Organisational Factors of Rapid Growth of Slovenian Dynamic Enterprises

Directory of Open Access Journals (Sweden)

Pšeničny Viljem

2013-01-01

Full Text Available The authors provide key findings on the internal and external environmental factors of growth that affect the rapid growth of dynamic enterprises in relation to individual key organisational factors or functions. The key organisational relationships in a growing enterprise are upgraded with previous research findings and identified key factors of rapid growth through qualitative and quantitative analysis based on the analysis of 4,511 dynamic Slovenian enterprises exhibiting growth potential. More than 250 descriptive attributes of a sample of firms from 2011 were also used for further qualitative analysis and verification of key growth factors. On the basis of the sample (the study was conducted with 131 Slovenian dynamic enterprises, the authors verify whether these factors are the same as the factors that were studied in previous researches. They also provide empirical findings on rapid growth factors in relation to individual organisational functions: administration - management - implementation (entrepreneur - manager - employees. Through factor analysis they look for the correlation strength between individual variables (attributes that best describe each factor of rapid growth and that relate to the aforementioned organisational functions in dynamic enterprises. The research findings on rapid growth factors offer companies the opportunity to consider these factors during the planning and implementation phases of their business, to choose appropriate instruments for the transition from a small fast growing firm to a professionally managed growing company, to stimulate growth and to choose an appropriate growth strategy and organisational factors in order to remain, or become, dynamic enterprises that can further contribute to the preservation, growth and development of the Slovenian economy

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

Directory of Open Access Journals (Sweden)

Godfrey MUPONDA

2014-07-01

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

Firm age, business cycles and aggregate labor market dynamics

OpenAIRE

Sedláček, P.

2011-01-01

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

Structural analysis of biofilm formation by rapidly and slowly growing nontuberculous mycobacteria

Science.gov (United States)

Mycobacterium avium complex (MAC) and rapidly growing mycobacteria (RGM) such as M. abscessus, M. mucogenicum, M. chelonae and M. fortuitum, implicated in healthcare-associated infections, are often isolated from potable water supplies as part of the microbial flora. To understa...

Mycobacterium aquiterrae sp. nov., a rapidly growing bacterium isolated from groundwater.

Science.gov (United States)

Lee, Jae-Chan; Whang, Kyung-Sook

2017-10-01

A strain representing a rapidly growing, Gram-stain-positive, aerobic, rod-shaped, non-motile, non-sporulating and non-pigmented species of the genus Mycobacterium, designated strain S-I-6 T , was isolated from groundwater at Daejeon in Korea. The strain grew at temperatures between 10 and 37 °C (optimal growth at 25 °C), between pH 4.0 and 9.0 (optimal growth at pH 7.0) and at salinities of 0-5 % (w/v) NaCl, growing optimally with 2 % (w/v) NaCl. Phylogenetic analyses based on multilocus sequence analysis of the 16S rRNAgene, hsp65, rpoB and the 16S-23S internal transcribed spacer indicated that strain S-I-6 T belonged to the rapidly growing mycobacteria, being most closely related to Mycobacterium sphagni. On the basis of polyphasic taxonomic analysis, the bacterial strain was distinguished from its phylogenetic neighbours by chemotaxonomic properties and other biochemical characteristics. DNA-DNA relatedness among strain S-I-6 T and the closest phylogenetic neighbour strongly support the proposal that this strain represents a novel species within the genus Mycobacterium, for which the name Mycobacterium aquiterrae sp. nov. is proposed. The type strain is S-I-6 T (=KACC 17600 T =NBRC 109805 T =NCAIM B 02535 T ).

Rapidly growing mycobacteria in Singapore, 2006-2011.

Science.gov (United States)

Tang, S S; Lye, D C; Jureen, R; Sng, L-H; Hsu, L Y

2015-03-01

Nontuberculous mycobacteria infection is a growing global concern, but data from Asia are limited. This study aimed to describe the distribution and antibiotic susceptibility profiles of rapidly growing mycobacterium (RGM) isolates in Singapore. Clinical RGM isolates with antibiotic susceptibility tests performed between 2006 and 2011 were identified using microbiology laboratory databases and minimum inhibitory concentrations of amikacin, cefoxitin, clarithromycin, ciprofloxacin, doxycycline, imipenem, linezolid, moxifloxacin, sulfamethoxazole or trimethoprim-sulfamethoxazole, tigecycline and tobramycin were recorded. Regression analysis was performed to detect changes in antibiotic susceptibility patterns over time. A total of 427 isolates were included. Of these, 277 (65%) were from respiratory specimens, 42 (10%) were related to skin and soft tissue infections and 36 (8%) were recovered from blood specimens. The two most common species identified were Mycobacterium abscessus (73%) and Mycobacterium fortuitum group (22%), with amikacin and clarithromycin being most active against the former, and quinolones and trimethoprim-sulfamethoxazole against the latter. Decreases in susceptibility of M. abscessus to linezolid by 8.8% per year (p 0.001), M. fortuitum group to imipenem by 9.5% per year (p 0.023) and clarithromycin by 4.7% per year (p 0.033) were observed. M. abscessus in respiratory specimens is the most common RGM identified in Singapore. Antibiotic options for treatment of RGM infections are increasingly limited. Copyright © 2014 European Society of Clinical Microbiology and Infectious Diseases. Published by Elsevier Ltd. All rights reserved.

Firm age, business cycles and aggregate labor market dynamics

NARCIS (Netherlands)

Sedláček, P.

2011-01-01

Job creation and destruction rates fall with a firm's age, young businesses have higher exit rates, conditional on survival they grow faster and given their employment shares they create relatively more jobs than older firms. In fact, recent studies show that the well established negative

Myofibroblastoma: An Unusual Rapidly Growing Benign Tumour in a Male Breast

International Nuclear Information System (INIS)

Rafique, A.; Arshad, A.

2013-01-01

Myofibroblastoma is an unusual benign tumour of the breast predominantly seen in men in their sixth to seventh decade. The gross appearance is that of a well circumscribed nodule, characteristically small, seldom exceeding 3 cm. We present a case of an unusually large myofibroblastoma, which mimicked a malignant breast tumour. A 40 years old male, known case of tetralogy of Fallot, was operated in infancy in abroad, presented with a rapid enlargement of right breast over 5 - 6 weeks. Examination revealed a firm 10 cm hemispherical lump occupying the whole of the right breast with normal overlying skin. Since core biopsy was inconclusive, a subcutaneous mastectomy was performed to remove the tumour, which weighed 500 gms. Histopathology and immunocytochemistry revealed a mixed classical and collagenised type of myofibroblastoma. The patient is well with no evidence of recurrence. (author)

Aggregate fluctuations and the cross-sectional dynamics of firm growth

DEFF Research Database (Denmark)

Holly, Sean; Petrella, Ivan; Santoro, Emiliano

2013-01-01

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

Globalization and Firm Competitiveness in the Middle East and North Africa Region

OpenAIRE

Fawzy, Samiha

2002-01-01

Globalization has increased competitive pressures on firms. Together with rapid technological change, it has altered the environment in which firms operate. While globalization offers unprecedented opportunities for firms to act successfully, it simultaneously heightens the risks for firms lagging behind. In an open and liberalized world, increasing firm competitiveness has become a major ...

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

NARCIS (Netherlands)

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

2013-01-01

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

Flat Hierarchical Structure, Bundles of New Work Practices and Firm Performance

OpenAIRE

Cristini Annalisa; Gaj Alessandro; Labory Sandrine; Leoni Riccardo

2003-01-01

In the last decade a growing economic literature has been devoted to the relationship between firm organisation and performance. Empirical analyses mainly focus on the relationship between human resources management and firm performance, neglecting the role played by organisational designs. The aim of this paper is to integrate the analysis of this relationship and verify the extent to which it is relevant for Italian firms. The data set, for a sample of manufacturing firms located in Lombard...

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

African Journals Online (AJOL)

Optiplex 7010 Pro

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

Rapidly Growing Chondroid Syringoma of the External Auditory Canal: Report of a Rare Case

Science.gov (United States)

Vasileiadis, Ioannis; Kapetanakis, Stylianos; Petousis, Aristotelis; Karakostas, Euthimios; Simantirakis, Christos

2011-01-01

Introduction. Chondroid syrinoma of the external auditory canal is an extremely rare benign neoplasm representing the cutaneous counterpart of pleomorphic adenoma of salivary glands. Less than 35 cases have been reported in the international literature. Case Presentation. We report a case of a 34-year-old male in whom a rapidly growing, well-circumscribed tumor arising from the external auditory canal was presented. Otoscopy revealed a smooth, nontender lesion covered by normal skin that almost obstructs the external auditory meatus. MRI was performed to define the extension of the lesion. It confirmed the presence of a 1.5 × 0.8 cm T2 high-signal intensity lesion in the superior and posterior wall of EAC without signs of bone erosion. The patient underwent complete resection of the tumor. The diagnosis was confirmed by histopathologic examination. Conclusion. Although chondroid syringoma is extremely rare, it should always be considered in the differential diagnosis of an aural polyp. Chondroid syringomas are usually asymptomatic, slow-growing, single benign tumors in subcutaneous or intradermal location. In our case, the new information is that this benign tumor could present also as a rapidly growing lesion, arising the suspicion for malignancy. PMID:21941560

Rapidly Growing Chondroid Syringoma of the External Auditory Canal: Report of a Rare Case

Directory of Open Access Journals (Sweden)

Ioannis Vasileiadis

2011-01-01

Full Text Available Introduction. Chondroid syrinoma of the external auditory canal is an extremely rare benign neoplasm representing the cutaneous counterpart of pleomorphic adenoma of salivary glands. Less than 35 cases have been reported in the international literature. Case Presentation. We report a case of a 34-year-old male in whom a rapidly growing, well-circumscribed tumor arising from the external auditory canal was presented. Otoscopy revealed a smooth, nontender lesion covered by normal skin that almost obstructs the external auditory meatus. MRI was performed to define the extension of the lesion. It confirmed the presence of a 1.5×0.8 cm T2 high-signal intensity lesion in the superior and posterior wall of EAC without signs of bone erosion. The patient underwent complete resection of the tumor. The diagnosis was confirmed by histopathologic examination. Conclusion. Although chondroid syringoma is extremely rare, it should always be considered in the differential diagnosis of an aural polyp. Chondroid syringomas are usually asymptomatic, slow-growing, single benign tumors in subcutaneous or intradermal location. In our case, the new information is that this benign tumor could present also as a rapidly growing lesion, arising the suspicion for malignancy.

Surgical site infections due to rapidly growing mycobacteria in puducherry, India.

Science.gov (United States)

Kannaiyan, Kavitha; Ragunathan, Latha; Sakthivel, Sulochana; Sasidar, A R; Muralidaran; Venkatachalam, G K

2015-03-01

Rapidly growing Mycobacteria are increasingly recognized, nowadays as an important pathogen that can cause wide range of clinical syndromes in humans. We herein describe unrelated cases of surgical site infection caused by Rapidly growing Mycobacteria (RGM), seen during a period of 12 months. Nineteen patients underwent operations by different surgical teams located in diverse sections of Tamil Nadu, Pondicherry, Karnataka, India. All patients presented with painful, draining subcutaneous nodules at the infection sites. Purulent material specimens were sent to the microbiology laboratory. Gram stain and Ziehl-Neelsen staining methods were used for direct examination. Culture media included blood agar, chocolate agar, MacConkey agar, Sabourauds agar and Lowenstein-Jensen medium for Mycobacteria. Isolated microorganisms were identified and further tested for antimicrobial susceptibility by standard microbiologic procedures. Mycobacterium fortuitum and M.chelonae were isolated from the purulent drainage obtained from wounds by routine microbiological techniques from all the specimens. All isolates analyzed for antimicrobial susceptibility pattern were sensitive to clarithromycin, linezolid and amikacin but were variable to ciprofloxacin, rifampicin and tobramycin. Our case series highlights that a high level of clinical suspicion should be maintained for patients presenting with protracted soft tissue lesions with a history of trauma or surgery as these infections not only cause physical but also emotional distress that affects both the patients and the surgeon.

Rapidly growing ovarian endometrioid adenocarcinoma involving the vagina: a case report.

Science.gov (United States)

Na, Sunghun; Hwang, Jongyun; Lee, Hyangah; Lee, Jiyeon; Lee, Dongheon

2011-12-01

We present a rare case of a very rapidly growing stage IV ovarian endometrioid adenocarcinoma involving the uterine cervix and vagina without lymph node involvement. A 43-year-old woman visited the hospital with complaints of lower abdominal discomfort and vaginal bleeding over the previous 3 months. Serum levels of tumor marker CA 125 and SCC antigen (TA-4) were normal. On magnetic resonance imaging, a 7.9×9.7cm heterogeneous mass with intermediate signal intensity was observed in the posterior low body of the uterus. Two months ago, a computed tomography scan revealed an approximate 4.5×3.0cm heterogeneously enhanced subserosal mass with internal ill-defined hypodensities. A laparotomy, including a total abdominal hysterectomy with resection of the upper vagina, bilateral salpingo-oophorectomy, pelvic and para-aortic lymph node dissection, appendectomy, total omentectomy, and biopsy of rectal serosa was performed. A histological examination revealed poorly differentiated endometrioid ovarian adenocarcinoma with vaginal involvement. The patient had an uncomplicated post-operative course. After discharge, she completed six cycles of adjuvant chemotherapy with paclitaxel (175mg/m(2)) and carboplatin (300mg/m(2)) and has remained clinically disease-free until June 2010. Epithelial ovarian cancer may grow very rapidly. The frequent measurement of tumor size by ultrasonography may provide important information on detection in a subset of ovarian carcinomas that develop from preexisting, detectable lesions. Copyright © 2011. Published by Elsevier B.V.

Cluster-based global firms' use of local capabilities

DEFF Research Database (Denmark)

Andersen, Poul Houman; Bøllingtoft, Anne

2011-01-01

Purpose – Despite growing interest in clusters role for the global competitiveness of firms, there has been little research into how globalization affects cluster-based firms’ (CBFs) use of local knowledge resources and the combination of local and global knowledge used. Using the cluster......’s knowledge base as a mediating variable, the purpose of this paper is to examine how globalization affected the studied firms’ use of local cluster-based knowledge, integration of local and global knowledge, and networking capabilities. Design/methodology/approach – Qualitative case studies of nine firms...... in three clusters strongly affected by increasing global division of labour. Findings – The paper suggests that globalization has affected how firms use local resources and combine local and global knowledge. Unexpectedly, clustered firms with explicit procedures and established global fora for exchanging...

Inter-firm and intra-firm efficiency measures

NARCIS (Netherlands)

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

2001-01-01

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

Gender diversity of boardrooms and firm financial performance

Directory of Open Access Journals (Sweden)

Perihan Iren

2016-08-01

Full Text Available The impact of boardroom diversity on firm financial performance has attracted growing research interest in recent years. However, due to the lack of readily available datasets for other parts of the world, most of the evidence is based on the US data. The purpose of this study is to examine the relationship between gender diversity in the boardrooms and firm financial performance in a region, where it has never been studied before. Using a sample of 60 firms listed in Abu Dhabi and Dubai Stock Exchanges, first the impact of gender diverse boards on the accounting value of the firms is analyzed. Afterwards, stock price reactions to the announcement of the gender quotas on corporate boards in the UAE are examined. The results do not show a significant impact of female directors on the firm’s both accounting and market value. However, these results should be interpreted carefully since the presence of women in leading positions might affect different aspects of the firm practices

Authority inside the firm: multiple mechanisms of coordination

OpenAIRE

Bernard Baudry; Bruno Tinel

2004-01-01

In the last twenty years, through a growing awareness of contractual incompleteness, the concept of authority has regained primacy in the analysis of the employment relationship. This article pursues two goals. First, we assess the famous controversy between Coase and Alchian and Demsetz via an analysis of the foundations of intra-firm authority. Second, we argue that intra-firm authority cannot hinge on a single variable and, to the contrary, rests on multiple mechanisms. The employer's auth...

Do Investors Forecast Fat Firms? Evidence from the Gold Mining Industry

OpenAIRE

Borenstein, Severin; Farrell, Joseph

2006-01-01

JEL CODES: D21, G3, L2, L72 KEYWORDS: profit function, free cash flow, gold mining, x-efficiency, rent seeking, fat ABSTRACT: Conventional economic theory assumes that firms always minimize costs given the output they produce. News articles and interviews with executives, however, indicate that firms from time to time engage in cost-cutting exercises. One popular belief is that firms cut costs when they are in economic distress, and grow fat when they are relatively wealthy....

Competing With the Use of Business Model innovation - an Exploratory Case Study of the Journey of Born Global Firms

Directory of Open Access Journals (Sweden)

Marlene Johansson

2014-08-01

Full Text Available Purpose: The purpose of this article is to investigate how business models are used by born global firms to act upon new business opportunities and how they manage business model innovation over time to prosper and grow. Design/Methodology: The study is based on three exploratory case studies of born global firms in mobile communication, financial services and digital music distribution. Findings: Three interrelated capabilities to manage business model innovation are articulated in the context of born global firms; sensing capabilities, entrepreneurial capabilities and relational capabilities and four propositions are formulated. We find that business model innovations are used as a tool by maturing born global firms to navigate the value chains and achieve international growth. We further propose that born global need the capabilities to balance different business model designs simultaneously and to manage its business model innovation in a timely manner. Originality: This article contributes to both the business model literature and research of international entrepreneurship. By putting business model research into the dynamic context of rapidly internationalizing born global firms, we contribute to the field of business model research with findings of how business models are used in the internationalization processes. Certain capabilities are needed to manage business model innovation for born global firms to dynamically use business models as a tool in the international growth overtime.

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

OpenAIRE

Hatem, Omaima

2012-01-01

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

An exploratory study of international marketing in India: Indian firms, multinationals and their competitiveness

OpenAIRE

Oburai, Prathap

2004-01-01

Indian firms are more international than ever before. Internationalisation drives and export orientation are prominent in the organisational strategies of a number of leading Indian firms and multinationals located in India. This is a significant indicator of the growing competitiveness of firms, industries and the nation. This paper examines the sources of competitive advantages in a few chosen sectors, selected firms, and explores the internationalisation possibilities and potential. Intern...

Clinical and Taxonomic Status of Pathogenic Nonpigmented or Late-Pigmenting Rapidly Growing Mycobacteria

OpenAIRE

Brown-Elliott, Barbara A.; Wallace, Richard J.

2002-01-01

The history, taxonomy, geographic distribution, clinical disease, and therapy of the pathogenic nonpigmented or late-pigmenting rapidly growing mycobacteria (RGM) are reviewed. Community-acquired disease and health care-associated disease are highlighted for each species. The latter grouping includes health care-associated outbreaks and pseudo-outbreaks as well as sporadic disease cases. Treatment recommendations for each species and type of disease are also described. Special emphasis is on ...

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

OpenAIRE

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

2014-01-01

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

Antimicrobial susceptibility testing of rapidly growing mycobacteria by microdilution - Experience of a tertiary care centre

Directory of Open Access Journals (Sweden)

Set R

2010-01-01

Full Text Available Purpose: The objective of the study was to perform antimicrobial susceptibility testing of rapidly growing mycobacteria (RGM isolated from various clinically suspected cases of extrapulmonary tuberculosis, from January 2007 to April 2008, at a tertiary care centre in Mumbai. Materials and Methods: The specimens were processed for microscopy and culture using the standard procedures. Minimum inhibitory concentrations (MIC were determined by broth microdilution, using Sensititre CA MHBT. Susceptibility testing was also carried out on Mueller Hinton agar by the Kirby Bauer disc diffusion method. Results: Of the 1062 specimens received for mycobacterial cultures, 104 (9.79% grew mycobacteria. Of the mycobacterial isolates, six (5.76% were rapid growers. M. abscessus and M. chelonae appeared to be resistant organisms, with M. chelonae showing intermediate resistance to amikacin and minocycline. However, all the six isolates showed sensitivity to vancomycin and gentamicin by the disc diffusion test. Also all three isolates of M. abscessus were sensitive to piperacillin and erythromycin. Further studies are required to test their sensitivity to these four antimicrobials by using the microbroth dilution test, before they can be prescribed to patients. Conclusions: We wish to emphasize that reporting of rapidly growing mycobacteria from clinical settings, along with their sensitivity patterns, is an absolute need of the hour.

New Firm Survival: Industry versus Firm Effects

NARCIS (Netherlands)

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

1997-01-01

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

In vitro activity of flomoxef against rapidly growing mycobacteria.

Science.gov (United States)

Tsai, Moan-Shane; Tang, Ya-Fen; Eng, Hock-Liew

2008-06-01

The aim of this study was to determine the in vitro sensitivity of rapidly growing mycobacteria (RGM) to flomoxef in respiratory secretions collected from 61 consecutive inpatients and outpatients at Chang Gung Memorial Hospital-Kaohsiung medical center between July and December, 2005. Minimal inhibitory concentrations (MIC) of flomoxef were determined by the broth dilution method for the 61 clinical isolates of RGMs. The MICs of flomoxef at which 90% of clinical isolates were inhibited was >128 microg/mL in 26 isolates of Mycobacterium abscessus and 4 microg/mL in 31 isolates of M. fortuitum. Three out of 4 clinical M. peregrinum isolates were inhibited by flomoxef at concentrations of 4 microg/mL or less. Although the numbers of the clinical isolates of RGMs were small, these preliminary in vitro results demonstrate the potential activity of flomoxef in the management of infections due to M. fortuitum, and probably M. peregrinum in humans.

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

OpenAIRE

Didier, Tatiana; Schmukler, Sergio L.

2013-01-01

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

Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Part Suppliers

OpenAIRE

Insung Son; Sihyun Kim

2018-01-01

Considering the lifecycle of products, firms are releasing new products through diversified strategic partnerships via the global supply chain. As the uncertainty about the future increases and strategic partnership grows more important, part suppliers are becoming more and more significant in assessing firm value. From the perspective of the signaling effect, this study analyzed the impact of partner volatility (new partner, old partner, revocation partner) on firm value in terms of global s...

INCREASING RETURNS TO SCALE, DYNAMICS OF INDUSTRIAL STRUCTURE AND SIZE DISTRIBUTION OF FIRMS

Institute of Scientific and Technical Information of China (English)

Ying FAN; Menghui LI; Zengru DI

2006-01-01

A multi-agent model is presented to discuss the market dynamics and the size distribution of firms.The model emphasizes the effects of increasing returns to scale and gives the description of the born and death of adaptive producers. The evolution of market structure and its behavior under the technological shocks are investigated. Its dynamical results are in good agreement with some empirical "stylized facts" of industrial evolution. With the diversity of demand and adaptive growth strategies of firms, the firm size in the generalized model obeys the power-law distribution. Three factors mainly determine the competitive dynamics and the skewed size distributions of firms: 1. Self-reinforcing mechanism; 2. Adaptive firm growing strategies; 3. Demand diversity or widespread heterogeneity in the technological capabilities of firms.

The environmental actions of firms: examining the role of spillovers, networks and absorptive capacity.

Science.gov (United States)

Albornoz, Facundo; Cole, Matthew A; Elliott, Robert J R; Ercolani, Marco G

2014-12-15

In the light of climate uncertainty and growing concern for the natural environment, an increasingly important aspect of global business is the environmental behaviour of firms. In this paper we consider the factors that influence firms' environmental actions (EAs). Our study of Argentinean firms concentrates on measures of environmental spillovers, informal and formal networks and absorptive capacity by testing four related hypotheses. We find that foreign-owned firms, large firms and those with a greater capacity to assimilate new environmental technologies are more likely to adopt EAs. We also show that formal and informal networks aid the adoption of EAs in the presence of traditional firm-level spillovers. Finally, we show that foreign-owned firms have different motives to domestic firms for undertaking EAs. Copyright © 2014 Elsevier Ltd. All rights reserved.

Clinical management of rapidly growing mycobacterial cutaneous infections in patients after mesotherapy.

Science.gov (United States)

Regnier, Stéphanie; Cambau, Emmanuelle; Meningaud, Jean-Paul; Guihot, Amelie; Deforges, Lionel; Carbonne, Anne; Bricaire, François; Caumes, Eric

2009-11-01

Increasing numbers of patients are expressing an interest in mesotherapy as a method of reducing body fat. Cutaneous infections due to rapidly growing mycobacteria are a common complication of such procedures. We followed up patients who had developed cutaneous infections after undergoing mesotherapy during the period October 2006-January 2007. Sixteen patients were infected after mesotherapy injections performed by the same physician. All patients presented with painful, erythematous, draining subcutaneous nodules at the injection sites. All patients were treated with surgical drainage. Microbiological examination was performed on specimens that were obtained before and during the surgical procedure. Direct examination of skin smears demonstrated acid-fast bacilli in 25% of the specimens that were obtained before the procedure and 37% of the specimens obtained during the procedure; culture results were positive in 75% of the patients. Mycobacterium chelonae was identified in 11 patients, and Mycobacterium frederiksbergense was identified in 2 patients. Fourteen patients were treated with antibiotics, 6 received triple therapy as first-line treatment (tigecycline, tobramycin, and clarithromycin), and 8 received dual therapy (clarithromycin and ciprofloxacin). The mean duration of treatment was 14 weeks (range, 1-24 weeks). All of the patients except 1 were fully recovered 2 years after the onset of infection, with the mean time to healing estimated at 6.2 months (range, 1-15 months). This series of rapidly growing mycobacterial cutaneous infections highlights the difficulties in treating such infections and suggests that in vitro susceptibility to antibiotics does not accurately predict their clinical efficacy.

Structure, Employment and Performance in Biotech Firms

DEFF Research Database (Denmark)

Valentin, Finn; Dahlgren, Johan Henrich; Lund Jensen, Rasmus

2006-01-01

This report studies employment effects associated with the adoption of modern biotechnology in Danish industry. In this context we also examine industry structure, patterns of job creation, key outputs such as patents and the pipeline of projects in clinical trials. To see the development of Danish...... economy to perform in the transition towards knowledge and sciencebased competitiveness. That is so because DDFs to an unusual extent depend on the ability of their framework to perform as an innovation system, by which we refer to advantages growing out of interactions and complementarities between e.......g. universities, firms and venture capital. That makes DDFs a sensitive "seismograph" for the ability of the Danish innovation system to foster new science-based technologies.Key words: Employment, Biotechnology, Firm size distribution, Industry structure,Firm performanceJEL Codes: J21, L11, L22, L25, L65, O57...

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).

Exploring Relationships among Proactiveness, Risk-Taking and Innovation Output in Family and Non-Family Firms

DEFF Research Database (Denmark)

Craig, Justin B.; Pohjola, Mikko; Kraus, Sascha

2014-01-01

In an empirical investigation of 532 Finnish firms, and using the entrepreneurial orientation (EO) literature to frame our arguments, we demonstrate that relationships among proactivity, risk-taking and innovation output differ in family and non-family firms. Specifically, we find evidence...... that risk-taking does not affect innovation output in family firms, whereas in non-family firms, innovation output is increased through risk-taking. Also, proactive family firms influence their innovation output more positively than proactive non-family firms do. This study adds important new insights...... to the growing knowledge of EO, which are discussed in the following for both academic and business audiences....

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

OpenAIRE

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

2017-01-01

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

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

OpenAIRE

Brigitte Dormont

1989-01-01

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

Information and Knowledge Management at South African Law Firms

Directory of Open Access Journals (Sweden)

T du Plessis

2011-07-01

Full Text Available Global and national law firms alike operate in a challenging business environment and managing the firm's information and knowledge assets is increasingly viewed as a key factor in efficient legal service delivery. In legal practice, information management technologies, for example intranets, portals, workflow management systems, document and content management systems, case and project management systems and online dispute resolution systems are becoming important means of legal service delivery. The reason for applying information management technologies and implementing knowledge management strategies in law firms is not only to satisfy clients' growing need for a trusted online platform to interact with legal service providers, but for law firms to capitalise on their intellectual assets, to continuously modernise legal practice management, to empower lawyers, to increase productivity, to use time efficiently, to transfer skills and knowledge from senior to junior professionals, to improve service delivery and to gain competitive advantage. This article firstly reviews the role of information and knowledge management in providing an effective legal service to clients and compares foreign and South African law firms' information management related contexts, challenges and benefits. Secondly, it presents the findings of a survey conducted at South African law firms based on their knowledge management practices. The aim of the article is to provide insights into law firm knowledge management and its effect on providing legal services in an online business environment.

Rapidly Growing Thyroid Mass in an Immunocompromised Young Male Adult

Directory of Open Access Journals (Sweden)

Mónica Santiago

2013-01-01

Full Text Available We describe a 20-year-old man diagnosed with a myelodysplastic syndrome (MDS, admitted to our hospital due to pancytopenia and fever of undetermined origin after myelosuppression with chemotherapy. Disseminated aspergillosis (DIA was suspected when he developed skin and lung involvement. A rapidly growing mass was detected on the left neck area, during hospitalization. A thyroid ultrasound reported a 3.7×2.5×2.9 cm oval heterogeneous structure, suggestive of an abscess versus a hematoma. Fine needle aspiration of the thyroid revealed invasion of aspergillosis. Fungal thyroiditis is a rare occurrence. Thyroid fungal infection is difficult to diagnose; for this reason it is rarely diagnosed antemortem. To our knowledge, this is the 10th case reported in the literature in an adult where the diagnosis of fungal invasion to the thyroid was able to be corroborated antemortem by fine needle aspiration biopsy.

Environmental performance, profitability, asset utilization, debt monitoring and firm value

Science.gov (United States)

Bukit, R. Br; Haryanto, B.; Ginting, P.

2018-02-01

The growing issue on firm value shows that firm value is not only determined by the firm ability to increase financial profit, but also by the company's concern in maintaining the environmental condition. The industrial development produces waste that pollutes the environment that has potential to serious impact on the next life. In addition to provide financial benefits, companies are increasingly facing pressure to be socially responsible for the survival of the company. However, past findings demonstrate that the effect of environmental performance, profitability, and asset utilization to the firm’s value are still unclear. This study aims to test whether environmental performance, firm profitability and asset utilization can effectively enhance firm value in two different conditions: intensive debt monitoring and less intensive debt monitoring. Sample of companies is taken from the list of Indonesia Stock Exchange during the period of 2013 to 2015. Using multiple regression analysis, discloses that: in intensive monitoring, managers tend to have high firm value when company has high environmental performance and or high profitability and high asset utilization. Monitoring system needs to be intensified especially for companies with the above characteristics.

Profiting from external knowledge : how firms use different knowledge acquisition strategies to improve their innovation performance

NARCIS (Netherlands)

Batterink, M.H.

2009-01-01

In recent years, innovation has become essential for the competitive advantage of firms in a growing number of industries. Due to the fast development of technologies, changing customer demands, shortening of product life cycles, increased global competition and changing regulations, modern firms

Executive compensation and firm performance: Evidence from Indian firms

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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.

Is co-invention expediting technological catch up? A study of collaboration between emerging country firms

OpenAIRE

Giuliani, Elisa; Martinelli, Arianna; Rabellotti, Roberta

2015-01-01

Firms from emerging countries such as Brazil, India, and China (BIC) are going global, and Europe is attracting around one-third of their direct outward investments. Growing internationalization constitutes an opportunity for technological catch up. In this paper we analyze BIC firms' cross-border inventions with European Union (EU-27) actors, during the period 1990-2012. Our results suggest that cross-border inventions represent an opportunity for BIC firms to accumulate technological capabi...

The implications of risk management information systems for the organization of financial firms

OpenAIRE

Michael S. Gibson

1998-01-01

Financial dealer firms have invested heavily in recent years to develop information systems for risk measurement. I take it as given that technological progress is likely to continue at a rapid pace, making it less expensive for financial firms to assemble risk information. I look beyond questions of risk measurement methodology to investigate the implications of risk management information systems. By examining several theoretical models of the firm in the presence of asymmetric information,...

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

OpenAIRE

Tsunehiro Otsuki

2011-01-01

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

The Effects of Interactions between Management Control Systems and Strategy on Firm Performance: An Empirical Study

OpenAIRE

Melek Eker; Semih Eker

2016-01-01

In recent years, there has been growing interest in examining the relationships among management control systems, business strategy and firm performance. In this study, the interactions of management control systems and strategy with their impact on firm performance are examined with an empirical analysis, based on the data from 94 manufacturing firms from the top 500 in Turkey in 2014. The results support the postulate that high interaction between interactive control system (ICS) and differ...

Inter-firm Networks, Organizational Learning and Knowledge Updating: An Empirical Study

Science.gov (United States)

Zhang, Su-rong; Wang, Wen-ping

In the era of knowledge-based economy which information technology develops rapidly, the rate of knowledge updating has become a critical factor for enterprises to gaining competitive advantage .We build an interactional theoretical model among inter-firm networks, organizational learning and knowledge updating thereby and demonstrate it with empirical study at last. The result shows that inter-firm networks and organizational learning is the source of knowledge updating.

Do Peer Firms Affect Firm Corporate Social Responsibility?

OpenAIRE

Shenggang Yang; Heng Ye; Qi Zhu

2017-01-01

Peer-firm strategies are a critical factor for corporate finance, and corporate social responsibility (CSR) is the main trend for evaluating the behavior of firms. On the basis of the connection between peer strategy and CSR, this paper explores the CSR strategies employed by a sample of Chinese firms during the 2008–2015 period. Our two main empirical findings are as follows. First, the CSR strategies of firms have a positive effect on their CSR behavior. Second, when there is the CSR gap be...

Top management turnover and firm default risk: Evidence from the Chinese securities market

Directory of Open Access Journals (Sweden)

Wei Ting

2011-06-01

Full Text Available China has moved rapidly from a socialist planned economy to a market economy. As a result, many enterprises in China are seeking talented top management to increase their performance and decrease their default risk. Studies abound regarding top management turnover and its relationship with firm performance, however, few studies have connected top management turnover with firm default risk. In China, a market with extensive financial fraud, firm default risk is an important factor and thus we explore this relationship in the Chinese securities market. Our results indicate that firms with higher default risk are more likely to change their top management in the next financial reporting period. In addition, following changes in top management, such firms default less than other companies.

Top management turnover and firm default risk:Evidence from the Chinese securities market

Institute of Scientific and Technical Information of China (English)

Wei; Ting

2011-01-01

China has moved rapidly from a socialist planned economy to a market economy.As a result,many enterprises in China are seeking talented top management to increase their performance and decrease their default risk.Studies abound regarding top management turnover and its relationship with firm performance,however,few studies have connected top management turnover with firm default risk.In China,a market with extensive financial fraud,firm default risk is an important factor and thus we explore this relationship in the Chinese securities market.Our results indicate that firms with higher default risk are more likely to change their top management in the next financial reporting period.In addition,following changes in top management,such firms default less than other companies.

Strategic HRM for SMEs: Implications for Firms and Policy

Science.gov (United States)

Brand, Maryse J.; Bax, Erik H.

2002-01-01

This paper is on the growing importance of strategic human resource management (SHRM) for small and medium-sized enterprises (SMEs). Many small firms encounter serious human resource problems, while at the same time these human resources play a vital role in developing and sustaining their competitive advantages. In (S)HRM literature specific…

Bargaining, Sorting, and the Gender Wage Gap: Quantifying the Impact of Firms on the Relative Pay of Women

OpenAIRE

David Card; Ana Rute Cardoso; Patrick Kline

2015-01-01

There is growing evidence that firm-specific pay premiums are an important source of wage inequality. These premiums will contribute to the gender wage gap if women are less likely to work at high-paying firms or if women negotiate (or are offered) worse wage bargains with their employers than men. Using longitudinal data on the hourly wages of Portuguese workers matched with income statement information for firms, we show that the wages of both men and women contain firm-specific premiums th...

Determinants of Financing Decisions in Innovative Firms: A Review on Theoretical Backgrounds and Empirical Evidence

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Mihaela Diaconu

2016-01-01

Full Text Available We review some of the main aspects highlighted in the literature on financing innovation. Thetheoretical background related to the distinctive features of innovative firms impacting theirfinancing decisions and the empirical evidence is reviewed. The growing literature on the financingof innovation shows that the theoretical and empirical work are not always constant across thevarious samples and situations faced by firms as a result of generating new findings. We highlightthe interaction between financing choices for innovation and changing internal and externalcondition firms operate.

WHAT FIRMS ARE REWARDED AFTER GLOBAL FINANCIAL CRISIS? THE ROLE OF INNOVATION AND GLOBALIZATION STRATEGIES IN RECOVERY

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Victoria Golikova

2016-03-01

Full Text Available The aim of the research is to conduct an empirical investigation and reveal what types of globalization and innovation strategies in turbulent and unfavorable regional institutional environment are most likely to be associated with different trajectories of Russian manufacturing firms’ performance in 2007- 2012. We employ the results of empirical survey of 1000 medium and large enterprises in manufacturing (2009 linked to financial data from Amadeus database and the data on the regional institutional environment. We test that (1 introduction of innovations before the crisis ceteris paribus helped the firms to successfully pass the crisis and recover. We expect that (2 companies that became globalized before the crisis (via importing of intermediate and capital goods; exporting; FDI; establishment of partner linkages with foreign firms ceteris paribus are more likely to successfully pass the crisis and grow. And (3 propose the positive effect of synergy of innovation efforts and globalization strategy of the firm. We expect that the abovementioned factors are complimentary and reinforce the ability of the firm to recover after crisis shock. We found strong support for the hypothesis that firms financing introduction of new products before the crisis and simultaneously managed to promote and sell them on the global market were rewarded by quick return to the growing path after global crisis. Other strategies, i.e. solely innovations without exporting play insignificant role while exporting without attempts to introduce new products contribute even negatively to post-crisis recover. Institutional environment also matters: in the regions with less level of corruption firms were more likely to grow after the crisis.

Familial cerebral cavernous haemangioma diagnosed in an infant with a rapidly growing cerebral lesion

International Nuclear Information System (INIS)

Ng, B.H.K.; Pereira, J.K.; Ghedia, S.; Pinner, J.; Mowat, D.; Vonau, M.

2006-01-01

Cavernous haemangiomas of the central nervous system are vascular malformations best imaged by MRI. They may present at any age, but to our knowledge only 39 cases in the first year of life have previously been reported. A familial form has been described and some of the underlying genetic mutations have recently been discovered. We present the clinical features and serial MRI findings of an 8-week-old boy who presented with subacute intracranial haemorrhage followed by rapid growth of a surgically proven cavernous haemangioma, mimicking a tumour. He also developed new lesions. A strong family history of neurological disease was elucidated. A familial form of cavernous haemangioma was confirmed by identification of a KRIT 1 gene mutation and cavernous haemangiomas in the patient and other family members. We stress the importance of considering cavernous haemangiomas in the context of intracerebral haemorrhage and in the differential diagnosis of rapidly growing lesions in this age group. The family history is also important in screening for familial disease

Sustainable Innovation - Driving Factors in Large Firms

OpenAIRE

Alderin, Clara; Do, Thao

2016-01-01

During recent years, there has been a growing interest in sustainable innovation both in academia and in practice. Our qualitative, multiple case study examines this emerging field in the context of large firms. By doing so, this thesis contributes to the understanding of the concept as well as the underlying factors driving sustainable innovation. Theory highlighted both external and internal factors in firms’ sustainable innovation engagement. The empirical evidence identifies five key fact...

Estimating risk propagation between interacting firms on inter-firm complex network.

Science.gov (United States)

Goto, Hayato; Takayasu, Hideki; Takayasu, Misako

2017-01-01

We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

Estimating risk propagation between interacting firms on inter-firm complex network.

Directory of Open Access Journals (Sweden)

Hayato Goto

Full Text Available We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

Visit of Belgian firms to CERN

CERN Multimedia

HR 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. 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).

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...

LEARNING, ENTREPRENEURSHIP AND INNOVATION ORIENTATIONS IN TURKISH FAMILY-OWNED FIRMS

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Erkut Altindag

2011-11-01

Full Text Available Globalization is forcing family-owned companies need to be more flexible and faster organization structures to respond effectively to the customers’ growing various types needs on the certain line of producing high quality goods and services these days. With the start of a new paradigm era in strategic management field, family- owned firms began to choose different tools to maximize their sustainable performance against rivals. These tools include special strategic orientations including learning, entrepreneurship and innovation implications. Our study tries to explore the effects of strategic orientations implications into firm performance and their effects on growth and financial performance in Turkish family-owned companies.

Have Chinese firms learned from their prior technology in-licensing? An analysis based on patent citations

DEFF Research Database (Denmark)

Li-Ying, Jason; Wang, Yuandi; Salomo, Søren

2013-01-01

With the rapid rise of Chinese economy, now ranking as the second largest economy in the world in 2010, many Chinese firms have started taking technological lead in the global market. Nevertheless, whether Chinese firms have learned from their prior inlicensing technologies and accumulated...

Female Directors and Firm Performance: Evidence from UK Listed Firms

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Pananda Pasaribu

2017-08-01

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

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

Firm Innovation and the Ratchet Effect Among Consumer Packaged Goods Firms

OpenAIRE

Christine Moorman; Simone Wies; Natalie Mizik; Fredrika J. Spencer

2012-01-01

We consider how public firms influence their stock market valuations by timing the introduction of innovative new products. Our focus is on innovation ratchet strategy --firms timing the introduction of innovations in order to demonstrate an improvement in the number of introductions over time. We document that public firms use an innovation ratchet strategy more often than do private firms and that the stock market rewards public firms for doing so. These rewards from the stock market, howev...

Multi-Objective Reservoir Optimization Balancing Energy Generation and Firm Power

Directory of Open Access Journals (Sweden)

Fang-Fang Li

2015-07-01

Full Text Available To maximize annual power generation and to improve firm power are important but competing goals for hydropower stations. The firm power output is decisive for the installed capacity in design, and represents the reliability of the power generation when the power plant is put into operation. To improve the firm power, the whole generation process needs to be as stable as possible, while the maximization of power generation requires a rapid rise of the water level at the beginning of the storage period. Taking the minimal power output as the firm power, both the total amount and the reliability of the hydropower generation are considered simultaneously in this study. A multi-objective model to improve the comprehensive benefits of hydropower stations are established, which is optimized by Non-dominated Sorting Genetic Algorithm-II (NSGA-II. The Three Gorges Cascade Hydropower System (TGCHS is taken as the study case, and the Pareto Fronts in different search spaces are obtained. The results not only prove the effectiveness of the proposed method, but also provide operational references for the TGCHS, indicating that there is room of improvement for both the annual power generation and the firm power.

AN INTER-TEMPORAL ANALYSIS OF OPERATIONAL EFFICIENCY OF OIL FIRMS: FURTHER EVIDENCE FROM NIGERIA

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David Mautin Oke

2013-01-01

Full Text Available There have been growing needs to investigate oil and gas firms more closely due to their corporate scandals. Globally, oil firm managements have become more risk intolerant. They are sometimes under pressure to deliver results within a short time, which often negatively affect their ability to undertake risky ventures that are rewarding.Applying the Data Envelopment Analysis, this paper shows a high level of technical operational inefficiency of 0.51 in Nigerian oil industry over the period 2006-2009. The fall in technical efficiency of the oil firms in 2009 might be attributed to the banking crisis in Nigeria in 2009 that affected financial operations of some oil firms that relied on banking credits for running their business, and the fall in global oil prices relative to mid 2008.

Foreign Firms, Domestic Wages

DEFF Research Database (Denmark)

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

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

Do family CEOs impact firm value? An empirical analysis of Indian family firms

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Lakshmi Kalyanaraman

2015-01-01

Full Text Available We study the association between family CEO and firm value on a sample of 288 family firms during the 6-year period, from 2009 to 2014. The sample is drawn from domestic private companies belonging to non-financial services sector included in the NSE CNX 500 index. We find that family CEO has no significant association with firm value, when the family is not the majority shareholder. Family shareholding has positive relationship with firm value, but does not moderate the relationship of family CEO with firm value. We show that family CEO and firm value are negatively related when the family does not hold majority equity stake in the family firm. While family shareholding has no significant relationship with firm value, it has a negative interaction effect on the relationship between family CEO and firm value. The research findings have important implications for family firms as well as the nonfamily investors in the family firms.

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

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Alicia Robb

2010-03-01

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

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

OpenAIRE

Servin, Servin

2014-01-01

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

Division of Labor, Transaction Cost, Emergence of the Firm and Firm Size

OpenAIRE

Pak-Wai Liu; Xiaokai Yang

1999-01-01

In this paper a general equilibrium model is constructed to explain the emergence of firms and change in firm size by the tradeoff between economies of specialization and transaction cost. We show that firms emerge from the development of division of labor if the transaction efficiency for labor is smaller than that for intermediate goods. Given the emergence of firms, change in the average size of firms (average employment) will depend on the change in transaction efficiency for intermediate...

Transportation Accessibility and Location Choice of Japanese-Funded Electronic Information Manufacturing Firms in Shanghai

Directory of Open Access Journals (Sweden)

Haining Jiang

2018-02-01

Full Text Available With the rapid development of globalization, information communication and transportation, it is argued that the effect of transportation accessibility in the location choice of manufacturing firms has diminished. However, comprehensive and systematic research on the impact of transportation accessibility on firm location choice in cities remains scarce. Taking Shanghai as the research area, this paper uses a catalog of Japanese-funded electronic information manufacturing firms to explore the influence of transportation accessibility on their location choice. The paper first describes firm distribution using the nuclear density estimation method. The Poisson regression model is then used to estimate the significance of transportation accessibility in influencing firm location. The empirical results show that most of the firms are concentrated in the inner suburbs of Shanghai, with only a small number in the outer suburban areas. The spatial coupling relationship between firm distribution and transportation accessibility is significant. These firms tend to choose areas with good accessibility to transportation infrastructure, and, in particular, the effect of airport accessibility is significant. Compared with the joint venture enterprises, wholly-owned Japanese enterprises are more inclined to be in areas with better transportation accessibility.

Default Risk and Firm Value of Shipping & Logistics Firms in Korea

Directory of Open Access Journals (Sweden)

Hyun Jung Nam

2017-07-01

Full Text Available As shipping and logistics industry is one of the core industries in Korea, the volume was ranked in the fifth highest in the world. However, shipping and logistics industry of Korea has suffered from default risk since Global Financial Crisis in 2008. This study examines the relationship between the default risk, as measured by the Altman K-Score, and firm value, as measured by the Return on Assets (ROA, of shipping and logistics firms in Korea and compares the impact of default risk on firm value between good financial health firms and poor financial health firms. As the trends of KScores over a ten-year periods, shipping and logistics firms in Korea register weak-to-moderate financial healthy rage. We find that Altman K-Score is significantly linked with firm value and also higher performing firms as measured by the ROA exhibit higher financial health as measured by KScore. Although nine years have been passed since Global Financial Crisis 2008, Korean shipping and logistics industry is still under the financial depression. This study proposes that systematic financial alert system of Korean shipping and logistics industry should be required to decrease default risk reflecting significance of Korean economy.

Rapid urbanization and the growing threat of violence and conflict: a 21st century crisis.

Science.gov (United States)

Patel, Ronak B; Burkle, Frederick M

2012-04-01

As the global population is concentrated into complex environments, rapid urbanization increases the threat of conflict and insecurity. Many fast-growing cities create conditions of significant disparities in standards of living, which set up a natural environment for conflict over resources. As urban slums become a haven for criminal elements, youth gangs, and the arms trade, they also create insecurity for much of the population. Specific populations, such as women, migrants, and refugees, bear the brunt of this lack of security, with significant impacts on their livelihoods, health, and access to basic services. This lack of security and violence also has great costs to the general population, both economic and social. Cities have increasingly become the battlefield of recent conflicts as they serve as the seats of power and gateways to resources. International agencies, non-governmental organizations, and policy-makers must act to stem this tide of growing urban insecurity. Protecting urban populations and preventing future conflict will require better urban planning, investment in livelihood programs for youth, cooperation with local communities, enhanced policing, and strengthening the capacity of judicial systems.

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

Procurement with specialized firms

NARCIS (Netherlands)

Boone, Jan; Schottmuller, C.

2016-01-01

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

The Location Dynamics of Firms in Transitional Shanghai, 1978-2005

Directory of Open Access Journals (Sweden)

Bo Qin

2012-01-01

Full Text Available China’s economic reform started in 1978 has brought in profound changes to firms by transforming the state-owned-enterprises and by encouraging the growth of the non-state sector business. These changes have been accompanied by broader institutional changes and economic restructuring in the cities, especially in the larger ones. This paper focuses on the changing spatial distribution patterns and the underlying location factors of firms in different sectors within Shanghai, one of China’s largest and most dynamic cities. The central research question is raised as do the rapidly changing spatial patterns of corporate activities within Shanghai since the onset of China's economic reform reflect the influence of market forces? Data were collected from Shanghai Administration of Industry and Commerce. Both GIS mapping and statistics (i.e. Moran’s Index, density gradient were used to assess the spatial distribution pattern of firms in Shanghai. An empirical model derived from neo-classical location theory is employed to examine the location factors of firms in different sectors. Findings of the paper indicate that the spatial distribution and location factors of firms in Shanghai demonstrate the city’s unique urban restructuring process, which is closely related to the city’s specific economic stage and unique “transitional” characteristics. However, market forces do play an increasingly import role in firm’s location-choice behavior in Shanghai. This study contributes to the understanding of firm location dynamics in post-socialist cities.

Critical successful factors for innovation in vietnamese firms

Directory of Open Access Journals (Sweden)

Tran Hoai Nam

2017-09-01

Full Text Available Purpose: Innovation is considered as a core element of sustainable competitive advantage in the rapidly changing environment. However, in Vietnam, researches on innovation are very rare, which are mostly general reports without underlying analyses of innovation in firms, especially determinants for innovation. Therefore, this paper focuses on analyzing critical successful factors for innovation in Vietnamese firms.  Design/methodology/approach: This study used primary data through questionnaire survey from November 2015 to February 2016. Respondents were senior managers of firms located mostly at Hanoi (Northern, Hochiminh (Southern and Danang city (Central. The questionnaire included multi-items designed to measure factors. Each item was measured by 5 point Likert scale: 1 (strongly disagree to 5 (strongly agree. Questionnaires were administerd to 500 firms belonging to list of Vietnam Chamber of Commerce and Industry (VCCI in these three cities with rate of 40% (Hochiminh city, 40% (Hanoi city and Danang (20%. However, there were 360 returned questionnaires and valid to next analyses. Analysis methodologies of reliability, factor analysis and regression are utilized in this paper.  Findings: We developed and tested a model of determinants for Innovation in Vietnamese firms. The major contribution of this study is testing six determinants for innovation in Vietnamese companies. The results showed that awareness of innovation, innovation strategy and policy, organization for innovation, HR for innovation and building capabilities have positive impact on innovation.  Originality/value: This study makes a contribution for both academics and practitioners. For academics, this study provided one more empirical evidence of the determinants for innovation. Regarding practical implications, this study suggests that Vietnamese companies have to strengthen capabilities for employees through training, encourage generation of new ideas, rule breaking

Critical successful factors for innovation in vietnamese firms

Energy Technology Data Exchange (ETDEWEB)

Tran Hoai Nam; Nham Phong Tuan; Nguyen Van Minh

2017-07-01

Innovation is considered as a core element of sustainable competitive advantage in the rapidly changing environment. However, in Vietnam, researches on innovation are very rare, which are mostly general reports without underlying analyses of innovation in firms, especially determinants for innovation. Therefore, this paper focuses on analyzing critical successful factors for innovation in Vietnamese firms. Design/methodology/approach: This study used primary data through questionnaire survey from November 2015 to February 2016. Respondents were senior managers of firms located mostly at Hanoi (Northern), Hochiminh (Southern) and Danang city (Central). The questionnaire included multi-items designed to measure factors. Each item was measured by 5 point Likert scale: 1 (strongly disagree) to 5 (strongly agree). Questionnaires were administerd to 500 firms belonging to list of Vietnam Chamber of Commerce and Industry (VCCI) in these three cities with rate of 40% (Hochiminh city), 40% (Hanoi city) and Danang (20%). However, there were 360 returned questionnaires and valid to next analyses. Analysis methodologies of reliability, factor analysis and regression are utilized in this paper. Findings: We developed and tested a model of determinants for Innovation in Vietnamese firms. The major contribution of this study is testing six determinants for innovation in Vietnamese companies. The results showed that awareness of innovation, innovation strategy and policy, organization for innovation, HR for innovation and building capabilities have positive impact on innovation. Originality/value: This study makes a contribution for both academics and practitioners. For academics, this study provided one more empirical evidence of the determinants for innovation. Regarding practical implications, this study suggests that Vietnamese companies have to strengthen capabilities for employees through training, encourage generation of new ideas, rule breaking, and innovative behaviors by

Critical successful factors for innovation in vietnamese firms

International Nuclear Information System (INIS)

Tran Hoai Nam; Nham Phong Tuan; Nguyen Van Minh

2017-01-01

Innovation is considered as a core element of sustainable competitive advantage in the rapidly changing environment. However, in Vietnam, researches on innovation are very rare, which are mostly general reports without underlying analyses of innovation in firms, especially determinants for innovation. Therefore, this paper focuses on analyzing critical successful factors for innovation in Vietnamese firms. Design/methodology/approach: This study used primary data through questionnaire survey from November 2015 to February 2016. Respondents were senior managers of firms located mostly at Hanoi (Northern), Hochiminh (Southern) and Danang city (Central). The questionnaire included multi-items designed to measure factors. Each item was measured by 5 point Likert scale: 1 (strongly disagree) to 5 (strongly agree). Questionnaires were administerd to 500 firms belonging to list of Vietnam Chamber of Commerce and Industry (VCCI) in these three cities with rate of 40% (Hochiminh city), 40% (Hanoi city) and Danang (20%). However, there were 360 returned questionnaires and valid to next analyses. Analysis methodologies of reliability, factor analysis and regression are utilized in this paper. Findings: We developed and tested a model of determinants for Innovation in Vietnamese firms. The major contribution of this study is testing six determinants for innovation in Vietnamese companies. The results showed that awareness of innovation, innovation strategy and policy, organization for innovation, HR for innovation and building capabilities have positive impact on innovation. Originality/value: This study makes a contribution for both academics and practitioners. For academics, this study provided one more empirical evidence of the determinants for innovation. Regarding practical implications, this study suggests that Vietnamese companies have to strengthen capabilities for employees through training, encourage generation of new ideas, rule breaking, and innovative behaviors by

Founder Control, Ownership Structure and Firm Value: Evidence from Entrepreneurial Listed Firms in China

Directory of Open Access Journals (Sweden)

Lijun Xia

2008-06-01

Full Text Available In emerging markets, the deviation between the ultimate controlling shareholders' voting rights and their cash flow rights (hereafter “DVC” in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders' opportunistic incentives, as well as by their incentives to improve firm efficiency. This study uses 229 listed firms ultimately controlled by individuals or families (hereafter “entrepreneurial firms” for 2004 in China, to investigate the effect of DVC on firm value and to determine whether it is different between founder and non-founder controlled firms. We find that DVC has a positive effect on firm value for founder controlled firms. This result implies that investors believe that their interests are better protected by founder controlled firms than by non-founder controlled firms.

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.

Rapidly Growing Esophageal Carcinosarcoma Reduced by Neoadjuvant Radiotherapy Alone

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Naotaka Ogasawara

2014-06-01

Full Text Available Esophageal carcinosarcoma is a rare malignant neoplasm consisting of both carcinomatous and sarcomatous components. It is generally treated by surgery, radiotherapy and chemotherapy according to the protocols used for other esophageal cancers. However, the treatment of esophageal carcinosarcoma by radiotherapy alone before surgery has not been previously described. We report a patient with a rapidly growing esophageal carcinosarcoma that was efficiently reduced by neoadjuvant radiotherapy alone. A previously healthy 69-year-old man was admitted with dysphagia. Initial esophagogastroduodenoscopy (EGD revealed a small nodular polypoid lesion of about 10 mm in the middle esophagus. A second EGD 1 month later showed that the tumor had expanded into a huge mass. A biopsy specimen revealed that the tumor comprised squamous cell carcinoma with spindle cell components, and the tumor was diagnosed as carcinosarcoma which was diagnosed as stage I (T1bN0M0. Due to renal dysfunction, the patient was treated with neoadjuvant radiotherapy (40 Gy without chemotherapy. A third EGD 1 month later revealed remarkable tumor reduction. He then underwent total esophagectomy with regional lymph node dissection (pStage 0, pT1aN0M0. After surgical operation, the patient was followed up without adjuvant therapy. Whole body computed tomography revealed lung metastasis 14 months after surgery, and the patient died 2 months later. The neoadjuvant radiotherapy for esophageal carcinosarcoma was considered to have contributed to the subsequent surgery and his prolonged survival time. Thus, radiotherapy alone might be a suitable neoadjuvant therapy for esophageal carcinosarcomas.

Cyclicality and Firm Size in Private Firm Defaults

DEFF Research Database (Denmark)

Jensen, Thais Lærkholm; Lando, David; Medhat, Mamdouh

2017-01-01

The Basel II/III and CRD IV Accords reduce capital charges on bank loans to smaller firms by assuming that the default probabilities of smaller firms are less sensitive to macroeconomic cycles. We test this assumption in a default intensity framework using a large sample of bank loans to private...

Female Directors and Firm Performance: Evidence from UK Listed Firms

OpenAIRE

Pasaribu, Pananda

2017-01-01

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

Aquaculture: a rapidly growing and significant source of sustainable food? Status, transitions and potential.

Science.gov (United States)

Little, D C; Newton, R W; Beveridge, M C M

2016-08-01

The status and potential of aquaculture is considered as part of a broader food landscape of wild aquatic and terrestrial food sources. The rationale and resource base required for the development of aquaculture are considered in the context of broader societal development, cultural preferences and human needs. Attention is drawn to the uneven development and current importance of aquaculture globally as well as its considerable heterogeneity of form and function compared with established terrestrial livestock production. The recent drivers of growth in demand and production are examined and the persistent linkages between exploitation of wild stocks, full life cycle culture and the various intermediate forms explored. An emergent trend for sourcing aquaculture feeds from alternatives to marine ingredients is described and the implications for the sector with rapidly growing feed needs discussed. The rise of non-conventional and innovative feed ingredients, often shared with terrestrial livestock, are considered, including aquaculture itself becoming a major source of marine ingredients. The implications for the continued expected growth of aquaculture are set in the context of sustainable intensification, with the challenges that conventional intensification and emergent integration within, and between, value chains explored. The review concludes with a consideration of the implications for dependent livelihoods and projections for various futures based on limited resources but growing demand.

Leverage, Investment, and Firm Growth

OpenAIRE

Larry Lang; Eli Ofek; Rene M. Stulz

1995-01-01

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

Performance of Patenting Firms

DEFF Research Database (Denmark)

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

2000-01-01

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

When Intra-Firm and Inter-Firm Collaborations Co-Occur

DEFF Research Database (Denmark)

Schleimer, Stephanie Christine; Sculman, Arthur D.

2011-01-01

There is evidence that intra-firm collaboration and inter-firm collaboration are important for new service development (NSD) and new product development (NPD) success. However, evidence of the contributions of each to innovative outcomes is inconsistent. This inconsistency is associated with the ...

ISOLATION AND ANTIBIOTIC SUSCEPTIBILITY TESTING OF RAPIDLY-GROWING MYCOBACTERIA FROM GRASSLAND SOILS

Directory of Open Access Journals (Sweden)

Martina Kyselková

2013-08-01

Full Text Available Rapidly growing mycobacteria (RGM are common soil saprophytes, but certain strains cause infections in human and animals. The infections due to RGM have been increasing in past decades and are often difficult to treat. The susceptibility to antibiotics is regularly evaluated in clinical isolates of RGM, but the data on soil RGM are missing. The objectives of this study was to isolate RGM from four grassland soils with different impact of manuring, and assess their resistance to antibiotics and the ability to grow at 37°C and 42°C. Since isolation of RGM from soil is a challenge, a conventional decontamination method (NaOH/malachite green/cycloheximide and a recent method based on olive oil/SDS demulsification were compared. The olive oil/SDS method was less efficient, mainly because of the emulsion instability and plate overgrowing with other bacteria. Altogether, 44 isolates were obtained and 23 representatives of different RGM genotypes were screened. The number of isolates per soil decreased with increasing soil pH, consistently with previous findings that mycobacteria were more abundant in low pH soils. Most of the isolates belonged to the Mycobacterium fortuitum group. The majority of isolates was resistant to 2-4 antibiotics. Multiresistant strains occurred also in a control soil that has a long history without the exposure to antibiotic-containing manure. Seven isolates grew at 37°C, including the species M. septicum and M. fortuitum known for infections in humans. This study shows that multiresistant RGM close to known human pathogens occur in grassland soils regardless the soil history of manuring.

Tool for Benchmarking BIM Performance of Design Engineering and Construction Firms in The Netherlands

NARCIS (Netherlands)

Sebastian, R.; Berlo, L. van

2010-01-01

Building information modelling (BIM) is becoming more and more important to manage complex communication and information sharing processes in collaborative building projects. A growing number of design, engineering and construction firms have made attempts to adopt BIM to enhance their services and

Internationalization of portuguese luxury firms to emerging markets : Loja das Meias and Fátima Lopes case study

OpenAIRE

Carvalho, Madalena Maria Gema de

2012-01-01

In a fast evolving luxury industry, brands strive to grow and seek news ways to reach success. This thesis focuses on the internationalization of Portuguese luxury firms to emerging markets. Internationalization comes has a significant response to the fast-passing luxury industry, which alongside with limited room to evolve in the Portuguese luxury market, has driven national firms to widen their boarders and expand to international audiences. As emerging markets are increasingly showing thei...

Visit of Belgian Firms at CERN

CERN Multimedia

FP Department

2009-01-01

25 – 26 MAY 2009 09h00 to 17h00 Monday 25 May 09h00 to 17h00 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 secretariat of department or from the GS Department web pages at the following URL: http://gs-dep.web.cern.ch/gs-dep/groups/sem/ls/Industrial_Exhibitions.htm List of Companies: 1. Automation Services and Consulting BVBA 2. Burrick NV, (PLC) 3. Cissoid 4. DB Engineering 5. Design, Drafting & Services BVBA 6. Entelec Control Systems 7. GILLAM-Fei S.A. 8. HPC 9. ICSENSE 10. IWT – Enterprise Europe Flanders 11. Jema SA 12. Mecasoft SA 13. SA Polmans 14. Rapid-Torc 15. Resarm Engineering Plastics SA 16. Sentera Europa NV 17. SLC BVBA 18. Stocker Industrie SA 19. Technord 20. Tecnubel 21. Winlock BVBA For further information please contact Caroline Laignel GS-DI 737...

A Firm-Specific Analysis of the Exchange-Rate Exposure of Dutch Firms

NARCIS (Netherlands)

A. de Jong (Abe); J. Ligterink; V. Macrae

2002-01-01

textabstractWe examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50% of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a

Essays on Family Firms

OpenAIRE

Zhou, Haoyong

2012-01-01

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

The Importance of Worker, Firm and Match Fixed Effects in the Formation of Wages

DEFF Research Database (Denmark)

Sørensen, Torben; Vejlin, Rune Majlund

This paper estimates a Mincerian wage equation with worker, firm, and match specific fixed effects and thereby complements the growing empirical literature started by the seminal paper of Abowd, Kramarz and Margolis (1999). The analysis takes advantage of the extensive Danish IDA data, which...

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....

Whom do new firms hire?

DEFF Research Database (Denmark)

Dahl, Michael S.; Klepper, Steven

2015-01-01

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

The effects of innovation on firm performance of supporting industries in Hanoi, Vietnam

Energy Technology Data Exchange (ETDEWEB)

Tuan, N.; Nhan, N.; Giang, P.; Ngoc, N.

2016-07-01

Innovation, including product, process, marketing, and organizational innovation within a firm, is considered as one of essential component for surviving and growing. These innovation activities create value and competitive advantages for successful organizations; therefore, understanding the organization’s overall innovation is the first and foremost to understand the role of innovation on firm performance. The objective of this research is to explore two parts: the impacts of innovation on the different aspect of innovation performance, then their effects to firm performance (production, market, and financial performance). This study uses primary data from questionnaire survey. The questionnaire involves 4 parts including general information, innovation activities; innovative performance, and firm performance. This research focuses on firms in supporting industries of mechanics, electronics, motorbike and automobile. These firms are in a list of companies (known as The Excellent Vietnamese Companies in Northern and Central Vietnam) established by JETRO and VCCI. There are 150 firms in this list. The questionnaire survey was administered to directors, CEO of those firms during April and May, 2014. Out of the 150 questionnaires sent out, 118 were valid, accounting for 78.7% of the true response rate. Analysis methodologies of reliability, factor analysis and regression are utilized in this paper. The result demonstrated there are positive effects of process, marketing, and organizational innovations on firm performance in supporting firms. More specifically, the higher the level of innovation activities is, the greater the innovative performance is, which means the larger level of Process, organization and marketing innovation activities are, the higher level of innovative performance are likely to be. Secondly, the higher level of Process, organization and marketing innovative performance, the better level of firm performances is likely to be. To sum up, in

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.

Do Private Firms Outperform SOE Firms after Going Public in China Given their Different Governance Characteristics?

Directory of Open Access Journals (Sweden)

Shenghui Tong

2013-06-01

Full Text Available This study examines the characteristics of board structure that affect Chinese public firm’s financial performance. Using a sample of 871 firms with 699 observations of previously private firms and 1,914 observations of previously state-owned enterprise (SOE firms, we investigate the differences in corporate governance between publicly listed firms that used to be pure private firms before going public and listed firms that used to be SOEs before their initial public offerings (IPOs. Our main finding is that previously private firms outperform previously SOE firms in China after IPOs. In the wake of becoming listed firms, previously SOE firms might be faced with difficulties adjusting to professional business practices to build and extend competitive advantages. In addition, favorable policies and assistance from the government to the SOE firms might have triggered complacency, especially in early years after getting listed. On the other hand, professional savvy and acumen, combined with efficiency and favorable business climate created by the government have probably led the previously private firms to improve their values stronger and faster.

Nosocomial rapidly growing mycobacterial infections following laparoscopic surgery: CT imaging findings

Energy Technology Data Exchange (ETDEWEB)

Volpato, Richard [Cassiano Antonio de Moraes University Hospital, Department of Diagnostic Radiology, Vitoria, ES (Brazil); Campi de Castro, Claudio [University of Sao Paulo Medical School, Department of Radiology, Cerqueira Cesar, Sao Paulo (Brazil); Hadad, David Jamil [Cassiano Antonio de Moraes University Hospital, Nucleo de Doencas Infecciosas, Department of Internal Medicine, Vitoria, ES (Brazil); Silva Souza Ribeiro, Flavya da [Laboratorio de Patologia PAT, Department of Diagnostic Radiology, Unit 1473, Vitoria, ES (Brazil); Filho, Ezequiel Leal [UNIMED Diagnostico, Department of Diagnostic Radiology, Unit 1473, Vitoria, ES (Brazil); Marcal, Leonardo P. [The University of Texas M D Anderson Cancer Center, Department of Diagnostic Radiology, Unit 1473, Houston, TX (United States)

2015-09-15

To identify the distribution and frequency of computed tomography (CT) findings in patients with nosocomial rapidly growing mycobacterial (RGM) infection after laparoscopic surgery. A descriptive retrospective study in patients with RGM infection after laparoscopic surgery who underwent CT imaging prior to initiation of therapy. The images were analyzed by two radiologists in consensus, who evaluated the skin/subcutaneous tissues, the abdominal wall, and intraperitoneal region separately. The patterns of involvement were tabulated as: densification, collections, nodules (≥1.0 cm), small nodules (<1.0 cm), pseudocavitated nodules, and small pseudocavitated nodules. Twenty-six patients met the established criteria. The subcutaneous findings were: densification (88.5 %), small nodules (61.5 %), small pseudocavitated nodules (23.1 %), nodules (38.5 %), pseudocavitated nodules (15.4 %), and collections (26.9 %). The findings in the abdominal wall were: densification (61.5 %), pseudocavitated nodules (3.8 %), and collections (15.4 %). The intraperitoneal findings were: densification (46.1 %), small nodules (42.3 %), nodules (15.4 %), and collections (11.5 %). Subcutaneous CT findings in descending order of frequency were: densification, small nodules, nodules, small pseudocavitated nodules, pseudocavitated nodules, and collections. The musculo-fascial plane CT findings were: densification, collections, and pseudocavitated nodules. The intraperitoneal CT findings were: densification, small nodules, nodules, and collections. (orig.)

Nosocomial rapidly growing mycobacterial infections following laparoscopic surgery: CT imaging findings

International Nuclear Information System (INIS)

Volpato, Richard; Campi de Castro, Claudio; Hadad, David Jamil; Silva Souza Ribeiro, Flavya da; Filho, Ezequiel Leal; Marcal, Leonardo P.

2015-01-01

To identify the distribution and frequency of computed tomography (CT) findings in patients with nosocomial rapidly growing mycobacterial (RGM) infection after laparoscopic surgery. A descriptive retrospective study in patients with RGM infection after laparoscopic surgery who underwent CT imaging prior to initiation of therapy. The images were analyzed by two radiologists in consensus, who evaluated the skin/subcutaneous tissues, the abdominal wall, and intraperitoneal region separately. The patterns of involvement were tabulated as: densification, collections, nodules (≥1.0 cm), small nodules (<1.0 cm), pseudocavitated nodules, and small pseudocavitated nodules. Twenty-six patients met the established criteria. The subcutaneous findings were: densification (88.5 %), small nodules (61.5 %), small pseudocavitated nodules (23.1 %), nodules (38.5 %), pseudocavitated nodules (15.4 %), and collections (26.9 %). The findings in the abdominal wall were: densification (61.5 %), pseudocavitated nodules (3.8 %), and collections (15.4 %). The intraperitoneal findings were: densification (46.1 %), small nodules (42.3 %), nodules (15.4 %), and collections (11.5 %). Subcutaneous CT findings in descending order of frequency were: densification, small nodules, nodules, small pseudocavitated nodules, pseudocavitated nodules, and collections. The musculo-fascial plane CT findings were: densification, collections, and pseudocavitated nodules. The intraperitoneal CT findings were: densification, small nodules, nodules, and collections. (orig.)

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.

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.

Do foreign cross-listings increase firm value? : evidence from announcement effects of Dutch firms

NARCIS (Netherlands)

Perotti, E.C.; Cordfunke, E.; Lynch, M.

1997-01-01

The rapid internationalization of capital markets in recent times has manifested itself in mobility of equity investment as well as in a growing number of foreign cross-listings. We study a fairly complete sample of all Dutch foreign crosslistings since 1973. By measuring the stock market reaction

Firm-Specific Learning and the Nature of the Firm

DEFF Research Database (Denmark)

Knudsen, Thorbjørn

2007-01-01

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 relative des explications fondées sur les coûts de transaction et celles fondées sur les compétences en ce qui concerne l'existence de la firme montre qu'il n'y a aucune raison a priori de supposer la suprématie d'un type d'explication à l'autre. Nous soutenons qu'un programme de recherche conjoint...

The Impact of Membership in Strategic Alliances on the Profitability of Firms in the Retail Sector

Directory of Open Access Journals (Sweden)

Nikola Butigan

2017-01-01

Full Text Available Strategic alliances in the retail sector are based on cooperation in a variety of activities, ranging from supply and marketing to knowledge sharing and branding. For their members, they are a source of sustainable competitive advantage. Ever since the 1990s, a growing number of firms from the retail sector have attempted to improve their performance through participation in strategic alliances. The objective of this paper is to explore how participation in strategic alliances influences profitability of firms in the retail sector. A dynamic panel analysis is applied to the data on nearly 3,700 firms obtained from Amadeus, a large firm-level database, for eight countries (Croatia, Bosnia and Herzegovina, the Czech Republic, Slovakia, Slovenia, Poland, Hungary and Estonia for the 2007–2012 period. The results of the investigation suggest that participation in strategic alliances positively influences a firm’s performance.

Stakeholder Governance, Competition and Firm Value

OpenAIRE

Allen, Franklin; Carletti, Elena; Marquez, Robert

2014-01-01

In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms when marginal cost uncertainty is greater (less) than demand uncertainty. With globalization shareholder firms and stakeholder firms ofte...

The formation and growing properties of poly(ethylene terephthalate) fiber growing media after thermo-oxidative treatment

International Nuclear Information System (INIS)

Chang, C.P.; Lin, S.M.

2007-01-01

This research uses three kinds of recycled synthetic fibers that all possess excellent thermal plasticity property as raw material to develop a new firm cultivation media: polyethylene terephthalate, polyamide and polypropylene. One can not only freely control plants cultivation growing condition by changing bulk density of the media, but also solve disposal problem after usage by applying thermal oxidative treatment during manufacturing processes. The water content, air permeability and formation conditions of these fiber growing media that are required in plants growing habitat were discussed, and compared the fallout with rockwool (RW) growing media that is commonly used at present days. The results indicated that the polyethylene terephthalate fiber media could attain best formation characteristics among these fibers at the same bulk density range. Furthermore, the fiber media that were thermo-oxidative treated at 240-260 deg. C could obtained above 90% total porosity, 23-49% air capacity and 48-68% water availability, water contents raised from 1735-1094 to 2145-1156% under bulk densities of 0.03-0.09 g/cm 3 , which conforms to the common plant growing habitat conditions. Its performance well surpasses the rockwool growing media. We also discovered that the thermo-oxidative treated polyethylene terephthalate (PET) fiber media could be easily broken down and become powdery by exerting pressure, thus greatly reduce its volume and effectively improve disposal processes that are difficult presently for the huge refuse create by rockwool

Firm Exit, Technological Progress and Trade

DEFF Research Database (Denmark)

Schröder, Philipp; Sørensen, Allan

The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher productiv......The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher...... productivity firms survive longer, most firm closures are young firms, higher productivity exporters are more likely to continue to export compared to less productive exporters and market exits as well as firm closures are typically preceded by periods of contracting market shares. The present paper shows...... liberalization on export market exit and firm closure....

Corporate Governance Provisions, Family Involvement, and Firm Performance in Publicly Traded Family Firms

Directory of Open Access Journals (Sweden)

Esra Memili

2015-07-01

Full Text Available This study examines the moderation effects of corporate governance provisions on the link between family involvement (i.e., family ownership and family management in publicly-traded firms and firm performance by drawing upon agency theory, with a focus on principal-principal agency issues, and the extant family governance literature. We develop and test the hypotheses on 386 of the S&P 500 firms longitudinally. Findings support the hypotheses suggesting the moderation effects of the use of provisions (a protecting controlling owners in terms of their sustainability of controlling status, and (b protecting management legally on the inverted U-shaped relationship between family ownership and firm performance. We also found support for the moderation effects of provisions (c protecting controlling owners in terms of their voting rights, (d protecting noncontrolling owners, and (e protecting management monetarily on the inverted U-shaped relationship between family management and firm performance. By this, our study provides empirical support for the principal-principal agency perspective on the corporate governance in publicly-traded family firms. As such, it suggests new avenues of research for both the corporate governance literature, as well as for the theory of the family firm. Our study also offers insights to policy directed toward monitoring the actions of large shareholders such as family and enhancing the overall shareholder value in publicly-traded family firms.

RISK MANAGEMENT WITH FINANCIAL DERIVATIVES: EMPIRICAL EVIDENCE FROM ROMANIAN NON-FINANCIAL FIRMS

Directory of Open Access Journals (Sweden)

Sorin Gabriel Anton

2016-12-01

Full Text Available Financial risk management has rapidly evolved over the past two decades and has become an indispensable function in many institutions from different area of activities. In the last two decades, as the financial markets have become more and more mature, an increasing number of firms from emerging economies have chosen to use derivatives to hedge financial risks. As a result, risk management with financial derivatives has attracted much attention recently, becoming an important topic in the financial literature. However, we know little about the use of financial derivatives by firms from emerging economies and about the effect of these instruments on firms’ risk and value. The aim of the paper is to provide new insights into the use of financial derivatives for hedging purpose by non-financial firms from emerging markets. We analyzed risk management practices on a sample of 68 non-financial firms listed at Bucharest Stock Exchange (BSE over a long time frame (2001 to 2011. We found that Romanian non-financial firms from our sample are exposed mainly to commodity price risk, currency risk, interest rate risk, and liquidity risk. More than half of the firms in our sample (55.88% publish in their annual reports the goal of risk management process. Our results show that 10.29% of non-financial firms in our sample use financial derivatives to hedge their currency, interest rate or commodity price risks. We also found that the volatility caused by the global financial crisis determined many firms to use financial derivatives over the period 2007-2011. Nevertheless, the use of financial derivatives by Romanian non-financial firms is low relative to values registered for other emerging economies. The most important factors that hindered the use of financial derivatives have been the low liquidity of exchange derivatives markets, high hedging costs, and the lack of risk management expertise. The traditional approach of managing risks individually is

The spatial biology of transcription and translation in rapidly growing Escherichia coli

Directory of Open Access Journals (Sweden)

Somenath eBakshi

2015-07-01

Full Text Available Single-molecule fluorescence provides high resolution spatial distributions of ribosomes and RNA polymerase (RNAP in live, rapidly growing E. coli. Ribosomes are more strongly segregated from the nucleoids (chromosomal DNA than previous widefield fluorescence studies suggested. While most transcription may be co-translational, the evidence indicates that most translation occurs on free mRNA copies that have diffused from the nucleoids to a ribosome-rich region. Analysis of time-resolved images of the nucleoid spatial distribution after treatment with the transcription-halting drug rifampicin and the translation-halting drug chloramphenicol shows that both drugs cause nucleoid contraction on the 0-3 min timescale. This is consistent with the transertion hypothesis. We suggest that the longer-term (20-30 min nucleoid expansion after Rif treatment arises from conversion of 70S-polysomes to 30S and 50S subunits, which readily penetrate the nucleoids. Monte Carlo simulations of a polymer bead model built to mimic the chromosomal DNA and ribosomes (either 70S-polysomes or 30S and 50S subunits explain spatial segregation or mixing of ribosomes and nucleoids in terms of excluded volume and entropic effects alone. A comprehensive model of the transcription-translation-transertion system incorporates this new information about the spatial organization of the E. coli cytoplasm. We propose that transertion, which radially expands the nucleoids, is essential for recycling of 30S and 50S subunits from ribosome-rich regions back into the nucleoids. There they initiate co-transcriptional translation, which is an important mechanism for maintaining RNAP forward progress and protecting the nascent mRNA chain. Segregation of 70S-polysomes from the nucleoid may facilitate rapid growth by shortening the search time for ribosomes to find free mRNA concentrated outside the nucleoid and the search time for RNAP concentrated within the nucleoid to find transcription

A firm-specific exposure analyis of the exchange-rate exposure of Dutch firms

NARCIS (Netherlands)

de Jong, A.; Ligterink, J.; Macrae, V.

2006-01-01

We examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50 per cent of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a

COEXISTENCE OF PRIVATE FIRMS AND OPEN SOURCE FIRMS UNDER SPILLOVERS AND CONSUMER BIAS

Directory of Open Access Journals (Sweden)

Murat YILMAZ

2017-12-01

Full Text Available Open source technologies have been an important divergence from the private produc- tion, and some markets have accommodated both open source firms and private firms. We explore the conditions under which such a coexistence of both type of firms can be seen. Through a simple and tractable game theoretical model, with spillovers on the open source production and positive consumer bias for the privately produced good, we analyze the conditions for which, in the equilibrium, a private firm and an open source firm share the market. We find that for large enough consumer bias, the two types cannot coexist, however when the consumer bias is relatively low and the spillover effect is not too strong, then we get a coexistence result.

The effects of innovation on firm performance of supporting industries in Hanoi, Vietnam

Directory of Open Access Journals (Sweden)

Nham Tuan

2016-04-01

Full Text Available Purpose: Innovation, including product, process, marketing, and organizational innovation within a firm, is considered as one of essential component for surviving and growing. These innovation activities create value and competitive advantages for successful organizations; therefore, understanding the organization’s overall innovation is the first and foremost to understand the role of innovation on firm performance. The objective of this research is to explore two parts: the impacts of innovation on the different aspect of innovation performance, then their effects to firm performance (production, market, and financial performance. Design/methodology/approach: This study uses primary data from questionnaire survey. The questionnaire involves 4 parts including general information, innovation activities; innovative performance, and firm performance. This research focuses on firms in supporting industries of mechanics, electronics, motorbike and automobile. These firms are in a list of companies (known as The Excellent Vietnamese Companies in Northern and Central Vietnam established by JETRO and VCCI. There are 150 firms in this list. The questionnaire survey was administered to directors, CEO of those firms during April and May, 2014. Out of the 150 questionnaires sent out, 118 were valid, accounting for 78.7% of the true response rate. Analysis methodologies of reliability, factor analysis and regression are utilized in this paper. Findings: The result demonstrated there are positive effects of process, marketing, and organizational innovations on firm performance in supporting firms. More specifically, the higher the level of innovation activities is, the greater the innovative performance is, which means the larger level of Process, organization and marketing innovation activities are, the higher level of innovative performance are likely to be. Secondly, the higher level of Process, organization and marketing innovative performance, the

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

OpenAIRE

YAMAMOTO Isamu; MATSUURA Toshiyuki

2012-01-01

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

Competing with the use of business model innovation : an exploratory case study of the journey of born global firms

OpenAIRE

Johansson, Marlene; Abrahamsson, Jan

2014-01-01

Purpose: The purpose of this article is to investigate how business models are used by born global firms to act upon new business opportunities and how they manage business model innovation over time to prosper and grow. Design/Methodology: The study is based on three exploratory case studies of born global firms in mobile communication, financial services and digital music distribution. Findings: Three interrelated capabilities to manage business model innovation are articulated in...

Firm Search for External Knowledge

DEFF Research Database (Denmark)

Sofka, Wolfgang; Grimpe, Christoph

2012-01-01

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

The relationship between strategic type and firm capabilities in Chinese firms

NARCIS (Netherlands)

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

2003-01-01

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

Social security and firm performance

DEFF Research Database (Denmark)

Lee, Sangheon; Torm, Nina

2017-01-01

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

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...

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.

An empirical analysis of ERP adoption by oil and gas firms

Science.gov (United States)

Romero, Jorge

2005-07-01

Despite the growing popularity of enterprise-resource-planning (ERP) systems for the information technology infrastructure of large and medium-sized businesses, there is limited empirical evidence on the competitive benefits of ERP implementations. Case studies of individual firms provide insights but do not provide sufficient evidence to draw reliable inferences and cross-sectional studies of firms in multiple industries provide a broad-brush perspective of the performance effects associated with ERP installations. To narrow the focus to a specific competitive arena, I analyze the impact of ERP adoption on various dimensions of performance for firms in the Oil and Gas Industry. I selected the Oil and Gas Industry because several companies installed a specific type of ERP system, SAP R/3, during the period from 1990 to 2002. In fact, SAP was the dominant provider of enterprise software to oil and gas companies during this period. I evaluate performance of firms that implemented SAP R/3 relative to firms that did not adopt ERP systems in the pre-implementation, implementation and post-implementation periods. My analysis takes two different approaches, the first from a financial perspective and the second from a strategic perspective. Using the Sloan (General Motors) model commonly applied in financial statement analysis, I examine changes in performance for ERP-adopting firms versus non-adopting firms along the dimensions of asset utilization and return on sales. Asset utilization is more closely aligned with changes in leanness of operations, and return on sales is more closely aligned with customer-value-added. I test hypotheses related to the timing and magnitude of the impact of ERP implementation with respect to leanness of operations and customer value added. I find that SAP-adopting companies performed relatively better in terms of asset turnover than non-SAP-adopting companies during both the implementation and post-implementation periods and that SAP

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.

Connected Firms and Investor Myopia

NARCIS (Netherlands)

Ginglinger, Edith; Hébert, Camille; Renneboog, Luc

2017-01-01

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

Inference from concave stochastic frontiers and the covariance of firm efficiency measures across firms

International Nuclear Information System (INIS)

Dashti, Imad

2003-01-01

This paper uses a Bayesian stochastic frontier model to obtain confidence intervals on firm efficiency measures of electric utilities rather than the point estimates reported in most previous studies. Results reveal that the stochastic frontier model yields imprecise measures of firm efficiency. However, the application produces much more precise inference on pairwise efficiency comparisons of firms due to a sometimes strong positive covariance of efficiency measures across firms. In addition, we examine the sensitivity to functional form by repeating the analysis for Cobb-Douglas, translog and Fourier frontiers, with and without imposing monotonicity and concavity

The Transfer Pricing Problem in a Service Firm : A Case Study on a Swedish Multinational Enterprise

OpenAIRE

Husain, Shakir; Yilmaz, Emre

2015-01-01

The purpose of this study is to answer the research question of how a service company (ServiceCo) could achieve a transfer price of its services. This is of particular interest, due to the growth of service firms that have rapidly increased and surpassed the manufacturing firms, as well as the dominant logic shifting towards services. However, the problem with this field of study is that transfer pricing with regards to the service industry, is a rather unexplored phenomenon in which the guid...

Strategic Evolution of Chilean Wine Firms: Vertical Integration and Upgrading in Chile’s Colchagua Valley

Directory of Open Access Journals (Sweden)

Robert N. Gwynne

2012-01-01

Full Text Available This paper argues that the favourable export trajectories for Chilean wine to global markets in general and the UK market in particular are partly due to the nature of the insertion of wine producing firms into global value chains. Much of the data in this paper comes from a two-year British Academy research project (2005-07 which examined the impacts of globalization on export-oriented wine firms in Chile’s Colchagua Valley and the record of collaboration between these firms and key purchasing companies within the UK market. The paper examines the political economy of value chains in agro-industry, retail concentration in core economy markets and the relevance of convention theory to value chains in the wine sector. The paper then analyses how value chains give context to the nature of upgrading within the Chilean wine sector by focusing on: the strategic example of the lead firm; firm upgrading as a response to the demands of and knowledge flows from retailers; and firm upgrading through the flying winemaker model. The paper will conclude by assessing the relevance of the Chilean experience for other countries wishing to rapidly expand their wine exports, such as those in S. E. Europe.

Gender Segregation Small Firms

OpenAIRE

Kenneth R Troske; William J Carrington

1992-01-01

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

Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Part Suppliers

Directory of Open Access Journals (Sweden)

Insung Son

2018-03-01

Full Text Available Considering the lifecycle of products, firms are releasing new products through diversified strategic partnerships via the global supply chain. As the uncertainty about the future increases and strategic partnership grows more important, part suppliers are becoming more and more significant in assessing firm value. From the perspective of the signaling effect, this study analyzed the impact of partner volatility (new partner, old partner, revocation partner on firm value in terms of global supply chain management. Regarding both Apple and Samsung which have bisected the premium smart phone market, research results reveal that companies eliminated from partnership selection are found to show negative signaling effect, and the newly selected companies have the stronger innovative capacity and higher signaling effect of higher excess earning rate than that of re-selected companies. The findings indicate that the partner volatility of partner companies work as a reliable investment signal for investors to recognize as an investment indication, contributing to firm value. In particular, it is meaningful to confirm that a new partner’s differentiated R&D capacity is a key factor of new product launching and a significant variable capable of determining a firm’s survival in the smart phone market.

76 FR 81912 - Notice of Petitions by Firms for Determination of Eligibility To Apply for Trade Adjustment...

Science.gov (United States)

2011-12-29

... parts and components such as plugs, clips, rings, handles and small doors. Applied Engineering, Inc... Dyess Ave. Rapid 12/1/2011 The firm manufactures City, SD 57701. semiconductor devices, nanotechnology...

How small firms contrast with large firms regarding perceptions, practices, and needs in the U.S

Science.gov (United States)

Urs Buehlmann; Matthew Bumgardner; Michael. Sperber

2013-01-01

As many larger secondary woodworking firms have moved production offshore and been adversely impacted by the recent housing downturn, smaller firms have become important to driving U.S. hardwood demand. This study compared and contrasted small and large firms on a number of factors to help determine the unique characteristics of small firms and to provide insights into...

Board diversity in family firms

OpenAIRE

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

2015-01-01

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

Collaborative Communities of Firms

DEFF Research Database (Denmark)

2011-01-01

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

Legitimation for Early and Rapid Internationalization: A Review of Research in International Entrepreneurship

DEFF Research Database (Denmark)

Laine, Igor; Kuivalainen, Olli; Marinova, Svetla Trifonova

In this paper we respond to Cavusgil and Knight’s call for future research to address the question of born global firms overcome inherent liabilities to achieve legitimacy in foreign markets. To contribute to this call, we have systematically reviewed the extant international entrepreneurship...... literature. By analyzing existing evidence on building organizational legitimacy by early and rapidly internationalizing firms, our review helps to understand reasons and underlying mechanisms of successful legitimation of early and rapid internationalization thus ultimately explaining existence...... entrepreneurship....

7 CFR 51.893 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.893 Section 51.893 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Table Grapes (European or Vinifera Type) 1 Definitions § 51.893 Firm. Firm means...

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...

A firm's activity in social media and its relationship with corporate reputation, firm size and firm performance

OpenAIRE

Mäkinen, Hanna

2015-01-01

The significance of social media has increased greatly in the past few years, leading companies to increase their social media activity and also increase their interest in knowing whether it is genuinely worth being active on social media, including knowing the potential advantages. This study aims to examine the relationship between social media activity and three variables: reputation, firm size and firm performance. The study analyzes the relationships between the constru...

The role of the hierarchical theory in explaining the capital structure of the firms based on enterprise life cycle model

Directory of Open Access Journals (Sweden)

Jamal Bahiri Saleth

2016-01-01

Full Text Available Capital structure is a controversial issue in the field of corporate finance. There are several studies to find a way to determine the optimal capital structure to minimize the cost of capital and maximize the corporate value. In fact, capital structure is a combination of firms’ liabilities and capital to meet long term assets. This paper investigates the role of the hierarchical theory in explaining the capital structure of the firms based on enterprise life cycle model on selected firms listed on Tehran Stock Exchange (TSE using three methods of net equities, net liabilities and retained earnings. The study uses Park and Chen’s (2006 method [Park, Y., & Chen, K. H. (2006. The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research (JABR, 22(3, 75-92.] to categorize the life cycle of 81 randomly selected firms from TSE over the period 2007-2012. The results indicate that the hierarchical theory represents the growing firms better than the matured firms do. The results also show that firms were more willing to reduce their dividend per share for financing their projects.

Selection of workers and firm heterogeneity

NARCIS (Netherlands)

G.W.J. Hendrikse (George)

1992-01-01

textabstractA model based on differences between workers regarding their preferences for wage and leisure drives the heterogeneity of firms result. The more industrious workers are driven to small firms due to free riding in large firms. An industry consisting of small and large firms turns out to

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.

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.

7 CFR 51.1551 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1551 Section 51.1551 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Potatoes 1 Definitions § 51.1551 Firm. Firm means that the potato is not shriveled...

7 CFR 51.696 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.696 Section 51.696 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... § 51.696 Firm. Firm as applied to common oranges, means that the fruit is not soft, or noticeably...

7 CFR 51.1353 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1353 Section 51.1353 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Pears for Canning Definitions § 51.1353 Firm. Firm means that the pear is fairly solid and...

7 CFR 51.1006 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1006 Section 51.1006 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Persian (Tahiti) Limes Definitions § 51.1006 Firm. Firm means that the fruit is not soft or...

7 CFR 51.1824 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1824 Section 51.1824 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Tangerines Definitions § 51.1824 Firm. Firm means that the flesh is not soft...

7 CFR 51.765 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.765 Section 51.765 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Grapefruit Definitions § 51.765 Firm. Firm means that the fruit is not soft...

40 CFR 745.89 - Firm certification.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 30 2010-07-01 2010-07-01 false Firm certification. 745.89 Section 745... § 745.89 Firm certification. (a) Initial certification. (1) Firms that perform renovations for compensation must apply to EPA for certification to perform renovations or dust sampling. To apply, a firm must...

Framework for Explaining the Formation of Knowledge Intensive Entrepreneurial Born Global Firm: Entrepreneurial, Strategic and Network Based Constituents

Directory of Open Access Journals (Sweden)

Vytaute Dlugoborskyte

2017-01-01

Full Text Available The nature of the knowledge based entrepreneurship relates to its essential reliance on research and development, deployment and maximization of research and development returns via technology development, and its commercialization via venturing. The paper aims to provide the empirically grounded framework for the analysis of the key determinants leading to the formation of R&D intensive entrepreneurial born global firm with a special focus on entrepreneurial firm and network theories. The unit of analysis chosen is the firm, while the focus is set on the firm behavior and strategic choices rather the business conditions per se. The paper aims to propose the definition of a born global firm as a specific form of entrepreneurial firm that forms while combining entrepreneurial, strategy and network constituents in a specific globally oriented constitution. Method of analysis applied is a multiple case study that was applied in order to build evidence on the interplay of strategy, networks and entrepreneurial constituents in the formation of knowledge intensive entrepreneurial born global firm. The small catching up country perspective adds on dynamics of the constituents as the framework and competitive conditions rapidly change in an uncertain direction.

The impact of firm and industry characteristics on small firms' capital structure

NARCIS (Netherlands)

Degryse, H.A.; de Goeij, P. C.; Kappert, P.

2012-01-01

We study the impact of firm and industry characteristics on small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. The firm characteristics suggest that the capital structure decision is

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

OpenAIRE

Di Sheng; Shuyang Hou

2014-01-01

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

7 CFR 51.634 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.634 Section 51.634 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...) Definitions § 51.634 Firm. Firm means that the fruit is not soft, or noticeably wilted or flabby, and the skin...

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

OpenAIRE

Mbare, Candy

2016-01-01

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

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...

7 CFR 51.1156 - Firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Firm. 51.1156 Section 51.1156 Agriculture Regulations... Standards for Grades of Florida Oranges and Tangelos Definitions § 51.1156 Firm. Firm as applied to common... oranges of the Mandarin group (Satsumas, King, Mandarin), “firm” means that the fruit is not extremely...

Firm Leverage and the Financial Crisis

OpenAIRE

Fatih Altunok; Arif Oduncu

2014-01-01

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

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

10 CFR 603.1230 - Commercial firm.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Commercial firm. 603.1230 Section 603.1230 Energy... Used in this Part § 603.1230 Commercial firm. A for-profit firm or segment of a for-profit firm (e.g., a division or other business unit) that does a substantial portion of its business in the commercial...

Forensic Service Supply by Audit Firms: Classification, Market, Methods, and Prior Research

OpenAIRE

Quick, Reiner

2017-01-01

Provision of non-audit services is of increasing economic importance for audit firms Especially provision to non-audit clients Wide range of offered services From detection to prevention, from bribery to fraud to violation of code of conduct Small, but growing market with Big 4 as clear leaders Wide variety of backgrounds of forensic services professionals Consequently, diverse portfolio of methods Most research focuses on fraud with some high-quality publications Miss...

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)....

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....

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.

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.

Breaking the barriers to commercialization of MEMS: a firm's search for competitive advantage

Science.gov (United States)

Walsh, Steven T.; Linton, Jonathan D.

1999-08-01

A model of infrastructure development for MEMS manufacturing Technologies is offered. The role of discontinuous innovation in achieving competitive advantage is briefly reviewed. This is followed by the development of a model that describes the stages in the growth of an infrastructure to support Micro-Electro-Mechanical-Systems infrastructure. We briefly describe how an infrastructure gradually grows to support a new industry, resulting from discontinuous innovation. the model indicates the evolving nature of the actions and investments that firms and governments need to make to support the growth of an immature industry. Consequently, we aim to not only offer a descriptive model, but offer guidance to firms on whether their intentions and resources fit with the state of the industry and to offer policy makers guidance on the timing of different types of support.

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

NARCIS (Netherlands)

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

2002-01-01

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

Drivers of Discretionary Firm Donations in Brazil

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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.

Foreign Entry and Heterogeneous Growth of Firms

DEFF Research Database (Denmark)

Deng, Paul Duo; Jefferson, Gary H.

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

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

Do Treasure Islands Create Firm Value?

DEFF Research Database (Denmark)

Lai, Tat-kei; Ng, Travis

They do! Otherwise, their use would not have been so prevalent among firms. How much firm value they create, however, is still an open question. Exploiting a political event in the U.K. that suddenly raised the cost of using tax havens, we find that there was a 0.87% reduction in cumulative...... abnormal return (CAR) among the sampled firms, corresponding to about £532 million in market capitalization. The firms of stronger corporate governance registered a stronger reduction in CAR. A simple linear extrapolation suggests that the firm value contributed by tax havens can be as much as £31 billion....

A resource based view to small firms' sustainable competitive advantages: A case of Iranian small firms

Directory of Open Access Journals (Sweden)

Ali Reza Babakhan

2012-10-01

Full Text Available During the last decades, the importance of small firms as one of the main economical parts in each country has been proved. Considering to the resources limitation in one hand, and the competitive global market in the other hand, it is very important that firms can obtain sustainable competitive advantages (SCAs to compete with other rivals. This paper, at the first step, tries to explore the potentially SCAs of Qom's small firms by using of Structural Equation Model (SEM. Then, the real current situation of firms in using these competitive advantages has been examined. The results tell that except firms' location, other potentially SCAs do not have acceptable condition.

Do Work-Life Balance Policies Increase a Firm's Total Factor Productivity?: Evidence from panel data of Japanese firms (Japanese)

OpenAIRE

YAMAMOTO Isamu; MATSUURA Toshiyuki

2011-01-01

This paper examines how firms' policies for workers' work-life balance (WLB) affect total factor productivity (TFP) in the long run, by using panel data of Japanese firms from the 1990s. Although we observed a positive correlation between firms' WLB policies and their TFP, once controlling for unobserved firm heterogeneity, we found no causal relationship where WLB policies increase a firm's TFP in the long run. Under the following conditions, however, WLB policies would likely improve a firm...

Agility in a small software firm

DEFF Research Database (Denmark)

Schmidt, Thomas; Mathiassen, Lars

2009-01-01

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

Foreign Firms, Domestic Wages

DEFF Research Database (Denmark)

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

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

The Role of Collaborative Advantage for Analyzing the Effect of Supply Chain Collaboration on Firm Performance

Directory of Open Access Journals (Sweden)

Huriye Yılmaz

2017-06-01

Full Text Available Collaboration plays a critical role in a globalized, rapidly changing and competitive world, as the resources of an individual company are limited to compete with the challenges of the era. Supply chain collaboration is defined as a partnership process where two or more autonomous firms work closely to plan and execute supply chain operations towards common goals and mutual benefits. Supply chain collaboration results in collaborative advantage, the strategic benefits gained over competitors through supply chain partnering, and these both increase firm performance of the partners. In this research, the effect of supply chain collaboration on firm performance has been investigated by distributing a survey to Turkish companies which have been responded by 150. The role of collaborative advantage in this relation has also been measured. The results of the research suggest that there is a positive correlation between supply chain collaboration and collaborative advantage. The results also prove that supply chain collaboration positively affects firm performance. It is also proven that the mediator role of collaborative advantage on the effect of supply chain collaboration on firm performance is statistically significant.

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...

Location of New Firms

DEFF Research Database (Denmark)

Backman, Mikaela; Karlsson, Charlie

2017-01-01

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

How do Economic Crises Impact Firm Boundaries?

DEFF Research Database (Denmark)

Foss, Kirsten

2010-01-01

How economic crises impact the boundaries of firms has been offered virtually no attention in the literature on the theory of the firm. I review the best-known theories of the firm and identify the variables that matter for the explanation of firm boundaries. I then examine how an economic crisis...... may impact these variables and change efficient firm boundaries. The various theories of the firm have difficulties explaining how firms efficiently adapt their boundaries to such prominent characteristics of economic crisis as declining demand and increased costs of external finance. However, all...... these theories stress uncertainty as an antecedent of firm organization, and as uncertainty is also an important characteristic of an economic crisis I examine how uncertainty is allowed to play out in the various theories in order to identify what predictions we can derive from the theory regarding changes...

Planning urban megaprojects in the Gulf: The international consultancy firms in urban planning between global and contingent

Directory of Open Access Journals (Sweden)

Oula Aoun

2016-06-01

Full Text Available Driven by globalization and market openings, many architecture and engineering firms have become global. By focusing on the urban megaprojects in the Gulf, a particular cultural and political context, this paper argues that such firms have a major role in the rapid urban transformation of Gulf countries and act as transfer agents of an international knowledge in the urban planning domain. However, the transfer is adapted by several context-related characteristics, such as local governance, urban knowledge, and regulatory framework. This paper explores the procedural adaptation of these firms to the Gulf Cooperation Council (GCC in terms of internal structure, methodology, adopted tools, and interaction with the context. The level of learning that results from this transfer is also investigated.

Innovative knowledge sharing, supply chain integration and firm performance of Australian manufacturing firms

NARCIS (Netherlands)

Singh, Prakash J.; Power, Damien

2014-01-01

A number of reports show that innovation in Australian manufacturing firms is declining. We propose that better knowledge sharing practices can assist these firms to become more innovative. In this paper, we examine this proposition by empirically testing the relationship between knowledge sharing

Non-invasive estimation of firmness in apple using VIS/NIR spectroscopy

DEFF Research Database (Denmark)

Martinez Vega, Mabel Virginia; Wulfsohn, Dvora-Laio; Toldam-Andersen, Torben Bo

2012-01-01

Better and steady fruit quality evaluation at harvest is a major challenge for commercial growers of apples in Denmark. Those fruits not meeting the requirements for the fresh market traditionally go to the juice concentrate industry where low cost products are obtained. Special fruit qualities...... are needed to develop commodities that can obtain a premium added value on the market. Nowadays in the food industry, quality evaluation is commonly performed non-destructively by means of optical sensors such as spectrometers, hyperspectral and multispectral cameras, that allow rapid measurements of fruit...... as for eating apples. Invasive and non-invasive measurements of firmness, on the shaded and exposed side of the fruits were carried out for three Danish apple cultivars of known commercial usage. Resulting data determined wavelengths between 415 to 715 nm to be predictive for firmness. A PLS model for all three...

Does Labor Diversity Affect Firm Performance?

DEFF Research Database (Denmark)

Pytlikova, Mariola; Pozzoli, Dario; Parrotta, Pierpaolo

/education significantly enhances firm performance as measured by firm TFP. Conversely, diversity in demographics and ethnicity brings mixed results – both dimensions of workforce diversity have either no or negative effects on firm TFP. Hence, it seems as if the negative effects, coming from communication and integration...... costs connected to a more demographically and culturally diverse workforce, counteract the positive effects of diversity on firm TFP, coming from creativity and knowledge spillovers. However, we find that ethnic diversity is valuable for firms operating in industries characterized by above-average trade...... openness, giving support to the hypothesis that an ethnically diverse workforce provides information and access to global markets....

From Knowledge to Firm Performance: An Empirical analysis of Intellectual Capital Impact in Polish and Dutch Listed Firms

Directory of Open Access Journals (Sweden)

Koen Verduijn

2013-09-01

Full Text Available Purpose: Empirical results about the direct relation of knowledge leading to financial performance at a firm is dispersed. This study aims to examine the impact intellectual capital (IC has on firm performance in Polish and Dutch listed firms.Methodology: Quantitative data is collected based on audited annual reports from the top 20 companies listed at the Warsaw Stock Exchange and Amsterdam Stock Exchange between 2007 and 2011. IC is measured using the VAIC methodology with its individual elements of HCE, SCE, and CEE. Direct relations between ICE, HCE, and SCE and five measures of firm performance are statistically analysed.Results: The results suggest that there is a direct positive relationship between ICE and firm performance of Polish and Dutch listed firms, particularly with ROA, ROE, EP, and to a lesser extent with ATO. Firms listed in Poland provide a stronger positive ICE relation to ROA and ROE where firms listed in the Netherlands provide a stronger positive ICE relation to EP. Regarding individual elements, HCE relates highly positive to ROA, ROE, and EP where SCE finds only partial negative relation with ATO.Implications: Nurturing IC and in particular HC confirms the importance of firm knowledge and employees with right training and other support. Additionally, further clarification regarding SC is required.Originality: This paper presents the first study of the IC relationship with firm performance in Poland as well in the Netherlands. Additionally, the comparison between firms of both countries establishes a novelty in IC research.

Procurement with Specialized Firms

NARCIS (Netherlands)

Boone, J.; Schottmuller, C.

2011-01-01

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

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.

Technological Capability and Firm Performance

Directory of Open Access Journals (Sweden)

Fernanda Maciel Reichert

2014-08-01

Full Text Available This research aims to investigate the relationship between investments in technological capability and economic performance in Brazilian firms. Based on economic development theory and on developed countries history, it is assumed that this relationship is positive. Through key indicators, 133 Brazilian firms have been analyzed. Given the economic circumstances of an emerging economy, which the majority of businesses are primarily based on low and medium-low-technology industries, it is not possible to affirm the existence of a positive relation between technological capability and firm performance. There are other elements that allow firms to achieve such results. Firms of lower technological intensity industries performed above average in the economic performance indicators, adversely, they invested below average in technological capability. These findings do not diminish the merit of firms’ and country’s success. They in fact confirm a historical tradition of a country that concentrates its efforts on basic industries.

An Aspirational Community Theory of the Firm

DEFF Research Database (Denmark)

Li, Xin

propose an aspirational community theory of the firm (ACT) as a candidate theory by conceptualizing the firm as an aspirational community, the core of which is a group of like-minded people sharing similar or same aspiration/vision. To explain the existence of the firm, we make a distinction between......All of the three major theories of the firm, i.e., the transaction cost theory, knowledge-based theory and the entrepreneurship theory, offer some insightful analyses of the nature of the firm. However, they all have limitations and weaknesses in answering the fundamental question of the existence...... of the firm. In addition, they are all partial due to their particular focus on the multifaceted phenomenon of the firm. We argue that it is necessary and sufficient to develop a comprehensive yet integrative theory of the firm that combines the three competing yet complementary logics. Toward this end, we...

Supervision in Firms

OpenAIRE

Vafaï , Kouroche

2012-01-01

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

Effects of Cross-Border Engineer Exchange on Innovation

DEFF Research Database (Denmark)

Machikita, Tomohiro

2012-01-01

Using data from a survey to manufacturing firms, this paper attempts to detect sources of new technologies transferred to a well-established industrial district in Calabarzon, the Philippines, and a rapidly growing agglomeration in Hanoi, Vietnam. We find significant effects of exchange of engine...... engineers between the two industrial districts indicates difference in the stages of industrial development.......Using data from a survey to manufacturing firms, this paper attempts to detect sources of new technologies transferred to a well-established industrial district in Calabarzon, the Philippines, and a rapidly growing agglomeration in Hanoi, Vietnam. We find significant effects of exchange...... of engineers with customer or supplier on improvements in fundamental processes by firms in Hanoi. On the other hand, exchange of engineers significantly affects improvements in production and quality control of products newly introduced by firms in Calabarzon. The difference in the effects of exchanging...

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

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

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.

Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition

Directory of Open Access Journals (Sweden)

Shou Chen

2017-01-01

Full Text Available Imitating the positioning rules in the bird flocking system, the strategic adjustment capacity is decomposed into three aspects, which are the organizational learning capacity from the top firms, the extent to which firms maintain or rely on the best operational capacity vector in history, and the ability to overcome the disadvantage while maintaining the advantage of the operational capacity vector from the previous years, respectively. Financial vectors are constructed to represent the results of corporate strategic adjustment and listed firms in the China A stock are chosen as the samples. As empirical analysis reveals, there is a positive correlation between the organizational learning capacity from the top firms and the firm performance and a U-shaped relation between the learning capability from the previous best operational capacity vector and the firm performance. However, no significant correlation between the inertia control ability of the current operational capacity vector of the firms and their performance improvement can be observed. This study verifies that the issue of corporate competitiveness and performance can be investigated by utilizing the principles of competition in nature. Moreover, a firm can obtain a sustainable competitive advantage by improving its ability to learn from top firms in the industry.

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...

Mycobacterium grossiae sp. nov., a rapidly growing, scotochromogenic species isolated from human clinical respiratory and blood culture specimens.

Science.gov (United States)

Paniz-Mondolfi, Alberto Enrique; Greninger, Alexander L; Ladutko, Lynn; Brown-Elliott, Barbara A; Vasireddy, Ravikiran; Jakubiec, Wesley; Vasireddy, Sruthi; Wallace, Richard J; Simmon, Keith E; Dunn, Bruce E; Jackoway, Gary; Vora, Surabhi B; Quinn, Kevin K; Qin, Xuan; Campbell, Sheldon

2017-11-01

A previously undescribed, rapidly growing, scotochromogenic species of the genus Mycobacterium (represented by strains PB739 T and GK) was isolated from two clinical sources - the sputum of a 76-year-old patient with severe chronic obstructive pulmonary disease, history of tuberculosis exposure and Mycobacterium avium complex isolated years prior; and the blood of a 15-year-old male with B-cell acute lymphoblastic leukaemia status post bone marrow transplant. The isolates grew as dark orange colonies at 25-37 °C after 5 days, sharing features in common with other closely related species. Analysis of the complete 16S rRNA gene sequence (1492 bp) of strain PB739 T demonstrated that the isolate shared 98.8 % relatedness with Mycobacterium wolinskyi. Partial 429 bp hsp65 and 744 bp rpoB region V sequence analyses revealed that the sequences of the novel isolate shared 94.8 and 92.1 % similarity with those of Mycobacterium neoaurum and Mycobacterium aurum, respectively. Biochemical profiling, antimicrobial susceptibility testing, HPLC/gas-liquid chromatography analyses and multilocus sequence typing support the taxonomic status of these isolates (PB739 T and GK) as representatives of a novel species. Both isolates were susceptible to the Clinical and Laboratory Standards Institute recommended antimicrobials for susceptibility testing of rapidly growing mycobacteria including amikacin, ciprofloxacin, moxifloxacin, doxycycline/minocycline, imipenem, linezolid, clarithromycin and trimethropin/sulfamethoxazole. Both isolates PB739 T and GK showed intermediate susceptibility to cefoxitin. We propose the name Mycobacterium grossiae sp. nov. for this novel species and have deposited the type strain in the DSMZ and CIP culture collections. The type strain is PB739 T (=DSM 104744 T =CIP 111318 T ).

Stakeholder capitalism, corporate governance and firm value

OpenAIRE

Allen, Franklin; Carletti, Elena; Marquez, Robert

2007-01-01

In countries such as Germany, the legal system is such that firms are necessarily stakeholder oriented. In others like Japan social convention achieves a similar effect. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to pure shareholder-oriented firms. We show that in a context of imperfect competition stakeholder firms have higher prices and lower output than shareholder-oriented firms. Surprisingly, we also ...

Diversified boundaries of the firm

OpenAIRE

Kimura, Koichiro

2012-01-01

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

Market-Oriented Product Innovation in Small Firms

NARCIS (Netherlands)

Verhees, F.J.H.M.

2005-01-01

Description: This thesis deals with product-innovation in small firms. It aims at a better understanding of the determinants of product innovation in small firms, particularly those determinants that are related to the market orientation of small firms. The focus of the study is on small firms that

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

Directory of Open Access Journals (Sweden)

Jung Hur

2013-09-01

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

Swedish Listed Family Firms and Entrepreneurial Spirit

OpenAIRE

Bjuggren, Per-Olof; Palmberg, Johanna

2008-01-01

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

7 CFR 51.1831 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.1831 Section 51.1831 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Tangerines Definitions § 51.1831 Fairly firm. Fairly firm means that the...

24 CFR 200.47 - Firm commitments.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Firm commitments. 200.47 Section 200.47 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued... Eligibility Requirements for Existing Projects Commitment Applications § 200.47 Firm commitments. A valid firm...

7 CFR 51.774 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.774 Section 51.774 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Grapefruit Definitions § 51.774 Fairly firm. Fairly firm means that the...

7 CFR 51.2843 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.2843 Section 51.2843 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Fairly firm. Fairly firm means that the onion may yield slightly to moderate pressure but is not...

7 CFR 51.3204 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.3204 Section 51.3204 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Bermuda-Granex-Grano Type Onions Definitions § 51.3204 Fairly firm. Fairly firm...

7 CFR 51.1167 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.1167 Section 51.1167 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Florida Oranges and Tangelos Definitions § 51.1167 Fairly firm. Fairly firm as...

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...... of the entrepreneur provides important clues to how we can understand entrepreneurship....

Mycobacterium oryzae sp. nov., a scotochromogenic, rapidly growing species is able to infect human macrophage cell line.

Science.gov (United States)

Ramaprasad, E V V; Rizvi, A; Banerjee, S; Sasikala, Ch; Ramana, Ch V

2016-11-01

Gram-stain-positive, acid-fast-positive, rapidly growing, rod-shaped bacteria (designated as strains JC290T, JC430 and JC431) were isolated from paddy cultivated soils on the Western Ghats of India. Phylogenetic analysis placed the three strains among the rapidly growing mycobacteria, being most closely related to Mycobacterium tokaiense 47503T (98.8 % 16S rRNA gene sequence similarity), Mycobacterium murale MA112/96T (98.8 %) and a few other Mycobacterium species. The level of DNA-DNA reassociation of the three strains with M. tokaiense DSM 44635T was 23.4±4 % (26.1±3 %, reciprocal analysis) and 21.4±2 % (22.1±4 %, reciprocal analysis). The three novel strains shared >99.9 % 16S rRNA gene sequence similarity and DNA-DNA reassociation values >85 %. Furthermore, phylogenetic analysis based on concatenated sequences (3071 bp) of four housekeeping genes (16S rRNA, hsp65, rpoB and sodA) revealed that strain JC290T is clearly distinct from all other Mycobacteriumspecies. The three strains had diphosphatidylglycerol, phosphatidylethanolamine, phosphatidylinositol, phosphatidylinositolmannosides, unidentified phospholipids, unidentified glycolipids and an unidentified lipid as polar lipids. The predominant isoprenoid quinone for all three strains was MK-9(H2). Fatty acids were C17 : 1ω7c, C16 : 0, C18 : 1ω9c, C16 : 1ω7c/C16 : 1ω6c and C19 : 1ω7c/C19 : 1ω6c for all the three strains. On the basis of phenotypic, chemotaxonomic and phylogenetic data, it was concluded that strains JC290T, JC430 and JC431 are members of a novel species within the genus Mycobacterium and for which the name Mycobacterium oryzae sp. nov. is proposed. The type strain is JC290T (=KCTC 39560T=LMG 28809T).

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...

Diversity, Community Composition, and Dynamics of Nonpigmented and Late-Pigmenting Rapidly Growing Mycobacteria in an Urban Tap Water Production and Distribution System

OpenAIRE

Dubrou, S.; Konjek, J.; Macheras, E.; Welté, B.; Guidicelli, L.; Chignon, E.; Joyeux, M.; Gaillard, J. L.; Heym, B.; Tully, T.; Sapriel, G.

2013-01-01

Nonpigmented and late-pigmenting rapidly growing mycobacteria (RGM) have been reported to commonly colonize water production and distribution systems. However, there is little information about the nature and distribution of RGM species within the different parts of such complex networks or about their clustering into specific RGM species communities. We conducted a large-scale survey between 2007 and 2009 in the Parisian urban tap water production and distribution system. We analyzed 1,418 w...

7 CFR 51.705 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.705 Section 51.705 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... § 51.705 Fairly firm. Fairly firm as applied to common oranges, means that the fruit may be slightly...

7 CFR 51.1012 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.1012 Section 51.1012 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Persian (Tahiti) Limes Definitions § 51.1012 Fairly firm. Fairly firm means that the fruit is...

The Dividend Policy of German Firms

NARCIS (Netherlands)

Andres, C.; Betzer, A.; Goergen, M.; Renneboog, L.D.R.

2008-01-01

Abstract: German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published

The Dividend Policy of German Firms

NARCIS (Netherlands)

Andres, C.; Betzer, A.; Goergen, M.; Renneboog, L.D.R.

2008-01-01

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published earnings as

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 ...

The innovative behaviour of tourism firms

DEFF Research Database (Denmark)

Sundbo, Jon; Orfila-Sintes, Francina; Sørensen, Flemming

2007-01-01

Tourism firms operate in a competitive sector where innovating is often a condition for survival. This article presents a theoretical framework for understanding tourist firms’ innovative behaviour and innovation systems in tourism. The innovativeness of tourism firms and its determinants...... systems. The article suggests that large size, professionalism, but also entrepreneurship among small tourism firms are important determinants of innovation. Varied innovation networks are another determinant as are supportive innovation systems. These determinants favour Spanish firms, which are more...... are investigated by analysing quantitative as well as qualitative data comparing Spain and Denmark. A taxonomy of tourism firms is suggested and the firms’ characteristics which influence their innovativeness are presented. Additionally, the role of innovation networks is discussed, as is the role of innovation...

The theory of the firm. Vol. 3

DEFF Research Database (Denmark)

as an information processor. In addition, the collection features perspectives from business strategy and business history as well as methodological and doctrinal historical perspectives. Including over 60 classic papers, these volumes collect together contributions on the theory of the firm, beginning with Ronald......Firms have for a long time been part of the explanatory set-up of economics. However, it is only recently that economists have felt the need for an economic theory addressing: why firms are different; why firms exist; what determines their boundaries relative to "the market"; and what determines...... their internal organization. This collection documents the rise of the modern theory of the firm during the last two to three decades. It reprints classic writings from a diversity of perspectives, including not only contractual theories of the firm, but also knowledge-based theories and theories of the firm...

SUCCESS FACTORS IN GROWING SMBs: A STUDY OF TWO INDUSTRIES AT TWO STAGES OF DEVELOPMENT

Directory of Open Access Journals (Sweden)

Tor Jarl Trondsen

2002-01-01

Full Text Available The study attempts to identify factors for growing SMBs. An evolutionary phase approach has been used. The study also aims to find out if there are common and different denominators for newer and older firms that can affect their profitability. The study selects a sampling frame that isolates two groups of firms in two industries at two stages of development. A variety of organizational and structural data was collected and analyzed. Amongst the conclusions that may be drawn from the study are that it is not easy to find a common definition of success, it is important to stratify SMBs when studying them, an evolutionary stage approach helps to compare firms with roughly the same external and internal dynamics and each industry has its own set of success variables.The study has identified three success variables for older firms that reflect contemporary strategic thinking such as crafting a good strategy and changing it only incrementally, building core competencies and outsourcing the rest, and keeping up with innovation and honing competitive skills.

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.

An empirical examination of the influence of industry and firm drivers on the rate of internationalization by firms

Science.gov (United States)

Elango, B.

A gradual shift in U.S. firms' 'center of gravity' toward international markets is taking place. This study seeks to explain which drivers are related to this push toward international markets by U.S. firms. In addressing internationalization, previous research has not focused on various drivers that influence the rate of internationalization. Drivers refer to forces, both within and outside the firm, that impact (both positively and negatively) a firm's extent of internationalization. The role of these drivers on the rate of internationalization, though acknowledged in the literature, is yet to be validated through empirical research. This research seeks to narrow the gap in the literature by testing the various relationships among industry drivers, firm drivers, and the rate of internationalization. The objectives of this study are: (A) To develop a conceptual framework that takes into account various forces that influence the internationalization strategy of a firm; (B) To examine empirically (a) the influence of industry drivers on the rate of internationalization pursued by firms; and, (b) the influence of firm drivers on the rate of internationalization by firms. The sample for this study consists of 158 large U.S.- based multinational firms drawn from seven different industries. Data for the study is gathered from a variety of sources including the U.S. Department of Commerce, Bureau of Economic Analysis; COMPUSTAT; and WORLDSCOPE databases. Set-wise regression models were used for data analysis. This study found that global market growth rate, domestic market growth rate, relative size of domestic market to international market, employee productivity, administrative investments, as well as new plant and equipment influences the international strategy of firms. This study explains about 24 percent of the variance of the rate of internationalization. This research finding is contributory to our existing understanding of internationalization in many ways

7 CFR 51.643 - Fairly firm.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Fairly firm. 51.643 Section 51.643 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...) Definitions § 51.643 Fairly firm. Fairly firm means that the fruit may be slightly soft, but not bruised, and...

Does Labour Diversity affect Firm Productivity?

DEFF Research Database (Denmark)

Parrotta, Pierpaolo; Pozzoli, Dario; Pytlikova, Mariola

Using a matched employer-employee dataset, we analyze how workforce diversity in cultural background, education and demographic characteristics affects productivity of firms in Denmark. Implementing a structural estimation of the firms' production function (Ackerberg et al., 2006) we find...... diverse workforce, seem to outweigh the positive effects coming from creativity and knowledge spillovers....... that labor diversity in education significantly enhances a firm's value added. Conversely, diversity in ethnicity and demographics induces negative effects on firm productivity. Hence, the negative effects, coming from communication and integration costs connected to a more culturally and demographically...

Commercialization of Innovations and Firm Performance

DEFF Research Database (Denmark)

Madsen, Erik Strøjer; Smith, Valdemar

The decision on investment in R&D is very important and highly risky for firms' performance and survival in their business. This paper focuses on the commercialization of firms' investment in innovation and how these decisions affect their performance. The study uses a large innovation survey...... of Danish firms holding information on their R&D investment as well as their expenses on marketing which gives knowledge of the commercialization of their innovations. The results suggest a highly significant commercialization of innovation, which means that firms' follows a strategy of investment both...

Industrial environmental practices in Polish Firms

DEFF Research Database (Denmark)

Kræmer, Trine Pipi

, and environment. The five case firms all had a Communist past. The firms represent three different industrial sectors; i.e. textile, energy, and publishing and printing industries. Furthermore, the firms are both private and state owned as well as in the process of privatisation.......The study investigates how discursive developments in Poland interact with industrial environmental practices in five production firms. The analysis of the discursive development covers the period from the end of World War I to the turn of the century. The areas in focus are identity, industry...

21 CFR 7.46 - Firm-initiated recall.

Science.gov (United States)

2010-04-01

... 21 Food and Drugs 1 2010-04-01 2010-04-01 false Firm-initiated recall. 7.46 Section 7.46 Food and....46 Firm-initiated recall. (a) A firm may decide of its own volition and under any circumstances to remove or correct a distributed product. A firm that does so because it believes the product to be...

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...

Commercialization of Innovations and Firm Performance

DEFF Research Database (Denmark)

Madsen, Erik Strøjer; Smith, Valdemar

The decision on investment in R&D is very important and highly risky for firms' performance and survival in their business. This paper focuses on the commercialization of firms' investment in innovation and how these decisions affect their performance. The study uses a large innovation survey...... of Danish firms holding information on their R&D investment as well as their expenses on marketing which gives knowledge of the commercialization of their innovations. The results suggest a highly significant commercialization of innovation, which means that firms' follows a strategy of investment both...... in innovation and marketing making R&D and marketing complements in their investment decision. However, there is only week evidence for the hypothesis that commercialization of innovations also creates more value for the firms in the short run....

Disposition of Human Resource Development Structure in Manufacturing Firms in Malaysia

OpenAIRE

Haslinda Abdullah

2009-01-01

Problem statement: Human Resource Development (HRD) is rapidly gaining importance in manufacturing firms in Malaysia, as there are strong driving forces such as legal, financial and infrastructural support from the Government. This is because the Government believes that investment in human capital is key to the success of the countrys economy. However, this strategy may not be effective without the availability of a properly implemented HRD structure. Approach: The aim of this paper is to ex...

Determinants of CEO Turnover in Publicand Private Firms in Denmark - CEO and Firm Characteristics

DEFF Research Database (Denmark)

Sponholtz, Carina

In this study we are the first to draw on longitudinal matched employer-employee data to study CEO turnover. Using this data we contribute tothe existing literature by examining the e¤ect of previously unstudied in-dividual characteristics on CEO turnover. Additionally, we are able toexamine CEO...... turnover. Finally, the inverse relationshipbetween firm performance and CEO turnover only exists in LLL firms(larger limited liability firms, both publicly and privately held), whereagency costs are assumed and found to be highest.In this study we are the first to draw on longitudinal matched employer-employee...... turnover across a variety of firm types that di¤er with re-spect to the corporate governance issues they face. Our simple methodol-ogy to define CEO turnover results in turnover rates similar to those foundpreviously. Our results indicate that CEO characteristics are an important factor in explaining CEO...

Performance of Patenting Firms in Danish Manufacturing

DEFF Research Database (Denmark)

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

2000-01-01

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

Are Family Firms Better Performers during Financial Crisis?

DEFF Research Database (Denmark)

Zhou, Haoyong

(Italy) during the period 2006-2010, I give empirical evidences examining the performance of family firms vis-à-vis non-family firms during the current financial crisis. I find that broadly defined family firms, comprising 35 percent of the sample, do not outperform non-family firms during the crisis...... that in the financial crisis, founder firms bear the least agency cost and Tobin’s Q is not a good measure of corporate performance.......Despite extensive researches on efficiency of family firms in normal or good economic times, we know rather little about whether family firms are superior performers in recession times. Using a dataset covering firms from S&P 500 (US), FTE100 (UK), DAX 30 (Germany), CAC 40 (France) and FTSE MIB 40...

Non-invasive estimation of firmness in apple fruit using VIS/NIR spectroscopy

DEFF Research Database (Denmark)

Martínez, M.; Wulfsohn, Dvora-Laio; Toldam-Andersen, Torben Bo

2012-01-01

Better and steady fruit quality evaluation at harvest is a major challenge for commercial growers of apples in Denmark. Those fruits not meeting the requirements for the fresh market traditionally go to the juice concentrate industry where low cost products are obtained. Special fruit qualities...... are needed to develop commodities that can obtain a premium added value on the market. Nowadays in the food industry, quality evaluation is commonly performed non-destructively by means of optical sensors such as spectrometers, hyperspectral and multispectral cameras, that allow rapid measurements of fruit...... as for eating apples. Invasive and non-invasive measurements of firmness, on the shaded and exposed side of the fruits were carried out for three Danish apple cultivars of known commercial usage. Resulting data determined wavelengths between 415 to 715 nm to be predictive for firmness. A PLS model for all three...

Crowdsourced Translation for Rapid Internationalization in Cyberspace

DEFF Research Database (Denmark)

Tran, Yen; Yonatany, Moshe; Mahnke, Volker

2016-01-01

This paper explores how Facebook effectively used crowdsourced translation to accelerate its rapid internationalization. We apply the learning perspective of internationalization theory to unpack what the firm learned in order to mobilize crowd-based knowledge to facilitate internationalization...... and codified knowledge, rather than the experiential knowledge traditionally suggested in the literature on the process of internationalization, and (2) the firm's success rested on its ability to use virtual learning tools and incentive systems to acquire, articulate and integrate knowledge from communities...... of internationally dispersed users – the “crowd” – to accelerate its internationalization in cyberspace. This empirical study extends internationalization theory regarding knowledge and organizational learning....

Do Less Regulated Markets Attract Lower Quality Firms?

DEFF Research Database (Denmark)

Nielsson, Ulf

2013-01-01

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

Too close and too rigid: applying the Circumplex Model of Family Systems to first-generation family firms.

Science.gov (United States)

Michael-Tsabari, Nava; Lavee, Yoav

2012-06-01

Despite growing research interest in family businesses, little is known about the characteristics of the families engaging in them. The present paper uses Olson's (Journal of Psychotherapy & the Family, 1988, 4(12), 7-49; Journal of Family Therapy, 2000, 22, 144-167) Circumplex Model of Marital and Family Systems to look at first-generation family firms. We describe existing typologies of family businesses and discuss similarities between the characteristics of first-generation family firms and the rigidly enmeshed family type described in the Circumplex Model. The Steinberg family business (Gibbon & Hadekel (1990) Steinberg: The breakup of a family empire. ON, Canada: MacMillan) serves to illustrate the difficulties of rigidly enmeshed first-generation family firms. Implications for understanding troubled family businesses are discussed together with guidelines for the assessment of a family business in crisis and for intervention: enhancing open communication; allowing for more flexible leadership style, roles, and rules; and maintaining a balance between togetherness and separateness. © 2012 American Association for Marriage and Family Therapy.

Clinical and taxonomic status of pathogenic nonpigmented or late-pigmenting rapidly growing mycobacteria.

Science.gov (United States)

Brown-Elliott, Barbara A; Wallace, Richard J

2002-10-01

The history, taxonomy, geographic distribution, clinical disease, and therapy of the pathogenic nonpigmented or late-pigmenting rapidly growing mycobacteria (RGM) are reviewed. Community-acquired disease and health care-associated disease are highlighted for each species. The latter grouping includes health care-associated outbreaks and pseudo-outbreaks as well as sporadic disease cases. Treatment recommendations for each species and type of disease are also described. Special emphasis is on the Mycobacterium fortuitum group, including M. fortuitum, M. peregrinum, and the unnamed third biovariant complex with its recent taxonomic changes and newly recognized species (including M. septicum, M. mageritense, and proposed species M. houstonense and M. bonickei). The clinical and taxonomic status of M. chelonae, M. abscessus, and M. mucogenicum is also detailed, along with that of the closely related new species, M. immunogenum. Additionally, newly recognized species, M. wolinskyi and M. goodii, as well as M. smegmatis sensu stricto, are included in a discussion of the M. smegmatis group. Laboratory diagnosis of RGM using phenotypic methods such as biochemical testing and high-performance liquid chromatography and molecular methods of diagnosis are also discussed. The latter includes PCR-restriction fragment length polymorphism analysis, hybridization, ribotyping, and sequence analysis. Susceptibility testing and antibiotic susceptibility patterns of the RGM are also annotated, along with the current recommendations from the National Committee for Clinical Laboratory Standards (NCCLS) for mycobacterial susceptibility testing.

Rapidly-growing mycobacterial infection: a recognized cause of early-onset prosthetic joint infection.

Science.gov (United States)

Jitmuang, Anupop; Yuenyongviwat, Varah; Charoencholvanich, Keerati; Chayakulkeeree, Methee

2017-12-28

Prosthetic joint infection (PJI) is a major complication of total hip and total knee arthroplasty (THA, TKA). Although mycobacteria are rarely the causative pathogens, it is important to recognize and treat them differently from non-mycobacterial infections. This study aimed to compare the clinical characteristics, associated factors and long-term outcomes of mycobacterial and non-mycobacterial PJI. We conducted a retrospective case-control study of patients aged ≥18 years who were diagnosed with PJI of the hip or knee at Siriraj Hospital from January 2000 to December 2012. Patient characteristics, clinical data, treatments and outcomes were evaluated. A total of 178 patients were included, among whom 162 had non-mycobacterial PJI and 16 had mycobacterial PJI. Rapidly growing mycobacteria (RGM) (11) and M. tuberculosis (MTB) (5) were the causative pathogens of mycobacterial PJI. PJI duration and time until onset were significantly different between mycobacterial and non-mycobacterial PJI. Infection within 90 days of arthroplasty was significantly associated with RGM infection (OR 21.86; 95% CI 4.25-112.30; p infection. RGM were the major pathogens of early onset PJI after THA and TKA. Both a high clinical index of suspicion and mycobacterial cultures are recommended when medically managing PJI with negative cultures or non-response to antibiotics. Removal of infected implants was associated with favorable outcomes.

Toward an Integrative Theory of the Firm

DEFF Research Database (Denmark)

Li, Xin

understand the nature and behaviors of the firm, we need a comprehensive yet integrative theory. Toward this end, this paper proposes a relationship-based theory of the firm (R’BT) which claims that it is the relationships between the entrepreneur and other individuals or firms that determine the existence......This paper argues that the existing four major theories of the firm, i.e., the transaction cost theory, resource-based view, the entrepreneurial theory, and the stakeholder theory, are all insightful yet partial because each of them has a particular focus on the phenomenon of the firm. To better...

Women in Top Management and Firm Performance

DEFF Research Database (Denmark)

Smith, Nina; Smith, Valdemar; Verner, Mette

-observations for all Danish firms with more than 50 employees over the period 1994-2003, the analysis suggests that the proportion of women in top management jobs has from none to positive influence on firm performance. However, the results show that the strength of the effects of women in top management depends...... on how top CEOs are defined and on the method of estimation of the model. Next, the results point towards a positive influence on firm performance of the staff representation in the supervisory board of the firm but more women representing the shareholders in the supervisory board of the firm seems...

Arbiters of Effectiveness and Efficiency: The Frames and Strategies of Management Consulting Firms in US Higher Education Reform

Science.gov (United States)

McClure, Kevin R.

2017-01-01

A growing number of public colleges and universities in the United States have hired management consulting firms to help develop strategies aimed at increasing institutional effectiveness and efficiency. The purpose of this paper is to explore the frames and strategies of consultants in US public higher education reform efforts. Drawing upon a…

Human Capital and Wages in Exporting Firms

DEFF Research Database (Denmark)

Munch, Jakob Roland; Skaksen, Jan Rose

2006-01-01

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

E-cigarettes: a rapidly growing Internet phenomenon.

Science.gov (United States)

Yamin, Cyrus K; Bitton, Asaf; Bates, David W

2010-11-02

Electronic cigarettes (e-cigarettes) aerosolize nicotine and produce a vapor that emulates that of cigarettes but purportedly has fewer traditional toxins than secondhand smoke. Although e-cigarettes are widely sold online and by retailers, new research suggests that they may contain unexpected toxins and may provide unreliable nicotine delivery. Many countries have already banned or strictly regulated e-cigarettes. Currently in the United States, e-cigarettes are exempt from regulation as drug-delivery devices. Meanwhile, the presence of e-cigarettes on the Internet, including in Web searches, virtual user communities, and online stores where people sell e-cigarettes on commission, is increasing rapidly. Physicians should be aware of the popularity, questionable efficacy claims, and safety concerns of e-cigarettes so that they may counsel patients against use and advocate for research to inform an evidence-based regulatory approach.

Using financial derivatives to hedge against currency risk : British large and medium-sized firms

OpenAIRE

Nguyen, My

2012-01-01

Nowadays, as a growing number of firms strive to conduct their business at international market place, currency risk has increasingly raised concern among financial mangers due to its substantial impact on companies’ financial results. Financial derivative instruments (Forward, Futures, Options, Swaps) are utilized as efficient hedging mechanisms against such an exchange rate exposure. The main objective of this study is to examine whether derivatives play a primary role in mitigating an adve...

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...

Bank Relationship and Firm Profitability

NARCIS (Netherlands)

Degryse, H.A.; Ongena, S.

2000-01-01

This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank peers. We investigate this empirical implication using a data set containing

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.

INFLUENCE OF FIRM SIZE ON ITS BUSINESS SUCCESS

Directory of Open Access Journals (Sweden)

Maja Pervan

2012-12-01

Full Text Available A firm may use different methods and diverse (nonfinancial analysis/indicators in order to evaluate its business success. However, one of the most widely applied methods refers to financial analyses that use profitability ratios as the key measures of firm’s overall efficiency and performance. In this research we focused our attention on firm size and evaluated its influence on firm profitability. Other than by the size of a firm, a firm performance is affected by a variety of internal and external variables. Therefore, apart from mere investigating the relationship between firm size and performance, we also explored the impact of some other variables crucial in determining firm profitability. The analysis was conducted for the 2002-2010 period and the results revealed that firm size has a significant positive (although weak influence on firm profitability. Additionally, results showed that assets turnover and debt ratio also statistically significantly influence firms’ performance while current ratio didn’t prove to be an important explanatory variable of firms’ profitability.

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

Human Capital and Wages in Exporting Firms

DEFF Research Database (Denmark)

Munch, Jakob Roland; Skaksen, Jan Rose

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

Political uncertainty and firm risk in China

Directory of Open Access Journals (Sweden)

Danglun Luo

2017-12-01

Full Text Available The political uncertainty surrounded by the turnover of government officials has a major impact on local economies and local firms. This paper investigates the relationship between the turnover of prefecture-city officials and the inherent risk faced by local firms in China. Using data from 1999 to 2012, we find that prefecture-city official turnovers significantly increased firm risk. Our results show that the political risk was mitigated when new prefecture-city officials were well connected with their provincial leaders. In addition, the impact of political uncertainty was more pronounced for regulated firms and firms residing in provinces with low market openness.

Does Firm Innovation Affect Corporate Social Responsibility?

NARCIS (Netherlands)

R. Shen (Rui); Y. Tang (Yi); Y. Zhang (Ying)

2016-01-01

textabstractThis study examines the relationship between firm innovation and CSR. Stakeholders’ concern over transaction-specific investments exacerbates when firms engage heavily in innovation activities. To secure stakeholders’ support, firms adopt CSR effectively as an ex ante signal of

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

OpenAIRE

David Marmet

2004-01-01

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

Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms

NARCIS (Netherlands)

Gubbi, Sathyajit R.; Aulakh, Preet S.; Ray, Sougata; Sarkar, M. B.; Chittoor, Raveendra

While overseas acquisitions by emerging-economy firms are gaining increased attention from the business press, our understanding of whether and why this inorganic mode of international expansion creates value to acquirer firms is limited. We argue that international acquisitions facilitate

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“.

Tetracycline resistance and presence of tetracycline resistance determinants .i.tet./i.(V) and .i.tap./i. in rapidly growing mycobacteria from agricultural soils and clinical isolates

Czech Academy of Sciences Publication Activity Database

Kyselková, Martina; Chroňáková, Alica; Volná, Lucie; Němec, Jan; Ulmann, V.; Scharfen, J.; Elhottová, Dana

2012-01-01

Roč. 27, č. 4 (2012), s. 413-422 ISSN 1342-6311 R&D Projects: GA ČR GAP504/10/2077; GA MŠk LC06066 Institutional support: RVO:60077344 Keywords : efflux pump * rapidly growing Mycobacterium * tetracycline resistance * tap * tet (V) Subject RIV: EH - Ecology, Behaviour Impact factor: 2.444, year: 2012

Competition Law and the Bounded Rationality of Firms

OpenAIRE

Bhattacharya, Shilpi

2016-01-01

Firm rationality plays a role in several aspects of competition law. Yet, the conception of the firm as a rational, profit maximizing entity has been disputed in different disciplines. This literature shows that neoclassical economic assumptions on which competition law is based can fall short of explaining the full range of observed firm behaviour. Accordingly, an alternative conception of the firm as boundedly rational can impact the understanding of firm conduct in competition law. Be...

Characterization of the Relationship Between Firms and Universities and Innovation Performance: The Case of Colombian Firms

Directory of Open Access Journals (Sweden)

Fredy Gomez

2014-04-01

Full Text Available Within the National Innovation System, universities play a key role as the main source of knowledge that supports national productivity and as a system that seeks to improve the competitiveness of firms competitiveness and to find answers concerning market needs in today’s fast-changing and globalized economy. Innovation, as a source of competitiveness, is normally supported by a firm’s technological capabilities: internal R&D, external collaborative agreements, and relationships with universities. This study uses a cluster analysis to identify three clusters that represent respectively those firms that interact closely with universities for technology development (which include R&D projects and technological learning activities, those firms that interact with universities for technological learning only, and those that do not have any kind of relationship with universities. We also analyze the innovation performance of each cluster. Data here come from the Second Colombian Innovation Survey, which was applied in 2005 to a sample of 6,222 firms. Among the main results, this study shows a higher innovation performance for those firms with relevant linkages for technology learning activities.

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.

78 FR 70987 - Proxy Advisory Firm Roundtable

Science.gov (United States)

2013-11-27

... Firm Roundtable AGENCY: Securities and Exchange Commission. ACTION: Notice of roundtable discussion... advisory firms. The panel will be asked to discuss topics including the current state of proxy advisory firm use by investment advisers and institutional investors and potential changes that have been...

International taxation and multinational firm location decisions

OpenAIRE

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

2008-01-01

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

Endogenous Markups, Firm Productivity and International Trade:

DEFF Research Database (Denmark)

Bellone, Flora; Musso, Patrick; Nesta, Lionel

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

ICT Adoption in Micro and Small Firms: Can Internet Access Improve Labour Productivity?

OpenAIRE

Viollaz, Mariana

2018-01-01

The rapid spread of information and communication technologies may increase firms’ productivity with important consequences for job creation and for economic growth. This article contributes to this discussion by analysing the impact of internet adoption on labour productivity and the mechanisms shaping this relationship in Peruvian micro and small manufacturing firms over the period 2011-2013. The article estimates a reduced form where labour productivity is a function of internet adoptio...

Value Creation Logics and Internationalization of Service Firms

DEFF Research Database (Denmark)

Ørberg Jensen, Peter D.; Petersen, Bent

2014-01-01

While mainstream theories in international business and management are founded either explicitly or implicitly on studies of manufacturing firms, prior attempts to develop theory on the internationalization of service firms are sparse and have yet to establish solid and comprehensive frameworks...... on a thorough understanding of the fundamental nature of these firms. We put forward ten propositions concerning the pace of internationalization in service firms and the dominant foreign operation modes. The use of value creation logics can be a useful complement to the conventional approaches to the study...... of service firms’ internationalization. However, the fact that most firms encompass more than one value creation logic complicates the use of firm databases and industry statistics. The study presents a novel theoretical approach and a set of propositions on service firm internationalization founded...

Value Creation Logics and Internationalization of Service Firms

DEFF Research Database (Denmark)

Ørberg Jensen, Peter D.; Petersen, Bent

2014-01-01

be based on a thorough understanding of the fundamental nature of these firms. Design/methodology/approach - Theoretical study. Findings - We put forward propositions concerning the pace of internationalization and the default foreign operation modes in service firms. Research limitations...... implications - We suggest that managers in service firms should consider primarily the nature of the value creation logic(s) in their firms when deciding and designing an internationalization strategy. Originality/value - The study presents a novel theoretical approach and a set of propositions on service firm....../implications - The use of value creation logics can be a useful complement to the conventional approaches to the study of service firms’ internationalization. However, the fact that most firms encompass more than one value creation logic complicates the use of firm databases and industry statistics. Practical...

Drug Susceptibility Testing of 31 Antimicrobial Agents on Rapidly Growing Mycobacteria Isolates from China.

Science.gov (United States)

Pang, Hui; Li, Guilian; Zhao, Xiuqin; Liu, Haican; Wan, Kanglin; Yu, Ping

2015-01-01

Several species of rapidly growing mycobacteria (RGM) are now recognized as human pathogens. However, limited data on effective drug treatments against these organisms exists. Here, we describe the species distribution and drug susceptibility profiles of RGM clinical isolates collected from four southern Chinese provinces from January 2005 to December 2012. Clinical isolates (73) were subjected to in vitro testing with 31 antimicrobial agents using the cation-adjusted Mueller-Hinton broth microdilution method. The isolates included 55 M. abscessus, 11 M. fortuitum, 3 M. chelonae, 2 M. neoaurum, and 2 M. septicum isolates. M. abscessus (75.34%) and M. fortuitum (15.07%), the most common species, exhibited greater antibiotic resistance than the other three species. The isolates had low resistance to amikacin, linezolid, and tigecycline, and high resistance to first-line antituberculous agents, amoxicillin-clavulanic acid, rifapentine, dapsone, thioacetazone, and pasiniazid. M. abscessus and M. fortuitum were highly resistant to ofloxacin and rifabutin, respectively. The isolates showed moderate resistance to the other antimicrobial agents. Our results suggest that tigecycline, linezolid, clofazimine, and cefmetazole are appropriate choices for M. abscessus infections. Capreomycin, sulfamethoxazole, tigecycline, clofazimine, and cefmetazole are potentially good choices for M. fortuitum infections. Our drug susceptibility data should be useful to clinicians.

Drug Susceptibility Testing of 31 Antimicrobial Agents on Rapidly Growing Mycobacteria Isolates from China

Directory of Open Access Journals (Sweden)

Hui Pang

2015-01-01

Full Text Available Objectives. Several species of rapidly growing mycobacteria (RGM are now recognized as human pathogens. However, limited data on effective drug treatments against these organisms exists. Here, we describe the species distribution and drug susceptibility profiles of RGM clinical isolates collected from four southern Chinese provinces from January 2005 to December 2012. Methods. Clinical isolates (73 were subjected to in vitro testing with 31 antimicrobial agents using the cation-adjusted Mueller-Hinton broth microdilution method. The isolates included 55 M. abscessus, 11 M. fortuitum, 3 M. chelonae, 2 M. neoaurum, and 2 M. septicum isolates. Results. M. abscessus (75.34% and M. fortuitum (15.07%, the most common species, exhibited greater antibiotic resistance than the other three species. The isolates had low resistance to amikacin, linezolid, and tigecycline, and high resistance to first-line antituberculous agents, amoxicillin-clavulanic acid, rifapentine, dapsone, thioacetazone, and pasiniazid. M. abscessus and M. fortuitum were highly resistant to ofloxacin and rifabutin, respectively. The isolates showed moderate resistance to the other antimicrobial agents. Conclusions. Our results suggest that tigecycline, linezolid, clofazimine, and cefmetazole are appropriate choices for M. abscessus infections. Capreomycin, sulfamethoxazole, tigecycline, clofazimine, and cefmetazole are potentially good choices for M. fortuitum infections. Our drug susceptibility data should be useful to clinicians.

Lean practices implementation, their criticalities and their relationships with operational responsiveness and firm performance

OpenAIRE

De Sanctis, Ilaria; Ciarapica, Filippo E.; Ordieres-Meré, Joaquín

2016-01-01

In the last few years, at European Union level, companies are facing many obstacles due to macroeconomic instability. In order to stay competitive and survive in the present world turmoil, companies must seek to new ways of reducing costs, increase the quality of the products and meet the ongoing changes in the market. Driven by the success performed by Toyota and several other organizations worldwide, a growing number of firms have been adopting Lean manufacturing practices to fulfill market...

Financial Constrains for Innovative Firms: The Role of Size, Industry and ICT Uses as Determinants of Firms' Financial Structure

Science.gov (United States)

Castillo-Merino, David; Vilaseca-Requena, Jordi; Plana-Erta, Dolors

This paper uses a large and original data set of Catalan firms in all the economic branches to analyse the effects of size, industry and degree of ICT uses on financial constraints for innovative firms. We have conducted a micro econometric analysis following Henry et al. (1999) investment model to empirically contrast the relationship between firms' investment spread over time and their financial structure, and we have used von Kalckreuth (2004) methodology, based on an original survey with data on financial issues. Our results show that it exits a positive and significant relationship between investment shift and financial structure, emerging financial constraints for more innovative firms. Furthermore, these constraints are higher for micro companies and firms within the knowledge-advanced services' industry. Finally, we have also found that advanced ICT uses by more innovative firms allow them to reduce constraints of access to sources of finance.

13 CFR 315.6 - Firm eligibility for Adjustment Assistance.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Firm eligibility for Adjustment..., DEPARTMENT OF COMMERCE TRADE ADJUSTMENT ASSISTANCE FOR FIRMS General Provisions § 315.6 Firm eligibility for Adjustment Assistance. (a) Firms participate in the Trade Adjustment Assistance for Firms program in...

24 CFR 891.818 - Firm commitment application.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Firm commitment application. 891.818 Section 891.818 Housing and Urban Development Regulations Relating to Housing and Urban... Persons with Disabilities § 891.818 Firm commitment application. The sponsor will submit the firm...

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.

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...

Dividend Policy of German Firms

NARCIS (Netherlands)

Goergen, M.; Renneboog, L.D.R.; Correia Da Silva, L.

2004-01-01

German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target

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...

48 CFR 1852.216-78 - Firm fixed price.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Firm fixed price. 1852.216... 1852.216-78 Firm fixed price. As prescribed in 1816.202-70, insert the following clause: Firm Fixed Price (DEC 1988) The total firm fixed price of this contract is $[Insert the appropriate amount]. (End...

Technological Innovation Capabilities and Firm Performance

OpenAIRE

Richard C.M. Yam; William Lo; Esther P.Y. Tang; Antonio; K.W. Lau

2010-01-01

Technological innovation capability (TIC) is defined as a comprehensive set of characteristics of a firm that facilities and supports its technological innovation strategies. An audit to evaluate the TICs of a firm may trigger improvement in its future practices. Such an audit can be used by the firm for self assessment or third-party independent assessment to identify problems of its capability status. This paper attempts to develop such an auditing framework that can...

Leverage, monetary policy, and firm investment

OpenAIRE

Charles X. Hu

1999-01-01

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

Sources of Investment Finance in Firms in Slovakia

OpenAIRE

Mikócziová Jana

2010-01-01

Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS), the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms...

Corruption and firm behavior

OpenAIRE

Sandra Sequeira; Simeon Djankov

2013-01-01

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

Firms, Technology and Trade

OpenAIRE

Caldera Sanchez, Aida

2010-01-01

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

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

OpenAIRE

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

2008-01-01

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

The Influence of Ownership on Firm Internationalization: A Synthesis

DEFF Research Database (Denmark)

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

2018-01-01

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)....

Effect of firm variables on patent price

Directory of Open Access Journals (Sweden)

Shyam Sreekumaran Nair

2012-03-01

Full Text Available In this study, using singleton patent auction price data from Ocean Tomo, LLC, we analyse the effect of firm variables on patent price. Patents owned by small firms attract higher price than patents owned by large firms, if they engage in multi-country filings. The patents owned by small firms get cited more than the patents owned by large firms. The patents owned by individual inventors attract a higher price than the patents owned by organisations when multi-country filings are not included. We believe that the lack of resources is preventing individual inventors from engaging in multi-country filings and maximising the revenue from their invention. A larger representative data should be used to replicate the results before generalising it.

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...

Rapid-Growing Mycobacteria Infections in Medical Tourists: Our Experience and Literature Review.

Science.gov (United States)

Singh, Mansher; Dugdale, Caitlin M; Solomon, Isaac H; Huang, Anne; Montgomery, Mary W; Pomahac, Bohdan; Yawetz, Sigal; Maguire, James H; Talbot, Simon G

2016-09-01

"Medical tourism" has gained popularity over the past few decades. This is particularly common with patients seeking elective cosmetic surgery in the developing world. However, the risk of severe and unusual infectious complications appears to be higher than for patients undergoing similar procedures in the United States. The authors describe their experience with atypical mycobacterial infections in cosmetic surgical patients returning to the United States postoperatively. A review of patient medical records presenting with infectious complications after cosmetic surgery between January 2010 and July 2015 was performed. Patients presenting with mycobacterial infections following cosmetic surgery were reviewed in detail. An extensive literature review was performed for rapid-growing mycobacteria (RGM) related to cosmetic procedures. Between January 2010 and July 2015, three patients presented to our institution with culture-proven Mycobacterium abscessus at the sites of recent cosmetic surgery. All had surgery performed in the developing world. The mean age of these patients was 36 years (range, 29-44 years). There was a delay of up to 16 weeks between the initial presentation and correct diagnosis. All patients were treated with surgical drainage and combination antibiotics with complete resolution. We present series of patients with mycobacterial infections after cosmetic surgery in the developing world. This may be related to the endemic nature of these bacteria and/or inadequate sterilization or sterile technique. Due to low domestic incidence of these infections, diagnosis may be difficult and/or delayed. Consulting physicians should have a low threshold to consider atypical etiologies in such scenarios. 5 Therapeutic. © 2016 The American Society for Aesthetic Plastic Surgery, Inc. Reprints and permission: journals.permissions@oup.com.

Urban cyclist exposure to fine particle pollution in a rapidly growing city

Science.gov (United States)

Luce, B. W.; Barrett, T. E.; Ponette-González, A.

2017-12-01

Urban cyclists are exposed to elevated atmospheric concentrations of fine particulate matter (particles vehicle exhaust, which is emitted directly into cyclists' "breathing zone." In cities, human exposure to PM2.5 is a concern because its small size allows it to be inhaled deeper into the lungs than most particles. The aim of this research is to determine "hotspots" (locations with high PM2.5 concentrations) within the Dallas-Fort Worth Metroplex, Texas, where urban cyclists are most exposed to fine particle pollution. Recent research indicates that common exposure hotspots include traffic signals, junctions, bus stations, parking lots, and inclined streets. To identify these and other hotspots, a bicycle equipped with a low-cost, portable, battery-powered particle counter (Dylos 1700) coupled with a Trimble Geo 5T handheld Global Positioning System (GPS; ≤1 m ± resolution) will be used to map and measure particle mass concentrations along predetermined routes. Measurements will be conducted during a consecutive four-month period (Sep-Dec) during morning and evening rush hours when PM2.5 levels are generally highest, as well as during non-rush hour times to determine background concentrations. PM2.5 concentrations will be calculated from particle counts using an equation developed by Steinle et al. (2015). In addition, traffic counts will be conducted along the routes coinciding with the mobile monitoring times. We will present results on identified "hotspots" of high fine particle concentrations and PM2.5 exposure in the City of Denton, where particle pollution puts urban commuters most at risk, as well as average traffic counts from monitoring times. These data can be used to determine pollution mitigation strategies in rapidly growing urban areas.

Firm-level volatility and exports

NARCIS (Netherlands)

Vannoorenberghe, G.C.L.

2012-01-01

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

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....

An Empirical Study on the Behavior of Monthly Stock Prices of Fortune 500 Firms and S&P Smaller Firms: Evidence and Implications

OpenAIRE

Young H. Kim; Edward L. Davis; Charles T. Moses

2014-01-01

This paper revisits a random walk hypothesis by investigating the behavior of monthly stock prices of 461 Fortune 500 firms over 45 years and 599 S&P smaller firms over 10 years. The Box-Jenkins ARIMA models are applied to time series analysis and stock market forecasting to find the monthly stock price behavior. The research findings show that 309 (67.03%) Fortune 500 firms and 449 (74.96%) S&P smaller firms follow a random walk. The monthly stock prices of Fortune 500 firms and S&P firms ...

Green Shipping Practices of Shipping Firms

Directory of Open Access Journals (Sweden)

Young-Tae Chang

2017-05-01

Full Text Available The primary objective of this study is to provide an empirical research using structural equation modeling to identify the factors that motivate shipping firms to adopt green shipping practices (GSP. Furthermore, it also examines if adopting GSP can enhance the shipping firms’ environmental and productivity performance. The findings show that shipping firms are motivated to adopt GSP mostly by industrial norms set by institutionalized associations. They are also motivated by customers’ demand for environmental friendliness and their own strategy to make good image. Unlike our expectation, government regulations and international environmental laws are not significant in influencing shipping firms to adopt GSP. Moreover, adoption of green shipping practices can improve the environmental and productivity performance of the shipping firms.

Within- and Cross-Firm Mobility and Earnings Growth

DEFF Research Database (Denmark)

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

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

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.

Drivers for liquidation and transfer in small firms : Theory of Planned Behavior and firm conditions

NARCIS (Netherlands)

H. Leory; Lex van Teeffelen

2009-01-01

Recently Leroy et al. (2008) tested if the Theory of Planned Behavior (TPB) predicts exit behavior of entrepreneurs: liquidation or transfer. He added the purchasers view to the TPB: firm viability and intangible assets. We retested Leroy et al. hypotheses on a more refined dataset of 136 firms in

The Firm as a Competent Team

OpenAIRE

Eliasson, Gunnar

1988-01-01

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

Rapidly growing non-tuberculous mycobacteria infection of prosthetic knee joints: A report of two cases.

Science.gov (United States)

Kim, Manyoung; Ha, Chul-Won; Jang, Jae Won; Park, Yong-Beom

2017-08-01

Non-tuberculous mycobacteria (NTM) cause prosthetic knee joint infections in rare cases. Infections with rapidly growing non-tuberculous mycobacteria (RGNTM) are difficult to treat due to their aggressive clinical behavior and resistance to antibiotics. Infections of a prosthetic knee joint by RGNTM have rarely been reported. A standard of treatment has not yet been established because of the rarity of the condition. In previous reports, diagnoses of RGNTM infections in prosthetic knee joints took a long time to reach because the condition was not suspected, due to its rarity. In addition, it is difficult to identify RGNTM in the lab because special identification tests are needed. In previous reports, after treatment for RGNTM prosthetic infections, knee prostheses could not be re-implanted in all cases but one, resulting in arthrodesis or resection arthroplasty; this was most likely due to the aggressiveness of these organisms. In the present report, two cases of prosthetic knee joint infection caused by RGNTM (Mycobacterium abscessus) are described that were successfully treated, and in which prosthetic joints were finally reimplanted in two-stage revision surgery. Copyright © 2017 Elsevier B.V. All rights reserved.

Core Knowledge Employee Creativity and Firm Performance: The Moderating Role of Riskiness Orientation, Firm Size, and Realized Absorptive Capacity

Science.gov (United States)

Gong, Yaping; Zhou, Jing; Chang, Song

2013-01-01

In this study, we examine when creativity is positively or negatively related to firm performance. Building on the creation-implementation tension theorized in the literature and the attention capacity perspective, we argue that the relationship between creativity and firm performance is contingent on riskiness orientation, firm size, and realized…

Monitoring Fires from Space and Getting Data in to the hands of Users: An Example from NASA's Fire Information for Resource Management System (FIRMS)

Science.gov (United States)

Davies, D.; Wong, M.; Ilavajhala, S.; Molinario, G.; Justice, C. O.

2012-12-01

This paper discusses the broad uptake of MODIS near-real-time (NRT) active fire data for applications. Prior to the launch of MODIS most real-time satellite-derived fire information was obtained from NOAA AVHRR via direct broadcast (DB) systems. Whilst there were efforts to make direct broadcast stations affordable in developing countries, such as through the Local Applications of Satellite Remote Technologies (LARST), these systems were relatively few and far between and required expertise to manage and operate. One such system was in Etosha National Park (ENP) in Namibia. Prior to the installation of the AVHRR DB system in ENP, fires were reported by rangers and the quality, accuracy and timing of reports was variable. With the introduction of the DB station, early warning of fires improved and fire maps could be produced for park managers within 2-3 hours by staff trained to process data, interpret images and produce maps. Up keep and maintenance of such systems was relatively costly for parks with limited resources therefore when global fire data from MODIS became available uptake was widespread. NRT data from MODIS became availalbe through a collaboration between the MODIS Fire Team and the US Forest Service (USFS) Remote Sensing Applications Center to provide rapid access to imagery to help fight the Montana wildfires of 2001. This prompted the development of a Rapid Response System for fire data that eventually led to the operational use of MODIS data by the USFS for fire monitoring. Building on this success, the Fire Information for Resource Management System (FIRMS) project was funded by NASA Applications, and developed under the umbrella of the GOFC-GOLD Fire program, to further improve products and services for the global fire information community. FIRMS was developed as a web-based geospatial tool, offering a range of geospatial data services, including a fire email alert service which is widely used around the world. FIRMS was initially developed to

Initial independent outcomes from focal impulse and rotor modulation ablation for atrial fibrillation: multicenter FIRM registry.

Science.gov (United States)

Miller, John M; Kowal, Robert C; Swarup, Vijay; Daubert, James P; Daoud, Emile G; Day, John D; Ellenbogen, Kenneth A; Hummel, John D; Baykaner, Tina; Krummen, David E; Narayan, Sanjiv M; Reddy, Vivek Y; Shivkumar, Kalyanam; Steinberg, Jonathan S; Wheelan, Kevin R

2014-09-01

The success of pulmonary vein isolation (PVI) for atrial fibrillation (AF) may be improved if stable AF sources identified by Focal Impulse and Rotor Mapping (FIRM) are also eliminated. The long-term results of this approach are unclear outside the centers where FIRM was developed; thus, we assessed outcomes of FIRM-guided AF ablation in the first cases at 10 experienced centers. We prospectively enrolled n = 78 consecutive patients (61 ± 10 years) undergoing FIRM guided ablation for persistent (n = 48), longstanding persistent (n = 7), or paroxysmal (n = 23) AF. AF recordings from both atria with a 64-pole basket catheter were analyzed using a novel mapping system (Rhythm View(TM) ; Topera Inc., CA, USA). Identified rotors/focal sources were ablated, followed by PVI. Each institution recruited a median of 6 patients, each of whom showed 2.3 ± 0.9 AF rotors/focal sources in diverse locations. 25.3% of all sources were right atrial (RA), and 50.0% of patients had ≥1 RA source. Ablation of all sources required a total of 16.6 ± 11.7 minutes, followed by PVI. On >1 year follow-up with a 3-month blanking period, 1 patient lost to follow-up (median time to 1st recurrence: 245 days, IQR 145-354), single-procedure freedom from AF was 87.5% (patients without prior ablation; 35/40) and 80.5% (all patients; 62/77) and similar for persistent and paroxysmal AF (P = 0.89). Elimination of patient-specific AF rotors/focal sources produced freedom-from-AF of ≈80% at 1 year at centers new to FIRM. FIRM-guided ablation has a rapid learning curve, yielding similar results to original FIRM reports in each center's first cases. © 2014 Wiley Periodicals, Inc.

Does Corruption Increase or Decrease Employment in Firms?

OpenAIRE

Beltrán, Arlette

2015-01-01

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

The Verdoorn law, firm strategy and firm performance

NARCIS (Netherlands)

Hartigh, den E.; Langerak, F.; Zegveld, M.A.; Geenhuizen, van M.; Trzmielak, D.M.; Gibson, D.V.; Urbaniak, M.

2009-01-01

In many markets and firms, positive feedback effects play an important role. Positive feedback effects mean that there is a tendency for that which is ahead to get further ahead, and for that which loses advantage to lose further advantage (Arthur, 1996). Such positive feedback effects result from

Foreign Currency Borrowing by Small Firms

OpenAIRE

Martin Brown; Steven Ongena; Pinar Yesin

2009-01-01

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

Employee participation in decision-making in architectural firms

Directory of Open Access Journals (Sweden)

Adedapo Oluwatayo

2017-06-01

Full Text Available In this study, the participation of employee architects in decision-making in architectural firms is investigated. This is with a view to identifying the organisational contexts that enhance employee participation in decision making. The impact of such participation on the performances of the firms was also assessed. This study was carried out through a questionnaire survey of employers of architects in Nigeria. In agreement with findings of previous studies, participation of the employees of the architectural firms in the study in decision making is low. Employee participation in decision making in the firms was dependent on the staffing strategy and proportion of junior staff in many cases. The positive impact of employee participation in decision making on firm performance varied with the nature of the decision. This study concludes that there is need for employers in architectural firms to identify the categories of decision that employees should be involved in and to modify their firm contexts to encourage participation where desired.

Determinants of human resource investment in internal controls

Directory of Open Access Journals (Sweden)

Jong-Hag Choi

2013-09-01

Full Text Available Using the unique reporting environment in Korea, this study investigates the determinants of human resource investment in internal controls for 1352 listed firms disclosing the number of personnel who are in charge of internal control-related tasks (IC personnel from 2005 to 2008. We find that the number of IC personnel within a firm and several key departments increase with firm size, number of employees, complexity and for Chaebols, and decrease in rapidly growing firms. Additional analysis reveals that the factors influencing internal control systems have an accentuated effect on firms with relatively larger firm size.

What results when firms implement practices: the differential relationship between specific practices, firm financial performance, customer service, and quality.

Science.gov (United States)

Gibson, Cristina B; Porath, Christine L; Benson, George S; Lawler, Edward E

2007-11-01

Previous research on organizational practices is replete with contradictory evidence regarding their effects. Here, the authors argue that these contradictory findings may have occurred because researchers have often examined complex practice combinations and have failed to investigate a broad variety of firm-level outcomes. Thus, past research may obscure important differential effects of specific practices on specific firm-level outcomes. Extending this research, the authors develop hypotheses about the effects of practices that (a) enable information sharing, (b) set boundaries, and (c) enable teams on 3 different firm-level outcomes: financial performance, customer service, and quality. Relationships are tested in a sample of observations from over 200 Fortune 1000 firms. Results indicate that information-sharing practices were positively related to financial performance 1 year following implementation of the practices, boundary-setting practices were positively related to firm-level customer service, and team-enabling practices were related to firm-level quality. No single set of practices predicted all 3 firm-level outcomes, indicating practice-specific effects. These findings help resolve the theoretical tension in the literature regarding the effects of organizational practices and offer guidance as to how to best target practices to increase specific work-related outcomes. Implications for theory, research, and practice are discussed. (c) 2007 APA

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

OpenAIRE

YAMAMOTO Isamu

2014-01-01

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

How do firms implement impairment tests of goodwill?

DEFF Research Database (Denmark)

Plenborg, Thomas; Vriborg Petersen, Christian

Adopting a survey approach, our study examines how firms implement impairment test of goodwill. We focus on how firms define and measure the recoverable amount of CGU. The survey includes 58 completed questionnaires representing 73% of the firms on the Copenhagen Stock Exchange that recognise goo...... be of interest to a number of parties including firms, financial advisors, auditors, standard setters and users of financial statements....

Finding the "Right Staff" in Small Firms

Science.gov (United States)

Barrett, Rowena; Neeson, Robyn; Billington, Leo

2007-01-01

Purpose: The purpose of this paper is to explore what owners of small firms are looking for from new employees. The aim is to pursue this in light of the debate around formality and informality of small firm HRM, exploring the extent to which the small firms studied had formalized HRM practices. Design/methodology/approach: The data reported here…

Collaborative Communities of Firms

DEFF Research Database (Denmark)

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

2011-01-01

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

Sources of Investment Finance in Firms in Slovakia

Directory of Open Access Journals (Sweden)

Mikócziová Jana

2010-06-01

Full Text Available Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS, the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms in selected OECD-countries. Furthermore, measures to stimulate corporate investments and their financing are proposed.

Technical note: Improving modeling of coagulation, curd firming, and syneresis of sheep milk.

Science.gov (United States)

Cipolat-Gotet, Claudio; Pazzola, Michele; Ferragina, Alessandro; Cecchinato, Alessio; Dettori, Maria L; Vacca, Giuseppe M

2018-04-18

The importance of milk coagulation properties for milk processing, cheese yield, and quality is widely recognized. The use of traditional coagulation traits presents several limitations for testing bovine milk and even more for sheep milk, due to its rapid coagulation and curd firming, and early syneresis of coagulum. The aim of this technical note is to test and improve model fitting for assessing coagulation, curd firming, and syneresis of sheep milk. Using milk samples from 87 Sarda ewes, we performed in duplicate lactodynamographic testing. On each of the 174 analyzed milk aliquots, using 180 observations from each aliquot (one every 15 s for 45 min after rennet addition), we compared 4 different curd firming models as a function of time (CF t , mm) using a nonlinear procedure. The most accurate and informative results were observed using a modified 4-parameter model, structured as follows: [Formula: see text] , where t is time, RCT eq (min) is the gelation time, CF P (mm) is the potential asymptotical CF at an infinite time, k CF (%/min) is the curd firming rate constant, and k SR (%/min) is the curd syneresis rate constant. To avoid nonconvergence and computational problems due to interrelations among the equation parameters, CF P was preliminarily defined as a function of maximum observed curd firmness (CF max , mm) recorded during the analysis. For this model, all the modeling equations of individual sheep milk aliquots were converging, with a negligible standard error of the estimates (coefficient of determination >0.99 for all individual sample equations). Repeatability of the modeled parameters was acceptable, also in the presence of curd syneresis during the lactodynamographic analysis. Copyright © 2018 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

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.

Does Innovating Customer Relationship Management Improve Firm Performance?

DEFF Research Database (Denmark)

Geersbro, Jens; Ritter, Thomas

Based on an empirical study of more than 400 B2B firms, this paper investigates the role of innovating a firm’s customer relationship management capability on firm performance. There is a lot of evidence for the positive impact of customer relationship management capability on firm performance....... This paper advances this stream of literature by analyzing whether or not investments into developing a firm’s customer relationship capability increase firm performance. The findings illustrate that although relationship management innovation (defined as new (to the firm) processes, systems and tools...... for relationship management) has a positive correlation with firm performance, the impact is fully mediated by the firms’ relationship management capability. The paper also identifies internal and external drivers of customer relationship management innovation. Not surprisingly customer and competitor dynamics...

Multicultural markets and acculturation: Implications for service firms

OpenAIRE

Poulis, Konstantinos; Yamin, Mo; Poulis, Efthimios

2013-01-01

Purpose: The purpose is to construct an analytical framework that encapsulates implications for the marketing offering of service firms as a result of observed intra-national ethnic diversity in these firms' markets of operation. Design/methodology/approach: This is a conceptual approach which promotes the idea that acculturation matters for service firms operating in multicultural markets and adopts relevant propositions related to service firms' strategy in such markets. Findings: Integrati...

Microcap pharmaceutical firms: linking drug pipelines to market value.

Science.gov (United States)

Beach, Robert

2012-01-01

This article examines predictors of the future market value of microcap pharmaceutical companies. This is problematic since the large majority of these firms seldom report positive net income. Their value comes from the potential of a liquidity event such as occurs when a key drug is approved by the FDA. The typical scenario is one in which the company is either acquired by a larger pharmaceutical firm or enters into a joint venture with another pharmaceutical firm. Binary logistic regression is used to determine the impact of the firm's drug treatment pipeline and its investment in research and development on the firm's market cap. Using annual financial data from 2007 through 2010, this study finds that the status of the firm's drug treatment pipeline and its research and development expenses are significant predictors of the firm's future stock value relative to other microcap pharmaceutical firms.

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,

Taxing the Financially Integrated Multinational Firm

DEFF Research Database (Denmark)

Johannesen, Niels

partly fall on investment and thus workers in the former country. This tax exporting mechanism introduces a scope for corporate taxes, which is not present in standard models of international taxation. Accounting for the internal capital markets of multinational firms thus represents a way to resolve......This paper develops a theoretical model of corporate taxation in the presence of financially integrated multinational firms. Under the assumption that multinational firms at least partly use internal loans to finance foreign investment, we find that the optimal corporate tax rate is positive from...... the perspective of a small, open economy. This finding contrasts the standard result that the optimal source based capital tax is zero. Intuitively, to the extent that multinational firms finance investment in country i with loans from affiliates in country j, the burden of corporate taxes in the latter country...

Adopting Advertising and Communication Innovations in Small Firms

Directory of Open Access Journals (Sweden)

Fabricia Durieux Zucco

2017-03-01

Full Text Available The adoption of innovation for market penetration of small firms tends to consider the effectiveness of communication channels. In this study we investigate the adoption of communication and advertising innovations, the use of virtual social networks, in a sample of 227 small firms in the Brazilian countryside. We analyse how distinct communication objectives of a firm influence the choice of using virtual social networks to build links between firms and customers.  We also look at the role of paid advertising in virtual social networks. Main results show a trend of such firms to engage in virtual social networks when they are targeting at stronger brand image and when building deeper links through brand information with their public. Firms also tend to use advertising in virtual social networks when intending to raise brand recall from their brand portfolio.

Energy price uncertainty, energy intensity and firm investment

International Nuclear Information System (INIS)

Yoon, Kyung Hwan; Ratti, Ronald A.

2011-01-01

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

The role of the founding entrepreneur in the transformation from micro enterprises to small firms

DEFF Research Database (Denmark)

Pötz, Katharina Anna

Although entrepreneurship has started to receive significant institutional support throughout the world, very few entrepreneurs manage to successfully grow their organizations. To investigate this problem, this thesis takes its point of departure from an entrepreneurial growth perspective to study...... that provide even successful microentrepreneurs with little guidance on how to manage and organize a small firm. Data analysis focus of their behaviors, emotions, and cognitions in response to experiencing internal and external growth challenges. The findings indicate that what entrepreneurs think, feel....... The qualitative approach allows for an in-depth exploration of an understudied process in a relevant but little investigated context. The resulting four articles of the thesis provide insights into the processes through which entrepreneurs learn to handle their growing businesses in tough environments...

Consumer Networks and Firm Reputation

DEFF Research Database (Denmark)

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

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

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.

International Trade and Macroeconomic Dynamics with Heteroegenous Firms

OpenAIRE

Ghironi, Fabio; Melitz, Marc J

2004-01-01

We develop a stochastic, general equilibrium, two-country model of trade and macroeconomic dynamics. Productivity differs across individual, monopolistically competitive firms in each country. Firms face a sunk entry cost in the domestic market and both fixed and per-unit export costs. Only relatively more productive firms export. Exogenous shocks to aggregate productivity and entry or trade costs induce firms to enter and exit both their domestic and export markets, thus altering the composi...

Efficient Climate Policy with Internationally Mobile Firms

International Nuclear Information System (INIS)

Maestad, O.

2001-01-01

A major concern in the design of an incomplete climate agreement is that firms that use fossil fuels intensively may respond to emission regulations by relocating their plants from cooperating to non-cooperating countries. This paper analyses how the cooperating countries might deal with the issue of firm delocation through emission taxes, trade provisions and a localisation subsidy to mobile firms. It is shown that firms should not be induced to stay in the cooperating countries by lowering emission taxes below the Pigouvian tax rate. Incentives to stay should be given partly through trade provisions and partly through a localisation subsidy. A second best solution without localisation subsidies is also discussed. In that case, the efficient emission tax is lower than the Pigouvian tax rate. Finally, the paper discusses the implications of the first best and the second best policy regimes for the pattern of firm localisation. 19 refs

Efficiency of European Dairy Processing Firms

NARCIS (Netherlands)

Soboh, R.A.M.E.; Oude Lansink, A.G.J.M.; Dijk, van G.

2014-01-01

This paper compares the technical efficiency and production frontier of dairy processing cooperativesand investor owned firms in six major dairy producing European countries. Two parametric produc-tion frontiers are estimated, i.e. for cooperatives and investor owned firms separately, which are

Psychic Distance, Innovation, and Firm Performance

NARCIS (Netherlands)

Azar, Goudarz; Drogendijk, Rian

2014-01-01

Previous research suggests that internationalization improves a firm's ability to innovate, but the effect of internationalizing into specific target markets or destinations on the innovation ability of firms has not been fully investigated. This study examined whether the psychic distance between

The Impact of Workplace Conditions on Firm Performance

NARCIS (Netherlands)

I.S. Buhai (Sebastian); E. Cottini (Elena); N. Westergaard-Nielsen

2008-01-01

textabstractThis paper estimates the impact of work environment health and safety practice on firm performance, and examines which firm-characteristic factors are associated with good work conditions. We use Danish longitudinal register matched employer-employee data, merged with firm business

Financing patterns around the world : Are small firms different?

NARCIS (Netherlands)

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

2008-01-01

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

Debt and Taxes: Evidence from bank-financed unlisted firms

DEFF Research Database (Denmark)

Bartholdy, Jan; Mateus, Cesário

This paper analyzes the capital structure decision of non-listed bank-financed firms using a rich and unique new data set of Portuguese firms. These firms are rarely studied in capital structure contexts and differ from large listed firms in terms of agency and asymmetric information problems...

FOOD ENTREPRENEUR SUSTAINABLE ORIENTATION AND FIRM PRACTICES

OpenAIRE

Mark A. Gagnon; Pamela A. Heinrichs

2016-01-01

This exploratory research examines the relationship between food entrepreneur sustainable orientation, mindset and firm sustainable practices in a mixed methods format. In particular we seek to address if entrepreneur behavior and firm practices are congruent with founding entrepreneur espoused support of sustainability. Our survey findings with thirty specialty food entrepreneurs suggest tenuous empirical support for the relationship of entrepreneur sustainable orientation, mindset and firm ...

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.

Market Imperfections and Firm-Sponsored Training

NARCIS (Netherlands)

Picchio, M.; van Ours, J.C.

2010-01-01

Recent human capital theories predict that labor market frictions and product market competition influence firm-sponsored training. Using matched worker-firm data from Dutch manufacturing, our paper empirically assesses the validity of these predictions. We find that a decrease in labor market

The failing firm defence: merger policy and entry

OpenAIRE

Mason, Robin; Weeds, Helen

2003-01-01

This Paper considers the 'failing firm defence'. Under this principle, found in most antitrust jurisdictions, a merger that would otherwise be blocked due to its adverse effect on competition is permitted when the firm to be acquired is a failing firm, and an alternative, less detrimental merger is unavailable. Competition authorities have shown considerable reluctance to accept the failing firm defence, and it has been successfully used in just a handful of cases. The Paper considers the def...

THE CHALLENGE OF GLOBALIZATION FOR LARGE CHINESE FIRMS

OpenAIRE

Peter Nolan; Jin Zhang

2002-01-01

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

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.

New workplace practices and firm performance in manufacturing:

DEFF Research Database (Denmark)

Pozzoli, Dario; Cristini, Annalisa

Using data from the 2004 Workplace Employee Relations Survey on British establishments and two surveys on manufacturing firms located in the North of Italy, we look at the diffusion of new workplace practices in the two countries and at their impact on the firm's performance. We find that the Ita......Using data from the 2004 Workplace Employee Relations Survey on British establishments and two surveys on manufacturing firms located in the North of Italy, we look at the diffusion of new workplace practices in the two countries and at their impact on the firm's performance. We find...... that the Italian and British samples differ more in terms of composition of the set practices than in terms of overall incidence, but the statistical associations between some of the practices and the firm's performance are robust across countries. The counterfactual analysis shows that could the Italian firms...

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...

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

OpenAIRE

TOMIURA Eiichi

2007-01-01

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

Human Capital-Intensive Firms and Symbolic Value Creation

Directory of Open Access Journals (Sweden)

Cezanne Cécile

2014-06-01

Full Text Available The aim of this paper is to study the process of symbolic value creation of human capital-intensive firms. Human capital is a critical resource for firms’ activities. Nevertheless, this dimension is often obscured by industrial economists. In the light of critical resource theory, we analyze how taking into account the inalienable and inimitable nature of specific human capital entails a reconsideration of the role and boundaries of the firm. We show that the firm seeks to coordinate the specialization of its key partners within the frame of its economic boundaries to ensure the long-term optimization of its potential of value. Therefore, the value of the firm depends on all the resources that the firm coordinates. Then we focus on the way HCIF can create different values. We suggest that the firm builds its competitive advantage on different forms of values, in particular the symbolic value incorporated in human capital. Finally, on the basis of these considerations, we identify the wealth included in the critical resources of the firm and to bring to light the process of symbolic value creation associated with it. We suggest that the firm is the value creating entity and the customer both recognizes and derives the value created from whatever it is that the firm provides. We propose a definition of this value and a schema of its creation process based on management works attempts. We conclude by proposing paths of research that could fruitfully be explored to further develop this new subject.

Fostering and sustaining innovation in a Fast Growing Agile Company

OpenAIRE

Moe, NilsBrede; Barney, Sebastian; Aurum, Aybüe; Khurum, Mahvish; Wohlin, Claes; Barney, Hamish; Gorschek, Tony; Winata, Martha

2012-01-01

Sustaining innovation in a fast growing software development company is difficult. As organisations grow, peoples' focus often changes from the big picture of the product being developed to the specific role they fill. This paper presents two complementary approaches that were successfully used to support continued developer-driven innovation in a rapidly growing Australian agile software development company. The method "FedEx TM Day" gives developers one day to showcase a proof of concept th...

CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

Directory of Open Access Journals (Sweden)

Prana Wahyu Nisasmara

2016-12-01

Full Text Available This research aims to understand the influence of profitability, capital structure, cash holding, and GCG (Good Corporate Governance on firm value.  The samples of this study were the property sector and real estate companies listed on Indonesia Stock Exchange (IDX in the period of 2008-2013. The data used from the annual report company. The methods of data analysis were multiple regression models and analyzed using IBM SPSS software. The results of this study are profitability has no influence on firm value, capital structure has positive influence on firm value, cash holding has no influence on firm value and GCG a has a positive influence on firm value.

Possible routes to improve adaptive management of firms

NARCIS (Netherlands)

Stuiver, M.; Westerink, J.

2016-01-01

This study explores possible routes to improve the adaptive management of firms and proposes to view firms as social-ecological systems. We conceptualise three possible ways in which firms can frame their relation with the natural environment. The first is impact related: strategies for assessing

Entrepreneurial strategic groups: how clustering helps nascent firms

NARCIS (Netherlands)

Amezcua, A.S.; Ratinho, Tiago

2012-01-01

Our study examines how strategic groups consisting of nascent ventures outperform other firms. An entrepreneurial strategic group is defined as firms that pursue a similar founding strategy, belong to the same industry, and compete in the same geography. We show that firms belonging to an

Safety dose of three commercially used growth promoters: nuricell- aqua, hepaprotect-aqua and rapid-grow on growth and survival of Thai pangas (Pangasianodon hypophthalmus

Directory of Open Access Journals (Sweden)

Md. Ariful Islam

2014-02-01

Full Text Available Objective: To optimize the dose of 3 commonly used growth promoters, viz., Nuricell-Aqua (composition: glucomannan complex and mannose polymer, Hepaprotect-Aqua (composition: β-glucan, mannose polymer and essential oil and Rapid-Grow (composition: organic acid and their salt, β-glucan, mannose oligosaccharide and essential oil, using Thai pangas (Pangasiandon hypophthalmus as cultured species. Methods: Thai pangas fingerlings with an average length and weight of 11 cm and 10 g were reared under laboratory condition and growth promoters were fed after incorporating them with a test diet at a ratio of 10% of their body weight for a period of 28 d. Estimation of data on growth such as weight gain (g, specific growth rate, survivability (% test in each aquarium were conducted and data were analyzed using statistical software. Results: After 28 d of feeding with Nutricell-Aqua, 10 mg/(20 g feed·day, which was the dose recommended by the manufacturer, was found better. When Hepaprotect-Aqua and Rapid-Grow were employed, performance was found to be better with the dose of 60 mg/(20 g feed·day which was 1.5 times higher than the dose recommended by the corresponding manufacturer. Conclusions: These results suggest that chemicals and feed additives marketed in Bangladesh Fish Feed Market need further testing under Bangladesh climatic condition before being marketed.

32 CFR 37.1250 - Commercial firm.

Science.gov (United States)

2010-07-01

... 32 National Defense 1 2010-07-01 2010-07-01 false Commercial firm. 37.1250 Section 37.1250... REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in This Part § 37.1250 Commercial firm... does a substantial portion of its business in the commercial marketplace. ...

Knowledge Sharing in Knowledge-Intensive Firms

DEFF Research Database (Denmark)

Gupta, Akshey; Michailova, Snejina

2004-01-01

This paper is a study of the knowledge-sharing difficulties experienced by three departments in a knowledge-intensive firm. The case organization is a global consulting firm that has been on the forefront of knowledge management and has won several knowledge management related international accla...

Firm-value effects of CSR disclosure and CSR performance

OpenAIRE

Gutsche, Robert; Schulz, Jan-Frederic; Gratwohl, Michael

2017-01-01

We examine in this paper the effects of corporate social responsibility (CSR) disclosure and CSR performance on firm value for S&P 500 firms from 2011 to 2014. We find that CSR disclosure is positively associated with firm value and that the effect of CSR disclosure on firm value is larger than the effect of CSR performance. On average, the overall firm value increase for one index point of Bloomberg's environmental, social, and governance (ESG) Disclosure Score is $260 million, whereas the i...

The effect of corporate culture on firm performance: Evidence from China

OpenAIRE

Hailin Zhao; Haimeng Teng; Qiang Wu

2018-01-01

This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate culture promotion is negatively related to firm market value, positively related to innovation output and not significantly related to firm financial performance. In addition, the negative effect of corporate culture promotion on firm market value is driven by small firms and firms ...

Do Treasure Islands Create Firm Value?

DEFF Research Database (Denmark)

Choy, Siu Kai; Lai, Tat-kei

On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to take appropriate actions, the report raised the firms’ costs of holding tax haven...... subsidiaries. After this event, there was a 0.9% drop in cumulative abnormal returns among the non-financial firms (corresponding to about £9 billion in market capitalization), more so for better-governed firms and those with larger shares of subsidiaries in tax havens. We find some evidence that government...

An empirical study of Malaysian firms' capital structure

OpenAIRE

Zain, Sharifah Raihan Syed Mohd

2003-01-01

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

Knowledge management in the firm

DEFF Research Database (Denmark)

Rasmussen, Palle; Nielsen, Peter

2011-01-01

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......Purpose – The purpose of this paper is to set focus on, and discuss the concept of knowledge, and show how the interrelations between knowledge and other concepts, such as learning, have become a decisive element in managing human resources and firm performance. Design....../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...

39 CFR 281.1 - Notification of firm mailers.

Science.gov (United States)

2010-07-01

... 39 Postal Service 1 2010-07-01 2010-07-01 false Notification of firm mailers. 281.1 Section 281.1 Postal Service UNITED STATES POSTAL SERVICE ORGANIZATION AND ADMINISTRATION FIRM MAILINGS DAMAGED OR DESTROYED THROUGH TRANSPORTATION ACCIDENTS OR CATASTROPHES § 281.1 Notification of firm mailers. Whenever...

Determinants of firms' investment behaviour : a multilevel approach

NARCIS (Netherlands)

Farla, K.

2013-01-01

This paper investigates micro and macro determinants of firms' investment behaviour using firm data from 101 developing and emerging economies. A substantial number of firms in our sample does not invest in fixed capital or invests little relative to sales revenue. Using a multilevel probit model we

The Difficulty in Following Project Schedule as a Key Project Management Challenge: Family Firm Perspective

Directory of Open Access Journals (Sweden)

Joanna SADKOWSKA

2016-12-01

Full Text Available The problem of how to manage projects successfully has been gaining growing interest for the last decades. The aforementioned is mainly caused by the fact that project management offers a wide range of methods and tools which, when properly used, can stimulate long-term growth of businesses. As a consequence it offers a particular development opportunity for family enterprises which, due to their specificity, have to overcome many difficulties. The primary objective of this paper is to examine whether family enterprises perceive, and to what extent, the factor of following project schedule as a difficulty in the area of project management. 154 Polish family firms representing different sectors were surveyed. The results of regression analysis show that family firms with global range of business activities, on the contrary to those with local or regional ones, do not find the factor of following project schedule as a difficulty. This results manly from the tools employed and the maturity level they have reached in project management. The findings support the current discussion on the specificity and uniqueness of family businesses in relationship to the knowledge area of project management. It also contributes to filling the gap on understanding the functioning of family firms in the emerging economies of Eastern Europe.

Strategic Resources and Family Firm Performance

NARCIS (Netherlands)

Matser, I.A.

2013-01-01

Most companies in the Netherlands can be labeled as family firms (according to the GEEF definition (Mandle, 2008; Flören et al., 2010). The family firm can be regarded as an open system model comprising three overlapping, interacting, and interdependent subsystems: owners, family, and managers

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

OpenAIRE

Du, Jun; Girma, Sourafel

2009-01-01

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

Gendering dynamic capabilities in micro firms

Directory of Open Access Journals (Sweden)

Yevgen Bogodistov

2017-05-01

Full Text Available Gender issues are well-researched in the general management literature, particular in studies on new ventures. Unfortunately, gender issues have been largely ignored in the dynamic capabilities litera­ture. We address this gap by analyzing the effects of gender diversity on dynamic capabilities among micro firms. We consider the gender of managers and personnel in 124 Ukrainian tourism micro firms. We examine how a manager’s gender affects the firm’s sensing capacities and investigate how it moderates team gender diversity’s impact on sensing capacities. We also investigate how person­nel composition impacts seizing and reconfiguration capacities. We find that female managers have several shortcomings concerning a firm’s sensing capacity but that personnel gender diversity increa­ses this capacity. Team gender diversity has positive effects on a firm’s seizing and reconfiguration abilities. Our study advances research on gender diversity and its impact on firm capabilities and illustrates its relevance for staffing practices in micro firms.

Job Creation by Firms in Denmark

DEFF Research Database (Denmark)

Ibsen, Rikke Falkner; Westergård-Nielsen, Niels

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

The structure of a market containing boundedly rational firms

Science.gov (United States)

Ibrahim, Adyda; Zura, Nerda; Saaban, Azizan

2017-11-01

The structure of a market is determined by the number of active firms in it. Over time, this number is affected by the exit of existing firms, called incumbents, and entries of new firms, called entrant. In this paper, we considered a market governed by the Cobb-Douglas utility function such that the demand function is isoelastic. Each firm is assumed to produce a single homogenous product under a constant unit cost. Furthermore, firms are assumed to be boundedly rational in adjusting their outputs at each period. A firm is considered to exit the market if its output is negative. In this paper, the market is assumed to have zero barrier-to-entry. Therefore, the exiting firm can reenter the market if its output is positive again, and new firms can enter the market easily. Based on these assumptions and rules, a mathematical model was developed and numerical simulations were run using Matlab. By setting certain values for the parameters in the model, initial numerical simulations showed that in the long run, the number of firms that manages to survive the market varies between zero to 30. This initial result is consistent with the idea that a zero barrier-to-entry may produce a perfectly competitive market.

Dual structures for the sole-proprietorship firm

OpenAIRE

Chambers, Robert G.; Quiggin, John

2003-01-01

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

Peculiarities Of Financial Management In Family Firms

OpenAIRE

Martin R. W. Hiebl

2012-01-01

The majority of firms in market-oriented countries are family-owned. Despite their significant economic importance for these countries, research focusing on family firms is a rather young field within business research, having intensified starting only in the late 1980s. Research regarding the peculiarities of financial management in family firms is especially scarce. Hence, this paper seeks to synthesize existing research and to theoretically analyze the finance and accounting practices and ...

Working Capital Management and Firm Listing Status

OpenAIRE

Seraina Anagnostopoulou

2012-01-01

This study comparatively examines the determinants of working capital management for listed vs. unlisted firms, and assesses the impact of this policy on profitability by focusing on the cash conversion cycle, a commonly used measure of working capital management. By using a large UK public and private firm sample, it is found that private firms have significantly lower cash conversion cycles than their public counterparts, and that traditional determinants of the cycle significantly differ b...

How does firm performance influence market orientation?

DEFF Research Database (Denmark)

Sørensen, Hans Eibe; Stieglitz, Nils

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

Firm Size Distribution in Fortune Global 500

Science.gov (United States)

Chen, Qinghua; Chen, Liujun; Liu, Kai

By analyzing the data of Fortune Global 500 firms from 1996 to 2008, we found that their ranks and revenues always obey the same distribution, which implies that worldwide firm structure has been stable for a long time. The fitting results show that simple Zipf distribution is not an ideal model for global firms, while SCL, FSS have better fitting goodness, and lognormal fitting is the best. And then, we proposed a simple explanation.

Organizational change in family firms

OpenAIRE

HENDRIKX, Karolien; VOORDECKERS, Wim; LAMBRECHTS, Frank

2009-01-01

Many organizational change efforts don’t live up to their expectations, with inefficiencies in the interaction process between organizational actors as one of the main potential reasons for this failure. Therefore, this paper will focus on the impact of interaction processes on change within the specific organizational context of family firms. Family firms are particularly interesting for organizational change research since they have several unique characteristics that may facilitate or hind...

The impact of workplace conditions on firm performance

DEFF Research Database (Denmark)

Buhai, Ioan Sebastian; Cottini, Elena; Westergård-Nielsen, Niels Chr.

This paper estimates the impact of work environment health and safety practice on firm performance, and examines which firm-characteristic factors are associated with good work conditions. We use Danish longitudinal register matched employer-employee data, merged with firm business accounts...... and detailed cross-sectional survey data on workplace conditions. This enables us to address typical econometric problems such as omitted variables bias or endogeneity in estimating i) standard production functions augmented with work environment indicators and aggregate employee characteristics and ii) firm...... mean wage regressions on the same explanatory variables. Our findings suggest that improvement in some of the physical dimensions of the work health and safety environment (speci.cally, "internal climate" and "repetitive and strenuous activity") strongly impacts the firm productivity, whereas "internal...

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. 

37 CFR 10.35 - Firm names and letterheads.

Science.gov (United States)

2010-07-01

... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Firm names and letterheads... Office Code of Professional Responsibility § 10.35 Firm names and letterheads. (a) A practitioner shall not use a firm name, letterhead, or other professional designation that violates § 10.31. A trade name...

Modelling firm heterogeneity with spatial 'trends'

Energy Technology Data Exchange (ETDEWEB)

Sarmiento, C. [North Dakota State University, Fargo, ND (United States). Dept. of Agricultural Business & Applied Economics

2004-04-15

The hypothesis underlying this article is that firm heterogeneity can be captured by spatial characteristics of the firm (similar to the inclusion of a time trend in time series models). The hypothesis is examined in the context of modelling electric generation by coal powered plants in the presence of firm heterogeneity.

Insurance and Information : Firms as a Commitment Device

NARCIS (Netherlands)

Bovenberg, A.L.; Teulings, C.N.

2002-01-01

We explore the role of firms in insuring risk-averse workers.As a device that allows workers to commit to the delivery of their output, the firm arises endogenously as an alternative to the spot market if workers are suciently risk averse and the firm can base incentive payments on good

Wage inequality in workers’ cooperatives and conventional firms

Directory of Open Access Journals (Sweden)

Nathalie Magne

2017-12-01

Full Text Available The author evaluates the effects of democratic worker participation on the income distribution within firms. Wage inequality in French workers’ cooperatives (called SCOPs versus traditional firms is measured using the 2001-2012 panel DADS dataset which includes all French firms. The author finds significantly lower inequality in SCOPs, in line with the previous empirical literature. Going into more detail, it appears that inequality is reduced at the top of the distribution and specifically regarding qualification-based inequalities; the gender gap and the advantage of senior workers are not lower in SCOPs. These findings contribute to the literature on Labor-Managed Firms, as well as to the broader debate on rising wage inequality in developed countries.The author evaluates the effects of democratic worker participation on the income distribution within firms. Wage inequality in French workers’ cooperatives (called SCOPs versus traditional firms is measured using the 2001-2012 panel DADS dataset which includes all French firms. The author finds significantly lower inequality in SCOPs, in line with the previous empirical literature. Going into more detail, it appears that inequality is reduced at the top of the distribution and specifically regarding qualification-based inequalities; the gender gap and the advantage of senior workers are not lower in SCOPs. These findings contribute to the literature on Labor-Managed Firms, as well as to the broader debate on rising wage inequality in developed countries.

International taxation and multinational firm decisions

NARCIS (Netherlands)

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

2012-01-01

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

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...

A new approach to firm evaluation

NARCIS (Netherlands)

E.M. Vermeulen (Erik); J. Spronk (Jaap); D. van der Wijst (Nico)

1993-01-01

textabstractIn this paper, a method is developed to evaluate firms on the basis of the risks they face. In accordance with the multi-factor method, risk is represented as a vector of sensitivities to unexpected changes of risk factors. Subsequently, the sensitivities themselves are related to firm

New workplace practices and firm performance:

DEFF Research Database (Denmark)

Cristini, Annalisa; Pozzoli, Dario

Using data from the 2004 Workplace Employee Relations Survey on British establishments and two surveys on manufacturing firms located in the North of Italy, we look at the diffusion of new workplace practices in the two countries and at their impact on the firm's value added. We find...

The Cultivation of New Technology-Based Firms and Roles of Venture Capital Firms in Japan

OpenAIRE

Kirihata, Tetsuya

2007-01-01

In this paper, I analyze post-investment activities of venture capital firms (VCFs) based on a questionnaire survey and discuss the issues and challenges of post-investment activities of VCFs with new technology based firms (NTBFs) in Japan. The questionnaire survey reveals that business supports desired by NTBFs can be classified into four groups."business strategies adjustment and motivation", "business advice and networking", "finance and crisis management", and "recruitment assistance". T...

The websites adoption in the Spanish agrifood firms

International Nuclear Information System (INIS)

López-Becerra, E.I.; Arcas-Lario, Francisco Alcon N.

2016-01-01

Currently, the use of websites in the firms of the Spanish agrifood sector has not become widespread despite the possible benefits to be derived from their adequate integration and management within the firms. Among these advantages, the increase in the quality of the services offered and the improvement in the relations with their stakeholders should be highlighted. In this context, the objective of the present work is to determine to what extent websites are used by firms in the agrifood sector of Spain, analysing the background which explains why they are adopted and the consequences of introducing them. To do so, a theoretical framework is posed which allows these factors to be identified, and an empirical study is carried out with Spanish agrifood firms. The results of the work indicate that the adoption of websites will be favoured when the directors of the firm are higher qualified, the firm is bigger in size, the firm’s function is distribution, and when the relative advantage and technology compatibility is perceived, among others. Technology adoption consequences analysis suggests that the benefits of adoption are related with improving the relationships with suppliers, customers, owning partners and, in general, the quality of the services offered by the firm.

The websites adoption in the Spanish agrifood firms

Energy Technology Data Exchange (ETDEWEB)

López-Becerra, E.I.; Arcas-Lario, Francisco Alcon N.

2016-07-01

Currently, the use of websites in the firms of the Spanish agrifood sector has not become widespread despite the possible benefits to be derived from their adequate integration and management within the firms. Among these advantages, the increase in the quality of the services offered and the improvement in the relations with their stakeholders should be highlighted. In this context, the objective of the present work is to determine to what extent websites are used by firms in the agrifood sector of Spain, analysing the background which explains why they are adopted and the consequences of introducing them. To do so, a theoretical framework is posed which allows these factors to be identified, and an empirical study is carried out with Spanish agrifood firms. The results of the work indicate that the adoption of websites will be favoured when the directors of the firm are higher qualified, the firm is bigger in size, the firm’s function is distribution, and when the relative advantage and technology compatibility is perceived, among others. Technology adoption consequences analysis suggests that the benefits of adoption are related with improving the relationships with suppliers, customers, owning partners and, in general, the quality of the services offered by the firm.

The Corporate Governance of Privately Controlled Brazilian Firms

Directory of Open Access Journals (Sweden)

Érica C. R. Gorga

2009-09-01

Full Text Available We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where Brazilian corporate governance is relatively strong and weak. Board independence is an area of weakness: The boards of most Brazilian private firms are comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Many firms have zero independent directors. At the same time, minority shareholders have legal rights to representation on the boards of many firms, and this representation is reasonably common. Financial disclosure lags behind world standards. Only a minority of firms provide a statement of cash flows or consolidated financial statements. However, many provide English language financial statements, and an English language version of their website. Audit committees are uncommon, but many Brazilian firms use an alternate approach to ensuring financial statement accuracy – establishing a fiscal board. A minority of firms provide takeout rights to minority shareholders on a sale of control. Controlling shareholders often use shareholders agreements to ensure control.

Agglomeration Premium and Trading Activity of Firms

OpenAIRE

Gabor Bekes; Peter Harasztosi

2010-01-01

Firms may benefit from proximity to each other due to the existence of several externalities. The productivity premia of firms located in agglomerated regions an be attributed to savings and gains from external economies. However, the capacity to absorb information may depend on activities of the firm, such as involvement in international trade. Importers, exporters and two-way traders are likely to employ a different bundle of resources and be organised differently so that they would appreci...

Internationalisation of Firms in Developing Countries

DEFF Research Database (Denmark)

Kuada, John

process with export and proceed in a path-dependent manner towards the location of production activities abroad. The present apper challenges this perspective, arguing that internationalisation of firms may be initiated through either or both upstream and downstream activities. It therefore proposes...... an integrated conceptual model for internationalisation, encompassing both upstream and downstream activities. Building on this understanding, the paper suggests that firms in general and developing county-based firms in particular, may adopt one or a combination of four routes of internationalisation: upstream...... only, downstream only, sequential upstream-downstream, and or concurrent upstream-downstream routes. The implication of these perspectives for policy, strategy and research are discussed....

Changes of firm size distribution: The case of Korea

Science.gov (United States)

Kang, Sang Hoon; Jiang, Zhuhua; Cheong, Chongcheul; Yoon, Seong-Min

2011-01-01

In this paper, the distribution and inequality of firm sizes is evaluated for the Korean firms listed on the stock markets. Using the amount of sales, total assets, capital, and the number of employees, respectively, as a proxy for firm sizes, we find that the upper tail of the Korean firm size distribution can be described by power-law distributions rather than lognormal distributions. Then, we estimate the Zipf parameters of the firm sizes and assess the changes in the magnitude of the exponents. The results show that the calculated Zipf exponents over time increased prior to the financial crisis, but decreased after the crisis. This pattern implies that the degree of inequality in Korean firm sizes had severely deepened prior to the crisis, but lessened after the crisis. Overall, the distribution of Korean firm sizes changes over time, and Zipf’s law is not universal but does hold as a special case.

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.

THE INFLUENCE OF CORRUPTION ON CORPORATE GOVERNANCE STANDARDS: SHARED CHARACTERISTICS OF RAPIDLY DEVELOPING ECONOMIES

Directory of Open Access Journals (Sweden)

Michelle I. Caron

2012-01-01

Full Text Available This article evaluates the relationship between the level of corruption in rapidly developing economies and corporate governance processes therein.  Previous literature illustrates a strong relationship between corporate governance and corruption and suggests that in countries with high levels of corruption, firms lack efficient corporate governance practices.  Similarly, countries with deficient corporate governance practices and low levels of compliance to these standards breed corruption leading to a wide range of transparency dilemmas.  This study delves deeper through careful examination regarding the level of compliance with corporate governance standards and the pervasive effects of corruption on the governance processes of firms with specific regard to rapidly developing economies as well as offering comparisons and similarities of shared characteristics among these countries.

Rare Rapidly Growing Thumb Lesion in a 12-Year-Old Male

Directory of Open Access Journals (Sweden)

Alana J Arnold, MD, MBA

2018-04-01

��t amenable to surgery.4 Surgery is the mainstay of care. The first medical treatment, denosumab, was approved by the FDA for use in adults and skeletally mature adolescents with surgically unresectable lesions.5 It is critical to obtain definitive imaging and biopsy of any rapidly growing lesions in patients presenting with masses and no history of trauma or constitutional symptoms. The best imaging study is MRI, to assess for bony and tissue involvement and surgical approach. Computed tomography may be used; however, it doesn’t delineate the soft tissue and bony connections as well. Standard oncology labs should be drawn as well, including: CBC with differential, LDH, uric acid, CMP, ESR. The growth of the tumor is insidious and therefore imaging should be done based on clinical concern. In the ED setting, if close follow up can be ensured, imaging can be done as an out-patient. Annual surveillance is recommended for at least 5 years in most patients, even after total resection, according to some studies.3 Our patient underwent GCTB resection with plastics surgery of the distal phalanx of thumb. He was seen in follow-up in the oncology clinic. Pathology of the tumor had negative margins, and he was told to follow-up in six months with plastics. Per hematology, no further follow-up was needed. Topics: Pediatrics, giant cell tumor, thumb lesion

To Internationalize Rapidly from Inception: Crowdsource

Directory of Open Access Journals (Sweden)

Nirosh Kannangara

2012-10-01

Full Text Available Technology entrepreneurs continuously search for tools to accelerate the internationalization of their startups. For the purpose of internationalizing rapidly from inception, we propose that technology startups use crowdsourcing to internalize the tacit knowledge embodied in members of a crowd distributed across various geographies. For example, a technology startup can outsource to a large crowd the definition of a customer problem that occurs across various geographies, the development of the best solution to the problem, and the identification of attractive business expansion opportunities. In this article, we analyze how three small firms use crowdsourcing, discuss the benefits of crowdsourcing, and offer six recommendations to technology entrepreneurs interested in using crowdsourcing to rapidly internationalize their startups from inception.

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...

The incorporation gene of tomato fruit firmness (Lycopersicon esculentum Mill.

Directory of Open Access Journals (Sweden)

Zdravković Jasmina

2009-01-01

Full Text Available Tomato fruit firmness is a polygenetic trait and depends on firmness components pericarp thickness, firmness of epidermis and firmness of flash. The accumulation of favourable traits ratio for each component (towards the increase of expression the fruit firmness can be increased. This paper deals with aspects of increasing fruit firmness by increasing firmness of epidermis and thickness of pericarp. By using genotypes with rin (ripening inhibitor gene, we were able to accomplish great firmness of fruits, especially firmness of flash. The expression of these traits cause the asynchronization of maturing process so the fruits do not over mature or soften. Genetic effects have been evaluated by researching the average values of fruit firmness in six diallel parent lines (D-150, S-49, S-35, H-52, Kg-z and SP-109 and progeny (P1, P2, F1, F2, BC1 and BC2 by applying additive dominant model with three and six parameters (Mather and Jinks, 1982. Mean values of fruit firmness for parents and progeny were significantly different. Firmness of fruits is a trait influenced first of all by additive gene since they were found in all researched combinations. Epystatic gene effect was important in inheriting process for all three two-gene interactions. The stabile duplicate type of epystsase was found, which in this case reduces the unfavourable effects of dominant genes of parents with soft fruits. .

48 CFR 1019.202-70-7 - Mentor firms.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Mentor firms. 1019.202-70... SOCIOECONOMIC PROGRAMS SMALL BUSINESS PROGRAMS Policies 1019.202-70-7 Mentor firms. A mentor firm may be either... developmental assistance to enhance the capabilities of protégés to perform as subcontractors. Mentors will be...

The weighted average cost of capital over the lifecycle of the firm: Is the overinvestment problem of mature firms intensified by a higher WACC?

Directory of Open Access Journals (Sweden)

Carlos S. Garcia

2016-08-01

Full Text Available Firm lifecycle theory predicts that the Weighted Average Cost of Capital (WACC will tend to fall over the lifecycle of the firm (Mueller, 2003, p. 80-81. However, given that previous research finds that corporate governance deteriorates as firms get older (Mueller and Yun, 1998; Saravia, 2014 there is good reason to suspect that the opposite could be the case, that is, that the WACC is higher for older firms. Since our literature review indicates that no direct tests to clarify this question have been carried out up till now, this paper aims to fill the gap by testing this prediction empirically. Our findings support the proposition that the WACC of younger firms is higher than that of mature firms. Thus, we find that the mature firm overinvestment problem is not intensified by a higher cost of capital, on the contrary, our results suggest that mature firms manage to invest in negative net present value projects even though they have access to cheaper capital. This finding sheds new light on the magnitude of the corporate governance problems found in mature firms.

Do Firms Go Public to Raise Capital?

OpenAIRE

Woojin Kim; Michael Weisbach

2005-01-01

This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particula...

The Dispersion of Employees' Wage Increases and Firm Performance

DEFF Research Database (Denmark)

Grund, Christian; Westergård-Nielsen, Niels Chr.

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

Apple hypanthium firmness: New insights from comparative proteomics

KAUST Repository

Marondedze, Claudius

2012-06-26

Fruit firmness constitutes an important textural property and is one of the key parameters for estimating ripening and shelf life, which has a major impact on commercialization. In order to decipher the mechanisms related to firmness of apples (Malus × domestica Borkh.), two-dimensional gel electrophoresis (2-DE) was used to compare the total proteome of high and low firmness phenotypes from apple hypanthia of a \\'Golden Delicious\\' × \\'Dietrich\\' population. A total of 36 differentially regulated protein spots were positively identified by matrix assisted laser desorption/ionization-time of flight (MALDI-TOF) mass spectrometry (MS) and then validated against the Malus expressed sequence tags (EST) database. The findings of this study indicated a lower expression of ethylene biosynthesis related proteins in the high firmness phenotype, which could be linked to the slowing down of the ripening and softening processes. The reduced accumulation of proteins involved in ethylene biosynthesis juxtaposed to the upregulation of a transposase and a GTP-binding protein in the high firmness phenotype. The results also showed higher expression of cytoskeleton proteins in the high firmness phenotype compared to the low firmness phenotype, which play a role in maintaining cell structure and possibly fruit integrity. Finally, a number of proteins involved in detoxification and defense were expressed in fruit hypanthium. This proteomic study provides a contribution towards a better understanding of regulatory networks involved in fruit hypanthium firmness and/or softening, which could be instrumental in the development of improved fruit quality. © 2012 Springer Science+Business Media, LLC.

Entrepreneurship and the Economic Theory of the Firm

DEFF Research Database (Denmark)

Foss, Nicolai Juul; Klein, Peter G.

Although they have developed very much in isolation from each other, we argue the theory ofentrepreneurship and the economic theory of the firm are closely related, and each has much tolearn from the other. In particular, the notion of entrepreneurship as judgment associated withFrank Knight...... and some Austrian school economists aligns naturally with the theory of the firm.In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, tocarry out his function. We further show how this notion of judgment adds to the key themes inthe modern theory of the firm...

Four Essays on Technology Licensing and Firm Innovation

DEFF Research Database (Denmark)

Moreira, Solon

&D strategies. On the supply side, the existing literature has been focused on understanding how technology licensing can be used by firms as a mechanism to recover investments in innovative activities and to foster learning opportunities. On the demand side, it has been shown that licensing is an important...... source that firms can tap into to feed their internal needs for innovative knowledge. While several studies have examined technology licensing through the lens of the licensor, research on how firms rely on licensing contracts to acquire knowledge and improve their innovation performance still leaves......Licensing contracts represent one of the most widely used mechanisms to exchange technologies and transfer know-how between firms. Due to the opportunities that licensing creates for firms operating on both sides of the markets for technology, it has increasingly become an integral part of firms’ R...

Markups and Firm-Level Export Status

DEFF Research Database (Denmark)

De Loecker, Jan; Warzynski, Frederic

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

Transparency report delay and disclosure by Croatian audit firms

Directory of Open Access Journals (Sweden)

Marko Čular

2017-01-01

Full Text Available The aim of this paper is to investigate transparency report (TR disclosure and determinants of TR delay, using Croatian listed companies and audit firms who audited Croatian listed companies in 2015. TR disclosure is measured using the TR index whereas the TR delay is measured as the number of days between the financial year-end and the publication date of the TR by an audit firms. We first analyzed the position and difference between audit firm indicators and types of audit firm using the following: number of certified auditors, number of employees, average net salary, total revenue, net profit, net working capital, total assets, total capital and financial ratio. Second, we used the TR index to determine the existence of TR elements and whether the audit firm made a disclosure. Finally, we used multiple regressions for modelling the TR delay as a function of the following variables: number of certified auditors, number of audits per year, return on assets and the TR index. Our results indicate that based on the TR index only 32% audit firms are transparent. Furthermore, the TR delay is shorter when audit firms have a greater number of certified auditors and a higher TR index, i.e. when audit firms incorporate more elements into the TR.

International Diversification, Product Strategy, And Firm Value:Evidence From Korea

OpenAIRE

Donseung Choi; Eunho Cho

2014-01-01

Existing studies showed inconsistent results for the relationship between international diversification (ID) and firm value. Thus, we primarily examine whether each MNCs product strategy moderates the relationship between ID and firm value. The results show that MNCs product strategy moderates the relationship between ID and firm value as measured by Tobins Q. Specifically, a positive relationship exists between ID and firm value in the firm group pursuing a cost leadership strategy, whereas ...

Designing the marketing-sales interface in B2B firms

NARCIS (Netherlands)

Biemans, W.G.; Makovec Brencic, M.

2007-01-01

Purpose - This paper explores the marketing-sales interface in Dutch and Slovenian B2B firms. Design/methodology/approach - The study included 11 Dutch firms and ten Slovenian firms, with both samples as closely matched as possible. The firms were all manufacturers of physical products that operate

48 CFR 519.7006 - Mentor firms.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Mentor firms. 519.7006... PROGRAMS SMALL BUSINESS PROGRAMS GSA Mentor-Protégé Program 519.7006 Mentor firms. (a) Mentors must be... plan as required by FAR 19.7 - Small business mentors are exempted; or (2) A small business prime...

How should a theory of the firm incorporate advertising?

OpenAIRE

Lah, Marko

2015-01-01

This article discusses the role of advertising expenses within the economic theory of the firm. In marketing and advertising textbooks advertising expenses are, from the perspective of the economic theory of the firm, viewed too narrowly. In contrast, standard economics textbooks start with the unrealistic perfect competition firm where advertising is not needed, while for the imperfect competition firm they extend the profit maximisation motive and concentrate on the optimisation of advertis...

Firm size distribution and mobility of the top 500 firms in China, the United States and the world

Science.gov (United States)

Guo, Jinzhong; Xu, Qi; Chen, Qinghua; Wang, Yougui

2013-07-01

This paper considers the macroscopic and microscopic statistical features of the top 500 firms in China, the United States and the world, denoted as China 500 (CH500), Fortune 500 (US500) and Fortune Global 500 (FG500). From a macroscopic perspective, the firm size distribution of each category, when measured by revenue, is steadily distributed over the observed period, even during periods of financial crises. As is evidenced by the Gini coefficient, divergences between firm scales are most significant for the CH500. From a microscopic perspective, the underlying micro-dynamics are volatile and often turbulent due to the exit and entry of firms as well as shifts in their revenues and ranks. Such fluctuations, or mobility, are visualized in rank/revenue/share clocks. We also propose a revenue/rank/share mobility index that is a quantitative measurement of mobility. Among these, we find that the share mobility acts as an effective indicator of economic status; where there is a share mobility spike, there is an ailing economy. The share mobility indexes indicate that the 2008 Financial Crisis had little impact on the Chinese economy, while it triggered violent changes in the top 500 firms in the United States and the world.

48 CFR 16.403-1 - Fixed-price incentive (firm target) contracts.

Science.gov (United States)

2010-10-01

... (firm target) contracts. 16.403-1 Section 16.403-1 Federal Acquisition Regulations System FEDERAL... Fixed-price incentive (firm target) contracts. (a) Description. A fixed-price incentive (firm target... incentive (firm target) contract is appropriate when the parties can negotiate at the outset a firm target...

Forecasting Aggregate Productivity using Information from Firm-level Data

NARCIS (Netherlands)

Bartelsman, E.J.; Wolf, Z.

2014-01-01

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

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.

Multiple Blockholder Structures and Family Firm Performance

DEFF Research Database (Denmark)

Fattoum-Guedri, Asma; Guedri, Zied; Delmar, Frédéric

2018-01-01

This study examines how multiple blockholder structures affect family firm performance. Building on arguments from both principal–principal agency and familiness perspectives, we suggest that asymmetrical distribution of voting power among family and nonfamily blockholders hurts firm performance....

Proactiveness in entrepreneurial software firms: the executives' voice

Directory of Open Access Journals (Sweden)

Jean-Pierre Boissin

2010-12-01

Full Text Available This article approaches proactiveness in firms, considered to be one of the dimensions of the entrepreneurial orientation. Its goal is to introduce the results of an exploratory and qualitative study, which aimed to characterize the proactiveness in entrepreneurial software firms. The theory resumes the concepts of entrepreneurial firms, entrepreneurial orientation and proactiveness. The data gathering was accomplished through deeper interviews with executives from 13 software firms that stand out in terms of entrepreneurship in Rio Grande do Sul state. The results of the study demonstrate that firms are proactive and show a characterization regarding this behavior, starting from the conceptual base adopted in the present study. Among the proactiveness elements in the researched organizations, the onesrelated to environment monitoring and opportunities quest are highlighted. The study also consoliding a components’ set of proactiveness based on the theory and organizational practice reported by executives.

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

OpenAIRE

Qi Luo; Toyohiko Hachiya

2005-01-01

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

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.

Key factors driving corporate social responsibility of Vietnamese firms

NARCIS (Netherlands)

Kabir, Mohammed Rezaul; Thai Minh, H.

2016-01-01

We examine the impact of firm, corporate governance and managerial characteristics on the corporate social responsibility (CSR) activities of Vietnamese listed firms. Our results show that export-oriented firms engage in more CSR activities. As for corporate governance factors, we observe that

BIG DATA RESOURCES, MARKETING CAPABILITIES, AND FIRM PERFORMANCE.

OpenAIRE

Suoniemi, Samppa; Meyer-Waarden, Lars; Munzel, Andreas

2017-01-01

RESEARCH QUESTION Big data may significantly improve the efficiency and effectiveness of the firm's marketing capabilities. However, firms must overcome technological, skill-based and organisational challenges to become data-driven. Academic research has not empirically investigated how strategic big data resources, and to what extent, influence strategic marketing capabilities and, by extension, firm performance. The primary objective of this research is to remedy this crucial knowledge ...

Investigating the Effect of New Communication and Information Technologies on Organizational Structure and Firm Performance in Service Industry: a Survey of Consultant Engineering Firms

Directory of Open Access Journals (Sweden)

ali akbar Farghangi

2013-10-01

Full Text Available This study aims to investigate the current and desired situation of information and communication technologies (ICT, organizational structure and firm performance in Consultant Engineering Firms. To do so, a descriptive-exploratory study was performed among 252 managers and experts of consultant engineering firms in Tehran. A cluster sampling approach was used bya self-administrated questionnaire. Reliability was confirmed by Cronbach’s coefficient. Using one sample t-test, paired sample t-test and regression analysis, results indicated that 1 current and desired situation of ICT, organizational structure and firm performance are acceptable, 2 there is significant difference between current and desired situation of ICT, organizational structure and firm performance, 3 ICT has a positive and significant effect on organizational structure and firm performance

Reproducing the Firm : Routines, Networks, and Identity

NARCIS (Netherlands)

Dolfsma, Wilfred; Chong-Simandjuntak, Liza; Geurts, Amber

2017-01-01

Firm survival or reproduction does not occur as a matter of course. Especially under circumstances in which uncertainty and equivocality prevail is firm reproduction potentially problematic. Uncertainty prevails when there is insufficient or inadequate information to assess a situation, equivocality

Characterizing the technology firm : An exploratory study

NARCIS (Netherlands)

Grinstein, A.; Goldman, Arieh

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

Inter-firm networks : economic and sociological perspectives

NARCIS (Netherlands)

Westbrock, B.|info:eu-repo/dai/nl/304836273

2010-01-01

Inter-firm collaborations have recently been recognized as a valuable mode for the organization of economic activity, next to markets and hierarchies. This recognition is supported by empirical evidence that strategic alliances between firms facilitate the generation and dissemination of

The Clean Development Mechanism and Dynamic Capabilities of Implementing Firms

DEFF Research Database (Denmark)

Aggarwal, Aradhna

and non-CDM firms as the control group for the pre- and post-CDM implementation periods. We control for unobserved fixed effects of firms and time periods and observed characteristics of firms and CDM projects. The analysis draws on the balance sheet data of 612 firms from India between 2001 and 2012 from...

Do Income Smoothing Practices Explain the Lower Earnings-Price Ratio of Japanese Firms Compared to Those of the U.S. Firms?

Directory of Open Access Journals (Sweden)

Indra Wijaya Kusuma

2005-01-01

Another results show that controlling for income smoothing does not eliminate the differences in the earnings-price ratios of the Japanese and U.S. firms. It is appropriate to conclude that although income smoothing plays a role in explaining the variations of earnings-price ratios across Japanese firms, it is not the only factor that contributes to the differences in the earnings-price ratios of Japanese and U.S. firms.  Other factors may play a role which are either country-specific (such as inflationary expectations, tax regimes or firm-specific (such as quality of earnings, real returns as suggested by Brown (1989. The overall results are consistent across samples.

Heterogeneous firms, mark-ups and income inequality

NARCIS (Netherlands)

Tamminen, S.H.

2014-01-01

Firm heterogeneity affects not only the implications of trade policies for countries, but also income distributions within-countries since firms generate most of wage and capital income payments. Recently, both within-country wage- and capital income inequality have been rising in various countries.

Board Characteristics and Firm Performance: Evidence from Indonesia

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Athalia Ariati Hidayat

2015-12-01

Full Text Available This research examines the effect of board characteristics (comprising in different sized proportions: family commissioners, family directors, independent commissioners, ex-government officer commissioners, and board of commissioners size to firm performance. Using fixed-effects data panel regression, this research investigates 293 firms listed on the Indonesian Stock Exchange during 2008-2012. Firm performance is proxied by market measure (Tobin’s Q and accounting measure (ROA. The findings of this research suggest that the proportion of family commissioners and family directors have positive impact only to Tobin’s Q value, while the proportion of independent directors can increase both Tobin’s Q and ROA. On the other hand, this research finds that the proportion of ex-government officers in the board gives no impact to firm performance. This research also finds that the board size has U-shaped non-linear relationship with firm performance as proxied by Tobin’s Q and ROA.

Immigration and Firm Performance: a city-level approach

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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.

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....

Leadership and cultures of Lithuanian and Dutch construction firms

NARCIS (Netherlands)

Ozorovskaja, Renata; Voordijk, Johannes T.; Wilderom, Celeste P.M.

2007-01-01

This paper addresses both firm cultures and top leadership styles in construction firms in a West and an East-European country, the Netherlands and Lithuania. Human Resource managers filled in valid questionnaires during an interview on the premises of 16 construction firms in each country. The

Sales-marketing interfaces within business-firms : Transitions and evolution

NARCIS (Netherlands)

Biemans, W.G.; Makovec Brencic, M.; Malshe, A.

2012-01-01

In these turbulent economic times sales-marketing interfaces in business firms are in the state of flux. Sales-marketing interface researchers have till date characterized marketing within business firms in terms of a marketing department rather than a marketing function thereby ignoring B2B firms

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...

DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

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Hendra Wijaya

2017-04-01

Full Text Available Companies in Indonesia have shareholders who are not dispersed or in other words the ownership is only held by one majority shareholder. This study examined the effects of investment decision on the firm value and the debt moderation on the effects of investment decisions on firm value. Debt moderation was used to test the agency conflict of debt use on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This study found that investment decision had a positive effect on firm value and the use of higher debt could lower the positive effect of investment decision on firm value.

Managerial Long-Term Responsibility in Family-Controlled Firms

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Dietmar Sternad

2013-01-01

Full Text Available Evidence suggests that long-term orientation (LTO as a dominantstrategic logic contributes to the sustainable performance offamily-controlled firms (FCFS. Combining a review of the literatureon lto with stewardship theory and upper echelons theoryreasoning, this article presents a typology of managerial responsibilityand introduces the concept of long-term responsibility as amanagerial characteristic constituting a major driving force behindcreating lto. The antecedents of long-term responsibilityunder family firm-specific conditions (stemming from the familysystem, the governance system, and family-firm managers’ personalcharacteristics are also identified and presented in an integratedmodel. The paper contributes to a more comprehensiveunderstanding of intertemporal choice in fcfs and explains whythey tend to be more long-term oriented than other types of firms.

Mergers and Acquisitions (M&AS by R&D Intensive Firms

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Shantanu Dutta

2009-12-01

Full Text Available In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we evaluate two competing hypotheses: ‘growth potential hypothesis’ and ‘integration failure hypothesis’. According to the ‘growth potential hypothesis’, in light of the growth potential of the targets acquired by R&D intensive firms, investors are likely to react positively. ‘Integration failure hypothesis’ focuses on integration difficulties of a target by an R&D intensive firms and suggests that investor might be skeptical of such acquisitions and react negatively. Our results show that R&D intensity (i.e. R&D expenditure by sales has a positive and significant effect on cumulative abnormal returns of the acquiring firms around the announcement dates. This implies that market generally favors the M&A deals by R&D intensive firms. An analysis of the differentiating characteristics reveal that R&D firms have a significantly higher growth potential and undertake more stock financed deals compared to the non R&D firms. Further, our results show that there is no significant change in long-term operating performance subsequent to the M&A deals for both R&D firms and non R&D firms. In general, our results show support for ‘growth potential hypothesis’.

Coevolution of Firm Capabilities and Industry Competition

NARCIS (Netherlands)

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

2001-01-01

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

Agency Costs, Firm Value, and Corporate Investment

NARCIS (Netherlands)

M. Teixeira de Vasconcelos (Manuel)

2012-01-01

textabstractOften firms lack the necessary internal resources to pursue all profitable investment opportunities at their disposal. One of the most important roles of financial markets is to allocate resources from different economic agents to the firms that will better employ them, thereby enabling

Firm clustering and innovation: Determinants and effects

NARCIS (Netherlands)

Boekema, F.W.M.; Oerlemans, L.; Meeus, M.

2001-01-01

In this article we ask why innovator firms engage in innovation networks, and which factors explain the spatial dispersion of these networks. Benefits of the use of internal and external knowledge resources for innovative performance of firms were partially confirmed. Especially the utilisation of

Firm clustering and innovation : determinants and effects

NARCIS (Netherlands)

Oerlemans, L.A.G.; Meeus, M.T.H.; Boekema, F.W.M.

2001-01-01

In this article we ask why innovator firms engage in innovation networks, and which factors explain the spatial dispersion of these networks. Benefits of the use of internal and external knowledge resources for innovative performance of firms were partially confirmed. Especially the utilisation of

Endogenous network of firms and systemic risk

Science.gov (United States)

Ma, Qianting; He, Jianmin; Li, Shouwei

2018-02-01

We construct an endogenous network characterized by commercial credit relationships connecting the upstream and downstream firms. Simulation results indicate that the endogenous network model displays a scale-free property which exists in real-world firm systems. In terms of the network structure, with the expansion of the scale of network nodes, the systemic risk increases significantly, while the heterogeneities of network nodes have no effect on systemic risk. As for firm micro-behaviors, including the selection range of trading partners, actual output, labor requirement, price of intermediate products and employee salaries, increase of all these parameters will lead to higher systemic risk.

International Pricing Strategies for Born-Global Firms

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Michael Neubert

2017-10-01

Full Text Available This paper aims to understand how born global firms develop their international pricing strategies, practices, and models. It aims to expand the study of international entrepreneurship and born global firms by including a broader and deeper range of pricing aspects than is normally found in the international entrepreneurship and pricing literature. The paper opted for a multiple case-study research design using different sources of evidence, including four in-depth interviews with CEOs of born global firms. The case-study firms were selected using a purposive selection method. The theoretical framework of Ingenbleek, Frambach & Verhallen is used. The results suggest that successful leaders act as ‘integrating forces’ on two levels: by applying a structured and disciplined price-setting process with regular reviews and by mediating between corporate financial goals and the local market reality. The results support the claim that policy makers should offer insights, training and financial support to give promising born global firms the possibility to select the most efficient international pricing models and strategies. The results are relevant for entrepreneurs to understand the importance of efficient price-modelling processes and the influence of the different price strategies and price models on financial results and sales revenues.

The Multinational Firm

DEFF Research Database (Denmark)

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

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

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...

Family firms, internationalization, and national competitiveness : Does family firm prevalence matter?

NARCIS (Netherlands)

Carney, Michael; Duran, Patricio; van Essen, M.; Shapiro, Daniel

We revisit the question of family firms (FFs) and their capacity for internationalization, and link it to the literature on national competitiveness. We draw widely on the FF competitive advantage and internationalization literature to argue that FFs’ organizing preferences and capabilities will

Technical efficiency of FDI firms in the Vietnamese manufacturing sector

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Vu Hoang Duong

2016-09-01

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

How do normal faults grow?

OpenAIRE

Blækkan, Ingvild; Bell, Rebecca; Rotevatn, Atle; Jackson, Christopher; Tvedt, Anette

2018-01-01

Faults grow via a sympathetic increase in their displacement and length (isolated fault model), or by rapid length establishment and subsequent displacement accrual (constant-length fault model). To test the significance and applicability of these two models, we use time-series displacement (D) and length (L) data extracted for faults from nature and experiments. We document a range of fault behaviours, from sympathetic D-L fault growth (isolated growth) to sub-vertical D-L growth trajectorie...

Overeducation, wages and promotions within the firm

NARCIS (Netherlands)

Hartog, J.

2004-01-01

We analyse data from personnel records of a large firm producing energy and telecommunication and test for the effect of deviations between required and attained education of workers. Required education is measured as hiring standards set by the firm. We find the usual effects of over- and

Related party transactions and firms financial performance ...

African Journals Online (AJOL)

Related party transactions and firms financial performance. ... African Research Review ... financial performance using Secondary data obtained from Nigeria stock ... on Asset, Return on Equity and Earnings per share of manufacturing firms. ... Result showed RPT has no significant effects on ROA and EPS and not used to ...

Technology diversification, coherence, and performance of firms

NARCIS (Netherlands)

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

2007-01-01

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

Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

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Aldea Mita Cheryta

2018-02-01

Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

Production, depreciation and the size distribution of firms

Science.gov (United States)

Ma, Qi; Chen, Yongwang; Tong, Hui; Di, Zengru

2008-05-01

Many empirical researches indicate that firm size distributions in different industries or countries exhibit some similar characters. Among them the fact that many firm size distributions obey power-law especially for the upper end has been mostly discussed. Here we present an agent-based model to describe the evolution of manufacturing firms. Some basic economic behaviors are taken into account, which are production with decreasing marginal returns, preferential allocation of investments, and stochastic depreciation. The model gives a steady size distribution of firms which obey power-law. The effect of parameters on the power exponent is analyzed. The theoretical results are given based on both the Fokker-Planck equation and the Kesten process. They are well consistent with the numerical results.

The Emergence of the Modern Theory of the Firm

DEFF Research Database (Denmark)

Foss, Nicolai Juul; Klein, Peter G.

sociology and business administration has been relatively limited and ad hoc (although some scholars, notably Williamson, have made more substantive use of these disciplines than othe~s) The fact that the theory of the firm has stayed relatively close in to the (changing) economic mainstream and that its......We discuss the emergence of the theory of the firm (in the Coasian sense); survey and discuss the main currents of the theo~y of the firm, and discuss what has determined the emergence of the theory of the firm. We argue that advances in the theory of the firm have been strongly influenced...... substantive borrowing from neighbouring disciplines has been relatively limited unde~lie and explain much of the "external" critique of the theory (i.e., the critiques of sociologists, heterodox economists and management scholars)....

Dancing With the Stars: How Talent Shapes Firm Performance

DEFF Research Database (Denmark)

Eriksen, Bo

In spite of the attention that attracting and retaining talent receives, little is known about effective talent management. What is the impact of talent on firm performance, among which employee types should firms build talent and do complementarities between employee talent and firm resources...... affect which talent management approach firms should follow? Our paper contributes with two insights using a rich panel of Danish matched employer-employee data. We identify a tradeoff between short term adjustment costs and longer term gains from increasing talent where initial gains appear of offset...... later benefits. We identify important complementarities between manager and worker talent, and between these and the firm’s capital resources and organizational design. These complementarities suggest that firms can create and appropriate rents from talent when their talent acquisition strategy is well...

Female Directors, Board Committees and Firm Performance

NARCIS (Netherlands)

Green, Colin P.; Homroy, Swarnodeep

A number of studies have found little economic impact of board gender diversity on firm performance. We return to this issue in the context of large European firms. Our contribution is twofold. First, using information on the gender of CEOs children as a source of exogenous variation in female

Fixed export costs and multi-product firms

NARCIS (Netherlands)

Creusen, H.; Smeets, R.

2011-01-01

This paper has two aims. First, we uncover some salient components of fixed export costs, which play a crucial role in recent heterogeneous firms models of international trade. Second, we investigate whether the importance of these fixed export costs varies with the size of a firms export product

Cost Focussed Firms and Internet Usage

OpenAIRE

Joanne Loundes

2002-01-01

This paper looks at Internet usage by Australian firms that have a cost focussed competitive strategy. The data source for this analysis is the Melbourne Institute Business Survey, conducted by the Melbourne Institute of Applied Economic and Social Research. The survey was conducted in late 2001, and targeted large Australian firms. Instrumental variables estimation found that cost-focussed organizations utilised the Internet more intensively for both internal organizational activities and ex...

Markups and Firm-Level Export Status

DEFF Research Database (Denmark)

De Loecker, Jan; Warzynski, Frederic

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

Towards quality in marketing: a small firm context

OpenAIRE

O'Shea, Josephine Ann

1994-01-01

It is generally accepted that the small firm sector is vital to the well being, both social and economic, of most countries. Fostering and developing indigenous small firms has been a consistent industrial policy goal of successive Irish governments. For many years, informed commentators have stressed the need for strategic market planning and customer orientation if a company is to survive in a vigorously competitive market place. However, specific studies on the Irish small firm sector have...

Firm size and export performance: some empirical evidence

OpenAIRE

Owen Gabbitas; Paul Gretton

2003-01-01

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

Firm Productivity, Organizational Choice and Global Value Chain

OpenAIRE

Anna Giunta; Domenico Scalera; Francesco Trivieri; Jeffrey B. Nugent; Mariarosaria Agostino

2011-01-01

Based upon insights of the global value chain literature, the aim of this paper is to investigate the impact of being a supplier firm on labour productivity. The country of analysis is Italy, historically characterized by a very strong division of labour among firms. We make use of a unique database, which collects information on several organizational, structural and performance variables of a representative sample of more than 3000 Italian manufacturing firms, spanning the period 1998-2006....

Wage policy of medium and large Portuguese firms

OpenAIRE

Suleman, F.; Lagoa, S.; Suleman, A.; Pereira, M. L.

2013-01-01

The research on wage policies has been triggered by the interest in identifying whether labour market or institutional forces shape wage settings inside firms. This article draws on linked employer-employee data and uses a fuzzy c-means clustering analysis to identify the typical wage policies of medium and large firms in Portugal. Empirical evidence suggests firms are segmented into four clusters that can be labelled according to wage rules as regulated, asymmetric, hierarchical and discreti...

Firm Investment and Balance-Sheet Problems in Japan

OpenAIRE

Toshitaka Sekine

1999-01-01

This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet cond...

Internationalization of the Business Firm: A Literature Review

OpenAIRE

Rodríguez Valle, Alejandro

2011-01-01

Internationalization of the firm theory remains unfinished business and as a result there remains confusion among the academic community. This paper revises the main currents of thought in the academic world concerning the internationalization of the firm debate. We do a brief diagnosis of the international currents of thought and their impact on the unfinished debate of how to advance the theory of internationalization of the firm. Finally, we offer an agenda of academic work which deals wit...