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Smart strategies, smarter performance: the impact of S3 and industry 4.0 on firms’ outcomes

Luca Serafini et al.

Industrial and Corporate Change2025https://doi.org/10.1093/icc/dtaf010article
AJG 3ABDC A
Weight
0.44

Abstract

This paper focuses on the impact of the Smart Specialization Strategy (S3) and Industry 4.0 (I4) initiatives on firms’ performance in Italy during the 2014–2020 programming period. By analyzing European Regional Development Fund (ERDF)-funded projects, we use OpenCoesione data and the staggered Difference-in-Differences approach to assess the effectiveness of S3 and I4 investment projects. Our results reveal that firms’ projects integrating I4 technologies within the regional S3 framework significantly enhance firms’ performance measured, alternatively, by value added, employment, and labor productivity. This positive effect is particularly evident when compared to firms’ investment projects funded under other ERDF plans. Our analysis underlines the role of S3 and I4 initiatives in stimulating innovation and firms’ outcomes. It carries profound implications for managers and firms, highlighting strategic and focused investment in S3 and I4 as a pathway to enhanced regional innovation and development effectiveness.

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https://doi.org/https://doi.org/10.1093/icc/dtaf010

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@article{luca2025,
  title        = {{Smart strategies, smarter performance: the impact of S3 and industry 4.0 on firms’ outcomes}},
  author       = {Luca Serafini et al.},
  journal      = {Industrial and Corporate Change},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1093/icc/dtaf010},
}

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Evidence weight

0.44

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.32 × 0.4 = 0.13
M · momentum0.57 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.