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• W2336190837 abstract "Italian firms started significant internationalization strategies in the mid nineties and off-shoring of part of production is to day a relevant feature of the Italian manufacturing system, in particular of the industrial development of the North East regions of Italy. Till the late eighties Italian firms operating in the international market were mainly directed at expanding their exports and increasing their quota in the markets of the most rich countries, selling abroad productions realized in the domestic economy. Since the mid nineties they began displacing productive processes (or part of them) towards low wages countries. This paper is the result of a series of interviews aiming at understanding the reorganization of the manufacturing activity that followed the recent opening of one or more plants in China and India by industrial small and medium size firms. During 4 months, in spring 2009, we have visited several factories in China and India controlled by an Italian parent company, discussed with the general managers the reasons underlying the choice to produce abroad, the governance of new network that has been created in relation both to the parent company, the foreign suppliers and the consumer market. The purpose of this article is to explain the prospects and problems faced by Italian firms that recently moved to China and India through direct investment. Foreign direct investment means the acquisition of control through vertical integration over activities that are operated abroad and that would be carried out inefficiently through market transactions, due to market imperfections (Buckley and Casson, 1976). The profitability to develop abroad part of the production through direct investment began with a set of circumstances that reduced transaction costs operating abroad. The fixed exchange rate and the subsequent appreciation of the Euro has pushed Italian export firms to the abandonment of the strategy of currency devaluation in order to make competitive their products, a track that Italian firms had often practiced in the recent past, after the defeat of the Bretton Woods regime of fixed exchange rates, in the early seventies, and that has supported their exports, with alternate movements, for 25 years. In the nineties, with the defeat of the Soviet empire, new territories in Central and East Europe, close to two of the most important countries of industrial Europe, Germany and Italy, have opened up: countries with a stable social and political structure, an educated population, low cost of labour, fiscal regimes very favourable to foreign investments. Drive towards China and India is further explained by low cost of production and by favourable sale prospects. Cost of labour in China and India is a fraction of the cost in Italy, energy and components purchased on the local market are definitively cheaper than those purchased in Italy, while firms operating in Asian markets face a growing demand due to the rapid growth of income and population (Agarwal, 1980; Kaplinsky and Farooki, 2010) Nonetheless Italian firms moving to these countries are very few, many are reluctant to launch a new business so far away, and many firms that did it went bankrupt 1 . Advantages are balanced by costs that relate to the considerable time lag implicit in producing in far away territories and in the complexity of involved transactions as the majority of interviewed firms are small-medium firms that produce mechanical products. Relations with suppliers prove difficult, especially when small firms are involved: capabilities of local suppliers are difficult to ascertain, codification is often absent and the standards are not those familiar in Western markets. The prospects of reaping a growing demand are refrained as sales in the final market require setting up a specific retail structure adapted to the local uses. Relations in ‘psychically distant’ markets, different in culture, language, levels of education and economic development develop only gradually because of the high risk involved (Johansson and Vahlne, 1977)." @default.
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• W2336190837 date "2010-01-01" @default.
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• W2336190837 title "Off-shoring to China and India. Some case studies of Italian medium size firms" @default.
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