To introduce new products, firms often use knowledge from other organizations. Drawing on social capital theory and the relational view of the firm, we argue that geographically localized social capital affects a firm's ability to innovate through various external channels. Combining data on social capital at the regional level, with a large-scale data set of the innovative activities of a representative sample of 2,413 Italian manufacturing firms from 21 regions, and controlling for a large set of firm and regional characteristics, we find that being located in a region characterized by a high level of social capital leads to a higher propensity to innovate. We find also that being located in an area characterized by a high degree of localized social capital is complementary to firms' investments in internal research and development (R&D) and that such a location positively moderates the effectiveness of externally acquired R&D on the propensity to innovate

Drawing on social capital theory and the international business literature, we argue that domestic geography, in terms of localized potential social capital, facilitates individual firms' awareness of business opportunities, including knowledge related to involvement in the foreign markets for goods and technology, thereby enhancing firms' involvement in those foreign markets. When potential social capital reaches a certain threshold, it may work to trap firms into operating only within their home regions, thus reducing involvement in foreign markets. We conjecture that firms' research and development investment moderates the relationship between potential social capital and degree of involvement in foreign markets, but given the very different properties of the two markets, with different signs for each market: a positive moderation effect for the markets for goods, and a negative effect for the markets for technology. We find empirical support for our arguments based on a representative sample of around 2000 Italian firms.

PurposeSmart cities and their internationalization process and efforts in order to gain the competitive advantage in the international arena have received a great deal of attention by marketing scholars and practitioners alike. Yet, the growing number of studies focused on this topic has led to considerable fragmentation and theoretical confusion.Design/methodology/approachTo move the domain forward, this study applies the systematic review methodology and reviews 41 peer-reviewed articles published in highly esteemed publication outlets.FindingsBuilding on the antecedents–phenomenon–consequences framework, the authors discuss the antecedents and consequences of the various innovative marketing strategies that smart cities adopt for their internationalization and development of an international competitive advantage. In the process of doing so, the authors synthesize the findings of the studies as well as literature gaps that provide fruitful avenues for future research.Originality/valueThis article offers a systematic review of extant marketing research on smart cities and their efforts to internationalize. In particular, this study advances the conceptual development of smart city internationalization and innovation by a marketing lens, provides an integrative, international-oriented framework that maps the extant literature across disciplines and countries, expands the boundaries of this research domain into new research paths and offers implications for policy and practice.

Uncertainty and information asymmetries in crowdfunding can be reduced via the quality signals project proponents send to potential supporters. Drawing on signaling theory, this study analyzes how costly signals-venture's statements about past achievements and results-and costless signalsventure's statements about future plans and goals-influence crowdfunding performance. The results of a multi-method study of 597 UK equity crowdfunding campaigns suggest that only costly signals increase the amount raised through crowdfunding and that costless signals generally have a negative effect. However, for companies introducing radical innovations use of costless signals is not punished by the crowd.

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