Francesca Spigarelli | University of Macerata (original) (raw)

Papers by Francesca Spigarelli

Purpose – The purpose of this paper is to analyze the role of institutional distance and ... more Purpose
– The purpose of this paper is to analyze the role of institutional distance and host country attractiveness in location determinants of Chinese Foreign investments in EU in the renewable energy sector, taking into account bilateral political and economic relations.

Design/methodology/approach
– A firm-level Ministry of Commerce (MofCom) database of greenfield and non-greenfield Chinese investments abroad is used. A six fixed-effects logit analysis is performed.

Findings
– Chinese firms tend to invest in EU countries with reduced rule of law; market affluence is an attraction factor for them, but they do not seem to be human capital asset-seekers. Countries with politically stable environment are most attractive to sales/services subsidiaries; while countries with good control of corruption, low trade barriers and encouraging foreign ownership are most attractive to manufacturing subsidiaries. A large market is the most attractive factor for R & D subsidiaries, and a rich market is the most attractive factor for manufacturing subsidiaries. Manufacturing subsidiaries are more technological asset-seekers. R & D subsidiaries are the most non-human capital asset-seekers.

Research limitations/implications
– The study extends the state of the art of the literature by developing a theoretical framework, grounded on the influence of host country institutional factors and on endowment of resources on the location choice of Chinese investors. Further variables should be included in the future (industrial specialization of host country, cultural distance, bilateral ties).

Practical implications
– Policy implications are relevant. They are related both to outward foreign direct investment attraction policies and to Europe-China cooperation dialogue. With reference to attraction policies, as Chinese green firms are technological asset-seekers, more than human capital asset-seekers, EU countries interested in partnering with Chinese investors should develop specific measures targeting encouraging technology spillover. Even R & D subsidiaries should be tempted with technology-oriented measures. With reference to Europe-China cooperation, the paper findings support suggestions for a more active European position on foreign investments in key European energy sectors.

Originality/value
– The paper is grounded on an improved theoretical model, tested through a unique Mofcom firm-level database. Originality lies in the fact that the authors provide a sectoral insight. The need for sectoral analysis is fundamental as Chinese industrial development and internationalization path vary extensively across industry, due to policy interventions, supportive measures and prioritized initiatives. Zhang et al. (2011, p. 229) found that – specifically – the energy sector is highly sensitive to host country institutional context, therefore Chinese foreign direct investment are more likely to be exposed to regulatory and competitive pressure compared to other industries.

The European Union (EU) and China have very different depths of experience in relation to clean e... more The European Union (EU) and China have very different depths of experience in relation to clean energy, and they have developed different approaches regarding this theme. To promote a greener energy mix, including solar, wind, biomass, and hydropower, Europe relied on consumption incentives, while China pushed production subsidies and massive public investments.

La crescita economica cinese è stata guidata, dalla fine degli anni settanta, dalla politica dell... more La crescita economica cinese è stata guidata, dalla fine degli anni settanta,
dalla politica dell’Open Door. Grazie all’attrazione di capitali e tecnologie
straniere, il Paese, in circa trent’anni, ha subito una trasformazione radicale.
Da puramente agricolo, è divenuto la meta irrinunciabile dei processi
di decentramento produttivo e commerciale delle principali multinazionali
del mondo.
A partire dall’inizio del nuovo millennio, una nuova politica è stata ufficialmente
lanciata dal governo cinese, attraverso il decimo Piano quinquennale:
il Go Global. Volto a stimolare l’internazionalizzazione delle
imprese cinesi e a correggere la traiettoria di sviluppo del Paese, il Go
Global ha progressivamente visto mutare gli obiettivi perseguiti dal governo,
oltre che gli strumenti adottati. Dall’iniziale quasi esclusiva focalizzazione
sull’acquisizione di risorse naturali, si è passati alla ricerca di
mercati di sbocco, tecnologie, conoscenze, marchi. Alle imprese statali si
sono progressivamente affiancate le imprese private.1
Il ruolo del governo si è dinamicamente adattato negli ultimi anni: i poteri
autorizzativi sono stati delegati agli enti provinciali e locali; lo Stato è divenuto
promotore di una rete interna e internazionale di servizi e consulenza,
oltre che garante del monitoraggio della buona riuscita delle operazioni.
L’undicesimo Piano quinquennale (2006-2010) ha segnato una tappa
importante di accelerazione nel sostegno governativo: il Go global è stato
incorporato nei piani di sviluppo pluriennali. Con il dodicesimo (2011-
2015), la Cina si è posta una ulteriore sfida: divenire investitore netto. Per
questo è stata impressa una forte accelerazione alle attività delle multinazionali cinesi nel mondo.

The following article focuses on Shanghai Bright Food's acquisition of Salov, a mid-sized Italian... more The following article focuses on Shanghai Bright Food's acquisition of Salov, a mid-sized Italian olive oil producing company. The case is examined in the context of the major supply and demand trends affecting the food sector in China, which opens a window of opportunity for Italian companies in the country, and of the recent wave of Chinese foreign direct investments in Italy. Both the buyer and the target groups are duly analyzed in order to appreciate the underlying rationale of the deal and its future prospects.

Gli investimenti diretti all’estero stanno caratterizzando l’espansione internazionale di molte e... more Gli investimenti diretti all’estero stanno caratterizzando l’espansione internazionale di molte economie emergenti, che fanno leva su di essi per affermarsi rapidamente a livello economico e politico globale. La Russia è uno dei protagonisti in questo scenario. Essa si contraddistingue sia per il fatto che le imprese investitrici all’estero sono poche ed operanti tipicamente nel settore primario, sia per la portata finanziaria delle singole iniziative. Il lavoro propone un’analisi delle principali caratteristiche del fenomeno, a livello globale, europeo ed italiano: direttrici degli investimenti, trend principali, protagonisti e motivazioni strategiche sottostanti. Alcune riflessioni di sintesi su criticità e prospettive del processo di internazionalizzazione dell’economia russa chiudono il contributo.

In the renewable energy (RE) sectors, foreign direct investments are becoming an important mean o... more In the renewable energy (RE) sectors, foreign direct investments are becoming an important mean of regional integration between China and Europe, as a result of the combined effect of Europe–China dialog on energy issues; Chinese energy policy; and Chinese Go Global policy.

Using a firm level data set from the Chinese Ministry of Commerce, we perform an analysis on location choice by Chinese RE firms from 2004 to 2013, within Europe. We depict a map of “where to where” (home province vs. host country) and “who to where” (firm level characteristics vs. host country), to find out how characteristics of home and host regions affecting the integration of Chinese and European RE markets.

Main results are the following. Investment pairs in RE sectors reflect a duality: firms tend to seek countries with similar institutional environment, compared with their origin regions. Countries with weak and immature institutions are attractive for immature and inexperienced Chinese firms.

Main features of Chinese investors are the following: private, non-listed firms, entering through greenfield, focusing on sales. Market-seeking investors tend to enter countries with both well-developed institutional environment and industry development base. R&D-oriented investments are more likely to flow to countries with well-developed institutional environment.

Authors: D. Grancini; V. Minunni; A.Mucelli; F. Spigarelli , Sep 12, 2013

Russia e Oltre. Energia, equilibri politici e opportunità imprenditoriali, Nov 20, 2013

"Gli investimenti diretti esteri (Ide) rappresentano un tassello fondamentale per la crescita e l... more "Gli investimenti diretti esteri (Ide) rappresentano un tassello fondamentale per la crescita e l’espansione internazionale delle economie emergenti, Brasile, Russia, India e Cina (cosiddetti “Bric”) in particolare (Sauvant, 2005, 2008). Aspetti macro e micro economici stanno concorrendo a stimolarne in modo eccezionale le attività transnazionali. Da un lato, gli Ide possono costituire, in una visione-Paese, una leva essenziale per l’aggiustamento di percorsi di crescita fortemente accelerati e spesso squilibrati, soprattutto a fronte dell’eccesso di flussi esportativi e delle pressioni sui tassi di cambio (Oecd, 2008, p. 80). Al contempo, attraverso la realizzazione di investimenti nelle aree industrializzate si ricerca una rapida affermazione politica ed economica su scala globale. Dall’altro lato, fattori specifici del settore o della singola impresa spiegano l’espansione rilevante delle risorse investite all’estero: accesso a fonti energetiche e materie prime; acquisizione di tecnologia, marchi, competenze, conoscenze, canali distributivi; apertura a nuovi mercati di sbocco (Sauvant, 2005, 2008; Ramamurti e Singh, 2009; Goldstein, 2009).
La Russia è sicuramente una delle nazioni protagoniste in questo scenario. I problemi politici ed economici successivi alla disgregazione dell’Impero avevano messo in secondo piano il Paese rispetto alle altre economie emergenti. Un netto cambiamento di rotta, spinto prevalentemente dal rialzo dei prezzi dei principali beni esportati, ha invece proiettato la Russia nello scenario economico globale a partire dagli anni Novanta (Braguisky e Myerson, 2007; Oecd, 2009). Un segno forte della sua potenza sono divenuti gli investimenti diretti all’estero (Panibratov e Kalotay, 2009, p. 1) che per portata ed intensità, si contraddistinguono rispetto a quelli degli altri Paesi Bric.
In questo contributo si propone un’analisi delle principali caratteristiche del fenomeno, con un’attenzione specifica anche al contesto italiano. Si intendono indagare intensità degli Ide russi, protagonisti principali e motivazioni sottostanti. Il lavoro si inserisce in un più ampio percorso di ricerca, teso a comparare l’attività di investimento dei Paesi Bric in occidente ed a coglierne i tratti distintivi, in modo sia da elaborare una possibile chiave di lettura del fenomeno stesso nell’ambito delle teorie sugli investimenti internazionali (Buckley, 2002), sia da comprenderne i risvolti di tipo economico e di politica industriale (Spigarelli, 2009). Una particolare attenzione è rivolta, come accennato, al sistema produttivo italiano : l’internazionalizzazione passiva, generata dalle economie emergenti, alimenta, infatti, interessanti spunti di ricerca ed interrogativi anche in relazione al possibile impatto sui suoi sentieri di sviluppo, sulla trasformazione in atto delle aree distrettuali, oltre che sui processi di riconfigurazione della conoscenza e di allocazione del valore in ambito locale.
In questa logica, il paper rappresenta una prima analisi esplorativa del caso russo, volta a rispondere ad alcuni interrogativi che dovrebbero stimolare ulteriormente l’attività di ricerca: quali aspetti, criticità e prospettive connotano attualmente i flussi di investimento e le operazioni realizzate a livello globale dalle imprese russe? Le iniziative in Italia assumono delle peculiarità in termini di settori coinvolti, motivazioni sottostanti, modalità di ingresso? Il loro impatto sul sistema produttivo nazionale, soprattutto in termini prospettici, è rilevante?
Con riferimento alla metodologia di analisi, l’unico approccio percorribile per poter giungere ad alcune considerazioni generalizzabili è risultato quello descrittivo. Il fenomeno degli investimenti esteri russi, analogamente a quanto riscontrabile per gli altri Paesi emergenti, è infatti nuovo, e non sono a tutt’oggi fruibili serie di dati ampie, in grado di supportare analisi quantitative articolate. Tale indisponibilità si sovrappone spesso alla non completa attendibilità o comparabilità temporale dei dati stessi: solo recentemente, infatti, sono stati innovati, da parte di questi Paesi, Russia in primis, i sistemi di rilevazione statistica (Panibratov e Kalotay, 2009; Kuznetsov, 2008).
Il lavoro è strutturato come segue. Il primo paragrafo inquadra l’analisi dell’attività transnazionale russa nel contesto della letteratura sulle multinazionali (Mne) dai Paesi emergenti. I successivi paragrafi sono concentrati sui connotati dell’attività di investimento dell’economia russa a livello globale ed europeo. Nel quarto paragrafo l’analisi si focalizza, invece, sul caso italiano. Infine, si propongono alcune riflessioni di sintesi su criticità e prospettive del processo d’internazionalizzazione della Federazione, oltre che alcune considerazioni funzionali agli obiettivi del percorso di ricerca di lungo termine accennato in precedenza
"

International Journal of Technological Learning, Innovation and Development

"This article contributes to the existing knowledge on the difficulties and critical aspects of ... more "This article contributes to the existing knowledge on the difficulties
and critical aspects of the post-acquisition phase of an emerging market multinational. To establish the context, a literature review on multinational companies from emerging countries, and specifically on the internationalisation initiatives of Chinese companies, is provided, along with a framework to analyse cultural and management-related differences related to mergers and
acquisitions (M&As). This review and framework is followed by a case study of a Chinese M&A in Italy. The case illustrates how Chinese companies use Italy to access Western markets (and strategic logistical services), as well as a wide range of distinct skills/intangible assets, such as brands, know-how and technology, particularly in the manufacturing industries. The findings suggest that while superficial product-portfolio and cost benefits can accrue due to the acquisition, cultural and administrative differences and lack of synergies can prevent the acquirer from fully integrating the intangible assets, particularly human resource talent, of the acquired firm."

International Journal Of Asian Business And Information Management, 2010

This paper focuses on the effects of the Go Global policy in Italy. The main type of Chinese inve... more This paper focuses on the effects of the Go Global policy in Italy. The main type of Chinese investments, their strategic motivations, as well as the role of ethnic networks are analyzed. The phenomenon is still not significant in quantitative terms, but trends are impressive. Italy can provide an access to western markets and strategic logistic services, as well as to a wide array of distinctive skills/intangible assets in manufacturing industries. At the moment, there is a prevalence of greenfield initiatives, but acquisitions are rising sharply. In geographical terms, the locations chosen by Chinese investors favor areas that offer a wealth of distinctive skills (typically, but not only, district areas), but are not limited to industries in which Chinese ethnic groups are involved.

Southeast European countries have experienced significant economic integration into the world eco... more Southeast European countries have experienced significant economic integration into the world economy since 2000, through international capital flows and especially foreign direct investment (FDI). The present work sheds light on recent trends in Italy-Western Balkans economic integration through FDI. The methodology is based on a country level analysis and on case studies, designed to ascertain Italian firms' underlying motives for investment in the area. Evidence suggests that the phenomenon is broader than official statistics would indicate: Italian firms often set up subsidiaries without formal or direct capital control. As integration in the area is a recent phenomenon, it is not surprising that the main determinants of Italian investments are cost reductions and new market opportunities, typical of initial stages of penetration in a foreign country. What is interesting in this context is that local entrepreneurs regard efficiency-seeking investments as profitable only if they are connected to market-seeking goals. We find evidence also of localized industrial development stimulated by the entry of Italian firms which is activating subcontracting relationships with existing firms in the host region.

This paper is an exploratory study on main features and challenges of the Chinese pharmaceutical ... more This paper is an exploratory study on main features and challenges of the Chinese pharmaceutical market. Dramatic changes in the market are due both to the Government policies, changing consumer habits and behaviour, and to the growing competition at firm level. From a demand side perspective, consumptions of pharmaceutical products are booming thanks to a combined effect of economic growth, aging population, urbanization and health system reforms. Key forces shaping the demand are examined in the chapter, with a specific attention to health care reforms as well as to new habits and confidence of Chinese people towards the Western medicine. In this regard, import and export trends, consumption, and expected evolution of the market are examined. From a supply side perspective, two main trends can be highlighted: the increasing interest of foreign investors, and the effort of Chinese pharmaceutical firms to compete in the national market. To better understand the ongoing changes we look at market characteristics, key players, as well as trends and motivation of inward FDI to China are examined. On the basis of this general picture, the paper focuses on IP related aspects, to understand who are the main actors of patenting trends (foreign vs local firms) and for which kind of products patents are registered (raw materials vs basic products vs drugs). Analyzing patent trends and the role of Chinese vs Western firms, we try to define how China is taking its role and position into the national and – potentially ‐ international pharmaceutical market.

European Scientific Journal

Southeast European countries have experienced significant economic integration into the world eco... more Southeast European countries have experienced significant economic integration into the world economy since 2000, through international capital flows and especially foreign direct investment (FDI). The work sheds light on recent trends in Italy-Western Balkans economic integration through FDI and other non-equity modes (NEMs). The methodology applied is based on country-level analysis, enriched by a case study approach. Main trends, characteristics and motivation of investments in the area are investigated. Based on this evidence, we suggest that the phenomenon of Italian integration in the Western Balkans is broader than official statistics would indicate, since Italian firms often set up subsidiaries through various non-equity arrangements. The surge in FDI in the area is recent, therefore it is not surprising that the main determinants are cost reductions and new market opportunities. What is interesting in this context is that local entrepreneurs regard efficiency-seeking investments as profitable only if they are connected to market-seeking goals. We find evidence also of localized industrial development stimulated by the entry of Italian firms, which is activating subcontracting relationships with existing companies in the host region. Further and in depth studies are needed to investigate the phenomenon.

L'industria, 2007

... La scuola di Uppsala ha offerto forse uno dei pochi contributi in questo senso, attraver-so l... more ... La scuola di Uppsala ha offerto forse uno dei pochi contributi in questo senso, attraver-so la Stage Theory of Internationalization (Johanson, Weidersheim-Paul 1975; Cavusgil, 1980; 1982; Johanson, Vahlne 1990; 1992; Stottinger, Schlegelmilch 1998) 7. Negli ultimi due ...

Hedge Funds are extensively cited as the main actors responsible for the financial crisis erupted... more Hedge Funds are extensively cited as the main actors responsible for the financial crisis erupted in the latest decades. Their natural characteristic for secrecy and their fame for high propensity towards risks, together with the ample use of leverage, help to explain why these operators are often indicated as the main cause for the increase in markets' volatility and instability. The paper analyses the nature of these institutions and their distinctive characteristics: main investment strategies, performance measurement tools and typical organization structures. The second part of the work examines the advantages that both academics and professionals recognize to the hedge fund presence on the markets: improved price efficiency, increased market liquidity and, above all, continuing innovation. This part is followed by the analysis of the critical aspects that cause them to be on trial for any situation of financial market distress and turbulence. In particular, the study analyses the role of hedge funds in the present global economic crisis. The final part of the paper focuses on considerations regarding the present debate, which divides the financial community, on the opportunity of introducing specific regulation for the hedge fund industry.

Economia e Politica industriale, 2009

This paper focuses on a recent phenomenon: the Chinese Go global policy, which encourages domesti... more This paper focuses on a recent phenomenon: the Chinese Go global policy, which encourages domestic firms to enter the global competition through active internationalization processes. At present, Chinese investments are still small compared to the world value of outward foreign direct investments, but it is interesting to focus on their trends and skyrocketing growth. The attention is drawn to the Italian case. Italy is still not playing a major role in Chinese companies' internationalization strategies. Flows and stocks of investments are low and only a small number of companies is investing in Italy. But things are changing quickly. Italy is becoming increasingly interesting for Chinese companies aiming to acquire brands, knowledge and specific competencies, as well as strategic locations to penetrate European markets. The small dimension of the target companies (for acquisitions) encourage Chinese investors to come to Italy. Data on Chinese investments flows, on individual entrepreneurs, as well as on Chinese companies operating in Italy are discussed and analyzed to build a framework to test some preliminary hypotheses and to verify the interest for further research projects.

QA, 2011

ABSTRACT Outward foreign direct investments are becoming a key lever in the global political and ... more ABSTRACT Outward foreign direct investments are becoming a key lever in the global political and economic affirmation of many emerging economies. The Russian Federation is an interesting example of this phenomenon. Its global expansion is characterized by two aspects. First, the main players in foreign expansion are a few companies operating in the primary sector. Second, each single initiative involves huge financial resources. The paper proposes an analysis of the main features of the international investment activity of the Russian Federation, at the global, European and Italian level. The main trends in investments and players are analysed, as well as the strategic motivations behind the initiatives. The paper closes with examination of the critical aspects and perspectives involved in the Russian internationalization process.

International Journal of Chinese Culture and Management, 2007

Authors: D. Grancini; V. Minunni; A.Mucelli; F. Spigarelli , Sep 12, 2013

Russia e Oltre. Energia, equilibri politici e opportunità imprenditoriali, Nov 20, 2013

International Journal of Technological Learning, Innovation and Development

International Journal Of Asian Business And Information Management, 2010

European Scientific Journal

Southeast European countries have experienced significant economic integration into the world eco... more Southeast European countries have experienced significant economic integration into the world economy since 2000, through international capital flows and especially foreign direct investment (FDI). The work sheds light on recent trends in Italy-Western Balkans economic integration through FDI and other non-equity modes (NEMs). The methodology applied is based on country-level analysis, enriched by a case study approach. Main trends, characteristics and motivation of investments in the area are investigated. Based on this evidence, we suggest that the phenomenon of Italian integration in the Western Balkans is broader than official statistics would indicate, since Italian firms often set up subsidiaries through various non-equity arrangements. The surge in FDI in the area is recent, therefore it is not surprising that the main determinants are cost reductions and new market opportunities. What is interesting in this context is that local entrepreneurs regard efficiency-seeking investments as profitable only if they are connected to market-seeking goals. We find evidence also of localized industrial development stimulated by the entry of Italian firms, which is activating subcontracting relationships with existing companies in the host region. Further and in depth studies are needed to investigate the phenomenon.

L'industria, 2007

Economia e Politica industriale, 2009

QA, 2011

International Journal of Chinese Culture and Management, 2007

"The research project intends to contribute actively to the cooperation between Europe and China ... more "The research project intends to contribute actively to the cooperation between Europe and China through the investigating of opportunities for mutual integration in the healthcare sector.
Cooperation and potential synergies will be examined from a comprehensive perspective, including policies at national and local level, the legal environment, medical practices, healthcare industries and related businesses. In order to develop a comprehensive understanding of the integration opportunities, an interdisciplinary approach is followed. The tools and technical knowledge derived from the medical, legal, economics and humanities fields are used.
"

"China-EU science and technology cooperation is substantial. The European Union is one of the mos... more "China-EU science and technology cooperation is substantial. The European Union is one of the most important partners in China’s external science and technology cooperation. Particularly, in the face of challenges of environmental protection and sustainable development, China and the European Union share common interests in the field of environmental sustainability.

POREEN (Partnering Opportunities between Europe and China in the Renewable Energies and Environmental iNdustries) aims at integrating and combining economic, legal and engineering competencies to analyze the level of economic cooperation reached so far between China and Europe in the renewable energy and the environment industries and to identify areas where partnership opportunities could be exploited, at business, scientific and technical level.

POREEN is funded by the European Commission under the 7th Framework Programme for Research in the Socio-economic Sciences and Humanities (SSH). It is a People Marie Curie Action, International Research Staff Exchange Scheme, whose aim is to help research organisations to set up or strengthen long-term cooperation with others, through a coordinated exchange programme for their staff."

"Propizio è intraprendere imprese. Aspetti economici e socioculturali del mercato cinese”, Ca’ Foscarina, Venezia, 2006

Evoluzione e discontinuità nel sistema finanziario internazionale, Mc Graw Hill, Milan

Internationalization, Technological Change and the Theory of the Firm

L’Italia nell’economia internazionale, Rapporto 2010-2011, ICE

The Adriatic-Balkan Area from Transition to Integration

Alon, I, Fetscherin, M and P. Gugler (eds), Chinese International Investments

This article contributes to the existing knowledge on the difficulties and critical aspects of th... more This article contributes to the existing knowledge on the difficulties and critical aspects of the post-acquisition phase of an emerging market multinational. To establish the context, a literature review on multinational companies from emerging countries, and specifically on the internationalisation initiatives of Chinese companies, is provided, along with a framework to analyse cultural and management-related differences related to mergers and acquisitions (M&As). This review and framework is followed by a case study of a Chinese M&A in Italy. The case illustrates how Chinese companies use Italy to access Western markets (and strategic logistical services), as well as a wide range of distinct skills/intangible assets, such as brands, know-how and technology, particularly in the manufacturing industries. The findings suggest that while superficial product-portfolio and cost benefits can accrue due to the acquisition, cultural and administrative differences and lack of synergies can prevent the acquirer from fully integrating the intangible assets, particularly human resource talent, of the acquired firm.

Il Sole 24 Ore, 10.10.2006

Il Sole 24 Ore, 21.11.2006

Il Sole 24 Ore, 12.02.2008

Il Sole 24 Ore, 15.01.2008

Il Sole 24 Ore, 27.12.2010