Regional disparities and industrial structure: territorial capital and productivity in Italian firms

Abstract

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Territorial capital in local economic endogenous development

“…First, the valorization of territorial capital activates endogenous development. Territorial capital influences firms that can take advantage of its elements in different ways, in line with what has been discussed in Morretta et al (2020) and Castelnovo et al (2020). This valorization also generates a set of non‐economic values where the quantitative dimension of local development is integrated with the qualitative one (e.g., sustainability, local pride) (Pike et al, 2006).…”

“…Many studies also suggest that different elements of territorial capital are complementary, and for this reason jointly considered in the empirical analysis of their impact on local development (Camagni & Capello, 2013; Castelnovo et al, 2020; Fratesi & Perucca, 2019, 2018; Perucca, 2013; Stimson & Stough, 2011). For instance, Castelnovo et al (2020) show that technological, social, institutional, financial and infrastructure capital all drive the productivity in Italian firms with different extent across geographical areas and economic sectors. Perucca (2013) shows that territorial assets have a significant role in explaining different growth patterns of Italian provinces.…”

“…Apart from natural capital, regions' hardware is represented by the amount of transport, communication and other infrastructure embodied in the local context such as buildings, roads, railways, airways, other transportation and communication facilities (here defined as infrastructure capital) and which are crucial to facilitate growth, social cohesion and productivity (Castelnovo, Morretta, & Vecchi, 2020;Clifton, Díaz-Fuentes, & Fernández-Gutiérrez,-2016;Isaksson, 2007). Another important component of physical capital incorporating intangible values, is artistic capital (tangible cultural capital in Throsby, 1999), defined as monuments, sites, or artworks; it can be identified within the concept of tangible cultural heritage and can be considered an important asset for endogenous development (Throsby, 1999) particularly in touristic and cultural sectors.…”

“…After having described and conceptualized territorial capital, this section explores, in qualitative terms, how it may contribute, in practice, to endogenous development. Although the majority of studies on territorial capital employ quantitative techniques (see for example Castelnovo et al, 2020 and Perucca, 2013 for different measures of territorial capital) its operationalization via quantitative analysis is characterized by a number of constraints. In particular, it is not easy to measure this complex, dynamic and pluridimensional concept precisely.…”

Material productivity, socioeconomic drivers and economic structures: A panel study for European regions

“…The underlying qualitative nature of economic development has only been marginally addressed by EW-MFA studies despite being widely recognised in neoclassical economic theory at least since Potter et al seminal work "Competitive Advantage of Nations " (1990). According to this rationale, differences in economic structures, institutions, cultures and historical heritagesoften referred to as territorial capital (Castelnovo et al, 2020;Morretta et al, 2020) -all contribute to delineate differential development trajectories (Frenken et al, 2007;Gräbner et al, 2019;Hassink and Klaerding, 2015). These patterns necessarily lead to notable differences in MP patterns but have little to do with the level of economic development.…”