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Sample records for firm level growth

  1. Foreign Entry and Heterogeneous Growth of Firms

    DEFF Research Database (Denmark)

    Deng, Paul Duo; Jefferson, Gary H.

    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...... manufacturing. Our empirical results confirm that foreign entry indeed generates strong heterogeneous growth patterns among domestic firms....

  2. Thermodynamics of firms' growth

    CERN Document Server

    Zambrano, Eduardo; Fernandez-Bariviera, Aurelio; 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 data-base 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 the economic system for creating/destroying firms, and can be used to measure the health of a capitalist-based economy. Indeed, our model predicts that when the exponent is larger that 1, creation of firms is favored; when it is smaller that 1, destruction of firms is favored instead; and when it equals 1 (matching Zipf's law), the system is in a full mac...

  3. 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

  4. 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

  5. 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...

  6. 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) abil...

  7. 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 technological...

  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...

  9. 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

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

    DEFF Research Database (Denmark)

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

    of mobility interact is important for understanding earnings growth. Cross-firm moves at the non-executive level provide sizeable short-run earnings growth (similar to the effect of being promoted to an executive position). These gains, however, appear modest compared with the persistent impact on earnings......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 types...

  11. 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...

  12. 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.

  13. 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.

  14. Simulation About the Growth of Chinese Firm's Safety Management Capability

    Institute of Scientific and Technical Information of China (English)

    LIU Tie-zhong; LI Zhi-xiang

    2008-01-01

    Aiming at the deficiency of exterminating measures of Chinese firm safety management,a simulation model of Chinese firm's safety management capability based on the organizational learning theory,in which the simulation method of system dynamics is utilized.The level variable and rate vailable are designed based on the practical situation and change situation of corresponding variables of firm's safety management capability.Simulation firms are built with accident ease groups of the oil industry,chemieal industry,machine industry,coal mining industry,and weapon industry.Through analyzing the simulation result,the growth law of Chinese firm's safety management capability is obtained as follows:the accumulating and the coupling of safety knowledge should be emphasized at the same time;the balance of learning behavior of individual,group and organization should be considered together;different types of Chinese firm should take different safety policies according to their practical situations.

  15. Categorizing the Growth Strategies of Small Firms

    OpenAIRE

    Mika Westerlund; Seppo Leminen

    2012-01-01

    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 or...

  16. 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 m

  17. Framing the empirical findings on firm growth

    NARCIS (Netherlands)

    Capasso, M.; Cefis, E.; Sapio, S.

    2010-01-01

    This paper proposes a general framework to account for the divergent results in the empirical literature on the relation between firm sizes and growth rates, and on many results on growth autocorrelation. In particular, we provide an explanation for why traces of the LPE sometimes occur in condition

  18. 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......While it is well established that both promotions within firms and mobility across firms lead to significant earnings progression, little is known about the interaction between these types of mobility. Exploiting a large Danish panel data set and controlling for unobserved individual heterogeneity...

  19. 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.

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

    Directory of Open Access Journals (Sweden)

    Mercedes Teruel Carrizosa

    2009-01-01

    Full Text Available This article analyses the effect of immigration flows on the growth and efficiency of manufacturing firms in Spanish cities. While most studies were focusing 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 only be considered in terms of the labour market, but also in terms of how city's amenities can affect the performance of firms. Implementing a panel data methodology, we show that the immigrants' increasing pressure has a positive effect on labour productivity and wages and a negative effect on the job evolution of these manufacturing firms. In addition, both small and new firms are more sensitive to the pressures of immigrant inflow, while foreign market oriented firms report higher productivity 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 to confirm the effect of local immigration flows on the performance of manufacturing firms.

  1. 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...

  2. Markups and Firm-Level Export Status

    DEFF Research Database (Denmark)

    De Loecker, Jan; Warzynski, Frederic

    in empirical industrial organization often rely on the availability of very detailed market-level data with information on prices, quantities sold, characteristics of products and more recently supplemented with consumer-level attributes. Often, both researchers and government agencies cannot rely...... on such detailed data, but still need an assessment of whether changes in the operating environment of firms had an impact on markups and therefore on consumer surplus. In this paper, we derive an estimating equation to estimate markups using standard production plant-level data based on the insight of Hall (1986...... 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...

  3. 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...... on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business...

  4. 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.

  5. Statistical physics approaches to understanding the firm growth problem

    Science.gov (United States)

    Fu, Dongfeng

    This thesis applies statistical physics approaches to investigate quantitatively the size and growth of the complex system of business firms. We study the logarithm of the one-year growth rate of firms g ≡ log(S(t + 1)/S( t)) where S(t) and S( t + 1) are the sizes of firms in the year t and t + 1 measured in monetary values. Part I in this thesis reviews some main empirical results of firm size and firm growth based on different databases. They are (i) the size distribution of firms P(S) are found to be skewed (either log-normal or power-law depending on the different databases), (ii) the growth-rate distributions of firms P(g) are of Laplace form with power-law tails, (iii) the standard deviation of firm growth rates is related by a negative power-law to the firm size. The distribution of firm growth rates conditioned on firm size collapses onto a single curve, which implies that a universal functional form may exist to describe the distribution of firm growth rate. Part II models the Entry & Exit effect and firm proportional growth using a generalized preferential attachment model. The model assumes that a new firm enters the system with a constant rate; a new unit enters/exits one of existing firms preferentially, that it, the larger firms have bigger probability to obtain the new unit, and the larger firms have bigger probability to lose a unit. The model successfully explains the observations: (i) the distribution of unit number P( K) in a firm is power law with exponential tails, (ii) P (g) is of Laplace form with power-law tails with exponent 3. Part III studies the Merging & Splitting effect in the framework of Coase theory using a dynamic percolation model in a 2-dimensional lattice where each row represents a product and each column can represent a consumer; a cell is a potential transaction. The size of the firm would be represented by the number of the cells it covers in the lattice. The model explains the facts that P(S) is power-law, P(g) is tent

  6. 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.

  7. 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.

  8. Markups and Firm-Level Export Status

    DEFF Research Database (Denmark)

    De Loecker, Jan; Warzynski, Frederic

    Estimating markups has a long tradition in industrial organization and international trade. Economists and policy makers are interested in measuring the effect of various competition and trade policies on market power, typically measured by markups. The empirical methods that were developed in em...... in opening up the productivity-export black box, and provide a potential explanation for the big measured productivity premia for firms entering export markets.......Estimating markups has a long tradition in industrial organization and international trade. Economists and policy makers are interested in measuring the effect of various competition and trade policies on market power, typically measured by markups. The empirical methods that were developed...... in empirical industrial organization often rely on the availability of very detailed market-level data with information on prices, quantities sold, characteristics of products and more recently supplemented with consumer-level attributes. Often, both researchers and government agencies cannot rely...

  9. 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 en

  10. 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

  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 en

  12. 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...

  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. 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....

  15. Firms Growth Dynamics, Competition and Power Law Scaling

    OpenAIRE

    Hari M. Gupta; Campanha, Jose R.

    2002-01-01

    We study the growth dynamics of the size of manufacturing firms considering competition and normal distribution of competency. We start with the fact that all components of the system struggle with each other for growth as happened in real competitive bussiness world. The detailed quantitative agreement of the theory with empirical results of firms growth based on a large economic database spanning over 20 years is good .Further we find that this basic law of competition leads approximately a...

  16. 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...

  17. Do firms share the same functional form of their growth rate distribution? A new statistical test

    CERN Document Server

    Lunardi, Josè T; Lillo, Fabrizio; Mantegna, Rosario N; Gallegati, Mauro

    2011-01-01

    We introduce a new statistical test of the hypothesis that a balanced panel of firms have the same growth rate distribution or, more generally, that they share the same functional form of growth rate distribution. We applied the test to European Union and US publicly quoted manufacturing firms data, considering functional forms belonging to the Subbotin family of distributions. While our hypotheses are rejected for the vast majority of sets at the sector level, we cannot rejected them at the subsector level, indicating that homogenous panels of firms could be described by a common functional form of growth rate distribution.

  18. 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 not horizontal mobility across firms is what ultimately matters for gross earnings growth. However, because of progressive taxation, we do not see any effects of vertical mobility on net earnings growth. Instead, the fruits of promotions are enjoyed in the form of tax shields such as future consumption via tax...

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

    OpenAIRE

    Junge, Martin; Severgnini, Battista; Sørensen, Anders

    2012-01-01

    The role of product and marketing innovation for productivity growth is addressed using survey and register data for the Danish economy. It is 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 prec...

  20. Identifying High Growth Firms in India

    DEFF Research Database (Denmark)

    Aggarwal, Aradhna; Sato, Takahiro

    growth and industry evolution, formulates testable hypotheses, and uses a novel methodology to identify it. The empirical analysis is based on the plant level panel data of 22 manufacturing industries in Indian manufacturing during the period 2000-01 to 2005-06. Our empirical results reveal that much...... in addressing this issue given the constantly changing population of HGFs. This study uses an alternative conceptual framework and proposes a concept of ‘High Impact Group of Firms’ (HIGF). It explains the HIGFs in the framework of a new stream of literature that focuses on business dynamics, productivity...... depends on the industry/sector specific characteristics....

  1. Training, quality of management and firm level bargaining

    OpenAIRE

    Damiani, Mirella; Ricci, Andrea

    2016-01-01

    Abstract The double aim of this paper is to investigate the link between firm training behaviour and the adoption of performance-related pay (PRP) and to verify how the quality of management contributes to explaining the strength of this link. Using Ordinary Least Squares Estimates and Fixed Effect Estimates for a sample of Italian firms, we find that training is a significant determinant of firm level bargaining on PRP. Furthermore, we find that managerial quality plays a significant posi...

  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. REVENUE IMPACTS OF MPP BRANDED FUNDS: A FIRM LEVEL ANALYSIS

    OpenAIRE

    Jakus, Paul M.; Jensen, Kimberly L.; Davis, George C.

    2000-01-01

    The USDA recently redirected the Market Access Program (MAP) to allocate all branded products export promotion funds to small firms and cooperatives. The redirection was, in part, a response to reports by the General Accounting Office that were critical of past allocations of export promotion funds to large, experienced exporters. This study uses a firm level analysis to examine firms' effectiveness in using Market Promotion Program (MPP, which is now the MAP) funds to increase revenues. Wher...

  4. 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....

  5. Measuring the Contribution of Intangibles to Productivity Growth: A Disaggregate Analysis of Japanese Firms

    OpenAIRE

    Pablo Gonzalo Ramirez; Toyohiko Hachiya

    2008-01-01

    In this study we examined Japanese firm-level data to test whether increments in intangible assets will leads to differences in productivity growth. Our results show that the marginal contribution of inputs varies a greatly among sectors, industries and depending on firm's size. Therefore, marginal increments in intangibles investments are not always associated with productivity growth suggesting that when intangibles exceed a threshold, additional investments could be inefficient. We conclud...

  6. 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...... and marketing innovation has an independent role in productivity growth that cannot be attributed to organisational changes, even though the majority of innovative firms engage in this latter innovation type....

  7. 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...

  8. Listed Firm's Level of Stakeholder Transparency

    DEFF Research Database (Denmark)

    Rose, Caspar

    2015-01-01

    which account for the vast majority of the variation. The analysis reveals that the official classification of the three different sections in the Danish corporate governance must be abandoned. It is interesting to note that even though the "comply or explain" principle assumes that a meaningful...... explanation is equally good as compliance - the analysis documents that the vast majority of the firms complies with the recommendations. The article introduces a new methodology to measure the degree of compliance within these specific areas. This categorization serves as input for a multivariate analysis...

  9. 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.......This article uses panel data from a survey of small- and medium-sized enterprises in Vietnam to uncover which firms pay bribes and which do not. We also study how bribe paying evolved between 2005 and 2007 and test how the determinants of bribes changed between the two years. Three sets of insights...

  10. Low-intensity Conflict and Firm Level Investment in Ethiopia

    OpenAIRE

    Dominik Noe; Admasu Shiferaw

    2013-01-01

    This paper investigates the effect of low-intensity armed conflict on firm-level investment in a Sub-Saharan African country. We match firm level panel data from Ethiopian manufacturing with battle events at the town level. Using a more precise spatial identification of conflict exposure, we find that conflict reduces the investment rate significantly even when events are not extremely violent. The adverse investment effect increases with the geographic proximity of conflict and tends to decl...

  11. 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.

  12. ADDITIONAL EVIDENCE ON BOARD OWNERSHIP, FIRM PERFORMANCE AND LEVEL OF DIVERSIFICATION: THE CASE OF MALAYSIAN FIRMS

    Directory of Open Access Journals (Sweden)

    Norazlan Alias

    2004-01-01

    Full Text Available This study attempts to examine the relationship between level of diversification and board ownership using bivariate correlation analysis. It further analyses using partial correlation analysis if any of the selected variables act as a common cause variable that correlates level of diversification and firm performance and develop a final estimated regression model using the selected variables extracted from 121 listed companies on the Kuala Lumpur Stock Exchanges (KLSE. Only concentration of ownership and degree of shareholders' control shows significant positive correlation. In the multiple regression analysis, dividend policy remains to be the predictor variable for Tobins' Q as a measure of firm performance but with a small R square.

  13. 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...

  14. 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

  15. 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 sustain

  16. Job Satisfaction and Employee Turnover: A Firm-Level Perspective

    OpenAIRE

    Frederiksen, Anders

    2015-01-01

    In this paper, I study an employment situation where the employer and the employees cooperate about the implementation of a job satisfaction survey. Cooperation is valuable because it improves the firm's ability to predict employee quits, but it is only an equilibrium outcome because the employer-employee relation is repeated and long-term. Using a unique combination of firm-level data and information from job satisfaction surveys, the empirical analysis reveals that the cooperation reduces t...

  17. Intellectual Property at the Firm-Level in the UK: The Oxford Firm-Level Intellectual Property Database

    OpenAIRE

    Christian Helmers; Mark Rogers

    2011-01-01

    This paper provides an overview of a new database that contains intellectual property data - in the form of patents and trademarks - for the population of firms registered in the UK. The paper discusses the principal challenges involved in the construction of this integrated database and provides an explanation of the approach taken to address these issues. We employ the integrated dataset to provide descriptive evidence on the firm-level use of intellectual property - including patents and t...

  18. The effects of macroeconomic instability and inflation on sustainable real growth in South African firms

    Directory of Open Access Journals (Sweden)

    M Beaumont-Smith

    2015-12-01

    Full Text Available This empirical study is an investigation of the impact that inflation and other  factors have had on the growth of business firms in South Africa. Using the  model of sustainable growth, an empirical multivariate model is developed to  test a variety of assumed relationships and to isolate the impact of inflation. A  data set of South African firms’ financial statements during the period 1983-  1996 was assembled to permit a detailed examination of these firms’ financial  performance during South Africa’s period of isolation. Utilising both direct and  indirect measures of inflation, we determine that inflation affects growth in a  negative manner. By combing firm-level and macro data issues relating to the  endogeneity of inflation, we argue that macroeconomic instability is the true  factor adversely affecting firm growth during this period of time.

  19. The Causal Effects of Exporting on Japanese Workers: A firm-level analysis

    OpenAIRE

    Tanaka, Ayumu

    2012-01-01

    Japan experienced rapid growth in non-regular workers under globalization in the 2000s. This study seeks to identify the causal effects of exporting on the growth in labor and the share of non-regular workers in the Japanese manufacturing and wholesale sectors using extensive firm-level data. I employed a propensity score matching technique and investigated whether firms that start exporting experience higher growth in labor and the share of non-regular workers than do non-exporters. I found ...

  20. 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.

  1. Tariffs and Firm-Level Heterogeneous Fixed Export Costs

    DEFF Research Database (Denmark)

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

    2005-01-01

    Recent literature on the workhorse model of intra-industry trade has explored heterogeneous cost structures at the firm level. These approaches have proven to add realism and predictive power. This note shows, however, that this added realism also implies that there may exist a positive bilateral...... 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....

  2. Tariffs and Firm-Level Heterogeneous Fixed Export Costs

    DEFF Research Database (Denmark)

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

    2005-01-01

    Recent literature on the workhorse model of intra-industry trade has explored heterogeneous cost structures at the firm level. These approaches have proven to add realism and predictive power. This note shows, however, that this added realism also implies that there may exist a positive bilateral...

  3. 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 proces

  4. Corruption and firm performance: Evidence from Greek firms

    OpenAIRE

    2012-01-01

    This article investigates the relationship between corruption and firm performance in Greece using firm level data. Corruption is overall negatively associated with firm size and growth at the firm level. We focus on the effect of ‘administrative corruption’, whereby firms engage in corrupt practices and bribery of government officials. We contrast the firm experience of corruption and the contextual experience of corruption at the sectoral level and find that the latter, contextual corruptio...

  5. 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.

  6. 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.

  7. New-to-Market Product Innovation and Firm Performance: Evidence from a firm-level innovation survey in Japan

    OpenAIRE

    ISOGAWA Daiya; Nishikawa, Kohei; Ohashi, Hiroshi

    2012-01-01

    This paper evaluates the economic impact of new-to-market product innovation using firm-level data obtained from the Japanese National Innovation Survey. It accounts for possible technological spillovers in innovation activities and examines the extent to which new-to-market product innovation contributes to firm performance. The paper offers several new insights on product innovation.

  8. Accounting Conservatism:A Study of Market-Level and Firm-Level Explanatory Factors

    Institute of Scientific and Technical Information of China (English)

    Jingjing Xu; Changjiang Lu

    2008-01-01

    This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm’s own demand rather than through listing in a developed capital market.

  9. Labour productivity and export performance: Firm-level evidence from Indian manufacturing industries since 1991

    OpenAIRE

    2013-01-01

    This paper examines the productivity of firms and their ability to enter the export market, i.e., the self-selection hypothesis and the determinants of labour productivity at the firm level for India's major exporting manufacturing industries during 1991-2009. The paper also examines whether export intensity at the firm level differs between domestic-controlled and foreign-controlled firms, and between private and public firms. Applying a 2SLS model, the authors find evidence in favour of the...

  10. 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.

  11. The Causal Effects of Exporting on Domestic Workers:A Firm-Level Analysis using Japanese Data

    OpenAIRE

    Ayumu Tanaka

    2012-01-01

    Japan has experienced rapid growth of non-regular workers under the globalization in 2000s. This study seeks to identify the causal effects of exporting on growth of labor and growth of the share of non-regular workers in Japanese manufacturing and wholesale sectors, using an extensive firm-level data. I employ propensity score matching technique and investigate whether firms that start exporting experience higher growth of labor and higher growth of the share of non-regular workers than non-...

  12. High-growth versus declining firms : The differential impact of human capital and R&D

    NARCIS (Netherlands)

    Goedhuys - Degelin, Micheline; Sleuwaegen, L.

    2016-01-01

    We provide evidence that both human capital and R&D increase the likelihood that a firm will be a high-growth firm in the industry. However, different from human capital, being an R&D active firm also increases the probability of substantial decline or failure, underscoring the risky nature of innov

  13. Tariffs and Firm-Level Heterogeneous Fixed Export Costs

    DEFF Research Database (Denmark)

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

    2006-01-01

    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......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...

  14. 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.

  15. 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...

  16. Co-alignment between Environment Risk, Capital Structure, Growth and High-tech Firm Performance

    Institute of Scientific and Technical Information of China (English)

    LI Yan-xi; BAO Shi-ze

    2007-01-01

    To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.

  17. Volatility and diversification of exports : Firm-level theory and evidence

    NARCIS (Netherlands)

    Vannoorenberghe, Gonzague; Wang, Zheng; Yu, Zhihong

    2016-01-01

    We show using detailed firm-level Chinese data that, among small exporters, firms selling, to a more diversified set of countries have more volatile exports, while the opposite holds among large exporters. This a priori surprising result for small firms is robust to a wide array of specifications an

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

    NARCIS (Netherlands)

    van den Berg, M.R.

    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

  19. Volatility and diversification of exports : Firm-level theory and evidence

    NARCIS (Netherlands)

    Vannoorenberghe, Gonzague; Wang, Zheng; Yu, Zhihong

    2016-01-01

    We show using detailed firm-level Chinese data that, among small exporters, firms selling, to a more diversified set of countries have more volatile exports, while the opposite holds among large exporters. This a priori surprising result for small firms is robust to a wide array of specifications

  20. Enterprise-level bargaining and labour productivity of Italian family firms: a quantile regression analysis

    OpenAIRE

    Damiani, Mirella; Pompei, Fabrizio; Ricci, Andrea

    2014-01-01

    We investigate the role of Italian firms to evaluate their role on labour productivity performance. We find that family owned firms are less efficient than their no-family counterparts and also that family management negatively affects labour productivity. Furthermore, we estimate the role of firm level bargaining to verify whether family controlled firms, adopting these types of agreements, may partially close their efficiency gap with respect to their competitors. We find that enterprises u...

  1. 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....... Innovating firms are more likely to have adopted high performance HRM practices, and the impact of employee turnover varies with the number of HRM practices implemented by the firm......' innovation activities. Innovation is measured both by the number of ongoing projects and new commercialized products. The results show that higher R&D employee turnover is associated with a higher probability of being innovative, but decreases the intensity of innovation activities in innovating firms...

  2. Generación de empleo, tamaño de empresa e innovación en Costa Rica; evidencia microeconómica Innovation and Employment Growth in Costa Rica; A firm-level analysis

    Directory of Open Access Journals (Sweden)

    Ricardo Monge-González

    2013-06-01

    innovations on employment growth. Particular attention was paid to identifying innovation impacts on employment generation by SMEs (small and medium-sized enterprises. In doing so, we estimate a model proposed in Harrison, Jaumandreu, Mairesse, and Peters (2008 using an IV approach with data from the Innovation Surveys for Costa Rica for the period 2006–2007. The results show that both product and process innovation are positively related to employment growth. Evidence was found for important differences in impacts by firm size and labor skills. The strategy of in-house innovation is very important as a driver of employment generation. Imported innovation does not seem to have an impact on employment growth.  The findings suggest that policies aimed at overcoming challenges faced by Costa Rican firms in becoming more innovative are also very important for generating new employment opportunities in the country.

  3. 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...... at the intensive margin, although this effect is conditional on firm characteristics. In particular, the positive relationship between subsidies and the intensive margin of exports is strongest among profit-making firms, firms in capital-intensive industries, and those located in non-coastal regions. Compared...

  4. 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...... 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...

  5. FDI and firm level export competitiveness in the Indian machinery industry

    OpenAIRE

    2012-01-01

    The paper examines the effect of FDI on firm-level export competitiveness by comparing the export behaviour of foreign controlled and domestic firms in Indian machinery industry. It defines the firm-level export competitiveness involving two aspects of export behaviour: i) the export itself or a firm’s decision to export and ii) the exporting firm’s decision on the portion of output to export (export intensity). Findings of the study reveals that the foreign controlled firms have greater like...

  6. The Determinants of Firm-Level Export Intensity in New Zealand Agriculture and Forestry ,

    OpenAIRE

    Kris Iyer

    2010-01-01

    This paper investigates the determinants of firm level export intensity in New Zealand’s agriculture and forestry over the period 2000-06. Applying a random effects model, it is uncovered that export intensity is driven by firm productivity and export market diversification. Firm size is found to have a negative effect on export intensity. Sector characteristics do not have an empirically discernible influence.

  7. 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

  8. 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

  9. The Effect of Globalization in an Endogenous Growth Model with Heterogeneous Firms and Endogenous International Spillovers: Note

    OpenAIRE

    Katsufumi Fukuda

    2013-01-01

    This paper shows that globalization increases (decreases) the growth rate if and only if the beachhead cost for the domestic market is strictly higher (lower) than that for the foreign market in a endogenous growth model with firm heterogeneity, international trade, and endogenous international spillover under specified necessary and sufficient conditions for exporting firms being more productive than non-exporting firms.

  10. Determinants of Energy Intensity in Indian Manufacturing Industries: A Firm Level Analysis

    Directory of Open Access Journals (Sweden)

    Santosh Kumar SAHU

    2011-11-01

    Full Text Available The demand for energy; particularly for commercial purposes, has been growing rapidly with growth of the economy, changes in the demographic structure, rising urbanization, socio-economic development, and the desire for attaining and sustaining self-reliance in some sectors of the economy. Energy intensity of Indian industries is among the highest in the world and specifically the Indian manufacturing sector is the largest consumer of energy sources. This study attempts to analyze the determinants of energy intensity of Indian manufacturing firms using data from the PROWESS database of the Center for Monitoring Indian Economy (CMIE for the period 2000-2008. The results of the econometric analysis suggest a non-linear (U shape relationship between energy intensity and firm size, implying that both very large and very small firms tend to be more energy intensive as compared to the medium size firms. The analysis also highlights that, foreign owned firms are less energy intensive as compared to the domestic firms. Further, technology imports are found to be important in contributing to the decline firmlevel energy intensity. The paper also identifies that there is a sizable difference in energy intensity between energy intensive firms and others. In addition, the result also shows that younger firms are more energy efficient as compared to the older firms.

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

    DEFF Research Database (Denmark)

    Salomo, Søren; Brinckmann, Jan; Talke, Katrin

    2008-01-01

    based on partial least squares modelling to investigate the performance effects. The results suggest that functional management competences generally are significant drivers of firm development speed. In particular, technology and marketing management competences are shown to impact development speed...... at delineating and validating an appropriate measurement model for functional management competence. In order to test the model's nomological validity, we investigate the impact of functional management competence on firm growth. Therefore, building on established firm development approaches, we propose a phase...... model for the development of young technology-based firms. Our study builds upon data from 212 young technology-based firms in the field of microtechnology, nanotechnology, electronics, optics and lasers. We use formative measurement models to establish valid and reliable constructs and a path model...

  12. An expanded accounting framework for sustainable growth: Focus on the relationship between a focal firm and its stakeholders

    National Research Council Canada - National Science Library

    Taeyoung Yoo; Giseok Nam

    2015-01-01

    ... about relationships between a focal firm and its stakeholders. That is, we could more accurately assess the sustainability of a firm's profit and growth by considering both its financial outcomes and business relationships...

  13. 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.

  14. Temporary Expats for Export: Firm-Level Evidence

    OpenAIRE

    Graneli, Anna; Lodefalk, Magnus

    2014-01-01

    We analyze the relation between temporary expats in firms and exports. Temporary expats are positively associated with exports. The within-firmdestination- country link with export intensity is substantially larger for services than for merchandise and for exports of heterogeneous services and merchandise than for exports of homogeneous products. Additionally, the association with exports is stronger for temporary than for permanent expats. Furthermore, our evidence suggests that temporary ex...

  15. Accumulation of technological capabilities and operational performance improvement: evidence from a firm-level case study

    Directory of Open Access Journals (Sweden)

    Marcelio Fonseca

    2014-11-01

    Full Text Available Drawing on a single case study based on first-hand and long-term evidence gathered through extensive fieldwork, this article examines the process of technological capability accumulation and its implications for operational performance improvement in a chemical firm in Brazil (1980-2007. The evidence indicates that the efforts on technological capability accumulation, especially for innovative activities, permitted the case-study firm to improve its operational performance, notably in terms of technical and, to some extent, in terms of commercial indicators. This study contributes to advancing our understanding of relationship between the firm-level accumulation of technological capabilities and operational performance improvement. The study draws managers’ attention to the importance of managing and measuring a multiplicity of technological capabilities within firms and to the relevance of firm-level engineering-based innovative activities, normally neglected by policy makers.

  16. 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…

  17. Dealing with Interpretability Issues in Predicting Firm Growth: Factor Analysis Approach

    Directory of Open Access Journals (Sweden)

    Bilandžić Ana

    2016-09-01

    Full Text Available Background: Alongside the theoretical progress made in understanding the factors that influence firm growth, many methodological challenges are yet to be overcome. Authors point to the notion of interpretability of growth prediction models as an important prerequisite for further advancement of the field as well as enhancement of models’ practical values.

  18. "Are Japanese Firms Becoming More Independent from Their Banks?: Evidence from the Firm-Level Data of the "Corporate Enterprise Quarterly Statistics," 1994-2009"

    OpenAIRE

    Miwa, Yoshiro

    2011-01-01

    The Ministry of Finance's "Corporate Enterprise Quarterly Statistics" (Hojin kigyo tokei kiho) is the only statistical source of well-balanced information about the financing behavior of Japanese firms. Indeed, there are few comparable sources available anywhere in the world. Using this firm-level data set from 1994 to 2009, the author investigates the financing behavior of Japanese firms with over \\10 million in paid-in capital. The conclusions contrast sharply with the conventional wisdom. ...

  19. 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...

  20. 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.

  1. Interest rate and Economic Growth as Determinants of Firm Investment Decision: An Investigation on BIST listed firms

    Directory of Open Access Journals (Sweden)

    Hasan AYAYDIN

    2016-03-01

    Full Text Available Abstract. This study aims to investigate the effect of political uncertainty as a determinant of investment decisions on investment decisions of firms. For this purpose, this study involves 147 BIST (Istanbul Stock Exchange listed firms displaying activity in the industry sector between 2008 and 2013. Panel data analysis with relevant quarterly data was used to analyze the relationship between political uncertainty and investment decisions of firms. Analysis results have revealed a statistically significant relationship between investments of firms and the variable representing 29 March 2009 General Local Elections, 12 June 2011 General Elections and 12 September 2010 New Constitution Referendum as an indicator of political uncertainty. This verifies the argument suggesting an uncertainty due to elections may negatively affect investments of firms through inefficient capital allocation, and this can be said to provide a strong message with regard to important economic effects of political uncertainty.Keywords. Political uncertainty, Elections, Firm investments.JEL. D92, E21.

  2. 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

  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 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…

  5. High-Growth Firms and the Future of the American Economy. Kauffman Foundation Research Series: Firm Formation and Economic Growth

    Science.gov (United States)

    Stangler, Dane

    2010-01-01

    Into early 2010, more than two years after the recession began, the American economy continues to send out mixed signals with respect to economic recovery: GDP (gross domestic product) growth looks set to recover, while unemployment is projected to remain high for many more years. The most important economic matter facing the country is job…

  6. 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

    no adverse effects of the financial crisis on foreign market entry or exit, but a considerable increase in the export intensity of firms after the financial crisis. Moreover, we find that those firms that entered the crisis as exporters (and continued exporting throughout the crisis years) were more......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...... 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...

  7. 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

  8. 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, Petra; Faems, Dries; Song, Michael; 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 innova

  9. FRANCHISING: HYBRID ORGANISATIONAL ARRANGEMENT FOR FIRM GROWTH AND NATIONAL DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Olu Ojo

    2008-10-01

    Full Text Available This paper examines the practice of franchising as a strategy by which entrepreneurs can expand their venture and make substantial return from their investments. The paper tries to explore the extent to which franchising is being practiced in Nigeria and the resultant effect of franchising on the national economy. The study was done by taking intensive study of Nigerian business world to see the extent of the practice of franchising system of business. The result of this study shows that franchising is not well known or practiced in Nigeria. Only a handful of business entities such as the Nigerian Bottling Company and some fast food companies have been engaged in franchising. The paper recommends that government should create a greater awareness of the franchise strategy so that more investors will be aware of it and invest in it. This will create more employment opportunities, reduce poverty level, and ultimately improve the Gross Domestic Product of the nation.

  10. Locational and Internal Sources of Firm Competitive Advantage : Applying Porter’s Diamond Model at the Firm Level

    OpenAIRE

    Eickelpasch, Alexander; Lejpras, Anna; Stephan, Andreas

    2010-01-01

    This paper employs Porter’s diamond model to examine the relationships between a firm’s locational environment, its innovation capabilities, and competitive advantage assessed in terms of various performance indicators. This study implements a structural equation model that is estimated with the partial least squares (PLS) approach using a sample of 2,345 East German firms. This investigation shows that a high frequency of cooperation spurs firm innovativeness and performance, but that a stro...

  11. ENTREPRENEURIAL FINANCE: ANGEL INVESTING AS A SOURCE OF FUNDING HIGH-GROWTH START-UP FIRMS

    Directory of Open Access Journals (Sweden)

    SONJA MARKOVA

    2010-01-01

    Full Text Available One of the most difficult components in starting and growing a new venture is securing funding and other resources to sustain the firm’s survival and growth. Funding for many new ventures comes from a large, yet relatively unidentified, group called angel investors. This paper provides an overview of angel investing as a source of funding for start-up firms.

  12. 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.

  13. 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.

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

    OpenAIRE

    Kruse, Jürgen; Wetzel, Heike

    2016-01-01

    This article empirically analyzes supply-side and demand-side factors expected to affect 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 affects clean coal innovation. On the demand-side we find strong...

  15. Skill-Biased Technological Change. Evidence from a Firm-Level Survey.

    Science.gov (United States)

    Siegel, Donald S.

    A study addressed the effects of technological change using a new, rich source of firm-level data on technology usage and labor force composition. The empirical investigation is based on a survey of Long Island manufacturers' usage of computer-integrated manufacturing systems (CIMS) or advanced manufacturing technologies (AMTs). The study also…

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

    NARCIS (Netherlands)

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

    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 tran

  17. Skill-Biased Technological Change. Evidence from a Firm-Level Survey.

    Science.gov (United States)

    Siegel, Donald S.

    A study addressed the effects of technological change using a new, rich source of firm-level data on technology usage and labor force composition. The empirical investigation is based on a survey of Long Island manufacturers' usage of computer-integrated manufacturing systems (CIMS) or advanced manufacturing technologies (AMTs). The study also…

  18. 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.

  19. Is Access to Credit a Constraint for Latin American Enterprises? An Empirical Analysis with Firm-Level Data

    OpenAIRE

    Andrea Filippo Presbitero; Roberta Rabellotti

    2014-01-01

    An intense process of deregulation and financial liberalization in Latin America has increased competitive pressures and led to bank restructuring and consolidation. This paper looks at firm access to credit in the region, focusing on the role of credit market structure. Using firm-level data from theWorld Bank Enterprise Survey, we find that access to bank credit is very heterogeneous. On average, smaller and less productive firms are less likely to apply for credit and more likely to be fin...

  20. 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.

  1. 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.

  2. Shocks Abroad, Pain at Home? Bank-firm Level Evidence on the International Transmission of Financial Shocks

    NARCIS (Netherlands)

    Ongena, S.; Peydro, J.L.; van Horen, N.

    2013-01-01

    Abstract: We study the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, we use matched bank-firm level data, including many small and medium-sized firms, in Eastern Europe and Central Asia. We find that

  3. Shocks Abroad, Pain at Home? Bank-firm Level Evidence on the International Transmission of Financial Shocks

    NARCIS (Netherlands)

    Ongena, S.; Peydro, J.L.; van Horen, N.

    2013-01-01

    Abstract: We study the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, we use matched bank-firm level data, including many small and medium-sized firms, in Eastern Europe and Central Asia. We find that internationally-b

  4. 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

    at the intensive margin, although this effect is conditional on firm characteristics. In particular, the positive relationship between subsidies and the intensive margin of exports is strongest among profit-making firms, firms in capital-intensive industries, and those located in non-coastal regions. Compared...... to firm characteristics, the extent of heterogeneity across ownership structure (SOEs, collectives, and privately owned firms) proves to be relatively less important...

  5. Corruption and System Change in the Czech Republic: Firm-Level Evidence

    Directory of Open Access Journals (Sweden)

    Koudelková Petra

    2015-03-01

    Full Text Available Corruption is a widespread phenomenon in all countries undergoing market transition. However, the Czech Republic stands apart, with its incredible entanglement of corruption, politics and business. Although corruption on the firm level in the Czech Republic is heavily criticized, the results of our in-depth interviews conducted with Czech SMEs showed that almost every firm has encountered some form of corruption and even used corruption to either increase sales, help negotiations, or increase production. Most of our respondents admitted that corruption was useful for day-to-day business. This article aims to obtain information about the state of corruption in enterprises in the Czech Republic and map the behaviour of entrepreneurs in companies. Our results offer ways to fight corruption: apart from highlighting the negative traits of corruption, emphasis should be made on determining to what extent corruption would be acceptable for firms and their clients. This could be useful for designing various state policies that might influence system change and market development in CEECs and both directly and indirectly influence the volume of corruption.

  6. Loan quality determinants: Evaluating the contribution of bank-specific variables, macroeconomic factors and firm level information

    OpenAIRE

    Belaid, Faiçal

    2014-01-01

    This paper uses probit and ordered probit methods to examine the impact of banks’ policies in terms of cost efficiency, capitalization, activity diversification, credit growth and profitability, on the loan quality in the Tunisian banking sector after controlling for the effects of firm-specific characteristics and macroeconomic conditions. Using a data set with detailed information for more than 9 000 firms comprising the portfolios of the ten largest Tunisian banks, we show that banks which...

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

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    predictable business environment for traders can reduce food price instability in Ethiopia .... Those firms, which placed more emphasis in the use of new technology ... uncertainty and risk which can destroy a flourishing firm and reduces the.

  8. 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

    We study the effects of a Danish wage subsidy program for highly educated workers on the performance of the persons and firms participating in the program. Using data on the population of program participants, both workers and firms, we find that the program had positive effects on employment...... 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....... For the total number of employees we only find positive effects during program participation while there are no statistically significant effects for value added, net income, return on assets, wages per employee and labor productivity....

  9. Closing global material loops: Initial insights into firm-level challenges

    DEFF Research Database (Denmark)

    Prosman, Ernst Johannes; Wæhrens, Brian Vejrum; Liotta, Giacomo

    2016-01-01

    Replacing virgin materials with waste materials, a practice known as Industrial Symbiosis (IS), has been identified as a key strategy for closing material loops. This article adopts a critical view on geographic proximity and external coordinators – two key enablers of IS. By ‘uncovering’ a case ...... for geographic proximity and external coordinators. In doing so, our insights into firm-level challenges of long-distance IS exchanges contribute to closing global material loops by increasing the number of potential circular pathways....

  10. Does the Common Currency Increase Exports? Evidence from Firm-Level Data

    Directory of Open Access Journals (Sweden)

    Cieślik Andrzej

    2014-10-01

    Full Text Available The main goal of this paper is to investigate empirically whether the adoption of the common currency increases the export activity of individual frms using the probity model. There are many studies that seek to estimate the aggregate trade effects of the adoption of the euro by the “outside” EU countries, which are based on the gravity model. In contrast to the existing literature we use an alternative micro econometric approach based on firm level data compiled by the EBRD and the World Bank. We demonstrate that the propensity to export of individual frms from Slovenia and Slovakia increased after the accession of those countries to the Eurozone.

  11. 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.

  12. Mobile and more productive? : firm-level evidence on the productivity effects of mobile internet use

    OpenAIRE

    2015-01-01

    Mobile internet access allows for flexibility with respect to working time and working place. We analyse whether employees' use of mobile internet access improves firms' labour productivity. Our data set contains 2143 German firms and refers to the year 2014, when high-speed mobile internet was still at a relatively early stage of diffusion within firms. The econometric analysis shows that firms' labour productivity significantly increases with the share of employees with mobile internet acce...

  13. How global is R&D? Firm-level determinants of home country bias in R&D.

    OpenAIRE

    BELDERBOS Rene; Leten, Bart; Suzuki, Shinya

    2013-01-01

    Despite an increasing internationalization of R&D activities by multinational firms, a major portion of corporate R&D still tends to be concentrated in firms’ home countries. We examine to what extent there exists a home country bias in the location of R&D activities of 156 major R&D intensive firms based in Europe, the US and Japan during 1995-2002 and develop hypotheses concerning the firm-level determinants of such home country bias. We define this bias as a share of global R&D activities ...

  14. 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.

  15. 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.

  16. The Examination of the Competitiveness in the Hungarian SME Sector: A Firm Level Analysis

    Directory of Open Access Journals (Sweden)

    László Szerb

    2009-11-01

    Full Text Available While the research on competition has been increasing in popularity amongstscholars, there is a lack of studies focusing on the firm level competition especially inHungary. Even less is known about the competitiveness of the smaller size businesses. Thenewly created conceptual model is configured to fit to the small business setup as well as tothe available data set. The model contains 19 individual variables and seven pillars. Themethodology is unique in the sense that it incorporates the weak points, called bottlenecksover the seven pillars of competitiveness. The individual level competitiveness points arecalculated for each of the 695 businesses. The competition points collerate significantlywith the selected three measures of competitiveness, increase of sales, employment andexport. The cluster analysis prevails high differences amongst the seven groups ofbusinesses.

  17. Knowledge, Entrepreneurship and Performance: Evidence from country-level and firm-level studies

    NARCIS (Netherlands)

    Zhou, Haibo

    2010-01-01

    This book investigates the interrelations between knowledge and entrepreneurship, and their consequences with regard to economic performance. Both knowledge and entrepreneurship are recognized as new twin driving forces for economic growth. Recent studies suggest that neither knowledge nor entrepren

  18. Knowledge, Entrepreneurship and Performance: Evidence from country-level and firm-level studies

    NARCIS (Netherlands)

    H. Zhou (Haibo)

    2010-01-01

    textabstractThis book investigates the interrelations between knowledge and entrepreneurship, and their consequences with regard to economic performance. Both knowledge and entrepreneurship are recognized as new twin driving forces for economic growth. Recent studies suggest that neither knowledge n

  19. 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.

  20. 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 en

  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. 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

  3. Crescimento e desenvolvimento de frutos do tomateiro 'Santa Clara' e do seu mutante natural 'Firme' Growth and development of 'Santa Clara' tomato fruit and its mutant 'Firme'

    Directory of Open Access Journals (Sweden)

    Marcia Lima Moura

    2004-12-01

    Full Text Available Na região produtora de hortaliças de Viçosa, MG, identificaram-se plantas de tomate da cv. Santa Clara (Lycopersicon esculentum Mill., que apresentam senescência foliar precoce e estigmas amarelados, com frutos de coloração "amarelo-creme" quando imaturos e vermelho quando maduros, de maturação lenta, e mais firmes que o fenótipo normal. Objetivou-se com este trabalho avaliar o crescimento e desenvolvimento dos frutos normais e mutantes. O delineamento experimental foi de blocos casualizados com quatro repetições. Os frutos mutantes apresentaram matéria fresca total e diâmetro transversal e longitudinal menores do que o normal durante todo o seu desenvolvimento. A espessura do pericarpo foi significativamente menor nos frutos mutantes do que nos frutos normais, a partir dos 21 dias após a antese. Folhas medianas e basais de plantas mutantes apresentaram menores teores de clorofila do que o observado em plantas normais. O período de amadurecimento do fruto mutante foi de 14 dias, enquanto dos frutos normais foi de 7 dias, quando ligados à planta-mãe, demonstrando a maior longevidade dos frutos mutantes. Além disso, os frutos mutantes apresentaram atraso na elevação da produção de etileno durante o amadurecimento.'Santa Clara' tomato (Lycopersicon esculentum Mill. plants showing earlier leaf senescence and yellowish stigma, fruits with pale yellow when immature and red when reach full ripe stage, associated to a lower rate of ripening and firmer than the wild type, were found in Viçosa, MG. The objective of this study was to evaluate the fruit growth and development of the mutant and wild type tomatoes. Mutant fruits showed smaller total fresh weight than wild type throughout development and thinner pericarp after 21 days after flowering. Basal and intermediate mutant plant leaves showed lower chlorophyll levels. 'Santa Clara' fruit took 7 days to reach full red ripe stage, while mutant fruits took 14 days. Furthermore

  4. Realizing a fast growth strategy - A case study of the evolution of management control systems in a fast growing firm

    OpenAIRE

    Thorén, Kent

    2004-01-01

    Growth has received considerable interest from researchersduring the past two decades. Some of this research focuses onorganizational issues as firms grow, proposing that thisprocess involves considerable formalization of structures,pro-cedures and systems. However, until recently, fewsubstantial research contri-butions have been made thatinvestigate the specific influence of growth on con-trol systemdevelopment. To address this gap in knowledge, this thesisexplores control system development...

  5. Discovering Valuable Growth Opportunities: An Analysis of Equity Alliances with IPO Firms

    NARCIS (Netherlands)

    J.J. Reuer (Jeffrey); T.W. Tong (Tony)

    2010-01-01

    textabstractFirms often use alliances to access external resources and explore new market or technological opportunities, yet they also can face obstacles to discovering these opportunities in the first place. In this paper, we examine how firms can overcome these obstacles and form equity alliances

  6. Managing firm competitiveness in global markets

    NARCIS (Netherlands)

    Gehlhar, M.; Regmi, A.; Stefanou, S.E.; Zoumas, B.

    2006-01-01

    The globalization profile of US food firms is mixed. US sales from foreign direct investment is now over six times the level of exports, while US processed food trade balance has moved from +$9 billion in 1995 to - $7 billion in 2004. Competitive forces drive firms to seek new areas of growth, with

  7. Managing firm competitiveness in global markets

    NARCIS (Netherlands)

    Gehlhar, M.; Regmi, A.; Stefanou, S.E.; Zoumas, B.

    2006-01-01

    The globalization profile of US food firms is mixed. US sales from foreign direct investment is now over six times the level of exports, while US processed food trade balance has moved from +$9 billion in 1995 to - $7 billion in 2004. Competitive forces drive firms to seek new areas of growth, with

  8. Strong Firms Lobby, Weak Firms Bribe

    DEFF Research Database (Denmark)

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

    We use survey responses by firms to examine the firm-level determinants and effects of political influence, their perception of corruption and prevalence of bribe paying. We find that: (a) measures of political influence and corruption/bribes are uncorrelated at the firm level; (b) firms...... 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...

  9. 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

  10. 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

  11. Vertical integration for full outsourcing: growth and internationalization of a portuguese packaging firm

    Directory of Open Access Journals (Sweden)

    Manuel Portugal Ferreira

    2010-08-01

    Full Text Available Based on a case study of a Portuguese packaging firm, this paper examines how vertical integration of the supplier serves as a vehicle for the full outsourcing of the client firms'needs in a solution that reduces transaction costs, favors specialization, and permits small and medium‐sized firms to develop competencies that may be exploited in a wide array of projects. Vertical integration by the supplier (a governance decision is a strategic response to changes in the sourcing model of the clients. Client‐supplier relationships have inter‐spatial and inter‐temporal value that surpasses spot market exchanges.

  12. 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

  13. 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.

  14. 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

  15. 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.

  16. Determinants of Innovation in Emerging Country: an empirical study at the Tunisian firm level

    OpenAIRE

    Gabsi, Foued; Mhenni, Hatem; Koouba, Karim

    2010-01-01

    Explaining why some firms innovate and some others do not is an out-of-date challenge in the economic literature. In developing countries context, such exercise is even more complicated by the nature of the innovation (incremental, occasional and rarely continuous and structured). In this paper, an exploratory tentative logistic regression is presented based on an Innovation survey on Tunisian firms. With regard to the results on the two "traditional" determinants of innovation which are the ...

  17. Innovation Determinants in Emerging Countries: An Empirical Study at the Tunisian Firms level

    OpenAIRE

    Gabsi, Foued; Mhenni, Hatem; Koouba, Karim

    2008-01-01

    Explaining why some firms innovate and some others do not is an out-of-date challenge in the economic literature. In developing countries context, such exercise is even more complicated by the nature of the innovation (incremental, occasional and rarely continuous and structured). In this paper, an exploratory tentative logistic regression is presented based on an Innovation survey on Tunisian firms. With regard to the results on the two "traditional" determinants of innovation which are the ...

  18. The Diffusion of E-commerce at the Firm Level: Theoretical Implications and Empirical Evidence.

    OpenAIRE

    Santarelli, Enrico; D'Altri, Samuele

    2001-01-01

    As a specific institution of distributive trades, e-commerce displays similarities with retail stores and mail ordercompanies. As well as providing theoretical support for the assumption that e-commerce is a way to sell certain goods and services at prices potentially lower than those of traditional distributive channels, this paper analyses its inter-firm diffusion among a sample of firms (mostly SMEs) in Italy. The paper has three main purposes. Firstly, it challenges the view of e-comme...

  19. The Diffusion of E-commerce at the Firm Level: Theoretical Implications and Empirical Evidence

    OpenAIRE

    Santarelli, Enrico; D'Altri, Samuele

    2001-01-01

    As a specific institution of distributive trades, e-commerce displays similarities with retail stores and mail order companies. As well as providing theoretical support for the assumption that e-commerce is a way to sell certain goods and services at prices potentially lower than those of traditional distributive channels, this paper analyses its inter-firm diffusion among a sample of firms (mostly SMEs) in Italy. The paper has three main purposes. Firstly, it challenges the view of e-commerc...

  20. The Diffusion of E-commerce at the Firm Level: Theoretical Implications and Empirical Evidence.

    OpenAIRE

    Santarelli, E.

    2001-01-01

    As a specific institution of distributive trades, e-commerce displays similarities with retail stores and mail order companies. As well as providing theoretical support for the assumption that e-commerce is a way to sell certain goods and services at prices potentially lower than those of traditional distributive channels, this paper analyses its inter-firm diffusion among a sample of firms (mostly SMEs) in Italy. The paper has three main purposes. Firstly, it challenges the view of e-commerc...

  1. Performance of Patenting Firms

    DEFF Research Database (Denmark)

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

    2000-01-01

    -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......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...

  2. 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

  3. 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

  4. Strategic analysis of growth opportunities for an insurance brokerage firm within British Columbia

    OpenAIRE

    Chien, Jerry

    2007-01-01

    The forest industry within B.C. currently faces a number of significant economic challenges that are leading to consolidation and plant closures. The shrinking size of the forest industry is a major concern for Aon, the largest insurance brokerage firm i

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

    NARCIS (Netherlands)

    Kraaijenbrink, Jeroen; Ratinho, Tiago; Groen, Aard

    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

  6. Human Capital Constraints in South Africa: A Firm-Level Analysis

    Directory of Open Access Journals (Sweden)

    Ewert P. J. Kleynhans

    2012-03-01

    Full Text Available This paper examines human capital constraints in the South Africaneconomy, and the austerity of these constraints on firms in the country.The two key human capital constraints explored in this article arethe inadequately educated workforce and labour market distortions.Regression analysis was applied to examine determinants of increasedlabour productivity in manufacturing firms. Education and labourmarket distortions were found to have a varying influence on outputper worker. Principal Component Analysis (pca of the explanatoryvariables achieved similar results. This study found that the highest percentageof the total variance is explained by latent variables that incorporateeducation, training, compensation, region and Sector EducationTraining Authority (seta support and effectiveness.

  7. 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…

  8. 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

  9. Flexible Labor and Innovation Performance: Evidence from Longitudinal Firm-Level Data

    NARCIS (Netherlands)

    H. Zhou (Haibo); R. Dekker (Ronald); A. Kleinknecht (Alfred)

    2010-01-01

    textabstractFirms with high shares of workers on fixed-term contracts have significantly higher sales of imitative new products but perform significantly worse on sales of inno¬va¬tive new products (“first on the market”). High functional flexibility in “insider-outsider” la¬bor markets enhances a

  10. 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

  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. The Dispersion of Employees' Wage Increase and Firm Performance

    DEFF Research Database (Denmark)

    Grund, Christian; Westergård-Nielsen, Niels Chr.

    2008-01-01

    Previous studies examining intra-firm wage dispersion and firm performance have focused on wage levels. The authors of this study argue that for purposes of comparing wage dispersion's positive incentive effects with its adverse morale effects, the dispersion of wage increases is more revealing t...... that the dispersion of wage growth within firms generally had a negative association with firm performance. The results are robust across industries and categories of firm size, but are mainly driven by white-collar rather than blue-collar workers....

  13. ICT Standardization and use of ICT standards: a firm level analysis

    OpenAIRE

    Riillo, Cesare Fabio Antonio

    2014-01-01

    Standards perform some fundamental economic functions and their relevance for ICT is acknowledged by firms, researchers and policy-makers. This paper investigates the driving forces of formal ICT standards setting (i.e. standardization). Previous quantitative studies have neglected that ICT standards use and engagement in ICT standardization are related activities. Leveraging upon a unique module of the ICT usage survey 2013 for Luxembourg, the analysis explicitly takes into account the use o...

  14. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

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

    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...

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

    Energy Technology Data Exchange (ETDEWEB)

    Coria, Jessica; Loefgren, Aasa; Sterner, Thomas, e-mail: Thomas.Sterner@economics.gu.se

    2009-10-15

    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

  16. 企业异质性与出口:基于中国制造业企业数据的检验%Firm Heterogeneity and Export:an Empirical Analysis Based on Chinese Manufacturing Firm-level Data

    Institute of Scientific and Technical Information of China (English)

    刘德学; 张烁; 钟晓君

    2013-01-01

    基于异质企业模型,运用1998-2007年中国制造业14个行业的企业数据,从两方面检验企业异质性与出口行为之间的关系,即企业异质性与出口状态(出口与否)之间关系的检验和企业异质性与出口规模之间关系的检验。研究结果表明,总体上看,中国企业出口行为基本符合异质企业模型的预测,即生产率高的企业选择出口,且生产率越高出口规模越大,而生产率低的企业仅仅或主要服务于国内市场,但这一关系在内外资企业之间存在较大差别。此外,虽然人力资源、技术创新等因素亦对企业出口规模有显著作用,但总体上看生产率仍然是我们所考虑的变量中最为稳定、重要的因素。%This paper uses 1998-2007 firm-level data of 14 manufacturing industries in China and heterogeneous firm model to make empirical analysis on relationship between firm heterogeneity and export behavior from two perspectives , i.e.the relationship between firm heterogeneity and export state ( export or not ) and the relationship between firm heterogeneity and export scale.Empirical evidence demonstrates that Chinese firms act in accordance with the expectation of heterogene -ous firm model on the whole , that is, the firms with higher TFP ( total factor productivity ) tend to enter and sell more in the foreign market and the firms with lower TFP mainly or merely sell in domestic market , but a great difference exists between domestic and foreign invested firms.In addition , although the factors such as human resources and technology innovation have significant effects on export scale , TFP still plays the most stable and important role among the variables in our empiri-cal model on average.

  17. 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...

  18. 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

  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. The Level Of Corporate Dividend Payout To Stockholders: Does Optimal Dividend Policy Exist For Firms Quoted At The Nairobi Stock Exchange?

    National Research Council Canada - National Science Library

    Bitok Kibet; Tenai Joel; Cheruiyot Thomas; Maru Loice; Kipsat Mary

    2010-01-01

    The objective of this study was to determine the level of corporate dividend payout to stockholders and establish if the optimal dividend policy exists for the firms quoted at the Nairobi Stock Exchange (NSE...

  1. 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

  2. Whom do new firms hire?

    DEFF Research Database (Denmark)

    2015-01-01

    ’s productivity is based on its pre-entry experience and persistent shocks, and over time firms learn about their productivity. The model predicts that more productive firms are larger and hire more talented employees, which gives rise to various predictions about how pre-entry experience, firm growth rates......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...

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

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    predictable business environment for traders can reduce food price instability in Ethiopia .... chances for growth and it is associated with several other attributes that make ...... About 97% of loans from formal banks in Ethiopia require property.

  4. 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

    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 ra...... of two antagonist patterns. A further econometric analysis is conducted and indicates that the positioning of the firms between these two groups is correlated with the firms' profit margins and the size of firms' patent portfolios....

  5. Testing Gibrat's Legacy: A Bayesian Approach to Study the Growth of Firms

    NARCIS (Netherlands)

    Cefis, E.|info:eu-repo/dai/nl/274516233; Ciccarelli, M.; Orsenigo, L.

    2005-01-01

    Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test for Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we find evidence against Gibrat's law on average, within or across industries. Estimated

  6. Study on the Definition and Measurement of High Growth Firm%高成长企业测度与界定标准研究

    Institute of Scientific and Technical Information of China (English)

    田红云; Anton Kriz; David Cunneen; 张蓓佳

    2014-01-01

    高成长企业不仅是就业机会的主要创造者,还是产业技术创新的重要承担者和经济发展的动力。通过追溯高成长企业的理论渊源,界定高成长企业的4个维度,即增长率、测度指标、企业规模和考察期,在对已有文献关于绝对指标测度法、相对指标测度法及各类指标优缺点分析的基础上,归纳出符合高成长企业本质特征的测度标准和方法,可为后续理论研究提供参考。%High-grow th firms are not only the new job creators but also the principle innovators of industrial technology and driver of economy development .Although more and more interests have focused on high-growth firms research ,there have not formed general standards of measurement and definition of high-growth firm which reduced the comparability and accumulation of existing achievements .After reviewing the source of high-growth firm theory ,we find four dimensions of high-grow th firms ,i .e .grow th rate ,indicators ,scale and observing periods .Based on comparing absolute measurement and relative measurement and analyzing advantages and disadvantages of indicators ,we summarize the standard and ways of measurement which are in conformity with the nature of high-growth firms .

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

    DEFF Research Database (Denmark)

    Grund, Christian; Westergård-Nielsen, Niels Chr.

    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...... 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....

  8. The Influence of Policy Environment on Growth of Information Communication Technology (ICT) Firms in Nairobi, Kenya

    OpenAIRE

    Duncan Mwangi Ikua; Andrew Moirore Rori; Anne Muthoni Mungai; Susan Wanjiru Njoroge

    2014-01-01

    Entrepreneurship plays an important role in the socio-economic development of the country. Its significance can be seen in terms of contribution towards economic growth, employment creation, poverty reduction and development of an industrial base. Kenya is going through a paradigm shift from an industry based economy to a knowledge based economy anchored on ICT. The government has reiterated the development of ICT industry in the country given its strategic importance. These commitments manif...

  9. 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 ...

  10. Energy price uncertainty, energy intensity and firm investment

    Energy Technology Data Exchange (ETDEWEB)

    Yoon, Kyung Hwan; Ratti, Ronald A. [Western Sydney Univ., NSW (Australia). School of Economics and Finance

    2011-01-15

    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)

  11. 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.

  12. Are Private Firms Really More Tax Aggressive Than Public Firms ?

    OpenAIRE

    Pierk, Jochen

    2016-01-01

    This paper tests the notion that private firms are more tax aggressive than public firms. Tax avoidance measures, e.g. effective tax rates, cannot be used to compare private and public firms when private and public firms have different levels of importance on financial accounting earnings (Hanlon and Heitzman 2010). To disentangle financial reporting incentives from tax aggressiveness, I use the fact that European groups must prepare two sets of financial statements: first, gro...

  13. 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.

  14. 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.

  15. On level-transitivity and exponential growth

    OpenAIRE

    Klimann, Ines

    2016-01-01

    We prove that if the group generated by a Mealy automaton acts level-transitively on a regular rooted tree, then the semigroup generated by the dual automaton has exponential growth, hence giving a decision procedure of exponential growth for a restricted family of automaton semigroups.

  16. Exploring the margins of Dutch exports: a firm-level analysis

    NARCIS (Netherlands)

    Creusen, H.; Kox, H.; Lejour, A.; Smeets, R.

    2011-01-01

    This paper utilizes new Dutch transaction-level data on international trade to investigate the microeconomic patterns of Dutch exports. First, we show that self-selection based on ex-ante productivity drives firms’ export decisions, which we subsequently relate to various sources of fixed market-ent

  17. 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

  18. 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

  19. The Innovative Capacity of Firms

    Directory of Open Access Journals (Sweden)

    Neely Andy

    2014-11-01

    Full Text Available Innovation is widely accepted as a crucial competitive weapon in today's global market place. Yet the levels of innovation achieved by different firms, even within the same industry, can vary widely. The key question raised by this observation is why. Why are some firms more innovative than others? What are the factors that determine a firm's capacity to innovate and how can these be managed to enhance the firm's innovative potential? This paper sets out to address these and related issues. It reports the results of a study of competitiveness and innovation of firms in the East of England. In the paper it is argued that the innovative capacity of a firm is a function of the firm's culture, resources, competences and networks. Justification for this framework is provided by a review of the relevant literature and a series of case studies examining the capacity to innovate of a sample of firms in the East of England.

  20. 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....

  1. 中间品进口会促进企业生产率增长吗——基于中国企业微观数据的分析%Does Imported Intermediates Increase Firm-Level Productivity? --Evidence from Chinese Firm Level Data

    Institute of Scientific and Technical Information of China (English)

    陈勇兵; 仉荣; 曹亮

    2012-01-01

    Import is one of the main channels of economic growth. Based on micro data of Chinabetween 2000 and 2005, the authors try to analyze the possible relationship between imported intermediates and firm-level total factor productivity. The paper concludes that, compared with non-importers, importers perform better in gross value, added value, employment, and intermediates which are specifications of the firm. Especially, firms who always import intermediates from abroad exhibit the best performance. What's more, firms which are located in eastern region and belong to the high average capital industry perform the best. The estimation results tell us that import status has positive impact on firm-level total factor productivity, especially for those located in western region and belong to low average capital industry. Trade policy of "promote export by import" should be considered. Firms in western region and those belong to the low average capital industry should be encouraged to participate in the economic globalization actively to promote the rise of TFP.%本文运用2000—2005年中国工业企业数据库和海关数据库的匹配数据,分析进口中间品的使用对中国企业全要素生产率影响。研究发现:与非进口企业对比,进口企业在反映企业经营状况的各项指标上都强于非进口企业,一直进口的企业在各项指标上最高,东部地区企业和高人均资本行业的企业表现最佳;进口中间品对企业层面全要素生产率有显著促进作用,企业从非进口状态转为进口状态能促进全要素生产率提高7.49个百分点,这种促进作用对低人均资本行业企业和西部企业尤为明显。这一结论的政策含义在于,后金融危机时代,中国须重新调整“出口主导,进口从属”外贸发展思路,实施积极的进口贸易战略,促进企业全要素生产率的提高和技术创新,鼓励中、西部企业和低人均资本行业

  2. 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...

  3. Legal restrictions and Investment Growth

    NARCIS (Netherlands)

    Lensink, B.W.; Scholtens, B.

    2007-01-01

    We analyze the impact of legal restrictions on investment growth at the firm level. With the help of a unique firm-level survey database, we analyze whether firm investments are related to the efficiency and quality of the judiciary. Furthermore, we analyze whether the investment behavior of large a

  4. Legal restrictions and investment growth

    NARCIS (Netherlands)

    Lensink, B.W.; Scholtens, B.

    2007-01-01

    We analyze the impact of legal restrictions on investment growth at the firm level. With the help of a unique firm-level survey database, we analyze whether firm investments are related to the efficiency and quality of the judiciary, Furthermore, we analyze whether the investment behavior of large a

  5. Do the Firm-level Variables and Human Capital Impact Capital Structure Decisions? A Study of Non-financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2014-12-01

    Full Text Available In this study firm’s capital structure decisions have been tried to examine theoretically and empirically. By testing the determinants of capital structure, i.e., size, tangibility, profitability, growth, non-debt tax shield, business risk and liquidity on firm’s leverage (capital structure decisions have been tried to determine. Size, profitability, non-debt tax shield, liquidity and human capital have been found significant and negatively related to capital structure decisions. Our analysis consists of 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003-2012.

  6. 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.

  7. THE EFFECT OF PROFITABILITY, LIQUIDITY, GROWTH SALES, OPERATING LEVERAGE AND TANGIBILITY ON CAPITAL STRUCTURE (evidence from manufacture firm listed on Indonesia stock exchange in 2011- 2014

    Directory of Open Access Journals (Sweden)

    Hamidah Hamidah

    2016-04-01

    Full Text Available The purpose of this study is to know the effect of profitability, liquidity, sales growth, operating leverage and tangibility on capital structure: evidence from manufacture firm listed on Indonesia Stock Exchange in 2011-2014. The sample using in this study is 41 companies. The research model in this study employs panel data analysis (unbalanced panel with fixed effect approach. The result show that profitability and liquidity have negative and significant effect on capital structure. Sales growth and operating leverage have positive but not significant effect on capital structure. Tangibility have negative and not significant effect on capital structure.

  8. 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...

  9. 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

    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...... 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...

  10. 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 effective

  11. 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

  12. The impact of Labour Relations on Innovative Output: An Exploration of Firm-level Data in the Netherlands

    NARCIS (Netherlands)

    H. Zhou (Haibo); A. Kleinknecht (Alfred); R. Dekker (Ronald)

    2007-01-01

    textabstractA growing literature on determinants of innovative per- formance focuses on factors such as market structure, firm size, (regional and international) knowledge spill- overs, R&D collaboration, conditions for appropriation of innovation benefits, and others. This paper contrib- utes

  13. Who benefits from firm-sponsored training?

    OpenAIRE

    Dostie, Benoit

    2015-01-01

    Workers participating in firm-sponsored training receive higher wages as a result. But given that firms pay the majority of costs for training, shouldn't they also benefit? Empirical evidence shows that this is in fact the case. Firm-sponsored training leads to higher productivity levels and increased innovation, both of which benefit the firm. Training can also be complementary to, and enhance, other types of firm investment, particularly in physical capital, such as information and communic...

  14. Export potential of Brazilian industrial firms

    Directory of Open Access Journals (Sweden)

    Bruno César Pino Oliveira de Araújo

    2010-12-01

    Full Text Available Most of the recent astonishing export growth in Brazil came from firms which already exported. The export base was not able to grow at the same pace. Since expanding the export base may have several positive effects on firms' productivity and size, in this paper we provide a four-level classification of Brazilian industrial firms according to their potential to export, and we identify a subset of non-exporting firms which are potential exporters. The effects of export stimulating policies may be improved by focusing more closely on these firms.O recente crescimento das exportações no Brasil se baseou fortemente naquelas firmas já exportadoras, e a base exportadora não conseguiu acompanhar o mesmo ritmo de crescimento. Considerando que expandir a base exportadora pode ter efeitos positivos sobre a produtividade e tamanho das firmas, neste artigo classificamos as firmas industriais brasileiras em quatro níveis de acordo com o potencial exportador, e especialmente identificamos um subconjunto de firmas que não exportam mas que são potenciais exportadoras. Os efeitos das políticas de promoção às exportações podem ser maximizados se elas forem focalizadas nestas firmas.

  15. Firm Search for External Knowledge

    DEFF Research Database (Denmark)

    Sofka, Wolfgang; Grimpe, Christoph

    2012-01-01

    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...... 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...... 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...

  16. Listed firm's level of stakeholder transparency - The comply or explain evidence from the Danish corporate governance code

    Directory of Open Access Journals (Sweden)

    Rose, C.

    2015-12-01

    Full Text Available 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 factors which account for the vast majority of the variation. The analysis reveals that the official classification of the three different sections in the Danish corporate governance must be abandoned. It is interesting to note that even though the "comply or explain" principle assumes that a meaningful explanation is equally good as compliance - the analysis documents that the vast majority of the firms complies with the recommendations. The article introduces a new methodology to measure the degree of compliance within these specific areas. This categorization serves as input for a multivariate analysis that explores how the different recommendations covariate as well as can be placed into distinct discrete groups. The policy implication is that future code revisions should rely on a multivariate approach when seeking to classify and structure the different code sections regarding the firm's stakeholders. Otherwise, there is a risk that board members may associate a large number of recommendations as mechanistic "tick the box" exercises, which does not add value.

  17. 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.

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

    Directory of Open Access Journals (Sweden)

    Mehmet Ugur

    2016-09-01

    Full Text Available 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.

  19. On the measurement of capacity utilisation and coast efficiency: a non-parametric approach at firm level

    Directory of Open Access Journals (Sweden)

    Prior Diego

    2002-01-01

    Full Text Available In this paper we evaluate the inefficiency generated by an inadequate structure of the fixed inputs and by the difficulty to adjust them in the short-run in a sample of Romanian firms in the chemical industry over the period 1996-1997. We use Data Envelopment Analysis (DEA and apply this methodology in an innovative setting using a cost analysis instead of the technical efficiency approach. The results show inefficiency in most of the cases due to a low degree of capacity utilisation.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. Gross job flows and firms

    OpenAIRE

    Scott Schuh; Robert K. Triest

    1999-01-01

    This paper extends the work of Dunne, Roberts, and Samuelson [3] and Davis, Haltiwanger, and Schuh [2] on gross job flows among manufacturing plants. Gross job creation, destruction, and reallocation have been shown to be important in understanding the birth, growth, and death of plants, and the relation of plant life cycles to the business cycle. However, little is known about job flows between firms or how job flows among plants occur within firms (corporate restructuring). We use informati...

  7. The Relationship between Ownership Structure, Firm Specific Characteristics and Capital Structure: Evidence from Malaysian Middle-capital Public Listed Firms

    National Research Council Canada - National Science Library

    Hanita Kadir Shahar; Azira Abdul Adzis; Nureliana Baderi

    2016-01-01

    .... By employing a total of 38 middle-capital firms covering period from 2008 to 2012, the results show that debt level in firms with high ownership concentration is significantly different from firms...

  8. Performance of Patenting Firms in Danish Manufacturing

    DEFF Research Database (Denmark)

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

    2000-01-01

    -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......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...

  9. ICT, Complementary Firm Strategies and Firm Performance

    OpenAIRE

    Rasel, Fabienne

    2016-01-01

    This doctoral thesis analyses from different perspectives the relationship between information and communication technologies (ICT), complementary firm strategies and firm performance. One chapter examines the role of ICT and decentralized workplace organization for productivity. Two chapters analyse the association between firms' ICT use, international trade activities and productivity. The empirical analyses are based on data from firms located in Germany from the manufacturing or service s...

  10. 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....... 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...

  11. Risk/Return Performance of Diversified Firms

    OpenAIRE

    Richard A. Bettis; Vijay Mahajan

    1985-01-01

    Based on a sample of 80 firms, this paper examines the risk/return performance of related and unrelated diversified firms at the level of accounting data. The results suggest that although on the average related diversified firms outperform unrelated diversified firms, related diversification offers no guarantee of a favorable risk/return performance. (Many low performers are related diversifiers.) In fact, different diversification strategies can result in similar risk/return performance. Ho...

  12. International Taxation and Multinational Firm Location Decisions

    OpenAIRE

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

    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. 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.

  14. Endogenous Markups, Firm Productivity and International Trade:

    DEFF Research Database (Denmark)

    Bellone, Flora; Musso, Patrick; Nesta, Lionel

    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......) 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...

  15. 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.

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

    National Research Council Canada - National Science Library

    Vincent B. Molokwu; Jose Barreria; Boris Urban

    2013-01-01

    ...: 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...

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

    African Journals Online (AJOL)

    STORAGESEVER

    2008-07-18

    Jul 18, 2008 ... tion in dietary protein level without affecting fish growth ... management, environmental factors and fish size can .... water quality is thus considered suitable for fish ... Specific growth rate follows the same trend, it increases.

  18. 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...

  19. 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...

  20. Firm entry and aggregate efficiency growth: An optimal dynamic - Program of entry and R&D investment

    Directory of Open Access Journals (Sweden)

    Asma Raies

    2013-12-01

    Full Text Available The effect of entry on the aggregate efficiency growth is still theoretically and empirically unresolved. Many studies focused on this effect in short and long-run, without considering the dynamic transition and how do entry affect the convergence of the industrytoward its long-run equilibrium? This paper aims to provide an answer and to fill this gap by employingoptimal control principles. Our model exhibits saddlepath stability and shows that the effect of entry and entry liberalizing policy (reducing the entry cost on the aggregate efficiency growth may be positive, negative or nil depending on the industry’s initial characteristics (size and R&D. This theoretical result can justify the inconclusive current empirical evidence.

  1. Offshoring and Firm Overlap

    OpenAIRE

    Schmerer, Hans-Jörg; Capuano, Stella; Egger, Hartmut; Koch, Michael

    2015-01-01

    We set up a model of offshoring with heterogeneous producers that captures two empirical regularities on offshoring firms: larger, more productive firms are more likely to make use of the offshoring opportunity; the fraction of firms that engages in offshoring is positive and smaller than one in any size or revenue category. These patterns generate an overlap of offshoring and non-offshoring firms, which is non-monotonic in the costs of offshoring. In an empirical exercise, we employ firm-lev...

  2. Paradoxes and Innovation in Family Firms

    DEFF Research Database (Denmark)

    Ingram, Amy E.; Lewis, Marianne W.; Barton, Sid

    2016-01-01

    Scholars stress that family firms are inherently paradoxical, and that tensions, such as tradition versus change, family liquidity versus business growth, and founder control versus successor autonomy, can both inhibit and foster innovation. Further, theorists propose that firms led by paradoxical...... thinkers are more likely to manage these tensions and fuel innovative behavior. Leveraging family business and organizational paradox literatures, this multi-stage exploratory study develops measures of paradoxical tensions and paradoxical thinking in family firms, and tests these propositions. Findings...

  3. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    . 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......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...... an export wage premium, but it accrues to workers in firms with high skill intensities...

  4. 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…

  5. Zipf's law and maximum sustainable growth

    CERN Document Server

    Malevergne, Y; Sornette, D

    2010-01-01

    Zipf's law states that the number of firms with size greater than S is inversely proportional to S. Most explanations start with Gibrat's rule of proportional growth but require additional constraints. We show that Gibrat's rule, at all firm levels, yields Zipf's law under a balance condition between the effective growth rate of incumbent firms (which includes their possible demise) and the growth rate of investments in entrant firms. Remarkably, Zipf's law is the signature of the long-term optimal allocation of resources that ensures the maximum sustainable growth rate of an economy.

  6. Tax Compliance over the Firm Life Course

    NARCIS (Netherlands)

    Stam, F.C.; Verbeeten, F.H.M.

    2017-01-01

    This article provides a new model of tax compliance over the firm life course, focusing on the dynamics in the underlying motivations and capacities for tax compliance. We review and structure the relevant literature on the early life course of firms: the traditional stages of growth models and a le

  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 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 ...

  9. 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

  10. Productivity, Exporting and the Learning-by-Exporting Hypothesis: Direct Evidence from UK Firms

    OpenAIRE

    Crespi, Gustavo; Criscuolo, Chiara; Haskel, Jonathan

    2006-01-01

    Case study evidence suggests that exporting firms learn from their clients. But econometric evidence, mostly using exporting and TFP growth, is mixed. We use a UK panel data set with firm-level information on exporting and productivity. Our innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for fixed effects we have two main findings. First, we find firms who exported in the past are more likely to then report that they le...

  11. New technologies and the demand for heterogeneous labor: Firm-level evidence for the German business-related services sector

    OpenAIRE

    Kaiser, Ulrich

    1999-01-01

    This paper investigates the impact of modern information and communication technologies on the demand for heterogeneous labor. It starts with an interrelated factor demand system. The "desired" level of employment, which is needed in such models, is derived from a generalized Leontief cost function with quasi-fixed factors. Cross-sectional data taken from an innovation survey in the service sector are used in the empirical analysis. The model is estimated by a trivariate ordered probit model....

  12. 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...

  13. Transformation of Manufacturing Firms to Servitisation Firms

    DEFF Research Database (Denmark)

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

    2014-01-01

    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......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...

  14. Does Tobin's q Matter for Firms' Choices of Globalization Mode?

    OpenAIRE

    Jinji, Naoto; Zhang, Xingyuan; Haruna, Shoji

    2011-01-01

    In this paper, we investigate empirically how firms' choices of globalization mode differ according to their productivity and Tobin's q using firm-level data of Japanese firms. Our findings support predictions by Helpman, Melitz, and Yeaple (2004) and by Chen, Horstmann, and Markusen (2008). That is, we find that firms with higher productivity tend to choose more foreign direct investment (FDI) and less exporting. We also find that firms with higher Tobin's q tend to choose more FDI and less ...

  15. 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......, and (b) how the firm arrived at a particular transactional choice in each decision. We find that decision makers extensively adapt decision structures in order to effectively make governance mode choices. They adapt hierarchy span, i.e. the number of hierarchical levels involved, and expertise span, i.......e. the number of same-level decision makers with dissimilar knowledge basis. We observe that decision makers heavily rely on varying hierarchy and expertise span in order to improve the quality of the decision outcome. Central to the adaption of decision structures is that decision makers, over time...

  16. Do African Manufacturing Firms Learn from Exporting?

    OpenAIRE

    Paul Collier; Marcel Fafchamps; Francis Teal; Stefan Dercon

    2002-01-01

    In this paper, we use firm-level panel data for the manufacturing sector in four African countries to estimate the effect of exporting on efficiency. Estimating simultaneously a production function and an export regression that control for unobserved firm effects, we find both significant efficiency gains from exporting, supporting the learning-byexporting hypothesis, and evidence for self-selection of more efficient firms into exporting. The evidence of learning-by-exporting suggests that Af...

  17. Knowledge Management Systems: A Comparison of Law Firms and Consulting Firms

    Directory of Open Access Journals (Sweden)

    Petter Gottschalk

    2000-01-01

    Full Text Available This paper reports results from a survey of Norwegian law firms on the use of information technology to support inter-organizational knowledge management. Two predictors of IT support were significant: firm cooperation and knowledge cooperation. Inter-organizational trust was not a significant predictor. Software and systems most frequently used include word processing, electronic mail and legal databases. It has been argued that law firms are old fashioned and not ready for extensive use of information technology. An impression is created that other professional service firms such as consulting firms are much more advanced. To evaluate the relative performance of law firms in the area of IT support for knowledge trans-fer an identical survey was conducted among a limited number of consulting firms in Norway. Survey results indicate that the average IT use in consulting firms was slightly higher than in law firms, but the most interesting differences were found in the different systems and software used rather than the level of IT use. Consulting firms are high-level users of general information sources on the Internet, while law firms are high-level users of structured information in databases.

  18. What Level of Education Matters Most for Growth?

    Science.gov (United States)

    Pereira, Joao; St. Aubyn, Miguel

    2009-01-01

    We decompose annual average years of schooling series for Portugal into different schooling levels series. By estimating a number of vector autoregressions, we provide measures of aggregate and disaggregate economic growth impacts of different education levels. Increasing education at all levels except tertiary has a positive and significant…

  19. 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.

  20. 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...

  1. 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.

  2. 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...... and manufacturing productivity in a fast growing developing country....

  3. 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...

  4. 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 ho...... 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.......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...

  5. Immigration and Firm Expansion

    OpenAIRE

    William W. Olney

    2008-01-01

    Research generally focuses on how immigration affects native workers, while the impact of immigration on domestic firms is often overlooked. This paper addresses this important omission by examining whether firms respond to immigration by expanding their production activities within a city in order to utilize the abundant supply of low-skilled workers. Using data on immigration and the universe of establishments in U.S. cities, the results indicate that firms respond to immigration at the ext...

  6. Which firms use measures?

    DEFF Research Database (Denmark)

    Pedersen, Esben Rahbek Gjerdrum; Sudzina, Frantisek

    2012-01-01

    measurement practices. Design/methodology/approach – This paper hypothesises that firms dominated by organic capabilities and operating in unpredictable markets are more likely to adopt comprehensive PM systems. The statistical test of these hypotheses is based on a 2008 survey of 299 Danish firms. Findings....... Originality/value – Much has been said about how changes in the environment and business structure require firms to develop new ways to measure performance. Less has been done to study whether firms adopting comprehensive PM systems actually match the characteristics of the “new economy”. The findings from...

  7. Procurement with specialized firms

    DEFF Research Database (Denmark)

    Boone, Jan; Schottmüller, Christoph

    2016-01-01

    This paper analyzes 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) quality. With specialized firms, distortion is limited and a mass of types earns zero profits. The optimal mechanism can be inefficient: types providing lower second best welfare win against types providing higher second best welfare. As standard scoring rule auctions cannot always implement...

  8. 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.

  9. 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.

  10. Total and acylated ghrelin levels in children with poor growth.

    Science.gov (United States)

    Pinsker, Jordan E; Ondrasik, Deborah; Chan, Debora; Fredericks, Gregory J; Tabisola-Nuesca, Eludrizza; Fernandez-Aponte, Minela; Focht, Dean R; Poth, Merrily

    2011-06-01

    Ghrelin, an enteric hormone with potent appetite stimulating effects, also stimulates growth hormone release. We hypothesized that altered levels of total ghrelin (TG) or acylated ghrelin (AG) could affect growth by altering growth hormone secretion, subsequently affecting insulin-like growth factor-1 (IGF-1) generation or by altering appetite and food intake. After institutional review board approval, 52 children presenting for evaluation of chronic gastrointestinal symptoms (group 1), poor weight gain (group 2), or poor linear growth (group 3) were evaluated for fasting TG and AG levels in addition to their regular evaluation. Serum ghrelin, IGF-1, and prealbumin were compared between groups. No difference was observed for mean fasting TG between groups. However, mean fasting AG was highest in patients in group 2 (465 ± 128 pg/mL) versus group 1 (176 ± 37 pg/mL) and group 3 (190 ± 34 pg/mL). IGF-1 was lowest in patients in group 2 despite similar prealbumin levels among the three groups. We conclude that serum AG levels are highest in children with isolated poor weight gain compared with children with short stature or chronic gastrointestinal symptoms, suggesting the possibility of resistance to AG in underweight children. Additional studies are needed to further clarify ghrelin's role in growth and appetite.

  11. 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

  12. 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.

  13. 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...... levels are low. This is especially interesting as high levels of CO2 may have a deleterious effect on the sensorial properties of the product.The objective was to determine the effect of very low oxygen levels (less than 1%) on growth and secondary metabolite production by the most common fungal...... for sequential removal of samples. Fungal metabolites were detected by High Pressure Liquid Chromatography (HPLC).All fungi were unaffected by reduction of oxygen levels to 1.0%, whereas already at 0.5% growth of the fruit spoilage fungi Alternaria infectoria and Botrytis cineria were reduced by 25%. Most...

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

    Science.gov (United States)

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

    2014-07-01

    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&D institutions, universities and government agencies play a significant role in enhancing technological innovation in small firms.

  15. Angiopoietin-related growth factor level in preeclampsia

    OpenAIRE

    2012-01-01

    Abstract Aim. Angiopoietin-related growth factor (AGF) is associated with angiogenesis but it can also affect glucose and energy metabolism. The aim of this study was to determine AGF levels in preeclampsia. Method. The study included 32 women with preeclampsia (preeclampsia group) and 32 non-preeclamptic, healthy, third trimester pregnant women (Control group). We analyzed serum levels of AGF and other biochemical and anthropometric markers in all subjects. Results. Serum AGF levels were sig...

  16. 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...

  17. 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....... In particular, the theory of heterogeneous workers can explain up to 75 percent of the premium....

  18. 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 framew...

  19. 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...

  20. 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

  1. 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...

  2. Industry Diversity, Competition and Firm-Relatedness

    DEFF Research Database (Denmark)

    Wang, Cong; Madsen, Jakob; Steiner, Bodo

    2017-01-01

    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...... the Global Financial Crisis and immediately thereafter....

  3. 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 efficiency

  4. 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 efficiency

  5. Study on the Supporting Forces to Firm's Sustainable Growth Based on System Dynamic Science%基于系统动力学的企业可持续成长的支撑力量研究

    Institute of Scientific and Technical Information of China (English)

    蔡树堂

    2011-01-01

    在当今快速变化的市场环境下,企业如何实现可持续成长已成为理论界和实际管理工作者迫切需要回答的问题.传统的资源基础理论和核心能力理论由于采取静态性分析方法而无法回答这个问题.动态能力理论被认为是一个有价值的分析工具,但运用动态能力理论分析企业可持续成长的合理性并未有人揭示.运用系统动力学原理对之进行了详细分析,得出动态能力是企业可持续成长的支撑力量的现点.%Nowadays, under the rapid change of market environment, how to achieve sustainable growth is an emergent problem that is settled by scholars and managers.The resource - based view and the theory of firm' s core competence have limitations in answering this problem, because they apply the static analysis means.The dynamic capabiliies are reconfigured a value analysis means, but the rationality of using dynamic capabiliies to analyze the firm' s sustainable growth is not discussed.The paper examines it by applying the principle of system dynamic science to gain that dynamic capabilities are supporting forces for firm' s sustainable growth.

  6. 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....

  7. Technology Licensing and Firm Innovation

    DEFF Research Database (Denmark)

    Moreira, Solon

    that facilitate or constrain firms' ability to deal with licensed-in technologies have received little attention. This paper starts investigating in a longitudinal setting the effect of technology licensing on the number of patents produced by the licensee within the three years subsequent to the technology...... 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....

  8. Global Sourcing of Heterogeneous Firms: Theory and Evidence

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    2015-01-01

    The share of international trade within firm boundaries varies greatly across countries. This column presents new evidence on how the productivity of a firm affects the choice between vertical integration and outsourcing, as well as between foreign and domestic sourcing. The productivity effects...... found in Spanish firm-level data suggest that contractual imperfections distort the sourcing of inputs in the global economy, and that firm boundaries emerge in response to mitigate this distortion....

  9. Global Sourcing of Heterogeneous Firms: Theory and Evidence

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    2015-01-01

    The share of international trade within firm boundaries varies greatly across countries. This column presents new evidence on how the productivity of a firm affects the choice between vertical integration and outsourcing, as well as between foreign and domestic sourcing. The productivity effects...... found in Spanish firm-level data suggest that contractual imperfections distort the sourcing of inputs in the global economy, and that firm boundaries emerge in response to mitigate this distortion....

  10. Corporate Governance and Firm Value: Empirical Evidence in Malaysia

    OpenAIRE

    Tan, Mabel Yunn Ru

    2009-01-01

    Well governed firms have been noted to have higher firm performance. However, this is still an empirical question in the context of Malaysia. This paper aims to examine the effect of corporate governance practices on firm value among 151 public listed companies on Bursa Malaysia Main Board between 2006 and 2008. We use the overall governance practice scores (CGS) to measure the level of compliance carried out by the sample firms. The results find that better corporate governance is highly cor...

  11. 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.

  12. Technological Opportunities and New Firm Creation

    OpenAIRE

    Scott Shane

    2001-01-01

    Research on the creation of new high-technology companies has typically focused either on industry-level factors such as market structure and technology regime or on individual-level factors such as the work experience of entrepreneurs. This study complements these approaches by examining the effect of technological opportunities on firm formation. In particular, the study shows that the probability that an invention will be commercialized through firm formation is influenced by its importanc...

  13. 企业开放式创新实施机制:项目管理视角%Implementation of Firms Open Innovation at Project Level

    Institute of Scientific and Technical Information of China (English)

    陈劲; 吴航

    2012-01-01

    Open innovation has become a hot topic among practitioners and researchers. However, research on open innovation at the project level is nearly neglected, which in fact has more significant meaning for firms. This paper selects the case of EPA of SUPCON as our object of study and deliberately analyzes the implementation process of EPA based on the project management theory, namely the project conceptualization process and project realization process. The case suggests that a successful project always obtains commitment both from the top management and team members; managers responsible for the project in developing countries should actively seek government support especially at the turning point; managers should combine outside-in and inside-out processes, integrating inbound and outbound open innovation; and most important the open innovation should be selective open at each research stage including the organizational modes and partners.%开放式创新是目前理论界和企业界关注的热点,从项目层面研究企业开放式创新管理对于企业更具指导意义。选取中控EPA项目作为研究对象,运用项目管理分析框架,从项目概念形成和项目实现两个阶段对EPA项目的具体运作进行了详细阐释。研究显示,成功的项目需要同时获得企业高层管理人员和项目成员的大力支持;企业的开放式创新应该根据创新项目流程进行有选择性开放;在项目运作过程中,应综合使用内向和外向开放式创新模式;发展中国家的高技术企业应积极争取政府支持,特别是在一些关系产业发展的重大项目开发上。

  14. 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.

  15. Firm-level perspectives on State-Business Relations in Africa: The food-processing sector in Kenya, Tanzania and Zambia

    DEFF Research Database (Denmark)

    Charles, Goodluck; Jeppesen, Søren; Kamau, Paul;

    2016-01-01

    Experiences from now developed and emerging economies inform us that close state-business relations are crucial for economic development and structural transformation to take place. Based on the positive experiences from other parts of the world, most African governments have set processes...... on an analysis of survey data from 210 local firms, complemented with qualitative data from interviews with 41 firms and a number of key informants and a range of secondary sources on the food processing sectors of Kenya, Tanzania and Zambia, this paper shows that businesses in the countries have limited policy...... influence, find policies and programs to be insufficiently targeting the needs and requirements of local businesses and that business associations in the countries are poorly organised. In spite of initiatives taken from the states and other actors, including an increase in the number of formal relations...

  16. The Multinational Firm

    DEFF Research Database (Denmark)

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

    In contrast to the traditional view of multinational firms as cohesive rational actors maximizing the use of resources across national boundaries, the contributors to this volume argue that they are complex social arenas where competing groups draw on resources from their own socially......-embedded locations in developing new transnational social relationships. As firms seek to manage across national and institutional boundaries, they stretch their existing capacities and routines and develop new sets of transnational social relationships through different groups competing and cooperating...

  17. 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.

  18. 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....

  19. 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.

  20. 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.

  1. 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.

  2. Micro- and macrostresses in two level model of coating growth

    OpenAIRE

    N. N. Nazarenko; Knyazeva, Anna Georgievna

    2014-01-01

    In the work, a two level model of coating growing with the diffusion and chemical compounds formation is proposed. The process of coating formation includes different physico-chemical steps and transformations of the structure. From the experiments it was established that the coating consists of the following substances: 4+ titanium oxide, titanium pyrophosphate, calcium pyrophosphate, calcium titanophosphate. Coating growth rate is determined by the deposition rate and the dispersion of the ...

  3. 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...... levels are low. This is especially interesting as high levels of CO2 may have a deleterious effect on the sensorial properties of the product.The objective was to determine the effect of very low oxygen levels (less than 1%) on growth and secondary metabolite production by the most common fungal...... contaminants of a wide range of products, and to determine the limit of growthFungi isolated from a wide range of products were incubated for up to three weeks at 25oC , 90% relative humidity at 1.0, 0.5, 0.25, 0.1, and 0.05% oxygen respectively in a custom made incubator with an interlock system...

  4. IMPACT OF FINANCIAL CRISIS ON CONSTRUCTION FIRM`S COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Schiau (Macavei Laura Liana

    2010-12-01

    Full Text Available The average cost of debt is negatively related with size, tangibility, firm growth, the leverage ratio, and the ratio of long- to short-term debt and positively to profitability. We find that the recent international crisis did have a significant impact on the set of firms in our sample, but affected the way in which leverage and the interest to debt ratio relate to firm fundamentals. In this article, we want to study the impact of financial crisis on the cost of capital using a sample of construction companies.

  5. Analyzing the impact of investment spikes on dynamic productivity growth

    NARCIS (Netherlands)

    Kapelko, Magdalena; Oude Lansink, Alfons; Stefanou, S.E.

    2015-01-01

    Firm-level data usually show that a large portion of firm-level investment takes place in a few investment episodes. This paper assesses productivity growth and its components in production framework that accounts for the dynamics of capital adjustment and relates this to investment spikes using

  6. 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.

  7. 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...

  8. 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

  9. Entrepreneurial mindset of information and communication technology firms

    OpenAIRE

    2008-01-01

    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...

  10. Independence of sialic acid levels in normal and malignant growth.

    Science.gov (United States)

    Khadapkar, S V; Sheth, N A; Bhide, S V

    1975-06-01

    Sialic acid content in breast or tumor tissue and serum of mouse strains that are either susceptible or resistant to breast cancer was measured at various age periods. Sialic acid content was also studied in normal lung tissue and in lung adenoma and hepatoma. Sialic acid levels during nonmalignant growth of a tissue were measured in breast tissue during pregnancy and lactation, and in regenerating liver, as well as in newborn and postnatal liver. The sialic acid content, when expressed per mg of protein, increased in mammary tumor, lung adenoma, and hepatoma. It also increased in nonmalignant growth of breast tissue during pregnancy and lactation and of regenerating liver and postnatal liver. Increase in sialic acid per mg DNA was observed only in lung tumors, regenerating liver, and postnatal liver. It appears that the changes in sialic acid level are independent of the normal or malignant growth of a tissue and that these changes might be the function of the parameter used to express the sialic acid values, i.e., either the DNA content or protein content of a given tissue.

  11. 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“.

  12. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

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

    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...... by selection are in the neighborhood of 30-65% of the total premium, with the remainder consistent with learning. There is also considerable support for a number of other predictions specific to the worker-learning explanation....

  13. Innovation in Family Firms

    DEFF Research Database (Denmark)

    Filser, Matthias; Brem, Alexander; Gast, Johanna

    2016-01-01

    Over the past decade, research on innovation in family firms has received growing attention by scholars and practitioners around the globe with a wide range of aspects explored within the current body of literature. Despite the constantly growing number of scientific publications, research lacks...... a comprehensive and critical review of past and present research achievements. First, conducting a bibliometric analysis with a focus on innovation in family firms, we identify five topical clusters that help to understand the foundations of recent findings: namely ownership and governance, structural settings......, 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...

  14. Beta-nerve growth factor levels in newborn cord sera.

    Science.gov (United States)

    Haddad, J; Vilge, V; Juif, J G; Maitre, M; Donato, L; Messer, J; Mark, J

    1994-06-01

    This study was designed to examine beta-nerve growth factor (NGF) levels in human cord blood by a two-site enzyme immunoassay using MAb 27/21 to mouse NGF and to determine whether beta-NGF levels show developmental changes. Blood was collected at delivery from 61 newborns, 55 neonates appropriate for gestational age (46 term infants and 9 premature infants), 5 neonates small for gestational age, and 1 neonate with congenital hydrocephalus. In addition, samples were collected from 2 microcephalic children (microcephaly vera) aged 15 and 18 mo, 2 control children, and 4 healthy adults. Mean levels of NGF in preterm infants (n = 9; 13.7 +/- 8 pg/mL) were significantly lower than levels in term infants (n = 47; 21.2 +/- 8.8 pg/mL; p = 0.034 by Mann-Whitney U test). There was no correlation between birth weight, length, head circumference, and beta-NGF levels. In microcephalic children, NGF levels were low (8 pg/mL) compared with control infants' values (22 pg/mL). In adults, beta-NGF levels were higher and ranged between 238 and 292 pg/mL. Our study demonstrates that beta-NGF levels can be assessed in human newborn sera using a two-site enzyme immunoassay with MAb 27/21 to mouse beta-NGF, that beta-NGF levels are extremely low in newborns compared with adults, that beta-NGF levels seems to show developmental changes, and that beta-NGF levels may be used to assess NGF utilization under normal and pathologic conditions such as cerebral malformations.

  15. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    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......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...

  16. 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.

  17. Growth of State-owned Business Group and Firm Diversification in China%企业集团成长模式与上市国有企业多元化行为研究

    Institute of Scientific and Technical Information of China (English)

    王学工; 刘人怀

    2012-01-01

    A business group is a set of firms which are linked together by common ownership and other informal ties. As one type of the new organizations after Chinese economical reforms, business groups have caught great attention among the scholars. Based on institutional theory, resource-based theory, resource dependence theory and agency theory, using a data set compiled largely from listed firms in Shanghai Securities Exchange and Shenzhen Securities Exchange, we analyze the effects of business group growth on diversification and firm profitability. The research results show that hypotheses are supported by the data.%鉴于我国企业集团历史背景的特殊性,主要以企业资源依存理论为基础,以集团公司为研究核心,选取2007 ~ 2009年在沪、深上市的国有企业以及国有企业集团作为研究样本,运用二项回归与多元回归分析等多种方法,对我国企业集团的集团公司成长模式与上市国有企业的多元化行为进行了理论与实证分析.研究结果表明,企业集团是我国国有企业的一种快速成长模式,其成长与企业多元化行为高度正相关;国家资源调配的政策导向对国有企业集团的战略导向和组织结构设计有重要影响,但企业集团的产品多元化程度与企业绩效不相关.

  18. Public Funds and Local Biotechnology Firm Creation

    NARCIS (Netherlands)

    Kolympiris, C.; Kalaitzandonakes, N.; Miller, D.

    2014-01-01

    A long stream of academic literature has established that public funding towards research and development matters for economic growth because it relates to increases in innovation, productivity and the like. The impact of public funding on the creation of new firms has received less attention in thi

  19. The Optimal Level of Strictness and Congregational Growth

    Directory of Open Access Journals (Sweden)

    Todd W. Ferguson

    2014-08-01

    Full Text Available Beginning with Kelley’s and Iannaccone’s foundational studies, scholars have examined how strictness impacts congregational outcomes. This paper seeks to further develop the strict church thesis by examining Iannaccone’s concept of “optimal level of strictness”, an idea that there are limits to strictness. Using Stark and Finke’s theoretical framework of religious niches and data from the 2005 Baylor Religion Survey and the 2000 Faith Communities Today survey, I find that only prohibitions that are in line with a congregation’s religious niche have an impact on growth. To be beneficial, prohibitions must match the pool of potential members’ preferences.

  20. 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 de...

  1. Firms, crowds, and innovation

    Science.gov (United States)

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

    2017-01-01

    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. PMID:28690428

  2. 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.

  3. Factors Affecting Engagement and Commercialization of Innovation Activities of Firms in Tanzania

    NARCIS (Netherlands)

    Osoro, Otieno; Kirama, Stephen; Knoben, Joris; Vermeulen, P.A.M.

    2015-01-01

    In this paper, we analyse the commercialization of innovations in Tanzania using firm level data. Specifically, we assess the relative importance of firm, innovation and environmental level factors in commercialization and how innovation is linked with commercialization. Environmental level and

  4. 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....

  5. 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.

  6. 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....... These differential reactions come from differences in corporate governance standards but not differences in ownership concentration ratios....

  7. Profitability, Diversification, and Multinationality in Leading German and UK Firms

    OpenAIRE

    Catherine Matraves; Peter Rodriguez

    2005-01-01

    This paper analyzes the relationship between product and geographic diversification and profitability in leading German and UK firms. Using a unique and disaggregated dataset, we first link a firm¡¦s level of product and geographic diversification to both industry and firm-specific factors. The impact of the Single European Market and industry type are found to be important in explaining diversification levels. Secondly, during the early 1990s, we find evidence of a curvilinear relationship b...

  8. MARKET COMPETITION AND MERGERS IN PROFESSIONAL SERVICE FIRMS

    OpenAIRE

    Yi-Fang Yang; Lee-Wen Yang; Yahn-Shir Chen

    2012-01-01

    This study examines competition level and merger in Taiwanese audit industry over a long time interval of 1992-2008. Total public accounting firms are divided into four sub-samples in terms of market segment, including big, large, medium, and small firms. Next, based on prior studies and service attribute, this study establishes four practice sub-markets: auditing, tax, consultation, and accounting. Empirical results indicate that big firms have the highest competition level but the other thr...

  9. 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.

  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. Productivity (TFP and Competitiveness of Listed Firms in China

    Directory of Open Access Journals (Sweden)

    Moosup Jung

    2009-12-01

    Full Text Available This paper measured the Total Factor Productivity (TFP of listed firms in the China stock market by employing the balanced panel data from 1999 to 2007. According to the findings, the TFPs of Chinese firms have increased considerably especially in machinery, electric and electronics, telecommunication, and automobile industries which are major exporting industries in Korea. The findings also show that the TFP gap between large and small firms has increased since 1999. The TFP gap between large and small firms was 9.7 points in 1999, increasing to 14.9 points in 2007. In addition, we found that the TFP growth rate of the leading firm in each industry is much lower than those of followers which may become potential competitors to Korea exporting firms.

  12. Foreign Exchange Exposure of Korean Firms

    Directory of Open Access Journals (Sweden)

    Ji-Seon Kim

    2002-12-01

    Full Text Available The purpose of this study is to examine the relationship between the movements of exchange rate and value of Korean firms, so-called foreign exchange rate exposure using newly devised model to find the strong evidence. I use weekly data on Korean Firms that are listed on Korea Stock Exchange (KSE for the period from January 1997 to December 2000. I find that about 70% Korean Firms are actually exposed to Won-dollar exchange rate movement at 10% significance level and these results are substantially different from the previous empirical study where little statistical significance was found. In comparing the foreign exchange exposures with three different exchange rates, in Won-dollar and Won-yen exchange exposures, value of Korean firms is positively related to depreciation of Korean Won and negatively related to depreciation of Korean Won with Won-euro exchange exposure. With magnitude of three exposures, results can be interpreted that Dollar exposure seems to be the most significant among three foreign exchange exposures and Korean Firms' value is more sensitive to Won-dollar exchange rate. I also find that exchange exposure is strongly related to firm size and industry especially Electricity & Gas industry is most significantly related.

  13. Firm-Specific Learning and the Nature of the Firm

    DEFF Research Database (Denmark)

    Knudsen, Thorbjørn

    2007-01-01

    This article discusses the limits of a purely transaction cost explanation of the existence of the firm by pointing to additional factors. A simple heuristic model shows that firm-specific learning effects can overcome the costs of monitoring employees, and explain the existence of the firm even ...

  14. 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.

  15. Acromegaly presenting with low insulin-like growth factor-1 levels and diabetes: a case report

    OpenAIRE

    Wijayaratne, Dilushi Rowena; Arambewela, M. H.; Dalugama, Chamara; Wijesundera, Dishni; Somasundaram, Noel; Katulanda, Prasad

    2015-01-01

    Introduction Acromegaly is an endocrine disorder arising from excessive serum growth hormone levels in adulthood and is characterized by progressive somatic enlargement. Biochemical confirmation is achieved by demonstration of elevated baseline serum growth hormone levels which are not suppressed during an oral glucose tolerance test, and by increased levels of serum insulin-like growth factor-1. The serum insulin-like growth factor-1 level provides an assessment of integrated growth hormone ...

  16. How do Organizational Learning and Market Conditions Affect the Relationship between Entrepreneurial Orientation and Firm Growth? A Preliminary Analysis on Small and Medium Size Hotels in Peninsular Malaysia

    National Research Council Canada - National Science Library

    Azilah Kasim; Levent Altinay

    2016-01-01

      This is a preliminary analysis on the influence of organizational learning and market conditions on the relationships between entrepreneurial orientation and growth of small and medium size hotels...

  17. 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).

  18. 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.

  19. 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...... topics. These include knowledge management, authority and hierarchy, modularity, corporate restructuring, telecommunications regulation and competitive advantage. They clearly show how Austrian ideas can usefully engage, challenge and extend more mainstream perspectives on economic organization....

  20. Foreign Firms Partner Up

    Institute of Scientific and Technical Information of China (English)

    DAVID HENDRICKSON

    2006-01-01

    @@ There is an important strategic adjustment occurring on the part of foreign dairy companies seeking to capitalize on the China market. Rather than going it alone,with local partnerships little more than an entry mechanism,global giants such as Danone,Arla, and Fonterra are taking advantage of the country's more relaxed foreign investment rules by upping their stakes in established local firms and expanding the role they play in business and industrial operations.

  1. The Rise of Labor Cost and Firm Growth:Substitution Effect of Technological Innovation%劳动力成本上升与企业增长——技术创新的替代效应

    Institute of Scientific and Technical Information of China (English)

    程晨; 袁建国; 王萌萌

    2016-01-01

    According to Romer and Lucas' s new economic growth theory, the rise of the human capital cost will provide opportunities for economic transformation and ungrading, technology advance and endogenous growth companied with the accumulation of knowledge and specialization of human capital. At the transformation period of China, what is the role played by the rise of the human capital cost for promoting the transformation and development of the economy? Based on 2001~2013 panel data of listed firms in China, this study investigates the function performed by the rise of human cap-ital cost in forcing the transformation and upgrading of China' s industry and driving economic growth in a perspective of firm growth. We find that the rise of the human capital cost benefits firm growth. Our explorations to the underlying mechanisms show technology advance has a significant substitution effect on human capital. This paper verifies the appli-cability of the new economic growth theory in the context of China, and provides new evidence supporting the policy orientation of industrial upgrading, structural adjustment in China.%根据罗默( Romer)和卢卡斯( Lucas)提出的新经济增长理论,劳动力成本的上升,伴随着知识的积累与劳动力的专业化将为经济体的转型升级、技术创新、实现内生增长提供机遇和挑战. 在新兴加转轨的中国,劳动力成本上升将在经济增长中发挥什么作用? 本文利用我国上市公司2001~2013年的样本,从企业增长的视角实证检验了劳动力在"倒逼"我国产业转型升级和驱动经济增长中的重要作用. 结果显示:劳动力成本的提升有利于我国上市公司的持续增长;我们对于影响机制的探索发现,技术进步对劳动力投入具有显著的替代作用,在因果关系中发挥了替代效应. 本文实证检验了罗默和卢卡斯的新经济增长理论在中国的适用性,并为中国产业升级、结构调整的政策导向提供了新的证据.

  2. 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. PMID:23658682

  3. 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.

  4. 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

  5. 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...

  6. 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.

  7. 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.

  8. 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.

  9. 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...

  10. Mergers, acquisitions and the evolution of construction professional services firm

    OpenAIRE

    Connaughton, John; Meikle, Jim; Teerikangas, Satu

    2015-01-01

    Whilst mergers and acquisitions are a favoured means of strategic renewal and expansion for firms, scant academic attention has been placed on the growth patterns of construction professional services firms (CPSFs). This paper focuses on the role of mergers and acquisitions in the evolution of CPSFs. The findings are based on an analysis of the growth patterns of the top 25 CPSFs in the United Kingdom between 1988 and 2013. Since the 1990s, the increase in merger and acquisition activity has ...

  11. Product-Marketing Innovation, Skills, and Firm Productivity

    OpenAIRE

    Junge, Martin; Severgnini, Battista; Sørensen, Anders

    2012-01-01

    The role of product and marketing innovation for productivity growth is addressed using survey and register data for the Danish economy. It is 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 precisel...

  12. Job Vacancy Rates in the Firm: An Empirical Analysis

    OpenAIRE

    Harry J. Holzer

    1990-01-01

    In this paper I present some evidence on the magnitudes and determinants of job vacancy rates at the firm level. The data are from a survey of firms in 1980 and 1982, as well as from 1980 Census data on industry and local area characteristics. The results show that overall job vacancy rates are low but there is substantial variation across firms, occupations, industries, and local areas. Unemployment rates, either local or aggregate, have negative effects on vacancy rates while average indust...

  13. The Strategic Organization of the Entrepreneurial Established Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Lyngsie, Jacob

    2014-01-01

    organizational designs, the various entrepreneurial activities of organizational members and firm-level entrepreneurial entrepreneurial outcomes are not well-understood. We sketch a research program for understanding the strategic organization of the entrepreneurial established firms.......The entrepreneurship field predominantly focuses on start-ups, opportunity discovery and single individual. These overall characteristics mean that the field has difficulties conceptualizing and theorizing the entrepreneurial activities of established firms. In particular, the links between...

  14. Export intensity behaviour and its determinants for Turkish manufacturing firms

    OpenAIRE

    Günaydın, Burak; Gunaydin, Burak

    2013-01-01

    This paper examines export market entry behavior and export intensity of Turkish manufacturing firms. It tries to explain what kind of firm characteristics, domestic constraints, market properties or regional conditions affect export or do not export decision and export intensity levels of firms. Size and productivity, informal competitors in sector, industrial and regional properties are found influential in both decisions. Age, number of competitors in the market, customs regulations and cr...

  15. Firms' skills as drivers of radical and incremental innovation

    OpenAIRE

    Doran, Justin; Ryan, Geraldine

    2014-01-01

    Using firm level data from the Irish Community Innovation Survey 2008–2010 we analyse the importance of eight skill sets for the innovation performance of firms. We distinguish between radical and incremental innovation. Our results suggest that there is substantial heterogeneity in the importance of skills for different types of innovation and that some skills are best sourced from outside the firm while others are best developed in-house.

  16. 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...... ownership by strategic investors make small investors and investors interested in security returns more confident in their investments....

  17. Single-cell level analysis of megakaryocyte growth and development.

    Science.gov (United States)

    Leysi-Derilou, Younes; Duchesne, Carl; Garnier, Alain; Pineault, Nicolas

    2012-04-01

    Several fundamental questions regarding cell growth and development can be answered by recording and analyzing the history of cells and their progeny. Herein, long-term and large-field live cell imaging was used to study the process of megakaryopoiesis at the single cell level (n = 9300) from human CD34+ cord blood (CB) in the presence of thrombopoietin (TPO) or the cytokine cocktail BS1 with or without nicotinamide (NIC). Comparative analyses revealed that the cocktail BS1 increased the mitotic and proplatelet rate of diploid and polyploid cells, respectively. Conversely, only NIC treatment increased the endomitotic rate of megakaryocytes (MKs) leading to the formation of CB-MKs with ploidy level frequently observed with BM-MKs. However, NIC failed to enhance platelet production. Rather, a 7- and 31-fold reduction in proplatelet formation was observed in tetraploid and octaploid CB-MKs, respectively, and ex vivo platelet production output was reduced by half due to a reduction in MK output in NIC cultures. Unexpectedly, a significant fraction of di- and polyploid CB-MKs were seen to undergo complete proplatelet regression. Though rare (cells that could at times resume normal development. The cell tracking data was then used to investigate the impact of "developmental fate" and ploidy on cell cycling time, and to identify potential developmental patterns. These analyses revealed that cell fate and ploidy level have major impacts on the cell cycling time of the cells, and that four recurrent cell lineage patterns could be identified for CD34+ cells undergoing MK differentiation.

  18. Exercise increases serum fibroblast growth factor 21 (FGF21 levels.

    Directory of Open Access Journals (Sweden)

    Daniel Cuevas-Ramos

    Full Text Available BACKGROUND: Fibroblast growth factor 21 (FGF21 increases glucose uptake. It is unknown if FGF21 serum levels are affected by exercise. METHODOLOGY/PRINCIPAL FINDINGS: This was a comparative longitudinal study. Anthropometric and biochemical evaluation were carried out before and after a bout of exercise and repeated after two weeks of daily supervised exercise. The study sample was composed of 60 sedentary young healthy women. The mean age was 24±3.7 years old, and the mean BMI was 21.4±7.0 kg/m². The anthropometric characteristics did not change after two weeks of exercise. FGF21 levels significantly increased after two weeks of exercise (276.8 ng/l (142.8-568.6 vs. (460.8 (298.2-742.1, p<0.0001. The delta (final-basal log of serum FGF21, adjusted for BMI, showed a significant positive correlation with basal glucose (r = 0.23, p = 0.04, mean maximal heart rate (MHR (r = 0.54, p<0.0001, mean METs (r = 0.40, p = 0.002, delta plasma epinephrine (r = 0.53, p<0.0001 and delta plasma FFAs (r = 0.35, p = 0.006. A stepwise linear regression model showed that glucose, MHR, METs, FFAs, and epinephrine, were factors independently associated with the increment in FGF21 after the exercise program (F = 4.32; r² = 0.64, p<0.0001. CONCLUSIONS: Serum FGF21 levels significantly increased after two weeks of physical activity. This increment correlated positively with clinical parameters related to the adrenergic and lipolytic response to exercise. TRIAL REGISTRATION: ClinicalTrials.gov NCT01512368.

  19. Does R&D investment under corporate social responsibility increase firm performance?

    Directory of Open Access Journals (Sweden)

    Yu-Chun Lin

    2017-05-01

    Full Text Available Research and development (R&D investment affects firms’ growth and reflects their investment energy. However, it is recorded as an expense in financial statements, according to generally accepted accounting principles (e.g., International Financial Statements Standards. This study examines whether firms’ R&D investment has a positive effect on their performance, when they engage in corporate social responsibility. The author focuses on firms that have earned corporate social responsibility awards from Global Views Magazine, Common Wealth Magazine, and the Taiwan Institute for Sustainable Energy in order to measure firms’ levels of corporate social responsibility engagement. Tobin’s Q is used as a proxy for firm performance. Because corporate social responsibility engagement is not mandatory in Taiwan, the Heckman two-stage process is used to control for an endogeneity bias. In the first stage, logit regression is employed, using a dummy variable as a proxy for a firm’s social responsibility engagement. In the second stage, the impact of corporate social responsibility on firm value is estimated by regressing Tobin’s Q on various governance and firm characteristics and on a dummy variable for social responsibility engagement. Based on all public traded companies in Taiwan for the period 2005 – 2014, and after controlling for an endogeneity bias, it is found that R&D investment is positively associated with Tobin’s Q, but only when firms engage in corporate social responsibility. Therefore, an investment strategy that meets corporate social responsibility objectives benefits firm performance. The empirical results provide policy implications for firm R&D investment and corporate social responsibility implementation.

  20. The relationship between knowledge management, innovation and firm performance : Evidence from Dutch SMEs

    NARCIS (Netherlands)

    Stel, van A.J.; Folkeringa, M.; Meijaard, J.; Uhlaner, L.M.

    2007-01-01

    This publication investigates the relationship between knowledge management (KM), innovation and firm performance of smaller firms (less than 100 employees), based on a panel of more than 400 Dutch firms. Regression analyses explain the variations in sales turnover growth from various measures of KM

  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...... and productivity results depending on whether bad outputs are or are not included in the model. The differences reflect the resource cost to society and the potential cost to an airport if such externalities were internalized. Finally, the paper provides measures of shadow prices for the bad output, in our case...

  2. 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...

  3. 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 kn

  4. Offshoring to Promote the Internationalization of Family Firms

    Directory of Open Access Journals (Sweden)

    Fernando Merino

    2017-07-01

    Full Text Available This paper analyses the impact of sourcing abroad on exporting in the case of Spanish manufacturing firms that are family-owned. Sourcing abroad can be a channel that places the firm in a better position to export, not only because it increases the productivity of the firm, but also because it provides information, new managerial procedures or just the acceptance by the family owners of a more complex strategy. The empirical analysis presents the premium on the probability of being an exporter for those firms that offshore part of their production, and compares this with the results for non-family firms. The results show that there is a significant premium for SMEs on the probability of exporting, but not on the intensity of those exports, and that this occurs at the same levels in family and non-family firms.

  5. 产业集群龙头企业的成长演化:商业模式视角%The growth evolution of leading firm in the industrial cluster: A perspective of business model

    Institute of Scientific and Technical Information of China (English)

    龚丽敏; 江诗松

    2012-01-01

    产业集群成长的重要驱动力之一是集群龙头企业的成长。商业模式这一新兴构念对集群龙头企业成长的解释力也日益明显。本文从商业模式构念关注的核心问题入手,在重新界定其概念和维度的基础上,通过对温州低压电器龙头企业——正泰集团25年成长过程的纵向案例研究,从龙头企业角度剖析了产业集群成长的微观机制。本文发现,集群龙头企业在起步、调整和扩张的不同阶段,价值主张、价值创造和价值系统整合三个维度都发生了显著变化,且与集群发展情况相适应。%One of key driving forces for industrial cluster' s growth is its leading finns' growth. Meanwhile, the explanatory pow- er of business model for leading finns' growth in a cluster is increasingly significant. By redefining the concept and dimensions of business model, and using Chint Group as a study case, the micro mechanism of industrial cluster' s growth is revealed from the perspective of its leading firm. The findings suggest that at initial, adjusting, and expansion phases, the leading finn experiences a significant change along three dimensions of business model: value proposition, value creation, and value system integration, which is also corresponding to the cluster development characteristics.

  6. 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

  7. Firm Productivity and the Foreign-Market Entry Decision

    OpenAIRE

    Raff, Horst; Ryan, Michael; Stähler, Frank

    2008-01-01

    We use Japanese firm-level data to examine how a firm?s productivity affects its choice of foreign-market entry strategy. We study a sequence of decisions, starting with the choice between exporting and foreign direct investment (FDI). In the case of FDI, the firm faces two options: greenfield investment or merger and acquisition (M&A). If it selects greenfield investment, it has two ownership choices: whole ownership or a joint venture. Controlling for industry- and country-specific characte...

  8. The Identity of Ownership on Firm Internationalization

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Madsen, Tage Koed; Pedersen, Bent

    2016-01-01

    The paper develops an integrative ownership-internationalization model that explores the influences of various owner types (i.e. investor-owned firms, family-owned firms, employee-owned firms, cooperative–owned firms, and state-owned firms) on firm internationalization. Based on a comparative...

  9. Danish firms visit CERN

    CERN Document Server

    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.

  10. 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.

  11. Intra-firm Horizontal Knowledge Transfer Management

    Institute of Scientific and Technical Information of China (English)

    WANG Yaowu; WANG Yanhang

    2009-01-01

    Knowledge transfer is widely emphasized as a strategic issue for firm competition. A model for intra-firm horizontal knowledge transfer is proposed to model horizontal knowledge transfer to solve some demerits in current knowledge transfer researches. The concept model of intra-firm horizontal knowledge transfer was described and a framework was provided to define the main components of thetransfer process. Horizontal knowledge transfer is that knowledge is transferred from the source to the same hierarchical level recipients as the target. Horizontal knowledge transfer constitutes a strategic area of knowledge management research. However, little is known about the circumstances under which one particular mechanism is the most appropriate. To address these issues, some significant conclusions are drawn concerning knowledge transfer mechanisms in a real-world setting.

  12. Entry Mode and Performance of Nordic Firms

    DEFF Research Database (Denmark)

    Wulff, Jesper

    2015-01-01

    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...... 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....

  13. 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...

  14. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Rose Skaksen, Jan

    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 a...

  15. Alliance Performance of Dutch Biotech Firms

    NARCIS (Netherlands)

    Garbade, P.; Fortuin, F.T.J.M.; Omta, S.W.F.

    2011-01-01

    In the biotechnology sector small R&D intensive firms play a fundamental role to keep innovation rates high. With less bureaucratic burdens, low level of hierarchy and high internal flexibility they are able to move fast and to make most efficient use of unique competences. Still their shortage

  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. Balancing organizational and professional commitments in Professional Service Firm

    DEFF Research Database (Denmark)

    Jørgensen, Frances; Becker, Karen

    2015-01-01

    financial investment firms. Our findings suggest that in professional service firms, HR practices encourage high levels of organizational commitment primarily and most often through their influence on professional commitment and that HR practices related to flexible work design are essential in creating...

  18. 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 existe

  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. TAXATION AND FINANCE CONSTRAINED FIRMS

    OpenAIRE

    Iris Claus

    2006-01-01

    This paper develops an open economy model to assess the long-run effects of taxation where firms are finance constrained. Finance constraints arise because of imperfect information between borrowers and lenders. Only borowers (firms) can costlessly observe actual returns from production. Imperfect information and finance constraints magnify the effects of taxation. A reduction (rise) in income taxation increases (lowers) firms' internal funds and their ability to assess external finance to ex...

  1. 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...... to the claim. Our empirical test filled a gap in previous research and offered evidence in support of this claim as well as support for two related hypotheses developed on the basis of the resource-based view.......  It has recently been argued that growing societal pressures for better environmental conduct could induce environmental innovation, thereby entailing lower costs due to increased value and/or more efficient resource allocation. This has led to the claim that improved environmental conduct may...

  2. Credit rationing and firm size

    Directory of Open Access Journals (Sweden)

    G. CALCAGNINI

    2013-10-01

    Full Text Available This paper examines the likelihood of credit rationing faced by firms of different size. Contrary to common thought, several recent contributions on this topic argue that, when rationing credit, size alone is not a sufficient condition for discriminating between firms. We show that this result can be predicted using a framework based on the Stiglitz-Weiss model. In particular, in an environment of asymmetric information, we highlight how the likelihood of credit rationing depends upon the shape of the distribution function of project returns, especially its asymmetry and Kurtosis. Our empirical results do not support the hypothesis that small firms face more credit rationing than larger firms.

  3. 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...

  4. Experiences of Emerging Economy Firms

    DEFF Research Database (Denmark)

    Vissak, Tiia; Zhang, Xiaotian

    2015-01-01

    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. Experiences of Emerging Economy Firms

    DEFF Research Database (Denmark)

    Vissak, Tiia; Zhang, Xiaotian

    2015-01-01

    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......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...

  6. Sequential Divestiture and Firm Asymmetry

    Directory of Open Access Journals (Sweden)

    Wen Zhou

    2013-01-01

    Full Text Available Simple Cournot models of divestiture tend to generate incentives to divest which are too strong, predicting that firms will break up into an infinite number of divisions resulting in perfect competition. This paper shows that if the order of divestitures is endogenized, firms will always choose sequential, and hence very limited, divestitures. Divestitures favor the larger firm and the follower in a sequential game. Divestitures in which the larger firm is the follower generate greater industry profit and social welfare, but a smaller consumer surplus.

  7. Belgian Firms Visit CERN

    CERN Document Server

    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.

  8. Scientific Auditing Firms

    CERN Document Server

    Sarma, Gopal P

    2016-01-01

    The "crisis of reproducibility" has been a significant source of controversy, heated debate, and calls for reform to institutional science in recent years. As a long-term solution to address both the present crisis and future obstacles, I propose the creation of a new form of research organization whose purpose would be to conduct random audits of the scientific literature. I suggest that data analytics of a digitized scientific corpus may play a critical role in allowing broadly educated scientists to identify linchpin results to investigate in further detail across all disciplines. I argue that a simple "mock" trial run of a simplified auditing firm consisting of several researchers over a short time period would provide valuable insight into the feasibility of this proposal.

  9. 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...

  10. 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...

  11. 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.

  12. Patenting activities and firm performance : Does firm size matter?

    NARCIS (Netherlands)

    Andries, P.; Faems, D.L.M.

    2013-01-01

    Whereas prior research has provided valuable insights into the willingness of small and medium-sized enterprises (SMEs) and large firms to engage in patenting, a comparison of the performance implications of patenting activities across small and large firms is still lacking. This gap is important be

  13. 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

  14. Strategic Management Training and Commitment to Planning: Critical Partners in Stimulating Firm Performance.

    Science.gov (United States)

    Newkirk-Moore, Susan; Bracker, Jeffrey S.

    1998-01-01

    A study of 157 small financial firms found a significant relationship between strategic management training for senior managers and the firm's level of commitment to planning, resulting in a return on investment for stockholders. (SK)

  15. 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.

  16. Capital Structure and Firm Performance: An Analysis of Manufacturing Firms in Turkey

    Directory of Open Access Journals (Sweden)

    Abdulkadir Ali Tifow

    2015-11-01

    Full Text Available Capital structure is one of the most important issues for firms in order to achieve better financial and market performance. The main objective of this study is to examine the relationship between capital structure and firm performance. We investigate 130 manufacturing firms listed on Borsa Istanbul for the period of 2008-2013 using panel data analysis. We utilize short term debt to total asset (STDTA and long term debt to total asset (LTDTA as proxies of financial leverage (independent variables. Return on equity (ROE, return on asset (ROA, earnings per share (EPS and Tobin’s Q ratio were used as proxies of firm performance (dependent variables. Sales growth rate and firm size were used as control variables in the study. We find that STDA has a significant negative relationship with ROA, EPS and Tobin’s Q ratio. Besides, we find that LTDTA has a significant negative relationship with ROE, EPS and Tobin’s Q ratio, while it is positively and significantly correlated with ROA.

  17. [Effect of severe burn on growth and development and the level of growth hormone in mice].

    Science.gov (United States)

    Wang, Fei; Qiu, Lin; Liu, Cuiping; Tian, Xiaofei; Xiao, Jun

    2014-02-01

    To analyze the changes in body growth, learning and memory capabilities, exercise capacity, and the level of growth hormone (GH) in mice suffering from severe burn. One hundred and four healthy BALB/c mice aged from 3 to 4 weeks were divided into normal control group (NC, without treatment) , 7 s burn group (inflicted with 20%TBSA deep partial-thickness burn on the back), 10 s burn group (inflicted with 20%TBSA full-thickness burn on the back), and negative control group (simulating the treatment of two burn groups without injury) according to the random number table, with 26 mice in each group. The body weight, body length, and tail length of 8 mice in each group were measured before burn. Respectively 6 mice of two burn groups were sacrificed on post burn day (PBD) 1, 3, and 7 for determination of serum level of GH with enzyme-linked immunosorbent assay kit. The remaining 8 mice in each of the two burn groups were raised to adulthood. The body weight, body length, and tail length were measured on PBD 62, and the increased percentages of body weight, body length, and tail length were calculated. Morris water maze tests, including escape latency on PBD 66, 67, and 68, frequency of stepping over the platform location and proportion of staying time in the target quadrant on PBD 69, were used to examine the learning and memory capabilities. The time of loaded swimming and the time of pole-climbing on PBD 70 were used to assess the exercise capacity. Above-mentioned indexes were also determined in the two control groups at the same time points. Data were processed with one-way analysis of variance; Welch test was applied when equal variance was not assumed; independent samples t test was applied for paired comparison. (1) The level of GH of mice in 7 s burn group on PBD 1 [(3 021 ± 506) pg/mL] was lower than that of group NC [(3 728 ± 412) pg/mL, t = 2.656, P 0.05), while the increased percentages of other indexes of mice in the two burn groups were lower than those

  18. Determinants of firm entries: empirical evidence for Slovenia

    Directory of Open Access Journals (Sweden)

    Dijana Močnik

    2010-02-01

    Full Text Available We empirically investigate the determinants of new firm formations on Slovenian data set for the 6-year period across statistical regions. Analyzed are the relationships of the determinants classified into five groups: demand, unemployment, industrial restructuring, local financial capital, and knowledge concentration. We find a positive and significant impact of GDP p.c., unemployment rate, productivity growth and a negative relationship for employment density. Results show that some regions have significantly worse conditions for start-up firms than others. Practical implications of this study would allow policy makers to better understand the dynamics in new firm formations.

  19. 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.

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

    OpenAIRE

    Siti Fadilah; Alimuddin; Petrus Rani Pong-Masak; Joko Santoso; Andi Parenrengi

    2016-01-01

    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 ...

  1. Ghrelin Levels in Children with Constitutional Delay of Growth and Puberty

    OpenAIRE

    Şen, Tolta Altuğ; Gökşen Şimşek, Damla; Darcan, Şükran; Çoker, Mahmut

    2010-01-01

    Objective: In this study, we aimed to show the role of ghrelin in growth delay in children with constitutional delay of growth and puberty (CDGP). Methods: Thirty male children with CDGP constituted the study group and fifteen healthy children with normal growth of similar ages−the control group. In both groups, fasting and postprandial plasma ghrelin levels, serum insulin−like growth factor−1 (IGF−1) and IGF−binding protein−3 (IGFBP−3) levels were determined. Results: There were no differenc...

  2. 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

  3. 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...

  4. 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

  5. Intra-Firm Adoption Decisions

    NARCIS (Netherlands)

    Y.M. van Everdingen (Yvonne); B. Wierenga (Berend)

    2001-01-01

    textabstractThe subject of this paper is intra-firm adoption decisions, a relatively unexplored research area in the marketing literature. In particular, we investigate which factors influence the intra-firm adoption decisions regarding the common European currency of the treasury, purchasing and sa

  6. Firm Productivity and Type of Innovation: Evidence from the Community Innovation Survey 6

    Directory of Open Access Journals (Sweden)

    Nebojša Stojčić

    2014-12-01

    Full Text Available Having recognized the impact of innovation for the improvement of productivity in firms and for the growth of national economies, researchers have been exploring the innovation process and its underlying factors for over a decade now. Much of the empirical findings in this area have been based on national firm-level studies while research that encompasses several countries, particularly in transition economies, is still rare. This paper attempts to fill this gap by investigating the impact of innovation on firms’ productivity across a number of East and West European countries, using a structural model based on Crepon, Duguet and Mairesse (1998 and a firm-level dataset from the 2006 round of the Community Innovation Survey (CIS6. In contrast to previous studies that focused only on product innovation as the measure of innovation output, we distinguish between firms engaged in only one type of innovation activities (product or process and those engaged in both types. The results of the investigation provide support for the relationship between different stages of the innovation process and confirm the impact of innovation output on productivity. In addition, we find differences in the productivity associated with the type of innovation activities undertaken.

  7. How Much Growth Can We Expect? A Conditional Analysis of R-CBM Growth Rates by Level of Performance

    Science.gov (United States)

    Silberglitt, Benjamin; Hintze, John M.

    2007-01-01

    This study examined the reading growth rates of 7,544 students in Grades 2-6, measured over 1 year using Reading-Curriculum-Based Measurement (R-CBM) benchmark assessments administered in the fall, winter, and spring. The authors used hierarchical linear modeling to establish and compare student rates of growth within each grade level based on…

  8. Corporate Social Responsibility in Large Family and Founder Firms

    OpenAIRE

    Block, Jörn; Wagner, Marcus

    2010-01-01

    textabstractBased on arguments about long-term orientation and corporate reputation, we argue that family and founder firms differ from other firms with regard to corporate social responsibility. Using Bayesian analysis, we then show that family and founder ownership are associated with a lower level of corporate social responsibility concerns, whereas ownership by institutional investors is associated with a higher level of corporate social responsibility concerns and a lower level of corpor...

  9. 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 activ

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

    African Journals Online (AJOL)

    Dr. A.O. Ani

    Key words: Toasted bambara nut waste, enzyme, effect, cockerels, growth performance. ... has been used in the feeding of poultry and rabbits (Ani .... TBNO and 0.02% Enzyme); **Viamin Premix (2.5 kg/1000 kg): vitamin A (15,000 U.I); vitamin.

  11. The Effect of Executive Migration and Spin-offs on Incumbent Firms

    DEFF Research Database (Denmark)

    Gjerløv-Juel, Pernille; Dahl, Michael S.

    -employee database, we investigate how spin-off and executive migration to rivals affect parent firms' hazard of exit, sales growth and employment growth. We find negative performance effects from executive migration independent on where employees go to. While departures of top employees to found spin-offs have......If spin-offs are founded on intellectual capital accumulated at the parent firms, they could be potentially harmful to those firms. However, similar effects on parent firms' performance could be expected for executive migration to rivals. Exploiting a comprehensive Danish linked employer...... negative effects on parent firm performance, the effect from key-employees who resign to competing incumbent firms is even greater. All effects decrease over time, but parent firms recover faster from spin-off migration. We study this using different methods, including matched models adjusting for parent...

  12. The positive effects produced by firm volatility on firm growth, employment generation and firm profit

    OpenAIRE

    Zarrias Adame, Jose Antonio

    2014-01-01

    Tesis descargada desde TESEO Durante los últimos años, la crisis económica global ha provocado que las empresas hayan modificado la forma de desarrollarse al necesitar competir en un entorno cada vez más complejo y turbulento. Este entorno competitivo ha cambiado sustancialmente y de manera más especial para las empresas asentadas en países desarrollados. Hasta 2007, las empresas situadas en estos países estuvieron orientadas a ser marcos competitivos en un mundo en constante crecimiento y...

  13. Influence of Dietary Copper on Serum Growth-Related Hormone Levels and Growth Performance of Weanling Pigs.

    Science.gov (United States)

    Wang, Jianguo; Zhu, Xiaoyan; Guo, Yazhou; Wang, Zhe; Zhao, Baoyu; Yin, Yunhou; Liu, Guowen

    2016-07-01

    To investigate the effect of dietary copper on serum growth-related hormones levels and growth performance, a total of 60 weanling pigs were randomly assigned to six groups each containing 10 pigs, fed on basal diets supplemented with 0 (control), 100, 150, 200, 250, and 300 mg/kg copper sulfate for 80 days, respectively. The average daily gain (ADG), feed to gain ratio (F/G), feed intake and serum growth hormone (GH), insulin (INS), insulin-like growth factor 1 (IGF-1), and insulin-like growth factor-binding protein 3 (IGFBP-3) levels were detected at interval of 20 days. The results revealed that ADG, and serum GH, INS, IGF-1, and IGFBP-3 concentrations were increased significantly in the pigs fed on diets added with 100, 150, 200, 250, and 300 mg/kg copper sulfate. Meanwhile, in the pigs supplemented with 250 mg/kg copper sulfate, ADG was increased significantly from the 40th to the 60th day of the experiment (P growth of pigs were related to the increasing levels of GH, INS, IGF-1, and IGFBP-3 in serum which were induced by copper. High dietary copper increase the concentrations of growth-related hormones in serum, resulting in improving the growth performance of weanling pigs.

  14. 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...

  15. 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.

  16. Upgradation of Bangladeshi Apparel firms in the Global Value Chain

    DEFF Research Database (Denmark)

    Islam, Md.Tarikul; Bakhtiar Rana, Mohammad

    -design-manufacturer) and OBM (own-brand-manufacturer) stage in the global value chain. This is a sign to make a move from static efficiency to dynamic efficiency that ensures downstream upgradation. Using case study method with ten firms from both TNCs and the supplier-firms, the study explores four fundamental factors...... such as a) national level infrastructure and institutional support, b) firm level infrastructure and resources (tangible), c) visionary leadership, and d) managerial & technical efficiency that lead such upgradation in the value chain process. The study further argues that close relationship between TNCs...

  17. A location model of a trust of public firms

    Directory of Open Access Journals (Sweden)

    Xiao Feng

    2014-01-01

    Full Text Available The decision oriented theory of the public firm (Feng, Friedrich 2013 becomes extended. The authors consider that sometimes public firms compete horizontally as well. This can be due to competition among the public owners (e.g. municipalities considering location choices for public firms they own, or public firms competing against each other. We mention some results related to the first type of competition and we refer to how the literature on location choices under oligopolic conditions could be referred to within the framework of our basic approach. One approach by Cornes and Hartley (2001 also allows modelling the establishment of joint ventures and their location choices. The basic model of the public firm is used to provide insight into the location choices of a trust of public firms. The trust exhibits coordination at three levels via the politically-oriented decision-making body of the public owner, the trust’s headquarters and subsidiary public firms. The resulting model illustrates the interplay of different decisionmakers and the effects of the coordinating activities. The first attempts to formulate a public firm decision-making oriented location theory exist.

  18. 77 FR 1778 - U.S.-EU High Level Working Group on Jobs and Growth

    Science.gov (United States)

    2012-01-11

    ... TRADE REPRESENTATIVE U.S.-EU High Level Working Group on Jobs and Growth AGENCY: Office of the United... Working Group on Jobs and Growth, led by U.S. Trade Representative Ron Kirk and EU Trade Commissioner... and investment to support mutually beneficial job creation, economic growth, and...

  19. Power Consideration for Three-Level Growth Models

    Science.gov (United States)

    Li, Wei; Konstantopoulos, Spyros

    2016-01-01

    The purpose of this study is extend previous methods by Raudenbush and Liu (2001) and Spybrook et al. (2011), and provide methods for power analysis of tests of treatment effects in studies of polynomial change with two levels of nesting (e.g., students and schools) where the treatment is either at the third level (e.g., school intervention) or at…

  20. Extracting Firm Information from Administrative Records: The ASSD Firm Panel

    OpenAIRE

    Fink, Martina; Segalla, Esther; Weber, Andrea; Zulehner, Christine

    2010-01-01

    This paper demonstrates how firm information can be extracted from administrative social security records. We use the Austrian Social Security Database (ASSD) and derive firms from employer identifiers in the universe of private sector workers. To correctly pin down entry end exits we use a worker flow approach which follows clusters of workers as they move across administrative entities. This procedure enables us to define different types of entry and exit such as start-ups, spinoffs, closur...

  1. Growth attributes – closing the GAP in Family-SMEs

    DEFF Research Database (Denmark)

    Brink, Tove; Neville, Mette

    firms in Denmark (Bennedsen & Nielsen 2014). Due to the substantial value-added contribution made by SMEs, (including) family firms, the development of SMEs is thus crucial to the European economy, and Business media and policy-makers have focused intensely on small firm growth in EU (Story 2011......) and also in the US (Nicholls-Nixon 2005). Both at EU and national levels further initiatives have been planned to improve the conditions for entrepreneurs and SMEs and to promote innovation and growth. One of the declared aims in the EU programme “Horizon 2020” is “Innovation in Small and Medium...

  2. 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.

  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. 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...

  5. 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-traffic...

  6. 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

  7. 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.

  8. Effects of low-level deuterium enrichment on bacterial growth.

    Directory of Open Access Journals (Sweden)

    Xueshu Xie

    Full Text Available Using very precise (±0.05% measurements of the growth parameters for bacteria E. coli grown on minimal media, we aimed to determine the lowest deuterium concentration at which the adverse effects that are prominent at higher enrichments start to become noticeable. Such a threshold was found at 0.5% D, a surprisingly high value, while the ultralow deuterium concentrations (≤0.25% D showed signs of the opposite trend. Bacterial adaptation for 400 generations in isotopically different environment confirmed preference for ultralow (≤0.25% D enrichment. This effect appears to be similar to those described in sporadic but multiple earlier reports. Possible explanations include hormesis and isotopic resonance phenomena, with the latter explanation being favored.

  9. Government Control of Privatized Firms

    OpenAIRE

    Bortolotti, Bernardo; Faccio, Mara

    2007-01-01

    We study the change in government control of privatized firms in OECD countries. Results indicate that governments typically transfer ownership rights without relinquishing proportional control. Control is commonly retained by leveraging state investments through pyramids, dual-class shares, and golden shares. Indeed, at the end of 2000, after the largest privatization wave in history, governments retain control of 62.4% of privatized firms. In civil law countries, governments tend to retain ...

  10. PROFITABILITY AND SIZE OF FIRM.

    Science.gov (United States)

    Contents: The profit ratio as a measure of the relative ability of firms to expand; the profit dratio as a measure of efficiency; other uses of the... profit ratio; earlier studies using the profit ratio; valid conclusions of earlier studies; assets vs. net worth; methodology of this study...distribution of post-tax profit ratex; effect of taxes on the relative ability to expand; relative profitability of income firms; variability of profit rates

  11. 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....

  12. 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.

  13. 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.

  14. Cross -level Research among Factors of Technological Innovation Ability of Culture & Technology Firms%文化科技企业技术创新能力影响因素的跨层次研究

    Institute of Scientific and Technical Information of China (English)

    范群林

    2015-01-01

    基于组织内部视角,影响文化科技企业技术创新能力的因素具有跨层次的特点,通常领导者通过组织层面影响一般员工,因此构造“企业家素质———组织创新氛围、组织学习能力———员工创新行为”跨层次分析模型,运用 SPSS 和 HLM软件探索4个影响因素之间的作用机制。结果表明,企业家素质与员工创新行为显著相关,组织创新氛围与组织学习能力在企业家素质和员工创新行为之间起到部分中介作用,四大因素之间存在一定的跨层次作用机制。%Based on the internal perspective of organization,impact factors of the technological innovation ability of culture&technology firms hold cross -level features.Generally,leader affects the general staff through the organizational level, therefore we construct the cross -analytic hierarchy model of “entrepreneurship -organizational innovation climate,organi-zational learning capability -employee innovation behavior”,and explore the impact mechanism among the four factors by employing SPSS and HLM.The results show that entrepreneurship is correlated with employee innovation behavior signifi-cantly;organizational innovation climate and organizational learning capability play a part -intermediary role between entre-preneurship and employee innovation behavior,and exist a certain cross -level mechanism among the four factors.

  15. The Effect of Executive Migration and Spin-offs on Incumbent Firms

    DEFF Research Database (Denmark)

    Gjerløv-Juel, Pernille; Dahl, Michael S.

    If spin-offs are founded on intellectual capital accumulated at the parent firms, they could be potentially harmful to those firms. However, similar effects on parent firms' performance could be expected for executive migration to rivals. Exploiting a comprehensive Danish linked employer......-employee database, we investigate how spin-off and executive migration to rivals affect parent firms' hazard of exit, sales growth and employment growth. We find negative performance effects from executive migration independent on where employees go to. While departures of top employees to found spin-offs have...

  16. 我国企业国际化成长动力及有关衡量指标%International Development Power of Firms in China and Related Index to Measure

    Institute of Scientific and Technical Information of China (English)

    王晓静

    2012-01-01

    在企业国际化成长理论以及国际化成长程度理论的基础上,指出我国企业国际化成长是内部拉动因素(利用企业资源、形成所有权)和外部推动因素(如政府政策支持、目标国的环境等)相互作用的结果,此外,设置衡量企业国际化成长程度的多维度的指标,为企业的深化国际化成长提供指导.%With the approaching of economic globalization, firm' s vitality increasingly depends on the international competitive strength. The article reviews theories of firm' s international growth and theories of firm' s level of international growth. Based on that, it points out that firm's development in international market is the result from combined action of internal pull factors (to use firm' s resources and to form ownership advantages ) and external push factors (government policy to support and the target country's environment). It also sets up lots of index to measure firm's level of development in international market. It provides guidance to deepen the internationalization growth.

  17. 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...

  18. 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...

  19. An empirical analysis of the training activities of firms

    Directory of Open Access Journals (Sweden)

    Edit Hadhazi Barizsne

    2013-07-01

    Full Text Available The purpose of the current study is to search for a link between the characteristics of firms’ training activities and the characteristics of the organisations themselves. The validity of our hypothesis is examined on the basis of structured interviews. On the basis of the data we can state that the growth in the increase in the number of employees and the innovative nature of technology used have been accompanied by a parallel growth in the training behaviour of firms. In our study we attempt to study in detail the influence that the stage the firm is at on its life cycle curve has on the training provided to employees.

  20. A Database of EPO-Patenting Firms in Denmark

    DEFF Research Database (Denmark)

    Nielsen, Anders Østergaard

    1998-01-01

    The first section gives a brief introduction of the basic stages to be observed by the patent applicant from idea to the patent is granted. Section two presents three examples of how patents are registered in the online patent database INPADOC. Section three accounts for the initial analysis...... of the existing patent stock issued to firms with domicile in Denmark. Sections four and five report the basic characteristics of the EPO-patent sample and the procedures for linking the patent statistics to accounting data at the firm level, and finally they present the basic properties of the resulting database...... containing 421 EPO-patenting firms in Denmark....

  1. Organizational Wisdom and its Impact on Firm Innovation and Performance

    Directory of Open Access Journals (Sweden)

    Ali Ekber AKGÜN

    2015-11-01

    Full Text Available As a fascinating concept, the term organizational wisdom started to attract many researchers from a variety of disciplines. Nevertheless, how the organizational wisdom related practices, such as virtue and practicality, impact the firm innovativeness and financial performance is rarely argued in the literature. We argued that virtue and practicality practices positively impact the firm’s innovativeness with increasing level of environmental uncertainty. We also mentioned that firm innovativeness positively mediates the relationship between organizational wisdom and firm financial performance. Further, we argued the managerial and theoretical implications of the study.

  2. 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.

  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. Partnership Versus Public Ownership of Accounting Firms: Exploring RelativePerformance, Performance Measurement and Measurement Issues

    Directory of Open Access Journals (Sweden)

    Mark E Pickering

    2012-09-01

    Full Text Available Despite theoretical arguments that partnerships are the most efficient ownership form for professional service firms (PSFs, PSFs are increasingly moving to other ownership structures, such as publicly listed companies (PLCs. Research on the comparative performance of PSF, PLCs and partnerships is sparse with conflicting results suggesting that some segments of PSFs are moving to a less efficient form. This study explores the performance of two Australian accounting PLCs compared to a sample of similar sized mid tier accounting firms. The accounting PLCs achieved substantially higher revenue growth rates but lower productivity than the partnership sample. Measurement issues were identified in the use of closing resource numbers and different treatment of reporting merger and acquisition revenues which may partially explain the underperformance of publicly owned PSFs in prior studies. The need for research at a more detailed level exploring the market and service focus, organisational structures, resources utilised and resource costs across different PSF ownership forms is suggested.

  5. Innovation, Small Firm Change, and Employment of Academic Skills

    DEFF Research Database (Denmark)

    Nielsen, René Nesgaard

    This paper starts from samples of economic literature hypothesizing and partly establishing a positive relationship between innovation, firm level change, and skill-bias. Confronting this literature with Danish empirics, and literature on small business economics, a research question on the gener......This paper starts from samples of economic literature hypothesizing and partly establishing a positive relationship between innovation, firm level change, and skill-bias. Confronting this literature with Danish empirics, and literature on small business economics, a research question...... on the generalizability of skill-bias emerge. Finally, taking advantage of unique Danish data, the empirical part of the paper reports findings indicating an increased likelihood of innovative small firms to hire a first academically skilled worker when compared to non-innovative counterparts. These findings generally...... support the literature on skill-bias, but some qualifying aspects from a small firm perspective are also stated....

  6. Research on the Elements of Firm's IS Absorptive Capacity%Research on the Elements of Firm' s IS Absorptive Capacity

    Institute of Scientific and Technical Information of China (English)

    CAO Yong; NING Dong-ling

    2009-01-01

    In this paper, we explore the capacity during the process of a firm's information system adoption and implementation from knowledge management perspective, based on a firm's level construct. According to the di- mensions of absorptive capacity proposed by Zahra and George, we point out that the concept of IS absorptive ca- pacity, analyze and summarize the elements of potential absorptive capacity and realized absorptive capacity. We use data from two manufacturing organizations, analyze two firm's realities of IS absorptive capacity. The study indicates differing antecedents may have differing effects on potential absorptive capacity and realized ab- sorptive capacity.

  7. 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.

  8. Merger incentives and the failing firm defense

    NARCIS (Netherlands)

    Bouckaert, J.M.C.; Kort, P.M.

    2014-01-01

    The merger incentives between profitable firms differ fundamentally from the incentives of a profitable firm to merge with a failing firm. We investigate these incentives under different modes of price competition and Cournot behavior. Our main finding is that firms strictly prefer exit of the faili

  9. Merger incentives and the failing firm defense

    NARCIS (Netherlands)

    Bouckaert, J.M.C.; Kort, P.M.

    2014-01-01

    The merger incentives between profitable firms differ fundamentally from the incentives of a profitable firm to merge with a failing firm. We investigate these incentives under different modes of price competition and Cournot behavior. Our main finding is that firms strictly prefer exit of the

  10. Why do Worker-Firm Matches Dissolve?

    NARCIS (Netherlands)

    Gielen, A. C.; van Ours, J.C.

    2006-01-01

    In a dynamic labor market worker-firm matches dissolve frequently causing workers to separate and firms to look for replacements.A separation may be initiated by the worker (a quit) or the firm (a layoff), or may result from a joint decision.A dissolution of a worker-firm match may be ineffcient if

  11. 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...... of earnings spells quantitatively accounts for the full amount of discrepancy in the estimates. Using data from the Panel Study of Income Dynamics, we show that this property of earnings induces a substantial upward bias in the estimate of consumption insurance against permanent shocks....

  12. Family firm research – A review

    Directory of Open Access Journals (Sweden)

    Qiang Cheng

    2014-09-01

    Part I of the article discusses the fundaments of family firms: the prevalence of and the agency conflicts within family firms. Part II summarizes the findings of recent U.S. family firm studies. It reviews the evidence on the family firm premium (how, which, and when family firms are associated with a valuation premium, the manifestation of the agency conflict between majority and minority shareholders in family firms, earnings quality and corporate disclosure, and the determinants of family ownership and control. Part III discusses the prevalence and characteristics of Chinese family firms and reviews the findings of related studies. The article concludes with some suggestions for future research.

  13. 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...... Monetary Fund, the World Bank and OECD, 2014). The attention to internationalisation of services has significantly increased and yet, many questions remain open (e.g. Pla-Barber and Ghauri, 2012).......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...... ones, looking at descriptive service characteristics nor industry effects, but on the way they create value. Why and how are service firms different? and What are the drivers behind their internationalisation? are the questions motivating this PhD project. It explores if the value creation...

  14. Process Ambidexterity for Entrepreneurial Firms

    Directory of Open Access Journals (Sweden)

    Sonia D. Bot

    2012-04-01

    Full Text Available Technology-based entrepreneurial firms must effectively support both mainstream exploitation and new-stream exploration in order to remain competitive for the long term. The processes that support exploitation and exploration initiatives are different in terms of logistics, payoff horizons, and capabilities. Few firms are able to strike a balance between the two, where mainstream exploitation usually trumps new-stream exploration. The ultimate goal is for the firm to operate effectively in a repeatable, scalable, and systematic manner, rather than relying on good luck and hoping either to come up with the next innovation or for the product to function according to its requirements. This article builds on the author’s years of experience in building businesses and transforming medium and large-sized, entrepreneurial technology firms, leading large-scale breakthrough and sustained performance improvements by using and evolving Lean Six Sigma methodologies, and reviews of technology innovation management and entrepreneurship literature. This article provides a process-based perspective to understanding and addressing the issues on balancing mainstream exploitation and new-stream exploration in medium and large-sized entrepreneurial firms and extending it to startups. The resulting capability is known as process ambidexterity and requires disciplined, agile, and lean business management.

  15. How Ownership Structure Influences Firm Performance in Relation to Its Life Cycle

    Directory of Open Access Journals (Sweden)

    Nur Firdaus

    2012-12-01

    Full Text Available Ownership structure is considered to be the most influential component in corporate govern-ance; it is also closely related to firm performance. The current research analyzes the effect of ownership structure (both insider ownership—board and managerial ownership, blockholder ownership—and institutional ownership concentration—pressure-insensitive and pres-sure-sensitive on firm performance (industry adjusted return on asset/IAROA based on its life cycle. Life cycle is incorporated into the research to examine whether the effect of own-ership structure on firm performance differs at each stage of the life cycle. The current re-search uses imbalanced panel data consisting of 695 observations of sample firms from the manufacturing, IT, and multimedia firms during the 2005-2010 period. The results show that: (1 insider ownership has a significantly non-linear influence on IAROA, indicated by a U-shaped curve (2 blockholders have a significantly positive effect on IAROA in firms at the mature stage; on the contrary, the effect is significantly negative in firms at the growth stage (3 institutional ownership concentration has a significantly negative effect on IAROA across the samples and a significantly positive effect on firms at the mature stage, and (4 pressure-insensitive and pressure-sensitive institutional ownerships have a positive and sig-nificant effect on IAROA in firms at the mature stage; on the contrary, the effect is negative and significant in firms at the growth stage.

  16. INNOVATION AND INVESTMENT STRATEGY CRISIS MANAGEMENT, SUSTAINABLE DEVELOPMENT FIRMS

    Directory of Open Access Journals (Sweden)

    I. V. Cheryomushkina

    2015-01-01

    Full Text Available Summary. The article describes the factors of the crisis, the sustainability of investment and shows the role of investment strategies in the current economic conditions. The authors have disclosed features to ensure the crisis-stability of firms based on the use of different types of investment strategies to basic, which, first of all, should include a strategy of expansion and diversification, stabilization and reconstruction, renovation and development of innovations. The introduction of the practice of formation of the investment policy will achieve high rates of economic growth and support the competitiveness of firms. Investment policy is a part of the overall financial strategy of the enterprise, is to select and implement the most effective forms of investment to ensure high rates of development and constant growth of the market value. With it, the company implements its ability to anticipation of long-term economic trends and adapt to them. The complexity of the investment activities is largely due to the peculiarities of the organizational and economic situation of enterprises. The investment strategy is subject to the basic strategy of economic development of the enterprise. The positive results of the investment strategy, manifested in the form of increasing the economic potential of the company, its mobilization for achieving a qualitatively new level of development are the basis for increasing the crisis-stability. Revealed the decisive role of innovation to ensure sustainable development of the enterprise. Innovation potential allows to form the necessary basis of early detection of problems in the sustainable development of the company. Ensuring sustainable development of the enterprise on the basis of the formation and use of innovative potential in practice can reasonably review the strategic guidelines for innovation activities and the economic effect, expressed in the sustainable development and effective functioning.

  17. Earnings Management Priorities of Private Family Firms

    OpenAIRE

    Abdolmohammadi, Mohammad; Kvaal, Erlend; Langli, John Christian

    2010-01-01

    We compare earnings management priorities of private family and private non-family firms. Our study is made possible by the availability of a new and unique database on family relationships between CEOs, board members and owners of private Norwegian firms. We hypothesize and find that compared with private non-family firms, private family firms are likely to manage earnings downward. However, we also find that highly leveraged private family firms make more income increasing accounting choice...

  18. Knowledge management in the firm

    DEFF Research Database (Denmark)

    Rasmussen, Palle; Nielsen, Peter

    2011-01-01

    /methodology/approach – The dimensions of knowledge management are identified and related to learning, organizational configurations, human resources management and institutional environments in order to identify and percent the most important approaches to knowledge management and the development over time. Findings – Creating...... to innovation and illustrates how combinations of these might benefit firm performance. It also stresses the preconditions of employee involvement and participation to knowledge management and not least the importance of interaction with environmental resources. To improve performance firms should be aware...... the theoretical arguments should also be valid for the public sector. Originality/value – The paper relates knowledge management to theoretical approaches on learning, organization and innovation and shows the growing importance of these constructs in firm performance....

  19. Entry modes of European firms in Vietnam

    Directory of Open Access Journals (Sweden)

    Daniel Simonet

    2012-09-01

    Full Text Available Purpose: The purpose of the paper is to explore the entry modes of EU firms setting up operations in Vietnam. Design/methodology/approach: we use a case study approach on Haymarket, Cadbury, Creative Education, Fairchild, Aventis and Artemisinin and Farming International using interviews from managerial professionals in Vietnam. Findings: Despite the fact that Vietnam has been opening up for more than 20 years, licensing is the preferred entry mode because of the risks involved in venturing with local firms; that preference signals a low level commitment and a high perception of risk and state interference. In line with Vietnam transition to state - rather than private market - capitalism, a foreign company opting for a joint-venture will do so with a state-owned rather than privately-owned company. The choice of a subsidiary can be explained by the lack of trust in partners and institutions, not by improvement in the socio-political environment. Limitations: In determining the entry mode strategy, the paper focuses on the Uppsala school’s “psychic distance” (e.g. cultural distance, lack of trust rather than on firm-specific advantages (Rugman, 1980; 2006. Key-words: international entry mode; emerging markets; subsidiary; joint-venture; India; Vietnam

  20. Firm Culture and Leadership as Firm Performance Predictors : a Resource-Based Perspective

    NARCIS (Netherlands)

    Wilderom, C.P.M.; van den Berg, P.

    2000-01-01

    In this study, we tested part of the resource-based view of the firm by examining two 'soft' resources, firm culture and top leadership, as predictors of 'hard' or bottom-line firm performance.Transformational top leadership was found to predict firm performance directly while the link between firm

  1. Firm Culture and Leadership as Firm Performance Predictors : a Resource-Based Perspective

    NARCIS (Netherlands)

    Wilderom, C.P.M.; van den Berg, P.

    2000-01-01

    In this study, we tested part of the resource-based view of the firm by examining two 'soft' resources, firm culture and top leadership, as predictors of 'hard' or bottom-line firm performance.Transformational top leadership was found to predict firm performance directly while the link between firm

  2. The Relationship between Offshoring Strategies and Firm Performance: Impact of innovation, absorptive capacity and firm size

    NARCIS (Netherlands)

    M.W. Roza-van Vuren (Marja)

    2011-01-01

    textabstractHow do offshoring strategies impact firm performance? And how are innovation, absorptive capacity and firm size influencing this relationship? This research investigates how firms of varying size, well-established firms and growing firms may profit from relocating business activities to

  3. A demographic approach to firm dynamics: formation of new firms and survival of old ones

    NARCIS (Netherlands)

    Nijkamp, P.; Geenhuizen, van M.

    1995-01-01

    This paper introduces a new approach to firm dynamics, named demography of firms. It is the study of demographic events in a population of firms. Thepaper argues that withina demographic approach, attention should be paid to a broad range of firm dynamics, including both new firm formation and survi

  4. The Relationship between Offshoring Strategies and Firm Performance: Impact of innovation, absorptive capacity and firm size

    NARCIS (Netherlands)

    M.W. Roza-van Vuren (Marja)

    2011-01-01

    textabstractHow do offshoring strategies impact firm performance? And how are innovation, absorptive capacity and firm size influencing this relationship? This research investigates how firms of varying size, well-established firms and growing firms may profit from relocating business activities to

  5. Upgrading to lead firm position via international acquisition: learning from the global biomass power plant industry

    DEFF Research Database (Denmark)

    Hansen, Ulrich Elmer; Fold, Niels; Hansen, Teis

    2016-01-01

    This article examines the case of a Chinese firm that has upgraded to lead firm position in the global biomass power plant industry mainly through acquisitions of technological frontier firms in Denmark. Sustaining the lead firm position was, however, challenged by difficulties in developing...... innovative capability. Drawing on the literature on (i) firm-level technological capability and (ii) knowledge transfer in international acquisitions, we explain the reasons for insufficient innovative capability building. Based on these empirical findings, we suggest maintaining the existing upgrading...

  6. Foreign Direct Investment and the Survival of Domestic Private Firms in Viet Nam

    DEFF Research Database (Denmark)

    Kokko, Ari; Thang, Tran Toan

    2014-01-01

    Foreign direct investment (FDI) may benefit local firms in the host country through various kinds of spillovers, but it may also raise competition and result in the crowding out of domestic firms. Using detailed firm-level data for the period 2001–2008, this paper examines the aggregate effect...... significantly, while downstream FDI may reduce the hazard. The presence of SOEs has a direct negative effect on the survival odds of local private firms in the same industry, but there is also an indirect impact on the exit hazard from FDI. Local firms are more vulnerable to foreign entry in sectors with high...

  7. Acromegaly presenting with low insulin-like growth factor-1 levels and diabetes: a case report.

    Science.gov (United States)

    Wijayaratne, Dilushi Rowena; Arambewela, M H; Dalugama, Chamara; Wijesundera, Dishni; Somasundaram, Noel; Katulanda, Prasad

    2015-10-30

    Acromegaly is an endocrine disorder arising from excessive serum growth hormone levels in adulthood and is characterized by progressive somatic enlargement. Biochemical confirmation is achieved by demonstration of elevated baseline serum growth hormone levels which are not suppressed during an oral glucose tolerance test, and by increased levels of serum insulin-like growth factor-1. The serum insulin-like growth factor-1 level provides an assessment of integrated growth hormone secretion and is recommended for diagnosis, monitoring, and screening of acromegaly. We report a case of a patient with acromegaly secondary to a pituitary microadenoma who presented with low insulin-like growth factor-1. An 83-year-old Sinhalese woman presented to our hospital with an enlarging multinodular goiter. She was observed to have macroglossia, thickened coarse skin, acral enlargement, and newly detected, uncontrolled diabetes. A diagnosis of acromegaly was suspected. She did not complain of recent headaches, vomiting, visual difficulties, or galactorrhea and was clinically euthyroid. Her pulse rate was 84 beats/min, and her blood pressure was 150/90 mmHg. A visual field assessment did not reveal a defect. Her random growth hormone levels were 149 mU/L (acromegaly with a paradoxical rise of growth hormone. Her serum age-specific insulin-like growth factor-1 level was below normal at 124.7 ng/ml (normal range 150-350 ng/ml). Her serum insulin-like growth factor-1 level, measured after glycemic control was achieved with metformin and insulin, was elevated, which is characteristic of acromegaly. Magnetic resonance imaging of her pituitary revealed a pituitary microadenoma. Acromegaly secondary to a growth hormone-secreting pituitary microadenoma was confirmed. Systemic illnesses, including catabolic states, hepatic or renal failure, malnutrition, and diabetes mellitus, are known to decrease insulin-like growth factor-1 levels and may result in false-negative values in patients with

  8. 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). ...

  9. ICT and Europe's productivity performance : Industry-level growth account comparisons with the United States

    NARCIS (Netherlands)

    Inklaar, R.; O'Mahony, M.; Timmer, M.P.

    2005-01-01

    In this paper we present a new industry-level database to analyze sources of growth in four major European countries: France, Germany, Netherlands and the United Kingdom (EU-4), in comparison with the United States for the period 1979-2000. Aggregate labor productivity growth is decomposed into indu

  10. Comparative growth of triazine-susceptible and -resistant biotypes of Solanum nigrum at different light levels

    NARCIS (Netherlands)

    Kremer, E.; Kropff, M.J.

    1999-01-01

    Effects of variation in light intensity on growth of plants from five different populations of triazine-susceptible and -resistantSolanum nigrumwere studied in growth chambers at three light levels. Plants were grown without intraspecific competition and with optimal mineral nutrition. After 29 d, t

  11. Firm-Specific Learning and the Nature of the Firm

    DEFF Research Database (Denmark)

    Knudsen, Thorbjørn

    2007-01-01

    in the absence of transaction costs related to the market mode of organisation. Comparing the relative importance of transaction cost and capabilities explanations for the existence of the firm, there is no a priori reason to assume the supremacy of one type of explanation over the other. We argue...... that a conjoint research program, encompassing both transaction costs and capabilities, must be developed and tested empirically. Cet article discute les limites d'une explication de l'existence de la firme fondée exclusivement sur les coûts de transaction en indiquant quelques facteurs additionnels susceptibles...... d'intervenir. Un modèle heuristique simple montre que les effets d'apprentissage spécifiques à la firme peuvent surmonter les coûts de surveillance des employés et expliquer l'existence de la firme même en l'absence de coûts de transaction liés au mode d'organisation de marché. Une comparaison de l'importance...

  12. Audit firm rotation, audit firm tenure and earnings conservatism

    NARCIS (Netherlands)

    Kramer, S.T.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z.

    2011-01-01

    This study aims to contribute to the debate around the possibility of mandating audit firm rotation. Specifically, it examines conservatism as an attribute of earnings quality, which has not attracted particular attention in the auditor rotation research. Applying regression analyses on a sample,

  13. Social security and firm performance

    DEFF Research Database (Denmark)

    Torm, Nina; Lee, Sangheon

    2015-01-01

    The relationship between job quality and firm performance has been much debated with mixed evidence, and the evidence is particularly limited in the case of small and medium enterprises (SMEs) in emerging economies. This paper investigates how social security provision as a key determining factor......) in that the benefits may not realize in the immediate term. Thus, specific policy measures such as subsidising social insurance contributions for small firms during an initial period until the business becomes viable could potentially encourage active participation in mandatory schemes. A series of robustness check...

  14. Growth response of yearling buffalo male calves to different dietary energy levels

    National Research Council Canada - National Science Library

    FAZAELI, Hassan; MAHMOUDZADEH, Homayoun

    2009-01-01

    To evaluate different levels of energy for optimum growth in Iranian regional buffalo male calves, a completely randomized study was conducted, using 27 yearling buffalo male calves with initial live weight of 201 ± 14 kg...

  15. Value of measuring serum vascular endothelial growth factor levels in diagnosing acute ischemic stroke.

    Science.gov (United States)

    Dassan, Pooja; Keir, Geoffrey; Jäger, Hans Rolf; Brown, Martin M

    2012-08-01

    It has previously been reported that serum levels of vascular endothelial growth factor are raised after acute ischemic stroke compared to healthy controls. The aim of this prospective study was to ascertain whether serum vascular endothelial growth factor measurements could be used to distinguish between acute ischemic stroke and common stroke mimics in the emergency room. Blood samples were taken on arrival to hospital and daily for six-days, in 44 patients with suspected ischemic stroke (29 acute infarcts and 15 stroke mimics), arriving within 24 h of symptom onset. Vascular endothelial growth factor levels were measured by enzyme-linked immunoassay. The neurological deficit was recorded daily using the National Institute of Health Stroke Scale. Evaluation of infarct volumes was based on diffusion-weighted magnetic resonance imaging. Serum vascular endothelial growth factor levels were significantly raised in acute ischemic stroke patients on the day of symptom onset and at all other time points, compared to healthy controls (P acute ischemic stroke on admission to hospital were only 69% and 73%, respectively. Vascular endothelial growth factor levels were also elevated in four out of 15 stroke mimics, including three patients presenting with postictal paresis. Vascular endothelial growth factor has limited clinical utility in the diagnosis of acute ischemic stroke in the emergency room because levels are also raised in common stroke mimics. Further studies are required to establish the mechanism of vascular endothelial growth factor elevation in postictal paresis. © 2011 The Authors. International Journal of Stroke © 2011 World Stroke Organization.

  16. A framework to investigate the economic growth impact of sea level rise

    Science.gov (United States)

    Hallegatte, Stéphane

    2012-03-01

    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.

  17. Firm Performance and Comply or Explain Disclosure in Corporate Governance

    DEFF Research Database (Denmark)

    Rose, Caspar

    2016-01-01

    This study investigates the degree of Danish firm adherence to the Danish Code of Corporate Governance and analyzes if a higher degree of comply or explain disclosure is related to firm performance. This article formulates a methodology for quantifying the degree of comply or explain disclosure....... The analysis shows that there is a positive link between ROE/ROA and Danish firm total corporate governance comply or explain disclosure scores. Specifically, this is also the case when this level is increased within the following two categories: board composition and remuneration policy, whereas......'s many recommendations is relatively high. This article relates to the burgeoning literature that deals with listed firm compliance with national corporate governance codes and how compliance can be appropriately quantified. It is suggested that compliance is classified into the following four categories...

  18. Firm and Product Heterogeneity in China's Automotive Exports

    Directory of Open Access Journals (Sweden)

    Jing Wang

    2015-12-01

    Full Text Available The main purpose of this paper is to provide an in-depth analysis of the anatomy of China's automotive exports, relying on the literature on firm and product heterogeneity. For this purpose, we use highly disaggregated HS 8-digit product-category level data collected by the Chinese Customs Office for 2000 and 2008, and we distinguish between foreign firms, domestic public firms, and domestic private firms. We also decompose automotive products into autos and auto parts and components (P/C. We then calculate both the extensive margins – number of products exported – and intensive margins – average value of exports per product – of China's automotive exports. We estimate gravity equations to assess the determinants of China's exports of autos and auto P/C. Overall, our analysis yields a number of new, interesting stylized facts about China's automotive exports by confirming the need for taking into account different types of heterogeneity in analyzing international trade.

  19. 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

  20. 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 ....... These differential reactions come from differences in corporate governance standards but not differences in ownership concentration ratios....

  1. 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...

  2. Why Do Distressed Firms Acquire?

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2016-01-01

    textabstractAcquisitions made by distressed firms in recent years are economically important. This paper explores the rationale behind such acquisitions using a natural experiment. Exploiting a recent tax change which reduces debt restructuring costs for certain creditors and decreases bankruptcy

  3. Firm default and aggregate fluctuations

    NARCIS (Netherlands)

    Jacobson, Tor; Linde, Jesper; Roszbach, Kasper

    2013-01-01

    This paper studies the relationship between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. By using a panel data set for virtually all incorporated Swedish businesses over 1990-2009, a period which includes

  4. Small firm transformation through IS

    NARCIS (Netherlands)

    Levy, Margi; Powell, Philip

    2008-01-01

    Globally, Small and Medium-sized Enterprises (SMEs) are encouraged, particularly by governments, to embrace c-business. Fully adopting e-business involves substantial change in firms, both internally and externally. However, there is little understanding of the mechanisms by which such business

  5. Small firm transformation through IS

    NARCIS (Netherlands)

    Levy, Margi; Powell, Philip

    2008-01-01

    Globally, Small and Medium-sized Enterprises (SMEs) are encouraged, particularly by governments, to embrace c-business. Fully adopting e-business involves substantial change in firms, both internally and externally. However, there is little understanding of the mechanisms by which such business tran

  6. 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. 

  7. 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.

  8. Correlation between human placental lactogen levels and glucose metabolism in pregnant women with intrauterine growth retardation.

    Science.gov (United States)

    Bagga, R; Vasishta, K; Majumdar, S; Garg, S K

    1990-11-01

    Twenty pregnant women with fetal growth retardation and 20 pregnant women with appropriate for gestational age fetuses (controls) were recruited after the 28th week of gestation. Samples were collected for estimation of serum insulin and human placental lactogen (HPL) levels in the fasting state and a glucose tolerance test was carried out on all the subjects. The results showed the glucose and HPL levels to be significantly lower in the fetal growth retardation group compared to controls. There were no differences in the fasting serum insulin levels in the 2 groups. Fetal growth retardation appears to be linked with the absence of development of the physiological 'diabetogenic' state in the second half of pregnancy. This maternal hypoglycaemic state is associated with low HPL levels and not with raised maternal insulin levels as measured in the fasting state.

  9. The relationship between family orientation, organization context, organization structure and firm performance

    NARCIS (Netherlands)

    Meijaard, J.; Uhlaner, L.M.

    2004-01-01

    This study focuses on the prediction of three firm performance indicators, sales growth, innovation performance and profitability, on a sample of small and medium-sized firms in the Netherlands. Predictions from agency theory and the resource based view of organizations lead to alternate hypotheses

  10. Do Services differ from Manufacturing? The Post-Entry Performance of Firms in Dutch Services

    NARCIS (Netherlands)

    D.B. Audretsch (David); L. Klomp (Luuk); A.R. Thurik (Roy)

    1998-01-01

    textabstractA large literature has emerged focusing on the post-entry performance of firms and, in particular, on the links between firm growth, survival, size and age. While these studies have resulted in findings that are sufficiently consistent as to constitute Stylized Facts, virtually all of

  11. The relationship between family orientation, organization context, organization structure and firm performance

    NARCIS (Netherlands)

    Meijaard, J.; Uhlaner, L.M.

    2004-01-01

    This study focuses on the prediction of three firm performance indicators, sales growth, innovation performance and profitability, on a sample of small and medium-sized firms in the Netherlands. Predictions from agency theory and the resource based view of organizations lead to alternate hypotheses

  12. Do firms spread out bond maturity to manage their funding liquidity risk?

    NARCIS (Netherlands)

    L. Norden (Lars); P.G.J. Roosenboom (Peter); T. Wang (Teng)

    2013-01-01

    textabstractWe investigate whether and how firms manage their funding liquidity risk by spreading out the maturity of bonds. We find that larger, more leveraged, less profitable, growth-oriented, and non-bank dependent firms exhibit the largest maturity dispersion of outstanding bonds. Such dispersi

  13. 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.

  14. The Identity of Ownership on Firm Internationalization

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Madsen, Tage Koed; Pedersen, Bent

    2016-01-01

    The paper develops an integrative ownership-internationalization model that explores the influences of various owner types (i.e. investor-owned firms, family-owned firms, employee-owned firms, cooperative–owned firms, and state-owned firms) on firm internationalization. Based on a comparative...... analysis of the various owner types, we discuss how each owner group’s main objectives, risk behavior and provision of resources influence their internationalization strategies and decisions (i.e. scale, scope and speed decisions)....

  15. Persistent Patterns in Trading Firms' Actions

    Science.gov (United States)

    Zamani, Neda; Doyne Farmer, J.

    2007-03-01

    To understand the dynamics of price formation in financial markets, we take the approach of investigating the actions of market participants. We examine the impact of the participating firms on the price and find that different firms have different patterns of impact. Each firm can be representative of many traders with different trading habits and strategies but nevertheless we observe statistically significant differences in the firms' market impacts. We also investigate a method of clustering the firms based on a simplified conception of strategies. We find consistent clusters and patterns in firm strategies and show that these relations are statistically significant.

  16. Entrepreneurship and the Economics of the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul

    The study of entrepreneurship and the study of economic organizing lack contact. In fact, the modern theory of the firm virtually ignores entrepreneurship, while the literature on entrepreneurship often sees little value in the economic theory of the firm. In contrast, we argue in this chapter...... that entrepreneurship theory and the theory of the firm can be usefully integrated, and that doing so would improve both bodies of theory. Adding the entrepreneur to the theory of the firm provides a dynamic view that the overly static analysis of firm organizing cannot support. Moreover, adding the firm to the study...

  17. Firm Based Trade Models and Turkish Economy

    Directory of Open Access Journals (Sweden)

    Nilüfer ARGIN

    2015-12-01

    Full Text Available Among all international trade models, only The Firm Based Trade Models explains firm’s action and behavior in the world trade. The Firm Based Trade Models focuses on the trade behavior of individual firms that actually make intra industry trade. Firm Based Trade Models can explain globalization process truly. These approaches include multinational cooperation, supply chain and outsourcing also. Our paper aims to explain and analyze Turkish export with Firm Based Trade Models’ context. We use UNCTAD data on exports by SITC Rev 3 categorization to explain total export and 255 products and calculate intensive-extensive margins of Turkish firms.

  18. CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

    Directory of Open Access Journals (Sweden)

    Aysun Ficici

    2012-01-01

    Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

  19. Factors Affecting Engagement and Commercialization of Innovation Activities of Firms in Tanzania

    NARCIS (Netherlands)

    Osoro, Otieno; Kirama, Stephen; Knoben, Joris; Vermeulen, P.A.M.

    2015-01-01

    In this paper, we analyse the commercialization of innovations in Tanzania using firm level data. Specifically, we assess the relative importance of firm, innovation and environmental level factors in commercialization and how innovation is linked with commercialization. Environmental level and inno

  20. Predicting growth fluctuation in network economy

    CERN Document Server

    Maeno, Yoshiharu

    2011-01-01

    This study presents a method to predict the growth fluctuation of firms interdependent in a network economy. The risk of downward growth fluctuation of firms is calculated from the statistics on Japanese industry.