …