Can supervise: YES
Updated to bring the material in line with the topical and contemporary ideas and debates on or about strategy and catering to students and their diverse learning styles, the second edition is an easy to use tool allowing students to switch from web resources to the print text and back again, opening windows on the world of strategy through cases that are vibrant and engaged, digital links that allow them to explore topics in more detail and video and other media that encourage relating theory to practice.
Providing a fresh perspective on strategy from an organizational perspective through a discursive approach featuring key theoretic tenets, this text is also pragmatic and emphasizes the practices of strategy to encourage the reader to be open to a wider set of ideas, with a little more relevance, and with a cooler attitude towards the affordances of the digital world and the possibilities for strategy's futures. The key areas of Strategy take a critical stance in the new edition, and also include areas less evident in conventional strategy texts such as not-for-profit organizations, process theories, globalization, organizational politics and decision-making as well as the futures of strategy. The new edition comes packed with features that encourage readers to engage and relate theory to practice and is complimented by a free Interactive e-book* featuring videos, cases and other relevant links, allowing access on the go and encouraging learning and retention whatever the reading or learning style. Suitable as core reading for undergraduate and postgraduate business management students of strategy and strategic management.
© 2011 Taylor & Francis. Today greenness is goodness; non-greenness is not an option. It is therefore critical to advance thinking on why and how business, consumers and policy makers can contribute to the goal of sustainable global wealth creation. This volume analyzes the strategic sustainability issues confronting contemporary business, and explores the transformation in values, strategies, and practices needed by modern businesses to attain sustainable business. It is is developed from a Global Business Symposium organized by the Centre for International Business and Management (CIBAM) at Cambridge University in February 2009, which brought together leading academics, scientists and engineers, government leaders, and business executives to consider the transformation in business values and strategies implicit in sustainability. Green Business, Green Values and Sustainability offers a concise and definitive book on the green transformation of business in major sectors including government, finance, energy, and retail. Different solutions to sustainability are explored including ethical approaches, alternative environmental strategies, corporate responsibility, and carbon reductions.
Pitelis, C, Sugden, R & Wilson, JR 2006, Clusters and globalisation: The development of urban and regional economies.
This book offers a rich mix of conceptual perspectives that reflect the wide conceptual and theoretical interest in clusters... The book is a valuable contribution to the cluster debate, able to offer critical insights of interest for both academic researchers and economic development bodies concerned with the design of cluster policies. - Elvira Uyarra, Science and Public Policy. © Christos Pitelis, Roger Sugden and James R. Wilson 2006. All rights reserved.
Pitelis, C & Runde, J 2017, 'Capabilities, resources, learning and innovation: a blueprint for a post-classical economics and public policy', Cambridge Journal of Economics, vol. 41, no. 3, pp. 679-691.View/Download from: UTS OPUS or Publisher's site
Georgiadis, A & Pitelis, CN 2016, 'The impact of employees' and managers' training on the performance of small- and medium-sized enterprises: Evidence from a randomized natural experiment in the UK service sector', British Journal of Industrial Relations.View/Download from: UTS OPUS or Publisher's site
We investigate the relationship between employees' and managers' training and firm performance using a policy intervention that randomly assigned training support to small- and medium-sized enterprises in the UK accommodation and food service sector. Because the number of firms self-selected into training exceeded available places, training was randomly assigned to some firms, resulting in a randomized natural experimental design that allowed us to identify the average effect of training on treated firms. Our empirical results suggest that employees' training had a stronger positive impact on firms' labour productivity and profitability than that of managers'. © 2014 John Wiley & Sons Ltd/London School of Economics.
Pitelis, CN 2016, 'Learning, innovation, increasing returns and resource creation: Luigi Pasinetti's 'original sin' of, and call for a post-classical, economics', Cambridge Journal of Economics, vol. 40, no. 6, pp. 1761-1786.View/Download from: UTS OPUS or Publisher's site
© The Author 2016. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. We draw on the seminal contribution to economics by Luigi Pasinetti, respond to his call to reverse what he saw as the 'original sin' of classical economists exacerbated by neoclassical economists, namely the assumption of non-increasing returns to scale, and move towards building a post-classical economics. We outline the contours of a post-classical framework that draws on key themes and contributions from Pasinetti on learning, technical progress, increasing returns, resource creation, trade and catching up, and contributions from within and without economics that are in line with, lend support to and challenge it. We advocate the pressing need and opportune timing for a concerted effort to revitalise ideas from the once vibrant 'Cambridge School' of economics and help develop a fresh, more pluralist and inclusive post-classical economics that cuts across divides and opens up opportunities for a less 'dismal science'.
Jones, G & Pitelis, C 2015, 'Entrepreneurial Imagination and a Demand and Supply-side Perspective on the MNE and Cross-border Organization', Journal of International Management, vol. 21, no. 4, pp. 309-321.View/Download from: UTS OPUS or Publisher's site
© 2015. We focus on supply and the under-explored demand-side factors that help explicate cross-border expansion, the Multinational Enterprise (MNE) and organization. We explore how appropriability-informed and legacy-shaped entrepreneurial imagination motivates a process of creation and co-creation of the cross-border business context (such as markets, demand, and supporting infrastructures, including business ecosystems), and when feasible the wider institutional, regulatory and even cultural one, that conventional International Business (IB) literature takes as a datum. This is examined conceptually and by drawing on illustrative case examples. We claim that by focusing on agency, learning, intentionality and demand-side factors, our approach complements, and also challenges extant sometimes static, supply-side, agent-agnostic theories of the MNE and helps appreciate better phenomena such as market, demand and value creation, and co-creation, MNEs without firm specific advantages and born-global firms.
Boulouta, I & Pitelis, C 2014, 'Who Needs CSR? The Impact of Corporate Social Responsibility on National Competitiveness', Journal of Business Ethics, vol. 119, no. 3, pp. 349-364.View/Download from: UTS OPUS or Publisher's site
The link between corporate social responsibility (CSR) and competitiveness has been examined mainly at the business level. The purpose of this paper is to improve conceptual understanding and provide empirical evidence on the link between CSR and competitiveness at the national level. We draw on an eclectic-synthetic framework of international economics, strategic management and CSR literatures to explore conceptually whether and how CSR can impact on the competitiveness of nations, and test our hypotheses empirically with a sample of 19 developed countries over a 6-year period. Our evidence suggests that CSR can make a significant positive contribution to national competitiveness, as measured by national living standards. We also find that countries with a relatively low innovation record can benefit more, as compared to highly innovative countries, by implementing nationwide CSR-based positioning strategies.
Kudina, A & Pitelis, C 2014, 'De-industrialisation, comparative economic performance and FDI inflows in emerging economies', International Business Review, vol. 23, no. 5, pp. 887-896.View/Download from: UTS OPUS or Publisher's site
We address calls to incorporate comparative political economy considerations into IB scholarship. In particular, we conceptualise and test empirically the hitherto unexplored relationship between de-industrialisation and relative performance of groups of countries, and FDI inflows in emerging economies. Using a panel dataset over the period 1996-2004 and employing conceptual and methodological innovations (not least the use of comparative independent variables), we find support for the ideas that relative de-industrialisation of developed economies will increase FDI inflows into emerging economies, while the relative under-performance of developed countries will reduce it. We also find that divergence in business cycles-de-coupling between the two groups of countries fosters FDI inflows in emerging economies. These help explain and predict recent changes in the global business landscape and inform public policy and managerial practice. © 2014 Elsevier Ltd.
Pitelis, CN 2014, 'Rejuvenating 'old Europe': Towards a strategy for reindustrialisation and sustainable competitiveness', Contributions to Political Economy, vol. 33, no. 1, pp. 69-98.View/Download from: UTS OPUS or Publisher's site
We draw on the theory and practice of international competitiveness and developmental industrial policy (DIP), in order to propose a strategy for reindustrialisation and sustainable European international competitiveness.We suggest that European policy-makers should take stock of shifts in the global landscape and leverage ideas from business strategy to build sustainable competitive advantage, but in a way that also fosters system-wide economic sustainability. We propose business strategy-inspired specific measures to achieve this, based on an integration of some commonly perceived 'dichotomies' in extant debates on DIPs, but also submit that the path to European economic rejuvenation will remain fragile and precarious, as long as the requisite institutional and organisational infrastructure is not in place, and wider structural and policy challenges of modern market economies, notably embedded power structures and corruption, are not properly addressed. © The Author 2014. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
Klein, PG, Mahoney, JT, McGahan, A & Pitelis, C 2013, 'Capabilities and Strategic Entrepreneurship in Public Organizations', Strategic Entrepreneurship Journal, vol. 7, no. 1, pp. 70-91.View/Download from: UTS OPUS or Publisher's site
Public organizations are relatively understudied in the strategic entrepreneurship literature. In this article, we submit that public organizations are usefully analyzed as entities that create and capture value in both the private and public sectors and that a capabilities lens sheds important new insights on their behavior. As they try to create and capture value, public organizations can act entrepreneurially by creating or leveraging bundles of capabilities, which may then shape subsequent entrepreneurial action. Such processes can involve complex interactions among public and private actors. For example, public organizations often partner with private firms to produce existing products, create new products, and establish new markets which, in turn, generate new capabilities for both public and private actors. Yet such coevolutionary processes are not guaranteed to create value, and capabilities acquired in the pursuit of public interests may, over time, enable activities that damage those same interests. We show how a capabilities approach helps explain the nature and evolution of public organizations and we apply this approach to a series of cases on the growth and diversification of public organizations, the private provision of public goods, and related issues. Copyright © 2013 Strategic Management Society
Pitelis, C 2013, 'The Public - Private Nexus in Organizational Economics and the Challenge of Sustainable Value Creation', Journal of Change Management, vol. 13, no. 4, pp. 387-406.View/Download from: UTS OPUS or Publisher's site
This article explores the scope for cross-fertilization between extant alternative organizational economics perspectives on the private2public nexus. It is suggested that there is substantial scope, which has gone underexplored. The comparative advantages are highlighted, and a synthesis and extension of apparently competing perspectives is provided. Furthermore, the article explores the implications for public2private links that foster sustainable system-wide value creation and concludes by pinpointing limitations of organizational economics as a whole and the need to leverage a multi- and cross-disciplinary perspective.
In this paper, we propose that economic sustainability is seen in terms of (inter-temporal and international) value creation. We claim that value appropriation (or capture), can become a constraint to economic sustainability. We propose that for sustainable value creation to be fostered, corporate governance needs to be aligned to public and supra-national governance. In order to achieve this, a hierarchically layered set of `agencies, needs to be diagnosed and the issue of incentive alignment addressed. Enlightened self-interest, pluralism and diversity, as well as a representative supra-national organisation for worldwide economic sustainability can serve as a new, more `ethically correct governance for economic sustainability, but not a panacea.
Georgiadis, A & Pitelis, C 2012, 'Human resources and SME performance in services: empirical evidence from the UK', International Journal Of Human Resource Management, vol. 23, no. 4, pp. 808-825.View/Download from: UTS OPUS or Publisher's site
We investigate the relationship between human resources (HR) and superior firm performance, as well as the role of business strategy as a key mediating factor, for small- and medium-sized enterprises (SMEs) in the UK Tourism Hospitality and Leisure (THL) sector. Our results suggest that high-performing SMEs in the THL sector are managed by more experienced entrepreneurs. We also find that more profitable SMEs combine a highly skilled workforce with technological and know-how-based firm differentiation strategies, and/or product differentiation strategies, which are based on quality of service and personal attention to customers, alongside generous compensation and attention to employee development.
Klein, PG, Mahoney, JT, McGahan, A & Pitelis, C 2012, 'Who is in charge? A property rights perspective on stakeholder governance', Strategic Organization, vol. 10, no. 3, pp. 304-315.View/Download from: UTS OPUS or Publisher's site
The fields of strategy and organization are dominated by the stylized idea that the purpose of the
firm is to maximize returns on investment for equity shareholders. This idea is based on simplifying
assumptions about externalities, contractual ties, investments, and the nature of competition.
As a result, the dominant conceptualization of the firm's purpose as shareholder value maximization
may lead to serious misunderstandings regarding the firm's contractual obligations.
Furthermore, the idea of shareholder value maximization may lead to problematic and inaccurate
representations of organization, innovation, and other aspects of value creation and capture.
Creating and capturing value in the presence of spillovers, relationship-specific investments, and
complex contractual ties is difficult in ways that are obscured by a relentless focus on shareholder
value. In this essay, we develop these claims and point to the consequences for the canonical business
school curriculum, which does not deal sufficiently with the challenges of value creation and
capture under more realistic assumptions.
Pitelis, C 2012, 'Clusters, entrepreneurial ecosystem co-creation, and appropriability: a conceptual framework', Industrial and Corporate Change, vol. 21, no. 6, pp. 1359-1388.View/Download from: UTS OPUS or Publisher's site
Extant literature on clusters underplays the role of entrepreneurs and entrepreneurial management in creating and co-creating organizations, markets, and supporting ecosystems. We employ transaction costs, resource-knowledgecapabilities and power-control-based theories to provide a comparative static governance-based perspective on clusters. We embed this into a more general co-evolutionary entrepreneurial theory of the emergence, evolution and co-evolution of markets, ecosystems, and clusters. We suggest that clusters can involve advantages that help engender superior appropriation of co-created value, as compared to alternatives. Entrepreneurial managers, faced with a degree of choice, will help co-create clusters and be part of them, for as long as they can appropriate more value in this way than through alternatives.
Pitelis, C 2012, 'On PIIGS, GAFFS, and BRICS: An insider-outsider's perspective on structural and institutional foundations of the Greek crisis', Contributions to Political Economy, vol. 31, pp. 77-89.View/Download from: UTS OPUS or Publisher's site
We discuss structural and institutional underpinnings of the Greek `Debt Crisis. We suggest that the Greeces de facto catching-up competitiveness model was misguided, short-term focused, and eventually doomed. Alongside this `model were behaviours and attitudes that assisted the realisation of an anticipated collapse. Our assessment also accounts for other actors, at the European and wider levels, both public and private. It takes into account implications from the emergence of the new `competitors, and briefly explores global security and governance implications.
We discuss political economy foundations of industrial policy (IP), with an eye to unearthing its nature, objectives, scope, constraints, limitations and possible new directions. We suggest that extant conceptual economic foundations of IP involve an underconceptualised theory of the state and the public-private nexus. We aim to address this limitation, propose the concept of `national economic strategy, and try to embed IP in its context. In so doing, we also propose that IP could draw on business strategy to expand the arsenal of concepts and measures that can help effect the objectives of the national economic strategy. We claim that this would still leave a number of unresolved issues that we raise and which need to be addressed.
Edith Penrose's work on the multinational enterprise and the political economy of globalization and development is assessed as it relates to her views on business history. This essay was written on the occasion of the fiftieth anniversary of Penrose's classic 1959 book and her 1960 prize-winning paper on Hercules Powder, which was published in the Review. Penrose came close to providing a theory of "internalization," compared foreign direct investment to market-type contracting relations, and even discussed transaction costsrelated arguments. However, she largely accepted the existence of firms and did not examine why firms exist vis-à-vis alternatives, such as markets. Her views on the political economy of globalization, relations between multinational enterprise and the state, and development have proved to be incisive, mostly accurate, and ahead of their time.
Dunning, JH & Pitelis, C 2010, 'The Political Economy of Globalization: Revisiting Stephen Hymer 50 years on', Transnational Corporations, vol. 19, no. 3, pp. 1-29.
We discuss issues pertaining to the political economy of globalization in the context of the seminal contribution by Stephen Hymer. While Hymer's contribution to the theory of the transnational corporation and foreign direct investment is widely recognized, his contribution to the political economy of what he called "multinational corporate capital" has received less attention. In this paper, we revisit some of the issues he raised, notably uneven development, global governance and central planning in the context of post-Hymer scholarly thinking and the shifting global landscape. In so doing, we also speculate on the challenges and future of globalization
Katkalo, VS, Pitelis, C & Teece, DJ 2010, 'Introduction: On the nature and scope of dynamic capabilities', Industrial and Corporate Change, vol. 194, no. 4, pp. 1175-1186.View/Download from: UTS OPUS or Publisher's site
This paper explores innovation, experimentation, and creativity in the public domain and in the public interest. Researchers in various disciplines have studied public entrepreneurship, but there is little work in management and economics on the nature, incentives, constraints, and boundaries of entrepreneurship directed to public ends. We identify a framework for analyzing public entrepreneurship and its relationship to private entrepreneurial behavior. We submit that public and private entrepreneurship share essential features but differ critically regarding the definition and measurement of objectives, the nature of the selection environment, and the opportunities for rent seeking. We describe four levels of analysis for studying public entrepreneurship, provide examples, and suggest new research directions.
Panagopoulos, A & Pitelis, C 2010, 'Open innovation and the management of intra-firm conflict', International Journal of Learning and Intellectual Capital, vol. 7, no. 3/4, pp. 295-307.View/Download from: UTS OPUS or Publisher's site
We analyse the hitherto unexplored relationship between intra-firm conflict between the research and development (R&D) department and central management, conflict alleviation and the choice of `open versus `closed innovation, in the context of a simple formal model. We find that in the presence of (intentional or unintentional) divergence of preferred R&D output between the R&D department and central management, the decision by central management to adopt an `open (versus `closed) innovation approach, may help serve the twin purpose of shifting constraints to growth and increasing firm profitability, by alleviating intra-firm conflict.
Pitelis, C & Teece, DJ 2010, 'Cross-border market co-creation, dynamic capabilities and the entrepreneurial theory of the multinational enterprise', Industrial and Corporate Change, vol. 19, no. 4, pp. 1247-1270.View/Download from: UTS OPUS or Publisher's site
The concepts of asset co-specialization and dynamic capabilities have been instrumental in furthering the organization and strategy scholarship agenda, but have so far had limited impact on the theory of the multinational enterprise (MNE) and foreign direct investment (FDI). In addition, the role of entrepreneurial management in orchestrating system-wide value creation through market and eco-system creation and co-creation, in order to advance private appropriation, has been all but ignored. We claim that these ideas can help explicate the nature of the MNE in the knowledge-based, semi-globalized economy. The nature of the MNE in its turn should not be seen as separable from either the objectives of the agents (entrepreneurs) who set them up or its essencethe employment of strategy to capture co-created value.
Pitelis, C & Vasilaros, V 2010, 'The determinants of value and wealth creation at the firm, industry, and national levels: A conceptual framework and evidence', Contributions to Political Economy, vol. 29, pp. 33-58.View/Download from: UTS OPUS or Publisher's site
We aim to provide firm-level foundations to the issue of macroeconomic value and wealth creation and capture. We propose a framework for value creation by firms and aggregate it to the industry-sector-region, macroeconomic (nation-wide), and supranational (global) levels. We discuss firm and nation-wide strategies for value capture and analyse their relationship with sustainable value and wealth creation. We construct requisite variables and test our value creation framework for 17 OECD countries using panel data. We find support for our integrative framework. We also explore its implications for managerial practice, corporate governance, public policy, and global governance that foster economic sustainability.
The predominant focus in research on organizations is on private or public institutions without consistent consideration of their interdependencies. The emphasis in scholarship on private or public interests has strengthened as disciplinary and professional knowledge has deepened: Management scholars, for example, tend to consider the corporation as the unit of analysis, whereas scholars of public policy often analyze governmental, multilateral, community, and nonprofit organizations. This article advocates a partial merging of these research agendas on the grounds that private and public interests cannot be fully understood if they are conceived independently. We review three major areas of activity today in which public and private interests interact in complex ways and maintain that current theories of organization science can be deployed to understand these interactions better. We also suggest that theories of public-private interaction require development and describe a concept called global sustainable value creation, which may be used to identify organizational and institutional configurations and strategies conducive to worldwide, intertemporal efficiency and value creation. We conclude that scholarship on organizations would advance if private-public interactions were evaluated by the criterion of global sustainable value creation, and we identify organizational research opportunities that jointly consider public and private interests.
Panagopoulos, A & Pitelis, C 2009, 'Innovation governance for value capture - the problem and a proposed simple model-based solution', International Journal of Strategic Change Management, vol. 1, no. 3, pp. 171-185.View/Download from: UTS OPUS or Publisher's site
We aim to model the `optimal choice on internal vs. external innovation for value capture of different-sized firms, in the context of multilevel bargaining. We find that size differentials are a major determinant for the choice in hand. We derive implications for `closed vs. `open innovation approaches, and we discuss managerial practice, limitations and possible extensions.
Pitelis, C 2009, 'The Co-Evolution of Organizational Value Capture, Value Creation and Sustainable Advantage', Organization Studies, vol. 3028, no. 10, pp. 1115-1139.View/Download from: UTS OPUS or Publisher's site
Despite much progress, scholarship on organizations and strategic management remains unduly reliant on economic models such as the industrial organization (IO) market structure-based analysis. The focus of such models is on price-output determination by firms and the economy-wide efficient allocation of scarce resources, under conditions of full knowledge and certainty. This limits their usefulness for students of organizations who have wider concerns and also focus on organizations, as opposed to just markets. In this article, we aim to provide a framework for analysing the most fundamental, even existential, issue of organization studies and strategic management scholarship. This is whether and how the pursuit of value capture from economic agents who perceive that they possess appropriable value creating advantages, capabilities and action potential, can motivate the emergence of organizations and their strategies and actions intended to capture socially co-created value in conditions of real life. To do so, we explore (the coevolution of) value capture and creation and their relationship to organizational sustainable advantage (SA). We delve into the nature, determinants and relationship between organizational value capture and creation and explore causal pathways, trade-offs and coevolution, as well as vehicles through which SA can be effected in an evolving and uncertain environment. We also discuss implications for managerial practice, limitations and future research opportunities.
Pitelis, C 2009, 'The Sustainable Competitive Advantage and Catching-up of Nations: FDI, Clusters, and the Liability (Asset) of Smallness', M I R: Management International Review: journal of international business, vol. 49, no. 1, pp. 95-120.View/Download from: UTS OPUS or Publisher's site
Extant explanations of the nature and scope of firms, such as transaction costs, property rights, metering and `resources can be integrated into a more general (capability-based) theory of the nature and essence of the firm that recognizes the importance to the firm of creating (and capturing) value from innovation. We note that the appropriability of returns from creative and innovative activity often requires the entrepreneurial creation and co-creation of markets. Accordingly, market failure and transaction costs approaches need to be revamped to capture the essence of entrepreneurial and managerial activity that extends beyond the mere exercise of authority. We suggest that the nature and objective of the firm in an economy with innovation and incomplete markets is to capture value (profit) from its advantages and actions; and that the way in which the firm tries to achieve this (by establishing quasi-sustainable competitive advantage) is its essence. This is non-separable from its nature and objectives. It often involves market co-creation.
The past 30 years have witnessed a dramatic shift in national and global governance. From an era characterized by government interventions on the demand and supply sides of the economy, in both developed and developing countries, we are now witnessing an era of government disengagement and a return to a laissez faire approach to global governance. The theoretical foundations of this shift can be traced to the idea that both markets and government can fail, but on balance, government intervention does more harm than goodindeed it can help create market failures, see Shapiro and Taylor (1990). Such ideas have been encapsulated in variants of the Washington consensus, which has been used to prescribe global economic policy and involves de-regulation, privatization, the removal of barriers to trade and the opening up of markets to the free flow of capital, see Pitelis (2003, 2007) for surveys. Alongside a tendency for the globalization of production, through foreign direct investment (see Hill, 2006), we have witnessed a parallel tendency towards the globalization of financial capital and indeed a period of (even) revolutionary innovations in the way global financial capital conducts its business, see Eatwell and Taylor (2000). Such innovations involve often quite complex structured financial products that aim to diversify risk globally.
Dunning, JH & Pitelis, C 2008, 'Stephen Hymer's contribution to international business scholarship: an assessment and extension', Journal of international business studies, vol. 39, no. 1, pp. 167-176.View/Download from: UTS OPUS or Publisher's site
We assess Stephen Hymer's contribution to the theory of the multinational enterprise and to international business (IB) scholarship. We focus on Hymer's evolving analytical framework, and assess it in terms of its internal consistency and in the light of the shifting global landscape and scholarly thinking. We also extend Hymer's framework, revisit his predictions, and conclude by questioning his canonical status within the IB profession
Peteraf, M, Pitelis, C & Zollo, M 2008, 'On `The Metamorphosis of (the Theory of) the Firm': An Introduction', Organization Studies, vol. 29, no. 08, pp. 1109-1115.View/Download from: Publisher's site
We discuss the nature, evolution and functions of the Centre for International Business and Management (CIBAM), paying attention to its Global Business Symposia, in particular, the one on 'Security, Terrorism and Business'. We also discuss issues pertaining to terrorism and business, which cover grounds from the introductory talk by this author to the Symposium in question.
We apply insights from Edith Penrose's work to extant theory of the multinational enterprise (MNE) as enveloped by John Dunning's Ownership, Location, Internalization (OLI) Paradigm. We suggest that Penrose's knowledge/learning-based approach has important implications on the nature of, and the interactions between, O, L and I, and it helps endogenize and integrate the three elements of Dunning's triad in the context of a dynamic, and strategic perspective of the MNE. More importantly, a learning-based perspective adds a cognitive dimension to the MNE and OLI. This supports a forward looking, synchronic decision making view, that may lead to apparently sub-optimal decisions, taken in view of anticipated changes, along-side strategic behaviour, aiming to effect such change, once decisions have been reached. A Penrosean-inspired knowledge/learning-based perspective helps render the OLI more dynamic, strategic and forward looking. © Gabler Verlag 2007.
Pitelis, C 2007, 'Twenty years resource-based view (or is it 50?): Some (old and) new challenges and need for extensions', International Journal of Learning and Intellectual Capital, vol. 4, no. 1-2, pp. 47-56.View/Download from: Publisher's site
We focus on Edith Penrose's resource-based theory of the firm, first appeared 50 years ago in 1955-1956. We discuss progress since, at the conceptual and empirical levels, and some criticisms and 'defences' of the modern Resource-Based View (RBV), and Edith Penrose's version in particular. We then point to existing and new challenges and ways ahead. Despite serious challenges, we suggest that the RBV holds significant promise for strategic management, economics and their interrelationship. Copyright © 2007 Inderscience Enterprises Ltd.
Pitelis, C & Verbeke, A 2007, 'Edith Penrose and the future of the multinational enterprise: New research directions', Management International Review, vol. 47, no. 2, pp. 139-149.View/Download from: Publisher's site
This paper demonstrates the continued relevance of Penrose's Theory of the Growth of the Firm (1959) (TGF) to explain MNE expansion patterns. Explaining MNE growth requires explicit attention to three elements not addressed fully by Penrose: (1) technology-based firm-specific advantages, (2) dynamic capabilities and (3) melding location-bound and internationally transferable knowledge, especially through astute human resources management. TGF includes foundational insights on the dynamic capabilities approach in strategy and contributes to assessing normative models in international strategy. Penrose did not appreciate fully the unique knowledge recombination challenges prevailing in international business, especially in the context of the large MNE. This uniqueness of knowledge recombination is the raison d'être of international business as a separate field of inquiry. © Gabler Verlag 2007.
Pitelis, CN 2007, 'A behavioral resource-based view of the firm: The synergy of cyert and March (1963) and Penrose (1959)', Organization Science, vol. 18, no. 3, pp. 478-490.View/Download from: Publisher's site
Cyert and March's (1963) seminal behavioral theory is one of the two major economics-based theories of the firm that goes inside the "black box" (the firm)-the other being the contribution of Edith Penrose. The two theories have differences, but also similarities, and substantial scope for cross-fertilization that has gone unnoticed in the literature. In this paper, we try to integrate important ideas from both books, paying particular attention to the issue of "excess resources," slack, and (intrafirm) conflict. We then build on the integrated framework by delving into the nature of intrafirm conflict and its relationship to the degree of intrafirm rivalry, as they may impact the possible use of slack by firms. We derive propositions common to the two theories and new ones of importance to our understanding of organizational growth and change. © 2007 INFORMS.
This article discusses alternative perspectives on competition and industrial policies (IP) in theory and in practice and critically assesses recent European IP in this context. It develops a new framework for IP that emphasises the sustainability of value creation at the firm, meso and national levels, and explores its implications for IP in general and European IP in particular. It views current EU policies as a step in the right direction, but argues that they need to pay more attention to the issue of sustainability, the link between corporate and public governance, and the impact of different power structures and hierarchies of agencies on industrial policies for sustainable value creation. The limitations of self-monitoring and diversity suggest the need for an international competition and regulatory policy organisation, along the lines of the WTO.
The appreciation of the consequences of financial globalization is an important task for contemporary political economy. This paper maintains that industrial and macroeconomic instability faced by many developed and developing countries is likely to be attributed, to an extent, to changes in income distribution in favour of rentiers, financiers and other groups of financial capitalists. We elaborate on Marx's and Keynes's ideas and argue that a rise in rentiers' income might have been an obstacle to industry's investment decisions, and detrimental to capital accumulation. The econometric analysis conducted provides evidence in line with the paper's major hypothesis for the United States and the UK. © 2006 Oxford University Press.
Pitelis, C 2006, 'Stephen Herbert Hymer and/on the (theory of the) MNE and international business', International Business Review, vol. 15, no. 2 SPEC. ISS., pp. 103-110.View/Download from: Publisher's site
Pitelis, C 2005, 'Edith Penrose, organisational economics and business strategy: An assessment and extension', Managerial and Decision Economics, vol. 26, no. 2, pp. 67-82.View/Download from: Publisher's site
The aim of this paper is to expound Penrose's contribution to the theory of the firm, and examine the contribution of her thinking to economics and business strategy, as well as to discuss some limitations and provide some generalizations of Penrose's work. We also discuss implications for managerial practice and public policy. We claim that Penrose's contribution was seminal. In recognizing the significance of organization to generate new knowledge she went well beyond the bounds of even her own agenda; from a theory of the growth of firms, to a theory of the generation of organizational knowledge and beyond. Copyright © 2005 John Wiley & Sons, Ltd.
The idea of (ultra) rationality in the context of changes in corporate and/or government savings stimulating offsetting responses in household savings has been the subject of theoretical and empirical controversy. This paper provides fresh evidence of the (ultra) rationality hypothesis, in the context of a generalized version of the life-cycle hypothesis of saving, for the case of the UK. The results suggest partial personal savings adjustment to government and corporate saving changes in the short and (to a lesser extent) the long run. This has important implications on the issues of 'rationality', 'fiscal policy' and financial capital accumulation.
In recent years, there has been substantial interest in the work of Edith Penrose, particularly her contribution to the resource-based theory of (international) business strategy. The aim of this paper is to critically assess some recent literature, focusing, for illustrative purposes, on an article by Rugman and Verbeke (R-V). R-V's article claims that Penrose's focus was on value creation, not rents in equilibrium (the focus of the resource-based view). It also observes that the work by Penrose on the multinational enterprise did focus on value appropriation and rents, but this work was somewhat at odds with Penrose's work on the domestic firm. We claim that while Penrose's work was concerned primarily with value creation, she dealt explicitly with monopoly rents too. Her work on the multinational firm was in line with her analysis of the domestic firm. Moreover, her work has important prescriptive lessons for management practice. © 2004 Elsevier Ltd. All rights reserved.
Alexiou, C & Pitelis, C 2003, 'On capital shortages and European unemployment: A panel data investigation', Journal of Post Keynesian Economics, vol. 25, no. 4, pp. 613-640.
In view of the little attention that the relationship between capital stock and unemployment has received, this paper aims at exploring the relationship between those two variables. A Post Keynesian framework comprising a set of demand-side variables provides the basis on which the econometric investigation is conducted. In this context, the application of panel data analysis to EU countries provides evidence on this hitherto untested issue. In so doing, it also explores the extent to which the emergence of the new economic orthodoxy in Europe may be held responsible for the dire state that European labor markets are currently in.
Despite long-standing debates on deindustrialisation and the importance of manufacturing, as well as tests of the deindustrialisation hypothesis, little empirical work exists on the impact of manufacturing on competitiveness, where manufacturing is the independent variable. To address this first presents a conceptual framework that links manufacturing to competitiveness and deindustrialisation and tests it for a case of serious apparent deindustrialisation and "relative decline", that of Greece, in the context of a novel "simultaneous equation model" that tests both for deindustrialisation and "manufacturing matters". Finds that the change in manufacturing shares have a positive and significant impact on competitiveness measured by per capita income, confirming that "manufacturing matters".
Pitelis, CN & Schnell, MC 2002, 'Barriers to mobility in Europe's civil aviation markets: Theory and new evidence', Review of Industrial Organization, vol. 20, no. 2, pp. 127-150.View/Download from: Publisher's site
A questionnaire-based survey is applied to investigate the perception of mobility barriers by European airline managers. Whilst the liberalisation of Europe's airline markets removed regulatory mobility barriers, we find that mobility impediments still appear to exist. Potential entrants moreover, perceive some mobility barriers as significantly more effective than others. The perceived effectiveness of a particular mobility barrier varies considerably among airline managers. We also provide an overview of previous studies on the contestability hypothesis and the effectiveness of endogenous (strategic) mobility barriers. Our results support earlier findings for the U.S. to the effect that barriers to mobility are perceived to exist and matter. Whilst our results are clearly subjective, as they are based on the perceptions of managers, we believe such perceptions matter as they inform managerial actions. In this sense we believe our results are of value.
Iammarino, S & Pitelis, C 2000, 'Foreign Direct Investment and 'Less Favoured Regions': Greek FDI in Bulgaria and Romania', Global Business Review, vol. 1, no. 2, pp. 155-171.View/Download from: Publisher's site
During the process of industrialization and afterwards (1960-80), Greek outward investment to Western and developing countries had been marginal, and government policy had only emphasized inward investment. But since the beginning of the nineties the opportunities arising from new investment in Eastern European Countries (EECs) have completely changed the scene. The aim of this article is to shed some light on the foreign direcf investment (FD1) flows from a peripheral European Union (EU) economy such as Greece, to two Less Favoured Regions of Eastern Europe, namely Bulgaria and Romania. In particular, on the basis of the empirical results gathered from a survey carried out in 1995-96, the objective is to analyze key criteria underlying investment choices by Greek firms, in order to help identify their role in the restructuring process and the impact that outward flows might have on the Greek economy. © 2000, Sage Publications. All rights reserved.
Two major advances in the theory of the firm and (micro)economics more generally are arguably transaction costs economics (TCE) and the theory of firm resources. TCE has originally been applied to the theory of the firm, but found applications in virtually all fields of economic inquiry. The theory of firm resources currently spans much of the industrial organisation (IO) and strategic management literature. In some fields, e.g. diversification, it has already acquired dominant status. Despite significant progress in TCE there still seem to remain significant unresolved issues. Indeed we claim that transaction cost economics fail to supply convincing answers to the issues of the nature of the firm (why do firms exist?), and their essence (running a business). It offers a partial explanation of the "nature" and little on the "essence". The resource value view complements the nature side and goes far beyond on the essence issue. It provides a fruitful starting point for an integrative framework. This, we suggest, should be based on the resource value perspective story and craft (dynamic) transaction costs in the ensuing evolutionary tale. © MCB University Press.
In this paper the 'Kaldorian Saving Function' on differential propensities between household and corporate income is restated and extended to account for saving through occupational pension funds. The extended hypothesis is then tested and compared to Kaldor's own, using recent UK data. Solid support is found for the Kaldorian hypothesis and the extended 'Corporate Capitalism Saving Function'. Our findings cast doubt on the Life Cycle and related hypotheses on savings. They also raise interesting questions about neoclassical and post-Keynesian theories of growth and distribution.
Pitelis, C 1996, 'Effective demand, outward investment and the (theory of the) transnational corporation: An empirical investigation', Scottish Journal of Political Economy, vol. 43, no. 2, pp. 192-206.View/Download from: Publisher's site
That demand-side deficiencies can provide an inducement for outward investments by transnational corporations has never acquired much currency, despite its long history and the fact that existing theories often have implications supportive of it. Arguably a reason for this is that the idea has never been tested empirically. In this paper we provide the first such empirical test. First we critically survey and attempt to synthesize the mainstream microeconomic or supply-side theories of the TNC. Then we examine the case for a demand-side perspective, link this to the supply-side and discuss some existing indirect evidence in support of this perspective. Finally we provide a direct econometric test of the demand-side perspective, which provides clear support for it.
Paraskevopoulos, D & Pitelis, CN 1995, 'An econometric analysis of the determinants of capacity expansion investment in the west european chemical industry', Managerial and Decision Economics, vol. 16, no. 6, pp. 619-632.View/Download from: Publisher's site
We assess critically three existing economic perspectives, the neoclassical, the Austrian and the Marxist, on the question of the 'nature of the capitalist state'. In particular we address the questions of the existence of the state, the state's 'principals', the principals' objectives and the growth and evolution of the state, and consider the answers provided by the three perspectives. We find all three perspectives limited, particularly in their treatment of history and dynamics. We suggest that the adoption of a dynamic perspective with historical considerations provides original and useful insights on the above questions and on the issues of 'state autonomy'. We conclude that the capitalist state can be usefully regarded as an institutional device for the exploitation of the specialization and division of labour complementary to markets and firms, which driving force is the furthering of the interests of its principals (a controlling subject of the population), but subject to constraints, such as voting and exit. © 1994, Taylor & Francis Group, LLC. All rights reserved.
Glykou, I & Pitelis, C 2011, 'European Competition and Industrial Policy: An Assessment and a New Framework' in Nijkamp, P & Siedschlag, I (eds), Innovation, Growth and Competitiveness: Dynamic Regions in the Knowledge-Based World Economy, Edward Elgar Publishing, Cheltenham, pp. 343-380.View/Download from: UTS OPUS or Publisher's site
This chapter discusses alternative perspectives on privatepublic interactions and supply-side competition and industrial policies in theory and in practice. It also critically assesses recent European policies in this context. It then develops a new framework that emphasises the sustainability of value creation at the firm, meso and national levels, and explores its policy implications. It views current EU policies as a step in the right direction, but argues that they need to pay more attention to the issue of economic sustainability, the link between corporate, public and global governance, and the impact of different power structures and hierarchies of agencies on industrial policies for sustainable value creation. The limitations of self-monitoring and diversity suggest the need for a global competition and regulatory policy regime that place sustainability at the core of its Agenda.
Kottaridi, C, Papanastassiou, M & Pitelis, C 2011, 'Determinants of MNE Subsidiaries Decision to Set up Own R&D Laboratories: The Choice of Region' in Nijkamp, P & Siedschlag, I (eds), Innovation, Growth and Competitiveness: Dynamic Regions in the Knowledge-Based World Economy, Edward Elgar Publishing, Cheltenham, pp. 234-257.View/Download from: UTS OPUS or Publisher's site
We test for the determinants of Multinational Enterprise (MNE) headquarters decisions to augment the innovative capabilities of the MNE group by granting mandates to their subsidiaries to set-up own R&D labs in UK regions, using a unique primary data set.Our findings suggest that the best predictor for a subsidiary receiving a mandate, is the strength of its `productive opportunity (the interaction between internal competencies and external environment). We employ a measure that augments the external environment to include regional agglomeration characteristics.Our findings highlight the importance of subsidiary, industry and locational characteristics, as well asMNE strategy to leverage subsidiary skills in determining the location of R&D activity in the global economy and in enhancing MNE innovative potential.
Kottaridi, C, Papanastassiou, M, Pitelis, C & Thomakos, DD 2011, 'Multinational Enterprise and Subsidiaries' Absorptive Capacity and Global Knowledge Sourcing' in Nijkamp, P & Siedschlag, I (eds), Innovation, Growth and Competitiveness: Dynamic Regions in the Knowledge-Based World Economy, Edward Elgar Publishing, Cheltenham, pp. 259-277.View/Download from: UTS OPUS or Publisher's site
We build on extant theory of the Multinational Enterprise (MNE), MNE subsidiaries and absorptive capacity (AC) to develop a framework that allows us to explore the role of MNE subsidiaries in the global sourcing of knowledge and MNE performance. We develop and test hypotheses using primary questionnairecollected data. Our results support the idea that subsidiaries realized AC can be improved by the realized and potential AC of the MNE group and the subsidiary and in turn may improve the performance of the subsidiaries and the MNE group as a whole.
Pitelis, C 2011, 'CIBAM & the Symposium on 'Green Business & Green Values'' in Pitelis, C, Keenan, J & Pryce, V (eds), Green Business, Green Values & Sustainability, Routledge, US, pp. 1-30.View/Download from: UTS OPUS
Pitelis, C 2011, 'The Competitive Advantage and Catching-Up of Nations: A New Framework and the Role of FDI, Clusters and Public Policy' in Nijkamp, P & Siedschlag, I (eds), Innovation, Growth and Competitiveness: Dynamic Regions in the Knowledge-Based World Economy, Edward Elgar Publishing, Cheltenham, pp. 281-303.View/Download from: UTS OPUS or Publisher's site
We critically assess extant theory of the competitive advantage and catching-up of nations. We then propose a novel framework and explore the role of FDI, clusters and public policy in its context. We suggest that scholarship in international business and strategy can be usefully leveraged to address these important issues.
Pitelis, C & Runde, J 2011, 'Economizing, Innovating and Sustainable Economic Performance: A Business School Perspective' in Pitelis, C, Keenan, J & Pryce, V (eds), Green Business, Green Values & Sustainability, Routledge, US, pp. 52-66.View/Download from: UTS OPUS
T he a im of this chapter is to revisit Lionel Robbins's famous definition of econo mics from a business school perspective and in the light of post· Robbins developments in neoclassica l economic theory, evolutionary eco ~ norn ics and management schol arship. The th rust of our argument is that while economics in its Robbinsian "economi zing" guise conta ins important lessons fo r business school audiences, his insistence on econo mic a na lysis proceed ing by taking means-resources-wha t he ca lls the " ultimate data" of " technique" and institutions (such as property rights)-as givens, may actua lly divert attention from or even obsc ure va riolls other issues of ce n ~ tral impo rta nce from a business sc hool perspec tive. The reason for th is is that while business leaders and managers are certa inly interested in ques ~ tions of economi zing, they are a lso interested in questions of innovation and st rategy. Many of the issues involved here are ones that have less to do with the efficient allocation of given resources than with addressi ng questions of how resource constra ints might be reduced (i.e., with technological cha nge, increasing returns, intertemporal effi ciencies and the productivityen hancing effects of the co-evolu tionary character of market struct ures, organizations and technologica l change. These factors are vital dete rmi ~ nants of intertemporal efficiency and susta inable economic performance, and therefo re cannot be t reated simply as parameters that a re only interesting insofar as they a ffect relative scarcities.
Pitelis, CN 2011, 'Foreign direct investment and economic integration' in International Handbook on the Economics of Integration, Volume III: Factor Mobility, Agriculture, Environment and Quantitative Studies, Edward Elgar Publishing, pp. 5-32.
Pitelis, CN & Kelmendi, P 2011, 'European industrial policy: Perspectives, trends and a sustainability-focused new framework' in Jovanović, MN (ed), International Handbook on the Economics of Integration: Competition, Spatial Location of Economic Activity and Financial Issues, Edward Elgar Publishing, USA, pp. 21-44.View/Download from: UTS OPUS or Publisher's site
This chapter discusses alternative perspectives on competition policies (CPs) and industrial policies (IPs), in theory and in practice, while critically assessing recent European IPs in this context. It develops a new framework for IPs, which emphasises the sustainability of value and wealth creation at the firm, meso and supranational levels, and explores its implications for IPs in general and European IPs in particular. It views current EU policies as a step in the right direction, but argues that they need to pay more attention to the issue of sustainability, the link between corporate, public and supranational governance, and the impact that diff erent power structures and hierarchies of agencies have on IPs for sustainable value and wealth creation. The limitations of self- monitoring and diversity suggest the need for an accountable supranational competition and regulatory policy organisation with a strong focus on economic sustainability. © Miroslav N. Jovanović 2011. All rights reserved.
Pitelis, C 2010, 'A Knowledge: Learning-Based Perspective on Foreign Direct Investment and the Multinational Enterprise' in Nijkamp, P & Siedschlag, I (eds), Innovation, Growth and Competitiveness: Dynamic Regions in the Knowledge-Based World Economy, Edward Elgar, Cheltenham, pp. 221-234.View/Download from: UTS OPUS or Publisher's site
We apply insights from Edith Penroses work to extant theories of Foreign Direct Investment (FDI) and the multinational enterprise (MNE) as developed by John Dunnings Ownership, Location, Internalization (OLI) Paradigm, to propose a novel knowledge-learning-based theory of FDI and the MNE. We suggest that the knowledge/learning-based approach has important implications with regard to the nature of, and the interactions between, O, L and I, and that it helps endogenize and integrate the three elements of Dunnings triad in the context of a dynamic, strategic and entrepreneurial perspective of the MNE. The learning-based perspective adds a cognitive dimension to the MNE and OLI. It supports a forward looking, synchronic decision making view, that may lead to apparently sub-optimal decisions, taken in view of anticipated changes, alongside strategic behaviour, aiming to effect such change, once decisions have been reached. It also helps explain new strategies of MNEs, which are harder to appreciate within the conventional paradigm.
Pitelis, C 2010, 'Alternative Perspectives on Markets, Firms, Business (and Industry Organization)' in Cohen, G, Grant, W & Wilson, G (eds), The Oxford Handbook of Business and Government, Oxford University Press, US, pp. 35-62.View/Download from: UTS OPUS
rill( aim of this chapter is to provide a short crit ical account of exta nt economic III 'or y( ies) of the fi rm, business (and industry organi zation), and the state and nuvc rTlment. We explo re competing perspectives, such as the neoclassical ('l ollom ics, transaction costs, evolutionary, resource, capabilit ies, and system I", sed as well as Marxist and identify common ground and d iffe rences. We also I1 I1Clllpl a limited eclectic synthesis. The task of covering such apparently diverse lo pi cs in the co ntext of a single entry is facilitated by the fact that extant 11 1t t: rnative economic perspectives have implications on all the aforementioned Ihco ri es. (However, we do not enter the important issue of public and/or hu, in ess policy, due to space considerations). We also try to show that the issues lI t hand are central to an appreciation of international organization and systemwide economic perfo rmance.
© Oxford University Press, 2010. All rights reserved. This article aims is to provide a short critical account of extant economic theory(ies) of the firm, business (and industry organization), and the state and government. It explores competing perspectives, such as neoclassical economics, transaction costs, the evolutionary perspective, resource, capabilities, and the system-based view as well as Marxism and identifies common ground and differences. It also attempts a limited eclectic synthesis. The task of covering such apparently diverse topics in the context of a single entry is facilitated by the fact that extant alternative economic perspectives have implications on all the aforementioned theories. It also tries to show that the issues at hand are central to an appreciation of international organization and system-wide economic performance.
Pitelis, C & Pseiridis, A 2006, 'A conceptual framework for firm cooperation and clusters, and their impact on productivity' in Clusters and Globalisation: The Development of Urban and Regional Economies, pp. 17-60.
Pitelis, CN 2006, 'Industrial policy: Perspectives, experience, issues' in International Handbook on Industrial Policy, pp. 435-449.
Hermens, A, Pitelis, C & Hermens, H 2016, 'Industry 4.0 and Value Chain Collaboration: Manufacturing digitalization and operational tensions.', ANZAM Operations, Supply Chain and Services Management Symposium, ANZAM, Sydney, pp. 1-25.
This case study investigates the evolution of inter- firm collaboration process, from imagining a turnaround strategy to leading a manufacturing evolution. The research question focuses on 'how should a medium-sized family owned manufacturing company change from a traditional foundry to adopt advanced digital manufacturing technologies?' Economic organizations are the outcome of appropriability-informed purposive entrepreneurial action that involves the creation and co-creation of organizations, markets and supporting ecosystems. Our research studies suggest that overall tension levels and sub-systemic dialectic tensions (i.e. short-term versus long-term; flexibility versus rigidity; collaboration versus competition; common versus private benefits) evolve over time and reconstitute relationships and shape the evolutionary trajectory of an interfirm collaborative strategy. These findings suggest a process of accelerating tensions and significant imbalances in their configuration will favor certain outcomes. The main contribution of this research is to extend current theory by examining converging and diverging forces/tensions and their impact on inter firm value creation. The governance process of resources, in the context of the value creation process and perceived risk, is a key strategic element that influences internal tensions and organizational evolution.
Boulouta, I & Pitelis, C 2011, 'Corporate social responsibility and national competitiveness', Academy of Management 2011 Annual Meeting - West Meets East: Enlightening. Balancing. Transcending, AOM 2011, Association of Researchers in Construction Management Annual Conference.
The link between Corporate Social Responsibility (CSR) and competitive advantage has been examined mainly at the business level. The purpose of this paper is to improve theoretical understanding and provide empirical evidence on the link between CSR and competitiveness at the national level. We explore conceptually whether and how CSR can impact on the competitiveness of nations and test this hypothesis empirically. Our evidence suggests that CSR can make a significant contribution to national competitiveness. We also find that countries with a low innovative culture can benefit more from CSR-based differentiation strategies.
We discuss the nature and role of (corporate) governance and (shareholder) value and their implications for (sustainable) economic performance. We critique and build on extant theory to develop a model of the determinants of value-wealth creation at the firm, national and global levels and explore current economic debates on governance and sustainable economic performance in its context. We conclude that (the need for) stakeholder value is derivative from (not opposed to) the concept of sustainable value, that national governance and the nationwide "governance-mix" impact on corporate governance and that national and global economic governance are essential for sustainable global value-wealth creation, and economic performance.
Anthopoulos, I, Pitelis, C & Liakou, C 2016, 'The Nature, Performance and Economic Impact of Sovereign Wealth Funds'.
We analyse the nature and economic performance of sovereign wealth funds
(SWFs). Following a historical excursion, we discuss extant views on the nature,
performance, economic impact and regulation of SWFs. Following these we pinpoint some
limitations and outline some elements of a political economy-based conceptual
framework, required for a more comprehensive appreciation of the issue.
Pitelis, AT & Pitelis, C 2016, 'New Roles that Key Developing Countries Will Have in the Provision of Finance for Europe'.
The following paper aims at discussing the first of the three main objectives
under the sixth Work Package entitled Finance, Development and Global Governance,
which is the changing global financial and monetary system, including the rising
influence of major emerging economies, such as those of Brazil Russia, India, and
China (BRICs), as well as the role of Sovereign Wealth Funds (SWF) in these countries
and the ways in which the aforementioned developments and countries can be
leveraged so as to help finance investments in Europe. In this paper we focus on
Foreign Direct Investment (FDI), SovereignWealth Funds, Hedge Funds, Private Equity
and Venture Capital. Besides noting the possibilities provided through emerging and
emergent countries and sources of funds, we also provide proposals as to what can
Europe do and how, so that to leverage available sources of funding in a way that
fosters sustainable development.
Pitelis, C, Anthopoulos, I & Piteli, E 2015, 'Report on scenarios for future global engagement'.
The aim of this paper is to map out possible scenarios of international financial development and supra-national governance, and identify opportunities for positive engagement by the EU and emerging countries. Additionally, it examines the prospects for international monetary relations and charts the possible roles of the US and the EU, G8, G20, multilateral credit institutions (e.g., IMF and World Bank) as well as the role of China and sovereign wealth fund countries (e.g., in the Middle East) in future monetary and financial relations. It proposes an alternative form of supra-national governance which Europe could champion, that is simultaneously more inclusive and potentially beneficial to Europe.
Pitelis, C & Pseiridis, A 2007, 'A Conceptual Framework for FirmCooperation and Clusters and TheirImpact on Productivity and Competitiveness'.
Traistaru-Siedschlag, I, Murphy, G, Schiffbauer, M, Petrakos, G, Resmini, L, Pitelis, C, Maier, G, Trippl, M, Nijkamp, P, van Hemert, P, Vilrokx, J, Rodríguez-Pose, A, Damjian, J & Kostevc, C 2006, 'Dynamic Growth Regions, Innovation and Competitiveness in a Knowledge Based World Economy: A Survey of Theory and Empirical Literature'.