WorldWideScience

Sample records for firm level growth

  1. Leverage, Investment, and Firm Growth

    OpenAIRE

    Larry Lang; Eli Ofek; Rene M. Stulz

    1995-01-01

    We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by ...

  2. Financial development and growth in direct firm-level comparisons

    Czech Academy of Sciences Publication Activity Database

    Bena, Jan; Jurajda, Š.

    -, č. 6395 (2007), s. 1-26 ISSN 0265-8003 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : access to financial markets * corporate growth * financial development Subject RIV: AH - Economics http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6395

  3. Financial development and growth in direct firm-level comparisons

    Czech Academy of Sciences Publication Activity Database

    Bena, Jan; Jurajda, Š.

    -, č. 317 (2007), s. 1-40 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : financial development * corporate growth * access to financial markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp317.pdf

  4. Financial development and growth in direct firm-level comparisons

    Czech Academy of Sciences Publication Activity Database

    Bena, J.; Jurajda, Štěpán

    -, č. 6395 (2007), s. 1-26 ISSN 0265-8003 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : access to financial markets * corporate growth * financial development Subject RIV: AH - Economics http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6395

  5. Financial development and growth in direct firm-level comparisons

    Czech Academy of Sciences Publication Activity Database

    Bena, J.; Jurajda, Štěpán

    -, Č. 317 (2007), s. 1-40 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : financial development * corporate growth * access to financial markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp317.pdf

  6. Thermodynamics of firms' growth

    Science.gov (United States)

    Zambrano, Eduardo; Hernando, Alberto; Hernando, Ricardo; Plastino, Angelo

    2015-01-01

    The distribution of firms' growth and firms' sizes is a topic under intense scrutiny. In this paper, we show that a thermodynamic model based on the maximum entropy principle, with dynamical prior information, can be constructed that adequately describes the dynamics and distribution of firms' growth. Our theoretical framework is tested against a comprehensive database of Spanish firms, which covers, to a very large extent, Spain's economic activity, with a total of 1 155 142 firms evolving along a full decade. We show that the empirical exponent of Pareto's law, a rule often observed in the rank distribution of large-size firms, is explained by the capacity of economic system for creating/destroying firms, and that can be used to measure the health of a capitalist-based economy. Indeed, our model predicts that when the exponent is larger than 1, creation of firms is favoured; when it is smaller than 1, destruction of firms is favoured instead; and when it equals 1 (matching Zipf's law), the system is in a full macroeconomic equilibrium, entailing ‘free’ creation and/or destruction of firms. For medium and smaller firm sizes, the dynamical regime changes, the whole distribution can no longer be fitted to a single simple analytical form and numerical prediction is required. Our model constitutes the basis for a full predictive framework regarding the economic evolution of an ensemble of firms. Such a structure can be potentially used to develop simulations and test hypothetical scenarios, such as economic crisis or the response to specific policy measures. PMID:26510828

  7. Positioning and Priorities of Growth Management in Construction Industrialization: Chinese Firm-Level Empirical Research

    Directory of Open Access Journals (Sweden)

    Jingxiao Zhang

    2017-06-01

    Full Text Available The purpose of this research is to quantitatively evaluate the growth phase, position, and priorities of the industrialization policy management of the construction industry at firm level. The goal is to integrate quantitative dynamics into the policy-making process for sustainable policy development in future China. This research proposes an integrated framework, including growth management model and industrial policy evaluation method, to identify the challenges of construction industrialization and policy management. The research applies the mixed system method, which includes entropy method and average score method, to analyze the growth stage and major impact indexes targeting 327 survey samples. The empirical results show that the proposed conceptual framework and policy evaluation method could effectively determine the growth position and directions of the construction industrialization. For verification purpose, the study uses the local industry data from Shaanxi Province, China. The calculation results substantiate that the construction industry is in the middle section of the third growth phase. The comparison of the results from statistical methods shows that the local construction industry still needs substantial effort in policy management to improve its sustainable industrialization level. As countermeasures, the policy priorities should concentrate on: (1 enhancing effective cooperation among universities, research institutions and enterprises; (2 improving actions towards technology transfer into productivity; and (3 encouraging market acceptance of construction industrialization. This research complements the existing literature of policy evaluation of construction industrialization. Moreover, it provides theoretical and operational steps on industry policy evaluation and growth management framework, with accurate and ample data analysis on firm-level survey. Researchers and policy makers can use this research for further

  8. Foreign Entry and Heterogeneous Growth of Firms

    DEFF Research Database (Denmark)

    Deng, Paul Duo; Jefferson, Gary H.

    We adopt the framework of Schumpeterian creative destruction formalized by Aghion et al. (2009) to analyze the impact of foreign entry on the productivity growth of domestic firms. In the face of foreign entry, domestic firms exhibit heterogeneous patterns of growth depending on their technologic...... manufacturing. Our empirical results confirm that foreign entry indeed generates strong heterogeneous growth patterns among domestic firms.......We adopt the framework of Schumpeterian creative destruction formalized by Aghion et al. (2009) to analyze the impact of foreign entry on the productivity growth of domestic firms. In the face of foreign entry, domestic firms exhibit heterogeneous patterns of growth depending on their technological...... distance from foreign firms. Domestic firms with smaller technological distance from their foreign counterparts tend to experience faster productivity growth, while firms with larger technological distance tend to lag further behind. We test this hypothesis using a unique firm-level data of Chinese...

  9. Capital market financing, firm growth, and firm size distribution

    OpenAIRE

    Didier Brandao,Tatiana; Levine,Ross Eric; Schmukler,Sergio L.

    2015-01-01

    How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. T...

  10. Source of finance, growth and firm size: Evidence from China

    OpenAIRE

    Du, Jun; Girma, Sourafel

    2009-01-01

    Using a comprehensive firm-level dataset spanning the period 1998-2005, this paper provides a thorough investigation of the relationship between firm size, total factor productivity growth and financial structure in China, controlling for the endogeneity of the latter. Generally, it finds financing source matters for firms of different size, and the extent to which financing source matters for firm growth is greater for small firms than big firms. Self-raised finance appears to be most effect...

  11. Within- and Cross-Firm Mobility and Earnings Growth

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Halliday, Timothy; Koch, Alexander Karl

    It is widely accepted that promotions within firms and mobility across firms lead to significant earnings progression. Existing research generally examined cross-firm mobility separately from hierarchical advancement. Yet, as our descriptive evidence from Danish panel data shows, how the two type...... growth of promotions (either within or across firms) and subsequent mobility at a higher hierarchy level....

  12. Corruption and Firm Growth: Evidence from China

    OpenAIRE

    Wang, Y.; You, J.

    2012-01-01

    Corruption is one of the most pervasive obstacles to economic and social development. However, in the existing literature it appears that corruption seems to be less harmful in some countries than in others. The most striking examples are well known as the "East Asian paradox": countries displaying exceptional growth records despite having thriving corruption cultures. The aim of this paper is to explain the high corruption but fast economic growth puzzle in China by providing firm-level evid...

  13. Forecasting Aggregate Productivity using Information from Firm-level Data

    NARCIS (Netherlands)

    Bartelsman, E.J.; Wolf, Z.

    2014-01-01

    In this paper, we explore whether information from firm-level data can improve forecasts of aggregate productivity growth. We generate firm-level productivity measures and aggregate them into time-series components that capture within-firm productivity and the productivity contribution of

  14. Small Firm Internationalization, Innovation, and Growth

    NARCIS (Netherlands)

    Boermans, M.A.; Roelfsema, H.J.

    2016-01-01

    This paper studies the effect of internationalization on innovation and firm performance (employment growth and sales growth) taking the interdependencies among the variables into account. Given the potential endogeneity, this study uses theory-driven instrumental variables and structural equation

  15. Within- and cross-firm mobility and earnings growth

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Halliday, Timothy; Koch, Alexander

    , we show that cross-firm moves at the non-executive level provide sizeable short-run gains (similar to the effect of a promotion), consistent with the existing literature. These gains, however, appear modest when compared with the persistent impact on earnings growth of promotions (either within...... or across firms) and subsequent mobility at a higher hierarchy level....

  16. Firm-Level Corruption in Vietnam

    DEFF Research Database (Denmark)

    Rand, John; Tarp, Finn

    This paper uses a unique panel dataset on firm-level corruption. It contains quantitative information on bribe payments by a sample of formal and informal Vietnamese firms. We show that bribe incidence is highly associated with firm-level differences in (i) visibility, (ii) sunk costs, (iii...

  17. Identifying High Growth Firms in India

    DEFF Research Database (Denmark)

    Aggarwal, Aradhna; Sato, Takahiro

    Over the past two decades, considerable interest has grown in high growth firms (HGFs). However, the concept of HGFs still remains controversial. One of the most controversial issues is size and age of these firms. The present study argues that the current literature on HGFs may offer little help...

  18. Does Nature of Financial Institutions Matter to Firm Growth in Transition Economies?

    Directory of Open Access Journals (Sweden)

    Abubakr SAEED

    2009-05-01

    Full Text Available Drawing on firm-level data set on transition economies, this paper investigates the relationship between financial institutions and firm growth. The paper focuses in perspective of growth, how the impact of various sources of external finance varies across firm size. Primarily, it is shown a differential impact of institutions on firm growth, precisely, in terms of employment and sale, growth augments by equity market, local banks, foreign banks, state-owned banks, trade credit and leasing, while informal lending abates growth. In particular, the results suggest that local banks and trade credit improve sale growth of small and medium firms, while these financial institutions are insignificant for large firms. By contrast, state owned banks and informal institutions constrain employment growth of small firms. It is confirmed that irrespective of firm size lease financing exerts statistically significant positive impact on firm growth. Moreover, financial system differences across the regions play vital role in firm growth-finance relationship.

  19. The Variance Composition of Firm Growth Rates

    Directory of Open Access Journals (Sweden)

    Luiz Artur Ledur Brito

    2009-04-01

    Full Text Available Firms exhibit a wide variability in growth rates. This can be seen as another manifestation of the fact that firms are different from one another in several respects. This study investigated this variability using the variance components technique previously used to decompose the variance of financial performance. The main source of variation in growth rates, responsible for more than 40% of total variance, corresponds to individual, idiosyncratic firm aspects and not to industry, country, or macroeconomic conditions prevailing in specific years. Firm growth, similar to financial performance, is mostly unique to specific firms and not an industry or country related phenomenon. This finding also justifies using growth as an alternative outcome of superior firm resources and as a complementary dimension of competitive advantage. This also links this research with the resource-based view of strategy. Country was the second source of variation with around 10% of total variance. The analysis was done using the Compustat Global database with 80,320 observations, comprising 13,221 companies in 47 countries, covering the years of 1994 to 2002. It also compared the variance structure of growth to the variance structure of financial performance in the same sample.

  20. Immigrants’ initial firm allocation and earnings growth

    Directory of Open Access Journals (Sweden)

    Wen Ci

    2017-05-01

    Full Text Available While employers are playing an increasingly important role in immigration selection in Canada, little is known about how firm-level characteristics affect the economic integration of immigrants. Using a Canadian employer–employee matched dataset, this paper considers whether immigrants initially employed in low-paying firms in Canada experienced inferior earnings growth than those initially employed in high-paying firms. The results show that the large earnings differential observed between immigrants initially employed in low- and high-paying firms diminished only slightly over the subsequent 14 years, even when differences in demographic and general human capital characteristics are taken into account. Alors que les employeurs jouent un rôle de plus en plus important dans la sélection des immigrants qui s’établissent au Canada, on en sait peu sur la façon dont les caractéristiques au niveau de l’entreprise influencent l’intégration économique de ces derniers. Au moyen d’un ensemble de données appariées sur les employeurs et les employés, le présent document vise à déterminer si la croissance des gains des immigrants employés initialement au Canada par des entreprises à bas salaires est plus faible que celle des gains des immigrants employés au départ par des entreprises à hauts salaires. Les résultats montrent que l’écart important observé entre les gains des immigrants employés au départ par des entreprises à bas salaires et de ceux employés par des entreprises à hauts salaires ne diminuait que légèrement au cours des 14 années suivantes, même après avoir tenu compte des différences de caractéristiques démographiques et de caractéristiques générales du capital humain.

  1. Categorizing the Growth Strategies of Small Firms

    Directory of Open Access Journals (Sweden)

    Mika Westerlund

    2012-05-01

    Full Text Available This study investigates the link between a small firm’s investment in R&D and its growth strategy. A firm’s growth strategy refers to the means by which the organization plans to achieve its objective to grow in volume and turnover. We categorize firm growth strategies into eight distinctive clusters: opportunity explorers, radical innovators, business developers, business expanders, profit makers, business rebuilders, stagnators, and downsizers. We argue that understanding a firm’s growth orientation provides a way to assess the returns of its R&D investments, because an organization’s intangible growth strategies and tangible inputs are connected.

  2. Worker and Firm Heterogeneity in Wage Growth: An AKM approach

    DEFF Research Database (Denmark)

    Sørensen, Kenneth Lykke; Vejlin, Rune Majlund

    This paper estimates a wage growth equation containing human capital variables known from the traditional Mincerian wage equation with year, worker and firm fixed effects included as well. The paper thus contributes further to the large empirical literature on unobserved heterogeneity following...... the work of Abowd, Kramarz, and Margolis (1999). Our main contribution is to extend the analysis from wage levels to wage growth. The specification enables us to estimate the individual specific and firm specific fixed effects and their degree of explanation on wage growth. The analysis is conducted using...... are estimated to explain four to ten per cent. We furthermore find a negative correlation between the worker and firm effects, as do nearly all authors examining wage level equations....

  3. Markups and Firm-Level Export Status

    DEFF Research Database (Denmark)

    De Loecker, Jan; Warzynski, Frederic

    and export behavior using plant-level data. We find that i) markups are estimated significantly higher when controlling for unobserved productivity, ii) exporters charge on average higher markups and iii) firms' markups increase (decrease) upon export entry (exit).We see these findings as a first step...... in opening up the productivity-export black box, and provide a potential explanation for the big measured productivity premia for firms entering export markets....

  4. Labor reallocation and firm growth: Benchmarking transition countries against mature market economies

    OpenAIRE

    Mitra, Pradeep; Muravyev, Alexander; Schaffer, Mark E.

    2014-01-01

    This paper uses firm-level survey data to study labor reallocation and firm growth in the transition countries over 1996 - 2005, including benchmarking against developed market economies. The data shows rapid growth of the new private sector and of the micro- and small-firm sectors, with the size distribution of firms moving towards the pattern observed in comparable surveys of developed market economies. Throughout, the regional patterns suggest greater convergence in the transition countrie...

  5. Markups and Firm-Level Export Status

    DEFF Research Database (Denmark)

    De Loecker, Jan; Warzynski, Frederic

    We derive an estimating equation to estimate markups using the insight of Hall (1986) and the control function approach of Olley and Pakes (1996). We rely on our method to explore the relationship between markups and export behavior using plant-level data. We find significantly higher markups when...... we control for unobserved productivity shocks. Furthermore, we find significant higher markups for exporting firms and present new evidence on markup-export status dynamics. More specifically, we find that firms' markups significantly increase (decrease) after entering (exiting) export markets. We...... see these results as a first step in opening up the productivity-export black box, and provide a potential explanation for the big measured productivity premia for firms entering export markets....

  6. The effects of human resource practices on firm growth

    Directory of Open Access Journals (Sweden)

    Vlachos, I.

    2009-01-01

    Full Text Available Although the connection between firm growth and labour is well documented in economics literature, only recently the link between human resources (HR and firm growth has attracted the interest of researchers. This study aims to assess the extent, if any, to which, specific HR practices may contribute to firm growth. We review a rich literature on the links between firm performance and the following HR practices: (1 job security (2 selective hiring, (3 self-managed teams (4 compensation policy, (5 extensive training, and (6 information sharing. We surveyed HR managers and recorded their perceptions about the links between HR practices and firm growth. Results demonstrated that compensation policy was the strongest predictor of sales growth. Results provide overall support for all HR practices except of job security. Eventually, selecting, training, and rewarding employees as well as giving them the power to decide for the benefit of their firm, contribute significantly to firm growth.

  7. Leverage, Growth Opportunities and Firm Investment: The Case of Manufacturing Firms in China

    OpenAIRE

    Di Sheng; Shuyang Hou

    2014-01-01

    This paper examined the impact of financial leverage on investment decisions offirms using the panel data of publicly traded Chinese firms. We collected data for511 manufacturing companies during the period from 2005 to 2013 to do theresearch. The data shows that financial leverage is negatively correlated with afirm’s investment. Moreover, after we categorized the data into two types: 1)high-growth firms and 2) low-growth firms, it demonstrated that such negativecorrelation is significant fo...

  8. The growth of business firms: theoretical framework and empirical evidence.

    Science.gov (United States)

    Fu, Dongfeng; Pammolli, Fabio; Buldyrev, S V; Riccaboni, Massimo; Matia, Kaushik; Yamasaki, Kazuko; Stanley, H Eugene

    2005-12-27

    We introduce a model of proportional growth to explain the distribution P(g)(g) of business-firm growth rates. The model predicts that P(g)(g) is exponential in the central part and depicts an asymptotic power-law behavior in the tails with an exponent zeta = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. In this article, we test the model at different levels of aggregation in the economy, from products to firms to countries, and we find that the predictions of the model agree with empirical growth distributions and size-variance relationships.

  9. Financing Constraints and Firm Growth in Emerging Europe

    Directory of Open Access Journals (Sweden)

    Leitner Sandra M.

    2016-04-01

    Full Text Available The paper aims to shed light on the effects of different types of financing constraints on firm sales and employment growth in Emerging Europe before and after the onset of the financial crisis. It analyzes the group of emerging NMS-10 economies (plus Turkey and the group of economically and financially lagging Western Balkan countries. The paper demonstrates that financing constraints significantly obstruct firm growth, particularly in the Western Balkan countries, which calls for policy intervention to ensure swifter job-rich growth and catching-up with the rest of Europe. It also emphasizes that particular firm characteristics are essential for growth in Emerging Europe and demonstrates that exporting only and innovating are recipes for faster firm growth, while importing only and a high foreign ownership share seriously retard firm growth. Finally, it stresses the importance of the particular institutional environment for firms to thrive.

  10. Gibrat's Law and the Firm Size / Firm Growth Relationship in Italian Services

    NARCIS (Netherlands)

    R. Piergiovanni; E. Santarelli (Enrico); L. Klomp (Luuk); A.R. Thurik (Roy)

    2002-01-01

    textabstractSeveral surveys on intra-industry dynamics have recently reached the conclusion from a large body of evidence that Gibrat's Law does not hold, i.e., the main finding is that firm growth decreases with firm size. However, almost all of these studies have been based on manufacturing. In

  11. Trade credit: Elusive insurance of firm growth

    NARCIS (Netherlands)

    Bams, Dennis; Bos, Jaap; Pisa, Magdalena

    2016-01-01

    Firms depend heavily on trade credit. This paper introduces a trade credit network into a structural model of the economy. In an empirical analysis of the model, we find that trade credit is an elusive insurance: as long as a firm is financially unconstrained and times are good, more trade credit

  12. Product-Marketing Innovation, Skills, and Firm Productivity Growth

    DEFF Research Database (Denmark)

    Junge, Martin; Severgnini, Battista; Sørensen, Anders

    2016-01-01

    The role of product and marketing innovation for productivity growth is addressed using survey and register data for the Danish economy. It is hypothesized that product and marketing innovation are complementary inputs and that innovation activities are skill-intensive. It is established...... that product and marketing innovation in skill-intensive firms results in significantly faster productivity growth. Moreover, product and marketing innovation have independent roles in productivity growth, which cannot be attributed to organizational changes. Finally, we apply an instrument variable approach...... for firms, innovation choices to study endogeneity. The results strongly support the idea that product–marketing innovation leads to faster productivity growth in skill-intensive firms....

  13. Decomposing Firm-level Sales Variation

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Nguyen, Daniel Xuyen

    , and that for the median product it drives 31% of the sales variation. When we remove first-time exports from our sample, the median value increases to 40%, implying that firm-destination-specific effects are most important the first year. We conclude that while firm-specific productivity can account for some......We measure the contribution of firm-specific effects to overall sales variation within a destination and find it remarkably low. Our empirical decomposition is structurally motivated by a heterogeneity model of exporting involving destination-specific, firm-specific, and firm......-destination-specific latent effects with incidental truncation. We use a highly detailed dataset with exports by products and destinations for all Danish manufacturing fi…rms. We fi…nd the contribution of firm-specific heterogeneity to within-destination sales variation varies greatly across HS6 products...

  14. Aggregate fluctuations and the cross-sectional dynamics of firm growth

    DEFF Research Database (Denmark)

    Holly, Sean; Petrella, Ivan; Santoro, Emiliano

    2013-01-01

    The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those...... fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts....

  15. Firm-level volatility and exports

    NARCIS (Netherlands)

    Vannoorenberghe, G.C.L.

    2012-01-01

    This paper shows that the share of exports in the total sales of a firm has a positive and substantial impact on the volatility of its sales. Decomposing the volatility of sales of exporters between their domestic and export markets, I show using an identification strategy based on a firm-specific

  16. The Impact of Financial Access on Firm Growth: Evidence from ...

    African Journals Online (AJOL)

    The Impact of Financial Access on Firm Growth: Evidence from Ethiopian Grain Traders and Millers. ... Ethiopian Journal of Economics ... the necessary investment to provide effective marketing services for the transformation of agriculture.

  17. Product-Marketing Innovation, Skills and Firm Productivity Growth

    DEFF Research Database (Denmark)

    Junge, Martin; Severgnini, Battista; Sørensen, Anders

    The role of product and marketing innovation for productivity growth is addressed using survey and register data for the Danish economy. It is argued that marketing and product innovation are complementary inputs and that innovation activities are skill-intensive. It is found that product...... and marketing innovation in skill-intensive firms results in significantly faster productivity growth than in unskilled-intensive firms that introduce this combination of innovation activities. More precisely, an increase in the share of educated workers of one percentage point, increases productivity growth...... by around 0.1 percentage point in firms with product and marketing innovation. In addition, it is found that firms that engage in product innovation but not in marketing innovation or the other way around do not demonstrate a growth effect from their innovation activities. It is also found that product...

  18. Global Sourcing, Technology, and Factor Intensity: Firm-level Relationships

    OpenAIRE

    TOMIURA Eiichi

    2007-01-01

    This paper empirically examines how technology and capital intensity are related with the firm's global sourcing decision. Firm-level data are derived from a survey covering all manufacturing industries in Japan without any firm-size threshold. Firms are disaggregated by their make-or-buy decision (in-house or outsourcing) and by their choice of sourcing location (offshore or domestic). Capital-intensive or R&D-intensive firms tend to source in-house from their FDI affiliates rather than outs...

  19. Within- and cross-firm mobility and earnings growth

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Halliday, Timothy; Koch, Alexander Karl

    While it is well established that both promotions within firms and mobility across firms lead to substantial earnings progression, few studies offer an integrated analysis of the effects of these two types of mobility on earnings growth. To do this, we exploit a large Danish panel data set and te...... deductable pension contributions and more expensive real estate or financed consumption where interest is tax deductable....

  20. Listed Firm's Level of Stakeholder Transparency

    DEFF Research Database (Denmark)

    Rose, Caspar

    2015-01-01

    This article analyzes how Danish listed firms comply with the Danish Corporate Governance Code's recommendations regarding the categories: Role of shareholders, role of stakeholders and transparency. It is shown that the number of recommendations can be explained by six different underlying facto...

  1. Evolutionary model of the growth and size of firms

    Science.gov (United States)

    Kaldasch, Joachim

    2012-07-01

    The key idea of this model is that firms are the result of an evolutionary process. Based on demand and supply considerations the evolutionary model presented here derives explicitly Gibrat's law of proportionate effects as the result of the competition between products. Applying a preferential attachment mechanism for firms, the theory allows to establish the size distribution of products and firms. Also established are the growth rate and price distribution of consumer goods. Taking into account the characteristic property of human activities to occur in bursts, the model allows also an explanation of the size-variance relationship of the growth rate distribution of products and firms. Further the product life cycle, the learning (experience) curve and the market size in terms of the mean number of firms that can survive in a market are derived. The model also suggests the existence of an invariant of a market as the ratio of total profit to total revenue. The relationship between a neo-classic and an evolutionary view of a market is discussed. The comparison with empirical investigations suggests that the theory is able to describe the main stylized facts concerning the size and growth of firms.

  2. Global Sourcing: Evidence from Spanish Firm-level Data

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    2012-01-01

    We investigate the link between productivity of firms and their sourcing behavior. Following Antràs and Helpman (2004) we distinguish between domestic and foreign sourcing, as well as between outsourcing and vertical integration. A firm's choice is driven by a hold-up problem caused by lack of en...... of enforceable contracts. We use Spanish firm-level data to examine the productivity premia associated with the different sourcing strategies....

  3. The Impact of Technological and Non-Technological Innovations on Firm Growth

    OpenAIRE

    Ali-Yrkkö, Jyrki; Martikainen, Olli

    2008-01-01

    This study investigates the relationship between innovations and firm growth, based on the data of Finnish firms operating in the software industry. We find that in terms of turnover and employment, firms with only technological innovations do not grow more rapidly than other firms. However, firm growth is positively associated with the combination of technological and non-technological innovations.

  4. Eco-Efficiency Actions and Firm Growth in European SMEs

    Directory of Open Access Journals (Sweden)

    Elisenda Jové-Llopis

    2018-01-01

    Full Text Available This study investigates the effects of eco-efficiency actions on firm performance in terms of sales growth in an extensive sample of 11,336 small- and medium-sized enterprises (SMEs located in 28 European countries. Our empirical results suggest that not all eco-strategies are positively related to better performance, at least not in the short term. We found that European companies using renewable energies, and recycling or designing products that are easier to maintain, repair, or reuse, perform better. Those that aim to reduce water or energy pollution, however, seemed to show a negative correlation to firm growth. Our results also indicate that high investment in eco-strategies improves firm growth, particularly in new members that joined the EU from 2004 onwards. Finally, we observed a U-shaped relationship between eco-strategies and firm growth, which indicates that a greater breadth of eco-strategies is associated with better firm performance. However, few European SMEs are able to either invest heavily or undertake multiple eco-strategies, thus leaving room for policy interventions.

  5. Firm Growth Function and Extended-Gibrat’s Property

    Directory of Open Access Journals (Sweden)

    Atushi Ishikawa

    2016-01-01

    Full Text Available We analytically show that the logarithmic average sales of firms first follow power-law growth and subsequently follow exponential growth, if the growth-rate distributions of the sales obey the extended-Gibrat’s property and Gibrat’s law. Here, the extended-Gibrat’s property and Gibrat’s law are statistically observed in short-term data, which denote the dependence of the growth-rate distributions on the initial values. In the derivation, we analytically show that the parameter of the extended-Gibrat’s property is identical to the power-law growth exponent and that it also decides the parameter of the exponential growth. By employing around one million bits of exhaustive sales data of Japanese firms in the ORBIS database, we confirmed our analytic results.

  6. Organisational blueprints for growth in service firms

    NARCIS (Netherlands)

    Post, D.; Van der Meer, J.D.; Hammer, M.H.M.

    2015-01-01

    Start-ups and Smaller and Medium sized Enterprises are vital for national economies. The vast majority of these enterprises can be found in services industries. One of the parameters to measure performance of a company is growth. Only a very small percentage of these enterprises find ways to

  7. Firm-Level Determinants of Exporting Behaviour: Evidence from ...

    African Journals Online (AJOL)

    This paper uses firm-level panel data to investigate the exporting behaviour of the Kenyan manufacturing firms. Using probit and tobit regression models, the results obtained show that factors determining the decision to export are different from those affecting the share exported. Likewise, factors determining exporting ...

  8. Effect of Knowledge Sources on Firm Level Innovation in Tanzania

    NARCIS (Netherlands)

    Osoro, Otieno; Kahyarara, Godius; Knoben, Joris; Vermeulen, P.A.M.

    In this paper we analyse the impact of different sources of knowledge on product innovation in Tanzania using firm level data from 543 firms. Specifically, we assess the separate impacts of internal knowledge and external knowledge and the combined impact of both on a firm’s likelihood of

  9. Productivity and Openness: Firm Level Evidence in Brazilian Manufacturing Industries

    OpenAIRE

    Wenjun Liu; Shoji Nishijima

    2012-01-01

    This study investigates the productivity of Brazilian manufacturing industries, particularly addressing the influence of liberalization on productivity. We first calculate total factor productivity (TFP) by estimating the stochastic frontier production function and the inefficiency determination equation simultaneously. Then TFP growth rates are regressed on openness-related variables and other firm characteristics. The results show that firm openness to the world is a crucial determinant of ...

  10. Energy efficiency and exporting: Evidence from firm-level data

    International Nuclear Information System (INIS)

    Roy, Jayjit; Yasar, Mahmut

    2015-01-01

    While exporting firms and non-exporters have been compared across several dimensions, empirical comparisons on the basis of environmental performance are relatively few. Moreover, analyzing the environmental implications of firm-level exports is not trivial due to non-random selection into exporting. In this light, we examine the impact of exporting on firms' energy efficiency by resorting to an instrumental variables strategy based on a differencing approach (Pitt and Rosenzweig, 1990). Utilizing data from Indonesia, we find (i) exporting to reduce the use of fuels (relative to electricity) and (ii) concerns over endogeneity of exporting status to be relevant. - Highlights: • We examine the impact of exporting on firms' energy efficiency. • We employ cost share equations, firm-level data from Indonesia, and an instrumental variables strategy. • Exporting is found to reduce the use of fuels (relative to electricity).

  11. A Comparative Analysis of the Entrepreneurial Orientation/Growth Relationship in Service Firms and Manufacturing Firms

    DEFF Research Database (Denmark)

    Rigtering, J.P. Coen; Kraus, Sascha; Eggers, Fabian

    2014-01-01

    This article builds on the recently increasingly mentioned notion that entrepreneurship in the service sector is a worthwhile, but clearly underresearched topic. Using a sample of 1,612 small- and medium-size enterprises from the four German-speaking countries Germany, Austria, Switzerland......, and Liechtenstein, and using structural equation modeling, this article finds that service firms have a significantly higher entrepreneurial orientation (EO) than manufacturing firms – both on the overall level as well as for each of the three sub-categories proactiveness, innovativeness, and risk...

  12. A generalized preferential attachment model for business firms growth rates. I. Empirical evidence

    Science.gov (United States)

    Pammolli, F.; Fu, D.; Buldyrev, S. V.; Riccaboni, M.; Matia, K.; Yamasaki, K.; Stanley, H. E.

    2007-05-01

    We introduce a model of proportional growth to explain the distribution P(g) of business firm growth rates. The model predicts that P(g) is Laplace in the central part and depicts an asymptotic power-law behavior in the tails with an exponent ζ = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. We test the model at different levels of aggregation in the economy, from products, to firms, to countries, and we find that the predictions are in good agreement with empirical evidence on both growth distributions and size-variance relationships.

  13. Correlation between Sales of Foreign Affiliates and Productivity of Multinational Firms: Evidence from Korean Firm-Level Data

    Directory of Open Access Journals (Sweden)

    Jung Hur

    2013-09-01

    Full Text Available Using firm-level panel data for Korean multinational enterprises (MNEs, we make a distinction between being the only affiliate of a parent firm and being one of the multiple affiliates of a parent firm. In particular, we attempt to find a correlation between the sales of foreign affiliates and the productivity of multinational firms. Our main empirical results in this paper suggest that productive Korean MNEs would enlarge the number of affiliates in the host country.

  14. Growth of New Firms: Which Factors Influence Post-Entry Performance? An Empirical Analysis Based on Swiss Firm Data

    OpenAIRE

    David Marmet

    2004-01-01

    The aim of this study is to shed light on the factors which determine the post-entry performance of new firms. It is often argued that new firms are the driving force of structural changes and sometimes they are even characterized as an “engine” of economic growth. Nevertheless, the empirical evidence is mixed. Taking into account the high exit rate of new firms, a specific founding cohort does not contribute substantially to new jobs. In this paper, we analyse the contribution of new firms c...

  15. Immigration and Firm Performance: a city-level approach

    Directory of Open Access Journals (Sweden)

    Mercedes Teruel Carrizosa

    2009-10-01

    Full Text Available This article analyses the effect of immigration flows on the growthand efficiency of manufacturing firms in Spanish cities. While most studies werefocusing on the effect immigrants have on labour markets at an aggregate level,here, we argue that the impact of immigration on firm performance should not onlybe considered in terms of the labour market, but also in terms of how city’s amenitiescan affect the performance of firms. Implementing a panel data methodology,we show that the immigrants’ increasing pressure has a positive effect on labourproductivity and wages and a negative effect on the job evolution of these manufacturingfirms. In addition, both small and new firms are more sensitive to thepressures of immigrant inflow, while foreign market oriented firms report higherproductivity levels and a less marked impact of immigration than their counterparts.We also present a set of instruments to control for endogeneity. It allows us toconfirm the effect of local immigration flows on the performance of manufacturingfirms.

  16. Effect of Knowledge Sources on Firm Level Innovation in Tanzania

    NARCIS (Netherlands)

    Osoro, O.; Vermeulen, P.A.M.; Knoben, J.; Kahyarara, G.

    2016-01-01

    This paper analyses the impact of different sources of knowledge on product and process innovation in Tanzania using firm-level data. We specifically analyse the separate impacts of internal knowledge, external knowledge and the combined impact of both types of knowledge on firms’ product and

  17. The Effect of Corruption on Investment Growth: Evidence from Firms in Latin America, Sub-Saharan Africa and Transition Countries.

    OpenAIRE

    Elizabeth Asiedu; James Freeman

    2008-01-01

    Many of the empirical studies that analyze the impact of corruption on investment have three common features: they employ aggregate (country-level) data on investment, corruption is measured at the country-level, and data for countries from several regions are pooled together. This paper uses firm-level data on investment and measures corruption at the firm and country-level, and allows the effect of corruption to vary by region. Our dependent variable is firms’ investment growth and we emplo...

  18. From the Cover: The growth of business firms: Theoretical framework and empirical evidence

    Science.gov (United States)

    Fu, Dongfeng; Pammolli, Fabio; Buldyrev, S. V.; Riccaboni, Massimo; Matia, Kaushik; Yamasaki, Kazuko; Stanley, H. Eugene

    2005-12-01

    We introduce a model of proportional growth to explain the distribution Pg(g) of business-firm growth rates. The model predicts that Pg(g) is exponential in the central part and depicts an asymptotic power-law behavior in the tails with an exponent = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. In this article, we test the model at different levels of aggregation in the economy, from products to firms to countries, and we find that the predictions of the model agree with empirical growth distributions and size-variance relationships. proportional growth | preferential attachment | Laplace distribution

  19. TAX EVASION, LEVEL OF INTERNET CORPORATE REPORTING AND FIRM VALUE: EVIDENCE FROM INDONESIAN MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Asmoro P.S.

    2018-03-01

    Full Text Available As a developing country that accumulates its source of revenue to taxes, Indonesia is not spared from tax compliance issues. The low level of tax compliance indicates a different point of view between the government and the Taxpayer. The low level of tax compliance indicates a different point of view between the government and the Taxpayer. Taxpayers still consider the obligation to pay taxes as an expense that can reduce their income or profits. Therefore, the rational Taxpayer will try to minimize the tax burden. One of them is by doing Tax Evasion. Taxation management is more often done by the Taxpayer Agency, especially the Manufacturing company. This is because the company has a very high business risk. Tax Evasion can increase organizational complexity which in turn can reduce financial transparency. Therefore, companies are required to disclose more information and provide flexible reporting systems that facilitate stakeholders. This encourages companies in the world to take advantage of the development of information technology and interconnection networking through internet corporate reporting. Utilization of internet corporate reporting is expected to increase the value of the company. This study aims to analyze the relationship between the concept of Tax Evasion, the level of internet corporate reporting disclosure, and the firm value. The results showed that the three hypotheses in this study were accepted. Tax Evasion affects the level of internet corporate reporting disclosure. In addition, Tax Evasion also directly or indirectly influence the firm value through the level disclosure of internet corporate reporting.

  20. The effects of staffing and training on firm productivity and profit growth before, during, and after the Great Recession.

    Science.gov (United States)

    Kim, Youngsang; Ployhart, Robert E

    2014-05-01

    This study integrates research from strategy, economics, and applied psychology to examine how organizations may leverage their human resources to enhance firm performance and competitive advantage. Staffing and training are key human resource management practices used to achieve firm performance through acquiring and developing human capital resources. However, little research has examined whether and why staffing and training influence firm-level financial performance (profit) growth under different environmental (economic) conditions. Using 359 firms with over 12 years of longitudinal firm-level profit data, we suggest that selective staffing and internal training directly and interactively influence firm profit growth through their effects on firm labor productivity, implying that staffing and training contribute to the generation of slack resources that help buffer and then recover from the effects of the Great Recession. Further, internal training that creates specific human capital resources is more beneficial for prerecession profitability, but staffing is more beneficial for postrecession recovery, apparently because staffing creates generic human capital resources that enable firm flexibility and adaptation. Thus, the theory and findings presented in this article have implications for the way staffing and training may be used strategically to weather economic uncertainty (recession effects). They also have important practical implications by demonstrating that firms that more effectively staff and train will outperform competitors throughout all pre- and postrecessionary periods, even after controlling for prior profitability. (c) 2014 APA, all rights reserved.

  1. Measuring True Sales and Underreporting with Matched Firm-Level Survey and Tax-Office Data

    NARCIS (Netherlands)

    Zhou, F.; Oostendorp, R.H.

    2014-01-01

    This paper uses firm-level survey data matched with official tax records to estimate the unobserved true sales of formal firms in Mongolia. Taking into account firm-level incentives to comply with taxes and a production function technology linking unobserved true sales with observable firm-level

  2. Cross-regional Variations in Offshore Outsourcing Choices: Evidence from Firm-level Data

    OpenAIRE

    TOMIURA Eiichi; ITO Banri; WAKASUGI Ryuhei

    2008-01-01

    In offshoring, a firm chooses outsourcing to independent suppliers or in-sourcing from their FDI subsidiaries. This paper empirically examines how the factor intensity is related with the firm's offshore make-or-buy decision based on the Japanese direct firm-level data of offshoring across all manufacturing industries. This paper confirms that in-sourcing firms tend to be substantially more capital-intensive than outsourcing firms, even if firm size or industry is controlled for. Among the fi...

  3. Simulation modeling on the growth of firm's safety management capability

    Institute of Scientific and Technical Information of China (English)

    LIU Tie-zhong; LI Zhi-xiang

    2008-01-01

    Aiming to the deficiency of safety management measure, established simulation model about firm's safety management capability(FSMC) based on organizational learning theory. The system dynamics(SD) method was used, in which level and rate system, variable equation and system structure flow diagram was concluded. Simulation model was verified from two aspects: first, model's sensitivity to variable was tested from the gross of safety investment and the proportion of safety investment; second, variables dependency was checked up from the correlative variable of FSMC and organizational learning. The feasibility of simulation model is verified though these processes.

  4. Corporate governance attributes, firm characteristics and the level of corporate disclosure: Evidence from the Indian listed firms

    Directory of Open Access Journals (Sweden)

    Sunil Nandi

    2013-01-01

    Full Text Available This study investigates the association between firm characteristics, corporate governance attributes and the level of corporate disclosure of listed firms in India. The research paper has been based on a sample of 60 firms listed in the Bombay Stock Exchange (BSE / National Stock Exchange (NSE during the study period from 2000-01 to 2009-10. The study has used the Standard & Poor (2008 model for measuring the level of corporate disclosure. To examine the association between explanatory variables and the level of corporate disclosure, multiple regression model has been used. The results suggest a positive relationship between board size, ratio of audit committee members to total board members, family control, CEO duality, firm size, profitability, liquidity and the extent of corporate disclosure. However, the degree of corporate disclosure is negatively related to board composition, leverage and age of the firm.

  5. Determining firm characteristics and the level of voluntary corporate governance disclosures among Malaysian listed property companies

    OpenAIRE

    Talpur Shabana; Lizam Mohd; Keerio Nazia

    2018-01-01

    This study examined the level of voluntary corporate governance disclosures and the influence of firm characteristics (i.e., firm size, firm age, and firm market listing) on the level of these disclosures among Malaysian property listed companies. The check-list to measure the voluntary corporate governance disclosures was adopted from Malaysian corporate governance index 2011 by Minority Shareholder Watchdog Group (MSWG). The voluntary corporate governance disclosure practices and firm speci...

  6. IMPACT OF CORPORATE GOVERNANCE AND FIRM-LEVEL CONTROL VARIABLES ON DIVIDEND POLICY OF SERVICE TRADE SECTOR OF MALAYSIA

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2016-09-01

    Full Text Available This paper empirically investigates the impact of corporate governance factors (i.e. board size, board independence and CEO ownership and firm-level control variables (i.e. firm size, firm growth and firm profitability on the dividend payout policy among the service sector companies of Malaysia that are listed on Bursa Malaysia. Ordinary least square model was used to estimate the results. Sample consisted of 113 service sector firms from the period of 2009 to 2013. The results show that the profitable companies with large boards and less growth tend to pay higher dividends. Findings can be interpreted as that the profitable companies are sharing their profits with their shareholders in terms of dividends to give positive message to the market.

  7. Growth and profitability in small privately held biotech firms: preliminary findings.

    Science.gov (United States)

    Brännback, Malin; Carsrud, Alan; Renko, Maija; Ostermark, Ralf; Aaltonen, Jaana; Kiviluoto, Niklas

    2009-06-01

    This paper reports on preliminary findings on a study of the relationship of growth and profitability among small privately held Finnish Life Science firms. Previous research results concerning growth and profitability are mixed, ranging from strongly positive to a negative relationship. The conventional wisdom states that growth is a prerequisite for profitability. Our results suggest that the reverse is the case. A high profitability-low growth biotech firm is more probably to make the transition to high profitability-high growth than a firm that starts off with low profitability and high growth.

  8. Growth of the firm and foreign trade: Adrian Wood's theory revisited

    OpenAIRE

    Catermol, Fabrício

    2006-01-01

    This paper analyzes the growth of the firm by foreign trade. The theory of Adrian Wood is revisited for the analysis of growth and profit trade-off and improved to cope with growth by exports. The main outcome of this paper is that low domestic demand can be a very important factor to firm choices growth by foreign market. However, the growth of domestic demand does not necessarily reduce exports.

  9. Corporate Social Responsibility and Environmentally Sound Technology in Endogenous Firm Growth

    Directory of Open Access Journals (Sweden)

    Angela C. Chao

    2017-02-01

    Full Text Available We have entered the “New Normal” economy, with more emphasis on economic growth driven by innovation than resource. This paper investigates the impacts of firms considering corporate social responsibility and environmentally sound technology by building a three-stage Cournot competition model with asymmetric cost. The sustainable development of economic and endogenous firm growth achieves the win–win result in the theoretical model. Using data from 31 firms in China, this paper empirically researches on the relationships among corporate social responsibility, environmentally sound technology and firm endogenous growth. The results show that: (1 Marginal cost decreased with the increase of innovation, as well as getting government research and development subsidy, which has a positive effect on firm growth. (2 Consumers respond positively to corporate social responsibility initiative, the reputation of the firm can be improved. At the same time, environmentally sound technology objectively reduces the marginal cost of competitors because of the technology spillover. (3 Profit of a firm undertaking corporate social responsibility partly decreases, which has a negative effect on firm growth. The contradiction between corporate social responsibility and profit of firm could be adjusted, such as socially responsible investment fund hosed by institutional investors.

  10. Diversification patterns in the growth of firms : evidence from Italian manufacturing

    NARCIS (Netherlands)

    Castaldi, C.; Milakovic, M.; Secchi, A.

    2003-01-01

    We present empirical evidence on diversification patterns in Italian manufacturing firms and detect a robust relationship between firm size and diversification levels, with an elasticity of diversification that does not depend on firm size and is well below unity. Diversification does not lead to

  11. Can Production Subsidies Explain China's Export Performance? Evidence from Firm-level Data

    DEFF Research Database (Denmark)

    Gong, Yundan; Yu, Zhihong; Girma, Sourafel

    2009-01-01

    This paper analyses the relationship between production subsidies and firms" export performance using a very comprehensive and recent firm-level database and controlling for the endogeneity of subsidies. It documents robust evidence that production subsidies stimulate export activity at the inten......This paper analyses the relationship between production subsidies and firms" export performance using a very comprehensive and recent firm-level database and controlling for the endogeneity of subsidies. It documents robust evidence that production subsidies stimulate export activity...

  12. Tariffs and Firm-Level Heterogeneous Fixed Export Costs

    DEFF Research Database (Denmark)

    Schröder, Philipp J.H.; Jørgensen, Jan Guldager

    2006-01-01

    This paper presents a two country intra-industry trade model with bilateral ad valorem tariffs and fixed export costs that are heterogeneous across firms. In this model not all firms will choose to export. We examine the effects of reciprocal changes in the tariff and the fixed export barrier...... on the number of firms, firm profits, tariff revenue and consumer welfare. We show that both types of trade barriers reduce (increase) the number of exporting (pure domestic) firms. However, the sum of available home and foreign varieties may actually increase for small tariffs. Firm profits fall for both...... the tariff and the fixed export barrier. Tariff revenue falls for an increase in fixed exporting costs whereas we have a Laffer curve effect for the tariff. Finally, we establish that welfare falls with fixed export costs and large tariffs but increases for small tariffs, i.e. there exist a welfare...

  13. Firm-level innovation activity, employee turnover and HRM practices

    DEFF Research Database (Denmark)

    Eriksson, Tor; Qin, Zhihua; Wang, Wenjing

    2014-01-01

    This paper examines the relationship between employee turnover, HRM practices and innovation in Chinese firms in five high technology sectors. We estimate hurdle negative binomial models for count data on survey data allowing for analyses of the extensive as well as intensive margins of firms' in...

  14. Importing, productivity and SMEs: firm-level evidence from the Netherlands

    NARCIS (Netherlands)

    van den Berg, M.R.|info:eu-repo/dai/nl/297206710

    2013-01-01

    Constructing a comprehensive data set covering Dutch firms over the years 2002-2008 I am the first to investigate the relationship between trade status, firm size and firm-level productivity in the Netherlands, thereby focusing particularly on small and medium sized enterprises (SMEs). The empirical

  15. Do high-growth entrepreneurial firms have a specific system of governance?

    OpenAIRE

    Peter Wirtz

    2009-01-01

    From a meta-model linking a firm’s corporate governance system to managerial discretion (Charreaux, 2008), this article presents a specific corporate governance model for the high growth entrepreneurial firm. A survey of the empirical literature on the governance of entrepreneurial firms confirms the plausibility of this theoretical framework, especially with respect to the cognitive dimension of corporate governance.

  16. ‘Better late than never’: the interplay between green technology and age for firm growth

    OpenAIRE

    Leoncini, Riccardo; Marzucchi, Alberto; Montresor, Sandro; Rentocchini, Francesco; Rizzo, Ugo

    2017-01-01

    This paper investigates the relationship between green/non-green technologies and firm growth. By combining the literature on eco-innovations, industrial organisation and entrepreneurial studies, we examine the dependence of this relationship on the pace at which firms grow and the age of the firm. From a dataset of 5498 manufacturing firms in Italy for the period of 2000–2008, longitudinal fixed effects quantile models are estimated, in which the firm’s age is set to moderate the effects of ...

  17. How Does Top Managers' Cognition about Corporate Resources Influence Firm Growth?

    DEFF Research Database (Denmark)

    Distel, Andreas Philipp

    conceptualization is lacking and it remains unclear under what conditions resource cognition leads to superior firm performance. Drawing on the Penrosian view and the dynamic managerial capabilities perspective, this study further develops resource cognition in terms of top managers’ cognitions about the firm......’s technology- and market-related resources. Using multi-source data of firms operating in a dynamic industry, we investigate how resource cognition affects firm growth. We also explore the contingent role of decentralization and top management team size as important structural elements determining...

  18. Growth of new firms and spatially bounded knowledge externalities.

    NARCIS (Netherlands)

    Raspe, O.; Oort, F.G. van

    2011-01-01

    If localized knowledge spillovers are important, new firms will tend to locate in proximity of one another, as well as other knowledge sources, in order to capitalize on external knowledge stocks. Although theories that emphasize knowledge spillovers thus present the urban and regional character

  19. Financial Management Competence of Founding Teams and Growth of New Technology-Based Firms

    DEFF Research Database (Denmark)

    Brinckmann, Jan; Gemuenden, Hans Georg; Salomo, Søren

    2009-01-01

    This article draws on the resource-based view to analyze the role founding teams' financial management competencies play for firm growth. Prior research stressed the importance of acquiring external financial resources. In this study, we broaden the understanding of financial management in new......-assessments of their financial management competencies at start-up. We apply the partial least squares approach to determine the effects of the different financial management competencies on firm growth....... firms. We explore the relevance of strategic financial planning competence, external financing competence, competence in financing from cash flow, and controlling competence of entrepreneurial teams for the growth of new technology-based firms. A total of 212 founding teams provided self...

  20. The Risk of Growing Fast: Does fast growth have a negative impact on the survival rates of firms?

    NARCIS (Netherlands)

    Zhou, Haibo; van der Zwan, Peter; de Kok, Jan; Hartog, Chantal

    2012-01-01

    Fast-growing firms are considered as the central drivers of job creation in the economy. There is an abundance of literature on the separate subjects of firm growth and firm survival. However, the relationship between survival and growth is neglected. Using the Dutch Longitudinal Enterprise Database

  1. Determining firm characteristics and the level of voluntary corporate governance disclosures among Malaysian listed property companies

    Directory of Open Access Journals (Sweden)

    Talpur Shabana

    2018-01-01

    Full Text Available This study examined the level of voluntary corporate governance disclosures and the influence of firm characteristics (i.e., firm size, firm age, and firm market listing on the level of these disclosures among Malaysian property listed companies. The check-list to measure the voluntary corporate governance disclosures was adopted from Malaysian corporate governance index 2011 by Minority Shareholder Watchdog Group (MSWG. The voluntary corporate governance disclosure practices and firm specific characteristics were obtained from annual reports of property listed companies on Bursa Malaysia for the period of 2012 to 2015. The findings suggested an improving voluntary corporate governance reforms in Malaysia. However, the firm size was found as an inflicting factor in determining the level and quality of voluntary corporate governance disclosure practices. On the contrary, the results found were contradicting the hypothesis related to firm age and firm market listing, as no relation of voluntary corporate governance disclosures and firm age and firm market listing. The study has made an interesting contribution toward the disclosure and corporate governance by contributing in understanding the importance of quality disclosure and good governance practices.

  2. Tariffs and Firm-Level Heterogeneous Fixed Export Costs

    DEFF Research Database (Denmark)

    Jørgensen, Jan G.; Schröder, Philipp J.H.

    2005-01-01

    tariff that maximizes national and world welfare. Applying one of the simplest specifications possible, namely a symmetric two-country intra-industry trade model with fixed export costs that are heterogeneous across firms, we find that the reciprocal reduction of small tariffs reduces welfare....

  3. The Great Trade Collapse and the Spanish Export Miracle: Firm-level Evidence from the Crisis

    OpenAIRE

    Eppinger, Peter S.; Meythaler, Nicole; Sindlinger, Marc-Manuel; Smolka, Marcel

    2017-01-01

    We provide novel evidence on the micro-structure of international trade during the 2008 financial crisis and subsequent global recession by exploring a rich firm-level data set from Spain. The focus of our analysis is on changes at the extensive and intensive firm-level margins of trade, as well as on performance differences (jobs, productivity, and firm survival) across firms that differ in their export status. We find no adverse effects of the financial crisis on foreign market entry or exi...

  4. Effect of Work-Life Balance Practices on Firm Productivity: Evidence from Japanese firm-level panel data

    OpenAIRE

    YAMAMOTO Isamu; MATSUURA Toshiyuki

    2012-01-01

    This paper examines how firm practices that could contribute to worker attainment of work-life balance (WLB) affect the total factor productivity (TFP) of a firm, by using panel data of Japanese firms from the 1990s. We observed a positive correlation between the WLB practices and TFP among sampled firms. However, that correlation vanished when we controlled for unobserved firm heterogeneity, and we found no general causal relationship in which WLB practices increase firm TFP in the medium or...

  5. The effects of country and firm-level governance on cash management

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    We examine the effects of both country and firm-level governance on cash holdings and the value of cash for a large international sample during the period 2002-2013. We find that both strong country and strong firm-level governance reduce the amount of cash holdings. We observe that a number of the

  6. Listening to firms : how to use firm-level surveys to assess constraints on private sector development

    OpenAIRE

    Stone, Andrew H.W.

    1992-01-01

    Firm-level surveys elicit information important to formulating sound policy advice and designing projects to promote private sector development. Drawing on recent World Bank experience in eight countries, the author advises why and how to implement targeted field surveys by answering the following questions: Why use targeted field surveys? How should surveys be focused and designed? What types of questions work best in surveys? How can surveys be oriented toward their target population? How s...

  7. The impact of natural disasters on firm growth in Vietnam : Interaction with financial constraints

    NARCIS (Netherlands)

    Zhou, F.; Botzen, W.J.W.

    2017-01-01

    The theory on the disaster impacts on firm growth is ambiguous and the empirical evidence on this topic is scarce, which hampers the design of disaster risk reduction and climate change adaptation policies. This paper estimates growth models of the impacts of natural disasters on labour, capital,

  8. The Impact of Natural Disasters on Firm Growth in Vietnam: : Interaction with Financial Constraints

    NARCIS (Netherlands)

    Zhou, F.; Botzen, W.J.W.

    2017-01-01

    The theory on the disaster impacts on firm growth is ambiguous and the empirical evidence on this topic is scarce, which hampers the design of disaster risk reduction and climate change adaptation policies. This paper estimates growth models of the impacts of natural disasters on labour, capital,

  9. Small Firms and the Growth Stage: Can Entrepreneurship Education Programmes Be Supportive?

    Science.gov (United States)

    Bureau, S.; Salvador, E.; Fendt, J.

    2012-01-01

    Whilst entrepreneurship education is booming, it focuses largely on nascent entrepreneurs and company creation. In contrast, a major challenge in small business entrepreneurship is growth. The authors first position growth and its barriers in small firms in the context of current theory and practice in entrepreneurship education: from this…

  10. INNOVATION ANALYSIS BASED ON SCORES AT THE FIRM LEVEL

    Directory of Open Access Journals (Sweden)

    Cătălin George ALEXE

    2014-04-01

    Full Text Available Innovation analysis based on scores (Innovation Scorecard is a simple way to get a quick diagnosis on the potential of innovation of a firm in its intention to achieve the innovation capability. It aims to identify and remedy the deficient aspects related to innovation management being used as a measuring tool for the innovation initiatives over time within the innovation audit. The paper aims to present the advantages and disadvantages of using the method, and the three approaches developed over time. Therefore, the model proposed by the consulting firm Arthur D. Little in collaboration with the European Business School, Eckelmann's model and AGGB's local model are summarized and compared. At the end of the paper, several possible solutions are proposed to improve the way of analysis based on scores.

  11. Credit scarcity in developing countries: An empirical investigation using Brazilian firm-level data

    Directory of Open Access Journals (Sweden)

    Antônio Marcos Hoelz Pinto Ambrozio

    2017-01-01

    Full Text Available The aim of this paper is to investigate whether Brazilian manufacturing firms are credit constrained. We exploit a rich database that contains more than three thousand firms with characteristics that may affect their degree of credit constraint: size, being listed in the Brazilian stock market and level of exports-sales ratio. Our results show that all dimensions considered here may affect the sensitiveness of investment to cash flow. Large firms, stock market listed firms as well as firms with better export capacity are associated with inexistence or less credit restriction. Specifically, considering firms’ size, our results corroborate the economic theory prediction and empirical international literature. Furthermore, the influence of being listed in the stock market and export capacity is beyond any possible correlation with size. Even small and middle firms are not credit constrained when listed in the stock market or when the exports-sales ratio is higher.

  12. Working long hours: less productive but less costly? Firm-level evidence from Belgium

    OpenAIRE

    DELMEZ, Françoise; Vandenberghe, Vincent

    2017-01-01

    From the point of view of a profit-maximizing firm, the optimal number of working hours depends not only on the marginal productivity of hours but also on the marginal labour cost. This paper develops and assesses empirically a simple model of firms' decision making where productivity varies with hours and where the firm faces labour costs per worker that are invariant to the number of hours worked: i.e. quasi-fixed labour costs. Using Belgian firm-level data on production, labour costs, work...

  13. Embedding Knowledge Processes to Maintain Service Levels and Efficiency in a Growing Software Service Firm

    NARCIS (Netherlands)

    Oostdam, M.; Verburg, R.M.; Lobbezoo, M.

    2013-01-01

    Software service firms are challenged to maintain high service levels and to innovate at the same time. Therefore, valuable human resources need often to be balanced between innovation and operations related activities. In this paper we describe how such as a firm deals with these issues by

  14. Board national diversity and firm-level innovativeness within the European Union

    DEFF Research Database (Denmark)

    Habersetzer, Antoine; Makkonen, Teemu; Williams, Allan

    2017-01-01

    It has become increasingly commonplace for firms to have foreign-born persons in their board of directors. This has been frequently linked to increasing firm-level innovativeness. Surprisingly, there is no empirical evidence to corroborate or contradict this assumption. The analyses conducted her...

  15. 48 CFR 616.207 - Firm-fixed-price, level-of-effort term contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Firm-fixed-price, level-of-effort term contracts. 616.207 Section 616.207 Federal Acquisition Regulations System DEPARTMENT OF STATE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 616.207 Firm-fixed-price...

  16. 48 CFR 16.207 - Firm-fixed-price, level-of-effort term contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Firm-fixed-price, level-of-effort term contracts. 16.207 Section 16.207 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.207 Firm-fixed...

  17. Interactive learning for upgrading and growth: Case of Indonesian fishery firms

    Directory of Open Access Journals (Sweden)

    Erman Aminullah

    2017-07-01

    Full Text Available This paper intends to reveal the interactive learning for upgrading and growth in Indonesian fishery firms. The main question is how learning and innovation have occurred in Indonesian fishery firms. The study was conducted in two categories of fishery firms: fish processing and aquaculture (shrimp. The interfirm interactions contain knowledge flows and feedback in local production network involving local suppliers and foreign buyers. The study found that the model of interactive learning for upgrading and growth work as a coupling of three loops: the upgrading capability, the growth formation, and limiting elements. The upgrading capability is subject to growth formation, which is determined by limiting elements.  The limiting elements will control the quantity and quality of materials supply that affect inter-firm interaction. The model suggests that the dynamics of upgrading and growth through interactive leraning will continue in a stable manner by easing the constraints of limiting elements through: combating illegal fishing, encouraging interaction with universities, shifting to higher added value products, institutional support for global trading,  preventing shrimp disease, providing infrastructure, business facilities, and regulation information.   Key words: upgrading, growth, limiting elements, knowledge flows, production network, global market.

  18. The Great Trade Collapse and the Spanish Export Miracle: Firm-level Evidence from the Crisis

    DEFF Research Database (Denmark)

    Eppinger, Peter S.; Meythaler, Nicole; Sindlinger, Marc-Manuel

    resilient to the crisis than those firms that restricted their sales to the domestic market. Finally, in contrast to exporters, non-exporters experienced a significant deterioration in their total factor productivity, which led to an overall decline in the productivity of a significant number of industries......We provide novel evidence on the micro-structure of international trade during the 2008 financial crisis and subsequent global recession exploring a rich firm-level data set from Spain. The analysis is motivated by the surprisingly strong export performance of Spain in the aftermath of the great...... trade collapse (dubbed by some as the “Spanish export miracle”). The focus of our analysis is on changes at the extensive and intensive firm-level margins of trade, as well as on performance differences (jobs, productivity, and firm survival) across firms that differ in their export status. We find...

  19. An Analysis of Strategic Marketing Practices of High-Growth U.S. Family Firms

    Directory of Open Access Journals (Sweden)

    Nancy Upton

    2004-10-01

    Full Text Available This paper presents an analysis of strategic marketing factors of Fast Growth family firms from the United States. Data reveal that Fast Growth Family Firms (FGFFs prefer a differentiation strategy in general and are more likely to adopt an early follower strategy when marketing new products or services. We found that rely on existing products, those that are older than three years to a great extent. However, they commit almost a third of sales to new products and services revealing that the businesses are adept at finding subsequent products and services to maintain their momentum in the marketplace. Further, it seems that about a third of new products are sustaining the hyper-growth rate of these firms. In addition to finding new products and services, fast growth family businesses must pursue new customers. Although some researchers have pointed to globalization as the impetus for fast growth, others have noted that family firms avoid the global marketplace. Our sample reveals that U.S. FGFFs are most likely to gain the majority of sales within the U.S. We found international sales significantly correlated with several factors including having an outsider on the board of directors and the use of agents and brokers.

  20. The effect of institutional development on the growth of Brazilian firms

    Directory of Open Access Journals (Sweden)

    Antonio Gledson de Carvalho

    2008-12-01

    Full Text Available This article focuses on the determinants of firm's growth in Brazil. In particular it investigates the individual characteristics of firm that determine its growth; how institutional development affects firm's performance, and how institutional development differently affects small and large firms. We find that, consistently with the learning models, growth is decreasing on age and negatively correlated to size. As expected, firms that belong to an economic group, export and maintain operations abroad grow faster. Growth is negatively correlated to profitability. Furthermore, we observe that shortcomings in institutional development, when measured in terms of corruption, inefficiency of the judicial system and lack of financial development, have a negative impact on firms' growth. This negative impact of corruption and inefficiency of the judicial system is stronger for smaller firms. Large firms benefit the most with financial development. Overall our results indicate that improvement in institutions can be an important mechanism to promote growth. Furthermore, institutional underdevelopment has the perverse effect of promoting concentration.Este artigo foca nos determinantes da taxa de crescimento das firmas no Brasil. Em particular, investigamos as características individuais das empresas que determinam o seu crescimento, como o desenvolvimento institucional afeta a performance da firma e como o desenvolvimento institucional afeta de maneira diversa pequenas e grandes empresas. Nossos resultados, consistentemente com os modelos de crescimento, indicam que taxas de crescimento decrescem com a idade e tamanho da empresa. Conforme o esperado, empresas que pertencem a um grupo econômico, exportam ou mantêm operações no exterior crescem mais rapidamente. Crescimento é negativamente correlacionado com lucratividade. Observamos também que fraco desenvolvimento institucional, mensurado em termos de corrupção e ineficiência do sistema judici

  1. The Impact of Financial Development on the Relationship between Trade Credit, Bank Credit and Firm Characteristics. A Study on Firm-Level Data from Six MENA Countries

    OpenAIRE

    Jézabel Couppey-Soubeyran; Jérôme Héricourt

    2013-01-01

    Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade credit use increases with the difficulty for gaining access to bank credit, and indicators of the quality of the firm's financial structure negatively influence the use of trade credit. Additional investig...

  2. Worker-Level and Firm-Level Effects of a Wage Subsidy Program for Highly Educated Labor

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Kuhn, Johan Moritz

    and firms, we find that the program had positive effects on employment and wages the year individuals participate in the program. For wages, we also find positive and statistically significant effects for the two subsequent years. At the program participating firm level, we find statistically significant...

  3. The Effect of Firm Strategy and Corporate Performance on Software Market Growth in Emerging Regions

    Science.gov (United States)

    Mertz, Sharon A.

    2013-01-01

    The purpose of this research is to evaluate the impact of firm strategies and corporate performance on enterprise software market growth in emerging regions. The emerging regions of Asia Pacific, Eastern Europe, the Middle East and Africa, and Latin America, currently represent smaller overall markets for software vendors, but exhibit high growth…

  4. The Impact of Innovation, Firm Growth and Perceptions on Technical and Scale Efficiency

    NARCIS (Netherlands)

    Bremmer, J.; Oude Lansink, A.G.J.M.; Huirne, R.B.M.

    2008-01-01

    This paper uses a two-stage approach to analyse efficiency and productivity of Dutch glasshouse firms over the period 1991-1998. The first stages uses DEA to determine productivity growth and technical and scale efficiency; the second stage applies a TOBIT model to explain technical and scale

  5. Non-Precautionary Cash Hoarding and the Evolution of Growth Firms

    NARCIS (Netherlands)

    Boot, A.W.A.; Vladimirov, V.

    2016-01-01

    The starting point of our paper is the question: Should a growth firm hoard cash to reduce dilution associated with external financing (by self-financing more) if this means delaying its existing investment opportunity? The analysis of such non-precautionary hoarding gives a stark contrast to the

  6. Power infrastructure quality and manufacturing productivity in Africa: A firm level analysis

    International Nuclear Information System (INIS)

    Moyo, Busani

    2013-01-01

    This study sought to examine the impact of the quality of power infrastructure on productivity in African manufacturing firms using data from the World Bank enterprise surveys. We measured power infrastructure quality using the number of hours per day without electricity and the percentage of output lost due to outages and found these indicators to be negative and significant determinants of productivity. These variables seem to be significant determinants in Uganda, Tanzania and Zambia as well as in the food and agriculture sector. To improve economic growth and encourage employment creation, governments in Africa have to come up with measures to improve the reliability of electricity infrastructure. - Highlights: • Power infrastructure quality indicators are found to have a negative and significant effect. • The power quality indicators have varied effects both at country and sector level. • Owning a generator minimises the negative impact of outages in Uganda, Tanzania and Mauritius. • Other controls like labour, capital, foreign ownership etc. have a positive and significant effect. • The firm age variable is insignificant suggesting that accumulated knowledge does not matter

  7. Job loss, firm-level heterogeneity and mortality: Evidence from administrative data.

    Science.gov (United States)

    Bloemen, Hans; Hochguertel, Stefan; Zweerink, Jochem

    2018-04-01

    This paper estimates the effect of job loss on mortality for older male workers with a strong labor force attachment. Using Dutch administrative data, we find that job loss due to firm closure increased the probability of death within five years by a sizable 0.60 percentage points. Importantly, this effect is estimated using a model that controls for firm-level worker characteristics, such as lagged firm-level annual average mortality rates. On the mechanism driving the effect of job loss on mortality, we provide evidence for an effect running through stress and changes in life style. Copyright © 2018 Elsevier B.V. All rights reserved.

  8. Enterprise Performance in Asia: Using firm-level data for Policy ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Enterprise Performance in Asia: Using firm-level data for Policy-making. Micro and small enterprises play a critical role in job creation and economic ... prevent gender-based violence, and make digital platforms work for inclusive development.

  9. Optimal firm growth under the threat of entry

    Science.gov (United States)

    Kort, Peter M.; Wrzaczek, Stefan

    2015-01-01

    The paper studies the incumbent-entrant problem in a fully dynamic setting. We find that under an open-loop information structure the incumbent anticipates entry by overinvesting, whereas in the Markov perfect equilibrium the incumbent slightly underinvests in the period before the entry. The entry cost level where entry accommodation passes into entry deterrence is lower in the Markov perfect equilibrium. Further we find that the incumbent’s capital stock level needed to deter entry is hump shaped as a function of the entry time, whereas the corresponding entry cost, where the entrant is indifferent between entry and non-entry, is U-shaped. PMID:26435573

  10. Firm-Level Productivity and Management Influence: A Comparison of U.S. and Japanese Automobile Producers

    OpenAIRE

    Marvin B. Lieberman; Lawrence J. Lau; Mark D. Williams

    1990-01-01

    This study compares the productivity of six major US and Japanese motor vehicle manufacturers---General Motors, Ford, Chrysler, Toyota, Nissan and Mazda---from the early 1950's through 1987. Techniques of productivity measurement, conventionally applied at the level of industries or national economies, are adapted for the analysis of individual firms. Several potential determinants of growth in productivity are evaluated, including economies of scale, adoption of "just-in-time" manufacturing,...

  11. GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

    Directory of Open Access Journals (Sweden)

    Becsky Nagy Patricia

    2014-07-01

    Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

  12. Firm Leverage and the Financial Crisis

    OpenAIRE

    Fatih Altunok; Arif Oduncu

    2014-01-01

    The firm growth dynamics is an important topic since the growth performance of firms is the main source of the economic growth in countries. Generally, crises produce a sharp decline in firms’ growth and this leads to a decline in both the level of employment and the income of households. This paper focuses on the role of firm leverage on the growth performance of the firm during the global financial crisis. We investigate whether the firms that experienced a large leverage increase before th...

  13. Interfrm Cooperation Strategy of Hyper-Growth and Stable-Growth ICT Firms in Sweden

    Directory of Open Access Journals (Sweden)

    Monika Golonka

    2017-01-01

    Full Text Available Purpose: The main purpose of this study was to compare the phenomenon of interfrm cooperation strategy in both hyper-growth, and stable-growth knowledge and technology–intensive frms, in a country characterized by a high level of generalized trust: Sweden. Methodology: Qualitative methods were incorporated: direct semistructured interviews with top managers in 13 ICT frms (8 hyper-growth and 5 stable-growth, analyzis of reports, corporate websites and press releases. Furthermore, interviews in 3 expert frms in the industry were conducted, facilitating interfrm cooperation. Conclusions: There were signifcant differences in interfrm cooperation strategy in two distinguished groups of the frms: hyper-growth, and stable-growth. Managers’ individual approaches to uncertainty, strategy and cooperation might be more important than institutional settings. The ICT frms operate in a constantly changing global environment and local context seems to have only a minor impact on the rules of the game in the industry. Research limitations: This study was a qualitative explorative approach as an introduction to further empirical research. Originality: The study presents an interfrm cooperation phenomenon incorporating different perspectives and settings. It contributes to alliance portfolio literature (forming and managing of alliance portfolio in a different context/country/industry, and enhances understanding of frm strategies characterized by different growth rates.

  14. Does money buy credit? Firm-level evidence on bribery and bank debt

    OpenAIRE

    Fungácová , Zuzana; Kochanova, Anna; Weill, Laurent

    2014-01-01

    This study examines how bribery influences bank debt ratios for a large sample of firms in 14 transition countries. We combine information on bribery practices from the BEEPS survey with firm-level accounting data from the Amadeus database. Bribery is measured by the frequency of extra unofficial payments to officials to “get things done”. We find that bribery is positively related to firms’ total bank debt ratios, which provides evidence that bribing bank officials facilitates firms’ access ...

  15. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    Directory of Open Access Journals (Sweden)

    Sinem Celik Girgin

    2018-01-01

    Full Text Available The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.

  16. Employment growth, human capital and educational levels

    DEFF Research Database (Denmark)

    Hansen, Høgni Kalsø; Winther, Lars

    2015-01-01

    human capital in understanding regional growth. We examine to what extent different labour competences and capabilities relate to municipal employment growth using nine stratified, educational categories as proxies for different levels of human capital. Dividing municipalities into four spatial...... categories ranging from the urban to the peripheral, we conclude that there is a strong spatial distinction of educational structures with an urban bias, and that educational categories other than academic human capital can make an important contribution to our understanding of what drives employment growth......Contemporary studies in urban and regional development stress the importance of large city-regions as key places in modern capitalism taking the form of agglomerations of economic activities by industries, firms and highly skilled people. In this article, we challenge the strong focus on academic...

  17. Assessment of U.S. firm-level climate change performance and strategy

    International Nuclear Information System (INIS)

    Yu, Yu; Wang, Derek D.; Li, Shanling; Shi, Qinfen

    2016-01-01

    Climate change is becoming an increasingly critical concern for human society. While there has been a great deal of research on climate change performance at the country/region level, our research focuses on the study of firm-level environmental efficiency as a proxy for firms' climate change management. Using a unique data set on U.S. S&P 500 firms for the period 2012–2013 and DEA slack-based models, we obtain firms' environmental efficiencies in six sectors. The results show significant performance dispersions both across and within the sectors. We highlight each sector's pros and cons in the environmental performance and propose guidelines for policy makers to further improve climate change performance. We also evaluate firms' operational performance and propose a unified performance measure by integrating operational and environmental efficiencies. Overall, we find there is no significant relationship between operational and environmental efficiencies in any of the six industrial sectors under study. The unified performance measures are more driven by the environmental efficiency than the operational efficiency. - Highlights: •U.S. firms have large variations in climate performance across/within the sectors. •Relationship between operational and climate performances is not significant. •The operational and climate performances can be captured in a unified measure.

  18. Structural ambidexterity in NPD processes; A firm-level assessment of the impact of differentiated structures on innovation performance

    NARCIS (Netherlands)

    de Visser, Matthias; de Weerd-Nederhof, Petronella C.; Faems, D.L.M.; Song, Michael; Song, Michael; van Looy, Bart; van Looy, Bart; Visscher, Klaasjan

    2010-01-01

    Based on a survey study of 155 U.S. firms, we conducted a firm-level assessment of the impact of different kinds of structures (i.e., functional versus cross-functional) in different kinds of new product development (NPD) processes (i.e., incremental versus radical) on different kinds of firm

  19. Taking it to another level: do personality-based human capital resources matter to firm performance?

    Science.gov (United States)

    Oh, In-Sue; Kim, Seongsu; Van Iddekinge, Chad H

    2015-05-01

    Drawing on the attraction-selection-attrition perspective, strategic human resource management (SHRM) scholarship, and recent human capital research, this study explores organization-level emergence of personality (i.e., personality-based human capital resources) and its direct, interactive, and (conditional) indirect effects on organization-level outcomes based on data from 6,709 managers across 71 firms. Results indicate that organization-level mean emotional stability, extraversion, and conscientiousness are positively related to organization-level managerial job satisfaction and labor productivity but not to financial performance. Furthermore, organization-level mean and variance in emotional stability interact to predict all three organization-level outcomes, and organization-level mean and variance in extraversion interact to predict firm financial performance. Specifically, the positive effects of organization-level mean emotional stability and extraversion are stronger when organization-level variance in these traits is lower. Finally, organization-level mean emotional stability, extraversion, and conscientiousness are all positively related to firm financial performance indirectly via labor productivity, and the indirect effects are more positive when organization-level variance in those personality traits is lower. Overall, the findings suggest that personality-based human capital resources demonstrate tangible effects on organization-level outcomes. Theoretical and practical implications of these findings are discussed along with study limitations and future research directions. (c) 2015 APA, all rights reserved.

  20. Direct and indirect effects of ownership on firm-level environmental performance

    Czech Academy of Sciences Publication Activity Database

    Earnhart, D.; Lízal, Lubomír

    2007-01-01

    Roč. 45, č. 4 (2007), s. 66-87 ISSN 0012-8775 Institutional research plan: CEZ:AV0Z70850503 Keywords : ownership structure * firm-level environmental performance * transition economy Subject RIV: AH - Economics Impact factor: 0.413, year: 2007

  1. The Effects of Internationalization on Innovation: Firm-Level Evidence for Transition Economies

    NARCIS (Netherlands)

    Martijn Boermans; Hein Roelfsema

    2012-01-01

    It is well-documented that international enterprises are more productive. Only few studies have explored the effect of internationalization on productivity and innovation at the firm-level. Using propensity score matching we analyze the causal effects of internationalization on innovation in 10

  2. Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence

    International Nuclear Information System (INIS)

    Zhang, Dayong; Cao, Hong; Zou, Peijiang

    2016-01-01

    The new century has witnessed phenomenal worldwide growth in renewable energy investments. China has been especially remarkable, surpassing both the US and the EU in 2013. Some recent facts, however, have raised the question of whether exuberant investment in China’s renewable energy sector is rational. This paper aims to contribute to the literature and to the debate in two ways. First, it tests the over-investment hypothesis based on the main stream finance methodology; second, it analyzes the role of capital structure in the performance of China's renewable energy firms. Empirical results show that overinvestment in the renewable energy sector exists. The problem is more significant in the biomass and wind sector. Capital structure is found to be more important to downstream firms, indicating that policy makers may provide support that enables these firms to finance their investments through corporate bonds, commercial credit, or long-terms debts. - Highlights: •We test the over-investment hypothesis of renewable energy firms in China. •The role of capital structure is also empirically investigated. •We find irrational investment and confirm the role of financing structure. •The results are sensitive to the main business sectors and industrial line.

  3. Do Specific Growth Drivers Exist for Firms? A Regional Analysis of Start-ups and Industrial Growth

    Directory of Open Access Journals (Sweden)

    PAUL I. OJEAGA

    2016-06-01

    Full Text Available The study of start-ups, have remained largely a micro economic issue. Firms are the key drivers of industrial sector GDP (or enterprise growth in countries across regions. Few studies have tried to examine the consequence of start-ups in the broad macroeconomics terms on enterprise growth in general with special emphasis on industrial sector output. This study provides a macroeconomic study of the effect of start- ups on industrial sector growth for countries in some specific geographical regions of the world. Panel data is utilized due to it obvious advantages such its ability to utilize a panel of short time frames and its suitability for controlling for omitted variable bias and unobservable heterogeneity across regions. The results show that start-ups remain an intrinsic variable for enterprise growth and industrial sector output discussion in general.

  4. How Corporate Cultures Coevolve with the Business Environment: The Case of Firm Growth Crises and Industry Evolution

    OpenAIRE

    Christian Cordes; Peter J. Richerson; Georg Schwesinger

    2010-01-01

    International audience; This paper shows how cognitive human dispositions that take effect at the level of an individual firm's corporate culture have repercussions on an industry's evolution. In our theory, the latter is attributable to evolving corporate cultures coupled with changes in a firm's business environment. With the help of a formal model of evolving corporate cultures, we demonstrate how firms can establish a cooperative cultural regime that yields competitive advantages in an in...

  5. Multiple levels in the organisation of innovation : project organization in single-firm projects and multi-firm projects

    NARCIS (Netherlands)

    Jaspers, F.P.H.; Ende, van den J.C.M.; Borgh, van der W.; Yin, Jie

    2008-01-01

    Studies about how the organization of new product (and new service) development projects (NPD) projects influences project performance typically investigate this in Single-firm projects, i.e. projects with high ownership integration. However, NPD projects are often performed by two or more

  6. Does Firms’ Innovation Promote Export Growth Sustainably?—Evidence from Chinese Manufacturing Firms

    Directory of Open Access Journals (Sweden)

    Liangfeng Hao

    2016-11-01

    Full Text Available Recent theoretical analysis and empirical studies have emphasized that firms’ innovation could significantly improve export growth. However, the positive effect of innovation on exports is likely to change due to unstable domestic offsetting for innovation and increasing worldwide competition for trade. This study aims to explore the dynamic link between them. We first develop a theoretical model between innovation and export growth based on the theory of heterogeneity. Export growth is measured through the dimensions of extensive margin and intensive margin so as to better investigate the effect of innovation on export performance. The propositions of mechanism analysis reveal that the effect of innovation on exports is non-linear rather than sustainable. An empirical study is followed to test the propositions by using data from a representative panel of Chinese manufacturing firms. Consistent with the theoretical predictions, the results show an inverted U-shaped relationship between innovation and extensive margin and a U-shaped relationship between innovation and intensive margin. The non-linear relations are verified by a threshold effect test. Further study shows less innovation and more firms on the left side of the relation curves. The distribution suggests irregular innovation ability among the exporters. Moreover, the role of innovation is more important for export growth and the corresponding threshold is higher in terms of high technological sectors. The contribution of this study is to introduce a comprehensive framework to investigate the dynamic effect of innovation on export growth, serving as a modest spur to induce the following studies to explore the sustainability of innovation effect.

  7. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    OpenAIRE

    Sinem Celik Girgin; Thanasis Karlis; Hong-Oanh Nguyen

    2018-01-01

    The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (...

  8. Corporate governance determinants: the firm-level evidence from transitional country, Ukraine

    Directory of Open Access Journals (Sweden)

    Vitaliy Zheka

    2007-01-01

    Full Text Available This paper attempts to empirically investigate the determinants of choices of corporate governance practices by corporations in a transition market. The study offers firm-level evidence benefiting from unique financial and governance data on Ukraine. In particular, we analyze the factors that affect overall level as well as individual elements of corporate governance. We consider such governance elements as shareholder rights, transparency, board independence, chairman independence and ownership. Overall we found that regulatory, industry and firm level factors are important, which is consistent with previous literature for other countries. Combining our results with the results of Zheka (20063 we conclude that it is possible for the government to implement and enforce better corporate governance practices in the economy that would make Ukrainian enterprises more attractive for foreign investment.

  9. Allometry and growth of six tree species in a terra firme forest in colombian amazonia

    International Nuclear Information System (INIS)

    Giraldo Pamplona Wilson A; Dairon, Alvaro; Cardenas Montoya J, Duque

    2011-01-01

    In this study carried out in the Amacayacu National Park in the Colombian Amazonia, we assessed the allometric relationship among different tree structural variables and the growth in diameter and biomass of six species classified according to their wood specific gravity. The tree species chosen were Eschweilera rufolia, Eschweilera itayensis, Conceveiba guianensis, Otoba parvifolia, Pseudolmedia laevis, and Apeiba aspera. The dbh was the most important structural explanatory variable. Regarding the total height dbh model, the allometric coefficient b changed between species showing a trend to increase, and thus a taper decrease, proportional to. There were o significant differences in diameter growth between species (P=0.119, F=1.80) or functional groups (P=0.153, F= 1.19). Likewise, biomass growth did not show significant differences neither between species (P=0.0784, F=2.05) nor functional groups (P=0.0711, F=2.71). However, there was a positive trend between and diameter growth and a negative one between and biomass growth. The results of this study suggest that this forest is recovering in biomass at a constant rate independent of the patch age, which emphasizes on the importance of pioneer species and gap formation on the carbon dynamics and the species coexistence in Amazonian tierra firme forests.

  10. Effect of International Standards Certification on Firm-Level Exports: An Application of the Control Function Approach

    OpenAIRE

    Tsunehiro Otsuki

    2011-01-01

    Growing number of firms in developing countries have earned certifications such as International Standards Organization (ISO) as it enhances reputation of their company or brand and attract buyers particularly in export market. This study evaluates the effect of international standards certification on firm's export performance in Europe and Central Asia by applying the control function approach with endogenous treatment effect to firm-level data. Certification is found to increase export sha...

  11. Does Government Support for Private Innovation Matter? Firm-Level Evidence from Turkey and Poland

    OpenAIRE

    Wojciech Grabowski; Teoman Pamukcu; Krzysztof Szczygielski; Sinan Tandogan

    2013-01-01

    The aim of the project is to analyze government support for innovation in a comparative perspective by first examining the main existing instruments of financial support for innovation in Turkey and Poland, and secondly to assess their effectiveness by applying recent econometric techniques to firm-level data for both countries obtained from the Community Innovation Survey (CIS). Comparing Turkey to Poland is both meaningful and promising from a policy-analysis point of view. Both countries a...

  12. Do Direct Foreign Investments Increase Efficiency Convergence at Firm Level? The Case of Vietnam, 2000-2011

    Directory of Open Access Journals (Sweden)

    Nguyen Khac Minh

    2014-07-01

    Full Text Available The objective of this study is to assess the extent to which  the effect of FDI on firms’  efficiency and efficiency convergence across industries in Vietnam. Dynamic input output tables are used to construct the linkages between domestic and foreign firms. Stochastic production frontier is used to estimate firms ‘efficiency with a large panel dataset covering manufacturing firms in Vietnam from 2000 to 2011. The analysis shows that, the impact of FDI on domestic firms ‘efficiency score and convergence at firms’ level through the horizontal, backward and supply backward channels are negative and different.

  13. KNOWLEDGE CAPITAL, INTANGIBLE ASSETS, AND LEVERAGE: EVIDENCE FROM U.S. AGRICULTURAL BIOTECHNOLOGY FIRMS

    OpenAIRE

    Sporleder, Thomas L.; Moss, Leeann E.; Nickels, Lori A.

    2002-01-01

    Firms in general, and high technology firms such as biotechnology firms in particular, are both a set of assets in place and growth opportunities. This has important implications for managerial decision-making. Knowledge capital motivates exploitation of growth options, which affects firm cash flow. In turn, the level and volatility of firm cash flow influences firm financing decisions. Previous studies suggest that knowledge capital can influence both the location and capital structure of fi...

  14. Knowledge Capital, Intangible Assets, and Leverage: Evidence from U.S. Agricultural Biotechnology Firms

    OpenAIRE

    Sporleder, Thomas L.; Moss, Leeann E.

    2004-01-01

    Agricultural biotechnology firms are high technology companies. Firms in general, and high technology firms in particular, are a set of both assets in place and growth opportunities. This has important implications for managerial decision-making. Knowledge capital motivates exploitation of growth options, which affects firm cash flow. In turn, the level and volatility of firm cash flow influences firm financing decisions. Previous studies suggest that knowledge capital can influence both the ...

  15. Innovation in clean coal technologies. Empirical evidence from firm-level patent data

    Energy Technology Data Exchange (ETDEWEB)

    Kruse, Juergen [Koeln Univ. (Germany). Dept. of Economics; Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Wetzel, Heike [Kassel Univ. (Germany). Inst. of Economics

    2016-02-15

    This article empirically analyzes supply-side and demand-side factors expected to a.ect innovation in clean coal technologies. Patent data from 93 national and international patent offices is used to construct new firm-level panel data on 3,648 clean coal innovators over the time period 1978 to 2009. The results indicate that on the supply-side a firm¡¯s history in clean coal patenting and overall propensity to patent positively a.ects clean coal innovation. On the demand-side we find strong evidence that environmental regulation of emissions, that is CO{sub 2}, NO{sub X} and SO{sub 2}, induces innovation in both efficiency improving combustion and after pollution control technologies.

  16. Measuring the Return on Information Technology: A Knowledge-Based Approach for Revenue Allocation at the Process and Firm Level

    National Research Council Canada - National Science Library

    Pavlou, Paul A; Housel, Thomas J; Rodgers, Waymond; Jansen, Erik

    2005-01-01

    ...., firm or process level). To address this issue, the study aims to develop a method for allocating the revenue and cost of IT initiatives at any level of analysis using a common unit of measurement...

  17. Exploring features and opportunities of rapid-growth wine firms in Chile

    Directory of Open Access Journals (Sweden)

    Jorge J. Román

    2017-04-01

    Full Text Available While much has been studied regarding the wine industry in Spain and France, little has been studied in developing countries. The aim of this work is to study the characteristics of dynamic wine firms in Chile. This paper presents qualitative research and reports six cases of wine companies, where several variables are analyzed according to Barringer, Jones and Neubaum framework. These variables include prior experience, founders’ knowledge regarding large company management, the use of strategic-planning systems and the use of new technology in the majority of its production. The results of this research could prove insightful for wine entrepreneurs looking to enhance their growth, based on greater differentiation and innovation, and not only on being competitive in pricing.

  18. Firm size and taxes

    OpenAIRE

    Chongvilaivan, Aekapol; Jinjarak, Yothin

    2010-01-01

    The scale dependence in firm growth (smaller firms grow faster) is systematically reflected in the size distribution. This paper studies whether taxes affect the equilibrium firm size distribution in a cross-country context. The main finding is that the empirical association between firm growth and corporate tax (VAT) is positive (negative), with notable differences in the response of manufacturing firms and that of the others. We draw implications for recent debate on the impact of taxes and...

  19. The financing and growth of firms in China and India : evidence from capital markets

    OpenAIRE

    Didier, Tatiana; Schmukler, Sergio L.

    2013-01-01

    This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even ...

  20. Pilot Comparative Case Study on Eco-innovation Dynamics at firm level

    DEFF Research Database (Denmark)

    Yang, Yan; Du, Xiangyun; SHAO, Yunfei

    2010-01-01

    This paper pays special attention to eco-innovations dynamics at firm level. Triple helix twins are employed to disclose the complex collaborations within and across the case companies, as it provides us the possibilities of looking beyond the simpler, linear model of innovation and. Grundfos...... and environmental regulations. Dong Fang (China) is identified as a company at the very beginning of eco-innovation, as its compliance with environmental standards such as ISO 9001, ISO14001, OHSAS 18001 is absent at present; its collaborations with government and universities or research institutions...... helix twins and eco-innovation dynamics is addressed....

  1. Maintaining the CSR-identity of Sustainable Entrepreneurial Firms: The role of corporate governance in periods of business growth

    NARCIS (Netherlands)

    Roelofsen, M.; Blok, V.; Wubben, E.F.M.

    2015-01-01

    This chapter focuses on the maintenance of the CSR-identity of sustainable entrepreneurial firms (SEFs) during periods of business growth. Our aim is to explore to what extent corporate governance mechanisms can be seen as effective mechanisms to maintain the CSR-identity of growing SEFs. To this

  2. The effect of information technology investment on firm-level performance in the health care industry.

    Science.gov (United States)

    Thouin, Mark F; Hoffman, James J; Ford, Eric W

    2008-01-01

    The return on investment for information technology (IT) has been the subject of much debate throughout the history of management information systems research. Often referred to as the productivity paradox, increased IT investments have not been consistently associated with increased productivity. Understanding individual IT factors that directly contribute to business value should provide insight into the productivity paradox. The effects of 3 different firm-level IT characteristics on financial performance in the health care industry are studied. Specifically, the effects of IT budget, IT outsourcing, and the relative number of IT personnel on firm-level financial performance are analyzed. Regression analysis of archival survey data for 914 Integrated Healthcare Delivery Systems is performed. IT budgetary expenditures and the number of IT services outsourced are associated with increases in the profitability of Integrated Healthcare Delivery Systems, whereas increases in IT personnel are not significantly associated with increased profitability. Each one tenth of a percentage increase in IT expenditures is associated with approximately $100,000 in increased profit, and each additional IT service outsourced is associated with approximately $950,000 in increased profit for an average-sized Integrated Healthcare Delivery System. To increase profitability, IT administrators should increase IT budgetary expenditures along with IT outsourcing levels. IT administrators in the health care industry can use such findings during budgeting cycles to justify increased investments in IT personnel as being budget neutral while increasing organizational capacity.

  3. Crescimento da firma e comércio exterior: revisitando a teoria de Adrian Wood Growth of the firm and foreign trade: Adrian Wood's theory revisited

    Directory of Open Access Journals (Sweden)

    Fabrício Catermol

    2006-06-01

    Full Text Available This paper analyzes the growth of the firm by foreign trade. The theory of Adrian Wood is revisited for the analysis of growth and profit trade-off and improved to cope with growth by exports. The main outcome of this paper is that low domestic demand can be a very important factor to firm choices growth by foreign market. However, the growth of domestic demand does not necessarily reduce exports.

  4. Strategic Entrepreneurship Version 2: A Reconceptualisation and Extension of Ireland, Hitt and Sirmon's Model for Growth and Wealth Creation in Firms

    OpenAIRE

    Soh, Hian Quan

    2006-01-01

    The main objectives of firms regardless of size are wealth creation and growth. One promising avenue for firms to stimulate further growth and create additional wealth is through entrepreneurial opportunities. However, there is the danger that opportunity-seeking behaviour can become reckless, draining resources and damaging the competitive base of the firm. It is on this basis that Ireland, Hitt and Sirmon (2003) proposed Strategic Entrepreneurship: the combination of opportunity-seeking a...

  5. Growth, Structure and Firm Dynamics in Grain Markets: The Case of ...

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    market, firms faced with a U-shaped average cost curve will grow until they reach the ... Regulation and institutional challenges may also deter firm owners from making .... owners/managers account for only 10% of the grain traders. Women ...

  6. Functional Management Competence and Growth of Young Technology-Based Firms

    DEFF Research Database (Denmark)

    Salomo, Søren; Brinckmann, Jan; Talke, Katrin

    2008-01-01

    . While technology management competence is positively driving development speed, the marketing management competence impact on speed is mediated by competitive advantage of the new products developed by young technology-based firms. Financial management competence has no significant link to firm...

  7. Risks and financing decisions in the energy sector: An empirical investigation using firm-level data

    International Nuclear Information System (INIS)

    Rashid, Abdul

    2013-01-01

    Using a sample of 102 UK energy firms over the period 1981–2009, this paper empirically examines the effects of uncertainty on firms' leverage decisions. The results indicate that both firms-specific and macroeconomic uncertainty have negative, sizeable, and statistically significant impacts on the UK energy sector firms' target leverage. The results also indicate that the profitability of energy firms plays an important role in uncertainty–leverage relationship by changing the (total) effect of uncertainty on leverage. While more profitable firms appear to reduce their leverage by a relatively large amount in response to increased macroeconomic uncertainty, they are less likely to be affected by firm-specific uncertainty. These results suggest that stability in macroeconomic conditions and business activity is important to the stability of the capital structure of firms in the energy sector which would in turn be conducive to stability in their investments and production. - Highlights: • I examine the effect of uncertainty on the UK energy firms' leverage decisions. • Both firm-specific and macroeconomic uncertainty have negative effects on leverage. • Firm profitability plays an important role in uncertainty–leverage relationships. • The total effect of uncertainty on leverage varies with changes in profitability

  8. A Firm Level Study of Information Technology Productivity in Europe Using Financial and Market Based Measures

    Directory of Open Access Journals (Sweden)

    Alan Peslak

    2004-05-01

    Full Text Available For many years, business has invested significant resources in information technology, hardware, software, and manpower. The Productivity Paradox is the seeming lack of productivity gains despite the increased investment in IT. For many years the existence of a Productivity Paradox has been the subject of research interest. Conflicting results have been obtained from a variety of data sets. Until this time however there has been no study that has investigated European companies’ use of information technology and its impact on productivity. The objective of this study was to investigate information technology productivity with a new data set from a European published source, and measuring productivity using both market and financial based measures. Results of the study indicated that information technology did have a consistent positive impact on firm level productivity in Europe for the years 1996, 1997, and 1998. Both market and financial based productivity measures provided consistent positive significant returns with regard to IT productivity. The major contribution of the study is that it provides an analysis of the impact of European information technology on firm and economic productivity.

  9. An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firm-Level Panel Data

    Directory of Open Access Journals (Sweden)

    Abdul Ghafar Ismail

    2005-01-01

    Full Text Available Since the pioneering work of Gurley and Shaw (1955, the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000.

  10. The marketing firm and consumer choice: implications of bilateral contingency for levels of analysis in organizational neuroscience.

    Science.gov (United States)

    Foxall, Gordon R

    2014-01-01

    The emergence of a conception of the marketing firm (Foxall, 1999a) conceived within behavioral psychology and based on a corresponding model of consumer choice, (Foxall, 1990/2004) permits an assessment of the levels of behavioral and organizational analysis amenable to neuroscientific examination. This paper explores the ways in which the bilateral contingencies that link the marketing firm with its consumerate allow appropriate levels of organizational neuroscientific analysis to be specified. Having described the concept of the marketing firm and the model of consumer behavior on which it is based, the paper analyzes bilateral contingencies at the levels of (i) market exchange, (ii) emotional reward, and (iii) neuroeconomics. Market exchange emerges as a level of analysis that lends itself predominantly to the explanation of firm-consumerate interactions in terms of the super-personal level of reinforcing and punishing contingencies: the marketing firm can be treated as a contextual or operant system in its own right. However, the emotional reward and neuroeconomic levels of analysis should be confined to the personal level of analysis represented by individual managers on the one hand and individual consumers on the other. This also entails a level of abstraction but it is one that can be satisfactorily handled in terms of the concept of bilateral contingency.

  11. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

    Malchow-Møller, Nikolaj; Markusen, James R.; Schjerning, Bertel

    to the firm?s productivity. Foreign-owned firms have, on average, higher productivity in equilibrium due to entry costs, which means that low-productivity foreign firms cannot enter. Foreign firms have higher wage growth and, with some exceptions, pay higher average wages, but not when compared to similarly...... large domestic firms. The empirical implications of the model are tested on matched employer-employee data from Denmark. Consistent with the theory, we find considerable evidence of higher wages and wage growth in large and/or foreign-owned firms. These effects survive controlling for individual...... characteristics, but, as expected, are reduced significantly when controlling for unobservable firm heterogeneity. Furthermore, acquired skills in foreign-owned and large firms appear to be transferable to both subsequent wage work and self-employment...

  12. Antecedents of Business Level Strategies in Nigerian Agro-Based Firms

    Directory of Open Access Journals (Sweden)

    Ibidunni Ayodotun Stephen

    2014-09-01

    Full Text Available The purpose of this paper is to investigate the impact of antecedent factors on business level strategies of Nigerian agro-based firms. The study made use of survey method over one hundred and ninety-three respondents. Pearson’s correlation and regression analysis were used to analyze the data obtained. The existing relationship stemming from the results revealed that top management factor, organizational system, and departmental connectivity are important antecedent factors that determine the success or otherwise of strategic orientation dimensions. The study recommends that the calibre of the top management personnel and the internal cohesion between departments should be considered a critical variable in the adoption of particular orientation.

  13. Is Innovation Destroying Jobs? Firm-Level Evidence from the EU

    Directory of Open Access Journals (Sweden)

    Mariacristina Piva

    2018-04-01

    Full Text Available Using a unique firm-level database comprising the top European R&D investors over the period 2002–2013 and running LSDVC estimates, this study finds a significant labor-friendly impact of R&D expenditures. However, this positive employment effect appears limited in magnitude and entirely due to the medium- and high-tech sectors, while no effect can be detected in the low-tech industries. From a policy point of view, this outcome supports the EU2020 strategy but—taking into account that most European economies are specialized in low-tech activities—is also worrying in terms of future perspectives of the European labor market.

  14. Performance measurement systems, TQM, and multi-level firm performance: a person-organisation fit perspective

    OpenAIRE

    Wei, Jo-Ting; Chang, Yeun Wen; Zhang, Xiaoxiang; Wu, Hsin-Hung

    2017-01-01

    For firms implementing TQM, there is a need to redesign performance measurement systems (PMS). Innovated PMS ought to have measurement diversity in their structure with considering the spirit of TQM and emphasize the congruence of goals between employees and firms by adding the viewpoint of person-organisation fit (P-O fit). This paper adopts structural equation modeling (SEM) to examine Taiwanese manufacturing firms to study the association between the P-O fit of PMS and the implementation o...

  15. Essays on Firm Behavior in Developing Economies

    Science.gov (United States)

    Abeberese, Ama Baafra

    The performance of firms is central to growth in developing economies. A burgeoning literature within development economics seeks to understand the behavior of firms in developing countries and the constraints to their performance. This dissertation explores two types of constraints---infrastructure-related constraints and trade-related constraints---faced by manufacturing firms in developing countries. Despite the widely acknowledged importance of infrastructure for economic growth, there has been relatively little research on how infrastructure affects the decisions of firms. Electricity, in particular, is commonly cited by firms in developing countries as a major obstacle to their performance. In the first two chapters, I analyze the responses of firms to two types of electricity constraints, namely electricity prices and electricity shortages. Chapter 1 provides evidence on how electricity prices affect a firm's industry choice and productivity growth using data on Indian manufacturing firms. I construct an instrument for electricity price as the interaction between the price of coal paid by power utilities, which is arguably exogenous to firm characteristics, and the initial share of thermal generation in a state's total electricity generation capacity. I find that, in response to an exogenous increase in electricity price, firms reduce their electricity consumption and switch to industries with less electricity-intensive production processes. I also find that firm output, machine intensity and labor productivity decline with an increase in electricity price. In addition to these level effects, I show that firm output and productivity growth rates are negatively affected by high electricity prices. These results suggest that electricity constraints faced by firms may limit a country's growth by leading firms to operate in industries with fewer productivity-enhancing opportunities. Chapter 2 examines the impact of electricity shortages on firm investment. I

  16. Income levels and income growth : some new cross-country evidence and some interpretative puzzles

    NARCIS (Netherlands)

    Castaldi, C.; Dosi, G.

    2004-01-01

    This work brings together two distinct ensembles of evidence concerning, at macro level, international distributions of incomes and their dynamics, and, at micro level, the size distributions of firms and the properties of their growth rates. Together, we also consider an intermediate level of

  17. Exports and Innovation in Emerging Economies : Firm-Level Evidence from South-Africa

    NARCIS (Netherlands)

    Vannoorenberghe, Gonzague

    2015-01-01

    Using a new dataset on the innovation and exports of 500 South African firms, this paper asks whether exports affect rm innovation in the context of an emerging economy. We use a range of particularly attractive features of the dataset. Firms not only report whether they innovated but describe their

  18. Flexible labor and innovation performance : Evidence from longitudinal firm-level data

    NARCIS (Netherlands)

    Zhou, H.; Dekker, R.; Kleinknecht, A.

    Firms with high shares of workers on fixed-term contracts tend to have higher sales of imitative new products but perform significantly worse on sales of innovative new products ("first on the market"). High functional flexibility in "insider-outsider" labor markets enhances a firm's new product

  19. Explaining the level of credit spreads: Option-implied jump risk premia in a firm value model

    NARCIS (Netherlands)

    Cremers, K.J.M.; Driessen, J.; Maenhout, P.

    2008-01-01

    We study whether option-implied jump risk premia can explain the high observed level of credit spreads. We use a structural jump-diffusion firm value model to assess the level of credit spreads generated by option-implied jump risk premia. Prices and returns of equity index and individual options

  20. The marketing firm and consumer choice: implications of bilateral contingency for levels of analysis in organizational neuroscience

    Directory of Open Access Journals (Sweden)

    Gordon Robert Foxall

    2014-07-01

    Full Text Available The emergence of a conception of the marketing firm (Foxall, 1999a conceived within behavioral psychology and based on a corresponding model of consumer choice, (Foxall, 1990/2004 permits an assessment of the levels of behavioral and organizational analysis amenable to neuroscientific examination. This paper explores the ways in which the bilateral contingencies that link the marketing firm with its consumerate allow appropriate levels of organizational neuroscientific analysis to be specified. Having described the concept of the marketing firm and the model of consumer behavior on which it is based, the paper analyzes bilateral contingencies at the levels of (i market exchange, (ii emotional reward, and (iii neuroeconomics. Market exchange emerges as a level of analysis that lends itself predominantly to the explanation of firm—consumerate interactions in terms of the super-personal level of reinforcing and punishing contingencies: the marketing firm can be treated as a contextual or operant system in its own right. However, the emotional reward and neuroeconomic levels of analysis should be confined to the personal level of analysis represented by individual managers on the one hand and individual consumers on the other. This also entails a level of abstraction but it is one that can be satisfactorily handled in terms of the concept of bilateral contingency.

  1. The marketing firm and consumer choice: implications of bilateral contingency for levels of analysis in organizational neuroscience

    Science.gov (United States)

    Foxall, Gordon R.

    2014-01-01

    The emergence of a conception of the marketing firm (Foxall, 1999a) conceived within behavioral psychology and based on a corresponding model of consumer choice, (Foxall, 1990/2004) permits an assessment of the levels of behavioral and organizational analysis amenable to neuroscientific examination. This paper explores the ways in which the bilateral contingencies that link the marketing firm with its consumerate allow appropriate levels of organizational neuroscientific analysis to be specified. Having described the concept of the marketing firm and the model of consumer behavior on which it is based, the paper analyzes bilateral contingencies at the levels of (i) market exchange, (ii) emotional reward, and (iii) neuroeconomics. Market exchange emerges as a level of analysis that lends itself predominantly to the explanation of firm—consumerate interactions in terms of the super-personal level of reinforcing and punishing contingencies: the marketing firm can be treated as a contextual or operant system in its own right. However, the emotional reward and neuroeconomic levels of analysis should be confined to the personal level of analysis represented by individual managers on the one hand and individual consumers on the other. This also entails a level of abstraction but it is one that can be satisfactorily handled in terms of the concept of bilateral contingency. PMID:25071506

  2. A research on determination of input levels used in fair value measurement hierarchy by firms listed in Borsa Istanbul

    OpenAIRE

    Gokgoz, Ahmet; Senturk, Fatih

    2015-01-01

    With the coming into force of TFRS 13 Fair Value Measurement Standard, the inputs which firms use for determination of fair value measurement are classified into three levels and hierarchy of determination of fair value is constituted. This standard requires increasing level 1 inputs and decreasing level 3 inputs in determination of fair value. With this study fair value measurement levels (hierarchy) which are used in determination of fair value are described within the scope of TFRS 13 Fair...

  3. Growth, Structure and Firm Dynamics in Grain Markets: The Case of ...

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    In this paper we consider the microeconomic evidence on the determinants of firm performance in Ethiopia, with a focus on grain traders. We analyse both internal and external factors, and the relative impacts of these factors on the performance of grain traders. Different economic indicators seem to suggest that grain ...

  4. Planning effectual growth: a study of effectuations and causation in nascent firms

    NARCIS (Netherlands)

    Kraaijenbrink, Jeroen; Ratinho, Tiago; Groen, Arend J.

    2011-01-01

    Two main contrasting approaches are used in the entrepreneurship literature to explain how new ventures strategize: causal/planned strategies and effectual/emergent strategies. In this study, we explore the use of these strategies within micro and small firms. Our results show that larger companies

  5. New technologies, workplace organisation and the age structure of the workforce: Firm-level evidence

    OpenAIRE

    Patrick Aubert; Eve Caroli; Muriel Roger

    2005-01-01

    This paper investigates the relationships between new technologies, innovative workplace practices and the age structure of the workforce in a sample of French manufacturing firms. We find evidence that the wage-bill share of older workers is lower in innovative firms and that the opposite holds for younger workers. This age bias affects both men and women. It is also evidenced within occupational groups, thus suggesting that skills do not completely protect workers against the labour-market ...

  6. The Effectiveness and Economic Efficiency in the Context of Performance Management at the Firm Level

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina ONICA

    2012-11-01

    Full Text Available Considering that firm performance is incomplete without addressing associated risk to fulfill it, the main objective of this research is to underline the management contribution to the performance and risk of the analyzed enterprise. A detailed financial situation analysis, which are employing annual financial analysis procedures, underling the performance and risks influencing factors, are considering one starting point for addressing the issue. The introduced variables are insuring a whole vision of firm activity and an appropriate strategy for results significance.

  7. Potential growth and opportunities for Kenyan small sized firms online : E-business adoption for small boutiques and the new customer online

    OpenAIRE

    Mbare, Candy

    2016-01-01

    The purpose of this thesis is to identify the online growth opportunities for the small sized firm in Kenya. Kenya is the most developed nation in East-Africa. E-commerce is a rapidly rising trend in developing nations, that provides small sized firms with growth opportunities. The e-commerce trend also comes with changes in consumer behavior. Sufficient use of e-commerce by small sized firms in Kenya, can open a opportunity to reach a wider range of audience and increase profits by expan...

  8. Entrepreneurial orientation and corporate governance structures at the firm level in the South African oil and gas industry

    Directory of Open Access Journals (Sweden)

    Vincent B. Molokwu

    2013-03-01

    Full Text Available Orientation: Corporate governance systems (CGS have been observed as one of the most important structures and mechanisms that regulate the relationships between executives and shareholders. By having well-defined and established CGS, company board members and executives are able to shape company vision and increase managerial commitment towards formulating strategies that espouse an entrepreneurial orientation (EO. Firms with high levels of EO tend to be innovative and encourage creative initiatives in new products and technology developments. Research purpose: In an emerging economy such as South Africa, one of the primary goals of an organisation is growth and good governance, which can be achieved through wellgoverned structures and continuous innovation in the face of challenges. This study identified potential links between the multidimensional constructs of CGS and EO at the firm level in the South African oil and gas industry. Motivation for the study: One of the greatest challenges faced by organisations when implementing CGS is to ensure compliance. Research design, approach and method: Board members and senior decision-makers were surveyed in the South African oil and gas industry, using a structured questionnaire. A series of correlational analyses were used to determine the strength of relationships between the dimensions of EO and CGS. Main findings: By drawing extensively on existing theory on EO, this study found that the different dimensions of CGS have a significant and positive relationship with each of the EO dimensions – innovation, risk-taking and proactiveness. Practical/managerial implications: Corporate boards supportive of entrepreneurship must provide appropriate reward systems, top management support, explicit goals and appropriate organisational values which signal to employees that entrepreneurial behaviour action is desirable. Practitioners should scrutinise their governance structures in their organisations to

  9. Entrepreneurial orientation and corporate governance structures at the firm level in the South African oil and gas industry

    Directory of Open Access Journals (Sweden)

    Vincent B. Molokwu

    2013-03-01

    Full Text Available Orientation: Corporate governance systems (CGS have been observed as one of the most important structures and mechanisms that regulate the relationships between executives and shareholders. By having well-defined and established CGS, company board members and executives are able to shape company vision and increase managerial commitment towards formulating strategies that espouse an entrepreneurial orientation (EO. Firms with high levels of EO tend to be innovative and encourage creative initiatives in new products and technology developments.Research purpose: In an emerging economy such as South Africa, one of the primary goals of an organisation is growth and good governance, which can be achieved through wellgoverned structures and continuous innovation in the face of challenges. This study identified potential links between the multidimensional constructs of CGS and EO at the firm level in the South African oil and gas industry.Motivation for the study: One of the greatest challenges faced by organisations when implementing CGS is to ensure compliance.Research design, approach and method: Board members and senior decision-makers were surveyed in the South African oil and gas industry, using a structured questionnaire. A series of correlational analyses were used to determine the strength of relationships between the dimensions of EO and CGS.Main findings: By drawing extensively on existing theory on EO, this study found that the different dimensions of CGS have a significant and positive relationship with each of the EO dimensions – innovation, risk-taking and proactiveness.Practical/managerial implications: Corporate boards supportive of entrepreneurship must provide appropriate reward systems, top management support, explicit goals and appropriate organisational values which signal to employees that entrepreneurial behaviour action is desirable. Practitioners should scrutinise their governance structures in their organisations to ensure

  10. Performance of Patenting Firms

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer; Smith, Valdemar; Nielsen, Anders Østergaard

    2000-01-01

    Most countries focus on industries with high technology and the governments grant subsidies to innovating firms. However, there has been remarkable few studies of the performance of innovative firms or industries. This study examines the performance of patent active firms compared to the non-patenting...... firms within the manufacturing sector in Denmark. Performance is measured both by growth in employment as well as in the return on equity and profit share in turnover. The results suggest that differences in performance of patenting and non-patenting firms are very small, which questions the political...

  11. Volatility of sales, expectation errors, and inventory investment : Firm level evidence

    NARCIS (Netherlands)

    Bo, H

    2001-01-01

    This paper tests whether demand uncertainty, which is measured by the volatility of sales, affects inventory investment based on the accelerator buffer stock inventory model. Using a panel of Dutch listed firms in the period 1984-1996, we find that the estimated coefficient of the speed parameter of

  12. Relational Capital Quality and Client Loyalty: Firm-Level Evidence from Pharmaceuticals, Pakistan

    Science.gov (United States)

    Mubarik, Shujaat; Chandran, V. G. R.; Devadason, Evelyn S.

    2016-01-01

    Purpose: This study aims to examine the influence of relational capital quality on client loyalty, comprising both behavioral and attitudinal, in the pharmaceutical industry of Pakistan. Design/methodology/approach: The partial least squares technique is used to test the relationship using a sample of 111 pharmaceutical firms. We applied a…

  13. Flexible labor and innovation performance : Evidence from longitudinal firm-level data

    NARCIS (Netherlands)

    Kleinknecht, A.; Dekker, R.; Zhou, H.

    2009-01-01

    Firms with high shares of workers on fixed-term contracts have significantly higher sales of imitative new products but perform significantly worse on sales of innovative new products (“first on the market”). High functional flexibility in “insider-outsider” labor markets enhances a firm’s new

  14. Flexible labor and innovation performance : Evidence from longitudinal firm-level data

    NARCIS (Netherlands)

    Dekker, R; Kleinknecht, A.H.; Zhou, H

    2010-01-01

    Firms with high shares of workers on fixed-term contracts have significantly higher sales of imitative new products but perform significantly worse on sales of innovative new products (“first on the market”). High functional flexibility in “insider-outsider” labor markets enhances a firm’s new

  15. The relationship between human resource investments and organizational performance: a firm-level examination of equilibrium theory.

    Science.gov (United States)

    Subramony, Mahesh; Krause, Nicole; Norton, Jacqueline; Burns, Gary N

    2008-07-01

    It is commonly believed that human resource investments can yield positive performance-related outcomes for organizations. Utilizing the theory of organizational equilibrium (H. A. Simon, D. W. Smithburg, & V. A. Thompson, 1950; J. G. March & H. A. Simon, 1958), the authors proposed that organizational inducements in the form of competitive pay will lead to 2 firm-level performance outcomes--labor productivity and customer satisfaction--and that financially successful organizations would be more likely to provide these inducements to their employees. To test their hypotheses, the authors gathered employee-survey and objective performance data from a sample of 126 large publicly traded U.S. organizations over a period of 3 years. Results indicated that (a) firm-level financial performance (net income) predicted employees' shared perceptions of competitive pay, (b) shared pay perceptions predicted future labor productivity, and (c) the relationship between shared pay perceptions and customer satisfaction was fully mediated by employee morale.

  16. Firm-level perspectives on State-Business Relations in Africa

    DEFF Research Database (Denmark)

    Charles, Goodluck; Jeppesen, Søren; Kamau, Paul

    2017-01-01

    interviews with 41 firms, 20 key informants and a range of secondary sources on the food-processing sectors of Kenya, Tanzania and Zambia. The article shows that businesses in these countries have limited policy influence, find policies and programmes to be inadequate when targeting the needs......Experiences from developed and emerging economies inform us that close state–business relations (SBRs) are crucial for economic development and structural transformation. Based on the positive experiences from other parts of the world, most African governments have begun processes to establish...... collaborative SBRs. Amongst other initiatives, these processes include amendments to existing laws to facilitate public–private interaction, direct support to existing business associations (BAs). This article draws on an analysis of survey data from 210 local firms, complemented with qualitative data from...

  17. Emotion management strategies in PR firms: senior level perspectives of professional relationships (working paper)

    OpenAIRE

    Yeomans, L

    2016-01-01

    Much of the PR literature tends to focus on engagement in building relationships between organisations and publics or stakeholders. However, less is known about everyday interpersonal engagement, especially in regard to the professional context of the PR consulting firm (Sissons, 2015). This paper asks what it means to engage with clients and journalists, from the perspectives of managing directors and owners of London-based public relations agencies. What are the “feeling rules” (Hochschild,...

  18. Effects of RoHs and REACH regulations on firm-level production and export, and the role of global value chains : the cases of Malaysia and Vietnam

    OpenAIRE

    Otsuki, Tsunehiro; Honda, Keiichiro; Michida, Etsuyo; Nabeshima, Kaoru; Ueki, Yasushi

    2015-01-01

    This paper uses firm-level data to examine the impact of foreign chemical safety regulations such as RoHS and REACH on the production costs and export performance of firms in Malaysia and Vietnam. This paper also investigates the role of global value chains in enhancing the likelihood that a firm complies with RoHS and REACH. We find that in addition to the initial setup costs for compliance, EU RoHS (REACH) implementation imposes on firms additional variable production costs by requiring add...

  19. Disentangling the effects of organizational capabilities, innovation and firm size on SME sales growth

    NARCIS (Netherlands)

    Uhlaner, Lorraine M.; van Stel, Andre; Duplat, Valerie; Zhou, Haibo

    2013-01-01

    This paper focuses on certain drivers of SME sales growth related to knowledge and innovation. Building on the dynamic capabilities literature, we test whether two organizational capabilities (external sourcing and employee involvement in renewal activities) predict sales growth, and if so, whether

  20. Firm dynamic analysis for urban land use and economic growth modelling

    NARCIS (Netherlands)

    Che'Man, N.; Sabri, S.; Hosni, N.; Timmermans, H.J.P.

    2013-01-01

    In urban growth processes, urbanisation is highly influenced by economic growth which triggers the dynamics of economic agents and land uses. This is consisted of complex subsystems which need sophisticated methods like agent-based modelling and simulation to understand the pattern, behaviour and

  1. Multilevel approaches and the firm-agglomeration ambiguity in economic growth studies

    NARCIS (Netherlands)

    van Oort, F.G.|info:eu-repo/dai/nl/107712741; Burger, M.J.|info:eu-repo/dai/nl/371741092; Knoben, J.; Raspe, O.

    2012-01-01

    Empirical studies in spatial economics have shown that agglomeration economies may be a source of the uneven distribution of economic activities and economic growth across cities and regions. Both localization and urbanization economies are hypothesized to foster agglomeration and growth, but recent

  2. Multilevel approaches and the firm-agglomeration ambiguity in economic growth studies

    NARCIS (Netherlands)

    Oort, F.G. van; Burger, M.J.; Knoben, J.; Raspe, O.

    2012-01-01

    Empirical studies in spatial economics have shown that agglomeration economies may be a source of the uneven distribution of economic activities and economic growth across cities and regions. Both localization and urbanization economies are hypothesized to foster agglomeration and growth, but

  3. Healthy firms: constraints to growth among private health sector facilities in Ghana and Kenya.

    Science.gov (United States)

    Burger, Nicholas E; Kopf, Daniel; Spreng, Connor P; Yoong, Joanne; Sood, Neeraj

    2012-01-01

    Health outcomes in developing countries continue to lag the developed world, and many countries are not on target to meet the Millennium Development Goals. The private health sector provides much of the care in many developing countries (e.g., approximately 50 percent in Sub-Saharan Africa), but private providers are often poorly integrated into the health system. Efforts to improve health systems performance will need to include the private sector and increase its contributions to national health goals. However, the literature on constraints private health care providers face is limited. We analyze data from a survey of private health facilities in Kenya and Ghana to evaluate growth constraints facing private providers. A significant portion of facilities (Ghana: 62 percent; Kenya: 40 percent) report limited access to finance as the most significant barrier they face; only a small minority of facilities report using formal credit institutions to finance day to day operations (Ghana: 6 percent; Kenya: 11 percent). Other important barriers include corruption, crime, limited demand for goods and services, and poor public infrastructure. Most facilities have paper-based rather than electronic systems for patient records (Ghana: 30 percent; Kenya: 22 percent), accounting (Ghana: 45 percent; Kenya: 27 percent), and inventory control (Ghana: 41 percent; Kenya: 24 percent). A majority of clinics in both countries report undertaking activities to improve provider skills and to monitor the level and quality of care they provide. However, only a minority of pharmacies report undertaking such activities. The results suggest that improved access to finance and improving business processes especially among pharmacies would support improved contributions by private health facilities. These strategies might be complementary if providers are more able to take advantage of increased access to finance when they have the business processes in place for operating a successful business

  4. Healthy firms: constraints to growth among private health sector facilities in Ghana and Kenya.

    Directory of Open Access Journals (Sweden)

    Nicholas E Burger

    Full Text Available BACKGROUND: Health outcomes in developing countries continue to lag the developed world, and many countries are not on target to meet the Millennium Development Goals. The private health sector provides much of the care in many developing countries (e.g., approximately 50 percent in Sub-Saharan Africa, but private providers are often poorly integrated into the health system. Efforts to improve health systems performance will need to include the private sector and increase its contributions to national health goals. However, the literature on constraints private health care providers face is limited. METHODOLOGY/PRINCIPAL FINDINGS: We analyze data from a survey of private health facilities in Kenya and Ghana to evaluate growth constraints facing private providers. A significant portion of facilities (Ghana: 62 percent; Kenya: 40 percent report limited access to finance as the most significant barrier they face; only a small minority of facilities report using formal credit institutions to finance day to day operations (Ghana: 6 percent; Kenya: 11 percent. Other important barriers include corruption, crime, limited demand for goods and services, and poor public infrastructure. Most facilities have paper-based rather than electronic systems for patient records (Ghana: 30 percent; Kenya: 22 percent, accounting (Ghana: 45 percent; Kenya: 27 percent, and inventory control (Ghana: 41 percent; Kenya: 24 percent. A majority of clinics in both countries report undertaking activities to improve provider skills and to monitor the level and quality of care they provide. However, only a minority of pharmacies report undertaking such activities. CONCLUSIONS/SIGNIFICANCE: The results suggest that improved access to finance and improving business processes especially among pharmacies would support improved contributions by private health facilities. These strategies might be complementary if providers are more able to take advantage of increased access to

  5. Entrepreneurial Growth Aspirations and Familiarity with Economic Development Organizations: Evidence from Canadian Firms

    Directory of Open Access Journals (Sweden)

    Angelo Dossou-Yovo

    2015-01-01

    Full Text Available The purpose of this paper is to investigate the relationship between the entrepreneurship ecosystem and the entrepreneur’s willingness to grow. This study is particularly interested in exploring the relationship between entrepreneur’s familiarity with the key economic development organizations in the entrepreneurship ecosystem and the willingness to grow. Several studies have investigated the growth process in small and medium sized enterprises (SMEs since the case has been made that high growth SMEs contribute to economic growth through job creation. To date, these studies have identified multiple internal and external determinants including their effects on small business growth. There is evidence in the literature that characteristics of the entrepreneurs such as the willingness to grow and the entrepreneur’s network are important factors in growth process. However, the relationship between growth process and the entrepreneur’s networking behavior is yet to be fully understood. Drawing from the entrepreneurship ecosystem literature, the growth process literature and the resource dependence theory, this study uses the business confidence survey from 2011 to 2013, which targeted all businesses across all of Halifax Regional Municipality (HRM in Nova Scotia, Canada, to explore the relationship between the entrepreneur willingness to grow and the propensity to network with key economic development organizations of the entrepreneurial ecosystem. The findings support the assumption that the proportion of businesses that are willing to grow (i.e. hire additional staff and enter new markets within the next twelve months is higher for the group of businesses that are familiar with the key economic development organizations than for the group of businesses that are not familiar with them. However, the results are not homogeneous across all populations. Our findings also indicate that the higher the expectation to enter new markets over the next

  6. Public support to firm level innovation: an evaluation of the FONTEC Program

    Directory of Open Access Journals (Sweden)

    Alessandro Maffioli

    2012-07-01

    Full Text Available Os governos latino-americanos recorrem frequentemente aos Fundos de Desenvolvimento Tecnológico (FDT para apoiar financeiramente as atividades inovadoras das empresas. Neste estudo analisamos a eficácia do um FDT chileno, o programa FONTEC. Constatamos que os subsídios do FONTEC provocaram um aumento dos investimentos inovadores das empresas em ativos intangíveis (principalmente P&D, além de melhorarem as articulações entre atores no sistema de inovação. Entretanto, embora não tenhamos detectado indícios de crowding out (inibição, tampouco encontramos quaisquer evidências de aumento do financiamento privado da inovação devido aos subsídios (crowding in. Em termos de adicionalidade de resultados (output additionality, o FONTEC de fato aumentou a geração de emprego e a produtividade das empresas beneficiárias. As conclusões quanto a habilidades foram mais mistas, mas isso pode ter sido afetado pela baixa qualidade da variável habilidades na enquete.Latin American Governments have frequently adopted Technology Development Funds (TDF to provide financial support for innovation activities of firms. In this paper, we analyzed the effectiveness of a Chilean TDF, the FONTEC program. We found that FONTEC’s subsidies increased firm innovation investments in intangible assets (in particular R&D and they also improved the linkages among actors in the innovation system. However, although we did not find any evidence of crowding-out effects, neither did we find any evidence of the leveraging of private financing for innovation (crowding-in. In terms of output additionality, FONTEC did significantly increase the employment and productivity of beneficiary firms. The findings with regards to skills are more mixed, but this could be affected by the poor quality of the skills variable in the survey.

  7. To Trade or Not to Trade: Firm-Level Analysis of Emissions Trading in Santiago, Chile

    International Nuclear Information System (INIS)

    Coria, Jessica; Loefgren, Aasa; Sterner, Thomas

    2009-01-01

    Whether tradable permits are appropriate for use in transition and developing economies - given special social and cultural circumstances, such as the lack of institutions and lack of expertise with market-based policies - is much debated. We conducted interviews and surveyed a sample of firms subject to emissions trading programs in Santiago, Chile, one of the first cities outside the OECD that has implemented such trading. The information gathered allow us to study what factors affect the performance of the trading programs in practice and the challenges and advantages of applying tradable permits in less developed countries

  8. Enterprise Performance in Asia: Using firm-level data for Policy ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Micro and small enterprises play a critical role in job creation and economic growth, ... Still, a few high-performance small businesses have experienced rapid and ... Their expansion drives most of the aggregate growth in the small enterprise ...

  9. A Firm-Level Analysis of Productivity and the Export Market in Taiwan

    National Research Council Canada - National Science Library

    Kerkman, Adam

    2000-01-01

    Over the past four decades Taiwan has experienced tremendous economic growth. Much of the debate surrounding Taiwan's success has focused on its trade policies and the relationship between export-orientation and high output growth...

  10. Market Orientation and Sources of Knowledge to Innovate in SMEs: A Firm Level Study

    Directory of Open Access Journals (Sweden)

    Simone Regina Didonet

    2016-10-01

    Full Text Available This work examines the relationship between the three market orientation (MO components, i.e. customer orientation, competitor orientation and inter-functional coordination, and the extension to which small and medium-sized enterprises (SMEs use different sources of knowledge to innovate. Based on a sample of 181 Chilean SMEs, a confirmatory factorial analysis (CFA was performed to analyze the relationship among constructs. The results show that the extension to which SMEs use different sources of knowledge to innovate depends on the interactions between MO components. This study addresses a gap in the literature, by linking and interrelating market orientation components to the innovation perspective in SMEs. Therefore, we provide insights into the role of each MO component in influencing the extension to which firms seek for and use different sources of knowledge to innovate and attempt to explain some literature inconsistencies on the theme.

  11. Electricity reforms and firm level responses: changing ownership, fuel choices, and technology decisions

    International Nuclear Information System (INIS)

    Shukla, P.R.; Nag, Tirthankar; Biswas, Debashish

    2005-01-01

    This paper examines how electricity reforms in India managed to influence the responses of generating firms. Indian electricity reforms have federal and state character. This paper utilises an extensive survey of generation units in Gujarat State. The findings suggest that reforms have created heterogeneous ownership of generation units. The fuel-mix and technology choices of new owners differ from pre-reform pattern followed by state-owned utilities. The new owners prefer natural gas, sourced technologies internationally, and chosen unit sizes that follow market dynamics. Consequently, the operational performance of power plants has improved. This paper quantifies energy efficiency and carbon intensity baselines, projects their trends, and delineates the contribution of reforms for the state. In generalisation, this paper argues that energy and cost efficiency of power plants across different states shows secular improvements under the reforms, though it cautions that environmental performance would not show such uniformly improving trends. (Author)

  12. Firm-level perspectives on State-Business Relations in Africa

    DEFF Research Database (Denmark)

    Charles, Goodluck; Jeppesen, Søren; Kamau, Paul

    2017-01-01

    Experiences from developed and emerging economies inform us that close state–business relations (SBRs) are crucial for economic development and structural transformation. Based on the positive experiences from other parts of the world, most African governments have begun processes to establish...... collaborative SBRs. Amongst other initiatives, these processes include amendments to existing laws to facilitate public–private interaction, direct support to existing business associations (BAs). This article draws on an analysis of survey data from 210 local firms, complemented with qualitative data from...... and requirements of local businesses and that BAs in these countries are poorly organised. In spite of initiatives taken by the states and other actors, including an increase in the number of formal relations between state and businesses, it is difficult to conclude whether SBRs are collaborative or collusive...

  13. Firm-level determinants of energy and carbon intensity in China

    International Nuclear Information System (INIS)

    Cao, Jing; Karplus, Valerie J.

    2014-01-01

    In recent years, China's leaders have sought to coordinate official energy intensity reduction targets with new targets for carbon dioxide (CO 2 ) intensity reduction. The Eleventh Five-Year Plan (2006–2010) included for the first time a binding target for energy intensity, while a binding target for CO 2 intensity was included later in the Twelfth Five-Year Plan (2011–2015). Using panel data for a sample of industrial firms in China covering 2005 to 2009, we investigate the drivers of energy intensity reduction (measured in terms of direct primary energy use and electricity use) and associated CO 2 intensity reduction. Rising electricity prices were associated with decreases in electricity intensity and increases in primary energy intensity, consistent with a substitution effect. Overall, we find that energy intensity reduction by industrial firms during the Eleventh Five-Year Plan translated into more than proportional CO 2 intensity reduction because reducing coal use—in direct industrial use as well as in the power sector—was a dominant abatement strategy. If similar dynamics characterize the Twelfth Five-Year Plan (2011–2015), the national 17 percent CO 2 intensity reduction target may not be difficult to meet—and the 16 percent energy intensity reduction target may result in significantly greater CO 2 intensity reduction. - Highlights: • We describe China's Eleventh Five-Year Plan energy policies. • We examine the drivers of energy, electricity and carbon intensity reduction. • Higher electricity prices correlated with reductions in industrial electricity intensity. • Energy intensity reduction efforts were effective at reducing carbon intensity

  14. Firm Productivity and Infrastructure Costs in East Africa

    OpenAIRE

    Iimi, Atsushi; Humphrey, Richard Martin; Melibaeva, Sevara

    2015-01-01

    Infrastructure is an important driving force for economic growth. It reduces trade and transaction costs and stimulates the productivity of the economy. Africa has been lagging behind in the global manufacturing market. Among others, infrastructure is an important constraint in many African countries. Using firm-level data for East Africa, the paper reexamines the relationship between firm ...

  15. The Impact Of Country-Level vs Firm-Level Factors On The Effectiveness Of IFRS Adoption: The Case Of European Union

    OpenAIRE

    Kanogporn Narktabtee; Suntaree Patpanichchot

    2011-01-01

    The mandatory adoption of IFRS has been encouraged worldwide, with the objective to enhance the quality of accounting information. However, this effort is challenged by the argument that several factors affecting financial reporting incentives still vary across countries. Also, Gaio (2010) indicates that firm-level factors also have significant explanatory power on earning quality. Therefore, it is doubtful whether the mandatory adoption of IFRS can always lead to better quality of accounting...

  16. Panel Data Models of New Firm Formation in New England

    Directory of Open Access Journals (Sweden)

    Jitendra Parajuli

    2017-10-01

    Full Text Available This study examines the impact of the determinants of new firm formation in New England at the county level from 1999 to 2009. Based on the Spatial Durbin panel model that accounts for spillover effects, it is found that population density and human capital positively affect single-unit firm births within a county and its neighbors. Population growth rate also exerts a significant positive impact on new firm formation, but most of the effect is from spatial spillovers. On the contrary, the ratio of large to small firm in terms of employment size and unemployment rate negatively influence single-unit firm births both within counties and among neighbors. However, there is no significant impact of local financial capital and personal income growth on new firm formation.

  17. Edith Penrose and the Role of Self-Conception and Image of Context in the Growth of the Firm Subjectivity, Path-Dependency and Historical Analysis

    DEFF Research Database (Denmark)

    Mølgaard, Ellen

    The object of this paper is to argue for a reintroduction (or introduction) of Penrose‘s work into the field of business history. Her work is of seminal importance because Penrose theorizes the long term growth of firms and considers the influence of the past in this process. Furthermore I argue...

  18. Firm Readiness Level for Innovation Projects: A New Decision-Making Tool for Innovation Managers

    Directory of Open Access Journals (Sweden)

    Daniel Galvez

    2018-03-01

    Full Text Available Innovation projects represent a major challenge for business managers due to their associated uncertainty degree. The already existing methodologies to support the innovation projects are aimed at piloting them and establishing the management stages in a flexible and agile way during their deployment. This paper proposes a complementary ex-ante methodology that seeks to aid the decision-making of companies to choose whether or not to launch a potential innovation project. This methodology evaluates to what extent the technological system of the company has the minimum required maturity degree of competencies to successfully achieve the innovation project. Thus, in first instance, an innovation project is characterized according to its novelty degree; both inside the company and in its environment. Subsequently, according to the previous characterization, the future project will have an impact on the technological system of the company. The capabilities of the firm are represented by a set of good practices associated with the innovation projects’ management that the company is able to deploy. Finally, the minimum maturity degree required by a particular project of these practices is determined. Then, the gap between the maturity requirement profile and the current profile of the company is established enabling to decide on the implementation of the project or not.

  19. Assessing the Drivers of R&D Activities of Firms in Developing Countries: Evidence From Turkey

    OpenAIRE

    Elif Kalaycı; Teoman Pamukçu

    2014-01-01

    Research and development (R&D) activities of firms in developing countries (DCs) have been gaining in importance for nationwide economic growth and development, while globalization of the world economy offers a number of opportunities for fostering knowledge-creating activities. Therefore, a better understanding of factors influencing R&D activities of firms in DCs with a view to conceive and implement appropriate policies is firmly on the agenda. In this article, a rich firm-level data set a...

  20. Prognostic value of insulin-like growth factor 1 and insulin-like growth factor binding protein 3 blood levels in breast cancer.

    NARCIS (Netherlands)

    Hartog, H.; Boezen, H.M.; Jong, M.M. de; Schaapveld, M.; Wesseling, J.; Graaf, W.T.A. van der

    2013-01-01

    High circulating insulin-like growth factor 1 (IGF-1) levels are firmly established as a risk factor for developing breast cancer, especially estrogen positive tumors. The effect of circulating IGF-1 on prognosis once a tumor is established is unknown. The authors explored the effect of IGF-1 blood

  1. Prognostic value of insulin-like growth factor 1 and insulin-like growth factor binding protein 3 blood levels in breast cancer

    NARCIS (Netherlands)

    Hartog, H; Boezen, H M; de Jong, M M; Schaapveld, M; Wesseling, J; van der Graaf, W T A

    2013-01-01

    High circulating insulin-like growth factor 1 (IGF-1) levels are firmly established as a risk factor for developing breast cancer, especially estrogen positive tumors. The effect of circulating IGF-1 on prognosis once a tumor is established is unknown. The authors explored the effect of IGF-1 blood

  2. Measuring efficiency and productivity growth of new technology-based firms in business incubators: the Portuguese case study of Madan Parque.

    Science.gov (United States)

    Grilo, A; Santos, J

    2015-01-01

    Business incubators can play a major role in helping to turn a business idea into a technology-based organization that is economically efficient. However, there is a shortage in the literature regarding the efficiency evaluation and productivity evolution of the new technology-based firms (NTBFs) in the incubation scope. This study develops a model based on the data envelopment analysis (DEA) methodology, which allows the incubated NTBFs to evaluate and improve the efficiency of their management. Moreover, the Malmquist index is used to examine productivity change. The index is decomposed into multiple components to give insights into the root sources of productivity change. The proposed model was applied in a case study with 13 NTBFs incubated. From that study, we conclude that inefficient firms invest excessively in research and development (R&D), and, on average, firms have a productivity growth in the period of study.

  3. Measuring Efficiency and Productivity Growth of New Technology-Based Firms in Business Incubators: The Portuguese Case Study of Madan Parque

    Science.gov (United States)

    Grilo, A.; Santos, J.

    2015-01-01

    Business incubators can play a major role in helping to turn a business idea into a technology-based organization that is economically efficient. However, there is a shortage in the literature regarding the efficiency evaluation and productivity evolution of the new technology-based firms (NTBFs) in the incubation scope. This study develops a model based on the data envelopment analysis (DEA) methodology, which allows the incubated NTBFs to evaluate and improve the efficiency of their management. Moreover, the Malmquist index is used to examine productivity change. The index is decomposed into multiple components to give insights into the root sources of productivity change. The proposed model was applied in a case study with 13 NTBFs incubated. From that study, we conclude that inefficient firms invest excessively in research and development (R&D), and, on average, firms have a productivity growth in the period of study. PMID:25874266

  4. Measuring Efficiency and Productivity Growth of New Technology-Based Firms in Business Incubators: The Portuguese Case Study of Madan Parque

    Directory of Open Access Journals (Sweden)

    A. Grilo

    2015-01-01

    Full Text Available Business incubators can play a major role in helping to turn a business idea into a technology-based organization that is economically efficient. However, there is a shortage in the literature regarding the efficiency evaluation and productivity evolution of the new technology-based firms (NTBFs in the incubation scope. This study develops a model based on the data envelopment analysis (DEA methodology, which allows the incubated NTBFs to evaluate and improve the efficiency of their management. Moreover, the Malmquist index is used to examine productivity change. The index is decomposed into multiple components to give insights into the root sources of productivity change. The proposed model was applied in a case study with 13 NTBFs incubated. From that study, we conclude that inefficient firms invest excessively in research and development (R&D, and, on average, firms have a productivity growth in the period of study.

  5. Hard and soft locational factors, innovativeness and firm performance: an empirical test of Porter's Diamond model at the micro-level

    OpenAIRE

    Eickelpasch, Alexander; Lejpras, Anna; Stephan, Andreas

    2007-01-01

    This paper investigates predictions of Porter's Diamond model regarding the impact of locational factors on innovativeness and performance at the firm level. We formulate a structural equation model based on the relationships between locational conditions, e.g., transportation infrastructure, proximity to universities and research institutes, qualified labour, on the one hand, and innovativeness measured by new product or process development, number of patents, and firm performance in terms o...

  6. Evaluation of logistic service level of an automotive parts distribution firm

    Directory of Open Access Journals (Sweden)

    Fábio Germano Cardoso

    2014-11-01

    Full Text Available The stock management theories have a mathematical and statistical trend, usually failing in exposing the business side of decisions regarding inventory costs and the related service levels. The article tests the theory of defining the service level by building the profit mathematical model, using for such some available historical data. With this theory it is possible to find the optimal service level by deriving the profit curve and equaling the marginal profit to zero. The research is characterized as a case research of an auto parts distribution company. The calculated optimal service level was compared to the data available from the company. The results of such analysis revealed the fact that only the theory of calculating the optimal service level through the profit curve derivation is not sufficient to explain how the company defines which service level is going to be used.

  7. The impact of decentralised control on firm-level inventory: evidence from the automotive industry

    NARCIS (Netherlands)

    de Leeuw, S.L.J.M.; Holweg, M.; Williams, G.

    2011-01-01

    Purpose: The purpose of this paper is to investigate the effect of decentralised control on finished goods inventory levels in a distribution system, and to identify the factors that determine the overall inventory level. Design/methodology/approach: The authors' study is based on a mixed method

  8. Energy price uncertainty, energy intensity and firm investment

    International Nuclear Information System (INIS)

    Yoon, Kyung Hwan; Ratti, Ronald A.

    2011-01-01

    This paper examines the effect of energy price uncertainty on firm-level investment. An error correction model of capital stock adjustment is estimated with data on U.S. manufacturing firms. Higher energy price uncertainty is found to make firms more cautious by reducing the responsiveness of investment to sales growth. The result is robust to consideration of energy intensity by industry. The effect is greater for high growth firms. It must be emphasized that the direct effect of uncertainty is not estimated. Conditional variance of energy price is obtained from a GARCH model. Findings suggest that stability in energy prices would be conducive to greater stability in firm-level investment. (author)

  9. Ownership Structure, Earnings Management and Investment Opportunity Set: Evidence from Mexican Firms

    Directory of Open Access Journals (Sweden)

    Juan M. San Martin-Reyna

    2012-01-01

    Full Text Available This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value and determinewhether the firms have profitable investment projects.

  10. The Dispersion of Employees' Wage Increases and Firm Performance

    DEFF Research Database (Denmark)

    Grund, Christian; Westergård-Nielsen, Niels Chr.

    does not induce any monetary incentives. Evidence from unique Danish linked employer employee data shows that large dispersion of wage growth within firms is generally connected with low firm performance. The results are mainly driven by white collar rather than blue collar workers.......In this contribution, we examine the interrelation between intra-firm wage increases and firm performance. Previous studies have focused on the dispersion of wages in order to examine for the empirical dominance of positive monetary incentives effects compared to adverse effects due to fairness...... considerations. We argue that the dispersion of wage increases rather than wage levels is a crucial measure for monetary incentives in firms. The larger the dispersion of wage increases the higher the amount of monetary incentives in firms. In contrast, huge wage inequality without any promotion possibilities...

  11. Which Way for the Kenyan Manufacturing Firms?

    African Journals Online (AJOL)

    User

    2011-07-21

    Jul 21, 2011 ... Indexed African Journals Online: www.ajol.info. An International ... In this paper, firm level panel data for Kenyan manufacturing sector is used ... profits abroad. ... 2. the national income or growth accounting approach which uses .... TFP = productivity measured as value added i.e. total output minus value of.

  12. From the financial crisis to the real economy: using firm-level data to identify transmission channels

    NARCIS (Netherlands)

    Claessens, C.A.M.F.; Tong, H.; Wei, S-J.

    2012-01-01

    Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing

  13. High growth and rapid internationalisation of firms from emerging markets: the case of the Middle East and North Africa (MENA) Region

    OpenAIRE

    Hatem, Omaima

    2012-01-01

    The aim of this thesis is to understand the phenomena of the high growth and rapid internationalisation of firms from emerging markets. It explores the applicability of international entrepreneurship theory to the context of the emerging market enterprises in the Middle East and North Africa (MENA) region. It integrates the literature of strategic entrepreneurship and that of portfolio entrepreneurship with the literature of international entrepreneurship to provide a closer fi...

  14. A Quantal Response Statistical Equilibrium Model of Induced Technical Change in an Interactive Factor Market: Firm-Level Evidence in the EU Economies

    Directory of Open Access Journals (Sweden)

    Jangho Yang

    2018-02-01

    Full Text Available This paper studies the pattern of technical change at the firm level by applying and extending the Quantal Response Statistical Equilibrium model (QRSE. The model assumes that a large number of cost minimizing firms decide whether to adopt a new technology based on the potential rate of cost reduction. The firm in the model is assumed to have a limited capacity to process market signals so there is a positive degree of uncertainty in adopting a new technology. The adoption decision by the firm, in turn, makes an impact on the whole market through changes in the factor-price ratio. The equilibrium distribution of the model is a unimodal probability distribution with four parameters, which is qualitatively different from the Walrasian notion of equilibrium in so far as the state of equilibrium is not a single state but a probability distribution of multiple states. This paper applies Bayesian inference to estimate the unknown parameters of the model using the firm-level data of seven advanced OECD countries over eight years and shows that the mentioned equilibrium distribution from the model can satisfactorily recover the observed pattern of technical change.

  15. Worker-level and Firm-level Effects of a Wage Subsidy Program for Highly Educated Labor

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Kuhn, Johan Moritz

    2016-01-01

    and annual earnings during program participation while there are no positive effects for the years after program expiration. At the employer-level, we find statistically significant effects on the number of highly educated employees for both the period of program participation and the subsequent time period...

  16. New Firm Survival: Industry versus Firm Effects

    NARCIS (Netherlands)

    D.B. Audretsch (David); P. Houweling (Patrick); A.R. Thurik (Roy)

    1997-01-01

    textabstractRecent studies show that the likelihood of survival differs significantly across firms. Both firm and industry characteristics are hypothesized to account for this heterogenity. Using a longitudinal database of manufacturing firms we investigate whether firm or industry characteristics

  17. Pengaruh Family Control, Firm Size, Firm Risk, Dan Firm Life Cycle Terhadap Profitabilitas Dan Nilai Perusahaan Sektor Industri Barang Konsumsi

    OpenAIRE

    Servin, Servin

    2014-01-01

    This study aims to examine the effect of family control, firm size, firm risk, and firm lifecycle towards profitability and firm's value. Sampels were taken from 27 consumer goodscompanies, listed in Indonesia Stock Exchange, ranging from 2010 – 2012. The hypotheseswere tested using multiple regression analysis. In this study, profitability was measured byROA (Return on Asset) and firm's value was measured by Tobin's q. The result were, familycontrol and life cycle stage-growth had negative i...

  18. The Role of Firm Ownership on Internationalization

    DEFF Research Database (Denmark)

    Hobdari, Bersant; Gregoric, Aleksandra; Sinani, Evis

    2011-01-01

    This paper investigates how different types of owners influence the extent of firm internationalization, measured by the share of firm exports in total sales. The results of the analysis carried out using firm level data of Estonian and Slovenian firms, show that the firms under the control...... in internationalization process. Finally, high market share also leads to increased internationalization through exports as firms seek to expand in foreign markets after having dominated the domestic ones....

  19. Survival and growth of high tech knowledge intensive firms : the impact of the VOC in business planning

    NARCIS (Netherlands)

    Englis, Basil George; Englis-Danskin, Paula; Ratinho, Tiago; Groen, Aard J.

    2012-01-01

    The need to bring the consumer’s voice into the startup firm and the business planning process has seldom been discussed. There is however, much debate about the role of business planning and new venture creation and success. Here, we extend this debate and advance our understanding of the

  20. Components of identity and the family firm : An exploratory study of influences on the micro-process of strategy and firm level outcomes

    OpenAIRE

    Raffelsberger, Hannah; Hällbom, Maria

    2009-01-01

    Problem: There is a significant lack of research within the family business area which focuses on the micro-processes of strategy. Johnson, Melin and Whittington (2003) stated that while the field of strategy has traditionally concentrated on the macro-level of organizations, it needs now to attend to much more micro-level phenomenon. Furthermore, there is a general lack of research within the family business area in regards to strategy processes due to "the family business definition dilemma...

  1. Swedish Listed Family Firms and Entrepreneurial Spirit

    OpenAIRE

    Bjuggren, Per-Olof; Palmberg, Johanna

    2008-01-01

    This paper investigates the entrepreneurial spirit in Swedish listed family firms. We associate family firms with entrepreneurship in the sense that there is an identifiable person that takes the uninsurable risk in the sense of Knight. This paper analysis two questions: Do entrepreneurial family firms have a higher rate of growth and do they invest in a more profit maximizing fashion than other listed firms? The analysis shows that entrepreneurial family firms in general are smaller in terms...

  2. Impact of firm-level factors and market entry mode on performance: A study of service MNCs in an emerging economy

    Directory of Open Access Journals (Sweden)

    George Acheampong

    2012-04-01

    Full Text Available The study examined the market entry strategies of multinational services companies into Ghana’s service sector and the linkages to firm level performance after entry. Literature was reviewed on market entry strategies, internationalisation, globalisation of service firms and resource-based theory. The study adopted a combination of both quantitative and qualitative research approaches in this study. The qualitative approach was for deeper enquiry and quantitative for empirical testing. The study found that firm specific factors affect the market entry strategy while the entry strategy also affects performance after it enters the market. Home country factors and the features of services are also seen to moderate on the effects mentioned. Respondents also indicated that the features of services were an industry wide issue not so much consideration is given to it.

  3. Corruption and firm behavior

    OpenAIRE

    Sandra Sequeira; Simeon Djankov

    2013-01-01

    This paper investigates how corruption affects firrm behavior. Firms can engage in two types of corruption when seeking a public service: cost-reducing "collusive" corruption and cost increasing "coercive" corruption. Using an original and unusually rich dataset on bribe payments at ports matched to firrm-level data, we observe how firms respond to each type of corruption by adjusting their shipping and sourcing strategies. "Collusive" corruption is associated with higher usage of the corrupt...

  4. Top management team internationalization and firm-level internationalization : The moderating effects of home-region institutional diversity and firm global focus

    NARCIS (Netherlands)

    Pisani, Niccolò; Muller, Alan; Bogățan, Paula

    2018-01-01

    The factors that determine firms’ levels of internationalization remain a focal area of international business research. Within this research stream, studies building on the upper echelons theory have investigated the influence of the demographic characteristics of the top management team (TMT) on

  5. Sectoral patterns versus firm-level heterogeneity - The dynamics of eco-innovation strategies in the automotive sector

    DEFF Research Database (Denmark)

    Faria, Lourenco; Andersen, Maj Munch

    2017-01-01

    analysis using patent data from 1965 to 2012. Our findings suggest a process of co-evolution of firms' strategies and indicate that strong sectoral-specific patterns of eco-innovation are present in this sector from the mid-2000s onwards. For fuel cells technologies, however, we observe the formation......This paper sheds light on some important but underestimated elements of green industrial dynamics: the evolution of firms' eco-innovation strategies and activities within a sector. While eco-innovation sectoral case studies have taken place before, our analysis is distinct in investigating the rate......, direction and extent of eco-innovation in the automotive sector, represented here by the main automakers, in order to identify possibly sectoral-specific patterns in firms' strategies, as opposed to divergent strategic behaviors, grounded on evolutionary economic theory. We conduct a two-step empirical...

  6. Creativity and Entrepreneurship: A Regional Analysis of New Firm Formation

    OpenAIRE

    Lee, Sam Youl; Florida, Richard; Ács, Zoltán J.

    2004-01-01

    Understanding the factors that promote or mitigate new firm birth is crucial to regional economic development efforts, since a high level of new firm creation significantly contributes to regional economic vitality and is a major signal of a dynamic economy. The literature suggest that various factors such as unemployment, population density/growth, industrial structure, human capital, the availability of financing, and entrepreneurial characteristics significantly influence regional variatio...

  7. Competitive Advantage of Interconnected Firms

    DEFF Research Database (Denmark)

    Nell, Phillip Christopher; Andersson, Ulf

    We model the complex interplay between firm-level variables, notably capabilities and performance, and relationship-level variables: relationship-specific assets and network context. We test how the network context of individual exchange relationships as well as firm-level capabilities jointly af...

  8. Employment in Disequilibrium: a Disaggregated Approach on a Panel of French Firms

    OpenAIRE

    Brigitte Dormont

    1989-01-01

    The purpose of this paper is to understand disequilibrium phenomena at a disaggregated level. By using data on French firms, we carry out the estimation of labor demand model with two regimes, which correspond to the Keynesian and classical hypotheses. The results enable us to characterize classical firms as being particularly good performers: they have more rapid growth, younger productive plant and higher productivity gains and profitability. Classical firms stand out, with respect to their...

  9. The Multinational Firm

    DEFF Research Database (Denmark)

    Morgan, Glenn; Hull Kristensen, Peer; Whitley, Richard

    . These processes occur at a number of levels which are explored in different empirical settings. Firstly, at the level of governance, multinational firms may develop conflicts between investors from different national contexts, for example between the arms-length orientation of Anglo-Saxon institutional investors...

  10. Diversified boundaries of the firm

    OpenAIRE

    Kimura, Koichiro

    2012-01-01

    We analyze diversification of boundaries of local firms in developing countries under the economic globalization. The globalization has an aspect of homogenization of the world economy, but also has another aspect of diversification through international economic activities. Focusing on boundary-level of the firm, this article shows that the diversification from a comparison with boundaries of foreign firms in developed countries is brought by a disadvantage of technology deficit and a home a...

  11. Análise do crescimento das empresas de base tecnológica no Brasil Analysis of growth of technology-based firms in Brazil

    Directory of Open Access Journals (Sweden)

    Daniela Tatiane dos Santos

    2010-01-01

    Full Text Available As empresas de base tecnológica (EBTs são firmas cuja intensa dinâmica inovativa se sustenta em sólidas competências técnicas, havendo em relação a elas uma expectativa de crescimento acelerado. No entanto, mesmo em países desenvolvidos, as evidências demonstram que ritmos de crescimento realmente elevados são mais exceção do que regra. No Brasil, o foco da maioria dos estudos sobre EBTs é diferente, concentrando-se em fatores que restringem seu sucesso, como experiência gerencial e disponibilidade de capital. Baseando-se em ampla pesquisa de campo e num indicador robusto de crescimento empresarial, este artigo pretende abordar a questão da expansão dessas empresas, analisando sua relação com elementos que as caracterizam, como grau de consolidação, inserção de mercado e apoio por políticas públicas. Entre os resultados, destacam-se uma taxa de crescimento que, embora muito variada, é geralmente expressiva - mediana de 15,3% - e não se relaciona diretamente com a intensidade do apoio por políticas públicas.Technology-Based Firms (TBFs are companies with intensive innovation dynamics based on technical competences, and for which high growth rates are expected. Nevertheless, even in developed countries, the evidence suggests that significantly high growth rates are more the exception than the rule. In Brazil, most studies on TBFs focus on factors that limit their success, such as managerial experience and capital availability. Based on extensive field research and on a reliable enterprise growth rate indicator, this article aims to evaluate the expansion of those firms, analyzing its relation to key elements such as degree of consolidation, market insertion, and public policy support. We found a growth rate which, although widely varied amongst firms, was significant and was not directly related to the amount of public policy support.

  12. Use of the Internet and its Impact on Productivity and Sales Growth in Female-Owned Firms: Evidence from India

    Directory of Open Access Journals (Sweden)

    Aparna Gosavi

    2017-01-01

    Full Text Available The Internet has completely transformed our lives on an individual basis in many ways, ranging from the way we communicate through the way we socialize to the way we shop and travel. Businesses are no excepton to this premise. This paper studies the adopton of the Internet by female-owned frms in India. It uses the World Bank’s Enterprise Surveys Program data set for the year 2014 to study the adopton of the Internet by more than 10,000 frms in the country. Afer controlling for a large number of frm-level characteristcs, empirical results obtained indicate that femaleowned frms are more likely to use the Internet than their male counterparts. However, further empirical analysis shows that more intensive adopton of the Internet by these female-owned frms does not necessarily translate into beter performance. Specifcally, the adopton of the Internet does not make female-owned frms more or less likely to have beter productvity and sales growth in contrast to that of their male counterparts.

  13. PRODUCT INNOVATION AND THE GROWTH OF THE LARGE FIRM: THE CASE OF AIR LIQUIDE, 1902-1930

    Directory of Open Access Journals (Sweden)

    Michael S. Smith

    1999-01-01

    Full Text Available This paper traces the early development of Air Liquide, the world’s largest producer of industrial gases. By illustrating the dynamism of French industrial capitalism in the early twentieth century, the Air Liquide story calls into question the image of the French as also-rans in the Second Industrial Revolution. The story of Air Liquide also shows that geographical expansion and product diversification do not always lead to adoption of the multidivisional form (as in the case of Du Pont. Instead, Air Liquide remained a relatively small corporation at the center of a cluster of related firms. This paper suggests that the timing of product diversification may explain the differing organizational histories of Air Liquide and Du Pont.

  14. Micro Level Perspectives on Growth (Tanzania) | IDRC ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Poverty reduction through growth is the idea behind the market-oriented reforms that Tanzania has undertaken since the mid-1980s. However, poverty is still ... Outputs. Papers. Private sector development in Tanzania : opportunities, challenges and strategic interventions to enhance competitiveness; final report. 42201.

  15. Second Language Vocabulary Growth at Advanced Level

    Science.gov (United States)

    Ozturk, Meral

    2016-01-01

    This study investigated the receptive vocabulary growth of advanced EFL learners in an English-medium degree programme. The study used the Vocabulary Size Test in a cross-sectional design to measure the vocabulary size of learners at various stages of study. The effect of word frequency on vocabulary development and the presence of an…

  16. A firm-level dataset for analyzing entry, exit, employment and R&D expenditures in the UK: 1997-2012.

    Science.gov (United States)

    Ugur, Mehmet; Trushin, Eshref; Solomon, Edna

    2016-09-01

    This data article is related to the research article entitled "Inverted-U relationship between R&D intensity and survival: Evidence on scale and complementarity effects in UK data" (Ugur et al., In press) [1]. It describes the trends in R&D expenditures, employment of R&D personnel and firm entry and exit rates in the UK from 1998 to 2012. We also provide statistics on net employment creation and net R&D investments due to firm entry and exits. In addition, we compute the correlation coefficients between entry and exit rates at the two digit industry level so as to examine whether the correlations are contemporaneous or inter-temporal. Finally, we provide information about the underlying dataset to which secure access is available through UK Data Service Archive 7716 at http://dx.doi.org/10.5255/UKDA-SN-7716-1.

  17. Firm Search for External Knowledge

    DEFF Research Database (Denmark)

    Sofka, Wolfgang; Grimpe, Christoph

    2012-01-01

    ignored the institutional context that provides or denies access to external knowledge at the country level. Combining institutional and knowledge search theory, we suggest that the market orientation of the institutional environment and the magnitude of institutional change influence when firms begin......The innovation performance of modern firms is increasingly determined by their ability to search and absorb external knowledge. However, after a certain threshold firms "oversearch" their environment and innovation performance declines. In this paper, we argue that prior literature has largely...... to experience the negative performance effects of oversearch. Based on a comprehensive sample of almost 8,000 firms from ten European countries, we find that institutions matter considerably for firms' search activity. Higher market orientation of institutions increases the effectiveness of firms' search...

  18. Determinants of access to credit for SMEs: evidence at the level of the firm in Latin America

    Directory of Open Access Journals (Sweden)

    Héctor Alberto Botello Peñaloza

    2015-07-01

    Full Text Available The financing allows companies to address their economic resources to obtain external activities at different terms. However, there are flaws in the credit markets that limit this process, especially in SMEs. Taking into account the above, the objective of the paper is to investigate the determinants of access to credit for these businesses in Latin America. The analysis is based on a discrete choice model compound from the internal and external characteristics of the firms. It is evident that the size and technological capability are the most influential variables for access to funding markets, due to its ability to generate competitive advantages.

  19. Effects of increasing dietary protein levels on growth, feed utilization ...

    African Journals Online (AJOL)

    Yomi

    2012-01-05

    Jan 5, 2012 ... The effect of different dietary protein levels on growth performance and on feed utilization of catfish. (Heterobranchus ... (Legendre, 1991) because of its taste, fast growth rate ..... diet containing 40% protein had high growth with low food intake and feed ... protein rate (45%) combined with a bad utilization of.

  20. Valuing productivity loss due to absenteeism: firm-level evidence from a Canadian linked employer-employee survey.

    Science.gov (United States)

    Zhang, Wei; Sun, Huiying; Woodcock, Simon; Anis, Aslam H

    2017-12-01

    In health economic evaluation studies, to value productivity loss due to absenteeism, existing methods use wages as a proxy value for marginal productivity. This study is the first to test the equality between wage and marginal productivity losses due to absenteeism separately for team workers and non-team workers. Our estimates are based on linked employer-employee data from Canada. Results indicate that team workers are more productive and earn higher wages than non-team workers. However, the productivity gap between these two groups is considerably larger than the wage gap. In small firms, employee absenteeism results in lower productivity and wages, and the marginal productivity loss due to team worker absenteeism is significantly higher than the wage loss. No similar wage-productivity gap exists for large firms. Our findings suggest that productivity loss or gain is most likely to be underestimated when valued according to wages for team workers. The findings help to value the burden of illness-related absenteeism. This is important for economic evaluations that seek to measure the productivity gain or loss of a health care technology or intervention, which in turn can impact policy makers' funding decisions.

  1. Financing Strategies of New Technology-Based Firms: A Comparison by Gender

    Directory of Open Access Journals (Sweden)

    Alicia Robb

    2010-03-01

    Full Text Available Technology-based firms have been and will continue to be important contributors to the U.S. economy. For the past two decades, technology firms have been a major source of innovation, business development and growth, and new jobs. Securing funding for new technology-based firms is particularly problematic, however, whether they are owned by women or men. Many such firms are built upon intellectual capital rather than on physical assets, so it is difficult to determine the value and prospects of the firm. The problem of asymmetric or incomplete information is especially acute (Brierley, 2001, often resulting in a shortage of capital or capital that can only be obtained under unfavorable terms and conditions. A number of researchers contend that one of the primary reasons women-owned firms tend to be smaller than firms owned by men is that women tend to concentrate in low-growth retail and service lines of business (Rosa et al., 1996; Du Rietz & Henrekson, 2000. These businesses have a higher risk of failure (Robb, 2002; Fairlie & Robb, 2008; Watson, 2003 combined with a higher level of difficulty in attracting sources of capital due to their limited prospects for growth and profitability (Menzies et al., 2004; Sabarwal & Terrell, 2008. More recently, however, some researchers have begun to attack the “myth” that women do not want high-growth businesses (Brush et al., 2001. They contend that a new generation of women entrepreneurs is willing to “go boldly where no one has gone before” by starting firms in the fields of technology and bioscience, where there are opportunities for significant growth and profits. In this paper we will examine the financing sources and strategies, by gender, for new technology-based firms using the Kauffman Firm Survey data. We identify not only sources of financing, but also financing gaps which may impede the ability of women to launch and grow technology-based firms.

  2. Heterogeneity in Firm Performance During Economic Crisis

    Directory of Open Access Journals (Sweden)

    Sergio Bruni

    2014-06-01

    Full Text Available What happens to firms during periods of deep economic crisis? Did different types of firms perform differently under the economic crisis? With the aid of a rich database and focusing on the literature regarding the growth of firms, this paper investigates the relative profitability performance of Italian firms during the current economic crisis, exploring those factors, which help certain firms to do relatively better even in the slowdown period. Some preliminary results show that the Italian firms that are relatively young in age, with relatively better current liquidity and more focused on domestic market have performed better than other firms. Furthermore, firms operating in high-tech and in highly concentrated sectors have enjoyed a better performance in this period.

  3. Firm age, business cycles and aggregate labor market dynamics

    OpenAIRE

    Sedláček, P.

    2011-01-01

    Job creation and destruction rates fall with a firm's age, young businesses have higher exit rates, conditional on survival they grow faster and given their employment shares they create relatively more jobs than older firms. In fact, recent studies show that the well established negative relationship between a firm's size and its growth rate vanishes once its age is taken into account. I extend these findings by showing that, compared to old firms, employment growth in young firms is more vo...

  4. Drivers of Discretionary Firm Donations in Brazil

    Directory of Open Access Journals (Sweden)

    Rodrigo Bandeira-de-Mello

    2008-10-01

    Full Text Available Discretionary firm donation is usually related to the stakeholder theory and corporate social performance. Although theoretical explanations for this social behavior are pervasive in related literature, empirical modeling remains underdeveloped. We developed an explanatory structural model of discretionary firm donation using firm and industry level indicators. Unlike previous research, we estimated the explanatory power of the construct we called stakeholder orientation. Our tentative model was tested on a Brazilian sample of 101 publicly traded donor firms, using data on firm donations to social projects and to political candidates in electoral campaigns. The main results suggest that discretionary donation seems to be a strategy for managing conflicting claims in highly stakeholder oriented firms; the characteristics of the firm are more important than industry effects in explaining firm donations; and large firms, showing slack resources, and with a less concentrated ownership structure tend to engage in discretionary donation more intensively.

  5. The pricing effect of the common pattern in firm-level idiosyncratic volatility: Evidence from A-Share stocks of China

    Science.gov (United States)

    Su, Zhi; Shu, Tengjia; Yin, Libo

    2018-05-01

    Inspired by Herskovic et al. (2016), we investigate the pricing effect of the firm-level common idiosyncratic volatility (CIV) in China's A-Share market. Return tests indicate that lower CIV risk loadings bring higher returns significantly, while the pricing function of market volatility (MV) is inconsistent. Strategy that goes long the highest CIV-beta quintile and short the lowest CIV-beta quintile brings an annualized average return of 5%-7%. Our findings supplement Herskovic et al. (2016) by confirming a significantly negative relationship between CIV and stock returns in a developing market.

  6. Aid, Growth, and Development

    DEFF Research Database (Denmark)

    Arndt, Channing; Jones, Edward Samuel; Tarp, Finn

    ) ability to pay, and (iv) level of interaction with public officials. Moreover, when informal firms become formal the probability of paying bribes increases. Becoming formal is also associated with a revenue growth premium that is not driven by self-selection of well-performing firms. On average...

  7. Estimation of future levels and changes in profitability: The effect of the relative position of the firm in its industry and the operating-financing disaggregation

    Directory of Open Access Journals (Sweden)

    Borja Amor-Tapia

    2014-01-01

    Full Text Available In this paper we examine how the relative position of a firm's Return on Equity (ROE in industries affects the predictability of the next-year ROE levels, and the ROE changes from year to year. Using Nissim and Penman breakdown into operating and financing drivers, the significant role of the industry factor is established, although changes in signs suggest subtle non-linear relations in the drivers. Our study avoids problems originating from negative signs by analyzing sorts and by making new regressions with disaggregated second-order drivers by signs. This way, our results provide evidence of some different patterns in the influence of the first-level drivers of ROE (the operating factor and the financing factor, and the second-level drivers (profit margin, asset turnover, leverage and return spread on future profitability, depending on the industry spread. The results on the role of contextual factors to improve the estimation of future profitability remain consistent for small and large firms, although adding some nuances.

  8. Performance of Patenting Firms in Danish Manufacturing

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer; Smith, Valdemar; Nielsen, Anders Østergaard

    2000-01-01

    Most countries focus on industries with high technology and the governments grant subsidies to innovating firms. However, there has been remarkable few studies of the performance of innovative firms or industries. This study examines the performance of patent active firms compared to the non-patenting...... firms within the manufacturing sector in Denmark. Performance is measured both by growth in employment as well as in the return on equity and profit share in turnover. The results suggest that differences in performance of patenting and non-patenting firms are very small, which questions the political...

  9. Does Corruption Increase or Decrease Employment in Firms?

    OpenAIRE

    Beltrán, Arlette

    2015-01-01

    This article uses representative data for firms for Latin American firms and show that corruption decreases employment in firms. This result is robust to changes in specification and also consistent with the use of an instrumental variables approach. Corruption appears to negatively impact the growth and wealth in a country, not by introducing labour distortion in firms, but by keeping them small.

  10. Direct effect of ownership and technology import: Firm level evidence from large and medium-enterprises in Shanghai

    Institute of Scientific and Technical Information of China (English)

    ZHU Pingfang; LI Lei

    2007-01-01

    This paper explores the direct effect of ownership and technology imports under the fiamework of neoclassical economic theory.The econometric analysis is based on panel data from a random sample of large and mediumenterprises in Shanghai,during the period of 1998 to 2003.The results show that Sino-foreign joint ventures,Sino-foralgn cooperative enterprises and foreignfunded enterprises (SANZI) enjoy higher labor productivity and total factor productlvity (TFP) than domestic enterprises.Intra-firm diffusion of non-codified technology,proxied by ovwnership,is the main source of their better performance,whereas internally transferred codified technology makes little contribution to TFP.For state-owned enterprises,codified technology imports have significantly raised both labor productivity and TFP,but such positive effect is significantly dependent on the S&T human resource.In contrast,no evidence supports that introduction of foreign technology has enhanced the productivity in domestic nonstate-owned enterprises.The empirical results indicate that SANZI do not have a distinct advantage in their codified technology.In addition,inadequate investment in assimilation process and research and development together with inefficient management of science and technology activities,may impede the use of imported technology.

  11. Firm foundations

    Science.gov (United States)

    Hare, Helen

    2013-09-01

    I am an A-level physics teacher at a comprehensive school in northwest London. Most of my students do not go on to study degree-level physics because they are not expected to attain the A-level grades desired or required by universities.

  12. International taxation and multinational firm location decisions

    OpenAIRE

    Barrios Cobos, Salvador; Huizinga, Harry; Laeven, Luc; Nicodème, Gaëtan J.A.

    2008-01-01

    Using a large international firm-level data set, we estimate separate effects of host and parent country taxation on the location decisions of multinational firms. Both types of taxation are estimated to have a negative impact on the location of new foreign subsidiaries. In fact, the impact of parent country taxation is estimated to be relatively large, possibly reflecting its international discriminatory nature. For the cross-section of multinational firms, we find that parent firms tend to ...

  13. Financing patterns around the world: Are small firms different?.

    OpenAIRE

    Beck, T.H.L.; Demirgüc-Kunt, A.; Maksimovic, V.

    2008-01-01

    Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property righ...

  14. Growth failure, somatomedin and growth hormone levels in juvenile diabetes mellitus--a pilot study.

    Science.gov (United States)

    Nash, H

    1979-06-01

    Growth hormone (hGH) responsiveness to exercise and somatomedin C (SmC) activity were measured in ten children with insulin-deficient diabetes mellitus. Four of the ten children showed a significant degree of growth retardation. Normal SmC activity was found in association with elevated hGH levels. The hypothesis that growth-retarded diabetics have a failure of Sm production despite high hGH levels (analogous to malnutrition and Laron dwarfism) was not substantiated by this study. Chronic deficiency of insulin, itself a somatomedin, may play a major role in diabetic growth failure.

  15. Procurement with specialized firms

    NARCIS (Netherlands)

    Boone, Jan; Schottmuller, C.

    2016-01-01

    We analyze optimal procurement mechanisms when firms are specialized. The procurement agency has incomplete information concerning the firms' cost functions and values high quality as well as low price. Lower type firms are cheaper (more expensive) than higher type firms when providing low (high)

  16. The Firm as a Competent Team

    OpenAIRE

    Eliasson, Gunnar

    1988-01-01

    Results from empirical studies of firm behavior are synthesized into, a theory of the firm as a competent team. I demonstrate the existence of a tacit organizational competence exercising a leverage on the productivities of all other factors through selecting and allocating competent people, thus earning a monopoly rent in the capital market. The competence identified can only be fairly compensated through sharing in firm value growth in the equity market, exhibiting undervaluation of prime a...

  17. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  18. ARE SMALL-FIRM CLUSTERS EMERGENT PHENOMENA? EVIDENCE FROM ZIMBABWE’S SMALL FURNITURE- MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Godfrey MUPONDA

    2014-07-01

    Full Text Available The purpose of this study was to explore the reasons behind the rapid growth and apparent dynamism of Zimbabwe’s small-firm industrial clusters. The hypothesis behind the study was that these small-firm clusters are emergent phenomena. The study analysed the capital utilisation techniques of small firms located in a large industrial cluster in order to determine the factors that lead to the collective efficiency of such firms. The study found that, in comparison with large, stock exchange-listed firms, the cluster environment enables the small firm to operate from a relatively small capital base and also to use its capital more efficiently in creating revenues and profits. The individual firm does not have to invest its capital in a large assets base as this is done by a specialised group of firms within the cluster. Thus, the cluster has the characteristics of an emergent phenomenon.

  19. Bean leaf growth response to moderate ozone levels

    Energy Technology Data Exchange (ETDEWEB)

    Evans, L S

    1973-01-01

    The middle leaflet from the first trifoliate leaf of pinto bean plants (Phaseolus vulgaris) was subjected to various ozone levels for both 12 and 24 h to show moderate oxidant injury. Rates of leaf expansion were used as criteria to measure the effects of ozone at three leaflet positions. Growth analysis included Y-intercepts indicating growth after day 1, growth after day 3, and regression line slopes between days 1 and 7 after the beginning of the experiments. Slopes of growth rate regression lines differentiated untreated leaflets from leaflets exposed to a 0.60 ppm-h (0.05 ppm for 12 h) dose. Growth rates of plants exposed to 1.20 ppm-h (either 0.05 ppm for 24 h, or 0.10 ppm for 12 h) were distinguishable from untreated plants within three days. Basal leaf portions showed the most differential ozone response compared with lateral and tip positions.

  20. The Optimal Level and Impact of Internal Factors on Growth

    OpenAIRE

    Li, Kui-Wai

    2011-01-01

    This paper empirically uses data from the world economy to show that performance of domestic factors are equally important to external factors when comes to growth. Various external and domestic factors are used to construct two separate indices and the principal component method is applied in the analysis. The empirical results show that given a different level of performance in the economy’s external factors, a higher performance in the internal factors will produce a higher growth rate....

  1. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    This paper studies the link between a firms education level, export performance and wages of its workers. We argue that firms may escape intense competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results....... Using a very rich matched worker-firm longitudinal dataset we find that firms with high export intensities pay higher wages. However, an interaction term between export intensity and skill intensity has a positive impact on wages and it absorbs the direct effect of the export intensity. That is, we find...... an export wage premium, but it accrues to workers in firms with high skill intensities...

  2. Firm heterogeneity, investment, and industry expansion: a theoretical framework and the case of the uranium industry

    International Nuclear Information System (INIS)

    Cohen, W.M.

    1981-01-01

    The distinguishing feature of this investment analysis is its consideration of firm-specific variables. The theoretical section proposes that firm investment and, in turn, industry expansion are determined by firm-specific corporate variables in addition to the typically considered variables characterizing the firm's experience and expected conditions in a given market, such as rate of growth of demand, price, cost of capital, degree of utilization of capacity, etc. The framework is applied to the uranium mining and milling industry. Descriptive analysis is used to trace the history of the uranium industry in aggregate terms and also as an evolving roster of participating firms with different attributes. The market structure of the industry is also examined. The corporate variables framework is tested statistically in a single-equation, fixed-effects model of uranium exploration behavior, estimated on pooled cross section and time-series data. The postulated corporate variables, except internal firm structure, are combined with market variables in a model which attempts to explain the exploration behavior of 24 firms in the uranium industry from 1973 through 1979. The results indicate that cash flow and exploration expertise influence firms' level of exploration effort. However, differences among firms' intermarket investment strategies do not differentiate the magnitude of their exploration programs

  3. Characterizing the technology firm : An exploratory study

    NARCIS (Netherlands)

    Grinstein, A.; Goldman, Arieh

    Technology firms occupy a central position in modern economies. They drive economic growth, productivity gains and have created new industries and innovative products. Many will agree that technology firms are distinguished from others in their emphasis on technological activities. Since this

  4. The causal effect of restrictive bank lending on employment growth: A matching approach

    OpenAIRE

    Kleemann, Michael; Wiegand, Manuel

    2013-01-01

    Does restrictive bank lending cause lower employment growth at the firm-level or does it reflect firm characteristics that drive the deterioration of employment figures? Applying propensity score matching, we estimate the treatment effect of restrictive bank lending on employment growth. Combining balance sheet information and survey data on a firm's current and expected future business situation, we rule out the impact of firm heterogeneity. We find that credit constraints have a significant...

  5. STUDIES OF SHADING LEVELS AND NUTRITION SOURCES ON GROWTH, YIELD

    Directory of Open Access Journals (Sweden)

    Edi Purwanto

    2011-10-01

    Full Text Available Growth and biochemical content of medicinal crops are influenced by agroecosystems characteristics . The objective of this research was to determine the optimum shading level and type of fertilizer as sources of nutrition on the growth, yield, and andrographolide content of sambiloto. The experiment used Split Plot Design with basic design of Randomized Complete Block Design arranged with two treatment factors, with three replications. The first factor as the main plot was shading levels, namely without shading, 25% shading, 50% shading, and 75% shading. The second factor as the sub plot was sources of nutrition reprented by type of fertilizer, namely NPK fertilizer, cow stable fertilizer, and compost fertilizer. The result of research indicated that shading level and the kind of nutrition influenced some growth and yield variables such as number of leaves, number of branches, plant height, plant dry weight and simplisia weight, and andrographolide content. Interaction of shading level at 25% and straw compost fertilizer performed best in growth characteristics, while the highest andrographolide content resulted from the treatment combination of 50% shading level and straw compost fertilizer.

  6. Endogenous Markups, Firm Productivity and International Trade:

    DEFF Research Database (Denmark)

    Bellone, Flora; Musso, Patrick; Nesta, Lionel

    ) markups are positively related to firm productivity; 3) markups are negatively related to import penetration; 4) markups are positively related to firm export intensity and markups are higher on the export market than on the domestic ones in the presence of trade barriers and/or if competitors...... on the export market are less efficient than competitors on the domestic market. We estimate micro-level price cost margins (PCMs) using firm-level data extending the techniques developed by Hall (1986, 1988) and extended by Domowitz et al. (1988) and Roeger (1995) for the French manufacturing industry from......In this paper, we test key micro-level theoretical predictions ofMelitz and Ottaviano (MO) (2008), a model of international trade with heterogenous firms and endogenous mark-ups. At the firm-level, the MO model predicts that: 1) firm markups are negatively related to domestic market size; 2...

  7. Determinants of dividend policy: Evidence from listed firms in the African stock exchanges

    Directory of Open Access Journals (Sweden)

    Nnadi Matthias

    2013-01-01

    Full Text Available The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.

  8. The role of cluster types and firm size in designing the level of network relations: The experience of the Antalya tourism region

    NARCIS (Netherlands)

    Erkus Öztürk, H.

    2009-01-01

    The importance of developing global as well as local networks between tourism firms and clusters seeking to attain global competitiveness has been increasingly emphasized in previous studies. The aim of this paper is to examine the role of local and global networking in firms of different sizes and

  9. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    GUO, YI

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

  10. How does firm performance influence market orientation?

    DEFF Research Database (Denmark)

    Sørensen, Hans Eibe; Stieglitz, Nils

    This paper contributes by investigating how firm performance influences its market orientation. We draw on the aspiration-level model from the behavioral theory of the firm to develop testable propositions that substantiate and extend prior market orientation research. Specifically, we address how...... performance influences firms' market-oriented search behavior (responsive or proactive) and the allocation of attention (customer and competitor orientation) as well as the formation of aspiration levels. Research and managerial implications are discussed....

  11. Growth Performance of Red Sokoto Bucks Fed Inclusion levels of ...

    African Journals Online (AJOL)

    This study was carried out to evaluate the growth performance of red Sokoto bucks fed two (2) inclusion levels of rawwater soaked and lime soaked Hibiscus sabdariffa seeds in rice offal based diets. A total of twenty one (21) red Sokoto bucks were randomly allotted into seven treatments with three (3) bucks per group while ...

  12. Effect of winter nutritional levels on subsequent growth of beef ...

    African Journals Online (AJOL)

    Effect of winter nutritional levels on subsequent growth of beef heifers in the Highland Sourveld of Natal. ... Teen 'n lae veebelading van 0,75 GVE/ha (vir die weiperiode) op somerveld, het verse betekenisvol (P < 0,01) meer in massa toegeneem vergeleke met 'n hoë veebelading (1,25 GVE/ha). Binne elk van die ...

  13. Micro Level Perspectives on Growth (Tanzania) | Page 2 | CRDI ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    However, poverty is still widespread and the government admits that micro-level achievement ought to be better. This grant will allow the Department of Economics, University of Dar-es-Salaam, to undertake microeconomic analysis in a few areas of policy concern (rural growth, manufacturing, private sector development) to ...

  14. Financing patterns around the world : Are small firms different?

    NARCIS (Netherlands)

    Beck, T.H.L.; Demirgüc-Kunt, A.; Maksimovic, V.

    2008-01-01

    Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms, but includes small and medium firms and data on a broad spectrum of financing sources,

  15. Do Less Regulated Markets Attract Lower Quality Firms?

    DEFF Research Database (Denmark)

    Nielsson, Ulf

    2013-01-01

    The paper examines whether the moderately regulated London AIM market is at a disadvantage in attracting high quality firms. The results show that firms listed on AIM are of the same quality level as firms listed in the US and in Continental Europe, albeit smaller in size. Furthermore, the delist......The paper examines whether the moderately regulated London AIM market is at a disadvantage in attracting high quality firms. The results show that firms listed on AIM are of the same quality level as firms listed in the US and in Continental Europe, albeit smaller in size. Furthermore...... equivalent to firms listing in more regulated markets...

  16. Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context

    Directory of Open Access Journals (Sweden)

    Siala Bouaziz Souha

    2016-12-01

    Full Text Available This study deals with the major determinants of company shareholder activism investigated with according to a set of SBF 120 listed firms. Based on a sample of 77 companies, observed over the period 2008–2012, we are led to conclude that some firm governance characteristics do appear to affect shareholding activism. In addition, it has been revealed that the presence of institutional investors, ownership concentration, leaders’ presence in the capital, control structure, leadership change, firm growth as well as leverage level appear to have a significant influence on the probability of activism to take place.

  17. Essays on Family Firms

    OpenAIRE

    Zhou, Haoyong

    2012-01-01

    The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and...

  18. Transformation of Manufacturing Firms to Servitisation Firms

    DEFF Research Database (Denmark)

    Lin, Chih-Cheng; Ma, Zheng; Tanev, Stoyan

    2014-01-01

    It is crucial for the manufacturing SMEs to reconsider their business strategy in order to be able to launch customer-centric solutions. This ability is associated with a paradigm shift from a product-orientation to service-orientation. One of the major challenges to success in transforming...... a traditional manufacturing firm to service-oriented firms is the conspicuous lack of publications in this research stream. Applying a case study research approach, this study explores the transformation model for manufacturing SMEs to servitisation firms by adopting a network approach, and reveals...

  19. Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan

    OpenAIRE

    Qi Luo; Toyohiko Hachiya

    2005-01-01

    This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash ho...

  20. WTO Accession, Foreign Bank Entry, and the Productivity of Chinese Manufacturing Firms

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Qian, Zhenjie; Wang, Luhang

    2016-01-01

    After China’s accession to the World Trade Organization (WTO) in December 2001, foreign banks are allowed to enter the Chinese banking market in phases. Using firm-level data from the National Bureau of Statistics of China which cover all state-owned and non state-owned manufacturing firms...... with sales over 5 million RMB, we examine the relationship between foreign bank entry and the industry-level productivity growth of China’s manufacturing sector. Our empirical results suggest that (a) on average, opening up a region for foreign bank entry has no impact on aggregate productivity growth, (b...

  1. Inter-firm and intra-firm efficiency measures

    NARCIS (Netherlands)

    Oude Lansink, A.G.J.M.; Silva, E.; Stefanou, S.

    2001-01-01

    Intra-firm efficiency involves computing a particular firm's efficiency degree over time relative to the firm-specific production frontier. Inter-firm efficiency reveals a particular firm's performance over time relative to the ``best practice frontier'' among the set of comparable firms. These

  2. Feather growth influences blood mercury level of young songbirds.

    Science.gov (United States)

    Condon, Anne M; Cristol, Daniel A

    2009-02-01

    Dynamics of mercury in feathers and blood of free-living songbirds is poorly understood. Nestling eastern bluebirds (Sialia sialis) living along the mercury-contaminated South River (Virginia, USA) had blood mercury levels an order of magnitude lower than their parents (nestling: 0.09 +/- 0.06 mg/kg [mean +/- standard deviation], n = 156; adult: 1.21 +/- 0.57 mg/kg, n = 86). To test whether this low blood mercury was the result of mercury sequestration in rapidly growing feathers, we repeatedly sampled free-living juveniles throughout the period of feather growth and molt. Mean blood mercury concentrations increased to 0.52 +/- 0.36 mg/kg (n = 44) after the completion of feather growth. Some individuals had reached adult blood mercury levels within three months of leaving the nest, but levels dropped to 0.20 +/- 0.09 mg/kg (n = 11) once the autumn molt had begun. Most studies of mercury contamination in juvenile birds have focused on recently hatched young with thousands of rapidly growing feathers. However, the highest risk period for mercury intoxication in young birds may be during the vulnerable period after fledging, when feathers no longer serve as a buffer against dietary mercury. We found that nestling blood mercury levels were not indicative of the extent of contamination because a large portion of the ingested mercury ended up in feathers. The present study demonstrates unequivocally that in songbirds blood mercury level is influenced strongly by the growth and molt of feathers.

  3. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    2006-01-01

    This paper studies the link between a firms education level, export performance and wages of its workers. We argue that firms may escape intence competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results....... Osing a very rich matched worker-firm longitudinal dataset we find that firms with high export intensities pay higher wages. However, an interaction term between export intensity and skill intensity has a positive impact on wages and it absorbs the direct effect of the export intensity. That is, we find...... an export wage premium, but it accrues to workers in firms with high skill intensities.Keywords: Exports, Wages, Human Capital, Rent Sharing, Matched Worker-Firm DataJEL Classification: J30, F10, I20...

  4. Foreign Exchange Exposures of Korean Firms

    Directory of Open Access Journals (Sweden)

    Sungbin Cho

    2011-03-01

    Full Text Available We measure foreign exchange exposures as sensitivity of firm's value to FX premium in the CAPM plus FX premium model, and try to find determinants of the exposures; using data of non-financial companies listed in the Korea Exchange from the year 2007 to 2008. Main findings are as follows. If Korean won depreciates, only a small number of firms is benefitted while majority of firms are harmed to the contrary of common knowledge. As a firm's export increases, the foreign exchange exposure increases up to a certain level and after that it declines. And, smaller firms of negative foreign exchange exposures are more sensitive to foreign exchange changes. These suggest heterogeneous effects of foreign exchange rates on industries and firms.

  5. Agility in a small software firm

    DEFF Research Database (Denmark)

    Schmidt, Thomas; Mathiassen, Lars

    2009-01-01

    Small software firms are vulnerable to environmental uncertainty. While agile methods and other technologies offer suggestions to this challenge, we know little about how these firms combine project and firm level capabilities to effectively respond to changes. On this backdrop, we examine a small...... Danish software firm, TeachTech Inc., through the lens of Haeckel's sense-and-respond approach. Our analysis suggests that: the firm has appropriate sense-and-respond cycles, but improving process modularity and human resource flexibility, could increase its ability to respond faster and more effectively......; the firm focuses on specific business goals, but these are not clearly explicated and expressed as empowering governing values enabling a quick and coordinated response; complex and demanding challenges are related to dynamically reassigning commitments and the supporting mechanisms are insufficient...

  6. Inhibition of fungal growth with extreme low oxygen levels

    DEFF Research Database (Denmark)

    Nielsen, Per Væggemose; Haasum, Iben

    1998-01-01

    Fungal spoilage of foods is effectively controlled by removal of oxygen from the package, especially if this is combined with elevated carbon dioxide (CO2) levels. However, great uncertainty exist on just how low the residual oxygen levels in the package must be especially when carbon dioxide lev...... food with low CO2 levels. Active packaging with oxygen absorbers may be considered for these products. The packaging solution must also reflect the micro flora of the product.......Fungal spoilage of foods is effectively controlled by removal of oxygen from the package, especially if this is combined with elevated carbon dioxide (CO2) levels. However, great uncertainty exist on just how low the residual oxygen levels in the package must be especially when carbon dioxide...... Penicillia and Aspergilli were also inhibited by oxygen levels less than 0.5%, but less than 0.01% was required to efficiently inhibit these fungi. Most resistant to very low oxygen levels was the Fusarium species.These results shows that very low oxygen levels are required to avoid fungal growth in package...

  7. Bounded learning-by-doing and sources of firm level productivity growth in colombian food manufacturing industry

    NARCIS (Netherlands)

    Shee, Apurba; Stefanou, Spiro E.

    2016-01-01

    This paper models the bounded learning concept with the learning progress function characterized by the degree of efficiency and the specification of the learning progress as a logistic function capturing both the slow start-up and the limit in learning progress. We differentiate learning

  8. International working capital practices of Ghanaian firms

    Directory of Open Access Journals (Sweden)

    J. Abor

    2005-12-01

    Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.

  9. Consumer Networks and Firm Reputation

    DEFF Research Database (Denmark)

    Huck, Steffen; Lünser, Gabriele K.; Tyran, Jean-Robert

    Arguing that consumers are the carriers of firms' reputations, we examine the role of consumer networks for trust in markets that suffer from moral hazard. When consumers are embedded in a network, they can exchange information with their neighbours about their private experiences with different ...... sellers. We find that such information exchange fosters firms' incentives for reputation building and, thus, enhances trust and efficiency in markets. This efficiency-enhancing effect is already achieved with a rather low level of network density......Arguing that consumers are the carriers of firms' reputations, we examine the role of consumer networks for trust in markets that suffer from moral hazard. When consumers are embedded in a network, they can exchange information with their neighbours about their private experiences with different...

  10. Improving the firm's environmental conduct

    DEFF Research Database (Denmark)

    Knudsen, Thorbjørn; Koed Madsen, Tage

    2001-01-01

    lead to strategic advantage and, thus, economic gains at the firm level. In view of the great importance of this claim, the purpose of the present article was to apply resource-based insights in order to develop this reasoning further and provide an empirical test of three hypotheses related...

  11. Gender Segregation Small Firms

    OpenAIRE

    Kenneth R Troske; William J Carrington

    1992-01-01

    This paper studies interfirm gender segregation in a unique sample of small employers. We focus on small firms because previous research on interfirm segregation has studied only large firms and because it is easier to link the demographic characteristics of employers and employees in small firms. This latter feature permits an assessment of the role of employer discrimination in creating gender segregation. Our first finding is that interfirm segregation is prevalent among small employers. I...

  12. International taxation and multinational firm decisions

    NARCIS (Netherlands)

    Barrios, S.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2012-01-01

    Using a large international firm-level data set, we examine the separate effects of host and additional parent country taxation on the location decisions of multinational firms. Both types of taxation are estimated to have a negative impact on the location of new foreign subsidiaries. The impact of

  13. Technology diversification, coherence, and performance of firms

    NARCIS (Netherlands)

    Leten, B.; Belderbos, R.A.; Looy, van B.

    2007-01-01

    Technological diversification at the firm level (i.e., the expansion of a firm's technology base into a wide range of technology fields) is found to be a prevailing phenomenon in all three major industrialized regions,—the United States, Europe, and Japan—prompting the term multitechnology

  14. Coevolution of Firm Capabilities and Industry Competition

    NARCIS (Netherlands)

    M.W. Huygens (Marc); C.W.F. Baden-Fuller (Charles); F.A.J. van den Bosch (Frans); H.W. Volberda (Henk)

    2001-01-01

    textabstractThis paper proposes that rival firms not only search for new capabilities within their organization, but also for those that rest in their competitive environment. An integrated analysis of these search processes at both firm and industry levels of analysis shows how their interaction

  15. Enhancing technological innovation in small firms: Role of collaboration

    International Nuclear Information System (INIS)

    Singh, D; Khamba, J S; Nanda, T

    2014-01-01

    Contribution of Micro-Small and Medium Enterprises (MSMEs) is highly remarkable in the overall industrial economy of the country. In recent years, the MSME sector has consistently registered higher growth rate compared to the overall industrial sector. With its agility and dynamism, the sector has shown admirable innovativeness and adaptability to survive the recent economic downturn and recession. However, MSMEs growth rate is still at low level. Therefore, it becomes essential for organizations to adopt new technologies or upgrade existing setup to meet continuously changing global market and fulfill customer needs. This paper explores the relationships between different collaboration networks and technological innovation of small firms through an extensive review of literature. The study finds that collaboration with larger enterprises, R and D institutions, universities and government agencies play a significant role in enhancing technological innovation in small firms

  16. Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Turkish Banking Sector

    Directory of Open Access Journals (Sweden)

    Nuri Baltacı

    2014-03-01

    Full Text Available This study explores the significance of firm-specific, country, and macroeconomic factors in explaining variation in leverage using a sample of banks from Turkish banking sector. The analysis is based on quarterly firm-level data from Turkish banking sector in 2002–2012. We aims to contribute to the empirical capital structure literature in the following ways. Our first contribution comes from assessing the importance of firm-specific factors, country-level factors and industrial factors for capital structure decisions in Turkish banking sector. Second, we employ appropriate and advanced dynamic panel data estimators, Blundell and Bond’s (1998 generalized methods of moment’s estimators (GMM System. We find that leverage is significantly and positively associated with average industry leverage, firm size and GDP growth. We find also that leverage is significantly and negatively associated with tangibility, profitability, inflation and financial risk. The regression results for leverage are both theoretically and empirically plausible for banks in Turkey. Moreover, tangibility, profitability and GDP growth are consistent with the predictions of the pecking order theory, while firm size is consistent with the predictions of the trade-off theory. Our findings suggest that the capital structures of financial and non-financial firms are ultimately determined by the same drivers.

  17. Shared vision promotes family firm performance.

    Science.gov (United States)

    Neff, John E

    2015-01-01

    A clear picture of the influential drivers of private family firm performance has proven to be an elusive target. The unique characteristics of private family owned firms necessitate a broader, non-financial approach to reveal firm performance drivers. This research study sought to specify and evaluate the themes that distinguish successful family firms from less successful family firms. In addition, this study explored the possibility that these themes collectively form an effective organizational culture that improves longer-term firm performance. At an organizational level of analysis, research findings identified four significant variables: Shared Vision (PNS), Role Clarity (RCL), Confidence in Management (CON), and Professional Networking (OLN) that positively impacted family firm financial performance. Shared Vision exhibited the strongest positive influence among the significant factors. In addition, Family Functionality (APGAR), the functional integrity of the family itself, exhibited a significant supporting role. Taken together, the variables collectively represent an effective family business culture (EFBC) that positively impacted the long-term financial sustainability of family owned firms. The index of effective family business culture also exhibited potential as a predictive non-financial model of family firm performance.

  18. Shared Vision promotes family firm performance

    Directory of Open Access Journals (Sweden)

    John Edward Neff

    2015-05-01

    Full Text Available A clear picture of the influential drivers of private family firm performance has proven to be an elusive target. The unique characteristics of private family owned firms necessitate a broader, non-financial approach to reveal firm performance drivers. This research study sought to specify and evaluate the themes that distinguish successful family firms from less successful family firms. In addition, this study explored the possibility that these themes collectively form an effective organizational culture that improves longer-term firm performance. At an organizational level of analysis, research findings identified four significant variables: Shared Vision (PNS, Role Clarity (RCL, Confidence in Management (CON, and Professional Networking (OLN that positively impacted family firm financial performance. Shared Vision exhibited the strongest positive influence among the significant factors. In addition, Family Functionality (APGAR, the functional integrity of the family itself exhibited a significant supporting role. Taken together, the variables collectively represent an effective family business culture (EFBC that positively impacted the long-term financial sustainability of family owned firms. The index of effective family business culture also exhibited potential as a predictive non-financial model of family firm performance.

  19. Estimation of future levels and changes in profitability: The effect of the relative position of the firm in its industry and the operating-financing disaggregation

    Directory of Open Access Journals (Sweden)

    Borja Amor-Tapia

    2014-06-01

    Full Text Available In this paper we examine how the relative position of a firm’s Return on Equity (ROE in industries affects the predictability of the next-year ROE levels, and the ROE changes from year to year. Using Nissim and Penman breakdown into operating and financing drivers, the significant role of the industry factor is established, although changes in signs suggest subtle non-linear relations in the drivers. Our study avoids problems originating from negative signs by analyzing sorts and by making new regressions with disaggregated second-order drivers by signs. This way, our results provide evidence of some different patterns in the influence of the first-level drivers of ROE (the operating factor and the financing factor, and the second-level drivers (profit margin, asset turnover, leverage and return spread on future profitability, depending on the industry spread. The results on the role of contextual factors to improve the estimation of future profitability remain consistent for small and large firms, although adding some nuances En este trabajo examinamos si la posición relativa del ROE de la empresa en el sector afecta a la estimación del nivel de ROE en el a˜no posterior, y a la estimación de su variación. Empleando el desglose operativo-financiero de Nissim y Penman, encontramos que el factor sectorial es significativo, aunque las variaciones de los signos sugieren la presencia de relaciones no lineales. Nuestro trabajo evita los problemas generados por los signos negativos en los ratios al emplear cuantiles y realizar regresiones independientes para los diferentes signos que toman las variables. De esta forma, los resultados muestran diferentes patrones en el impacto de los inductores del ROE de primer nivel (los factores operativo y financiero y de segundo nivel (margen de resultados, rotaciones de los activos, endeudamiento y diferencial de rentabilidad sobre la rentabilidad futura, dependiendo del diferencial de rentabilidad con

  20. CLUSTERING AND THE NATURE OF RELATIONSHIP AMONGST FIRMS IN THE LAGOS REGION, NIGERIA

    Directory of Open Access Journals (Sweden)

    FAGBOHUNKA Adejompo

    2015-06-01

    Full Text Available Regional cluster, a geographically bounded concentration of interdependent firms, is the best environment to fostering a strong relationship amongst firms which can lead to amazing technological and industrial expansion. This paper underscores clustering and the resultant nature of relationship amongst firms, using the Lagos region as a case study. One hundred and three questionnaire were administered in twelve industrial estates; one questionnaire in each of the firm. This connotes that all the firms in the industrial estates were successfully covered in the questionnaire administration, which was administered. A descriptive statistical analytical technique was adopted. The paper has reveals the types of working relationship amongst firms in the Lagos region which includes; raw materials purchase, subcontract, collaboration in research and development, sales promotion, transportation, power supply, water supply, security, waste treatment, telecommunication, ports and shipping as well as labour supply. The paper found out that raw materials purchase/supply was more striking amongst the working relationship types. Also, the paper has revealed services sharing amongst the firms and transport as the most dominant. The most important location advantage was the market facilities. The analysis of variance carried out in relation to variation in clustering amongst the firms at 0.05% level was significant. The paper concluded that industrial cluster if encouraged, will lead to increase working relationship, which in turn have the capability of boosting, promoting and encouraging economies of clustering. Cluster concepts spatially emphasize inter-firm relations that facilitate innovative activity, which is recognized as a driving force of sustained economic growth. It is therefore recommended that these clustering of firms should be made viable, encouraged and strengthened through government investment in the industrial sector, making the location

  1. Firms, nonprofits, and cooperatives : A theory of organizational choice

    NARCIS (Netherlands)

    Herbst, Patrick; Prüfer, Jens

    We formalize the difference between profit-maximizing firms, nonprofits, and cooperatives and identify optimal organizational choice in a model of quality provision. Firms provide lowest and nonprofits highest levels of quality. Efficiency, however, depends on the competitive environment, the

  2. Strong Firms Lobby, Weak Firms Bribe

    DEFF Research Database (Denmark)

    Bennedsen, Morten; Feldmann, Sven E.; Lassen, David Dreyer

    that are larger, older, exporting, government-owned, are widely held and/or have fewer competitors, have more political influence, perceive corruption to be less of a problem and pay bribes less often; (c) influence increases sales and government subsidies and in general makes the firm have a more positive view...

  3. Comportements des firmes et commerce international

    OpenAIRE

    Joël Thomas Ravix; Olivier Sautel

    2007-01-01

    Growth of international outsourcing, has been a dominant feature of the international economy. Recent theoretical developments have focused on firm behaviour and its consequences on trade structure, through the introduction of the modern theory of the firm. In a first section, we link this new approach with previous explanations of vertical specialization (intra-industry trade and Multinational Corporation). In a second section, we present methodology and results of these new developments, wh...

  4. Industry diversity, competition and firm relatedness

    DEFF Research Database (Denmark)

    Wang, Cong; Madsen, Jakob B.; Steiner, Bodo

    2017-01-01

    This study investigates the extent to which indicators of external scale economies impacted employment growth in Canada over the period 2004-2011. We focus on knowledge spillovers between firms while accounting for Marshallian specialization, Jacobs’ diversity, and competition by industry, as well...... as related and unrelated firm varieties in terms of employment and sales. We find that the employment growth effects of local competition and diversity are positive, while the effect of Marshallian specialization is negative. Diversification is found to be particularly important for employment growth during...

  5. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

    Malchow-Møller, Nikolaj; Schjerning, Bertel; R. Markusen, James

    2013-01-01

    Three types of theories have been used to explain the wage premium in foreign firms: the theories of heterogeneous workers, heterogeneous learning, and heterogeneous firms. We set up a model that explicitly encompasses two of these theories, and that can illustrate the third. This unifying...

  6. The market for firms

    DEFF Research Database (Denmark)

    Davis, Jerome Dean; Keiding, Hans

    2010-01-01

    and as a consequence a higher sales value of the firm. Buyers take this signaling into consideration, but irrespective of their countermoves, the equilib- rium result may be a lowering of ex ante product prices, and an ex post market overvaluation of the firm. This model is utilized to suggest possible explanations...

  7. Procurement with Specialized Firms

    NARCIS (Netherlands)

    Boone, J.; Schottmuller, C.

    2011-01-01

    This paper analyzes optimal procurement mechanisms in a setting where the procurement agency has incomplete information concerning the firms’ cost functions and cares about quality as well as price. Low type firms are cheaper than high type firms in providing low quality but more expensive when

  8. Location of New Firms

    DEFF Research Database (Denmark)

    Backman, Mikaela; Karlsson, Charlie

    2017-01-01

    characteristics, such as the commuting experience. Our results show that commuting influences the firm location choice. The probability of establishing a firm in the work municipality increases if the entrepreneur is a commuter, holding constant the type of region and unobservable and observable individual...

  9. Serum Growth Hormone and Insulin-Like Growth Factor-1 Levels in Women with Postadolescent Acne

    Directory of Open Access Journals (Sweden)

    Mualla Polat

    2010-06-01

    Full Text Available Background and Design: Acne vulgaris is an inflammatory disease of pilosebaceous unit. It usually starts after puberty but may continue into adulthood. We studied Growth hormone (GH and insulin-like growth factor (IGF-1 levels in women patients with acne vulgaris in whom all other hormon levels were normal. We aimed to show any relation of the acne vulgaris lesion type and GH and IGF-1 levels. Material and Method: The study conducted on the postadolesance period woman patients applying to out patient dermatology department with complaint of acne symptoms between Semtember 2005 and July 2006. All other hormonal parameters were normal in patients. 25 healthy similar age women were accepted as control. IGF-I and GH were quantified by solid-phase competitive chemiluminescence assays. Results: There was no difference according to age between the groups (p=0.726. The mean IGF-1 level was 336.5±112.88 ng/ml in patients and 194±31.32 ng/ml in control; the difference was significantly important (p=0.000. The mean GH level was 3.16±4.35 µIU/ml in patients and 1.15±1.21 µIU/ml in control; and the diffrence was not found as important (p=0.03. IGF-1 level was significantly important in patients with noduler involvement (p=0.015, and GH level was also significantly important in patients with cystic involvement (p=0.05. Conclusion: We supported the hypothesis that GH and IGF-1 levels were important in postadolasence period women patients with acne vulgaris. We recommend new studies comparing GH and IGF-1 levels in adolesence and postadolesence period women patients in order to support the role of these hormones in pathogenesis of acne vulgaris.

  10. Prognostic value of insulin-like growth factor 1 and insulin-like growth factor binding protein 3 blood levels in breast cancer.

    Science.gov (United States)

    Hartog, H; Boezen, H M; de Jong, M M; Schaapveld, M; Wesseling, J; van der Graaf, W T A

    2013-12-01

    High circulating insulin-like growth factor 1 (IGF-1) levels are firmly established as a risk factor for developing breast cancer, especially estrogen positive tumors. The effect of circulating IGF-1 on prognosis once a tumor is established is unknown. The authors explored the effect of IGF-1 blood levels and of it's main binding protein, IGFBP-3, on overall survival and occurrence of second primary breast tumors in breast cancer patients, as well as reproductive and lifestyle factors that could modify this risk. Patients were accrued from six hospitals in the Netherlands between 1998 and 2003. Total IGF-1 and IGFBP-3 were measured in 582 plasma samples. No significant association between IGF-1 and IGFBP-3 plasma levels and overall survival was found. However, in a multivariate Cox regression model including standard prognostic variables high IGF-1 levels were related to worse overall survival in patients receiving endocrine therapy (HR = 1.37, 95% CI: 1.11, 1.69, P 0.004). These data at least indicate that higher IGF-1 levels, and as a consequence most likely IGF-1-induced signaling, are related to a less favorable overall survival in breast cancer patients treated with endocrine therapy. Interventions aimed at reducing circulating levels of IGF-1 in hormone receptor positive breast cancer may improve survival. Copyright © 2013 Elsevier Ltd. All rights reserved.

  11. Leverage, debt maturity and firm investment: An empirical analysis

    OpenAIRE

    Dang, Viet A.

    2011-01-01

    In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

  12. Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

    NARCIS (Netherlands)

    Degryse, H.A.; Lu, L.; Ongena, S.

    2013-01-01

    Abstract: The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We

  13. Visual Estimation of Bacterial Growth Level in Microfluidic Culture Systems

    Directory of Open Access Journals (Sweden)

    Kyukwang Kim

    2018-02-01

    Full Text Available Microfluidic devices are an emerging platform for a variety of experiments involving bacterial cell culture, and has advantages including cost and convenience. One inevitable step during bacterial cell culture is the measurement of cell concentration in the channel. The optical density measurement technique is generally used for bacterial growth estimation, but it is not applicable to microfluidic devices due to the small sample volumes in microfluidics. Alternately, cell counting or colony-forming unit methods may be applied, but these do not work in situ; nor do these methods show measurement results immediately. To this end, we present a new vision-based method to estimate the growth level of the bacteria in microfluidic channels. We use Fast Fourier transform (FFT to detect the frequency level change of the microscopic image, focusing on the fact that the microscopic image becomes rough as the number of cells in the field of view increases, adding high frequencies to the spectrum of the image. Two types of microfluidic devices are used to culture bacteria in liquid and agar gel medium, and time-lapsed images are captured. The images obtained are analyzed using FFT, resulting in an increase in high-frequency noise proportional to the time passed. Furthermore, we apply the developed method in the microfluidic antibiotics susceptibility test by recognizing the regional concentration change of the bacteria that are cultured in the antibiotics gradient. Finally, a deep learning-based data regression is performed on the data obtained by the proposed vision-based method for robust reporting of data.

  14. Visual Estimation of Bacterial Growth Level in Microfluidic Culture Systems.

    Science.gov (United States)

    Kim, Kyukwang; Kim, Seunggyu; Jeon, Jessie S

    2018-02-03

    Microfluidic devices are an emerging platform for a variety of experiments involving bacterial cell culture, and has advantages including cost and convenience. One inevitable step during bacterial cell culture is the measurement of cell concentration in the channel. The optical density measurement technique is generally used for bacterial growth estimation, but it is not applicable to microfluidic devices due to the small sample volumes in microfluidics. Alternately, cell counting or colony-forming unit methods may be applied, but these do not work in situ; nor do these methods show measurement results immediately. To this end, we present a new vision-based method to estimate the growth level of the bacteria in microfluidic channels. We use Fast Fourier transform (FFT) to detect the frequency level change of the microscopic image, focusing on the fact that the microscopic image becomes rough as the number of cells in the field of view increases, adding high frequencies to the spectrum of the image. Two types of microfluidic devices are used to culture bacteria in liquid and agar gel medium, and time-lapsed images are captured. The images obtained are analyzed using FFT, resulting in an increase in high-frequency noise proportional to the time passed. Furthermore, we apply the developed method in the microfluidic antibiotics susceptibility test by recognizing the regional concentration change of the bacteria that are cultured in the antibiotics gradient. Finally, a deep learning-based data regression is performed on the data obtained by the proposed vision-based method for robust reporting of data.

  15. Choice of Ownership Structure and Firm Performance

    DEFF Research Database (Denmark)

    Jones, Derek C; Kalmi, Panu; Mygind, Niels

    2003-01-01

    In this paper we use rich panel data for a representative sample of Estonian enterprises to analysediverse issues related to the determinants of ownership structures and ownership changes afterprivatisation. A key focus is to determine whether ownership changes are related to economicefficiency....... While employee owned firms are found to be much more prone than other firms toswitch ownership categories, often `employee owned' firms remain `insider-owned' as ownershippasses from current employees to managers and former employees. Logit analyses of thedeterminants of ownership structures...... and ownership changes provides mixed support for severalhypotheses. As predicted: (i) wealth and resource constraints play a crucial role in thedetermination of ownership, with foreigners buying firms with the highest equity levels andinsiders buying firms with the lowest equity valuations; (ii) risk aversion...

  16. Firming Up Inequality

    OpenAIRE

    Jae Song; David J. Price; Fatih Guvenen; Nicholas Bloom; Till von Wachter

    2015-01-01

    Earnings inequality in the United States has increased rapidly over the last three decades, but little is known about the role of firms in this trend. For example, how much of the rise in earnings inequality can be attributed to rising dispersion between firms in the average wages they pay, and how much is due to rising wage dispersion among workers within firms? Similarly, how did rising inequality affect the wage earnings of different types of workers working for the same employer—men vs. w...

  17. Fashion Brand Purity and Firm Performance

    Directory of Open Access Journals (Sweden)

    Jin-hui Zheng

    2013-01-01

    Full Text Available A large number of prior empirical research and case studies used qualitative methodology to discuss the fashion brand dilution resulting from consumer base extension from the target group(s to the nontarget groups and its impacts. From a different perspective, this paper establishes a dynamic brand dilution and performance model, demonstrating how dynamic changes of sales volumes involving the two consumer groups affect the degree of brand dilution and the performance of the brand. We incorporate the factor “brand purity” to the model as a quantitative measure of brand dilution level that affects firm annual revenue and profit change comprehensively in iteration. Our model suggests that fashion brands, especially luxury brands, can be easily diluted under the pressure of firm growth, and the brands suffer the significant negative impact on their revenues and profit. While increasing sales volume can aggravate the negative consequences, brand purity can be increased through limiting the consumer base to the target group only.

  18. Foreign Currency Borrowing by Small Firms

    OpenAIRE

    Martin Brown; Steven Ongena; Pinar Yesin

    2009-01-01

    We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also incorporates the impact of information asymmetry between banks and firms. When foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners with high revenues and lo...

  19. Vocabulary Growth in College-Level Students’ Narrative Writing

    Directory of Open Access Journals (Sweden)

    Hicham ZYAD

    2017-09-01

    Full Text Available The nature and size of vocabulary significantly determine quality in a given piece of writing. It therefore follows that an extensive vocabulary repertoire is a key factor to success in academic life. Most certainly, this explains the vast amount of scholarly attention that has been invested in this line of research. In this regard, a wide array of studies have provided evidence suggesting that human assessors of writing quality are substantially influenced by the range and sophistication of the vocabulary used by L2 learners. The studies that offered such evidence used different measurement tools to evaluate the nature and/or size of L2 learners’ vocabulary. However, very few studies have attempted to chart vocabulary knowledge across different college-level proficiency levels in narrative writing productions in the Moroccan context. To contribute to this debate, the present study aims to investigate university L2 learners’ vocabulary knowledge across three proficiency levels from two post-secondary institutions. More specifically, this cross-sectional study operationalized vocabulary knowledge in terms of diversity and sophistication in order to chart growth in the lexical repertoire of 90 participants. Data analysis showed that the participants displayed different levels of vocabulary knowledge. In terms of lexical diversity, second-year students’ vocabulary was as diverse as third-year students but it was not as sophisticated. Nonetheless, sophistication did not differentiate first- and second-year students but it did differentiate between second- and third-year students. Additionally, diversity and sophistication were both good markers of difference between first- and second-year students. The implications of the findings will be discussed.

  20. Global Sourcing and Firm Selection

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    2014-01-01

    We analyze the sourcing strategies of firms active in the Spanish manufacturing sector. We show that firms that select strategies of vertical integration and of foreign sourcing ex post tend to have been more productive, ex ante, than other firms.......We analyze the sourcing strategies of firms active in the Spanish manufacturing sector. We show that firms that select strategies of vertical integration and of foreign sourcing ex post tend to have been more productive, ex ante, than other firms....

  1. Regulation and the Ownership Structure of European Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Trinchera, Oliver

    2017-01-01

    In this paper, we explore an extensive panel data set covering more than 4,000 listed firms in 16 European countries to study the effects of shareholder protection on ownership structure and firm performance. We document a negative firm-level correlation between shareholder protection and ownersh...

  2. Foreign currency borrowing by small firms in the transition economies

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Yesin, P.

    2011-01-01

    We examine the firm- and country-level determinants of foreign currency borrowing by small firms, using information on the most recent loan extended to 3101 firms in 25 transition countries between 2002 and 2005. Our results suggest that foreign currency borrowing is much stronger related to

  3. Firms, crowds, and innovation.

    Science.gov (United States)

    Felin, Teppo; Lakhani, Karim R; Tushman, Michael L

    2017-05-01

    The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of "firms, crowds, and innovation" and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and practices-for example, crowdsourcing, crowdfunding, user innovation, and peer production-relate to theories of the firm, with particular attention on "sociality" in firms and markets. We first briefly review extant theories of the firm and then discuss three theoretical aspects of sociality related to crowds in the context of strategy, organizations, and innovation: (1) the functions of sociality (sociality as extension of rationality, sociality as sensing and signaling, sociality as matching and identity), (2) the forms of sociality (independent/aggregate and interacting/emergent forms of sociality), and (3) the failures of sociality (misattribution and misapplication). We conclude with an outline of future research directions and introduce the special issue papers and essays.

  4. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    2011-01-01

    and developing strategic initiatives that aid the community as a whole. We discuss the facilitator role of the shared services provider, contrasting it with the coordinator role found in other multi-firm organizations, and we show how shared services providers function by describing three examples...... is an organizational model called the collaborative community of firms. This chapter addresses an important organizational role in a collaborative community, that of the shared services provider. The shared services provider acts as a facilitator in the community, helping member firms collaborate with one another...... of collaborative communities of firms from different sectors: the U.S.-based Blade.org and two Denmark-based communities, the Kalundborg Industrial Symbiosis and MG50. Implications for the theory and practice of organization design are discussed....

  5. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

    Malchow-Møller, Nikolaj; Markusen, James R.; Schjerning, Bertel

    Many papers have documented a wage premium in foreign-owned and large firms. However, there is very little formal theory in the literature and empirical analyses are typically not based on hypotheses which are rigorously derived from theory. This paper contributes to the theory-empirics gap...... by developing a model that allows for two "pure" explanations for the wage premium. The first is a heterogenous-worker explanation along the lines of Yeaple (2005), where firms that select more scaleintensive technologies select ex-ante more productive workers. In this case, the wage premium is a pure selection...... phenomenon. The second explanation builds on the heterogeneous-firm model of Melitz (2003) combined with on-the-job learning as in Markusen (2001). Productivity differences between firms are internalized by ex-ante homogeneous workers, so the wage premium is a pure learning phenomenon due to ex-post higher...

  6. Entrepreneurship and the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Klein, Peter G.

    While characteristically "Austrian" themes such as entrepreneurship, economic calculation, tacit knowledge and the temporal structure of capital are clearly relevant to the business firm, Austrian economists have said relatively little about management, organization and strategy. This work features...

  7. Multinational Firms and The New Trade Theory

    OpenAIRE

    James R. Markusen; Anthony J. Venables

    1995-01-01

    A model is constructed in which multinational firms may arise endogenously. Multinationals exist in equilibrium when transport and tariff costs are high, incomes are high, and firm-level scale economies are important relative to plant-level scale economies. Less obvious, multinationals are more important in total economic activity when countries are more similar in incomes, relative factor endowments, and technologies. The model may thus be useful in explaining several stylized facts, includi...

  8. Firms, Technology and Trade

    OpenAIRE

    Caldera Sanchez, Aida

    2010-01-01

    This doctoral dissertation studies the effect of economic integration on the performance of firms. The ongoing process of global economic integration has been characterized by dismantling of trade barriers and openness to foreign direct investments (FDI). These changes have not only brought opportunities to firms in terms of market access and the possibility to learn about foreign technologies brought in by foreign counterparts. The new economic environment has also posed new challenges throu...

  9. Supervision in Firms

    OpenAIRE

    Vafaï , Kouroche

    2012-01-01

    URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/bandeau-haut/documents-de-travail/; Documents de travail du Centre d'Economie de la Sorbonne 2012.84 - ISSN : 1955-611X; To control, evaluate, and motivate their agents, firms employ supervisors. As shown by empirical investigations, biased evaluation by supervisors linked to collusion is a persistent feature of firms. This paper studies how deceptive supervision affects agency relationships. We consider a three-leve...

  10. THE CHALLENGE OF GLOBALIZATION FOR LARGE CHINESE FIRMS

    OpenAIRE

    Peter Nolan; Jin Zhang

    2002-01-01

    As China joins the World Trade Organization, the author questions whether China’s large firms will be able to compete on the global level playing field. Over the past two decades, Chinese large enterprises have undertaken extensive evolutionary change but, at the same time, the world’s leading firms have undergone a revolutionary transformation. Based on analysis of firms with the aerospace, oil and petrochemical industry, the authors conclude that China’s leading firms face critical challeng...

  11. An empirical study of Malaysian firms' capital structure

    OpenAIRE

    Zain, Sharifah Raihan Syed Mohd

    2003-01-01

    Merged with duplicate record 10026.1/821 on 27.03.2017 by CS (TIS) It is sometimes purported that one of the factors affecting a firm's value is its capital structure. The event of the 1997 Asian financial crisis was expected to affect the firms' gearing level as the firms' earnings deteriorated and the capital market collapsed. The main objective of this research is to examine empirically the determinants of the capital structure of Malaysian firms. The main additional aim is ...

  12. Views of CEOs on Firm Performance

    Directory of Open Access Journals (Sweden)

    Dario Berginc

    2014-11-01

    Full Text Available Researching the managerial perspective of performance can contribute to a better understanding of firm performance, and offer a valuable contribution to research on objective performance measurement. The aim of this article is to examine how managers evaluate firm performance and which factors, in their opinion, have the biggest influence on performance. We particularly wanted to investigate the influence of top management and owners on firm performance. We conducted a qualitative study among the CEOs of some of the most successful Slovenian firms. The results show that CEOs connect positive performance with long-term growth and satisfying the needs of key stakeholders (employees, customers and owners, but short-term positive financial performance represents the basic foundation. The second most important factor is a united top management, capable of generating new ideas and acting as a role model to employees. This can lead to a higher degree of engagement by employees and a better understanding of the firm's goals. Owners can contribute to a positive firm performance with their active, strategic and long-term orientation, and with their ability to set clear goals and to trust top management in the long run. Another important factor that influences firm performance is the ownership structure. In the opinion of CEOs, dominant and private ownership has a more positive impact on firm performance than dispersed and state ownership. The present research findings provide several examples of good and bad practice, and highlight opportunities for further research, from an in-depth study of individual factors of firm performance to the search for a more comprehensive model of performance factors, based on a larger sample of CEOs and other managers.

  13. Studies on the growth of penaeid prawns: 2. Growth of @iPenaeus indicus@@ under different levels of feeding

    Digital Repository Service at National Institute of Oceanography (India)

    Nair, S.R.S.; Iyer, H.K.; Balasubramanian, T.; Kutty, M.K.

    @iPenaeus indicus@@ was subjected to four different levels of feeding with live earthworm. The growth increments irrespective of the feeding levels did not show any decreasing trend throughout the experimental period. This is probably because...

  14. The effect of innovative activity in firm performance and development: Analysing data from eurozone

    Directory of Open Access Journals (Sweden)

    Ilias A. Makris

    2016-06-01

    Full Text Available Purpose – The purpose of this paper is to examine the effect of Innovative Activity on firm performance and growth. Active Research and Development is considered to be directly related with development, prosperity and growth, in micro and macro level and a key factor in hindering economic recession. Design/methodology/approach – We analyse economic data from listed firms of selected eurozone country-members in order to associate Research and Development with performance indicators in firm and country level. For that purpose, several firm data were collected from WorldScope data base and macroeconomic data from Worldbank database. The period examined is between 2002 and 2012, with a special focus on current financial crisis (after 2007. The empirical process includes, descriptive statistics and logistic regression analysis. Findings – Findings indicate the crucial effect of innovative process in economic performance and development in firm and country level. The latter highlights the urgent need for public support in order to spur innovative activity and high-tech exports, especially in countries that were heavily affected by recession. Research limitations/implications – Some research limitations are the large number of missing cases in WordScope database, as many firms after the beginning of current crisis exit stock market. Furthermore, the other part of the economy, the Small and Medium Enterprises does not exist in the analysis, as listed firms are mainly large and mature companies. Originality/value – The results tend to highlight the need for common policy measures in eurozone, in regard to such issues, instead of imposing horizontal budgetary constraints in specific countries (like Southern Europe, hindering the vicious recessionary circle.

  15. The relationship between strategic type and firm capabilities in Chinese firms

    NARCIS (Netherlands)

    Benedetto, Di A.C.; Song, X.M.

    2003-01-01

    Proposes that firms of different Miles and Snow strategic types will have different bundles of firm-level capabilities; that is, certain capabilities will be more important to certain strategic types. Specifically, proposes that prospectors have greater relative inside-out capabilities and

  16. Where Gibrat meets Zipf: Scale and scope of French firms

    Science.gov (United States)

    Bee, Marco; Riccaboni, Massimo; Schiavo, Stefano

    2017-09-01

    The proper characterization of the size distribution and growth of firms represents an important issue in economics and business. We use the Maximum Entropy approach to assess the plausibility of the assumption that firm size follows Lognormal or Pareto distributions, which underlies most recent works on the subject. A comprehensive dataset covering the universe of French firms allows us to draw two major conclusions. First, the Pareto hypothesis for the whole distribution should be rejected. Second, by discriminating across firms based on the number of products sold and markets served, we find that, within the class of multi-product companies active in multiple markets, the distribution converges to a Zipf's law. Conversely, Lognormal distribution is a good benchmark for small single-product firms. The size distribution of firms largely depends on firms' diversification patterns.

  17. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  18. Executive compensation and firm performance: Evidence from Indian firms

    Directory of Open Access Journals (Sweden)

    Mehul Raithatha

    2016-09-01

    Full Text Available The study examines the relationship between executive compensation and firm performance among Indian firms. The evidence suggests that firm performance measured by accounting, as well as market-based measures, significantly affects executive compensation. We also test for the presence of persistence in executive compensation by employing the system-generalised methods of moments (GMM estimator. We find significant persistence in executive compensation among the sample firms. Further, we report the absence of pay–performance relationship among the smaller sample firms and business group affiliated firms. Thus, our findings cast doubts over the performance-based executive compensation practices of Indian business group affiliated firms.

  19. Achieving the next level of Growth through Competitive Intelligence Practices: An Exploratory Study of Romanian

    Directory of Open Access Journals (Sweden)

    Mukta SAMTANI

    2012-12-01

    Full Text Available The paper explores the tool of Competitive Intelligence (CI as an effective method of building one’s capability and focus and illustrates the benefits of gathering competitive intelligence by applying it on the top technology services firms in India. These results are then analysed in the light of the responses to the questionnaire administered to the selected three Romanian Offshore technology services providers. The study revolves around the key assumption that there is a set of factors common to all industry players whether in India or Romania, so it would be vital to collect information about how do these global competitors perceive their external environment and what strategies are they planning to adopt in order to grow in these competitive scenario. Given the growth targets set by these Romanian firms over the next five years and given the fact that there is no formal practice of gathering CI, the study recommends strategies for these Romanian players and builds a case for developing a Competitive Intelligence Plan by these firms in order to make the most of their capabilities and stay competitive.

  20. Banking Firm, Equity and Value at Risk

    Directory of Open Access Journals (Sweden)

    Udo Broll

    2012-12-01

    Full Text Available The paper focuses on the interaction between the solvency probability of a banking firm and the diversification potential of its asset portfolio when determining optimal equity capital. The purpose of this paper is to incorporate value at risk (VaR into the firm-theoretical model of a banking firm facing the risk of asset return. Given the necessity to achieve a confidence level for solvency, we demonstrate that diversification reduces the amount of equity. Notably, the VaR concept excludes a separation of equity policy and asset-liability management.

  1. Whom do new firms hire?

    DEFF Research Database (Denmark)

    Dahl, Michael S.; Klepper, Steven

    2015-01-01

    Using the matched employer-employee data set for Denmark and information on the founders of new firms, we analyze the hiring choices of all new firms that entered from 2003 to 2010. We develop a theoretical model in which the quality of a firm’s employees determines its average cost, a firm......, and firm size influence the wages firms pay to their early hires. We find that beginning with the time of entry, larger firms consistently pay higher wages to their new hires. These are firms with greater survival prospects at the time of entry based on the pre-entry backgrounds of their founders...

  2. Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis

    OpenAIRE

    Lins, K V; Servaes, H; Tamayo, A

    2017-01-01

    During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between the firm and both its stakeholders and investors, built through investments i...

  3. Managing innovation in SMEs product development in small Irish electronics firms

    CERN Document Server

    Ledwith, Ann; Bessant, John

    2009-01-01

    Innovating and developing new products is critical for the survival and growth of any small firm but particularly for technology based firms. This study of NPD at small Irish electronics firms makes two main contributions to knowledge. Firstly, the management of NPD at small firms is found to be different from that at large firms in several respects including; NPD resources and expenditure, organising for NPD, NPD process proficiency, marketing and technical skills and proficiency, R&D/marke...

  4. Do Firms Believe in Interest Rate Parity?

    OpenAIRE

    Matthew R. McBrady; Sandra Mortal; Michael J. Schill

    2010-01-01

    Using a broad sample of international corporate bond offerings, we provide evidence that corporate borrowers make opportunistic currency choices, in that they denominate the currency of their bonds in a manner that is inconsistent with a belief in either covered or uncovered interest rate parity. Using firm-level tests, we identify a number of characteristics of firms that engage in opportunistic behavior. We observe that large issuers located in developed markets with investment-grade rating...

  5. Incentives and cooperation in firms: Field evidence

    OpenAIRE

    Berger, Johannes; Herbertz, Claus; Sliwka, Dirk

    2011-01-01

    We empirically investigate the impact of incentive scheme structure on the degree of cooperation in firms using a unique and representative data set. Combining employee survey data with detailed firm level information on the relative importance of individual, team, and company performance for compensation, we find a significant positive relation between the intensity of team incentives and several survey measures of cooperation. Moreover, higher powered team incentives are associated with low...

  6. Intra-industry trade with multinational firms

    OpenAIRE

    Egger, H; Egger, P; Greenaway, D

    2007-01-01

    Recent developments, including the analysis of firm-level adjustment to falling trade costs, have contributed to a revival of interest in intra-industry trade (IIT). Most empirical work still relies on the standard Grubel–Lloyd measure. This however refers only to international trade, disregarding income flows stimulated by repatriated profits of multinational firms. Given the overwhelming importance of the latter, this is a major shortcoming. This paper provides a guide to measurement and es...

  7. Modern Competitive Strategy Firm

    Directory of Open Access Journals (Sweden)

    František Bartes

    2010-01-01

    Full Text Available The article deals with problems of an ever increasing number of cases of successful application of old combat strategies in business practice. Nevertheless, the author refuses the so called “direct conflict“ of firms, when it is really fought for victory on the market. His approach is based on the philosophy of “victory without fight“, in other words – of achieving the aim without direct conflict with the rival firm.In the end he comes to the conclusion that combat philosophies are more and more often incorporated into classical approach of strategic firm control and become the integral part of philosophy of management. At the close happens to opinion that the one from basic factors absolutely necessary to creation such strategy at company, is necessary present so-called „creative intelligence“.

  8. Technology Licensing and Firm Innovation

    DEFF Research Database (Denmark)

    Moreira, Solon

    acquisition. The findings indicate that technology licensing is positively related to the number of inventions produced by the licensee in the years subsequent to the licensing deal. Subsequently, I investigate the moderating effect that organizational slack and myopia have on this main relationship....... The findings also suggest that high levels of Organizational Slack (available financial resources) strengthen the positive effect of licensing on innovation. However, higher levels of Organizational Myopia (the extent to which a firm draws on its own knowledge) can decrease the main effect of licensing....

  9. Determinants of the capital structure of Portuguese firms with investments in Angola

    Directory of Open Access Journals (Sweden)

    Jorge H.F. Mota

    2017-02-01

    Full Text Available Background: This article seeks to complement the previous literature and clarify the particularities of the capital structure policy of firms with foreign direct investment in Angola. Aim: This article seeks to identify the determinants of the capital structure of Portuguese firms with direct investment in Angola and to understand whether the determinants normally considered by standard finance theory are in line with those used by firms when structuring their capital structure policy to participate in the specific market of Angola. Setting: This article examines 26 large Portuguese firms with investments in Angola using econometric panel data for the period 2006–2010. Methods: The study applied fixed and random effects methods and panel-corrected standard errors that maintain efficiency and unbiased behaviour even in the presence of panel-level heteroscedasticity and contemporaneous correlation of observations among panels. Results: The results provide evidence that the determinants normally considered by standard finance theory are in fact – in terms of sign and coefficient dimension – those used by firms for structuring their capital structure policy when involved in the internationalisation process of entering Angola. Specifically, age, asset structure, return on assets and tangibility have a positive influence on the capital structure of Portuguese firms that have invested in Angola, while non-debt tax shields and liquidity have a negative influence on these companies’ leverage ratios. When comparing our results with studies that have analysed the capital structure determinants of listed Portuguese firmsfirms belonging to the PSI 20 Index and large firms in the Portuguese corporate sector – we found similarities in the sign and coefficient dimension of the determinants of capital structure. However, the profitability coefficient sign is in line with the trade-off framework (i.e. profitability is positively related to debt but

  10. Revisiting the evolutionism of Edith Penrose’s The theory of the growth of the firm: Penrose’s entrepreneur meets Veblenian institutions

    Directory of Open Access Journals (Sweden)

    Felipe Almeida

    2017-09-01

    Full Text Available Edith Penrose’s The theory of the growth of the firm has offered key ingredients to an evolutionary approach to the growth of the firm. The entrepreneur enlivened by Edith Penrose in that book is revisited here, considering the role played by institutions in his decision-making. It is argued that her view of the entrepreneur rests greatly in the task of successfully linking two intertwined institutional sets, one internal and the other external to the firm. As a result, the entrepreneur must deal with instrumental and ceremonial elements of both institutional sets in order to re-channel pecuniary gains. The evolutionary approach of Veblenian institutionalism offers an apt definition of institutions to the case in point and is thus used here to expand Penrose’s case account of Hercules Powder Company. Resumo: O livro “A teoria do crescimento da empresa” de Edith Penrose oferece uma abordagem evolucionária que discute os limites do crescimento da empresa. O empresário como analisado por Penrose, nesse livro, é revisitado neste artigo, considerando o papel desempenhado pelas instituições em sua tomada de decisão. É argumentado que pode-se identificar no empresário penroseano a função de lidar com sucesso com dois conjuntos institucionais interligados, um interno e outro externo à empresa. Como resultado, o empresário deve lidar com elementos instrumentais e cerimoniais de ambos os conjuntos institucionais, a fim de gerar ganhos pecuniários. A abordagem evolucionária do institucionalismo vebleniano é a base teórica utilizada para analisar a relação do empresário penroseano com instituições. Esse artigo também apresenta uma releitura do relato de Penrose sobre a empresa Hercules Powder. JEL classification: B52, Keywords: Edith Penrose, Institutions, Entrepreneur, Institutional entrepreneurship, Palavras-chave: Edith Penrose, Instituições, Empresário, Empres

  11. Determinants of Working Capital Investment: A Study of Malaysian Public Listed Firms

    Directory of Open Access Journals (Sweden)

    Shaista Wasiuzzaman

    2013-06-01

    Full Text Available The paper examines the determinants of the level of investment in net operating working capital by firms in Malaysia. Data from 192 companies spanning a period of 8 years (2000- 2007 are analysed using the OLS regression technique for this purpose. The study finds that in times of economic expansion, younger and smaller firms with less tangible assets, low leverage, high immediate sales growth, high operating cash flows, less volatile revenues and low levels of asymmetric information are likely to have the highest investments inoperating working capital. Board characteristics, namely size and the independence of the board, are not found to have any significant influence on the working capital investment of firms.

  12. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Müller, Sabine; Ulhøi, John Parm

    2011-01-01

    and developing strategic initiatives that aid the community as a whole. We discuss the facilitator role of the shared services provider, contrasting it with the coordinator role found in other multi-firm organizations, and we show how shared services providers function by describing three examples...... of collaborative communities of firms from different sectors: the U.S.-based Blade.org and two Denmark-based communities, the Kalundborg Industrial Symbiosis and MG50. Implications for the theory and practice of organization design are discussed....

  13. Effects of dietary protein levels on the growth performance of ...

    African Journals Online (AJOL)

    STORAGESEVER

    2008-07-18

    Jul 18, 2008 ... Available online at http://www.academicjournals.org/AJB. ISSN 1684–5315 © 2008 ... Growth rate and weight gain increased ... treatments. There was no significant difference in apparent feed conversion ratio and the nitrogen.

  14. Determinants of Firm R&D

    DEFF Research Database (Denmark)

    Tingvall, Patrick Gustavsson; Poldahl, Andreas

    2012-01-01

    Research and Development (R&D) is a key component behind technological development and economic growth; therefore, understanding the drivers of R&D is crucial. An interesting question is the role of technology spillovers, transferred by trade, and their impact on firm R&D. Here we analyze not only...

  15. Bank market power, factor reallocation, and aggregate growth

    NARCIS (Netherlands)

    Inklaar, Robert; Koetter, Michael; Noth, Felix

    Using a unique firm-level sample of approximately 700,000 firm-year observations of German small and medium-sized enterprises (SMEs), this study seeks to identify the effect of bank market power on aggregate growth components. We test for a pre-crisis sample whether bank market power spurs or

  16. Employment growth through labor flow networks.

    Science.gov (United States)

    Guerrero, Omar A; Axtell, Robert L

    2013-01-01

    It is conventional in labor economics to treat all workers who are seeking new jobs as belonging to a labor pool, and all firms that have job vacancies as an employer pool, and then match workers to jobs. Here we develop a new approach to study labor and firm dynamics. By combining the emerging science of networks with newly available employment micro-data, comprehensive at the level of whole countries, we are able to broadly characterize the process through which workers move between firms. Specifically, for each firm in an economy as a node in a graph, we draw edges between firms if a worker has migrated between them, possibly with a spell of unemployment in between. An economy's overall graph of firm-worker interactions is an object we call the labor flow network (LFN). This is the first study that characterizes a LFN for an entire economy. We explore the properties of this network, including its topology, its community structure, and its relationship to economic variables. It is shown that LFNs can be useful in identifying firms with high growth potential. We relate LFNs to other notions of high performance firms. Specifically, it is shown that fewer than 10% of firms account for nearly 90% of all employment growth. We conclude with a model in which empirically-salient LFNs emerge from the interaction of heterogeneous adaptive agents in a decentralized labor market.

  17. Employment growth through labor flow networks.

    Directory of Open Access Journals (Sweden)

    Omar A Guerrero

    Full Text Available It is conventional in labor economics to treat all workers who are seeking new jobs as belonging to a labor pool, and all firms that have job vacancies as an employer pool, and then match workers to jobs. Here we develop a new approach to study labor and firm dynamics. By combining the emerging science of networks with newly available employment micro-data, comprehensive at the level of whole countries, we are able to broadly characterize the process through which workers move between firms. Specifically, for each firm in an economy as a node in a graph, we draw edges between firms if a worker has migrated between them, possibly with a spell of unemployment in between. An economy's overall graph of firm-worker interactions is an object we call the labor flow network (LFN. This is the first study that characterizes a LFN for an entire economy. We explore the properties of this network, including its topology, its community structure, and its relationship to economic variables. It is shown that LFNs can be useful in identifying firms with high growth potential. We relate LFNs to other notions of high performance firms. Specifically, it is shown that fewer than 10% of firms account for nearly 90% of all employment growth. We conclude with a model in which empirically-salient LFNs emerge from the interaction of heterogeneous adaptive agents in a decentralized labor market.

  18. Planned growth as a determinant of the markup: the case of Slovenian manufacturing

    Directory of Open Access Journals (Sweden)

    Maks Tajnikar

    2009-11-01

    Full Text Available The paper follows the idea of heterodox economists that a cost-plus price is above all a reproductive price and growth price. The authors apply a firm-level model of markup determination which, in line with theory and empirical evidence, contains proposed firm-specific determinants of the markup, including the firm’s planned growth. The positive firm-level relationship between growth and markup that is found in data for Slovenian manufacturing firms implies that retained profits gathered via the markup are an important source of growth financing and that the investment decisions of Slovenian manufacturing firms affect their pricing policy and decisions on the markup size as proposed by Post-Keynesian theory. The authors thus conclude that at least a partial trade-off between a firm’s growth and competitive outcome exists in Slovenian manufacturing.

  19. The Growth Opportunities For SMC?

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer; Smith, Valdemar; Bentzen, Jan Børsen

    2006-01-01

    The extensive empirical literature on the validity of Gibrat's law does not in general verify the law as it finds that firms' growth rates are negatively correlated with both firm size and age. However, some studies find that Gibrat's law holds for sub-samples of firms such as large firms or firms...

  20. The exponential age distribution and the Pareto firm size distribution

    OpenAIRE

    Coad, Alex

    2008-01-01

    Recent work drawing on data for large and small firms has shown a Pareto distribution of firm size. We mix a Gibrat-type growth process among incumbents with an exponential distribution of firm’s age, to obtain the empirical Pareto distribution.

  1. Measuring Firm Performance

    DEFF Research Database (Denmark)

    Assaf, A. George; Josiassen, Alexander; Gillen, David

    2014-01-01

    Set in the airport industry, this paper measures firm performance using both desirable and bad outputs (i.e. airport delays). We first estimate a model that does not include the bad outputs and then a model that includes bad outputs. The results show important differences in the efficiency...

  2. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Müller, Sabine; Ulhøi, John Parm

    2011-01-01

    Both small and medium-size entrepreneurial firms face liabilities such as resource scarcity and scale diseconomies, making it difficult for them to innovate on a continuous basis. In response, experimentation with new ways of organizing for innovation has increased. One successful result is an or...

  3. Firm-specific factors and financial performance of firms in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Pathirawasam Chandrapala

    2013-01-01

    Full Text Available The objective of this study is to investigate the role of internal factors in generating financial performance of firms in the Czech Republic. The paper examines the impact of firm specific factors on company financial performance of 974 firms in the Czech Republic over the period 2005 to 2008, using data in the Albertina database. Pooled and panel cross-sectional time series techniques are used for the data analysis. Return on Assets (ROA is the dependent variable of the model and eight firm specific factors are introduced as the explanatory variables. Using Return on Assets as the dependent variable, it is established that the firm size, sales growth and capital turnover are having significant positive impact on financial performance of firms. At the same time, debt ratio and inventory reflect significant negative impact on financial performance of firms. Overall explanatory powers of the two models are low and further research is necessary to increase the statistical power of the model. The results from the present study may be very encouraging and useful for managers as well as investors to plan investment and operational activities to achieve profitability objectives more efficiently and effectively. The findings have important managerial implications.

  4. Which Types of Firms React More to a Tax Cut?

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    The agency model of Chetty and Saez (2010) predicts that firms with stronger corporate governance are more responsive to a dividend tax cut in their dividend and investment policies. We test these predictions by exploiting the sudden and significant dividend tax cut following the Jobs and Growth...... Tax Relief Reconciliation Act of 2003 and the pre-tax cut variation in corporate governance standards across firms. We find that firms with stronger corporate governance raise dividends and reduce investment in response to the tax cut significantly more than firms with weaker corporate governance...

  5. The direction of causality between exports and firm performance: microeconomic evidence from Croatia using the matching approach

    Directory of Open Access Journals (Sweden)

    Miljana Valdec

    2015-03-01

    Full Text Available This paper contributes to the literature by using propensity score matching to test for causal effects of starting to export on firm performance in Croatian manufacturing firm-level data. The results confirm that exporters have characteristics superior to those of non-exporters. In the main sample specification there is pervasive evidence of self-selection into export markets, meaning that firms are successful years before they become exporters. Using multiple firm performance indicators, panel and cross section data models together with various sample specifications there is scant evidence on learning-by-exporting which holds true only in a few cases. On the other hand, higher sales growth is found to be a more conclusive distinguishing characteristic of new exporters. As in similar studies, we find that a part of the results depends on the number of export starters in the estimation sample.

  6. Effect of different levels of phosphorus on growth and mineralization ...

    African Journals Online (AJOL)

    MICHAEL

    g P kg-1 diet, followed by consistent decline in ... Data from the study suggest 12.3 g P kg-1 diet as optimum requirement for the growth of Heterobranchus bidorsalis. @ JASEM ..... of P fed rainbow trout was significantly lower in fish fed with the ...

  7. Plasma transforming growth factor beta levels in breast cancer patients

    NARCIS (Netherlands)

    Sminia, P; Barten, AD; Van Waarde, MAWH; Vujaskovic, Z; Van Tienhoven, G

    1998-01-01

    We investigated whether the concentration of circulating transforming growth factor beta (TGF beta) yields diagnostic value in breast cancer. Blood was collected from twenty stage I and II breast cancer patients both prior to treatment and after surgical excision of the tumour. Both latent and

  8. Plasma transforming growth factor beta levels in breast cancer patients

    NARCIS (Netherlands)

    Sminia, P.; Barten, A. D.; van Waarde, M. A.; Vujaskovic, Z.; van Tienhoven, G.

    1998-01-01

    We investigated whether the concentration of circulating transforming growth factor beta (TGFbeta) yields diagnostic value in breast cancer. Blood was collected from twenty stage I and II breast cancer patients both prior to treatment and after surgical excision of the tumour. Both latent and active

  9. A Comparison of the Financial Characteristics of European and Asian Manufacturing Firms

    Directory of Open Access Journals (Sweden)

    Meric Gulser

    2017-12-01

    Full Text Available Comparing the financial characteristics of firms in different countries has been a popular research topic in finance. However, general financial characteristics of European and Asian manufacturing firms have never been compared. In this paper, we undertake such a study with the MANOVA (Multivariate Analysis of Variance technique. Our research uses all European and Asian manufacturing firms included in the Research Insight/Global Vintage database at the end of 2015. Our findings may provide valuable insights for financial managers and global investors. We find that Asian firms tend to have less liquidity risk but more bankruptcy risk compared with European firms. European firms have more efficient accounts receivable management and higher fixed and total assets turnover rates. However, Asian firms have higher inventory turnover and sales growth rates. Return on equity is not significantly different in European and Asian firms. However, Asian firms have significantly higher net profit margin and return on assets compared with European firms.

  10. In Search of Legal Foundation for Indonesian Family Firms

    Directory of Open Access Journals (Sweden)

    Yetty Komalasari Dewi

    2016-08-01

    Full Text Available One of the factors that affect Indonesia's economic growth is the existence of business firms. It cannot be ignored that most business firms in Indonesia is family owned firms, and which are considered to constitute as the backbone of the economic development.  Family firms represent the most enduring business model in the world. The continuing success of family firms through the generations relies on ensuring the next generation. However, the issue of family firms is rarely discussed in particular from the perspective of corporate law. In fact, from legal perspectives, there is some issues deal with this type of firms, amongst other, the lack of an overall definition of the term “family business”. It is because family businesses and small medium enterprises (SMEs are widely understood synonymously in spite of the fact that they exist in every size class. Other issue is the questions of its legal basis or legal framework in terms of its corporate governance. Many Indonesian business players lack the basic understanding of corporation’s law. It is partly because these obligations are incompatible with the values and cultures in Indonesia where “kinship principle” is deeply rooted. This article aims to describe the characteristics and the legal frameworks for the family firms in Indonesia. It also recommends the government to take progressive measure by providing clear regulations on the family firms in Indonesia. This will reinforce family firms contribution in economic development of Indonesia in the future. 

  11. Firm Size as Moderator to Non-Linear Leverage-Performance Relation: An Emerging Market Review

    Directory of Open Access Journals (Sweden)

    Umar Farooq

    2017-08-01

    such losses are more prominent for small size firms. Results also show that the leverage-performance relation is nonlinear for medium and large size firms. However, these firms are not targeting optimal level and overleveraging that ultimately decrease their profits. So, financial managers of small size firms should avoid debt financing while for large and medium size firms, managers need to adjust their debt ratio to its optimal level.

  12. Dual structures for the sole-proprietorship firm

    OpenAIRE

    Chambers, Robert G.; Quiggin, John

    2003-01-01

    This paper presents a dual representation of firm-level and market-level equilibrium behavior for a sole proprietorship economy with competitive and frictionless financial markets and stochastic production opportunities in a two-period setting. The dual equilibrium model is used to state conditions for the firms' production choices to be independent of their risk preferences in equilibrium. These conditions entail Pareto optimality, but do not require either that the firm's consumption choice...

  13. FROM SOCIAL CAPITAL TO FIRMS NETWORKS: SOME EVIDENCE FOR EUROPE

    Directory of Open Access Journals (Sweden)

    perrucci antonella

    2012-12-01

    Full Text Available The concept of development is not only referred to the level or to the growth rate of GDP of a country, but it concerns different aspects of individual and social life. Development leads to a changing of values, culture, behaviours and attitudes of people interested in it. That is to say that not only quantitative dimensions, but also qualitative ones became relevant in fostering development trajectories. Reasoning in these general terms a long and rich intellectual debate grow up in social sciences within which we focused the social capital and firm network debate. Social capital is a multidimensional determinant at base of the industrial district framework as the “network capital” represent a driver of firm’s network framework. By moving from social capital, as a local development driver, to network capital, as a global development driver, the present paper analyzes the firms’ networks determinants by identifying the conditions for some European countries. The methodology through which the results are obtained is the multidimensional scaling method which allows to define relations between countries in terms of proximity/distance with respect to the considered determinants providing a spatial representation of them.

  14. INITIAL PUBLIC OFFERING AND PERFORMANCE OF BRAZILIAN FIRMS

    Directory of Open Access Journals (Sweden)

    Teresa Rodriguez Cao

    2016-07-01

    Full Text Available This paper investigates changes in long-term operational and financial performance for a sample of Brazilian companies made initial public offerings (IPO's shares, in the period 2002-2008. This period showed a historically high number of IPOs, a heavily discontinued phenomenon with the international financial crisis of 2008. As performance measures were chosen six financial indicators usually adopted in the literature in periods of three years pre-IPO, year of listing and three years post-IPO. The indicators evaluated were size, growth rate, profitability, financial leverage, investment level and investment rate. The results show evidence that, on average, there were statistically significant improvements in size, profitability, investment level and investment rate. But there was no evidence statistically significant changes in the growth rate and financial leverage after the IPO of Brazilian firms.

  15. Belgian firms visiting CERN

    CERN Multimedia

    FP Department

    2009-01-01

    25 – 26 MAY 2009 09.00 to 17.00 Monday 25 May 09.00 to 17.00 Tuesday 26 May Individual interviews will take place in technicians’ offices. The firms will contact relevant users/technicians but any user wishing to make contact with a particular firm is welcome to use the contact details which are available from each departmental secretariat or from the GS Department web pages here. List of Companies:Automation Services and Consulting BVBA Burrick NV, (PLC) Cissoid DB Engineering Design, Drafting & Services BVBA Entelec Control Systems GILLAM-Fei S.A. HPC ICSENSE IWT – Enterprise Europe Flanders Jema SA Mecasoft SA SA Polmans Rapid-Torc Resarm Engineering Plastics SA Sentera Europa NV SLC BVBA Stocker Industrie SA Technord Tecnubel Winlock BVBA For further information please contact Caroline Laignel (GS-DI 73722) or Karine Robert (GS-SEM-LS 74407).

  16. Servitization in Industrial Firms

    DEFF Research Database (Denmark)

    Hsuan, Juliana; Frandsen, Thomas; Raja, Jawwad

    This booklet outlines the breadth and depth of services offered by Danish manufacturing companies, aiming to provide a better understanding of the servitization landscape in Denmark. A total of 1,103 company websites have been checked against 16 service categories. Of these, 939 companies were...... analyzed in more detail, for example with regard to the types of services offered, company size, industry representation, turnover and earnings before interest and tax (EBIT). The analysis presented in this booklet may inspire Danish firms and help them, in their servitization journeys, to position...... themselves in relation to other companies in similar or related industries. In setting out a brief overview of the overall industrial service landscape in Denmark, the following is highlighted: - The extent to which Danish industrial firms are communicating service offerings through their websites...

  17. How environmental collaboration with suppliers and customers influences firm performance

    NARCIS (Netherlands)

    Grekova, K.; Calantone, R.J.; Bremmers, H.J.; Trienekens, J.H.; Omta, S.W.F.

    2016-01-01

    Searching for sustainable growth opportunities, manufacturing firms are increasingly embedding sustainability concerns into their relationships with supply chain partners. In the present paper, we explore the potential of environmental collaboration with suppliers and customers to induce

  18. Innovation in Family Firms

    DEFF Research Database (Denmark)

    Filser, Matthias; Brem, Alexander; Gast, Johanna

    2016-01-01

    , organizational culture and behaviour, resources, and innovation and strategy. Second, based on a thorough literature review the major research avenues are reflected. The comparison of the results of both analyses showed the following areas for future research on family firm innovation: members‘ individual human...... capital and their leadership behaviour, openness to externals, cross-country comparisons, and finally the family‘s functional integrity on innovation performance....

  19. Board diversity in family firms

    OpenAIRE

    Menozzi, Anna; Fraquelli, Giovanni; Novara, Jolanda de

    2015-01-01

    The paper deals with diversity as a key factor to improve the board of directors’ decision process in family firms. The empirical literature about board diversity points at the positive impact of diversity on board functioning and firm performance. The paper uses a statistical diversity index to capture the heterogeneity of board of directors and put it in relation with firm performance, as measured by firm profitability. The empirical analysis is based on a newly collected panel of 327 famil...

  20. Connected Firms and Investor Myopia

    NARCIS (Netherlands)

    Ginglinger, Edith; Hébert, Camille; Renneboog, Luc

    2017-01-01

    Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks, complex firms control a myriad of firms connected through ownership links. We investigate whether parent-subsidiary links within corporate networks enhance

  1. IMPACT OF GROWTH IN AGRICULTURAL SECTOR ON POVERTY LEVEL IN PAKISTAN

    Directory of Open Access Journals (Sweden)

    Zeshan ANWA

    2013-08-01

    Full Text Available The purpose of this study is to analyze the relationship between growth in agricultural sector and poverty in Pakistan. It explores that how much the poor people have gained from growth in agricultural sector of Pakistan by considering growth magnitude and benefits obtained by the poor people resulting from growth for the period of 1985 to 2005 through applying OLS Regression Technique. The results indicate that the variable of growth in agricultural sector is significantly and negatively associated with the variable of poverty, i.e., the growth in agricultural sector of Pakistan will result in reducing the level of poverty in Pakistan.

  2. Insulin-like growth factor-1 levels in children with Beta-thalassemia minor

    OpenAIRE

    Mehran Karimi; Hamdollah Karamifar; Nargrs Sobhani

    2008-01-01

    Objective: Growth retardation in children with b-thalassemia major is multifactorial. Some etiologies described for this condition are hemochromatosis, disturbed growth hormone (GH) / insulin growth factor-1 (IGF-1) axis, undernutrition and hypermetabolism. It has also been proven that growth retardation is present in b-thalassemia major children despite regular transfusion and chelation. Our aim was to evaluate the level of IGF-1 in b-thalassemia minor subjects and compare it with that in he...

  3. Dynamic Embeddedness in Chinese Firm Internationalization

    DEFF Research Database (Denmark)

    Lattemann, Christoph; Alon, Ilan; Spigarelli, Francesca

    2017-01-01

    the resource-based view (firm-specific advantages), institutional-based view (push/pull home and host country factors), and network-based view (network relations). We also explicitly incorporate ”time” as a variable into our framework by introducing and explaining the concept of “dynamic embeddedness......This paper presents a multi-level framework to analyze the motivations and location choices of Chinese OFDIs. We contribute to theory-integration on Chinese OFDI flows and patterns by suggesting a framework that combines country-, industry- and firm-level analyses and by reflecting aspects from...

  4. Effect of dietary protein and energy levels on the growth ...

    African Journals Online (AJOL)

    Dr. A.O. Ani

    While there were significant interactions (P< 0.05) between TBNO and enzyme levels on DM, ... ingredients like soya bean meal, groundnut meal, etc vis- à-vis their acute ... bacterial infection and sulfaquinoxaline drugs against coccidioses.

  5. Job Creation by Firms in Denmark

    DEFF Research Database (Denmark)

    Ibsen, Rikke Falkner; Westergård-Nielsen, Niels

    -offs and mergers. The analysis will make it possible to differentiate between net and gross creation of jobs because we can follow each single individual in and out of jobs. We have for Denmark found that size on its own does not have a big impact, but young firms are much more likely to contribute to a positive...... growth. For the U.S. it has been found that the growth in jobs comes from small businesses. A closer analysis though shows that the main factor here is the firm age. Thus, it is found that young firms net create the most jobs, but they are also responsible for the most job destructions.......In this paper we will look at job creation and destruction in firms. We will answer the question if it is the large companies that create jobs, while the smaller companies are contributing much less. Or is it the young companies that create jobs? And who destroys the most jobs? In the crisis...

  6. Social security and firm performance

    DEFF Research Database (Denmark)

    Lee, Sangheon; Torm, Nina

    2017-01-01

    This article investigates how social security provision - a key determinant of formality - impacts on small and medium-sized firm performance in Viet Nam. Based on enterprise census data covering all registered firms from 2006 to 2011, the authors find that firms which increase their social...... security coverage by 10 per cent experience a revenue gain of 1.4-2.0 per cent per worker and a profit gain of up to 1.8 per cent, depending on the survival time of the firm. However, given the time lag between 'investment' (in social security contributions) and returns (enhanced firm performance...

  7. CBM Maze-Scores as Indicators of Reading Level and Growth for Seventh-Grade Students

    Science.gov (United States)

    Chung, Siuman; Espin, Christine A.; Stevenson, Claire E.

    2018-01-01

    The technical adequacy of CBM maze-scores as indicators of reading level and growth for seventh-grade secondary-school students was examined. Participants were 452 Dutch students who completed weekly maze measures over a period of 23 weeks. Criterion measures were school level, dyslexia status, scores and growth on a standardized reading test.…

  8. Growth of jaguar cichlid (Cichlasoma managuense juveniles at different oxygen levels

    Directory of Open Access Journals (Sweden)

    Marco Acosta Nassar

    2016-03-01

    Full Text Available The dependence of growth on the disolved oxygen level was analyzed in juveniles of the guapote tigre, Cichlasoma managuense, in a recirculated system. The guapote tigre is relatively tolerant to low oxygen levels, averaging only a 17% reduction in growth rate per ppm oxygen in the range between 2 and 5 ppm.

  9. Female Employment and Firm Performance: An empirical analysis using firm panel data (Japanese)

    OpenAIRE

    YAMAMOTO Isamu

    2014-01-01

    This paper overviews the situation of female employment in listed Japanese companies using firm-level panel data after the 2000s, and demonstrates whether those companies utilizing female employment earn higher profits. The estimation results of fixed effect models show that a higher female proportion among regular employees significantly raises a company's profit rates, as measured by the return on assets. Particularly, it is shown that those firms with a female proportion of 30% to 40%, as ...

  10. Firm size and export performance: some empirical evidence

    OpenAIRE

    Owen Gabbitas; Paul Gretton

    2003-01-01

    This paper uses firm level data collected by the Australian Bureau of Statistics in its Business Longitudinal Survey to help fill the information gap about the characteristics of successful exporters. This study suggests that the main influences on export performance of Australian manufacturing firms may lie with a range of ‘firm-specific’ factors other than size or domestic market share. These potentially include: kind of activity, product design and quality, marketing expertise and the moti...

  11. Managerial capacity in the innovation process and firm profitability

    OpenAIRE

    Giovanni Cerulli; Bianca Potì

    2013-01-01

    This paper studies at firm level the relation between managerial capacity in doing innovation and profitability. Moving along the intersection between the evolutionary/neo-Schumpeterian theory and the Resource-Based-View of the firm, we prove econometrically that managerial efficiency in mastering the production of innovation is an important determinant of firm innovative performance and market success, and that it complements traditional Schumpeterian drivers. By using a Stochastic Frontier ...

  12. A note on unionized firms' incentive to integrate vertically

    OpenAIRE

    Grandner, Thomas

    2000-01-01

    In this paper I analyze a vertically structured monopolized market with unionized firms. I compare two types of contracts: vertical integration and franchising. With franchising and wage bargaining at the firm level the union in the downstream firm is either very powerful or has no bargaining power at all, depending on the specific time structure of the model. These arguments could make integration preferable for the profit owners even if integration is accompanied by small transaction costs....

  13. Environmental Compliance by Firms in the Manufacturing Sector in Mexico

    OpenAIRE

    Lata Gangadharan

    2003-01-01

    To date, little empirical evidence exists to help regulators understand why some firms comply even when there is little financial incentive to do so and others continually violate environmental regulations. This paper examines data on compliance with environmental regulations within the manufacturing sector in Mexico. The probability of complying depends, among other factors, on the kind of management practices of the firm and the level of environmental training. Some firms in the manufacturi...

  14. Effect of graded levels of phosphorus on growth and mineral ...

    African Journals Online (AJOL)

    STORAGESEVER

    2009-08-18

    Aug 18, 2009 ... Eleven diets (D1 - D11), designated as treatments (T1 - T11), supplemented with different levels of inorganic ... Phosphorus (P) is an essential and critical nutrient for ... Cod liver oil. 50.0. 50.0 ... machine with a 2.0 mm die.

  15. Which firms use measures?

    DEFF Research Database (Denmark)

    Pedersen, Esben Rahbek Gjerdrum; Sudzina, Frantisek

    2012-01-01

    Purpose – The purpose of this paper is to outline the anatomy of firms which adopt comprehensive performance measurement (PM) systems in order to gain an understanding of how internal (organisational capabilities) and external (perceived environmental uncertainties) factors shape performance...... – This paper concludes that a limited number of internal and external factors have a significant influence on the adoption of PM systems. There is no consistent pattern, however, between the different sub-categories of organisational capabilities/perceived environmental uncertainties and PM adoption...... this study indicate that the relationship between PM adoption and the organisational characteristics/external environment is more complicated than anticipated....

  16. Mixing the grant cocktail: towards an understanding of the outcomes of financial support to small firms

    OpenAIRE

    Seamus McGuinness; Mark Hart

    2004-01-01

    One of the key policy objectives of government at national and regional level, is to overcome the constraints preventing local industry achieving greater competitiveness in the international marketplace. This paper examines the impact of grant assistance to Northern Ireland small firms delivered over the period 1994 - 97 by the former Local Enterprise Development Unit through its Growth Business Support Programme (GBSP). Previous work by the authors showed that there was some tentative eviden...

  17. A Comparison of the Financial Characteristics of U.S. and European Manufacturing Firms

    Directory of Open Access Journals (Sweden)

    Meric Gulser

    2016-08-01

    Full Text Available Comparing the financial characteristics of firms in different countries and regions has been a popular research topic in finance. In this paper, we compare the financial characteristics of U.S. and European manufacturing firms with the MANOVA (Multivariate Analysis of Variance method and financial ratios. Our findings indicate that the overall financial characteristics of U.S. and European manufacturing firms are significantly different. We find that U.S. manufacturing firms are more profitable and they have less liquidity and bankruptcy risks compared with European manufacturing firms. European manufacturing firms are more efficient in managing their fixed assets. However, U.S. manufacturing firms are more efficient in managing their accounts receivable and total assets. U.S. manufacturing firms are able to achieve significantly higher sales and total assets growth rates compared with European manufacturing firms.

  18. Firm Strategies and Business Models in the Software Industry: A Configurational Approach

    OpenAIRE

    Pussep, Anton

    2017-01-01

    Researchers have long focused on the determinants of firm success, which is of crucial interest to practitioners as well, since being successful is at the very heart of economic activity. Extant research emphasizes three levels of analysis at which determinants occur: firm, industry, and group level. Each level has been found to affect firm success. At group level, firms choose between a limited set of competitive approaches. The resulting groups are referred to as configurations. The a...

  19. International and intranational technological spillovers and productivity growth in China

    OpenAIRE

    Fu, Xiaolan; Gong, Yundan

    2009-01-01

    Technological spillovers from foreign direct investment (FDI) have been regarded as a major source of technical progress and productivity growth. This paper explores the role of international and intranational technological spillovers from FDI in technical change, efficiency improvement, and total factor productivity growth in Chinese manufacturing firms using a recent Chinese manufacturing firm-level panel data set over the 2001–05 period. International industry-specific research and develop...

  20. Growth, Morphology and Growth Related Hormone Level in Kappaphycus alvarezii Produced by Mass Selection in Gorontalo Waters, Indonesia

    Directory of Open Access Journals (Sweden)

    Siti Fadilah

    2016-01-01

    Full Text Available The use of high quality seed can support the success of the seaweed cultivation. This study was conducted to evaluate the growth performance, morphology and growth related hormone level of brown strain seaweed Kappaphycus alvarezii seed produced by mass selection. Selection was performed in the Tomini Gulf, Gorontalo, based on mass selection of seaweed seed protocol with a slight modification in cut-off 10% of the highest daily growth rate. Selection was carried out for four generations. The selected 4th generation of seed was then used in cultivation performance test in the Celebes Sea, North Gorontalo, for three production cycles. The results showed that the selected K. alvarezii has higher clump weight and daily growth rate, longer thallus, more number of branches, and shorter internodes compared to the unselected control and seaweed from the farmer as external control. Furthermore, total sugar content, levels of kinetin hormone and kinetin:indole-3-acetic acid ratio were higher in selected seaweeds than that of unselected control and external control. Thus, mass selection method could be used to produce high growth of seed, and kinetin and indole-3-acetic acid play an important role in growth of K. alvarezii.

  1. INTERNATIONAL BEHAVIOUR AND PERFORMANCE BASED ROMANIAN ENTREPRENEURIAL AND TRADITIONAL FIRM CLUSTERS

    Directory of Open Access Journals (Sweden)

    FEDER Emoke - Szidonia

    2015-07-01

    Full Text Available The micro, small and medium-sized firms (SMEs present a key interest at European level due to their potential positive influence on regional, national and firm level competitiveness. At a certain moment in time, internationalisation became an expected and even unavoidable strategy in firms’ future development, growth and evolution. From theoretical perspective, an integrative complementarily approach is adopted concerning the dominant paradigm of stage models from incremental internationalisation theory and the emergent paradigm of international entrepreneurship theory. Several researcher calls for empirical testing of different theoretical frameworks and international firms. Therefore, the first aim of the quantitative study is to empirically prove, the existence of various internationalisation behaviour configuration based clusters, like sporadic and traditional international firms, born-again global and born global firms, within the framework of Romanian SMEs. Secondly, within the research framework the study propose to assess different distinguishing internationalisation behavioural characteristics and patterns for the delimited clusters, in terms of foreign market scope, internationalisation pace and rhythm, initial and current entry modes, international product portfolio and commitment. Thirdly, internationalisation cluster membership and patterns differential influence and contribution is analysed on firm level international business performance, as internationalisation degree, financial and marketing measures. The framework was tested on a transversal sample consisting of 140 Romanian internationalised SMEs. Findings are especially useful for entrepreneurs and SME managers presenting various decisional possibilities and options on internationalisation behaviours and performance. These emphasize the importance of internationalisation scope, pace, object and opportunity seeking, along with positive influence on performance, indifferent

  2. Female Directors and Firm Performance: Evidence from UK Listed Firms

    Directory of Open Access Journals (Sweden)

    Pananda Pasaribu

    2017-08-01

    Full Text Available The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition. This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indicate that there is little evidence that female directors have a positive and strong relationship with firm performance. But, further analysis reports that the UK’s small listed firms experience a positive significant effect, because small firms do not suffer from the problem of over-monitoring and they have more flexibility in composing their boards of directors.

  3. Assessment the Relationship between Parents' Literacy Level with Children Growth in Mashhad: An Analytic Descriptive Study

    Directory of Open Access Journals (Sweden)

    M Saeidi

    2014-04-01

    Results: Presentfindings showed a significant relationship between literacy  level of parents with child growth status, breast feeding rate, junk food consumption, referring to health care center for growth monitoring, the age of initiating supplementary nutrition, the use of oil and butter in baby food and rate of attending in educational classes. So that higher literacy  level of parents was associated with using more formula, less junk food, oil and butter in baby's food and more referring times to health care center for monitoring child growth, desirable growth, and  also initiating supplementary food more at the assigned time (P

  4. Danish firms visit CERN

    CERN Multimedia

    FP Department

    2011-01-01

    30 – 31 JANUARY 2012 09:00 to 17:00 Monday 30 January 09:00 to 17:00 Tuesday 31 January Individual interviews will take place in technicians’ offices. The firms will contact relevant users/technicians but any user wishing to make contact with a particular firm is welcome to use the contact details available from the secretariat of their department or from the GS Department web page. List of Companies: · Axcon APS · BB Electronics A/S · B.Rustfrit Stal A/S · CIM Industrial Systems A/S · Danfysik A/S · Develco A/S · Eletronic A/S · GPV Group · Innoware A/S · JLI Vision A/S · NECAS A/S· NKT Cables A/S · Noliac A/S · Prodan A/S · Röttger’s Vaerktoj A/S · Vengcon APS For further information please contact Claudia Bruggmann Furlan  GS-IS-LS 73312 or Caroline Laignel GS-DI 73722.

  5. Reconciling Estimates of Earnings Processes in Growth Rates and Levels

    DEFF Research Database (Denmark)

    Daly, Moira; Hryshko, Dmytro; Manovskii, Iourii

    The stochastic process for earnings is the key element of incomplete markets models in modern quantitative macroeconomics. It determines both the equilibrium distributions of endogenous outcomes and the design of optimal policies. Yet, there is no consensus in the literature on the relative...... magnitudes of the permanent and transitory innovations in earnings. When estimation is based on the earnings moments in levels, the variance of transitory shocks is found to be relatively high. When the moments in differences are used, the variance of the permanent component is relatively high instead. We...

  6. Female Directors and Firm Performance: Evidence from UK Listed Firms

    OpenAIRE

    Pasaribu, Pananda

    2017-01-01

    The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition). This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indi...

  7. Currency Denomination of Bank Loans : Evidence from Small Firms in Transition Countries

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Yesin, P.

    2008-01-01

    We examine the firm-level and country-level determinants of the currency denomination of small business loans. We introduce an information asymmetry between banks and firms in a model that also features the trade-off between the cost of debt and firm-level distress costs. Banks in our model don’t

  8. Technical efficiency of FDI firms in the Vietnamese manufacturing sector

    Directory of Open Access Journals (Sweden)

    Vu Hoang Duong

    2016-09-01

    Full Text Available The study examines technical efficiency of Foreign Direct Investment (FDI firms in the Vietnamese manufacturing sector by applying stochastic production frontier model and making use of cross-sectional data in the period 2009-2013. The average level of technical efficiency of FDI firms is about 60% and it is higher than that of domestic firms (including private firms and state-owned firms. In addition, the study also analyses correlation between technical efficiency of FDI firms and other factors. It finds that there are positive correlations between FDI technical efficiency and net revenue per labour, firm’s age or export activities in 2013. However, the study is unable to find evidence of a relationship between FDI technical efficiency and infrastructure or firm’s investment activities.

  9. Strategy and structure in interaction: What determines the boundaries of the firm?

    OpenAIRE

    Staffan Canback; Phillip Samouel; David Price

    2003-01-01

    This paper analyzes empirically the boundaries of the firm based on Williamson's perspective on what determines firm size. It uses firm performance (risk-adjusted profitability and growth) as dependent variable; and firm organization, diseconomies of scale (atmospheric consequences, bureaucratic insularity, incentive limits, and communication distortion), economies of scale, and asset specificity as independent variables in a structural equation model. Data were collected from the 784 largest...

  10. Does firm performance affect board independence?

    Directory of Open Access Journals (Sweden)

    Yi Wang

    2010-07-01

    Full Text Available This paper seeks to shed some light on the antecedents of board independence. Specifically, it attempts to test the conceptual frameworks which make different predictions about the effect of firm performance on the level of board independence. The results provide support for the perspective that appointing more independent members to the boards may merely represent firms’ attempts to comply with institutional pressures. It is found that higher blockholder shareholdings lead to lower independence on the board, and audit and remuneration committees. Moreover, larger firms have relatively more independent directors sitting on nomination and remuneration committees.

  11. Ontology-Based Model Of Firm Competitiveness

    Science.gov (United States)

    Deliyska, Boryana; Stoenchev, Nikolay

    2010-10-01

    Competitiveness is important characteristics of each business organization (firm, company, corporation etc). It is of great significance for the organization existence and defines evaluation criteria of business success at microeconomical level. Each criterium comprises set of indicators with specific weight coefficients. In the work an ontology-based model of firm competitiveness is presented as a set of several mutually connected ontologies. It would be useful for knowledge structuring, standardization and sharing among experts and software engineers who develop application in the domain. Then the assessment of the competitiveness of various business organizations could be generated more effectively.

  12. The determinants of firm exit in the French food industries

    OpenAIRE

    Blanchard, Pierre; Mathieu, Claude

    2012-01-01

    A semi-parametric approach is used to estimate firm propensity to exit. The unobserved individual productivity of a firm is first estimated using the Ackerberg et al. (2006) approach and then introduced as a determinant of firm exit in conjunction with other variables that may serve as barriers to exit, including the firm’s level of sunk costs and the industry concentration. Using an unbalanced panel of data for 5,849 firms in French food industries from 1996 to 2002, we find a signifi...

  13. Do Peer Firms Affect Firm Corporate Social Responsibility?

    OpenAIRE

    Shenggang Yang; Heng Ye; Qi Zhu

    2017-01-01

    Peer-firm strategies are a critical factor for corporate finance, and corporate social responsibility (CSR) is the main trend for evaluating the behavior of firms. On the basis of the connection between peer strategy and CSR, this paper explores the CSR strategies employed by a sample of Chinese firms during the 2008–2015 period. Our two main empirical findings are as follows. First, the CSR strategies of firms have a positive effect on their CSR behavior. Second, when there is the CSR gap be...

  14. Entry Mode and Performance of Nordic Firms

    DEFF Research Database (Denmark)

    Wulff, Jesper

    2015-01-01

    including the proposed moderating effect, on average, yield higher post-entry performance. This study sheds light on inconsistent results found in previous research investigating the impact of international experience and has practical implications for managerial decision-making.......This study investigates whether the relationship between mode of international market entry and non-location bound international experience is weaker for firms that are large or have a high foreign to total sales ratio, labeled multinational experience. Empirical evidence based on 250 foreign...... market entries made by Norwegian, Danish and Swedish firms suggests that the association between equity mode choice and non-location bound international experience diminishes in the presence of higher levels of multinational experience. Furthermore, firms whose entry mode choice is predicted by the model...

  15. Human capital and wages in exporting firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    2008-01-01

    This paper studies the link between the education level of workers, export performance and wages. We argue that firms may escape intense competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results. Using...

  16. Macroeconomic shocks and firms' labor adjustment

    DEFF Research Database (Denmark)

    Eriksson, Tor

    2013-01-01

    This article discusses some recent research which aims at producing evidence on how firms adjust their employment in response to output shocks using micro-level data and with a particular focus on the relationship between worker and job flows. The evidence presented is mainly based on Danish data...

  17. Digital Maturity of the Firm's Business Model

    DEFF Research Database (Denmark)

    Groskovs, Sergejs; Vemula, Sreekanth

    We propose a digital maturity assessment model as an instrument for researchers and a strategic tool for managers. Existing literature lacks a conceptually clear way to measure the construct of digital maturity at the level of the firms business model. Our proposed instrument thus opens avenues f...

  18. Regional growth management policies: Toward reducing global warming at state and local levels

    International Nuclear Information System (INIS)

    Purdie, J.

    1995-01-01

    State and local governments in the United States are accepting mandates to coordinate legislated land use and growth management planning with vigorous environmental protection and resource conservation. These mandates, implemented or planned in states with populations totaling over 100 million, will directly impact growth patterns and ultimately affect the level of atmospheric gases and particulates generated within their borders. This paper addresses the issues of growth management and land use planning at the local, state and regional levels and identifies areas impacting global warming. A review of existing systems will be presented, and recommendations will be made to improve monitoring of growth management mechanisms and organizational structures with the goal of global atmospheric improvement. The issues discussed include urban sprawl, transportation, and growth patterns as managed by policies also designed to protect environments and provide for sustainable growth. Areas for improved coordination between jurisdictions to ease global warming will also be examined

  19. The financing of innovative firms

    OpenAIRE

    Hall, Bronwyn H.

    2009-01-01

    To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...

  20. Relationship between Corporate Governance Indicators and Firm Value: A Case Study of Karachi Stock Exchange

    OpenAIRE

    Javed, Attiya Y.; Iqbal, Robina

    2007-01-01

    We investigated whether differences in quality of firm-level corporate governance can explain the firm-level performance in a cross-section of companies listed at Karachi Stock Exchange. Therefore, we analysed the relationship between firm-level value as measured by Tobin’s Q and total Corporate Governance Index (CGI) and three sub-indices: Board, Shareholdings and Ownership, and Disclosures and Transparency for a sample of 50 firms. The results indicate that corporate gover...

  1. The Relationship between Corporate Governance Indicators and Firm Value: A Case Study of Karachi Stock Exchange

    OpenAIRE

    Attiya Y. Javed; Robina Iqbal

    2007-01-01

    We investigated whether differences in quality of firm-level corporate governance can explain the firm-level performance in a cross-section of companies listed at Karachi Stock Exchange. Therefore, we analysed the relationship between firm-level value as measured by Tobins Q and total Corporate Governance Index (CGI) and three sub-indices : Board, Shareholdings and Ownership, and Disclosures and Transparency for a sample of 50 firms. The results indicate that corporate governance does matter ...

  2. Belgian Firms Visit CERN

    CERN Multimedia

    2001-01-01

    Fifteen Belgian firms visited CERN last 2 and 3 April to present their know-how. Industrial sectors ranging from precision machining to electrical engineering and electronics were represented. And for the first time, companies from the Flemish and Brussels regions of the country joined their Walloon compatriots, who have come to CERN before. The visit was organised by Mr J.-M. Warêgne, economic and commercial attaché at the Belgian permanent mission for the French-speaking region, Mr J. Van de Vondel, his opposite number for the Flemish region, and Mrs E. Solowianiuk, economic and commercial counsellor at the Belgian permanent mission for the Brussels-Capital region.

  3. Inside the Family Firm

    DEFF Research Database (Denmark)

    Bennedsen, Morten; Nielsen, Kasper; Pérez-González, Francisco

    2005-01-01

    This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in corporate decision making, and (2) the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or an external chief executive officer (CEO). We...... show that a departing CEO's family characteristics have a strong predictive power in explaining CEO succession decisions: family CEOs are more frequently selected the larger the size of the family, the higher the ratio of male children and when the departing CEOs had only had one spouse. We...... then analyze the impact of family successions on performance. We overcome endogeneity and omitted variables problems of previous papers in the literature by using the gender of a departing CEO's first-born child as an instrumental variable (IV) for family successions. This is a plausible IV as male first...

  4. Experiences of Emerging Economy Firms

    DEFF Research Database (Denmark)

    Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts. For example, firms must be able to overcome the liability...... of foreign and emerging issues when they expand their activities in various contexts, enter, exit, and re-enter overseas markets; they have to overcome institutional barriers, adapt the cultural challenges in foreign markets, undergo the impact of large multinational firms from developed economies...

  5. Economic Reform, Firm Survival and Competitiveness (Middle East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    During the 1980s, it was thought that liberalizing trade and exposing industries ... of some firms but a more productive and competitive industrial sector as a whole. ... to stimulate higher firm-level productivity in the Middle East and North Africa.

  6. Human Resource Management With Small Firms; Facts And Explanations

    NARCIS (Netherlands)

    J.M.P. de Kok (Jan); L.M. Uhlaner (Lorraine); A.R. Thurik (Roy)

    2003-01-01

    textabstractThis study examines determinants of the formalization of HRM practices with small firms. We derive five hypotheses that identify possible determinants of the level of formalization, including firm size, family business, the availability of an HRM department or HRM manager, and the

  7. Life Cycle Characteristics of Small Professional Service Firms

    NARCIS (Netherlands)

    Masurel, E.; van Montfort, C.A.G.M.

    2006-01-01

    Our study of professional services firms clearly revealed that firms change over the course of their life cycles. During the first three stages, diversification in sales, the differentiation in labor force, and the level of labor productivity increase. In the last stage, diversification in sales,

  8. Do Firms Replenish Executives’ Incentives After Equity Sales?

    NARCIS (Netherlands)

    Ladika, T.

    2013-01-01

    After selling firm equity, executives' incentives to maximize shareholder value may decrease. How do boards respond? Theory shows boards can restore executives' incentives by shifting subsequent pay from cash toward equity. Unobservable firm-level changes that cause executives to sell equity and

  9. Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice

    NARCIS (Netherlands)

    Herbst, P.; Prüfer, J.

    2007-01-01

    This paper formalizes the difference between firms, nonprofits, and cooperatives and identifies optimal organizational choice. In a model of quality provision, we find a clear ranking of quality produced: Firms provide lowest and nonprofits highest levels of quality. Efficiency, however, depends on

  10. Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice

    NARCIS (Netherlands)

    Herbst, P.; Prüfer, J.

    2007-01-01

    Abstract This paper formalizes the difference between firms, nonprofits, and cooperatives and identifies optimal organizational choice. In a model of quality provision, we find a clear ranking of quality produced: Firms provide lowest and nonprofits highest levels of quality. Efficiency, however,

  11. Nitrogen forms and levels influence on growth and nutrition of cacao

    Science.gov (United States)

    Ammonium and nitrate are the major forms of N present in tropical soils. A climatically controlled growth chamber experiment was conducted to assess the influence of forms (NO3-, NH4+, and mix of NO3- + NH4+) and levels (1.5 to 12.0 mM) of N on the growth and nutrition of cacao (Theobroma cacao L). ...

  12. Identifying consumer preference for beef produced with different levels of growth promotant technology

    Science.gov (United States)

    Objectives: Objectives of this study were to 1) evaluate growth performance and carcass characteristics, and 2) determine environmental and economic impacts of cattle raised with different levels of growth promoting technology. Materials and Methods: Angus' Simmental,and crossbred steer calves (n =...

  13. Effects of intensive forest management practices on insect infestation levels and loblolly pine growth

    Science.gov (United States)

    John T. Nowak; C. Wayne Berisford

    2000-01-01

    Intensive forest management practices have been shown to increase tree growth and shorten rotation time. However, they may also lead to an increased need for insect pest management because of higher infestation levels and lower action thresholds. To investigate the relationship between intensive management practices arid insect infestation, maximum growth potential...

  14. A Systematic Approach for Identifying Level-1 Error Covariance Structures in Latent Growth Modeling

    Science.gov (United States)

    Ding, Cherng G.; Jane, Ten-Der; Wu, Chiu-Hui; Lin, Hang-Rung; Shen, Chih-Kang

    2017-01-01

    It has been pointed out in the literature that misspecification of the level-1 error covariance structure in latent growth modeling (LGM) has detrimental impacts on the inferences about growth parameters. Since correct covariance structure is difficult to specify by theory, the identification needs to rely on a specification search, which,…

  15. Changes of serum insulin-like growth factor-1 and growth hormone levels in patients with Graves' disease

    International Nuclear Information System (INIS)

    Jin Yueling; Xie Kejian; Xia Yuxiang; Pan Furong

    2003-01-01

    Objective: To investigate the changes of serum insulin-like growth factor-1(IGF-1) and growth hormone (GH) levels in patients with Graves' disease (GD). Methods: The serum IGF-1 and GH levels were determined with RIA in 42 cases of GD, 20 cases of GD patients after therapy (in euthyroid state) and 30 normal controls. Results: The level of serum IGF-1 (170.8±44.4 ng/ml) and GH (2.80±1.18 ng/ml) were significantly higher in GD patients than those in controls [IGF-1 (90.5±30.5 ng/ml), GH(1.58±1.20 ng/ml)] (p<0.01, p<0.05). IGF-1 levels were positively correlated to FT4 levels (r=0.58, p<0.01). The levels of serum IGF-1 (110.4±33.2 ng/ml) and GH (1.71±1.36 ng/ml) after treatment were significantly lower than those before treatment (p<0.01, p<0.05). Conclusion: The levels of serum IGF-1 and GH were markedly increase in GD patients and might be influenced by changes of thyroid hormone levels

  16. Cyclicality and Firm Size in Private Firm Defaults

    DEFF Research Database (Denmark)

    Jensen, Thais Lærkholm; Lando, David; Medhat, Mamdouh

    2017-01-01

    The Basel II/III and CRD IV Accords reduce capital charges on bank loans to smaller firms by assuming that the default probabilities of smaller firms are less sensitive to macroeconomic cycles. We test this assumption in a default intensity framework using a large sample of bank loans to private...

  17. Firm Traits and Web Based Disclosures in Top Nigerian Firms

    Directory of Open Access Journals (Sweden)

    Bello Ayuba

    2016-02-01

    Full Text Available The use of the internet as a medium of dissemination of information to stakeholders is increasingly gaining grounds. This study extends existing literature on web disclosures by investigating the characteristics that predict the extent of web-based disclosures. In this study, corporate websites of top Nigerian firms are used as sources of data, while a regression analysis is employed to examine the extent of prediction. Results indicate that the firm size and industry type are significant determinants of web disclosures. However, other firm traits such as ownership dispersion and financial performance do not significantly explain the extent of internet disclosures. The study recommends that a regulatory template for corporate web disclosures be put in place by government regardless of the size or industry classification of the firm. This is with a view to considerably reduce agency conflicts arising from information asymmetry in publicly listed firms in Nigeria.

  18. Strategic Orientation in the Globalization of Software Firms

    Science.gov (United States)

    Dedrick, Jason; Kraemer, Kenneth L.; Carmel, Erran; Dunkle, Debora

    In the search for profits, software firms are globalizing their development activities. Some firms achieve greater profits by becoming more efficient, whereas others do so by reaching new markets; some do both. This paper creates an a priori typology of strategies based on the extent to which firms are focused on operational improvement or market access, have a dual focus or are unfocused. We find that firms with these strategies differ in degree of internationalization, organization of offshoring and performance outcomes related to offshoring. Market-oriented firms receive a greater proportion of their total revenue from sales outside the U.S., showing a greater international orientation. They keep more of their offshore development in-house via captive operations. They also are most likely to report increased non-U.S. sales as a result of offshoring. On the other hand, operations-oriented firms have lower levels of international sales, are more likely to go offshore via outsourced software development, and achieve greater costs savings and labor force flexibility as a result of offshoring. Operations-oriented firms also face more obstacles in offshoring, perhaps because of their reliance on outsourcing. Dual focus firms generally achieve some of the best of both strategies, whereas unfocused firms achieve lower cost benefits.

  19. A framework to investigate the economic growth impact of sea level rise

    International Nuclear Information System (INIS)

    Hallegatte, Stéphane

    2012-01-01

    This article reviews the channels through which sea level rise can affect economic growth, namely the loss of land, the loss of infrastructure and physical capital, the loss of social capital, the additional cost from extreme events and coastal floods, and the increased expenditure for coastal protection. It discusses how existing studies on the direct impact of sea level rise could be used to investigate the resulting consequences on economic growth, emphasizes research needs on this question, and discusses consequences on migration. (letter)

  20. Evaluating firms' R&D performance using best worst method.

    Science.gov (United States)

    Salimi, Negin; Rezaei, Jafar

    2018-02-01

    Since research and development (R&D) is the most critical determinant of the productivity, growth and competitive advantage of firms, measuring R&D performance has become the core of attention of R&D managers, and an extensive body of literature has examined and identified different R&D measurements and determinants of R&D performance. However, measuring R&D performance and assigning the same level of importance to different R&D measures, which is the common approach in existing studies, can oversimplify the R&D measuring process, which may result in misinterpretation of the performance and consequently fallacy R&D strategies. The aim of this study is to measure R&D performance taking into account the different levels of importance of R&D measures, using a multi-criteria decision-making method called Best Worst Method (BWM) to identify the weights (importance) of R&D measures and measure the R&D performance of 50 high-tech SMEs in the Netherlands using the data gathered in a survey among SMEs and from R&D experts. The results show how assigning different weights to different R&D measures (in contrast to simple mean) results in a different ranking of the firms and allow R&D managers to formulate more effective strategies to improve their firm's R&D performance by applying knowledge regarding the importance of different R&D measures. Copyright © 2017 The Authors. Published by Elsevier Ltd.. All rights reserved.

  1. Entrepreneurial mindset of information and communication technology firms

    Directory of Open Access Journals (Sweden)

    M. J. Scheepers

    2008-01-01

    Full Text Available Limited research focuses on the entrepreneurial mindset of information and communication technology (ICT firms, despite the opportunities in and importance of this sector for economic growth. In this article, the entrepreneurial mindset of ICT firms is described by using three indicators: entrepreneurial orientation, e-business initiatives and a supportive organizational climate. Data were obtained using structured telephone interviews with 144 ICT firms. The findings indicate that the three indicators of an entrepreneurial mindset are associated and can be linked to performance. It is recommended that managers create a supportive climate for entrepreneurship by offering rewards, empowering employees and providing leadership and support for initiatives.

  2. Scale and technological factors in the diversification structure of business firms

    NARCIS (Netherlands)

    Castaldi, C; Milakovic, M; Secchi, A

    We present empirical evidence on diversification patterns in Italian manufacturing firms, where we observe a robust relationship between firm size and diversification levels. The overall findings support the 'resource-' and 'competence-based' theories of corporate diversification. In addition, we

  3. Stakeholder Governance, Competition and Firm Value

    OpenAIRE

    Allen, Franklin; Carletti, Elena; Marquez, Robert

    2014-01-01

    In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms when marginal cost uncertainty is greater (less) than demand uncertainty. With globalization shareholder firms and stakeholder firms ofte...

  4. Levels of serum vascular endothelial growth factor in type 2 diabetics with retinopathy

    International Nuclear Information System (INIS)

    Parveen, N.; Rahman, S.; Khan, Q.

    2012-01-01

    Background: Ischemic retina in diabetic patients releases a number of chemical substances including vascular endothelial growth factor which leads to retinal vascular proliferation and blindness following rupture and bleeding of vessels. Strategies to control this action can considerably halt this process. Objectives: To determine the relationship of various stages of diabetic retinopathy with the levels vascular endothelial growth factor in the serum of type 2 diabetic patients. Study type, settings and duration: This cross sectional analytical study was done over one year (2010-2011) in three major public sector hospitals of Peshawar. Patients and Methods: Adult patients of either gender having type 2 diabetes mellitus with proliferative or non proliferative retinopathy and those without retinopathy were selected for the study. Retinopathy was diagnosed on fundoscopy. Non-diabetic patients without retinopathy were selected as controls. Serum levels of vascular endothelial growth factor were done in patients and controls using ELISA. Results: Serum vascular endothelial growth factor levels were significantly higher in all cases having retinopathy as compared to controls. These levels progressively increased with the grades of retinopathy. Levels were higher in females. Conclusions: Levels of vascular endothelial growth factor are raised in diabetic retinopathy and rising levels can alert the clinician in worsening of retinopathy so that preventive and therapeutic measures can be taken promptly. Policy message: Further larger scale studies are recommended on national level to pave way for the establishment of appropriate management paradigms for diabetic retinopathy through anti-VEGF treatment. (author)

  5. Industry growth, work role characteristics, and job satisfaction: a cross-level mediation model.

    Science.gov (United States)

    Ford, Michael T; Wooldridge, Jessica D

    2012-10-01

    The associations between industry revenue growth, individual work role characteristics, and job satisfaction were examined in this cross-level mediation analysis. Work roles were expected to be more autonomous, involve greater skill variety, and offer more opportunities for growth and development for workers in growing industries than for workers in declining industries. Supervisor support was also hypothesized to be stronger for workers in high-growth industries. Results from a nationally representative (U.S.) sample of service industry workers, using multilevel modeling, supported these propositions and suggest that job enrichment mediates relations between industry growth and job satisfaction. Associations between industry growth and autonomy were also stronger among workers in occupations that are less normatively autonomous, suggesting that industry growth fosters a weakening, and industry decline a strengthening, of traditional differences in autonomy across work roles. These results contribute to a multilevel perspective on organizational environments, individual work roles, and worker attitudes and well-being.

  6. Circulating levels of pegvisomant and endogenous growth hormone during prolonged pegvisomant therapy in patients with acromegaly

    DEFF Research Database (Denmark)

    Madsen, Michael; Fisker, Sanne; Feldt-Rasmussen, Ulla

    2014-01-01

    OBJECTIVE: To investigate whether pegvisomant treatment in acromegaly induces gradual elevations in endogenous serum growth hormone (GH) levels and whether serum pegvisomant levels predict the therapeutic outcome. PATIENTS AND METHODS: Seventeen patients (6 women), mean age 46·3 years (range: 23...... correlated with baseline growth hormone levels, whereas no associations between serum pegvisomant and either dose, gender, age or body weight were found. CONCLUSIONS: (1) Serum GH levels increased initially, but remained stable during prolonged pegvisomant treatment in patients with acromegaly, (2) serum...

  7. GROWTH HORMONE LEVEL EVOLUTION IN CHILDREN WITH HEPATOBILIARY DISEASES, UNDERGOING LIVER TRANSPLANTATION

    Directory of Open Access Journals (Sweden)

    O. P. Shevchenko

    2012-01-01

    Full Text Available End stage liver disease is often associated with growth retardation in children with congenital and hereditary diseases of hepatobiliary system. The aim was to investigate the serum growth hormone level before and after liver transplantation in 52 children with congenital and hereditary diseases of hepatobiliary system. Data of our research work revealed increased serum level of growth hormone in children with liver cirrhosis (3,32 ± 7,7 ng/ml vs. 1,16 ± 1,46 ng/ml in healthy children, p = 0,01, which correlates with PELD score (r = 0,62, p < 0,001. In a month after liver transplantation growth hormone concentration decreases (p < 0,001 and in a year after transplantation it doesn’t differ from healthy children. There wasn’t revealed any interaction between serum growth hormone level and anthropometric parameters before liver transplantation, but in a year after there was significant correlation between growth hormone concentration and height (r = 0,79, p = 0,01. Investigation of growth hormone level in children with liver cirrhosis and its evolution after liver transplantation is of interest as objective criterion of recovery of physical development regulation and as an additional parameter, which cor- relates with severity of end-stage liver disease. 

  8. How Firms Make Boundary Decisions

    DEFF Research Database (Denmark)

    Dobrajska, Magdalena; Billinger, Stephan; Becker, Markus

    2014-01-01

    We report findings from an analysis of 234 firm boundary decisions that a manufacturing firm has made during a 10 year period. Extensive interviews with all major decision makers located both at the headquarters and subsidiaries allow us to examine (a) who was involved in each boundary decision...

  9. The Internationalisation of Service Firms

    DEFF Research Database (Denmark)

    Blagoeva, Denitsa Hazarbassanova

    The question the thesis aims at resolving is: How do the value creation logics of firms impact their internationalisation? The overall aim of this PhD project is to explore and test an approach to understanding the internationalisation of service firms, based not on opposing them to manufacturing...

  10. Dividend Policy of German Firms

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.; Correia Da Silva, L.

    2004-01-01

    German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target

  11. Bank Relationship and Firm Profitability

    NARCIS (Netherlands)

    Degryse, H.A.; Ongena, S.

    2000-01-01

    This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank peers. We investigate this empirical implication using a data set containing

  12. Does internationalization foster firm performance?

    NARCIS (Netherlands)

    van den Berg, Marcel

    2014-01-01

    The research in this dissertation concerns the impact of internationalization of business activities on several dimensions of firm performance. We show that the productivity ranking by trade status of Dutch manufacturing firms in increasing order of productivity is: non-traders, importers, exporters

  13. Technological Capability and Firm Performance

    Directory of Open Access Journals (Sweden)

    Fernanda Maciel Reichert

    2014-08-01

    Full Text Available This research aims to investigate the relationship between investments in technological capability and economic performance in Brazilian firms. Based on economic development theory and on developed countries history, it is assumed that this relationship is positive. Through key indicators, 133 Brazilian firms have been analyzed. Given the economic circumstances of an emerging economy, which the majority of businesses are primarily based on low and medium-low-technology industries, it is not possible to affirm the existence of a positive relation between technological capability and firm performance. There are other elements that allow firms to achieve such results. Firms of lower technological intensity industries performed above average in the economic performance indicators, adversely, they invested below average in technological capability. These findings do not diminish the merit of firms’ and country’s success. They in fact confirm a historical tradition of a country that concentrates its efforts on basic industries.

  14. Diversification patterns and survival as firms mature

    DEFF Research Database (Denmark)

    Coad, Alexander Jean-Luc; Guenther, C.

    2013-01-01

    We focus on the relationship between age and diversification patterns of German machine tool manufacturers in the post-war era. We distinguish between 'minor diversification' (adding a new product variation within a familiar submarket) and 'major diversification' (expanding the product portfolio...... lines). Second, we find that product portfolios of larger firms tend to be more diversified. Third, with respect to consecutive diversification activities, quantile autoregression plots show that firms experiencing diversification in one period are unlikely to repeat this behavior in the following year....... Fourth, survival estimations reveal that diversification activities reduce the risk of exit in general and to a varying degree at different ages. These results are interpreted using Penrosean growth theory....

  15. Hypergravity and estrogen effects on avian anterior pituitary growth hormone and prolactin levels

    Science.gov (United States)

    Fiorindo, R. P.; Negulesco, J. A.

    1980-01-01

    Developing female chicks with fractured right radii were maintained for 14 d at either earth gravity (1 g) or a hypergravity state (2 g). The birds at 1 g were divided into groups which received daily injections of (1) saline, (2) 200 micrograms estrone, and (3) 400 micrograms estrone for 14 d. The 2-g birds were divided into three similarly treated groups. All 2-g birds showed significantly lower body weights than did 1-g birds. Anterior pituitary (AP) glands were excised and analyzed for growth hormone and prolactin content by analytical electrophoresis. The 1-g chicks receiving either dose of daily estrogen showed increased AP growth hormone levels, whereas hypergravity alone did not affect growth hormone content. Chicks exposed to daily estrogen and hypergravity displayed reduced growth hormone levels. AP prolactin levels were slightly increased by the lower daily estrogen dose in 1-g birds, but markedly reduced in birds exposed only to hypergravity. Doubly-treated chicks displayed normal prolactin levels. Reduced growth in 2-g birds might be due, in part, to reduced AP levels of prolactin and/or growth hormone.

  16. What results when firms implement practices: the differential relationship between specific practices, firm financial performance, customer service, and quality.

    Science.gov (United States)

    Gibson, Cristina B; Porath, Christine L; Benson, George S; Lawler, Edward E

    2007-11-01

    Previous research on organizational practices is replete with contradictory evidence regarding their effects. Here, the authors argue that these contradictory findings may have occurred because researchers have often examined complex practice combinations and have failed to investigate a broad variety of firm-level outcomes. Thus, past research may obscure important differential effects of specific practices on specific firm-level outcomes. Extending this research, the authors develop hypotheses about the effects of practices that (a) enable information sharing, (b) set boundaries, and (c) enable teams on 3 different firm-level outcomes: financial performance, customer service, and quality. Relationships are tested in a sample of observations from over 200 Fortune 1000 firms. Results indicate that information-sharing practices were positively related to financial performance 1 year following implementation of the practices, boundary-setting practices were positively related to firm-level customer service, and team-enabling practices were related to firm-level quality. No single set of practices predicted all 3 firm-level outcomes, indicating practice-specific effects. These findings help resolve the theoretical tension in the literature regarding the effects of organizational practices and offer guidance as to how to best target practices to increase specific work-related outcomes. Implications for theory, research, and practice are discussed. (c) 2007 APA

  17. The effect of platelet rich fibrin on growth factor levels in urethral repair.

    Science.gov (United States)

    Soyer, Tutku; Ayva, Şebnem; Boybeyi, Özlem; Aslan, Mustafa Kemal; Çakmak, Murat

    2013-12-01

    Platelet rich fibrin (PRF) is an autologous source of growth factors and promotes wound healing. An experimental study was performed to evaluate the effect of PRF on growth factor levels in urethral repair. Eighteen Wistar albino rats were included in the study. Rats were allocated in three groups (n:6): control (CG), sham (SG), and PRF (PRFG). In SG, a 5 mm vertical incision was performed in the penile urethra and repaired with 10/0 Vicryl® under a microscope. In PRFG, during the urethral repair as described in SG, 1 cc of blood was sampled from each rat and centrifuged for 10 minutes at 2400 rpm. PRF obtained from the centrifugation was placed on the repair site during closure. Penile urethras were sampled 24 hours after PRF application in PRFG and after urethral repair in SG. Transforming growth factor beta receptor (TGF-β-R-CD105), vascular endothelial growth factor (VEGF) and its receptor (VEGF-R), as well as endothelial growth factor receptor (EGFR), were evaluated in subepithelia of the penile skin and urethra. Groups were compared for growth factor levels and growth factor receptor expression with the Kruskal Wallis test. TGF-β-R levels were significantly decreased in SG when compared to CG (p0.05). Use of PRF after urethral repair increases TGF-β-R and VEGF expressions in urethral tissue. PRF can be considered as an alternative measure to improve the success of urethral repair. © 2013.

  18. Effects of dietary protein level on growth, health and physiological parameters in growing-furring mink

    DEFF Research Database (Denmark)

    Damgaard, Birthe Marie; Larsen, Peter F.; Clausen, Tove

    2012-01-01

    The aim of the study was to investigate the effects of the dietary protein level and the feeding strategy on growth, health and physiological blood and liver parameters in growing-furring male mink. Effects of dietary protein levels ranging from 22% of metabolizable energy (MEp) to experimental p...

  19. Kidney fibroblast growth factor 23 does not contribute to elevation of its circulating levels in uremia

    DEFF Research Database (Denmark)

    Mace, Maria L.; Gravesen, Eva; Nordholm, Anders

    2017-01-01

    Fibroblast growth factor 23 (FGF23) secreted by osteocytes is a circulating factor essential for phosphate homeostasis. High plasma FGF23 levels are associated with cardiovascular complications and mortality. Increases of plasma FGF23 in uremia antedate high levels of phosphate, suggesting a disr...

  20. CBM maze-scores as indicators of reading level and growth for seventh-grade students

    NARCIS (Netherlands)

    Chung, S.; Espin, C.A.; Stevenson, C.E.

    The technical adequacy of CBM maze-scores as indicators of reading level and growth for seventh-grade secondary-school students was examined. Participants were 452 Dutch students who completed weekly maze measures over a period of 23 weeks. Criterion measures were school level, dyslexia status,

  1. INTRAOCULAR AND SERUM LEVELS OF VASCULAR ENDOTHELIAL GROWTH FACTOR IN ACUTE RETINAL NECROSIS AND OCULAR TOXOPLASMOSIS

    NARCIS (Netherlands)

    Wiertz, Karin; De Visser, Lenneke; Rijkers, Ger; De Groot-Mijnes, Jolanda; Los, Leonie; Rothova, Aniki

    2010-01-01

    Purpose: To determine the intraocular and serum vascular endothelial growth factor (VEGF) levels in patients with acute retinal necrosis (ARN) and compare those with VEGF levels found in patients with ocular toxoplasmosis (OT). Methods: Paired intraocular fluid and serum samples of 17 patients with

  2. Effects of dietary lipid levels on growth, body composition and antioxidants of clamworm (Perinereis aibuhitensis

    Directory of Open Access Journals (Sweden)

    Fu Lv

    2017-05-01

    Full Text Available To determine the effects of dietary lipid levels on growth performance, body composition and antioxidant parameters of clamworm (Perinereis aibuhitensis, 1050 clamworms were fed diets with seven lipid levels (2.37%, 4.35%, 6.29%, 8.41%, 10.31%, 12.29% and 14.33%, named L2.37, L4.35, L6.29, L8.41, L10.31, L12.29 and L14.33, respectively for 10 weeks. Each diet was randomly assigned to triplicate groups of 50 clamworms. The results showed that the growth performance and protein efficiency ratio were significantly affected by the lipid levels. Clamworms fed L8.41 diet exhibited higher growth performance than others and the maximum specific growth rate can be possibly obtained when the diets were supplemented with 7.54% lipid level. The dietary lipid levels had significant influences on the whole body crude protein, crude lipid, moisture contents and ash profile of P. aibuhitensis. The eicosapentaenoic acid (EPA and docosahexaenoic acid (DHA were also enhanced with increasing dietary lipid levels in whole body analyses. The contents of malonaldehyde (MDA and lipid peroxidation (LPO in clamworms increased significantly with increasing dietary lipid levels. Meanwhile, the activities of superoxide dismutase (SOD, catalase (CAT, glutathione peroxidase (GPX and total autioxidative capacity (T-AOC tended to strengthen with dietary lipid levels increasing from 2.37% to 10.31% (except the GPX with 12.29% dietary lipid levels, and weaken with dietary lipid levels increasing from 10.31% to 14.33%. These results demonstrated that a proper dietary lipid level of 7.54%–10.31% could maintain solid growth performance and antioxidant capacity of juvenile P. aibuhitensis.

  3. Participation of firms in the skills development levy system

    Directory of Open Access Journals (Sweden)

    GJ Lee

    2004-04-01

    Full Text Available Skills development levies are increasingly being utilised to increase enterprise provided training in developing economies. South Africa is one such example. The impact of such incentive systems on the bottom-line of firms is a vital consideration in such programs. Particularly important are the economic conditions under which the incentive will stimulate participation by organisations. The transaction costs of participation must be taken into account: while a levy-grant system clearly creates a prima-facie incentive, it may be prohibitively expensive for some firms to enter the grant disbursement systems. Accordingly, through a simple model of the incentives for firms, the participation level of the firm under various types of levy systems is assessed. Non-monetary considerations are also considered. The implications for participation by firms, along with managerial and policy implications, are discussed.

  4. Firms' innovation benefiting from networking and institutional support

    DEFF Research Database (Denmark)

    Schøtt, Thomas; Jensen, Kent Wickstrøm

    2016-01-01

    Firms' networking for innovation is embedded in institutions of society, where national policies are increasingly designed to provide institutional support for firms' networking and thereby benefit innovation. But, globally, what are the quantitative and qualitative effects of institutional support...... for networking and, in turn, for innovation? 68 countries with 18,880 firms were surveyed in the Global Entrepreneurship Monitor, enabling generalization to the firms in the countries around the world. Two-level modeling shows that firms' networking benefits both process and product innovation. Institutional...... support does not significantly affect quantity of networking, but greatly enhances quality of networking in the sense that support for networking in a country enhances the benefits of networking for both process and product innovation. Contrasting low and high support for networking leads to estimating...

  5. Firm-Level Corruption in Vietnam

    DEFF Research Database (Denmark)

    Rand, John; Tarp, Finn

    2012-01-01

    and government contracts. Third, the observed decrease in bribe incidence between 2005 and 2007 is largely driven by significant behavioral changes. These behavioral changes seem to be associated with policy initiatives to improve law enforcement and increased media focus on punitive actions against corruption....

  6. Towards a new paradigm: Activity level balanced sustainability reporting.

    Science.gov (United States)

    Samudhram, Ananda; Siew, Eu-Gene; Sinnakkannu, Jothee; Yeow, Paul H P

    2016-11-01

    Technoeconomic paradigms based economic growth theories suggest that waves of technological innovations drove the economic growth of advanced economies. Widespread economic degradation and pollution is an unintended consequence of such growth. Tackling environmental and social issues at firm levels would help us to overcome such issues at macro-levels. Consequently, the Triple Bottom Line (TBL) reporting approach promotes firm level economic, environmental and social performances. Incorporating Zink's (2014) 3-pillar presentation model, this paper indicates that economic, social and environmental performances tend to be reported at firm level. All three pillars are not covered evenly at the activity levels. Thus, a loophole is identified whereby excellent environmental performance at activity levels could potentially leave poor social performance undisclosed. A refinement of the TBL paradigm, whereby all three pillars are covered at the activity level, is suggested, to enhance sustainability reporting. Copyright © 2016 Elsevier Ltd. All rights reserved.

  7. The change of intracellular NAD level at the process of fusarium sambucinum growth and development

    International Nuclear Information System (INIS)

    Gulyamova, T.G.; Ehshtukhtarova, M.Kh.; Umarova, G.D.; Kerbalaeva, A.M.; Khalmuradov, A.G.

    1996-01-01

    Alterations of intracellular NAD(Nicotinamide-Adenine Dinucleotide) level have been studied in the process of growth and development of Fusanium sambucinum, selected earlier as a potential NAD producer. It was established that essential fluctuations of NAD concentration are dependent on growth phase, morphological cell type and DNA biosynthesis, that allowed to propose a real linkage between coenzyme pool and replicative activity of cells. (author). 7 refs., 2 figs

  8. Skin Conductance Level Reactivity Moderates the Association Between Harsh Parenting and Growth in Child Externalizing Behavior

    OpenAIRE

    Erath, Stephen A.; El-Sheikh, Mona; Hinnant, J. Benjamin; Cummings, E. Mark

    2011-01-01

    Skin conductance level reactivity (SCLR) was examined as a moderator of the association between harsh parenting at age 8 years and growth in child externalizing behavior from age 8 to age 10 (N = 251). Mothers and fathers provided reports of harsh parenting and their children’s externalizing behavior; children also provided reports of harsh parenting. SCLR was assessed in response to a socioemotional stress task and a problem-solving challenge task. Latent growth modeling revealed that boys w...

  9. Human Capital and Economic Growth: The Quest for the Most Relevant Level of Education in Pakistan

    OpenAIRE

    Sultan, Faisal; Tehseen, Syed; Arif, Imtiaz

    2009-01-01

    The study examines the role of human capital in the economic growth of Pakistan by using primary, secondary and higher education enrolments as proxies for human capital in three different specifications. The idea behind these models is to find out the most relevant level of education in terms of its contribution in economic growth. The order of integration of the variables is checked through Augmented Dickey Fuller and Phillips Perron test. In order to find out the evidences of the long run r...

  10. The Regional Heterogeneity of Productivity Determinants: Evidence from Ukrainian Firms

    Directory of Open Access Journals (Sweden)

    Cieślik Andrzej

    2017-03-01

    Full Text Available This paper studies the determinants of the total factor productivity (TFP for Ukrainian firms in the manufacturing sector across macro-regions using recent micro-level datasets for 2013. Our empirical results show some degree of heterogeneity across Ukrainian macro-regions; in particular, the link between the total factor productivity, firm size, imports and the level of competition seems to be valid for all macro regions. However, the effects of private ownership status, capital intensity and exports seems to be region specific. In addition, we found no relationship between firm productivity and foreign ownership for any of the regions.

  11. Application of integrated marketing communications in business family firms in Republic of Srpska

    Directory of Open Access Journals (Sweden)

    Perić Nenad

    2013-01-01

    Full Text Available As studies have shown, family businesses are the oldest and most common form of business organization in the world and is a key foundation of the global economy. Experience has shown that the family firm in the Republic of Srpska increasingly opt for hiring professionals for public relations or hiring agency for this work, for resolving crisis situations. The problems they face are, on the one hand, an insufficient budget for the integration of marketing communications and the management of unreason benefit from IMC. On the other hand, sometimes it's already failed separation of family business relationships. Hypotheses to be proven, are associated with insufficient support from family firms by the authorities in the Republic of Srpska, which implies limiting the growth of family firms, and insufficient investment in IMC, regardless, whether family firms have developed an export strategy. Hypothesis has been detected at levels of cognition. The first is proved for the general hypothesis, and then the collateral hypothesis. The sample of 208 family businesses in the Republic of Srpska and statistical analysis methods are descriptive analysis and chi-square test.

  12. Circulating levels of IGF-1 directly regulate bone growth and density

    Science.gov (United States)

    Yakar, Shoshana; Rosen, Clifford J.; Beamer, Wesley G.; Ackert-Bicknell, Cheryl L.; Wu, Yiping; Liu, Jun-Li; Ooi, Guck T.; Setser, Jennifer; Frystyk, Jan; Boisclair, Yves R.; LeRoith, Derek

    2002-01-01

    IGF-1 is a growth-promoting polypeptide that is essential for normal growth and development. In serum, the majority of the IGFs exist in a 150-kDa complex including the IGF molecule, IGF binding protein 3 (IGFBP-3), and the acid labile subunit (ALS). This complex prolongs the half-life of serum IGFs and facilitates their endocrine actions. Liver IGF-1–deficient (LID) mice and ALS knockout (ALSKO) mice exhibited relatively normal growth and development, despite having 75% and 65% reductions in serum IGF-1 levels, respectively. Double gene disrupted mice were generated by crossing LID+ALSKO mice. These mice exhibited further reductions in serum IGF-1 levels and a significant reduction in linear growth. The proximal growth plates of the tibiae of LID+ALSKO mice were smaller in total height as well as in the height of the proliferative and hypertrophic zones of chondrocytes. There was also a 10% decrease in bone mineral density and a greater than 35% decrease in periosteal circumference and cortical thickness in these mice. IGF-1 treatment for 4 weeks restored the total height of the proximal growth plate of the tibia. Thus, the double gene disruption LID+ALSKO mouse model demonstrates that a threshold concentration of circulating IGF-1 is necessary for normal bone growth and suggests that IGF-1, IGFBP-3, and ALS play a prominent role in the pathophysiology of osteoporosis. PMID:12235108

  13. Soybean growth responses to enhanced levels of ultraviolet-B radiation under greenhouse conditions

    International Nuclear Information System (INIS)

    Teramura, A.H.; Sullivan, J.H.

    1987-01-01

    Soybean (Glycine max [L.] Merr. cv. Essex) was grown in an unshaded greenhouse under three levels of biologically effective ultraviolet-B (UV-BBE) radiation (effective daily dose: 0, 11.5 and 13.6 kJ m -2 ) for 91 days. Plants were harvested at regular intervals beginning 10 days after germination until reproductive maturity. Mathematical growth analysis revealed that the effects of UV-B radiation varied with plant growth stage. The transition period between vegetative and reproductive growth was the most sensitive to UV-B radiation. Intermediate levels of UV-B had deleterious effects on plant height, leaf area, and total plant dry weight at late vegetative and reproductive stages of development. Specific leaf weight increased during vegetative growth but was unaffected by UV-B during reproductive growth stages. Relative growth, net assimilation, and stem elongation rates were decreased by UV-B radiation during vegetative and early reproductive growth stages. Variation in plant responses may be due in part to changes in microclimate within the plant canopy or to differences in repair or protection mechanisms at differing developmental stages. (author)

  14. Correlation between increasing tissue ischemia and circulating levels of angiogenic growth factors in peripheral artery disease.

    Science.gov (United States)

    Jalkanen, Juho; Hautero, Olli; Maksimow, Mikael; Jalkanen, Sirpa; Hakovirta, Harri

    2018-04-21

    The aim of the present study was to assess the circulating levels of vascular endothelial growth factor (VEGF) and other suggested therapeutic growth factors with the degree of ischemia in patients with different clinical manifestations of peripheral arterial disease (PAD) according to the Rutherford grades. The study cohort consists of 226 consecutive patients admitted to a Department of Vascular Surgery for elective invasive procedures. PAD patients were grouped according to the Rutherford grades after a clinical assessment. Ankle-brachial pressure indices (ABI) and absolute toe pressure (TP) values were measured. Serum levels of circulating VEGF, hepatocyte growth factor (HGF), basic fibroblast growth factor (bFGF), and platelet derived growth factor (PDGF) were measured from serum and analysed against Rutherford grades and peripheral hemodynamic measurements. The levels of VEGF (P = 0.009) and HGF (P correlations between Rutherford grades was detected as follows; VEGF (Pearson's correlation = 0.183, P = 0.004), HGF (Pearson's correlation = 0.253, P Pearson's correlation = 0.169, P = 0.008) and PDGF (Pearson's correlation = 0.296, P correlation with ABI (Pearson's correlation -0.19, P = 0.009) and TP (Pearson's correlation -0.20, P = 0.005) measurements. Our present observations show that the circulating levels of VEGF and other suggested therapeutic growth factors are significantly increased along with increasing ischemia. These findings present a new perspective to anticipated positive effects of gene therapies utilizing VEGF, HGF, and bFGF, because the levels of these growth factors are endogenously high in end-stage PAD. Copyright © 2018 Elsevier Ltd. All rights reserved.

  15. The growth of juvenile jaguar guapote (Cichlasoma managuense fed diets with different carbohydrate levels (ESP

    Directory of Open Access Journals (Sweden)

    Juan B Ulloa R.

    2016-03-01

    Full Text Available The experiment was conducted in a 16 45 L aquaria recirculation system. The objective was to evaluate the growth of jaguar guapote (Cichlasoma managuense when fed isocaloric diets with increasing carbohydrate levels from 11 to 36 percent. Relative metabolic growth rate and feed conversion were similar with diets containing 11.5%, 18.8% and 26.5% carbohydrate (P > 0.05 . The highest protein efficiency ratio (PER and apparent net protein utilization (NPUa values were found with the 18.8% carbohydrate diet. Growth performance, feed utilization parameters and the survival were the lowest with fish fed the highest carbohydrate level (35.6%. Fish body protein increased and body fat decreased with increasing dietary carbohydrate levels. The body ash showed a trend similar to the body protein. It is concluded that juvenile C. managuense can grow well when fed 40% protein diets containing up to 26.5% carbohydrate.

  16. Estimating productivity with multi-product firms, pricing heterogeneity and the role of international trade

    DEFF Research Database (Denmark)

    Smeets, Valerie Anne Rolande; Warzynski, Frederic Michel Patrick

    In this paper, we analyze the relationship between exports, imports and firm productivity. We use a rich product-firm-level dataset providing both revenue and quantities of all products for a large panel of Danish manufacturing firms over the period 1998-2008 and link it to firms’ international...

  17. Insulin-like growth factor-1 levels in children with Beta-thalassemia minor

    Directory of Open Access Journals (Sweden)

    Mehran Karimi

    2008-09-01

    Full Text Available Objective: Growth retardation in children with b-thalassemia major is multifactorial. Some etiologies described for this condition are hemochromatosis, disturbed growth hormone (GH / insulin growth factor-1 (IGF-1 axis, undernutrition and hypermetabolism. It has also been proven that growth retardation is present in b-thalassemia major children despite regular transfusion and chelation. Our aim was to evaluate the level of IGF-1 in b-thalassemia minor subjects and compare it with that in healthy children. Material and Methods: Fifty children aged 6 months to 15 years with b-thalassemia minor (32 males, 18 females and 50 age- and sex-matched normal healthy children were selected. Medical history was taken and complete physical examination was done in each case; IGF-1 level was checked in all cases. This study was done in Shiraz, southern Iran, during 2005.Results: IGF-1 levels were significantly lower in b-thalassemia minor children than normal children (P = 0.015. This result demonstrates that some etiologies of growth failure in b-thalassemia major other than those described to date can exist, which may be shared with b-thalassemia minor in feature or may be transformed by genes that are either expressed or not.Conclusion: We conclude that in addition to that observed in b-thalassemia major, IGF-1 level is also decreased in b-thalassemia minor, and these two may have similar etiologies.

  18. Reduced heme levels underlie the exponential growth defect of the Shewanella oneidensis hfq mutant.

    Directory of Open Access Journals (Sweden)

    Christopher M Brennan

    Full Text Available The RNA chaperone Hfq fulfills important roles in small regulatory RNA (sRNA function in many bacteria. Loss of Hfq in the dissimilatory metal reducing bacterium Shewanella oneidensis strain MR-1 results in slow exponential phase growth and a reduced terminal cell density at stationary phase. We have found that the exponential phase growth defect of the hfq mutant in LB is the result of reduced heme levels. Both heme levels and exponential phase growth of the hfq mutant can be completely restored by supplementing LB medium with 5-aminolevulinic acid (5-ALA, the first committed intermediate synthesized during heme synthesis. Increasing expression of gtrA, which encodes the enzyme that catalyzes the first step in heme biosynthesis, also restores heme levels and exponential phase growth of the hfq mutant. Taken together, our data indicate that reduced heme levels are responsible for the exponential growth defect of the S. oneidensis hfq mutant in LB medium and suggest that the S. oneidensis hfq mutant is deficient in heme production at the 5-ALA synthesis step.

  19. Web traffic and firm performance

    DEFF Research Database (Denmark)

    Farooq, Omar; Aguenaou, Samir

    2013-01-01

    Does the traffic generated by websites of firms signal anything to stock market participants? Does higher web-traffic translate into availability of more information and therefore lower agency problems? And if answers to above questions are in affirmative, does higher web-traffic traffic translate...... into better firm performance? This paper aims to answer these questions by documenting a positive relationship between the extent of web-traffic and firm performance in the MENA region during the 2010. We argue that higher web-traffic lowers the agency problems in firms by disseminating more information...... to stock market participants. Consequently, lower agency problems translate into better performance. Furthermore, we also show that agency reducing role of web-traffic is more pronounced in regimes where information environment is already bad. For example, our results show stronger impact of web...

  20. How EPC firms can enter the nuclear renaissance

    OpenAIRE

    Locatelli, Giorgio; Mancini, Mauro

    2012-01-01

    the so called “nuclear renaissance” is creating a millionaire market for new nuclear reactors. Few firms have the capabilities to work in this complex and highly demanding market, whereas many other are investigating the option to enter. Quite surprising the international scientific literature provides information regarding the high-level governmental aspects of nuclear power programs in different countries while the analysis at firm level is almost inexistent. Moreover the usual business mod...

  1. Informativeness of accounting earnings in family firms

    OpenAIRE

    DOMINGO JAVIER SANTANA MARTÍN; JERÓNIMO PÉREZ ALEMÁN; CAROLINA BONA SÁNCHEZ

    2009-01-01

    This work examines the relationship between the family control and informativeness of accounting earnings in listed non-financial Spanish companies between 1997 and 2003. The results reveal a negative relationship between the family nature of the controlling shareholder and the credibility of accounting information. Moreover, as the level of voting rights in the hands of the family ultimate owner increases, the informativeness of earnings decreases. Only in family firms where the CEO is hired...

  2. Firm behavior, environmental externalities and public policy

    Science.gov (United States)

    Curtis, Earnest Markell, IV

    This dissertation consists of three essays which examine environmental policy, employer mandates and energy consumption. The essays explore how firms respond to government policies such as environmental regulation and employer mandates. Understanding how firms adjust to government policies is crucial to law makers attempting to design optimal policies that maximize net benefits to society. The first essay, titled Who Loses under Power Plant Cap-and-Trade Programs tests how a major cap-and-trade program, known as the NOx Budget Trading Program (NBP), affected labor markets in the region where it was implemented. The cap-and-trade program dramatically decreased levels of NOx emissions and added substantial costs to energy producers. Using a triple-differences approach that takes advantage of the geographic and time variation of the program as well as variation in industry energy-intensity levels, I examine how employment dynamics changed in manufacturing industries whose production process requires high levels of energy. After accounting for a variety of flexible state, county and industry trends, I find that employment in the manufacturing sector dropped by 1.7% as a result of the NBP. Young workers experienced the largest employment declines and earnings of newly hired workers fell after the regulation began. Employment declines are shown to have occurred primarily through decreased hiring rates rather than increased separation rates, thus mitigating the impact on incumbent workers. The second essay, titled Evaluating Workplace Mandates with Flows versus Stocks: An Application to California Paid Family Leave uses an underexploited data set to examine the impact of the California Paid Family Leave program on employment outcomes for young women. Most papers on mandated benefits examine labor outcomes by looking at earnings and employment levels of all workers. Examining these levels will be imprecise if the impacts of the program develop over time and firms are wary

  3. THE INFLUENCE OF FIRMS STRUCTURAL CHARACTERISTICS ON THE DEGREE OF AGGLOMERATION ECONOMIES ENJOYED AMONGST FIRMS IN THE LAGOS REGION, NIGERIA

    Directory of Open Access Journals (Sweden)

    FAGBOHUNKA Adejompo

    2015-12-01

    Full Text Available Agglomeration economies is a potent tool in socio-economic revamping, rejuvenation and sustenance of regions, this is as a result of the impulse it transmitted through the multiplier effect it is capable of generated. Therefore, this paper underscores the influence of firms structural characteristics on the degree of agglomeration economies enjoyed amongst firms, using the Lagos region as a case study. The first stage in the collection of primary data involves the reconnaissance survey, thereafter one hundred and three questionnaire were administered in twelve industrial estates; one questionnaire in each of the firm. The paper reveals the following structural characteristics as germane to industrial enterprise; age of firms, areal plant size (m², capacity utilization (in percentage, and Labour size and firms investment. The paper has also found out those agglomeration economies enjoyed ranges from transportation, labour, power supply, to joint water supply. The Roy’s Largest Root test employed to test for the significance of the canonical correlations at 0.05 significant levels shows the calculated F-value 3.5247 and the tabulated F-value 2.90. This suggests that the degree of agglomeration economies enjoyed by firms is significantly explained by the size and structural characteristics of the firms. The paper therefore recommends more and active government participation in the industrial scene, given the necessary support for the expansion of firm’s structural characteristics which will lead to increase agglomeration economies enjoyed by these firms.

  4. Organizational change in family firms

    OpenAIRE

    HENDRIKX, Karolien; VOORDECKERS, Wim; LAMBRECHTS, Frank

    2009-01-01

    Many organizational change efforts don’t live up to their expectations, with inefficiencies in the interaction process between organizational actors as one of the main potential reasons for this failure. Therefore, this paper will focus on the impact of interaction processes on change within the specific organizational context of family firms. Family firms are particularly interesting for organizational change research since they have several unique characteristics that may facilitate or hind...

  5. Investigating the Nonlinear Relationship between Working Capital and Profitability: a Case of Pakistan Textile Firms

    OpenAIRE

    Ashfaq Habib; Xiaoxia Huang

    2018-01-01

    This study analyzes the impact of working capital (WCR) on operating profit of Pakistan textile firms from 2009 to 2016. The nonlinear relationship has been found between working capital and operating profit, which indicates that an optimal level of working capital exists in the textile firms of Pakistan. The firms are seeking the optimal working capital, where WCR (4.78%) of sales in generalized method of movement is used. Further, the study reveals that in the firms which maintain the posit...

  6. Internet and e-Commerce Use by Agribusiness Firms: 2004

    OpenAIRE

    Henderson, Jason R.; Akridge, Jay T.; Dooley, Frank J.

    2006-01-01

    In 2001, the dot.com bubble burst and U.S. e-commerce growth slowed. Slower e-commerce growth may signal changes in the use and perceptions of the Internet and e-commerce in agribusiness companies. Agribusiness firm managers were surveyed in 2004 to identify agribusiness use of the Internet and e-commerce and to solicit their perceptions about the Internet and e-commerce. The survey was developed from a similar survey conducted in 1999. In 2004, agribusiness firms were using e-commerce more w...

  7. An empirical examination of the influence of industry and firm drivers on the rate of internationalization by firms

    Science.gov (United States)

    Elango, B.

    A gradual shift in U.S. firms' 'center of gravity' toward international markets is taking place. This study seeks to explain which drivers are related to this push toward international markets by U.S. firms. In addressing internationalization, previous research has not focused on various drivers that influence the rate of internationalization. Drivers refer to forces, both within and outside the firm, that impact (both positively and negatively) a firm's extent of internationalization. The role of these drivers on the rate of internationalization, though acknowledged in the literature, is yet to be validated through empirical research. This research seeks to narrow the gap in the literature by testing the various relationships among industry drivers, firm drivers, and the rate of internationalization. The objectives of this study are: (A) To develop a conceptual framework that takes into account various forces that influence the internationalization strategy of a firm; (B) To examine empirically (a) the influence of industry drivers on the rate of internationalization pursued by firms; and, (b) the influence of firm drivers on the rate of internationalization by firms. The sample for this study consists of 158 large U.S.- based multinational firms drawn from seven different industries. Data for the study is gathered from a variety of sources including the U.S. Department of Commerce, Bureau of Economic Analysis; COMPUSTAT; and WORLDSCOPE databases. Set-wise regression models were used for data analysis. This study found that global market growth rate, domestic market growth rate, relative size of domestic market to international market, employee productivity, administrative investments, as well as new plant and equipment influences the international strategy of firms. This study explains about 24 percent of the variance of the rate of internationalization. This research finding is contributory to our existing understanding of internationalization in many ways

  8. Do Amplitudes of Water Level Fluctuations Affect the Growth and Community Structure of Submerged Macrophytes?

    Science.gov (United States)

    Wang, Mo-Zhu; Liu, Zheng-Yuan; Luo, Fang-Li; Lei, Guang-Chun; Li, Hong-Li

    2016-01-01

    Submerged macrophytes are subjected to potential mechanical stresses associated with fluctuating water levels in natural conditions. However, few experimental studies have been conducted to further understand the effects of water level fluctuating amplitude on submerged macrophyte species and their assemblages or communities. We designed a controlled experiment to investigate the responses of three submerged macrophyte species (Hydrilla verticillata, Ceratophyllum demersum and Elodea nuttallii) and their combinations in communities to three amplitudes (static, ± 30 cm, ± 60 cm) of water level fluctuations. Results showed that water level fluctuating amplitude had little effects on the community performance and the three tested species responded differently. H. verticillata exhibited more growth in static water and it was negatively affected by either of the water level fluctuations amplitude, however, growth parameters of H. verticillata in two fluctuating water level treatments (i.e., ± 30 cm, ± 60 cm) were not significantly different. On the other hand, the growth of C. demersum was not significantly correlated with different amplitude treatments. However, it became more abundant when water levels fluctuated. E. nuttallii was inhibited by the two fluctuating water level treatments, and was less in growth parameters compared to the other species especially in water level fluctuating conditions. The inherent differences in the adaptive capabilities of the tested species indicate that C. demersum or other species with similar responses may be dominant species to restore submerged macrophyte communities with great fluctuating water levels. Otherwise, H. verticillata, E. nuttallii or other species with similar responses could be considered for constructing the community in static water conditions.

  9. Do Amplitudes of Water Level Fluctuations Affect the Growth and Community Structure of Submerged Macrophytes?

    Directory of Open Access Journals (Sweden)

    Mo-Zhu Wang

    Full Text Available Submerged macrophytes are subjected to potential mechanical stresses associated with fluctuating water levels in natural conditions. However, few experimental studies have been conducted to further understand the effects of water level fluctuating amplitude on submerged macrophyte species and their assemblages or communities. We designed a controlled experiment to investigate the responses of three submerged macrophyte species (Hydrilla verticillata, Ceratophyllum demersum and Elodea nuttallii and their combinations in communities to three amplitudes (static, ± 30 cm, ± 60 cm of water level fluctuations. Results showed that water level fluctuating amplitude had little effects on the community performance and the three tested species responded differently. H. verticillata exhibited more growth in static water and it was negatively affected by either of the water level fluctuations amplitude, however, growth parameters of H. verticillata in two fluctuating water level treatments (i.e., ± 30 cm, ± 60 cm were not significantly different. On the other hand, the growth of C. demersum was not significantly correlated with different amplitude treatments. However, it became more abundant when water levels fluctuated. E. nuttallii was inhibited by the two fluctuating water level treatments, and was less in growth parameters compared to the other species especially in water level fluctuating conditions. The inherent differences in the adaptive capabilities of the tested species indicate that C. demersum or other species with similar responses may be dominant species to restore submerged macrophyte communities with great fluctuating water levels. Otherwise, H. verticillata, E. nuttallii or other species with similar responses could be considered for constructing the community in static water conditions.

  10. Do Amplitudes of Water Level Fluctuations Affect the Growth and Community Structure of Submerged Macrophytes?

    Science.gov (United States)

    Wang, Mo-Zhu; Liu, Zheng-Yuan; Luo, Fang-Li; Lei, Guang-Chun; Li, Hong-Li

    2016-01-01

    Submerged macrophytes are subjected to potential mechanical stresses associated with fluctuating water levels in natural conditions. However, few experimental studies have been conducted to further understand the effects of water level fluctuating amplitude on submerged macrophyte species and their assemblages or communities. We designed a controlled experiment to investigate the responses of three submerged macrophyte species (Hydrilla verticillata, Ceratophyllum demersum and Elodea nuttallii) and their combinations in communities to three amplitudes (static, ± 30 cm, ± 60 cm) of water level fluctuations. Results showed that water level fluctuating amplitude had little effects on the community performance and the three tested species responded differently. H. verticillata exhibited more growth in static water and it was negatively affected by either of the water level fluctuations amplitude, however, growth parameters of H. verticillata in two fluctuating water level treatments (i.e., ± 30 cm, ± 60 cm) were not significantly different. On the other hand, the growth of C. demersum was not significantly correlated with different amplitude treatments. However, it became more abundant when water levels fluctuated. E. nuttallii was inhibited by the two fluctuating water level treatments, and was less in growth parameters compared to the other species especially in water level fluctuating conditions. The inherent differences in the adaptive capabilities of the tested species indicate that C. demersum or other species with similar responses may be dominant species to restore submerged macrophyte communities with great fluctuating water levels. Otherwise, H. verticillata, E. nuttallii or other species with similar responses could be considered for constructing the community in static water conditions. PMID:26735689

  11. Growth rate of a terra firme rain forest in Brazilian Amazonia over an eight-year period in response to logging Crescimento de uma floresta de terra firme na Amazônia brasileira em um período de oito anos após a exploração florestal

    Directory of Open Access Journals (Sweden)

    João Olegário Pereira de Carvalho

    2004-01-01

    Full Text Available This paper deals with growth rates of trees > 5cm dbh over an eight-year period from 257 species at the Tapajós National Forest. The discussion is centred on the behaviour of the forest after logging. Permanent sample plots were established in 1981 and measured at the first time. The area was logged in 1982. Measurements after logging occurred in 1983, 1987 and 1989. Considering all species together, diameter increment was similar for both intensities of logging until five years after logging. Light-demanding species showed significantly higher growth rates than shade-tolerant species in the logged forest, with greater increment in the heavier treatment intensity. Commercial species also had higher growth rates in the heavier logged area, although those were significantly different only in the period from one to five years after logging. In the undisturbed forest, growth rates increased with increasing dbh size. At species level, growth rate varied between and within treatments, as well as between trees within species, depending mainly on degree of canopy opening. The logging favoured the growth of commercial species, chiefly the light-demanders. Therefore, if the same growth conditions continue being given, for example by silvicultural treatments, to those species of commercial interest, the forest would reach a stock available for harvesting around year 30 after logging. However, the high variation in increment rates indicates that an eight-year period is not sufficient to allow predictions on cutting cycles or polycyclic management systems for the study forest.É analisado o crescimento de 257 espécies arbóreas, considerando indivíduos com DAP > 5cm, na Floresta Nacional do Tapajós, em um período de oito anos. Em 1981 foram estabelecidas parcelas permanentes, e medidas pela primeira vez. Em 1982 a área foi explorada. Medições após a exploração foram realizadas em 1983, 1987 e 1989. Considerando todas as espécies juntas, o

  12. A Forest Tent Caterpillar Outbreak Increased Resource Levels and Seedling Growth in a Northern Hardwood Forest.

    Directory of Open Access Journals (Sweden)

    Danaë M A Rozendaal

    Full Text Available In closed-canopy forests, gap formation and closure are thought to be major drivers of forest dynamics. Crown defoliation by insects, however, may also influence understory resource levels and thus forest dynamics. We evaluate the effect of a forest tent caterpillar outbreak on understory light availability, soil nutrient levels and tree seedling height growth in six sites with contrasting levels of canopy defoliation in a hardwood forest in northern lower Michigan. We compared resource levels and seedling growth of six hardwood species before, during and in the three years after the outbreak (2008-2012. Canopy openness increased strongly during the forest tent caterpillar outbreak in the four moderately and severely defoliated sites, but not in lightly defoliated sites. Total inorganic soil nitrogen concentrations increased in response to the outbreak in moderately and severely defoliated sites. The increase in total inorganic soil nitrogen was driven by a strong increase in soil nitrate, and tended to become stronger with increasing site defoliation. Seedling height growth increased for all species in the moderately and severely defoliated sites, but not in lightly defoliated sites, either during the outbreak year or in the year after the outbreak. Growth increases did not become stronger with increasing site defoliation, but were strongest in a moderately defoliated site with high soil nutrient levels. Growth increases tended to be strongest for the shade intolerant species Fraxinus americana and Prunus serotina, and the shade tolerant species Ostrya virginiana. The strong growth response of F. americana and P. serotina suggests that recurring forest tent caterpillar outbreaks may facilitate the persistence of shade intolerant species in the understory in the absence of canopy gaps. Overall, our results suggest that recurrent canopy defoliation resulting from cyclical forest insect outbreaks may be an additional driver of dynamics in

  13. A Forest Tent Caterpillar Outbreak Increased Resource Levels and Seedling Growth in a Northern Hardwood Forest.

    Science.gov (United States)

    Rozendaal, Danaë M A; Kobe, Richard K

    2016-01-01

    In closed-canopy forests, gap formation and closure are thought to be major drivers of forest dynamics. Crown defoliation by insects, however, may also influence understory resource levels and thus forest dynamics. We evaluate the effect of a forest tent caterpillar outbreak on understory light availability, soil nutrient levels and tree seedling height growth in six sites with contrasting levels of canopy defoliation in a hardwood forest in northern lower Michigan. We compared resource levels and seedling growth of six hardwood species before, during and in the three years after the outbreak (2008-2012). Canopy openness increased strongly during the forest tent caterpillar outbreak in the four moderately and severely defoliated sites, but not in lightly defoliated sites. Total inorganic soil nitrogen concentrations increased in response to the outbreak in moderately and severely defoliated sites. The increase in total inorganic soil nitrogen was driven by a strong increase in soil nitrate, and tended to become stronger with increasing site defoliation. Seedling height growth increased for all species in the moderately and severely defoliated sites, but not in lightly defoliated sites, either during the outbreak year or in the year after the outbreak. Growth increases did not become stronger with increasing site defoliation, but were strongest in a moderately defoliated site with high soil nutrient levels. Growth increases tended to be strongest for the shade intolerant species Fraxinus americana and Prunus serotina, and the shade tolerant species Ostrya virginiana. The strong growth response of F. americana and P. serotina suggests that recurring forest tent caterpillar outbreaks may facilitate the persistence of shade intolerant species in the understory in the absence of canopy gaps. Overall, our results suggest that recurrent canopy defoliation resulting from cyclical forest insect outbreaks may be an additional driver of dynamics in temperate closed

  14. Growth-Rate Dependent Regulation of tRNA Level and Charging in Bacillus licheniformis.

    Science.gov (United States)

    Ferro, Iolanda; Liebeton, Klaus; Ignatova, Zoya

    2017-10-13

    Cellular growth crucially depends on protein synthesis and the abundance of translational components. Among them, aminoacyl-tRNAs play a central role in biosynthesis and shape the kinetics of mRNA translation, thus influencing protein production. Here, we used microarray-based approaches to determine the charging levels and tRNA abundance of Bacillus licheniformis. We observed an interesting cross-talk among tRNA expression, charging pattern, and growth rate. For a large subset of tRNAs, we found a co-regulated and augmented expression at high growth rate. Their tRNA aminoacylation level is kept relatively constant through riboswitch-regulated expression of the cognate aminoacyl-tRNA-synthetase (AARS). We show that AARSs with putative riboswitch-controlled expression are those charging tRNAs with amino acids which disfavor cell growth when individually added to the nutrient medium. Our results suggest that the riboswitch-regulated AARS expression in B. licheniformis is a powerful mechanism not only to maintain a constant ratio of aminoacyl-tRNA independent of the growth rate but concomitantly to control the intracellular level of free amino acids. Copyright © 2017 Elsevier Ltd. All rights reserved.

  15. Firm Exit, Technological Progress and Trade

    DEFF Research Database (Denmark)

    Schröder, Philipp; Sørensen, Allan

    The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher productiv......The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher...... productivity firms survive longer, most firm closures are young firms, higher productivity exporters are more likely to continue to export compared to less productive exporters and market exits as well as firm closures are typically preceded by periods of contracting market shares. The present paper shows...... liberalization on export market exit and firm closure....

  16. Free Trade Agreements and Firm-Product Markups in Chilean Manufacturing

    DEFF Research Database (Denmark)

    Lamorgese, A.R.; Linarello, A.; Warzynski, Frederic Michel Patrick

    In this paper, we use detailed information about firms' product portfolio to study how trade liberalization affects prices, markups and productivity. We document these effects using firm product level data in Chilean manufacturing following two major trade agreements with the EU and the US....... The dataset provides information about the value and quantity of each good produced by the firm, as well as the amount of exports. One additional and unique characteristic of our dataset is that it provides a firm-product level measure of the unit average cost. We use this information to compute a firm...

  17. Serum placental growth factor, vascular endothelial growth factor, soluble vascular endothelial growth factor receptor-1 and -2 levels in periodontal disease, and adverse pregnancy outcomes.

    Science.gov (United States)

    Sert, Tuba; Kırzıoğlu, F Yeşim; Fentoğlu, Ozlem; Aylak, Firdevs; Mungan, Tamer

    2011-12-01

    The aim of this study is the evaluation of levels of serum interleukin (IL)-1β, IL-6, IL-10, tumor necrosis factor (TNF)-α, vascular endothelial growth factor (VEGF), placental growth factor (PIGF), and soluble VEGF receptor (sVEGFR)-1 and -2 in the association between periodontal disease and adverse pregnancy outcomes. One hundred and nine mothers, who recently gave birth, and 51 women who were not recently pregnant, aged 18 to 35 years, were included in this study. The mothers were classified as term birth, preterm birth (PTB), and preterm low birth weight (PLBW) in respect to their gestational age and baby's birth weight. The birth mothers were grouped as having gingivitis or periodontitis. The non-pregnant group also included periodontally healthy patients. Venous blood samples were collected to evaluate serum IL-1β, IL-6, IL-10, TNF-α, VEGF, PIGF, and sVEGFR-1 and -2 levels. Mother's weight, education, and income level were significantly associated with pregnancy outcomes. Serum levels of IL-1β, TNF-α, IL-6, VEGF, and sVEGFR-1 and -2 showed an increase in significance when related to pregnancy. Whereas in the PLBW group IL-1β, VEGF, and sVEGFR-2 levels were increased, in the PTB group sVEGFR-1 levels were increased. Additionally, the patients in the PLBW group with periodontitis had higher serum levels of IL-1β, VEGF, sVEGFR-2, and IL-1β/IL-10. The serum levels of IL-1β, VEGF, and sVEGFR-1 and -2 may have a potential effect on the mechanism of the association between periodontal disease and adverse pregnancy outcomes.

  18. A FINANCIAL PERFORMANCE COMPARISON OF GROUP AND NON-GROUP FIRMS IN TEXTILE SECTOR OF PAKISTAN

    Directory of Open Access Journals (Sweden)

    Ishtiaq AHMAD

    2016-12-01

    Full Text Available Pakistan is a developing economy and business groups are key players of the Pakistan’s economy. Previous research evidence shows that in the emerging economies group affiliation creates value for the firms. This study is intended to empirically investigate to know that whether group affiliated (GA firms perform financially better than non-group affiliated firms or not? GA firms in emerging economies can have better financial performance by sharing tangible and intangible resources at group level. The financial ratio is used to compare performance of affiliated and non-group affiliated firms by using the data of 70 textile firms listed at Karachi Stock Exchange(now Pakistan Stock Exchange covering a period from 2008 to 2012. Based on mean values of return on assets (ROA, results of the study show that GA firms have higher financial performance than non-group affiliated firms in each year and over all five years.

  19. The environmental actions of firms: examining the role of spillovers, networks and absorptive capacity.

    Science.gov (United States)

    Albornoz, Facundo; Cole, Matthew A; Elliott, Robert J R; Ercolani, Marco G

    2014-12-15

    In the light of climate uncertainty and growing concern for the natural environment, an increasingly important aspect of global business is the environmental behaviour of firms. In this paper we consider the factors that influence firms' environmental actions (EAs). Our study of Argentinean firms concentrates on measures of environmental spillovers, informal and formal networks and absorptive capacity by testing four related hypotheses. We find that foreign-owned firms, large firms and those with a greater capacity to assimilate new environmental technologies are more likely to adopt EAs. We also show that formal and informal networks aid the adoption of EAs in the presence of traditional firm-level spillovers. Finally, we show that foreign-owned firms have different motives to domestic firms for undertaking EAs. Copyright © 2014 Elsevier Ltd. All rights reserved.

  20. Effects of energy and protein levels on growth and nutrient utilization ...

    African Journals Online (AJOL)

    Effects of energy and protein levels on growth and nutrient utilization of weaned rabbits. ML Egbo, TA Adegbola, EO Oyawoye, MM Abubakar. Abstract. No Abstract. Animal Production Research Advances Vol. 3 (4) 2007: pp. 306-310. http://dx.doi.org/10.4314/apra.v3i4.36411 · AJOL African Journals Online. HOW TO USE ...