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Notes
- 1.
NEC regions are as follows: Veneto, Trentino-Alto Adige, Friuli Venezia Giulia, Emilia-Romagna, Tuscany, Marche and Umbria. Based on Fuè’s NEC model as illustrated in (Fuè 1983).
- 2.
Italian style goods are as follows: food and drinks; wood, furniture and tiles; metal products; machinery and equipment, domestic appliances; boats, motorbikes, bicycles and sports equipment; textiles, clothing and fashion, according to the codes selected by Marco Fortis from the Fondazione Edison, Milan.
- 3.
Ares Life Sciences is an investment partnership established in 2008 with the backing of the Bertarelli family which until 2007 controlled the Swiss-based firm Serono which was then sold to the German Group Merck. It holds 40% of Esaote’s share capital; IMI Investimenti, Tower 7 S.a.r.l., MPS Venture SGR, Banca Carige and a group of Esaote’s management hold a combined 60% stake.
- 4.
A 40% share in Calligaris is owned by L-Capital, a private equity fund created in 2001 and promoted by the French LVMH Group and Groupe Arnault.
- 5.
Firm A and Firm B, discussed shortly, which stand out compared to the other 23 companies selected on account of their distinctive and characteristic earnings/financial structure.
- 6.
ROI may be expressed as the ratio between net operating margin (NOM) and capital invested (CI). It may be broken down into the product of margins (NOM) as a percentage of value added (NOM/VA) and the capital turnover rate (VA/CI). ROI = NOM / CI = NOM / VA · VA / CI.
- 7.
It has been shown that location in district areas usually entails a reduction in riskiness and an enhanced ability to survive during economic downturns (see Venanzi 2012).
- 8.
The parameter for growth was a 25% minimum change in net sales in the 2004–2008 period, while for profitability net operating margin as a percentage of value added of above 15% in 2008 was used. For companies selected by this method, the parameters have also been checked for 2009 and 2010, based on the accounts released for the two most recent financial years. All benchmark companies had to deliver a net profit in each year of the 2009–2010 period.
References
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Fuà G 1983 L’industrializzazione nel Nord Est e nel Centro. In: Fuà G, Zacchia C (eds) Industrializzazione senza fratture. Il Mulino, Bologna
Mediobanca, Unioncamere 2012 Le medie imprese industriali italiane 2000–2009, Milan
Unioncamere 2006 Il modello R&S-Unioncamere per lo scoring delle PMI. Rome
Venanzi D 2012 La manifattura in Italia nell’ultimo decennio, sulle spalle dei... nani. Rivista di Politica Economica (forthcoming)
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Barbaresco, G., Portioli, N. (2013). A quantitative analysis of the companies under examination. In: Coltorti, F., Resciniti, R., Tunisini, A., Varaldo, R. (eds) Mid-sized Manufacturing Companies: The New Driver of Italian Competitiveness. Sxi — Springer per l’Innovazione / Sxi — Springer for Innovation. Springer, Milano. https://doi.org/10.1007/978-88-470-2589-9_3
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