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Sample records for weak firms bribe

  1. Strong Firms Lobby, Weak Firms Bribe

    DEFF Research Database (Denmark)

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

    We use survey responses by firms to examine the firm-level determinants and effects of political influence, their perception of corruption and prevalence of bribe paying. We find that: (a) measures of political influence and corruption/bribes are uncorrelated at the firm level; (b) firms...... that are larger, older, exporting, government-owned, are widely held and/or have fewer competitors, have more political influence, perceive corruption to be less of a problem and pay bribes less often; (c) influence increases sales and government subsidies and in general makes the firm have a more positive view...

  2. Bribes and Business Tax Evasion

    OpenAIRE

    Joulfaian, David

    2009-01-01

    This paper investigates the role of governance, in particular bribes to tax officials, in shaping business tax compliance behavior in transition economies. The empirical results show that business noncompliance rises with the frequency of tax related bribes. More specifically, the findings from 27 economies suggest that tax evasion thrives when bribes to tax officials are commonplace. These findings are robust to a number of specifications that control for firm and country attributes as well ...

  3. Bribes and Business Tax Evasion

    Directory of Open Access Journals (Sweden)

    Joulfaian, David

    2009-12-01

    Full Text Available This paper investigates the role of governance, in particular bribes to tax officials, in shaping business tax compliance behavior in transition economies. The empirical results show that business noncompliance rises with the frequency of tax related bribes. More specifically, the findings from 27 economies suggest that tax evasion thrives when bribes to tax officials are commonplace. These findings are robust to a number of specifications that control for firm and country attributes as well as address the potential endogeneity of bribes.

  4. 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...

  5. The organisation of management of firm on the basis of weak signals

    Directory of Open Access Journals (Sweden)

    Doliatovskii Leonid Valerevich

    2014-08-01

    Full Text Available Characteristics of strategic and long-term scheduling of the company are defined, problems of management on the basis of weak signals and formation of strategy of firm are allocated. The logic of system of strategic management is formalized, strategic reactions to environment changes are defined. On the basis of allocation of five levels of knowledge of a condition of environment types of adaptive reactions of the company are defined.

  6. Evaluation of Practicing sustainable Industrial Solid Waste Minimization by Manufacturing Firms in Malaysia: Strengths and Weaknesses.

    Science.gov (United States)

    Mallak, Shadi Kafi; Bakri Ishak, Mohd; Mohamed, Ahmad Fariz

    2016-09-13

    Malaysia is facing an increasing trend in industrial solid waste generation due to industrial development.Thus there is a paramount need in taking a serious action to move toward sustainable industrial waste management. The main aim of this study is to assess practicing solid waste minimization by manufacturing firms in Shah Alam industrial state, Malaysia. This paper presents a series of descriptive and inferential statistical analysis regarding the level and effects of practicing waste minimization methods, and seriousness of barriers preventing industries from practicing waste minimization methods. For this purpose the survey questions were designed such that both quantitative (questionnaire) and qualitative (semi-structures interview) data were collected concurrently. Analysis showed that, the majority of firms (92%) dispose their wastes rather than practice other sustainable waste management options. Also waste minimization methods such as segregation of wastes, on-site recycle and reuse, improve housekeeping and equipment modification were found to have significant contribution in waste reduction (pstrengths, weaknesses, threats and opportunities. Accordingly, ten policies were recommended for improvement of practicing waste minimization by manufacturing firms as the main aim of this research. Implications This manuscript critically analysis waste minimization practices by manufacturing firms in Malaysia. Both qualitative and quantitative data collection and analysis were conducted to formulate SWOT and TOWS matrix in order to recommend policies and strategies for improvement of solid waste minimization by manufacturing industries. The results contribute to the knowledge and the findings of this study provide a useful baseline information and data on industrial solid waste generation and waste minimization practice.

  7. 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...

  8. The motivational peculiarities of bribe-takers

    Directory of Open Access Journals (Sweden)

    Krivins A.

    2018-01-01

    Full Text Available Criminology (as the scientific study of criminal behaviour on the individual and social level and psychology (as the science, which seeks to understand individuals and groups pay special attention to motivation – a theoretical construction, used to explain behaviour. In this article the motivation of recipients of bribery is widely investigated. In addition to such well-established motives as greediness, selfishness, prevalence of personal interest, the author analyzes also other criminal behaviour determinants. The works, which are used in this research are of the following authors: John Broadus Watson, Edward Lee Thorndike (Behavioural; Sigmund Freud, Erich Fromm (Psychoanalysis; Carl Rogers, Abraham Maslow (Existential-humanistic theories; William Isaac Thomas (Thomas theorem; Florian Witold Znaniecki (sociological theory; Erik Homburger Erikson (theory on psychosocial development of human beings; Jean William Fritz Piaget (theory of cognitive development; Herbert Lefcourt, Ronald Smith (Locus of Control etc. As the result of this research the author has concluded that bribe-takers’ behaviour is determined by such psychological constructs as the desire for power, fear, envy, mental deflections, mania, feeling of exclusion, the need for extreme, oppressed creativity.

  9. Corruption and Firm Performance in Africa

    OpenAIRE

    Francis Teal; John McArthur

    2002-01-01

    This paper uses survey data to investigate empirically the importance of corruption in determining firm performance in Africa. We allow for the possibility of perception bias on the part of the respondents and for corruption being endogenous. We find that corruption is linked to significant adverse effects on firm performance in two ways. At the firm (or “local†) level, companies that pay bribes have 20 percent lower levels of output per worker. At the economywide (or “global†) level,...

  10. Foreign Ownership of Firms and Corruption in Africa

    OpenAIRE

    Anselm Komla Abots

    2015-01-01

    The study finds the impact of the percentage of total annual sales of a firm paid as informal payments to public officials (bribes) on foreign ownership of firms in Africa while controlling for other variables outside the country of origin of investment. The study used secondary data from the World Business Environment Survey (WBES) conducted by the World Bank. In all 3,290 firms made up of the manufacturing, services and retail sectors are included in the analysis. The Tobit and probit esti...

  11. Disruptive firms

    OpenAIRE

    Coccia, Mario

    2017-01-01

    This study proposes the concept of disruptive firms: they are firms with market leadership that deliberate introduce new and improved generations of durable goods that destroy, directly or indirectly, similar products present in markets in order to support their competitive advantage and/or market leadership. These disruptive firms support technological and industrial change and induce consumers to buy new products to adapt to new socioeconomic environment. In particular, disruptive firms gen...

  12. Firm productivity

    OpenAIRE

    la Cour, Lisbeth; Ionascu, Delia

    2007-01-01

    It has been argued that the effect of competition on a company’s incentive to innovate and to reduce managerial slack depends on the initial level of efficiency. For example, while firms close to the technology frontier invest more in innovation if competition increases, backward firms reduce innovation. On a panel data of Czech companies, for the years 1993-2005, we empirically assess the impact of increased competition on firm productivity and the importance of the initial firm efficiency l...

  13. Brazilian Firms

    Directory of Open Access Journals (Sweden)

    Vicente Lima Crisóstomo

    2016-01-01

    Full Text Available This work makes an analysis of the determinants of Corporate Social Responsibility (CSR of Brazilian firms, as proxied by firm membership of the ISE Index of BM&FBOVESPA. Besides other proposed determinants of CSR present in the literature (firm size, profitability, growth opportunities, the work examines ownership concentration and the persistence on CSR status. Logit regression estimates have been run for a sample of 1649 firm-year observations in the period 2006-2011. The findings show that CSR of Brazilian firms is inversely correlated to its ownership concentration indicating that controlling voting shareholders may not see social concerns as a priority. Besides, firms tend to maintain their present CSR status. The results also indicate that leading CSR firms are larger, face more growth opportunities, and are persistent in their superior CSR situation.

  14. TRUST, CORRUPTION, BRIBES AND ECONOMIC DEVELOPMENT IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Ana Iolanda Voda

    2013-12-01

    Full Text Available The evolution of the Western world has drawn on theoretical structures of classical and neoclassical liberalism for its explanatory support and sources of inspiration for centuries. Against this ideological background, institutionalists aim at showing that growth is a process of transformation, a double change: an economic and an institutional one. In this analysis, our purpose is to highlight the importance of informal institutional arrangements and their quality in explaining the disparities of revenues and developments between countries. In our approach, we will consider several indicators meant to highlight various aspects of research. The approach proposed is a transversal-comparative one and static methods pertain to uni- and multivariate analysis. The results obtained suggest the existence of major differences within the Central and East European area as far as informal institutions are concerned; moreover, the analysis conducted confirms the existence of a significant relation between the level of development and the structure of informal arrangements such as: trust level, bribe culture and corruption control.

  15. 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

  16. 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...

  17. Do Small Firms compete with Large Firms?

    NARCIS (Netherlands)

    D.B. Audretsch (David); Y.M. Prince (Yvonne); A.R. Thurik (Roy)

    1998-01-01

    textabstractDespite the pervasive phenomenon of scale economies the majority of firms has always been small firms. The emergence of small firms as a means of economic development on both sides of the Atlantic has been one of the major new topics of economic policy since the 1980s. This has drawn

  18. Intangible resources, agglomeration effect of FDI intensity, and firm performance: Evidence from Chinese semiconductor firms

    OpenAIRE

    Qin Yang; Crystal X. Jiang; Sali Li

    2010-01-01

    This study analyzes the impact of intangible resources on firm performance in an emerging economy context. Intangible resources are considered essential to firms? competitive advantage; however, we argue that firms? intangible resources can be negatively related with performance in emerging economies, due to their weak intellectual property rights protection. Furthermore, we incorporate the resource-based view and geographical agglomeration perspective to propose that geographical locations w...

  19. Agglomeration and Firm Turnover

    OpenAIRE

    Marjan Nasir

    2013-01-01

    The geographic and industrial concentration of firms affects firm turnover, as highlighted in research on industrial organization. This study conducts a firm-level analysis to determine the impact of agglomeration on firm entry and exit in domestic industries in Punjab, Pakistan. The study also illustrates how some industries exist in clusters while others are highly dispersed. The results suggest that firm entry and exit is higher in highly agglomerated industries.

  20. Procurement with specialized firms

    DEFF Research Database (Denmark)

    Boone, Jan; Schottmüller, Christoph

    2016-01-01

    This paper analyzes optimal procurement mechanisms when firms are specialized. The procurement agency has incomplete information concerning the firms’ cost functions and values high quality as well as low price. Lower type firms are cheaper (more expensive) than higher type firms when providing low...... the optimal mechanism, we introduce a new auction format that implements the optimal mechanism....

  1. Issues of qualification of bribe giving and mediation in bribery in the modern law-enforcement practice

    Directory of Open Access Journals (Sweden)

    Aleksandr S. Sentsov

    2016-03-01

    Full Text Available Objective to analyze the problems existing in the modern law enforcement practice related to the implementation of criminallegal norms stipulated in Article 291 and 2911 of the Russian Criminal Code hereinafter CC of RF to offer the authorsrsquo proposals for their solution including the improvement of these norms and their implementation practices in order to strengthen the bribery counteraction. Methods along with the general dialectic method of scientific cognition other general scientific methods were used induction deduction analysis and synthesis as well as specific scientific formallegal comparative legal sociological content analysis methods. Results on the basis of a critical analysis of the current edition of the regulations as stipulated in Articles 291 and 2911 of the Russian Criminal Code and the modern practice of their application solutions are proposed to several complex problems arising in the classification of these crimes. In particular it is proposed to change the disposition of part 1 of Article 2911 of the Criminal Code deleting the indication of the bribe size. Thenbspnecessity is shown to change part 5 of Article 2921 of the Russian Criminal Code reducing the maximal penalty. Scientific novelty in the work on the basis of the analysis of modern law enforcement practice typical mistakes are considered made by investigators and the courts in applying Article 291 and 2911 of the CC of RF and with this in mind suggestions and recommendations are proposed aimed at improving the efficiency of criminallegal impact on the mentioned crimes. Practical significance the opinions and findings of the authors formulated in the article can be useful in lawmaking activity in preparing relevant draft laws on amendments and additions in the CC of RF when adjusting individual interpretations contained in the decisions decrees of the Supreme Court of the Russian Federation as well as in the activities of legal practitioners especially in the

  2. 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...

  3. Sourcing strategies and productivity: Evidence for Spanish manufacturing firms

    Directory of Open Access Journals (Sweden)

    José Carlos Fariñas

    2016-04-01

    Full Text Available This paper explores the relationship between productivity and sourcing strategies using a sample of Spanish manufacturing firms. In this analysis we use different measures of productivity and alternative ways of grouping firms. Our results indicate that productivity differs systematically across groups of firms with different sourcing strategies. The ranking of productivities we observe is not fully consistent with the predictions of Antràs and Helpman's (2004 model but we confirm many partial aspects of the proposed ranking. In our preferred specifications, the productivity advantage is highest for firms that import inputs from foreign subsidiaries. Moreover, the group of firms that outsource in the domestic market is, in general, at the bottom of the productivity distribution, with firms that outsource abroad having an intermediate productivity advantage. When analysing the direction of causality between productivity and sourcing strategies, we find weak evidence of self-selection of firms into offshoring and no influence of relocation on firm productivity.

  4. 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...

  5. 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

  6. Investment financing in cooperative firms

    Directory of Open Access Journals (Sweden)

    Gaetano Cuomo

    2015-04-01

    Full Text Available By general agreement, one of the main obstacles to the growth of producer cooperatives is difficult investment financing, due to inadequate Capitalisation levels and the resulting inability to lodge sufficient collateral with lenders. Moreover, worker-owned firms are considered not very reliable because they suffer from problems of moral hazard and insufficient commitment. Unfortunately, the literature on this issue is not extensive and has weaknesses that are highlighted in the paper. By means of its critical analysis, it is possible to provide evidence that the funding difficulties caused by the particular structure of cooperative firms can be effectively tackled by creating an institutional framework within which cooperatives would be offered a wider range of organizational options comparable to those open to traditional enterprises. Finally, it is proved that the willingness of the members to fund the operations of their cooperative with loan capital may not be enough to mobilize external credit. For member financings to persuade potential providers of funds to place trust in a firm, third-party claims must necessarily qualify as senior debt and be repaid before the claims of the partners are settled.

  7. 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...

  8. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

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

    2013-01-01

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

  9. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

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

    large domestic firms. The empirical implications of the model are tested on matched employer-employee data from Denmark. Consistent with the theory, we find considerable evidence of higher wages and wage growth in large and/or foreign-owned firms. These effects survive controlling for individual...

  10. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

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

    2011-01-01

    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....

  11. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    2011-01-01

    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...... 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...

  12. 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....

  13. Entrepreneurship and the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Klein, Peter G.

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

  14. Firms, crowds, and innovation.

    Science.gov (United States)

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

    2017-05-01

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

  15. Firm-Level Corruption in Vietnam

    DEFF Research Database (Denmark)

    Rand, John; Tarp, Finn

    2012-01-01

    and government contracts. Third, the observed decrease in bribe incidence between 2005 and 2007 is largely driven by significant behavioral changes. These behavioral changes seem to be associated with policy initiatives to improve law enforcement and increased media focus on punitive actions against corruption....

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

    Directory of Open Access Journals (Sweden)

    Mehul Raithatha

    2016-09-01

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

  17. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    2011-01-01

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

  18. Innovation in Family Firms

    DEFF Research Database (Denmark)

    Filser, Matthias; Brem, Alexander; Gast, Johanna

    2016-01-01

    , organizational culture and behaviour, resources, and innovation and strategy. Second, based on a thorough literature review the major research avenues are reflected. The comparison of the results of both analyses showed the following areas for future research on family firm innovation: members‘ individual human......Over the past decade, research on innovation in family firms has received growing attention by scholars and practitioners around the globe with a wide range of aspects explored within the current body of literature. Despite the constantly growing number of scientific publications, research lacks...... a comprehensive and critical review of past and present research achievements. First, conducting a bibliometric analysis with a focus on innovation in family firms, we identify five topical clusters that help to understand the foundations of recent findings: namely ownership and governance, structural settings...

  19. 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“.

  20. Which firms use measures?

    DEFF Research Database (Denmark)

    Pedersen, Esben Rahbek Gjerdrum; Sudzina, Frantisek

    2012-01-01

    Purpose – The purpose of this paper is to outline the anatomy of firms which adopt comprehensive performance measurement (PM) systems in order to gain an understanding of how internal (organisational capabilities) and external (perceived environmental uncertainties) factors shape performance...... measurement practices. Design/methodology/approach – This paper hypothesises that firms dominated by organic capabilities and operating in unpredictable markets are more likely to adopt comprehensive PM systems. The statistical test of these hypotheses is based on a 2008 survey of 299 Danish firms. Findings...... – This paper concludes that a limited number of internal and external factors have a significant influence on the adoption of PM systems. There is no consistent pattern, however, between the different sub-categories of organisational capabilities/perceived environmental uncertainties and PM adoption...

  1. Servitization in Industrial Firms

    DEFF Research Database (Denmark)

    Hsuan, Juliana; Frandsen, Thomas; Raja, Jawwad

    analyzed in more detail, for example with regard to the types of services offered, company size, industry representation, turnover and earnings before interest and tax (EBIT). The analysis presented in this booklet may inspire Danish firms and help them, in their servitization journeys, to position...... themselves in relation to other companies in similar or related industries. In setting out a brief overview of the overall industrial service landscape in Denmark, the following is highlighted: - The extent to which Danish industrial firms are communicating service offerings through their websites...... - The relative frequency of different service categories and variation across industries - The characteristics of the analyzed companies in terms of size, turnover and EBIT...

  2. Collaborative Communities of Firms

    DEFF Research Database (Denmark)

    2011-01-01

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

  3. 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.

  4. The Multinational Firm

    DEFF Research Database (Denmark)

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

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

  5. Foreign Firms, Domestic Wages

    DEFF Research Database (Denmark)

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

    Many papers have documented a wage premium in foreign-owned and large firms. However, there is very little formal theory in the literature and empirical analyses are typically not based on hypotheses which are rigorously derived from theory. This paper contributes to the theory-empirics gap by de...

  6. Firms, crowds, and innovation

    Science.gov (United States)

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

    2017-01-01

    The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of “firms, crowds, and innovation” and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and practices—for example, crowdsourcing, crowdfunding, user innovation, and peer production—relate to theories of the firm, with particular attention on “sociality” in firms and markets. We first briefly review extant theories of the firm and then discuss three theoretical aspects of sociality related to crowds in the context of strategy, organizations, and innovation: (1) the functions of sociality (sociality as extension of rationality, sociality as sensing and signaling, sociality as matching and identity), (2) the forms of sociality (independent/aggregate and interacting/emergent forms of sociality), and (3) the failures of sociality (misattribution and misapplication). We conclude with an outline of future research directions and introduce the special issue papers and essays. PMID:28690428

  7. Weak relativity

    CERN Document Server

    Selleri, Franco

    2015-01-01

    Weak Relativity is an equivalent theory to Special Relativity according to Reichenbach’s definition, where the parameter epsilon equals to 0. It formulates a Neo-Lorentzian approach by replacing the Lorentz transformations with a new set named “Inertial Transformations”, thus explaining the Sagnac effect, the twin paradox and the trip from the future to the past in an easy and elegant way. The cosmic microwave background is suggested as a possible privileged reference system. Most importantly, being a theory based on experimental proofs, rather than mutual consensus, it offers a physical description of reality independent of the human observation.

  8. The historical impact of ISO 9000 on Lebanese firms.

    Science.gov (United States)

    Mezher, Toufic; Ajam, Maher; Shehab, Mohamad

    2004-01-01

    The objective of this paper is to assess the impact of the new ISO 9001:2000 standard on the Quality Management Systems (QMS) of Lebanese firms that were already certified under ISO 9000:1994. To get an accurate feedback of stakeholders in a firm, three different questionnaires were developed and distributed to management, employees, and customers respectively. Empirical results indicate that ISO 9001:2000 has improved the QMS performance of Lebanese firms over that of the 1994 edition. Nevertheless, results showed that the new standard still has some weaknesses when it comes to improving suppliers' relationships and empowering employees.

  9. 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.

  10. Optoelectronics-related competence building in Japanese and Western firms

    Science.gov (United States)

    Miyazaki, Kumiko

    1992-05-01

    In this paper, an analysis is made of how different firms in Japan and the West have developed competence related to optoelectronics on the basis of their previous experience and corporate strategies. The sample consists of a set of seven Japanese and four Western firms in the industrial, consumer electronics and materials sectors. Optoelectronics is divided into subfields including optical communications systems, optical fibers, optoelectronic key components, liquid crystal displays, optical disks, and others. The relative strengths and weaknesses of companies in the various subfields are determined using the INSPEC database, from 1976 to 1989. Parallel data are analyzed using OTAF U.S. patent statistics and the two sets of data are compared. The statistical analysis from the database is summarized for firms in each subfield in the form of an intra-firm technology index (IFTI), a new technique introduced to assess the revealed technology advantage of firms. The quantitative evaluation is complemented by results from intensive interviews with the management and scientists of the firms involved. The findings show that there is a marked variation in the way firms' technological trajectories have evolved giving rise to strength in some and weakness in other subfields for the different companies, which are related to their accumulated core competencies, previous core business activities, organizational, marketing, and competitive factors.

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

    DEFF Research Database (Denmark)

    Knudsen, Thorbjørn

    2007-01-01

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

  12. The Innovative Capacity of Firms

    Directory of Open Access Journals (Sweden)

    Neely Andy

    2014-11-01

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

  13. 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).

  14. Entrepreneurship and the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Klein, Peter G.

    While characteristically "Austrian" themes such as entrepreneurship, economic calculation, tacit knowledge and the temporal structure of capital are clearly relevant to the business firm, Austrian economists have said relatively little about management, organization and strategy. This work features...... topics. These include knowledge management, authority and hierarchy, modularity, corporate restructuring, telecommunications regulation and competitive advantage. They clearly show how Austrian ideas can usefully engage, challenge and extend more mainstream perspectives on economic organization....

  15. Entrepreneurship and the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Klein, Peter G.

    12 chapters that all seek to advance the understanding of these issues by drawing on Austrian ideas. Building on existing research in transaction cost economics, agency theory, evolutionary economics and the resource-based theory of the firm, the authors cover a wide range of theoretical and applied...... topics. These include knowledge management, authority and hierarchy, modularity, corporate restructuring, telecommunications regulation and competitive advantage. They clearly show how Austrian ideas can usefully engage, challenge and extend more mainstream perspectives on economic organization....

  16. 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...

  17. 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

  18. Whom do new firms hire?

    DEFF Research Database (Denmark)

    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...

  19. 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 secur...

  20. Muscle Weakness

    Directory of Open Access Journals (Sweden)

    Ali Al Kaissi MD, MSc

    2017-01-01

    Full Text Available Marked ligamentous hyperlaxity and muscle weakness/wasting associated with awkward gait are the main deficits confused with the diagnosis of myopathy. Seven children (6 boys and 1 girl with an average age of 8 years were referred to our department because of diverse forms of skeletal abnormalities. No definitive diagnosis was made, and all underwent a series of sophisticated investigations in other institutes in favor of myopathy. We applied our methodology through the clinical and radiographic phenotypes followed by targeted genotypic confirmation. Three children (2 boys and 1 girl were compatible with the diagnosis of progressive pseudorheumatoid chondrodysplasia. The genetic mutation was correlated with the WISP 3 gene actively expressed by articular chondrocytes and located on chromosome 6. Klinefelter syndrome was the diagnosis in 2 boys. Karyotyping confirmed 47,XXY (aneuploidy of Klinefelter syndrome. And 2 boys were finally diagnosed with Morquio syndrome (MPS type IV A as both showed missense mutations in the N-acetylgalactosamine-sulfate sulfatase gene. Misdiagnosis can lead to the initiation of a long list of sophisticated investigations.

  1. Social security and firm performance

    DEFF Research Database (Denmark)

    Torm, Nina; Lee, Sangheon

    2017-01-01

    The relationship between job quality and firm performance has been much debated with mixed evidence, and the evidence is particularly limited in the case of small and medium enterprises (SMEs) in emerging economies. This paper investigates how social security provision as a key determining factor...... of formality impacts on firm performance in Vietnam. Based on enterprise census data covering all registered firms across the 63 Provinces of Vietnam from 2006 to 2011, we find that, controlling for unobserved time-invariant firm-level characteristics, firms which increase the social security coverage by 10...... per cent, experience a per worker revenue gain of between 1.1–2.6 per cent and a profit gain of around 1.3–3.0 per cent, with exact estimates depending on the survival time of the firm. However, there is time-inconsistency between costs (social security contributions) and benefits (firm performance...

  2. Innovation Management in Project-Based Firms

    NARCIS (Netherlands)

    F.P. Blindenbach

    2006-01-01

    textabstractProject-based firms have an organizational structure, capabilities and routines that clearly distinguish them from manufacturing firms. Some have claimed that these characteristics make project-based firms more innovative than, for instance, manufacturing firms, others argue the

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

    Directory of Open Access Journals (Sweden)

    Pananda Pasaribu

    2017-08-01

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

  4. Danish firms visit CERN

    CERN Multimedia

    FP Department

    2011-01-01

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

  5. INNOVATION AND DIFFUSION IN SMALL FIRMS - THEORY AND EVIDENCE

    NARCIS (Netherlands)

    NOOTEBOOM, B

    1994-01-01

    The article provides an inventory of the strengths and weaknesses of small firms in a dynamic context. To do this it considers verbal accounts of the processes of innovation and diffusion, as well as quantitative studies testing cause-effect relations. ft consider both economic and noneconomic

  6. Adoption of ISO 14001 Standards in Indian Manufacturing Firms

    NARCIS (Netherlands)

    Turaga, Rama Mohana R.; Gupta, Vishal

    Voluntary environmental initiatives (VEIs) by firms are often viewed as important for environmental management in developing countries such as India with weak regulatory institutions and poor enforcement of environmental laws. Past research shows that while VEIs may not be able to fully substitute

  7. Firm Search for External Knowledge

    DEFF Research Database (Denmark)

    Sofka, Wolfgang; Grimpe, Christoph

    2012-01-01

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

  8. Inside the Family Firm

    DEFF Research Database (Denmark)

    Bennedsen, Morten; Nielsen, Kasper; Pérez-González, Francisco

    2005-01-01

    This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in corporate decision making, and (2) the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or an external chief executive officer (CEO). We...... show that a departing CEO's family characteristics have a strong predictive power in explaining CEO succession decisions: family CEOs are more frequently selected the larger the size of the family, the higher the ratio of male children and when the departing CEOs had only had one spouse. We...... then analyze the impact of family successions on performance. We overcome endogeneity and omitted variables problems of previous papers in the literature by using the gender of a departing CEO's first-born child as an instrumental variable (IV) for family successions. This is a plausible IV as male first...

  9. Belgian Firms Visit CERN

    CERN Multimedia

    2001-01-01

    Fifteen Belgian firms visited CERN last 2 and 3 April to present their know-how. Industrial sectors ranging from precision machining to electrical engineering and electronics were represented. And for the first time, companies from the Flemish and Brussels regions of the country joined their Walloon compatriots, who have come to CERN before. The visit was organised by Mr J.-M. Warêgne, economic and commercial attaché at the Belgian permanent mission for the French-speaking region, Mr J. Van de Vondel, his opposite number for the Flemish region, and Mrs E. Solowianiuk, economic and commercial counsellor at the Belgian permanent mission for the Brussels-Capital region.

  10. Measuring Firm Performance

    DEFF Research Database (Denmark)

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

    2014-01-01

    Set in the airport industry, this paper measures firm performance using both desirable and bad outputs (i.e. airport delays). We first estimate a model that does not include the bad outputs and then a model that includes bad outputs. The results show important differences in the efficiency...... and productivity results depending on whether bad outputs are or are not included in the model. The differences reflect the resource cost to society and the potential cost to an airport if such externalities were internalized. Finally, the paper provides measures of shadow prices for the bad output, in our case...... airport delay, and discusses the results in terms of several interesting trends affecting US airports....

  11. Sequential Divestiture and Firm Asymmetry

    Directory of Open Access Journals (Sweden)

    Wen Zhou

    2013-01-01

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

  12. 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...

  13. 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...

  14. The causal effect of board size in the performance of small and medium-sized firms

    DEFF Research Database (Denmark)

    Bennedsen, Morten; Kongsted, Hans Christian; Meisner Nielsen, Kasper

    2008-01-01

    correlation between family size and board size and show this correlation to be driven by firms where the CEO's relatives serve on the board. Second, we find empirical evidence of a small adverse board size effect driven by the minority of small and medium-sized firms that are characterized by having......Empirical studies of large publicly traded firms have shown a robust negative relationship between board size and firm performance. The evidence on small and medium-sized firms is less clear; we show that existing work has been incomplete in analyzing the causal relationship due to weak...... identification strategies. Using a rich data set of almost 7000 closely held corporations we provide a causal analysis of board size effects on firm performance: We use a novel instrument given by the number of children of the chief executive officer (CEO) of the firms. First, we find a strong positive...

  15. Covenants with Weak Swords: ISO 14001 and Facilities' Environmental Performance

    Science.gov (United States)

    Potoski, Matthew; Prakash, Aseem

    2005-01-01

    Voluntary environmental programs are codes of progressive environmental conduct that firms pledge to adopt. This paper investigates whether ISO 14001, a voluntary program with a weak sword--a weak monitoring and sanctioning mechanism--can mitigate shirking and improve participants' environmental performance. Sponsored by the International…

  16. Productivity spillovers across firms through worker mobility

    OpenAIRE

    Stoyanov, Andrey; Zubanov, Nikolay

    2012-01-01

    Using matched firm-worker data from Danish manufacturing, we observe firm-to-firm worker movements and find that firms that hired workers from more productive firms experience productivity gains one year after the hiring. The productivity gains associated with hiring from more productive firms are equivalent to 0.35 percent per year for an average firm. Surviving a variety of statistical controls, these gains increase with education, tenure, and skill level of new hires, persist for several y...

  17. Firm Size and Export Intensity

    NARCIS (Netherlands)

    E. Verwaal (Ernst); A.C.D. Donkers (Bas)

    2001-01-01

    textabstractThis paper presents a unifying theory, explaining the different relationships between firm size and export intensity that have been found in previous studies. We propose that transaction costs economies and different types of resources induce a moderating effect on the firm size and

  18. Does internationalization foster firm performance?

    NARCIS (Netherlands)

    van den Berg, Marcel|info:eu-repo/dai/nl/297206710

    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

  19. 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...

  20. 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...

  1. Experiences of Emerging Economy Firms

    DEFF Research Database (Denmark)

    Vissak, Tiia; Zhang, Xiaotian

    2015-01-01

    Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts. For example, firms must be able to overcome the liability...... of foreign and emerging issues when they expand their activities in various contexts, enter, exit, and re-enter overseas markets; they have to overcome institutional barriers, adapt the cultural challenges in foreign markets, undergo the impact of large multinational firms from developed economies...... and experience the impact of home institutions and government policies. This ground breaking and illuminating title presents issues of theoretical and practical significance, thus challenging existing paradigms of firm internationalization....

  2. Firm Sustainability Performance Index Modeling

    Directory of Open Access Journals (Sweden)

    Che Wan Jasimah Bt Wan Mohamed Radzi

    2015-12-01

    Full Text Available The main objective of this paper is to bring a model for firm sustainability performance index by applying both classical and Bayesian structural equation modeling (parametric and semi-parametric modeling. Both techniques are considered to the research data collected based on a survey directed to the China, Taiwan, and Malaysia food manufacturing industry. For estimating firm sustainability performance index we consider three main indicators include knowledge management, organizational learning, and business strategy. Based on the both Bayesian and classical methodology, we confirmed that knowledge management and business strategy have significant impact on firm sustainability performance index.

  3. Organizational forms for global engagement of firms

    OpenAIRE

    Bogheas, Sprios; Görg, Holger

    2008-01-01

    Global engagement of firms can take a variety of forms. We argue that there are considerable advantages of developing models that allow for a wide set of alternatives of organizational form. We illustrate this firstly using plant level data which allows us to distinguish firms that serve only the domestic market, firms that export final goods abroad, firms that outsource abroad the production of some of the intermediate inputs abroad, firms that own foreign plants abroad, and firms that do mo...

  4. 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...

  5. Does Firm Size Affect the Firm Profitability? Empirical Evidence from Romania

    OpenAIRE

    Georgeta VINTILA; Florinita DUCA

    2013-01-01

    This study advances the understanding of the relationship between firm size and profitability, motivated by the question whether larger firms are more profitable. The nature of the relationship between firm size and firm profitability is examined by on data for 100 firms listed in 2010 at the Bucharest Stock Exchange. The results revealed that firm size has a significant negative influence on firm profitability. Additionally, results showed that leverage is statistically significantly, while ...

  6. 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...

  7. 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.

  8. Job Creation by Firms in Denmark

    DEFF Research Database (Denmark)

    Ibsen, Rikke Falkner; Westergård-Nielsen, Niels

    time. A complication here is that firms switch ID over time because of change of ownership, mergers and divisions. Data must be corrected so that these administrative issues will not affect the survival of firms. The data are used in a way where we can cover firm birth and firm death, spin...

  9. 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...

  10. 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

  11. 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...

  12. Family firm research – A review

    Directory of Open Access Journals (Sweden)

    Qiang Cheng

    2014-09-01

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

  13. Foreign Entry and Heterogeneous Growth of Firms

    DEFF Research Database (Denmark)

    Deng, Paul Duo; Jefferson, Gary H.

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

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

  15. Knowledge Management in Small Firms

    Science.gov (United States)

    Panyasorn, Jessada; Panteli, Niki; Powell, Philip

    This paper explores knowledge management in small and medium-sized firms (SMEs). It investigates the use of Lotus Notes in SMEs of a developing country as a counterpoint to the large firm, developed country emphasis of existing research. It develops taxonomy of Lotus Notes use within the context of different knowledge management processes; notably communicating, co-ordinating and collaborating. The study employs an interpretive approach using three case studies. The key findings suggest that publishing, searching, sharing and retrieving are the user modes for enabling sharing and storing information. Evidence of knowledge creation is found at the departmental level but not at the organizational level. Further, small firms may explore more groupware potential than large organizations and this reflects their different context. Finally, implications for further research are identified.

  16. Immigrants and Firms' Productivity: Evidence from France

    OpenAIRE

    Mitaritonna, Cristina,; Orefice, Gianluca; Peri, Giovanni

    2014-01-01

    Immigrants may complement native workers, allow reallocation by skill in the firm and lower costs. These effects could be beneficial for the firm and increase its productivity and profits. However not all firmes use immigrants. Allowing firms to have differential fixed cost in hiring immigrants, because of different information and access to their network, we analyze the impact of an increase in local supply of immigrants on firms' immigrant employment and productivity. Using micro-level data...

  17. 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,

  18. Why do firms have boards?

    OpenAIRE

    Bennedsen, Morten

    2002-01-01

    In a world where corporate boards are not required by law, I identify a governance and a distribute motive for board establishment and board composition. I investigate the presence of these motives in a sample of 23.000+ closely held corporations. Board frequency increases with more owners, if control is diluted and in larger firms. Given firms have a board, non-controlling owners are more likely to be on the board when controlling owners are more powerful. Finally, consistent with an equilib...

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

    NARCIS (Netherlands)

    M.W. Roza-van Vuren (Marja)

    2011-01-01

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

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

    NARCIS (Netherlands)

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

    2000-01-01

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

  1. External relationships and marketing practices in Serbian firms: The intangible capital perspective

    Directory of Open Access Journals (Sweden)

    Mitić Sanja

    2015-01-01

    Full Text Available This paper presents selected results of research on intangible capital in Serbian firms. The results are part of a broader research project, based on a survey of a sample of Serbian firms. The focus of the project is the various forms of intangible capital, and in this paper we analyse whether and to what degree firms build up their brand capital and increase marketing competencies, and what kind of external relationships they experience. The results provide the first insight into the development of the marketing resources of Serbian firms and show that this element of intangibles is gradually improving but still is at a low level. We find significant differences in the use of marketing resources between firms in regard to their size, international market experience, and ownership type. A more significant development of brand capital, external relationships, and marketing innovations and competencies is found in larger firms, firms with considerable international business experience compared to firms primarily oriented to the domestic market, and in foreign-owned firms. After identifying the strengths and weaknesses of marketing practices in Serbian enterprises we suggest some measures for overcoming the analyzed constraints in order to improve firms’ market positioning, especially in foreign markets.[Projekat Ministarstva nauke Republike Srbije, br. 179062

  2. Knowledge management in the firm

    DEFF Research Database (Denmark)

    Rasmussen, Palle; Nielsen, Peter

    2011-01-01

    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 ......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......, transforming and utilizing various kinds of knowledge as a firm-specific asset is a very important element of firm competitiveness and innovative performance. In managing knowledge learning and innovation learning approaches are central. The paper identifies various approaches to learning and strategies...

  3. The firm-nature relationship

    DEFF Research Database (Denmark)

    Ulhøi, John Parm; Madsen, Henning

    2005-01-01

    Taking the stakeholder concept of the firm as a starting point, the paper presents data and analyses from a longitudinal study initiated in 1995 and repeated every four years. In discussing state-of-the-art insights and experiences, the paper identifies challenges which, if adequately addressed, ...

  4. Small firm transformation through IS

    NARCIS (Netherlands)

    Levy, Margi; Powell, Philip

    2008-01-01

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

  5. 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...... of the insider owners are, on average, more internationalized. State control, on the other hand, hampers internationalization efforts. Further, more productive firms, larger firms, more capital-intensive firms and those with high level of investment in both fixed capital and R&D are more successful...... 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....

  6. The Role of Technology Spillovers in the Process of Water Pollution Abatement for Large International Firms

    Directory of Open Access Journals (Sweden)

    Luigi Aldieri

    2017-05-01

    Full Text Available The objective of this paper is to analyze the effects of technology externalities stemming from different technological sectors for international firms engaged both in water pollution abatement and in dirty activities. We present a theoretical framework and an empirical analysis based upon a dataset composed of worldwide R&D-intensive firms. In order to identify the technological proximity between the firms, we construct an original Mahalanobis environmental industry weight matrix, based on the construction of technological vectors for each firm, with European ecological patents distributed across more technology classes. Opportune econometric techniques that deal with the firms’ unobserved heterogeneity and the weak exogeneity of the explanatory variables are implemented. The findings show significant spillover effects on the productivity and environmental performance of the firms.

  7. 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)....

  8. 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...

  9. 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.

  10. Price convergence in the European Union: Within firms or composition of firms?

    National Research Council Canada - National Science Library

    Méjean, Isabelle; Schwellnus, Cyrille

    2009-01-01

    ...: At the intensive margin economic integration induces different pricing strategies within the firm, whereas at the extensive margin it affects the composition of firms with different pricing strategies...

  11. Modelling Firm Innovation using Panel Probit Estimators.

    OpenAIRE

    Mark N. Harris; Mark Rogers; Anthony Siouclis

    2001-01-01

    Firm-level innovation is investigated using three probit panel estimators, which control for unobserved heterogeneity, and a standard probit estimator. Results indicate the standard probit model is misspecified and that inter-firm networks are important for innovation.

  12. 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.

  13. Do foreign-owned firms pay more?

    OpenAIRE

    Harrison, Ann E; Scorse, Jason

    2008-01-01

    This paper uses Indonesian data to analyze the impact of foreign ownership on wages. After controlling for worker and firm characteristics, we find that foreign firms pay a wage premium, which is larger for skilled relative to unskilled workers.

  14. 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...... 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...... that the simple inclusion of exogenous economy wide technological progress into the standard Melitz (2003) model generates a tractable dynamic framework that generates endogenous exit decisions of firms in line with the stylized facts. Furthermore, we derive the effects of faster technological progress and trade...

  15. Immigrants' initial firm allocation and earnings growth

    National Research Council Canada - National Science Library

    Wen Ci; Feng Hou

    2017-01-01

    .... Using a Canadian employer–employee matched dataset, this paper considers whether immigrants initially employed in low-paying firms in Canada experienced inferior earnings growth than those initially employed in high-paying firms...

  16. IS MANAGERIAL DISCRETION HIGHER IN MULTINATIONAL FIRMS?

    National Research Council Canada - National Science Library

    Dong Kyoon Kim;Myung soo Son;Zaman Zamanian

    2007-01-01

    The objective of this study is to investigate whether a firm's multinationality is associated with managerial discretion by examining accounting choices of multinational firms, surrounding Sarbanes-Oxley Act (SOX...

  17. HRM in professional service firms

    DEFF Research Database (Denmark)

    Jørgensen, Frances

    2012-01-01

    Professional service firms (PSFs) present HR professionals with a number of unique challenges, as they share characteristics of both service and knowledge intensive organizations. While many of these firms are relying on High Commitment Work Practices (HCWPs) to enhance critical employee behaviors...... such as service quality and turnover, the analysis presented in this paper raises questions about traditional understandings of commitment in professional service environments. In particular, data from three Danish financial investment PSFs suggest that employees are more committed to developing and promoting...... their own professions than to the organization itself, which has important implications for the way in which HCWPs are designed and utilized. In addition, the focus of HCWP research has favored the use of social exchange theory as an underpinning framework for considering the impact of HR practices...

  18. Innovation within Indian Family Firms

    OpenAIRE

    Gupta, Mohit

    2011-01-01

    The main focus of this research is to try and measure the importance of innovation within family firms in India. The different levels of importance given to fifteen factors important for innovation would be measured. Theories to highlight all these key participants and factors would be discussed. An attempt to analyze the difference between responses from first generation family business owners and either non-family managers or second generation family managers would also be done. A qua...

  19. Constitutional orders in multinational firms

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer; Morgan, Glenn

    Multinationals are faced with the problem of how to coordinate different actors and stop `fiefdoms' emerging that inhibits the achievement of transnational cooperation? We identify this as a problem of `constitutional ordering' in the firm. Drawing on Varieties of Capitalism approaches, we explore...... how multinationals from different contexts seek to create constitutional orders. We argue that the models which exist appear to be destructive of coordination. We explore the implications for MNCs....

  20. Firms' Global Engagement and Management Practices

    OpenAIRE

    Görg, Holger; Hanley, Aoife

    2017-01-01

    We investigate whether firms' "global engagement", either in the form of exporting or opening up affiliates abroad, is related to the change in their management performance. Using new and unique data from a recent large scale firm survey of management practices in Germany, we calculate management scores for firms as in Bloom et al. (2013). These indicate how structured management is in a given firm. We find that switching into exporting, and to a lesser degree opening up affiliates abroad, is...

  1. Essays on the internationalisation of firms

    OpenAIRE

    Pesola, Hanna

    2011-01-01

    This dissertation studies the internationalisation of firms and the consequences of this phenomenon for the employees of firms involved in international activities and for purely domestic firms. These analyses make use of Finnish linked employer-employee panel data. The dissertation consists of four essays. The first two essays in the dissertation analyse spillovers from multinational to domestic firms. The first essay studies whether employees are able to appropriate returns to knowledg...

  2. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    2006-01-01

    This paper studies the link between a firms education level, export performance and wages of its workers. We argue that firms may escape intence competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results....... an export wage premium, but it accrues to workers in firms with high skill intensities.Keywords: Exports, Wages, Human Capital, Rent Sharing, Matched Worker-Firm DataJEL Classification: J30, F10, I20...

  3. 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...

  4. Decomposing Firm-level Sales Variation

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Nguyen, Daniel Xuyen

    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...

  5. 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…

  6. Theoretical Perspectives on the Internationalization of Firms

    DEFF Research Database (Denmark)

    Rask, Morten; Håkonsson, Dorthe Døjbak; Strandskov, Jesper

    2008-01-01

    The purpose of this article is to build a coherent framework of the four main theories relating to the internationalization of firms, in order to facilitate better business teaching and research. Yet, theories of the internationalization of firms are broad and rest on different underlying...... assumptions, study area, and implications of the theories in the internationalization of the firm. [ABSTRACT FROM AUTHOR]...

  7. New Firm Growth: Exploring Processes and Paths

    NARCIS (Netherlands)

    E. Garnsey; F.C. Stam (Erik); P. Heffernan; O. Hugo

    2003-01-01

    textabstractThis paper provides a new methodology for the diachronic study of new firm growth, theoretically grounded in the work of Penrose (1995). We show that a model of firm growth as an unfolding process makes possible draw simple, measurable inferences from firm level to aggregate evidence on

  8. Reputational Penalties to Firms in Antitrust Investigations

    NARCIS (Netherlands)

    Verschoor, W.F.C.; Kemp, R.G.M.; Van den Broek, S.; De Vries, A.C.

    2012-01-01

    We estimate the impact of legal penalties imposed on Dutch listed firms targeted by competition authorities from 1998 to 2008 on a firm's stock market value. On average, firms lose 2.3 percent of their market values when an antitrust investigation is uncovered. This corresponds to a total value loss

  9. Reputational penalties to firms in antitrust investigations

    NARCIS (Netherlands)

    Broek, van den S.; Kemp, R.G.M.; Verschoor, W.F.C.; Vries, de A.

    2012-01-01

    We estimate the impact of legal penalties imposed on Dutch listed firms targeted by competition authorities from 1998 to 2008 on a firm's stock market value. On average, firms lose 2.3 percent of their market values when an antitrust investigation is uncovered. This corresponds to a total value loss

  10. Related party transactions and firms financial performance ...

    African Journals Online (AJOL)

    The study investigated related party transactions and firm's financial performance using Secondary data obtained from Nigeria stock Exchange. We tried to determine whether RPT is used by firms to manipulate and bloat Return on Asset, Return on Equity and Earnings per share of manufacturing firms. RPT was subjected ...

  11. The Impact of Firm-Provided Training on Production: Testing for Firm-Size Effects

    NARCIS (Netherlands)

    J.M.P. de Kok (Jan)

    2000-01-01

    textabstractThe returns to firm-provided training depend on many different factors. Firm size is an important indicator of various of these factors, but recent research tends to neglect it. In this study the returns to firm-provided training are estimated, taking account of three possible firm-size

  12. 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

  13. 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...

  14. 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...

  15. 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....

  16. 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...

  17. The theory of the firm. Vol. 1

    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...

  18. The theory of the firm. Vol. 2

    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...

  19. The theory of the firm. Vol. 4

    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...

  20. The theory of the firm. Vol. 3

    DEFF Research Database (Denmark)

    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...... 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...

  1. The theory of the firm. Vol. 2

    DEFF Research Database (Denmark)

    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...... 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...

  2. The theory of the firm. Vol. 4

    DEFF Research Database (Denmark)

    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...... 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...

  3. The theory of the firm. Vol. 1

    DEFF Research Database (Denmark)

    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...... 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...

  4. Strong managers, weak boards?

    OpenAIRE

    Renee B. Adams; Daniel Ferreira

    2009-01-01

    Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of shareholders. Understanding board monitoring requires a theory of boards that takes into account how firms provide incentives for their Chief Executive Officer's (CEOs) through other means. We develop...

  5. Technology Licensing and Firm Innovation

    DEFF Research Database (Denmark)

    Moreira, Solon

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

  6. WEAK GORENSTEIN GLOBAL DIMENSION

    OpenAIRE

    Bennis, Driss

    2010-01-01

    In this paper, we investigate the weak Gorenstein global dimensions. We are mainly interested in studying the problem when the left and right weak Gorenstein global dimensions coincide. We first show, for GF-closed rings, that the left and right weak Gorenstein global dimensions are equal when they are finite. Then, we prove that the same equality holds for any two-sided coherent ring. We conclude the paper with some examples and a brief discussion of the scope and limits of our results.

  7. History of Weak Interactions

    Science.gov (United States)

    Lee, T. D.

    1970-07-01

    While the phenomenon of beta-decay was discovered near the end of the last century, the notion that the weak interaction forms a separate field of physical forces evolved rather gradually. This became clear only after the experimental discoveries of other weak reactions such as muon-decay, muon-capture, etc., and the theoretical observation that all these reactions can be described by approximately the same coupling constant, thus giving rise to the notion of a universal weak interaction. Only then did one slowly recognize that the weak interaction force forms an independent field, perhaps on the same footing as the gravitational force, the electromagnetic force, and the strong nuclear and sub-nuclear forces.

  8. 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.

  9. ASPECTS OF OBSTACLES FOR APPLYING TARGET COSTING: A SURVEY OF MANUFACTURING FIRMS IN EGYPT

    Directory of Open Access Journals (Sweden)

    Petru STEFEA

    2014-04-01

    Full Text Available The present investigation aims to determine the aspects of obstacles for applying Target Costing(TC system in Egyptian case and the significant differences among effects of these obstacles . The study used the survey method to describe and analyze the obstacles in some Egyptian firms. The population of the study is Egyptian manufacturing firms. Accordingly, the number of received questionnaires was 388 (21 Egyptian manufacturing firms in 2013. Finally, the study found that there is a significant divergence among obstacles for applying Target Costing (TC system in Egyptian manufacturing firms (Internal and external.The external dimensions are the most influence of internal dimensions, where the weakness of the competition is the highest effect in the external dimensions case but resistance top management is the highest effect in external dimensions case.

  10. Does Labor Diversity Affect Firm Performance?

    DEFF Research Database (Denmark)

    Pytlikova, Mariola; Pozzoli, Dario; Parrotta, Pierpaolo

    Using an employer-employee dataset, we analyze how diversity in cultural background, skills and demographic characteristics affects total factor productivity (TFP) of firms in Denmark. Implementing structural estimation of firms’ production function, we find evidence that labor diversity in skills/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...

  11. 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....

  12. Corporate Governance and Firm Value in Mexico

    OpenAIRE

    Alberto Chong; Florencio Lopez-de-Silanes

    2006-01-01

    The objective of this paper is twofold. On one hand, we undertake an analysis of the recent evolution of capital markets and their effect on the availability of external financing in Mexico in the last two decades. On the other hand, based on a newly assembled firm-level data set on corporate governance and firm performance, we show that better firm-level corporate governance practices are linked to higher valuations, better performance and more dividends disbursed to investors. These results...

  13. On the existence of persistently outperforming firms

    OpenAIRE

    Capasso, M.; Cefis, E.; Frenken, K.

    2014-01-01

    This study analyses persistence in growth rates for a data set of manufacturing firms of all sizes. Previous quantile autoregressions of firm growth rates show that extreme growth events are likely to be negatively correlated over time, thus questioning the existence of persistent outperformers. By supplementing the quantile regression analyses with transition probability matrices, our study shows that "bouncing" firms coexist with persistent outperformers. This result is shown to be robust f...

  14. SHOULD TAX POLICY TARGET MULTINATIONAL FIRM HEADQUARTERS?

    OpenAIRE

    Clausing, Kimberly A.

    2010-01-01

    This paper considers the nature of multinational firm headquarters, discussing whether multinational headquarters are a desirable target of tax policy. Prior literature suggests that multinational firms are sensitive to tax policy considerations in headquarters location decisions. Fortune 500 lists of the world’s largest firms show informative patterns of headquarters location, but there is little systematic relationship between these firms’ headquarters locations and tax policy variables. Si...

  15. On the Limits of Nonprofit Firms

    OpenAIRE

    Echeverria, Manuel

    2013-01-01

    This thesis consists of two papers. The first gives a game-theoretical treatment of the institutional homogenization of value-oriented firms. It explains why intrinsically motivated, value-oriented firms like non-profits may become similar to for-profit firms in terms of organization and norms. It highlights and explains the pairs: value-oriented and flat organizations in contrast to value-neutral managers and hierarchical organizations. We consider a major donor like the government who deleg...

  16. Competitive Strategy, Performance Appraisal and Firm Results

    OpenAIRE

    Bayo-Moriones, Alberto; Galdon-Sanchez, Jose Enrique; Martinez-de-Morentin, Sara

    2016-01-01

    In this study, we address the relationship between performance appraisal and competitive strategy, as well as the impact of this relationship on firm performance. The results indicate that the adoption of developmental performance appraisal and the use of administrative performance appraisal are higher among firms that pursue differentiation strategies compared to those competing on costs. Regarding firm performance, the interaction between a developmental appraisal system and a quality strat...

  17. Firm-Specific Training and Contract Length.

    OpenAIRE

    Cantor, Richard

    1990-01-01

    Wages subject to continuous renegotiations provide inefficient incentives for the creation of firm-specific human capital if training requires both firm investment and worker effort. Noncontingent career-long, fixed-wage contracts do not induce efficient levels of training because they award all the quasi-rents from training to the firm, leaving no incentive for trainee effort. Intermediate-length, fixed-wage contracts with known expiration dates can improve training incentives. During the li...

  18. How Czech firms deal with operational budgets? – Survey results

    Directory of Open Access Journals (Sweden)

    Boris Popesko

    2017-06-01

    Full Text Available In recent decades, academics and practitioners started a deep discussion about the limitations and perspectives of enterprise budgeting systems. Traditional budgets are frequently criticized due to their inflexibility, weak connection to corporate performance and demand on manager’s time. Recently, we have observed more frequent examples of firms which have undertaken budgeting system transformation and the adoption of modern, flexible and performance-based budgets. In this study, we have studied some trends in the budgeting of Czech firms with a focus on the manager´s behaviour. This paper contributes to the existing knowledge in two fields: Firstly, it summarizes the existing state of the art regarding the budgeting transformation; secondly, it presents the survey results focused on the operational budget utilization and its impact on the manager’s behaviour. Overall, the study presents some findings regarding the impact of an operational budget on the manager’s behaviour. We have tested how frequently situations occur, more specifically those frequently discussed in literature, in a given Czech firm´s budgeting practices.

  19. 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.

  20. The theory of the firm. Vol. 1

    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...... 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...

  1. The theory of the firm. Vol. 4

    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...... 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...

  2. The theory of the firm. Vol. 2

    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...... 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...

  3. EAS Test Firm Accrediting Bodies (TFAB)

    Data.gov (United States)

    Federal Communications Commission — EAS (Equipment Authorization System). The accreditation bodies for testing laboratories are referred to as Test Firm Accrediting Bodies (TFABs). They are responsible...

  4. Multiple Blockholder Structures and Family Firm Performance

    DEFF Research Database (Denmark)

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

    2018-01-01

    . Further, we suggest that the larger the number of blockholder types, the stronger the negative effect of voting-power asymmetry among family and nonfamily blockholders on firm performance. We provide empirical support for our hypotheses using a longitudinal sample of 413 French family firms over the 1992......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...

  5. 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.

  6. 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...... 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...... diverse workforce, seem to outweigh the positive effects coming from creativity and knowledge spillovers....

  7. Weak bond screening system

    Science.gov (United States)

    Chuang, S. Y.; Chang, F. H.; Bell, J. R.

    Consideration is given to the development of a weak bond screening system which is based on the utilization of a high power ultrasonic (HPU) technique. The instrumentation of the prototype bond strength screening system is described, and the adhesively bonded specimens used in the system developmental effort are detailed. Test results obtained from these specimens are presented in terms of bond strength and level of high power ultrasound irradiation. The following observations were made: (1) for Al/Al specimens, 2.6 sec of HPU irradiation will screen weak bond conditions due to improper preparation of bonding surfaces; (2) for composite/composite specimens, 2.0 sec of HPU irradiation will disrupt weak bonds due to under-cured conditions; (3) for Al honeycomb core with composite skin structure, 3.5 sec of HPU irradiation will disrupt weak bonds due to bad adhesive or oils contamination of bonding surfaces; and (4) for Nomex honeycomb with Al skin structure, 1.3 sec of HPU irradiation will disrupt weak bonds due to bad adhesive.

  8. 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.

  9. 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.

  10. Bagging Weak Predictors

    DEFF Research Database (Denmark)

    Lukas, Manuel; Hillebrand, Eric

    Relations between economic variables can often not be exploited for forecasting, suggesting that predictors are weak in the sense that estimation uncertainty is larger than bias from ignoring the relation. In this paper, we propose a novel bagging predictor designed for such weak predictor...... variables. The predictor is based on a test for finitesample predictive ability. Our predictor shrinks the OLS estimate not to zero, but towards the null of the test which equates squared bias with estimation variance. We derive the asymptotic distribution and show that the predictor can substantially lower...

  11. Repercussions of firm size definition on empirical results for firm efficiency and financing research

    OpenAIRE

    Alfonso, Galindo Lucas

    2006-01-01

    A huge number of quantitative and qualitative criteria perform the research practice and legal issuing on firm size and firm-size-related measures. Inside each of those criteria, quantitative boundaries between two firm categories have also been diverse, even arbitrary. This approach to firm size concept finds out a convergence among variables —assets, market share, labour cost— with activity segment remarks (where both a traditional division and a original proposal have been used). It is dem...

  12. The Intangible Assets of Korean Manufacturing Firms for Foreign Direct Investment

    Directory of Open Access Journals (Sweden)

    Sunghoon Hong

    2004-12-01

    Full Text Available This paper attempts to apply the intangible assets approach to the emerging multinational enterprises of Korea. More specifically, it tries to empirically analyze whether Korean firms investing in foreign markets possess more advanced intangible assets than those investing only in the domestic market, and whether Korean firms exploit different types of tangible assets in different host regions. The following conclusions have been drawn by analyzing the data on Korea manufacturing firms listed on the Stock Exchange. First, firms investing in foreign markets possess more advanced intangible assets than domestic market-oriented ones. More specifically, firms investing in the Western developed region are shown to be superior in the economies of scale, R&D, advertising intensity, capital intensity, and interfirm linkages, whereas those investing in the Asian developing region are superior only in the economies of scale and organizational skills. This implies that Korean firms operating in developed countries seem to exploit a wider range of intangible assets to address intense competition and sophisticated demand in the host markets. And, when firms investing in the developed and developing regions are compared directly, the former group are found to exploit technological capability and interfirm linkages more intensively. Second, availability of internal funds and human capital intensity do not show statistical significances, implying that these abilities are not different between firms investing in foreign markets and the domestic market. Third, Korean multinational enterprises are more similar to Japanese than Western ones in terms that they actively exploit organizational skills and interfirm network. Nonetheless, these conclusions have been derived by analyzing the data on parent firms, based on the assumption that Korean overseas subsidiaries commonly share the intangible assets of their parents. This weakness is mainly due to the limited

  13. 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.

  14. Acceleration of Technology Adoption withing Firms

    NARCIS (Netherlands)

    Ph.D. Koellinger (Philipp); C. Schade (Christian)

    2008-01-01

    textabstractThis paper studies the diffusion of multiple, related technologies among firms. The results suggest an endogenous acceleration mechanism of technology adoption: The more advanced a firm is in using a particular set of technologies, the more likely it is to adopt additional, related

  15. Electronic Commerce, Digital Information, and the Firm.

    Science.gov (United States)

    Rosenbaum, Howard

    2000-01-01

    Discussion of the social context of electronic commerce (ecommerce) focuses on information imperatives, or rules that are critical for ecommerce firms. Concludes with a discussion of the organizational changes that can be expected to accompany the incorporation of these imperatives into the mission and core business processes of ecommerce firms.…

  16. 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...

  17. Identifying High Growth Firms in India

    DEFF Research Database (Denmark)

    Aggarwal, Aradhna; Sato, Takahiro

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

  18. Internationalisation et nouvelles implantations des firmes ...

    African Journals Online (AJOL)

    ... modèle seront confrontées aux analyses critiques de ses notions de base. Enfin, nous discuterons de son application à l'analyse de l'implantation des firmes multinationales ainsi que des nombreuses extensions possibles du modèle. MOTS CLES: Internationalisation, implantation, firme multinationale, modèle d'Uppsala ...

  19. 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...

  20. 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

  1. Trade credit: Elusive insurance of firm growth

    NARCIS (Netherlands)

    Bams, Dennis; Bos, Jaap; Pisa, Magdalena

    2016-01-01

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

  2. Information and Communication Technology Clusters, Local Firm ...

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

    Impacto de la presencia y actividades de las empresas multinacionales TIC y habilitadas por las TIC sobre las empresas locales TIC de Costa Rica. Études. ICT sectors and clusters, local firm performance and employment generation in Argentina. Rapports. ICT sectors and clusters, local firms performance and employment ...

  3. Managing firm competitiveness in global markets

    NARCIS (Netherlands)

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

    2006-01-01

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

  4. 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

  5. Tax Compliance over the Firm Life Course

    NARCIS (Netherlands)

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

    2017-01-01

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

  6. 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...

  7. 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....

  8. 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

  9. Efficiency of European dairy processing firms

    NARCIS (Netherlands)

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

    2014-01-01

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

  10. 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

  11. Modelling the firmness behaviour of cut tomatoes

    NARCIS (Netherlands)

    Schouten, R.E.; Natalini, A.; Tijskens, L.M.M.; Woltering, E.J.; Kooten, van O.

    2010-01-01

    Firmness is one of the main quality attributes of sliced tomatoes. Here, a physiology-based mechanism is proposed that describes the development of firmness as measured by limited compression. The mechanism assumes that softening of slices is radically different from that of whole tomatoes and

  12. Charged weak currents

    CERN Document Server

    Turlay, René

    1979-01-01

    In this review of charged weak currents the author concentrates on inclusive high energy neutrino physics. The authors discusses the general structure of charged currents, new results on total cross- sections, the Callan-Gross relation, antiquark distributions, scaling violations and tests of QCD. A very short summary on multilepton physics is given. (44 refs).

  13. On Weak Markov's Principle

    DEFF Research Database (Denmark)

    Kohlenbach, Ulrich Wilhelm

    2002-01-01

    We show that the so-called weak Markov's principle (WMP) which states that every pseudo-positive real number is positive is underivable in E-HA + AC. Since allows one to formalize (atl eastl arge parts of) Bishop's constructive mathematics, this makes it unlikely that WMP can be proved within...

  14. Firm-Specific Foreign Exchange Exposure Identification

    DEFF Research Database (Denmark)

    Aabo, Tom; Brodin, Danielle

    2014-01-01

    -financial firms and find limited consistency in the detected exchange rate exposures when altering methodology in terms of observation frequency and choice of market index. The results put a question mark to the validity of the stock market approach for exchange rate exposure identification at the firm......Previous studies have used the stock market approach to find the aggregate number of (firms with) foreign exchange exposures in a given country, region, or industry. Methodologies have differed in many aspects but two of the most basic differences relate to observation frequency and the choice...... of market index. Aggregate numbers have been shown to be (marginally) sensitive to the methodology employed. However, a corporate manager, an investor, or a stock analyst following a specific firm is not interested in the sensitivity on an aggregated level but on a firm-specific level. If the results...

  15. Firm size and the division of labor

    Directory of Open Access Journals (Sweden)

    B. CONTINI

    2013-12-01

    Full Text Available The recent publication of Italy’s 1981 Industrial Census has highlighted a phenomenon of which there had already been some signs for a number of years - the fact that manufacturing firms in every sector are reducing their size. The data indicate that both the appearance of a large number of small new firms and the reduction in the average number of employees in existing firms of all sizes have contributed to this. Similar conclusions have been drawn for other European countries. The author’s hypothesis is that the observed reduction in the average size of firms is caused by two concurrent factors: (1 the increased rigidity of the overall cost structure of business firms; (2 the increased uncertainty in both factor and product markets, which makes more flexible organisational structures desirable.

  16. 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....

  17. 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.  ...

  18. 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...

  19. ENTREPRENEURIAL TRAITS AND FIRM SERENDIPITY-SEEKING ON SMES' PERFORMANCE: THE EFFECT OF FIRM SIZE

    OpenAIRE

    JEEN WEI ONG; HISHAMUDDIN BIN ISMAIL

    2012-01-01

    This study aims to uncover the impact of individual- and firm-level factors, measured by personality traits of the owner-managers and firm serendipity-seeking in explaining SMEs performance and the moderating impact of firm size. The results of the study show that firm-level factors are more important in explaining SMEs performance. Firm size is also found to moderate the effect of need for achievement and endogenous serendipity-seeking of the SMEs but the results do not conclude whether indi...

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

    Directory of Open Access Journals (Sweden)

    Petter Gottschalk

    2000-01-01

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

  1. Weak lensing with GEST

    Science.gov (United States)

    Rhodes, J. D.; Bennett, D. P.; Kaiser, N.

    2001-12-01

    Weak lensing by large-scale structure (cosmic shear) provides an opportunity to directly observe the dark matter in the universe. Current ground-based and space-based surveys have demonstrated the efficacy of this technique in determining the mass distribution and thus placing constraints on cosmological parameters such as Ω m, σ 8, and the bias parameter b. Current surveys have been hampered by the comparatively low resolution of ground-based telescopes and the small field of view of HST. To make significant progress in this field, wide field space-based surveys are needed. The Galactic Exoplanet Survey Telescope (GEST) will be able to provide 500- 1000 sqare degrees with a resolution of better than 0.2 arcseconds in multiple filters. This will make it an ideal instrument for a weak lensing survey.

  2. Composite weak bosons

    Energy Technology Data Exchange (ETDEWEB)

    Suzuki, M.

    1988-04-01

    Dynamical mechanism of composite W and Z is studied in a 1/N field theory model with four-fermion interactions in which global weak SU(2) symmetry is broken explicitly by electromagnetic interaction. Issues involved in such a model are discussed in detail. Deviation from gauge coupling due to compositeness and higher order loop corrections are examined to show that this class of models are consistent not only theoretically but also experimentally.

  3. 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.

  4. 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.

  5. Pro-social Motivation beyond Firm Boundaries

    DEFF Research Database (Denmark)

    Foss, Nicolai; Milagres, Rosileia

    2014-01-01

    An influential body of literature in macro-management research (notably, organization theory and strategic management) associates pro-social motivation solely with firm-like organizations, suggesting that such motivation cannot thrive under more market-like arrangements. We question this argument...... on theoretical, as well as empirical, grounds. As to the latter, we discuss the specific case of a network of firms in Brazil, the Genolyptus network. We argue that this particular network manifests strong pro-social motivations. This implies that pro-social motivations may thrive beyond corporate boundaries......-social motivations in non-firm governance structures....

  6. Taxing the Financially Integrated Multinational Firm

    DEFF Research Database (Denmark)

    Johannesen, Niels

    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...... 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...

  7. Internationalisation of Firms in Developing Countries

    DEFF Research Database (Denmark)

    Kuada, John

    The last three decades have witnessed a substantial amount of research into the intrenationalisation process of firms. The focus of most of these studies have, however, been on the downstream aspects of internationalisation with the assumption that all firms initiate their internationalisation...... 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...

  8. The Economics of Politically Connected Firms

    OpenAIRE

    CHOI, Jay Pil; Thum, Marcel

    2007-01-01

    Political connections between firms and autocratic regimes are not secret and often even publicly displayed in many developing economies. We argue that tying a firm’s available rent to a regime’s survival acts as a credible commitment forcing entrepreneurs to support the government and to exert effort in its stabilization. In return, politically connected firms get access to profitable markets and are exempted from the regime’s extortion. We show that such a gift exchange between govern...

  9. 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...

  10. The Firm as a Socialization Device

    OpenAIRE

    Ramalingam, Abhijit; Rauh, Michael

    2010-01-01

    Why do firms exist? What is their function? What do managers do? What is the role, if any, of social motivation in the market? In this paper, we address these questions with a new theory of the firm, which unites some major themes in management, principal-agent theory, and economic sociology. We show that although the market is a superior incentive mechanism, the firm has a comparative advantage with respect to social motivation. We then show that the market is efficient in environments that ...

  11. Internationalization of Emerging Economies and Firms

    DEFF Research Database (Denmark)

    A contribution to the scarce body of literature on internationalization of emerging economies and their firms. Using a large variety of national contexts, it addresses the advancing business development of new emerging economies and their impact on the process of internationalization of emerging...... countries and firms. The impact of country and firm specific factors, the role of institutions and governments, the strive for compensation of initial disadvantages, the struggle for finding ways to counterbalance for late coming into the international arena in the process of internationalization...

  12. Entry Mode and Performance of Nordic Firms

    DEFF Research Database (Denmark)

    Wulff, Jesper

    2015-01-01

    This study investigates whether the relationship between mode of international market entry and non-location bound international experience is weaker for firms that are large or have a high foreign to total sales ratio, labeled multinational experience. Empirical evidence based on 250 foreign...... market entries made by Norwegian, Danish and Swedish firms suggests that the association between equity mode choice and non-location bound international experience diminishes in the presence of higher levels of multinational experience. Furthermore, firms whose entry mode choice is predicted by the model...

  13. FOOD ENTREPRENEUR SUSTAINABLE ORIENTATION AND FIRM PRACTICES

    Directory of Open Access Journals (Sweden)

    Mark A. Gagnon

    2016-10-01

    Full Text Available 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 sustainable practices. However our qualitative results indicate positive relationships between sustainable orientation, mindset and practices. Evidence from this work highlights the critical role of founding entrepreneurs for successful implementation of sustainability along its multiple fronts including profitability.

  14. Paradoxes and Innovation in Family Firms

    DEFF Research Database (Denmark)

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

    2016-01-01

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

  15. The Weak Haagerup Property II

    DEFF Research Database (Denmark)

    Haagerup, Uffe; Knudby, Søren

    2015-01-01

    The weak Haagerup property for locally compact groups and the weak Haagerup constant were recently introduced by the second author [27]. The weak Haagerup property is weaker than both weak amenability introduced by Cowling and the first author [9] and the Haagerup property introduced by Connes [6......] and Choda [5]. In this paper, it is shown that a connected simple Lie group G has the weak Haagerup property if and only if the real rank of G is zero or one. Hence for connected simple Lie groups the weak Haagerup property coincides with weak amenability. Moreover, it turns out that for connected simple...... Lie groups the weak Haagerup constant coincides with the weak amenability constant, although this is not true for locally compact groups in general. It is also shown that the semidirect product R2 × SL(2,R) does not have the weak Haagerup property....

  16. THE EFFECT OF FIRM PERFORMANCE, LEVERAGE, FIRM SIZE, AND FIRM GROWTH ON AGENCY COST OF TRADING COMPANY IN INDONESIA, MALAYSIA, AND THAILAND: RESEARCH PERIOD OF 2009 – 2013

    Directory of Open Access Journals (Sweden)

    Hamidah Hamidah

    2017-05-01

    Full Text Available In this study,the author investigate the relationship of firm performance, leverage, firm size, and firm growth on the agency cost. In the company’s life, there are several holders an important role in the company itself. Agency theory explains that there are two parties to a company, the agent and principal.Researcher use firm performance, leverage, firm size, and firm growth as the independent variables. Researcher use the operational expenses ratio as proxy of agency cost. The high firm performance, expected to leads the lower agency cost.Researcher use the 19 listed trading firm on Indonesia, 26 listed trading firm on Malaysia, and 29 listed trading firm on Thailand. The empirical result show varying effect on agency cost in those three countries. The result of research depends on the characteristics of each country

  17. Measurement of weak radioactivity

    CERN Document Server

    Theodorsson , P

    1996-01-01

    This book is intended for scientists engaged in the measurement of weak alpha, beta, and gamma active samples; in health physics, environmental control, nuclear geophysics, tracer work, radiocarbon dating etc. It describes the underlying principles of radiation measurement and the detectors used. It also covers the sources of background, analyzes their effect on the detector and discusses economic ways to reduce the background. The most important types of low-level counting systems and the measurement of some of the more important radioisotopes are described here. In cases where more than one type can be used, the selection of the most suitable system is shown.

  18. 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...... that the adoption of innovation practices has spread substantially more across the British manufacturing firms than across the Italian ones; however our results also indicate that the practices' association with the firms' VA is much lower in Britain than in Italy. The counterfactual analysis shows that had...... the Italian workplaces the same characteristics of the British ones, in terms of diffusion of practices, capital intensity and skills, their average predicted value added would triplicate. On the other hand, were the Italian establishments to move and operate in the British context, their performance would...

  19. EAS 2.948 Listed Test Firms

    Data.gov (United States)

    Federal Communications Commission — EAS (Equipment Authorization System). The following firms have submitted the information required by Section 2.948 of the FCC Rules for measuring devices subject to...

  20. Service-Oriented Strategies for Manufacturing Firms

    DEFF Research Database (Denmark)

    Tan, Adrian; McAloone, Tim C.; Matzen, Detlef

    2009-01-01

    This chapter establishes PSS (Product/Service-Systems) approaches in the context of manufacturing firms and their existing product-oriented business. PSS can be seen as a strategy for manufacturing firms to gain competitive advantage in the market, but what market conditions and organisational fa......, customers and partners in business planning and strategy to reap the full benefits. Finally a path to how manufacturers can make the change from product to service-orientation is traced.......This chapter establishes PSS (Product/Service-Systems) approaches in the context of manufacturing firms and their existing product-oriented business. PSS can be seen as a strategy for manufacturing firms to gain competitive advantage in the market, but what market conditions and organisational...

  1. 78 FR 70987 - Proxy Advisory Firm Roundtable

    Science.gov (United States)

    2013-11-27

    ... of proxy advisory firm use by investment advisers and institutional investors and potential changes... Special Counsel, Division of Investment Management, at 202-551-6700, or Raymond Be, Special Counsel...

  2. New Environmental Practices in Polish Production Firms

    DEFF Research Database (Denmark)

    Kræmer, Trine Pipi

    2002-01-01

    Based on five case studies in Poland, the paper discusses, how a specific environmental policy influences the firms? industrial environmental practices. The study illustrates, how the Polish environmental policy, dominated by environmental charges on emissions, is extremely effective in improving...

  3. Small Firm Internationalization, Innovation, and Growth

    NARCIS (Netherlands)

    Boermans, M.A.; Roelfsema, H.J.|info:eu-repo/dai/nl/239815815

    2016-01-01

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

  4. Technology Driven Organizational Structure of the Firm

    NARCIS (Netherlands)

    van den Brink, J.R.; Ruys, P.H.M.

    2008-01-01

    We model a corporate firm with a variable internal organizational structure that adapts to various degrees of technological cooperation. The entrepreneur determines the organizational structure that maximizes profits under participation constraints. Wages are determined by an internal cooperative

  5. Judo Economics in Markets with Multiple Firms

    Directory of Open Access Journals (Sweden)

    Daniel Cracau

    2014-01-01

    Full Text Available We study a sequential Bertrand game with one dominant market incumbent and multiple small entrants selling homogeneous products. Whilst the equilibrium for the case of a single entrant is well known from Gelman and Salop (1983, we derive properties of the N-firm equilibrium and present an algorithm that can be used to calculate this equilibrium. The algorithm is based on a recursive manipulation of polynomials that derive the optimisation problem that each of the market entrants is facing. Using this algorithm we derive the exact equilibrium for the cases of two and three small entrants. For more than three entrants only approximate results are possible. We use numerical results to gain further understanding of the equilibrium for an increasing number of firms and in particular for the case where N diverges to infinity. Similarly to the two-firm Judo equilibrium, we see that a capacity limitation for the small firms is necessary to achieve positive profits.

  6. Governance of professional service firms: a configurational approach

    National Research Council Canada - National Science Library

    Harlacher, Dirk; Reihlen, Markus

    2014-01-01

    Professional service firms (PSFs) such as accounting firms, management consultancies, or advertising agencies use very different forms of governance ranging from traditional professional partnerships to public corporations...

  7. Facilitated inter-firm collaboration in Ghana

    DEFF Research Database (Denmark)

    Kuada, John Ernest; Sørensen, Olav Jull

    2005-01-01

    Since the mid-1980s, aid agencies have endorsed the need to support private enterprise development in developing countries as an instrument for overall economic development and poverty reduction. Facilitation of collaboration between developed and developing country firms has become one of the mo...... the mechanisms of third-party inter-firm facilitation and assesses how effective the catalyst institutions are in nurturing collaborations between companies in developed and developing countries. The discussions are illustrated with case examples drawn from Ghana....

  8. Tax, Stimuli of Investment and Firm Value

    OpenAIRE

    Maoz, Yishay

    2007-01-01

    Pennings (2000) has shown that the government can speed-up investment by subsidizing the potential investing firm's entry cost while taxing the future proceeds from the investment, so as to render the net expected value of its subsidy program zero. This note argues that while speeding-up the investment timing, this subsidy-tax program also lowers the value of the firm and therefore will be rejected by it.

  9. The Cournot Equilibrium for n Firms

    Directory of Open Access Journals (Sweden)

    Gina Ioan

    2015-05-01

    Full Text Available Oligopoly is a market situation where there are a small number of bidders (at least two of a good non-substituent and a sufficient number of consumers. The paper analyses the Cournot equilibrium in both cases where each firm assumes the role of leadership and after when firms act simultaneously on market. There are obtained the equilibrium productions, maximum profits and sales price.

  10. The Firm as an Internal Capital Market

    DEFF Research Database (Denmark)

    Duus, Henrik Johannsen

    1996-01-01

    A review of current strategy literature shows that the portfolio view seems to have become unfashionable. This article argues in favor of a revitalization of the portfolio view, and attempts to show that with a few changes, it can be used together with the modern theories of the firm and its stra...... strategy. At the same time it shows how a heterodox portfolio model may be used to control the competence development of firms situated in turbulent and complex settings....

  11. Maximising Firm Value through Mergers and Acquisitions

    OpenAIRE

    Lon, Wai See

    2005-01-01

    Mergers and acquisitions, literally, are centred on the objective to create economic value for firms and shareholders. Different mergers and acquisitions strategies would affect the extent of shareholder value. This study seeks to examine the value implications of mergers and acquisitions by studying shareholder value creation for a 60 Malaysian firms which have been actively involved in the cross-border and domestic diversifications during the period 1996 – 2004.Our focus in this study is to...

  12. The Survival and Birth of Firms

    OpenAIRE

    Leon Shilton; Craig Stanley

    1999-01-01

    Using a modified form of the location quotient, a "growth quotient," this study traces the survival and growth for the headquarters of publicly listed firms in the United States. At the county level, the spatial concentrations of headquarters listed in 1997 are correlated with the spatial concentrations of corporate headquarters that survived from 1986 though 1996. Counties that house the headquarters of many different survival firms continue to spawn new headquarters. Counties with headquart...

  13. The Variance Composition of Firm Growth Rates

    Directory of Open Access Journals (Sweden)

    Luiz Artur Ledur Brito

    2009-04-01

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

  14. ICU-Acquired Weakness.

    Science.gov (United States)

    Jolley, Sarah E; Bunnell, Aaron E; Hough, Catherine L

    2016-11-01

    Survivorship after critical illness is an increasingly important health-care concern as ICU use continues to increase while ICU mortality is decreasing. Survivors of critical illness experience marked disability and impairments in physical and cognitive function that persist for years after their initial ICU stay. Newfound impairment is associated with increased health-care costs and use, reductions in health-related quality of life, and prolonged unemployment. Weakness, critical illness neuropathy and/or myopathy, and muscle atrophy are common in patients who are critically ill, with up to 80% of patients admitted to the ICU developing some form of neuromuscular dysfunction. ICU-acquired weakness (ICUAW) is associated with longer durations of mechanical ventilation and hospitalization, along with greater functional impairment for survivors. Although there is increasing recognition of ICUAW as a clinical entity, significant knowledge gaps exist concerning identifying patients at high risk for its development and understanding its role in long-term outcomes after critical illness. This review addresses the epidemiologic and pathophysiologic aspects of ICUAW; highlights the diagnostic challenges associated with its diagnosis in patients who are critically ill; and proposes, to our knowledge, a novel strategy for identifying ICUAW. Copyright © 2016 American College of Chest Physicians. Published by Elsevier Inc. All rights reserved.

  15. Capital structure, profitability and firm value: panel evidence of listed firms in Kenya

    OpenAIRE

    Kodongo, Odongo; Mokoaleli-Mokoteli, Thabang; Maina, Leonard

    2014-01-01

    This paper investigates the relationship between leverage and the financial performance of listed firm in Kenya. We use annual data for the period 2002 – 2011. Using various panel procedures, our study finds reasonably strong evidence that leverage significantly, and negatively, affects the profitability of listed firms in Kenya. However, leverage has no effect on Tobin’s Q, our proxy for firm value. Our results are robust to alternative panel specifications and hold for both small-size and l...

  16. Weak Quantum Ergodicity

    CERN Document Server

    Kaplan, L

    1998-01-01

    We examine the consequences of classical ergodicity for the localization properties of individual quantum eigenstates in the classical limit. We note that the well known Schnirelman result is a weaker form of quantum ergodicity than the one implied by random matrix theory. This suggests the possibility of systems with non-gaussian random eigenstates which are nonetheless ergodic in the sense of Schnirelman and lead to ergodic transport in the classical limit. These we call "weakly quantum ergodic.'' Indeed for a class of "slow ergodic" classical systems, it is found that each eigenstate becomes localized to an ever decreasing fraction of the available state space, in the semiclassical limit. Nevertheless, each eigenstate in this limit covers phase space evenly on any classical scale, and long-time transport properties betwen individual quantum states remain ergodic due to the diffractive effects which dominate quantum phase space exploration.

  17. Reveal or Conceal? Signaling Strategies for Building Legitimacy in Cleantech Firms

    DEFF Research Database (Denmark)

    Bjørnåli, Ekaterina; Giones, Ferran; Billström, Anders

    2017-01-01

    cases while investigating their actions in different phases of the venture’s evolution. The results suggest that, contrary to signaling theory expectations, young clean-tech firms do not always build legitimacy by conveying information on their strengths. Instead, we observe that they use signaling...... strategies to address the specific concerns of different stakeholders. This is very much contingent upon the evolutionary stage of the venture and the firm’s current weaknesses....

  18. A taxonomy of green supply chain management capability among electronics-related manufacturing firms in Taiwan.

    Science.gov (United States)

    Shang, Kuo-Chung; Lu, Chin-Shan; Li, Shaorui

    2010-05-01

    This study investigated crucial green supply chain management (GSCM) capability dimensions and firm performance based on electronics-related manufacturing firms in Taiwan. On the basis of a factor analysis, six green supply chain management dimensions were identified: green manufacturing and packaging, environmental participation, green marketing, green suppliers, green stock, and green eco-design. According to their factor scores in the GSCM dimensions, a cluster analysis subsequently assigned responding firms into four groups, namely, the weak GSCM oriented group, the green marketing oriented group, the green supplier oriented group, and the green stock oriented group. Differences in firm performance and GSCM dimensions among groups were examined. Results indicated that the green marketing oriented group performed best. Based on the resource-based view (RBV), the capability of the green marketing oriented group was considered to be the deployment of a collection of resources that enables it to successfully compete against rivals. The importance of green marketing as a GSCM capability and strategic asset/critical resources for electronics-related manufacturing firms to obtain a competitive edge is therefore highlighted in this study. Copyright 2010 Elsevier Ltd. All rights reserved.

  19. 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...

  20. Local disorder and the success of firms in residential neighbourhoods

    NARCIS (Netherlands)

    Mollenhorst, G.W.|info:eu-repo/dai/nl/304835153; Schutjens, V.A.J.M.|info:eu-repo/dai/nl/07945027X

    2017-01-01

    According to economic geography literature, the success of firms is affected by the local context, in particular when firms are socio-spatially embedded. We expect this effect to be stronger when firms face an increase in local disorder. We analysed data on 344 firms (active in retail, eating and

  1. 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

  2. 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

  3. 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 ...

  4. Cournot competition between a non-profit firm and a for-profit firm with uncertainty

    Science.gov (United States)

    Ferreira, Fernanda A.

    2010-03-01

    In this paper, we consider a Cournot competition between a nonprofit firm and a for-profit firm in a homogeneous goods market, with uncertain demand. Given an asymmetric tax schedule, we compute explicitly the Bayesian-Nash equilibrium. Furthermore, we analyze the effects of the tax rate and the degree of altruistic preference on market equilibrium outcomes.

  5. A micro-simulation model of firms : Applications of concepts of the demography of the firm

    NARCIS (Netherlands)

    van Wissen, L

    Recently, there is an increasing demand in spatial planning for models based on the demographic concepts of birth and death of firms. This article describes the structure of a spatial demographic simulation model of firms, and its application within The Netherlands. The model structure is

  6. 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

  7. Cash flow rights versus voting rights: Corporate governance and firm value of Dutch listed firms

    NARCIS (Netherlands)

    Pepping, C.; van der Goot, T.

    2008-01-01

    The paper examines the relation between different forms of ownership and firm performance on the Dutch stock market. By using unique data on both cash flow and voting rights in the possession of a firm's board of directors and its large shareholders, the paper presents detailed analyses of corporate

  8. Do small firms price-cost margins follow those of large firms?

    NARCIS (Netherlands)

    Y.M. Prince (Yvonne); A.R. Thurik (Roy)

    1995-01-01

    textabstractThe paper investigates the extent to which small firms' price-cost margins follow those of large firms. A two-equation mode! is used with data for 36 Dutch three-digit manufacturing industries over the period 1975-86. The effects of market structure characteristics are also examined. The

  9. Social and cultural capital in project marketing service firms: Danish architectural firms on the German market

    DEFF Research Database (Denmark)

    Skaates, Maria Anne; Tikkanen, Henrikki; Alajoutsijärvi, Kimmo

    2002-01-01

    This article analyses the marketing activities of three Danish architectural firms in Germany during the 1990s from a perspective that is new to project marketing, in that the Bourdivan concepts of social and cultural capital are applied to the offerings and activities of firms. In architecture...... are best viewed as distinct project marketing milieus....

  10. 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

  11. Predicting Material Weaknesses In Internal Control Systems After The Sarbanes-Oxley Act Using Multiple Criteria Linear Programming And Other Data Mining Approaches

    National Research Council Canada - National Science Library

    Wikil Kwak; Susan Eldridge; Yong Shi; Gang Kou

    2009-01-01

      Our study proposes a multiple criteria linear programming (MCLP) and other data mining methods to predict material weaknesses in a firm's internal control system after the Sarbanes-Oxley Act (SOX) using 2003-2004 U.S. data...

  12. Do Less Regulated Markets Attract Lower Quality Firms?

    DEFF Research Database (Denmark)

    Nielsson, Ulf

    2013-01-01

    , the delisting and valuation pattern is the same across markets, whereas AIM listed firms raise relatively more capital. Thus, rather than catering to low quality firms seeking to conceal their type, the AIM market attracts small firms that - due to size - face disproportional regulatory costs, but are otherwise......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...

  13. The Effect of Board Characteristics on Firm Performance in Japan

    Directory of Open Access Journals (Sweden)

    Oona Cha

    2009-06-01

    Full Text Available This paper analyzes the effect of similarity among board members on firm performance in Japanese manufacturing firms. The similarity measures regarding age and educational background of individual directors were used to predict firm performance. The analyses revealed that similarity of age among board members had adverse effects on firm performance. In addition, greater variation in educational background among board members predicted better firm performance. It seems that homogeneity among board members in terms of age and education can affect the firm negatively by impeding exchange of diverse ideas. These findings emphasize that promoting diversity in terms of age and education in the board of directors is crucial for firm performance.

  14. Internationalilzation of the Firm and its Board

    DEFF Research Database (Denmark)

    Oxelheim, Lars; Gregoric, Aleksandra; Randøy, Trond

    In this paper we study the internationalization of corporate supervisory boards. We use Poisson random effects and negative binominal random effect estimators to analyze the determinants of foreign board membership in listed firms from four Nordic countries in 2001-2007. We find that financial...... competencies required by firm internationalization positively affect board internationalization, whereas the impact of the internationalization of a firm’s commercial operations is positive but not significant across all model specifications. We find that the higher the number of national board members...... with international experience, the higher is the number of foreign supervisory board members. A significantly positive impact is also found for foreign ownership; the greater foreign ownership of a firm, the higher is the number of foreigners we can expect on the firm’s supervisory board. For Norway and Sweden...

  15. Structure, Employment and Performance in Biotech Firms

    DEFF Research Database (Denmark)

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

    2006-01-01

    biotech firms in a relevant context we compare a Danish segment of biotech firms with a matching Swedish segment.From an overall assessment modern biotechnology, despite the three decades elapsed since the first genetic manipulation, is still in a stage of experimentation, learning how to turn its new...... tools and approaches into an operational, reliable, cost-effective technology, sufficiently `pluggable' with other technologies. Therefore employment directly related to biotech is particularly visible and identifiable in firms focused on R&D. Outside this core of R&D activity other industries appear...... as early adopters of biotech, but only parts of their activities relate to modern biotechnology. From the outside it is difficult to isolate what share of their employment is attributable to their activities within biotechnology.In pursuit of clarity on the role of biotechnology this report studies...

  16. Rate of Failure of Czech Family Firms

    Directory of Open Access Journals (Sweden)

    Ondřej Machek

    2016-06-01

    Full Text Available Family business is becoming a promising area of research in post-socialist countries, including the Czech Republic. Stability belongs to frequently cited properties of family firms. The goal of this article is to test the hypothesis whether family firms tend to have a lower rate of failure than their non-family counterparts. Using a sample of 1148 family and 5972 non-family firms in the Czech Republic, we find that there is no significant relationship between family involvement and rate of failure. A possible greater stability of family businesses is not necessarily linked with a lower rate of bankruptcy. We also discuss possible reasons and policy implications.

  17. Examining internationalization of the professional services firm

    DEFF Research Database (Denmark)

    Skaates, Maria Anne

    2003-01-01

    This study examines three Danish architectural firms' market-seeking internationalization efforts on the German market of the nineties, (a) to find suitable descriptive models of architectural and other professional service firms' project acquisition and internationalization efforts and (b......) to develop hypothetical prepositions for future testing. Due to the small population of Danish architectural firms and the very spread and eclectic body of research on the marketing of projects such as architectural projects, the study encompasses mainly qualitative case research as well as an abductive......, explorative-integrative approach to the scrutiny of existing theories and models. Key contributions of the Industrial Marketing and Purchasing (IMP) group of researchers and its subgroup, the International Network for Project Marketing and Systems Selling (INPM), are scrutinized, as are elements of the French...

  18. Managerial capability for innovation in tourism micro firms

    OpenAIRE

    Kearney, Arthur

    2015-01-01

    Managerial capability for innovation is posited to provide firms with new and sustainable sources of competitive advantage. Micro firm innovation is argued to exist at various levels, for example product, process and marketing innovation. It is unclear how managers of micro firms perceive innovation. While considerable research has been undertaken on the nature and effectiveness of management in a micro firm context, there is limited understanding of how micro firm innovation is managed. T...

  19. Monopolistic Competition, International Trade and Firm Heterogeneity

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Hansen, Jørgen Drud; Kvedaras, Virmantas

    This paper presents a dynamic international trade model based on monopolistic competition, where observed intra-industry differences at a given point in time reflect different stages of the firm's life cycle. New product varieties of still higher quality enter the market every period rendering old...... varieties obsolescent in a process of creative destruction. For given technology (variety) production costs decrease after an infant period due to learning. It is shown that several patterns of exports may arise depending primarily on the size of fixed trade costs. At a given point in time firms therefore...

  20. Entrepreneurial Orientation in Small Established Firms

    DEFF Research Database (Denmark)

    Middel, Rick; Lassen, Astrid Heidemann; Laugen, Bjørge Timenes

    2010-01-01

    by discussing how small established firms exhibit entrepreneurial orientation and how does this influence their involvement in development of radical innovation. Through the case studies it became apparent that the small established firms do embody several characteristics which can be associated both...... with the ability to be radical innovative as well as being able to exploit such innovation. Across the cases several patters of the influence of an entrepreneurial orientation in radical innovation processes have been identified. In particular it was illustrated how the use of pro-activeness, risk...

  1. Firm size diversity, functional richness, and resilience

    Science.gov (United States)

    Garmestani, A.S.; Allen, Craig R.; Mittelstaedt, J.D.; Stow, C.A.; Ward, W.A.

    2006-01-01

    This paper applies recent advances in ecology to our understanding of firm development, sustainability, and economic development. The ecological literature indicates that the greater the functional richness of species in a system, the greater its resilience - that is, its ability to persist in the face of substantial changes in the environment. This paper focuses on the effects of functional richness across firm size on the ability of industries to survive in the face of economic change. Our results indicate that industries with a richness of industrial functions are more resilient to employment volatility. ?? 2006 Cambridge University Press.

  2. The Firm as Transaction Cost Economics Concept

    OpenAIRE

    Tchipev, Plamen D

    2003-01-01

    This is a draft English translation of the paper The Firm as Transaction Cost Economics Concept/ Фирмата в Теорията на транзакционните разходи which has been published in the “National Scientific Conference on Political Economy. Proceedings Volume”, Ruse: Publishing Centre of the Ruse University, 2016 Abstract: Within the framework of the mainstream neoclassical model, the existence of the firm creates serious theoretical difficulties. Major attempt to overcome them, leads to applicatio...

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

    Directory of Open Access Journals (Sweden)

    Pathirawasam Chandrapala

    2013-01-01

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

  4. Relationships Between Firm Characteristics and Export Constraints ...

    African Journals Online (AJOL)

    Relationships Between Firm Characteristics and Export Constraints in SME Exporters. Zororo Muranda. Abstract. No Abstract Available Zambezia (2003), XXX (i): 89-107. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · http://dx.doi.org/10.4314/zjh.v30i1.6737.

  5. Firm break-up and performance

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Hanousek, Jan

    2012-01-01

    Roč. 13, č. 2 (2012), s. 121-143 ISSN 1435-6104 R&D Projects: GA ČR GA402/09/1595 Institutional support: PRVOUK-P23 Keywords : break-up of firms * corporate performance * ownership changes Subject RIV: AH - Economics Impact factor: 0.588, year: 2012

  6. 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.

  7. Industrial Dynamics Beyond the Lead Firms

    DEFF Research Database (Denmark)

    Haakonsson, Stine Jessen; Slepniov, Dmitrij

    2013-01-01

    Since the turn of the millennium, China has developed into a core location for the wind energy industry and is today the largest market for wind turbines. These developments have caught attention among scholars. However, most research is on the development of the market and the lead firm strategi...

  8. Risk Management Practices: The Ghanaian Firms' Perspective ...

    African Journals Online (AJOL)

    Using a quantitative approach the findings of the study are that Ghanaian firms understand risk and risk management. Additionally, operational, liquidity and credit risk are the most dominant risks experienced while risk identification and selection jointly determine risk management practices in Ghana. Based on the findings ...

  9. Neighbourhood Effects on Firm Success and Strategy

    NARCIS (Netherlands)

    Sleutjes, B.W.H.|info:eu-repo/dai/nl/314117415

    2012-01-01

    The main objective of this dissertation is to provide new insights on the relationship between local firms and their neighbourhoods. As a result of economic transitions and several societal developments over the past 50 years, residential neighbourhoods have developed from being places where people

  10. Industrial environmental practices in Polish Firms

    DEFF Research Database (Denmark)

    Kræmer, Trine Pipi

    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, a...

  11. Which Way for the Kenyan Manufacturing Firms?

    African Journals Online (AJOL)

    User

    2011-07-21

    Jul 21, 2011 ... sub-Saharan Africa (SSA), the Kenyan economy remains predominantly ... relationships. The first strand stresses the self-selection of more productive firms into export market. Robert and Tybou., (1997), Bernard and Jensen, ..... geographical productivity differences, Nairobi is used as a reference point.

  12. Strategic delegation of responsibility in competing firms

    NARCIS (Netherlands)

    de Bijl, P.W.J.

    1995-01-01

    This paper investigates the strategic impact of organizational design on product market competition. In a duopoly model of horizontal and vertical product differentiation, each firm's manager can impose a product location, or delegate responsibility to select product location to his subordinate. The

  13. Demography of the firm : A useful metaphor?

    NARCIS (Netherlands)

    van Wissen, LJG

    2002-01-01

    Demography of the firm is an interdisciplinary research field of economics, sociology and economic geography. Although the name suggests otherwise, demographic input has been limited until recently. This article argues that the demographic viewpoint may lead to added value. The metaphor is relevant,

  14. New Approach to Interpret the Firm Evolution

    Directory of Open Access Journals (Sweden)

    Seyed Amir Yazdanparast Abatari

    2017-01-01

    Full Text Available Abstract  This article is a preliminary step to introduce a new approach for interpreting how a firm evolves. The core idea of this approach is to verify the firms as the dynamic organization which can change and gain different trait upon time. The change and adaption mechanism can be explained through evolutionary theory. This approach could be used as a good tool to interpret reaction of firms to future environmental and internal changes. To achieve this goal, the firm has been defined as a set of Resource, Ideas and capabilities (RIC. As evolutionary theory has been adopted, a wining rule needs to be determined for selection and struggle process. This winning rule has been developed using the transaction cost theory to verify the effect of this so called RIC mechanism, over 200 hours’ interview has been set up to identify and trace a changing capability in Iranian Construction industry. Applying this view to gathered information shows the power of this method for analyzing the firm’s capabilities.

  15. Industry diversity, competition and firm relatedness

    DEFF Research Database (Denmark)

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

    2017-01-01

    This study investigates the extent to which indicators of external scale economies impacted employment growth in Canada over the period 2004-2011. We focus on knowledge spillovers between firms while accounting for Marshallian specialization, Jacobs’ diversity, and competition by industry, as well...

  16. Macroeconomic shocks and firms' labor adjustment

    DEFF Research Database (Denmark)

    Eriksson, Tor

    2013-01-01

    This article discusses some recent research which aims at producing evidence on how firms adjust their employment in response to output shocks using micro-level data and with a particular focus on the relationship between worker and job flows. The evidence presented is mainly based on Danish data...

  17. Dynamic Embeddedness in Chinese Firm Internationalization

    DEFF Research Database (Denmark)

    Lattemann, Christoph; Alon, Ilan; Spigarelli, Francesca

    2017-01-01

    This paper presents a multi-level framework to analyze the motivations and location choices of Chinese OFDIs. We contribute to theory-integration on Chinese OFDI flows and patterns by suggesting a framework that combines country-, industry- and firm-level analyses and by reflecting aspects from t...

  18. The innovative behaviour of tourism firms

    DEFF Research Database (Denmark)

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

    2007-01-01

    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...

  19. Public Funds and Local Biotechnology Firm Creation

    NARCIS (Netherlands)

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

    2014-01-01

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

  20. Information and Communication Technology Clusters, Local Firm ...

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

    Information and Communication Technology Clusters, Local Firm Performance, and Employment Generation. As countries steadily increase the share and value of knowledge, information, and services in their economies, governments have been crafting policies to attract foreign investment and establish large ...

  1. Consumer Informedness and Firm Information Strategy

    NARCIS (Netherlands)

    T. Li (Ting); R.J. Kauffman (Robert); H.W.G.M. van Heck (Eric); P.H.M. Vervest (Peter); B.G.C. Dellaert (Benedict)

    2013-01-01

    textabstractConsumer informedness plays a critical role in determining consumer choice in the presence of infor- mation technology (IT) deployed by competing firms in the marketplace. Using data collected through a series of stated choice experiments in two different research contexts, we examine

  2. Essays on Innovation Generation in Incumbent Firms

    NARCIS (Netherlands)

    E. Keko (Elio)

    2017-01-01

    textabstractThis dissertation aims to enhance our understanding of how incumbent firms organize innovation in response to the challenges and opportunities they face. The first paper focuses on understanding all components of the complex innovation ecosystem. In this chapter we synthesize the

  3. Human capital and wages in exporting firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    2008-01-01

    This paper studies the link between the education level of workers, export performance and wages. We argue that firms may escape intense competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results. Using a...

  4. What Firms Leave Multi-Stakeholder Initiatives?

    DEFF Research Database (Denmark)

    Rasche, Andreas; Larsen, Mathias Lund; Gwozdz, Wencke

    and publicly-listed firms; that early adopters face a higher risk of being delisted; and that the presence of a local network in a country reduces the likelihood of being delisted. We theorize that MSIs face a participant self-selection bias over time and that local networks enable legitimacy spillover effects...

  5. Weak Measurement and Quantum Correlation

    Indian Academy of Sciences (India)

    Arun Kumar Pati

    The concept of the weak measurements, for the first time, was introduced by Aharonov et al.1. Quantum state is preselected in |ψi〉 and allowed to interact weakly with apparatus. Measurement strength can be tuned and for “small g(t)” it is called 'weak measurement'. With postselection in |ψf 〉, apparatus state is shifted by an ...

  6. Are Family Firms Better Performers during Financial Crisis?

    DEFF Research Database (Denmark)

    Zhou, Haoyong

    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...... (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...... whether I use market performance measure (Tobin’s Q) or accounting performance measure (Operating Return on Assets (OROA)). However, family firms with founder presence (as CEO, a board member or a significant blockholder) outperform by 18 percent relative to non-family firms in OROA. Tobin’s Q of founder...

  7. Advertising Spending, Firm Performance, and the Moderating Impact of CSR

    DEFF Research Database (Denmark)

    Assaf, A. George; Josiassen, Alexander; Ahn, Jin Sun

    2017-01-01

    This article investigates the potential of corporate social responsibility (CSR) to influence the link between advertising spending and firm performance. Drawing upon the literature of CSR, we hypothesize that CSR positively moderates the relationship between advertising spending and firm...... performance. We focus on two types of firm performance: sales and firm value. Using two samples from both the hotel and restaurant industries, we found that firms with higher levels of CSR enjoy higher returns on advertising spending than firms with lower levels of CSR. We discuss the theoretical...

  8. Does the Size of Board of Directors and Executives affect Firm Performance in Malaysian Listed Firms?

    National Research Council Canada - National Science Library

    Maziar Ghasemi; Nazrul Hisyam Ab Razak

    2016-01-01

    .... Based on GMM regressions on a sample of 267 companies listed on Bursa Malaysia during 2010-2013, it is found that the board size and executive ratio have a positive impact on the firm profitability...

  9. Dividend Policy and Firm Performance: A Study of Listed Firms in Nigeria

    OpenAIRE

    Uwuigbe, Uwalomwa; Jafaru, Jimoh; Anijesushola AJAYI

    2012-01-01

    This study basically investigates the relationship between the financial performance and dividend payout among listed firms’ in Nigeria. It also looks at the relationship between ownership structure, size of firms and the dividend payouts. The annual reports for the period 2006-2010 were utilized as the main source of data collection for the 50 sampled firms. The regression analysis method was employed as a statistical technique for analysing the data collected. We find that there is a signif...

  10. Does it pay firms to register for taxes ? the impact of formality on firm profitability

    OpenAIRE

    McKenzie, David; Sakho, Yaye Seynabou

    2007-01-01

    This paper estimates the impact of registering for taxes on firm profits in Bolivia, the country with the highest levels of informality in Latin America. A new survey of micro and small firms enables the authors to control for a rich set of measures of owner ability and business motivations that can affect both profits and the decision to formalize. The paper identifies the impact of tax r...

  11. The influence of entrepreneurial intensity and capabilities on internationalisation and firm performance

    Directory of Open Access Journals (Sweden)

    Boris Urban

    2015-05-01

    Full Text Available International entrepreneurship represents the process of discovering and creatively exploiting opportunities that exist outside a firm’s national borders in order to obtain a competitive advantage. Firms in emerging economies are increasingly looking towards internationalisation since they are faced with rising competition in their domestic markets and attracted to opportunities in foreign markets. This article investigates international entrepreneurship by examining how the influence of entrepreneurial intensity and capabilities at the firm level influence performance, while at the same time considering environmental influences on this relationship. Based on past theoretical and empirical findings, hypotheses are formulated and then tested using correlational and regression analysis. Generally, the results support the hypotheses where both entrepreneurial intensity and capabilities are positively related to internationalisation and firm performance, while weak evidence is found for environmental hostility as a moderating influence. Several recommendations are made in light of the findings, where it is suggested that firms foster higher levels of innovativeness, risk-taking and proactiveness while developing human, social and technology related capabilities in order to enhance their performance and increase their levels of internationalisation.

  12. The UN global compact and firms from emerging economies

    OpenAIRE

    Çetindamar, Dilek; Cetindamar, Dilek

    2013-01-01

    This paper will focus on the role of corporate social responsibility (CSR) on the environmental behavior of firms. The empirical study was conducted in 2004 among Turkish firms that included members of United Nations Global Compact network.

  13. 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.

  14. Collaboration across borders : Benefits to firms in an emerging economy

    NARCIS (Netherlands)

    Krishnan, R.; Noorderhaven, N.G.; Eapen, A.; Verbeke, A.; Merchant, H.

    2012-01-01

    Business firms increasingly engage in collaborative relationships with other firms in order to further their interests (Hergert and Morris, 1988; Hagedoorn, 1995). This phenomenon has attracted considerable academic interest (Contractor and Lorange, 1988; Harrigan, 1988; Kogut, 1988; Osborn and

  15. Financial centers and firm performance during the crisis period

    DEFF Research Database (Denmark)

    Farooq, Omar; El Ouadrhiri, Khadija

    2014-01-01

    How does location of a firm’s headquarter impact its performance during the crisis period? This paper answers this question by using the data from India. Our results show that firms headquartered in Mumbai, the main financial center of the country, significantly outperform other firms during...... the recent global financial crisis. We argue that firms headquartered in the financial center have better information environment than other firms. One of the channels via which improvement in information environment takes place is the clustering of firms in the financial center. We believe that, for any...... given level of resources, it is relatively cost effective for stock market participants to expend their resources on clustered firms to obtain value relevant information than on dispersed firms, thereby improving information environment of firms headquartered in the financial centers relative to other...

  16. Constructing Business Models around Identity : Tensions in Architectural Firms

    NARCIS (Netherlands)

    Bos-De Vos, M.; Volker, L.; Chan, Paul W; Neilson, Christopher J.

    2017-01-01

    Architectural firms experience difficulties to establish healthy and sustainable business models as they have to reconcile the often-competing value systems that they are based upon. Organizational members continuously negotiate professional values and beliefs with the firm's commercial goals,

  17. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... with standard firm characteristics, our results suggest a fundamental change in firms’ financial policies: In the second half of the sample period, both established firms and IPO firms exhibit substantially higher (lower) cash (net debt leverage) levels than predicted. The unexpected changes among established...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  18. FRANCE at CERN - Visit of Firms

    CERN Multimedia

    C. Laignel

    2007-01-01

    From 4 to 5 June 2007 Administration Building Bldg 61 - 1st floor - Room B 09.00 - 17.30 Eighteen companies will present their latest technology at the 'France at CERN' exhibition. French industry will exhibit products and technologies which are related to the field of particle physics. 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 department secretariat or from the Purchasing web pages at the following URL http://fi-dep.web.cern.ch/fi-dep/structure/memberstates/exhibitions_visits.htm The main subjects are: mechanical engineering, electrical engineering, electronics, data processing, various supplies and civil engineering and buildings. The exhibition is organised by UBIFRANCE, the French Committee for Trade Events Abroad. The list of exhibitors is given below. LIST OF EXHIBITORS: 40-30 ACC LA JONCHERE ...

  19. FRANCE AT CERN - VISIT OF FIRMS

    CERN Multimedia

    C. Laignel / FI-DI

    2007-01-01

    From 4 to 5 June 2007 Administration Building Bldg 61 - 1st floor - Room B 09.00 - 17.30 Seventeen companies will present their latest technology at the 'France at CERN' exhibition. French industry will exhibit products and technologies which are related to the field of particle physics. 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 Purchasing web pages at the following URL http://fi-dep.web.cern.ch/fi-dep/structure/memberstates/exhibitions_visits.htm The main subjects are: mechanical engineering, electrical engineering, electronics, data processing, various supplies and civil engineering and buildings. The exhibition is organised by UBIFRANCE, the French Committee for Trade Events Abroad. You will find below the list of exhibitors. LIST OF EXHIBITORS: 40-30 ACC LA JONCHE...

  20. Diversification patterns and survival as firms mature

    DEFF Research Database (Denmark)

    Coad, Alexander Jean-Luc; Guenther, C.

    2013-01-01

    into new submarkets). Our analysis reveals four main insights. First, we observe that firms have lower diversification rates as they grow older, and that eventually diversification rates even turn negative for old firms on average (where negative diversification corresponds to exit from certain product......We focus on the relationship between age and diversification patterns of German machine tool manufacturers in the post-war era. We distinguish between 'minor diversification' (adding a new product variation within a familiar submarket) and 'major diversification' (expanding the product portfolio....... Fourth, survival estimations reveal that diversification activities reduce the risk of exit in general and to a varying degree at different ages. These results are interpreted using Penrosean growth theory....

  1. Firm behavior, environmental externalities and public policy

    Science.gov (United States)

    Curtis, Earnest Markell, IV

    This dissertation consists of three essays which examine environmental policy, employer mandates and energy consumption. The essays explore how firms respond to government policies such as environmental regulation and employer mandates. Understanding how firms adjust to government policies is crucial to law makers attempting to design optimal policies that maximize net benefits to society. The first essay, titled Who Loses under Power Plant Cap-and-Trade Programs tests how a major cap-and-trade program, known as the NOx Budget Trading Program (NBP), affected labor markets in the region where it was implemented. The cap-and-trade program dramatically decreased levels of NOx emissions and added substantial costs to energy producers. Using a triple-differences approach that takes advantage of the geographic and time variation of the program as well as variation in industry energy-intensity levels, I examine how employment dynamics changed in manufacturing industries whose production process requires high levels of energy. After accounting for a variety of flexible state, county and industry trends, I find that employment in the manufacturing sector dropped by 1.7% as a result of the NBP. Young workers experienced the largest employment declines and earnings of newly hired workers fell after the regulation began. Employment declines are shown to have occurred primarily through decreased hiring rates rather than increased separation rates, thus mitigating the impact on incumbent workers. The second essay, titled Evaluating Workplace Mandates with Flows versus Stocks: An Application to California Paid Family Leave uses an underexploited data set to examine the impact of the California Paid Family Leave program on employment outcomes for young women. Most papers on mandated benefits examine labor outcomes by looking at earnings and employment levels of all workers. Examining these levels will be imprecise if the impacts of the program develop over time and firms are wary

  2. Industrial dynamics beyond the lead firms

    DEFF Research Database (Denmark)

    Haakonsson, Stine Jessen; Slepniov, Dmitrij

    Since the turn of the millennium, China has developed into a core location for the wind energy industry and is today the largest market for wind turbines. These developments have caught attention among scholars. However, most research is on the development of the market and the lead firm strategies...... for market access or on innovation, capability building and technology transfer in the industry. The main objective of this paper is to look ‘beyond the lead firms’. We seek to advance the understanding of how the recent changes in the industry affect producers of key components and their role...... in the industry. The paper employs a qualitative methodology, which draws on explorative case studies of sub-suppliers in the wind turbine industry in China. A special empirical focus is on the first tier sub-suppliers. As the Western lead firms establish themselves in China, the sub-suppliers also have...

  3. Visit of UK firms at CERN

    CERN Multimedia

    FP Department

    2011-01-01

    24 – 25 NOVEMBER 2011 09h00 to 17h00 Thursday 24 November 09h00 to 17h00 Friday 25 November 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/en/content/Industrial-Exhibitions List of Companies: • AWS Electronics • Cryogenic • Hytec Electronics • Industrial Electronic Wiring • M G Sanders • MDC Vacuum • MM Microwave • Premier Building and Engineering • Russel Ductile Castings • Tadley Engineering • NDSL For further information please contact Claudia Bruggmann Furlan GS-IS-LS 73312 or Caroline Laignel GS-DI 73722.

  4. 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).

  5. The Role of Family in Family Firms

    OpenAIRE

    Marianne Bertrand; Antoinette Schoar

    2006-01-01

    History is replete with examples of spectacular ascents of family businesses. Yet there are also numerous accounts of family businesses brought down by bitter feuds among family members, disappointed expectations between generations, and tragic sagas of later generations unable to manage their wealth. A large fraction of businesses throughout the world are organized around families. Why are family firms so prevalent? What are the implications of family control for the governance, financing an...

  6. Mission Power and Firm Financial Performance

    OpenAIRE

    Téllez, Diego; Godoy, Jésus

    2017-01-01

    We estimate the effect from mission statement on firm financial performance in a sample of Colombian companies. The mission power, a latent variable defined by using tools from word content analysis, is included in a structural equation model to compute its impact across two channels: the profit margin and the assets turnover. Our estimates show that the no-significant impact of mission statement, which is documented in the literature, may be caused by the opposite effect that sales amount in...

  7. Entry modes of European firms in Vietnam

    OpenAIRE

    Daniel Simonet

    2012-01-01

    Purpose: The purpose of the paper is to explore the entry modes of EU firms setting up operations in Vietnam. Design/methodology/approach: we use a case study approach on Haymarket, Cadbury, Creative Education, Fairchild, Aventis and Artemisinin and Farming International using interviews from managerial professionals in Vietnam. Findings: Despite the fact that Vietnam has been opening up for more than 20 years, licensing is the preferred entry mode because of the risks involved in ventur...

  8. Multinational Firm Tax Avoidance and Tax Policy

    OpenAIRE

    Clausing, Kimberly A.

    2009-01-01

    This paper considers the tax policy consequences of both real and financial types of international tax avoidance, focusing on U.S. multinational firms over the period 1982–2004. First, income shifting is examined by estimating the relationship between U.S. affiliate profit rates and foreign country tax rates. Second, the effects of taxes on multinational firms’ real operations across countries are considered. Estimates of both financial and real responsiveness to tax rate differences among co...

  9. Why do Indian firms go abroad?

    OpenAIRE

    Balasubramanyam, Vudayagi; Forsans, N

    2013-01-01

    Overseas investments by the emerging economies are a feature of globalisation. Investments by Indian firms, though not large in volume, differ from that of other emerging economies such as China in their composition, destination and modality of investments. A relatively high proportion of their investments are in the manufacturing and services sectors of the developed economies such as the UK and the USA. A number of statistical studies have attempted to identify the factors motivating Indian...

  10. Dual Headquarters Involvement in Multibusiness Firms

    DEFF Research Database (Denmark)

    Nell, Phillip Christopher; Kappen, Philip; Dellestrand, Henrik

    The strategy literature has shown that headquarters involve themselves into subsidiary operations to add value. Yet, little is known about the extent to which multiple headquarters do so. Therefore, we investigate antecedents of corporate and divisional headquarters’ involvement in innovation...... of the firm) lead to greater dual headquarters involvement, especially when the innovation development network is large. The results contribute to the literature on complex parenting and theory of selective headquarters involvement....

  11. Do exporting firms benefit from retail internationalization? Evidence from France

    OpenAIRE

    Cheptea, Angela; Emlinger, Charlotte; Latouche, Karine

    2015-01-01

    We explore the link between globalization of the retail sector and the export activity of firms from their origin country. In a previous paper (Cheptea et al., 2015), we showed that exporting firms from countries with internationalized retail companies benefit more from this process than firms from other countries. Two mechanisms can explain this effect: a trade cost advantage for retailers' domestic suppliers, or a shift in foreign demand from which benefit all origin country firms. In this ...

  12. Growth of Incumbent Firms and Entrepreneurship in Vietnam

    OpenAIRE

    Enrico SANTARELLI; Tran, Hien Thu

    2011-01-01

    This paper analyzes the relationship between the performance of incumbent firms and the net entry of new firms by combining different theoretical views of entrepreneurship. It shows that new knowledge and ideas created but not commercialized by incumbents are an important source of entrepreneurial opportunities for nascent firms. Different regression models to treat dynamics and endogeneity issues are applied to test the research hypothesis that growth of incumbent firms in a region will stim...

  13. The Labor Managed Firm: Permanent or Start Subsidies?

    OpenAIRE

    Groot, L.F.M.; van der Linde, D.E.

    2015-01-01

    Given a range of market failures that persist in the present-day capitalist firm, we explore a novel argument of why the alternative of the labor managed firm is largely absent and argue public intervention should primarily be aimed at the start-up phase of labor managed firms rather than providing permanent tax subsidies. We derive the crucial condition for the emergence of labor managed firms, and show that this condition is unduly restrictive from an efficiency point of view.

  14. Autopoietic organization of firm: an illustration for the construction industry

    OpenAIRE

    Radosavljevic, Milan

    2001-01-01

    Generally poor productivity, delays, low profitability and exceeded budgets are Common problems in modern construction management, however it seems that a basic obstacle lies far deeper in the understanding of a firm's fundamental mission, its existence. The main objective of this paper therefore is to examine the operational living of a construction firm and by doing that to reveal the key problem or the solution for a construction firm - its organization. A firm as a social system in which ...

  15. Going, Going, Gone. Innovation and Exit in Manufacturing Firms

    OpenAIRE

    Cefis, Elena; Marsili, Orietta

    2007-01-01

    textabstractThis paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and capabilities of innovative firms make them an attractive target for the acquisition process of other firms, thereby increasing the likelihood of the exiting the market. We explore these effects empir...

  16. Internationalisation and the Innovation Activities of Services Firms

    OpenAIRE

    Siedschlag, Iulia; Killeen, Neil; Smith, Donal; O'Brien, Catriona

    2011-01-01

    PUBLISHED This paper examines the relationship between the internationalisation of firms in services and their innovation performance. We use firm?level data over the period 2004? 2006 and estimate an augmented structural model to account for the role of foreign direct investment and exporting on the innovation performance of services firms in Ireland. Our research shows that in comparison to firms serving only the Irish market, domestic exporters were more likely to engage ...

  17. The Performance of Optimally Diversified Firms: Reconciling Theory and Evidence

    OpenAIRE

    Gomes, Joao F; Livdan, Dmitry

    2002-01-01

    We construct an equilibrium model of firm diversification to show that the main empirical findings about firm diversification and performance are consistent with the maximization of shareholder value. In our model, diversification allows a firm to explore better productive opportunities while taking advantage of synergies. By explicitly linking the diversification strategies of the firm to differences in size and productivity, our model provides a natural laboratory to quantitatively investig...

  18. Evidence of Bootstrap Financing among Small Start-Up Firms

    OpenAIRE

    Howard E. Van Auken; Lynn Neeley

    1996-01-01

    This study examines the use of bootstrap financing for a sample of 78 firms in a Midwestern state. The results show that traditional sources of capital accounted for 65% of the firms' start-up capital and 35% of the start-up capital was obtained from bootstrap sources. A Chi-squared analysis indicates a significant difference between the percentage of (!) sole proprietorship versus other firms and (2) construction/manufacturing versus other types of firms using bootstrap financing as compared...

  19. Entry modes of European firms in Vietnam

    Directory of Open Access Journals (Sweden)

    Daniel Simonet

    2012-09-01

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

  20. Unbundled infrastructure firms: Competition and continuing regulation

    Science.gov (United States)

    Hogendorn, Christiaan Paul

    Unbundled infrastructure firms provide conduits for electricity transmission, residential communications, etc. but are vertically disintegrated from "content" functions such as electricity generation or world-wide-web pages. These conduits are being deregulated, and this dissertation examines whether the deregulated conduits will behave in an efficient and competitive manner. The dissertation presents three essays, each of which develops a theoretical model of the behavior of conduit firms in a market environment. The first essay considers the prospects for competition between multiple conduits in the emerging market for broadband (high-speed) residential Internet access. It finds that such competition is likely to emerge as demand for these services increase. The second essay shows how a monopoly electricity or natural gas transmission conduit can facilitate collusion between suppliers of the good. It shows that this is an inefficient effect of standard price-cap regulation. The third essay considers the supply chain of residential Internet access and evaluates proposed "open access" regulation that would allow more than one firm to serve customers over the same physical infrastructure. It shows that the amount of content available to consumers does not necessarily increase under open access.

  1. Resisting Weakness of the Will.

    Science.gov (United States)

    Levy, Neil

    2011-01-01

    I develop an account of weakness of the will that is driven by experimental evidence from cognitive and social psychology. I will argue that this account demonstrates that there is no such thing as weakness of the will: no psychological kind corresponds to it. Instead, weakness of the will ought to be understood as depletion of System II resources. Neither the explanatory purposes of psychology nor our practical purposes as agents are well-served by retaining the concept. I therefore suggest that we ought to jettison it, in favour of the vocabulary and concepts of cognitive psychology.

  2. 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. .

  3. Economical evaluation of the soil element in magnesite firm

    Directory of Open Access Journals (Sweden)

    Novek Zoltán

    2000-03-01

    Full Text Available In the paper "Economical evaluation of the soil element in magnezite firm" firm´s situation of the soil element is presented. Firm performes mining of the magnezite deposit, its elaboration, as well as its burning in rotary and shafted furnaces and producing magnezite bricks such is characterized by the proper ecological behaviour.

  4. Human capital, innovation and the distribution of firm growth rates

    NARCIS (Netherlands)

    Goedhuys-Degelin, M.D.L.; Sleuwaegen, L.

    2015-01-01

    This paper focuses on the occurrence of high-growth firms in relation to human capital and innovation. High-growth firms are rather exceptional and temporary phenomena and occur in the upper tail of the conditional firm growth distribution. Using quantile regression we study how human capital and

  5. New Firm Performance and the Replacement of Founder-CEOs

    DEFF Research Database (Denmark)

    Chen, Jing; Thompson, Peter

    2015-01-01

    the worst- and best-performing firms, with low (high)-ability founders replaced by manager with higher (lower) ability. Replacement is not unambiguously associated with better subsequent performance. Firms that replaced the founder were much more likely to fail, but the surviving firms among them grew...

  6. 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

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

    OpenAIRE

    Coad, Alex

    2008-01-01

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

  8. The Labor Managed Firm: Permanent or Start Subsidies?

    NARCIS (Netherlands)

    Groot, L.F.M.|info:eu-repo/dai/nl/073642398; van der Linde, D.E.

    2015-01-01

    Given a range of market failures that persist in the present-day capitalist firm, we explore a novel argument of why the alternative of the labor managed firm is largely absent and argue public intervention should primarily be aimed at the start-up phase of labor managed firms rather than providing

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  10. 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...

  11. 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

  12. An empirical analysis of capital structure decisions in Dutch firms

    NARCIS (Netherlands)

    de Jong, A.

    1999-01-01

    This Ph.D. thesis investigates capital structure decisions in Dutch firms. Firms are faced with the choice from a variety of sources of financing for the funding of their activities. These choices determine the firms' capital structures. Building on the well known theorems of Modigliani and Miller,

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

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Halliday, Timothy; Koch, Alexander

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

  14. Progression of HR Practices in Danish Firms during Two Decades

    DEFF Research Database (Denmark)

    Eriksson, Tor

    This paper describes the spread of new work and pay practices in Danish private sector firms during the last two decades. The data source is two surveys directed at firms and carried out ten years apart. The descriptive analysis shows that large changes in the way work is organized in firms have...

  15. 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

  16. Global Sourcing of Heterogeneous Firms: Theory and Evidence

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    to Antràs & Helpman (2004). This model invokes the property rights theory of the firm in order to pin down firm boundaries as the outcome of an interaction between firm heterogeneity and the industry's sourcing intensity (i.e. the importance of inputs sourced from suppliers relative to headquarter inputs...

  17. Why do firms engage in forward-looking search?

    DEFF Research Database (Denmark)

    Jissink, Tymen; Rohrbeck, René; Huizingh, Eelko K.R.E.

    frame from recent propositions of the behavioural theory of the firm, prospect theory, and contingency theory. We utilize objective firm performance data from 2010 to 2014 and survey data from 2013/14 on forward-looking search practices and environmental perceptions. We find that firms that have...

  18. 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

  19. Statistical physics approaches to understanding the firm growth problem

    Science.gov (United States)

    Fu, Dongfeng

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

  20. 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.

  1. Weak Coupling Phases future directions

    CERN Document Server

    Rosner, Jonathan L.

    2003-01-01

    Recent results obtained from B decays on the phases of weak couplings described by the Cabibbo-Kobayashi-Maskawa (CKM) matrix are discussed, with particular emphasis on $\\alpha$ and $\\gamma = \\pi - \\beta - \\alpha$.

  2. 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.

  3. Weakly compact operators and interpolation

    OpenAIRE

    Maligranda, Lech

    1992-01-01

    The class of weakly compact operators is, as well as the class of compact operators, a fundamental operator ideal. They were investigated strongly in the last twenty years. In this survey, we have collected and ordered some of this (partly very new) knowledge. We have also included some comments, remarks and examples. The class of weakly compact operators is, as well as the class of compact operators, a fundamental operator ideal. They were investigated strongly in the last twenty years. I...

  4. Weak interactions of elementary particles

    CERN Document Server

    Okun, Lev Borisovich

    1965-01-01

    International Series of Monographs in Natural Philosophy, Volume 5: Weak Interaction of Elementary Particles focuses on the composition, properties, and reactions of elementary particles and high energies. The book first discusses elementary particles. Concerns include isotopic invariance in the Sakata model; conservation of fundamental particles; scheme of isomultiplets in the Sakata model; universal, unitary-symmetric strong interaction; and universal weak interaction. The text also focuses on spinors, amplitudes, and currents. Wave function, calculation of traces, five bilinear covariants,

  5. What Drives the Intellectual Property Output of High-Tech Firms? Regional-versus Firm-Level Factors

    NARCIS (Netherlands)

    C. Masiak (Christian); C.O. Fisch (Christian); J.H. Block (Jörn)

    2017-01-01

    textabstractThis study analyzes the effects of regional- and firm-level factors on the intellectual property (IP) output (i.e., patents and trademarks) of high-tech firms. So far, little is known on how regional factors influence the IP output of high-tech firms. We combine data on 8,317 German

  6. Acute muscular weakness in children

    Directory of Open Access Journals (Sweden)

    Ricardo Pablo Javier Erazo Torricelli

    Full Text Available ABSTRACT Acute muscle weakness in children is a pediatric emergency. During the diagnostic approach, it is crucial to obtain a detailed case history, including: onset of weakness, history of associated febrile states, ingestion of toxic substances/toxins, immunizations, and family history. Neurological examination must be meticulous as well. In this review, we describe the most common diseases related to acute muscle weakness, grouped into the site of origin (from the upper motor neuron to the motor unit. Early detection of hyperCKemia may lead to a myositis diagnosis, and hypokalemia points to the diagnosis of periodic paralysis. Ophthalmoparesis, ptosis and bulbar signs are suggestive of myasthenia gravis or botulism. Distal weakness and hyporeflexia are clinical features of Guillain-Barré syndrome, the most frequent cause of acute muscle weakness. If all studies are normal, a psychogenic cause should be considered. Finding the etiology of acute muscle weakness is essential to execute treatment in a timely manner, improving the prognosis of affected children.

  7. Precision metrology using weak measurements.

    Science.gov (United States)

    Zhang, Lijian; Datta, Animesh; Walmsley, Ian A

    2015-05-29

    Weak values and measurements have been proposed as a means to achieve dramatic enhancements in metrology based on the greatly increased range of possible measurement outcomes. Unfortunately, the very large values of measurement outcomes occur with highly suppressed probabilities. This raises three vital questions in weak-measurement-based metrology. Namely, (Q1) Does postselection enhance the measurement precision? (Q2) Does weak measurement offer better precision than strong measurement? (Q3) Is it possible to beat the standard quantum limit or to achieve the Heisenberg limit with weak measurement using only classical resources? We analyze these questions for two prototypical, and generic, measurement protocols and show that while the answers to the first two questions are negative for both protocols, the answer to the last is affirmative for measurements with phase-space interactions, and negative for configuration space interactions. Our results, particularly the ability of weak measurements to perform at par with strong measurements in some cases, are instructive for the design of weak-measurement-based protocols for quantum metrology.

  8. Organizational Ecology and Industrial Organization; Old Firms in the Netherlands

    OpenAIRE

    Brouwer, Aleid Elizabeth

    2001-01-01

    This paper will be written as a part of my Ph.D. research. Old firms in the Netherlands' which is a research project in the theme of the demography of firms in the research school Systems, Organizations and Management from the University of Groningen, the Netherlands. The demography of firms is relatively new in the Spatial Sciences but nevertheless this is a subject with a long history in other fields of research. The demography of firms is the study of the changes in the population of firms...

  9. The Dispersion of Employees' Wage Increase and Firm Performance

    DEFF Research Database (Denmark)

    Grund, Christian; Westergård-Nielsen, Niels Chr.

    2008-01-01

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

  10. 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 types...... of mobility interact is important for understanding earnings growth. Cross-firm moves at the non-executive level provide sizeable short-run earnings growth (similar to the effect of being promoted to an executive position). These gains, however, appear modest compared with the persistent impact on earnings...... growth of promotions (either within or across firms) and subsequent mobility at a higher hierarchy level....

  11. Debt and Taxes: Evidence from bank-financed unlisted firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cesário

    and funding sources. It is argued that the solution of agency and asymmetric information problems for large firms shows up on the balance sheet (as restrictions on debt) whereas for small firms these problems are solved by financial institutions and are therefore less apparent on the balance sheet. This makes...... it easier for small firms to exploit tax advantages of debt. The empirical analysis shows that debt tax shields and provisions for tax loss carry-forwards have an important impact on the capital structure of small firms. It is also found that the balance sheet variables used for large listed firms...

  12. FEATURES CONCERNING THE ESTABLISHMENT OF AUTHORIZED INDIVIDUAL AND FAMILY FIRMS

    Directory of Open Access Journals (Sweden)

    CLAUDIA ISAC

    2014-12-01

    Full Text Available This paper presents recent legislative changes relating to the establishment and organization of small firms as: The individual firm, the family firm, Authorized individuals (PFA. Thus, in the first part of the paper I present the main features and advantages of the three types of firms, and a comparison between them. The paper continues with the necessary documents for setting up the companies and highlights their role in economic advances. In the second part of the paper, I did a statistical analysis of the evolution of the number of firms of this type and the sectors in which they operate.

  13. The (non)Theory of the Knowledge Firm

    OpenAIRE

    Paul Walker

    2008-01-01

    This paper argues that the mainstream approaches to the theory of the firm do not provide a theory of the human capital based or knowledge based firm. We examine the textbook (neoclassical) theory of the firm, the transaction cost model, the incentive-system approach and the Grossman Hart Moore approach to the firm and argue that none of them are able to fully capture the changes to the firm that the movement towards a knowledge economy entails. We also consider the effects of knowledge on th...

  14. Corporate Diversification and Firm Performance: Evidence from Asian Hotel Industry

    Directory of Open Access Journals (Sweden)

    Ooi Chai-Aun

    2014-01-01

    Full Text Available The unstable environment of hotel industry which is driven by the fluctuation of tourism demand has motivated this study to look into the best diversification strategy for firm performance betterment. 42 hotel firms are investigated across 4 Asian economies, from year 2001 to 2012. Our results suggest that unrelated industrial diversification is the only alternative to improve hotel firm performance. Unrelated international diversification instead has a significant negative effect towards firm performance. Our results further show that board of directors implies a significant link to the relationship between diversification and firm performance, only in a crisis period.

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

    DEFF Research Database (Denmark)

    Sponholtz, Carina

    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...... governance issues they face. Our simple methodology 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 turnover. Finally, the inverse relationshipbetween firm performance and CEO turnover......-employee data to study CEO turnover. Using this data we contribute tothe existing literature by examining the effect of previously unstudied individual characteristics on CEO turnover. Additionally, we are able toexamine CEO turnover across a variety of firm types that di¤er with respect to the corporate...

  16. The Impacts of Different Expansion Modes on Performance of Small Solar Energy Firms: Perspectives of Absorptive Capacity

    Directory of Open Access Journals (Sweden)

    Hsing Hung Chen

    2013-01-01

    Full Text Available The characteristics of firm’s expansion by differentiated products and diversified products are quite different. However, the study employing absorptive capacity to examine the impacts of different modes of expansion on performance of small solar energy firms has never been discussed before. Then, a conceptual model to analyze the tension between strategies and corporate performance is proposed to filling the vacancy. After practical investigation, the results show that stronger organizational institutions help small solar energy firms expanded by differentiated products increase consistency between strategies and corporate performance; oppositely, stronger working attitudes with weak management controls help small solar energy firms expanded by diversified products reduce variance between strategies and corporate performance.

  17. 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.

  18. Look Who’s Talking: Corporate Philanthropy and Firm Disclosure

    Directory of Open Access Journals (Sweden)

    Barbara R Bartkus

    2015-01-01

    Full Text Available In the U.S., many, if not most, firms donate resources to charitable causes. Although scholars and managers have argued that corporate support of charitable causes enhances corporate reputation, research indicates that the public is generally unaware of corporate donations. Many firms do not disclose their philanthropy, and empirical research of corporate social responsibility and corporate philanthropy have not investigated the issue of disclosure of firm giving.  This study investigates why some firms publicize their corporate philanthropy and others do not. Findings indicate that more socially responsible firms and firms with corporate- sponsored charitable foundations are more likely to disclose their corporate philanthropy in outlets that can be viewed by the public. The study also found that differentiation and firm size are not associated with disclosure of corporate philanthropy.

  19. Value Creation Logics and Internationalization of Service Firms

    DEFF Research Database (Denmark)

    Ørberg Jensen, Peter D.; Petersen, Bent

    2014-01-01

    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....... The thrust of this study is that value creation logics, a construct originally developed by Stabell and Fjeldstad (1998) can assist us in better understanding why and how service firms internationalize. We extend this construct and propose that the internationalization of service firms must be based...... 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...

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

    Directory of Open Access Journals (Sweden)

    Norazlan Alias

    2004-01-01

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

  1. 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...

  2. Debt and taxes for private firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cèsario

    2011-01-01

    This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....

  3. Exporting licensing regulations affecting US geothermal firms

    Energy Technology Data Exchange (ETDEWEB)

    1988-08-01

    This document presents a brief introduction and overview of the Department of Commerce's Export Administration Regulations which might affect potential US geothermal goods exporters. It is intended to make US geothermal firms officials aware of the existence of such regulations and to provide them with references, contacts and phone numbers where they can obtain specific and detailed information and assistance. It must be stressed however, that the ultimate responsibility for complying with the above mentioned regulations lies with the exporter who must consult the complete version of the regulations.

  4. Immigrants’ initial firm allocation and earnings growth

    Directory of Open Access Journals (Sweden)

    Wen Ci

    2017-05-01

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

  5. Visit at the German firm ACCEL

    CERN Multimedia

    CERN Audiovisual Unit

    2001-01-01

    The German firm ACCEL Instruments was entrusted both with the construction of the LHC quadrupole magnets themselves, and with their assembly into the cold masses together with various combinations of corrector magnets produced by other European manufacturers. ACCEL Instruments adapted two huge, almost abandoned industry halls to create a brand-new dedicated factory, with all the necessary tooling installed. From mid-2001, engineers and technicians from CERN and CEA-Saclay ensured the technology transfer and the technical follow-up of the fabrication.

  6. Developing marketing system for civil engineering firm

    Directory of Open Access Journals (Sweden)

    Jovićević Ratko

    2006-01-01

    Full Text Available In this paper intention was to reveal insufficient connection between theory and practice in civil engineering as indispose condition for more efficient solving problems which products unstable environment of engineering firms. Successful connection between theory and practice, when we talk about marketing in civil engineering, did not develop at satisfied way. Civil engineering is, in aspect of implementation of modern philosophy of marketing, in big residue related to the other spices of economy. In that order we want to appoint on possibility to resolve this discrepancy.

  7. Quantum discord with weak measurements

    Energy Technology Data Exchange (ETDEWEB)

    Singh, Uttam, E-mail: uttamsingh@hri.res.in; Pati, Arun Kumar, E-mail: akpati@hri.res.in

    2014-04-15

    Weak measurements cause small change to quantum states, thereby opening up the possibility of new ways of manipulating and controlling quantum systems. We ask, can weak measurements reveal more quantum correlation in a composite quantum state? We prove that the weak measurement induced quantum discord, called as the “super quantum discord”, is always larger than the quantum discord captured by the strong measurement. Moreover, we prove the monotonicity of the super quantum discord as a function of the measurement strength and in the limit of strong projective measurement the super quantum discord becomes the normal quantum discord. We find that unlike the normal discord, for pure entangled states, the super quantum discord can exceed the quantum entanglement. Our results provide new insights on the nature of quantum correlation and suggest that the notion of quantum correlation is not only observer dependent but also depends on how weakly one perturbs the composite system. We illustrate the key results for pure as well as mixed entangled states. -- Highlights: •Introduced the role of weak measurements in quantifying quantum correlation. •We have introduced the notion of the super quantum discord (SQD). •For pure entangled state, we show that the SQD exceeds the entanglement entropy. •This shows that quantum correlation depends not only on observer but also on measurement strength.

  8. Warping the Weak Gravity Conjecture

    Directory of Open Access Journals (Sweden)

    Karta Kooner

    2016-08-01

    Full Text Available The Weak Gravity Conjecture, if valid, rules out simple models of Natural Inflation by restricting their axion decay constant to be sub-Planckian. We revisit stringy attempts to realise Natural Inflation, with a single open string axionic inflaton from a probe D-brane in a warped throat. We show that warped geometries can allow the requisite super-Planckian axion decay constant to be achieved, within the supergravity approximation and consistently with the Weak Gravity Conjecture. Preliminary estimates of the brane backreaction suggest that the probe approximation may be under control. However, there is a tension between large axion decay constant and high string scale, where the requisite high string scale is difficult to achieve in all attempts to realise large field inflation using perturbative string theory. We comment on the Generalized Weak Gravity Conjecture in the light of our results.

  9. Visit of Danish firms at CERN

    CERN Multimedia

    GS Department

    2012-01-01

    30 – 31 JANUARY 2012 09h00 to 17h00 Monday 30 January 09h00 to 17h00 Tuesday 31 January Individual interviews will take place in technicians’ offices. The firms will contact relevant users/technicians but any user wishing to make contact with a particular firm is welcome to use the contact details 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/en/content/Industrial-Exhibitions List of Companies: Axcon APS BB Electronics A/S B.Rustfrit Stal A/S CIM Industrial Systems A/S Danfysik A/S Develco A/S Eletronic A/S GPV Group Innoware A/S JLI Vision A/S NECAS A/S NKT Cables A/S Noliac A/S Röttger’s Vaerktoj A/S   For further information please contact Claudia Bruggmann Furlan  GS-IS-LS 73312 or Caroline Laignel GS-DI 73722.

  10. Risk Taking Propensity and Firm Internationalisation Process

    Directory of Open Access Journals (Sweden)

    Janusz Fudaliński

    2015-06-01

    Full Text Available The aim of this paper is to present necessary characteristics of solutions related to risk management in the conditions of high environment turbulence from the perspective of international businesses.The paper is based on extensive literature review, synthesized for preeminent conceptions of risk management within operations undertaken in international environment with its proper specifics. The paper is divided into four main parts. The first section presentsthe concept of business internationalisation in general. The dilemmas related to the idea of strategic risk application are discussed in the second passage. It is followed by a discussion on the risk undertaken by firms while entering into international markets. Finally, the paper presents the methods and models of risk management in international markets. Knowledge of risk management models fosters management focused on survival and development of the firm, including its international growth. The catalogue of formulas for minimizing presence of unfavourable phenomena and events for the company should be enriched by experiences from the area of project management processes and project formulas of business management. Present research may contribute to the construction of a rational model of the risk management process, in particular in the case of adoption of a development strategy based on the internationalisation.

  11. Fashion Brand Purity and Firm Performance

    Directory of Open Access Journals (Sweden)

    Jin-hui Zheng

    2013-01-01

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

  12. Visit of Belgian firms at CERN

    CERN Multimedia

    Caroline Laignel - FI

    2006-01-01

    3 - 4 APRIL 2006 9.00 a.m. to 5.00 p.m. Monday 3 April 9.00 a.m. to 5.00 p.m. Tuesday 4 April 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 Purchasing web pages at the following URL http://fi-dep.web.cern.ch/fi-dep/structure/memberstates/exhibitions_visits.htm List of Companies: Alcatel Alenia Space Etca ALM ATS Vanwers Cegelec SA Cherokee Europe Cincom Systems International SA DB Engineering BVBA FOS & S BVBA GDM Electronics NV Gemaco SA LMS International NV Management Centre Europe MD Technology Mecasoft SA N.E.T. Research Polmans SA Resarm Engineering Plastics SA Sogeti Belux Syreg SA Tein Telecom SA Groupe Vincott For further information please contact Mrs C. Laignel FI-DI 73722.

  13. 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...

  14. Effectiveness of regulatory interventions on firm behavior : a randomized field experiment with e-commerce firms

    NARCIS (Netherlands)

    Huizingh, Eelko; Mulder, Machiel

    2015-01-01

    Economic regulators use various instruments to stimulate SMEs to change their behavior, but limited evidence exists on the effectiveness of such interventions. We analyze the effectiveness of three ways of providing e-commerce firms guidance about the legal rules on information disclosure. The

  15. Cosmology and the weak interaction

    Energy Technology Data Exchange (ETDEWEB)

    Schramm, D.N. (Fermi National Accelerator Lab., Batavia, IL (USA)):(Chicago Univ., IL (USA))

    1989-12-01

    The weak interaction plays a critical role in modern Big Bang cosmology. This review will emphasize two of its most publicized cosmological connections: Big Bang nucleosynthesis and Dark Matter. The first of these is connected to the cosmological prediction of Neutrino Flavours, N{sub {nu}} {approximately} 3 which is now being confirmed at SLC and LEP. The second is interrelated to the whole problem of galaxy and structure formation in the universe. This review will demonstrate the role of the weak interaction both for dark matter candidates and for the problem of generating seeds to form structure. 87 refs., 3 figs., 5 tabs.

  16. Nonlinear waves and weak turbulence

    CERN Document Server

    Zakharov, V E

    1997-01-01

    This book is a collection of papers on dynamical and statistical theory of nonlinear wave propagation in dispersive conservative media. Emphasis is on waves on the surface of an ideal fluid and on Rossby waves in the atmosphere. Although the book deals mainly with weakly nonlinear waves, it is more than simply a description of standard perturbation techniques. The goal is to show that the theory of weakly interacting waves is naturally related to such areas of mathematics as Diophantine equations, differential geometry of waves, Poincaré normal forms, and the inverse scattering method.

  17. Effect of Corporate Governance Structure on the Financial Performance of Johannesburg Stock Exchange (JSE-Listed Mining Firms

    Directory of Open Access Journals (Sweden)

    Isaih Dzingai

    2017-06-01

    Full Text Available There have been many corporate collapses and financial crises in recent years linked to a lack of effective corporate governance. The South African King IV Code of Corporate Governance recommends that corporate governing bodies should be comprised of an appropriate balance of knowledge, diversity, and independence for discharging their duties objectively and more efficiently. This study examines the effect of corporate governance structures on firm financial performance. The secondary data of selected Johannesburg Stock Exchange (JSE, Socially Responsible Investment (SRI Index-listed mining firms’ sustainability reports, and integrated annual financial statements are used. Using panel data analysis of the random effects model, we determined the relationship between board independence and board size and the return on equity (ROE for the period 2010–2015. Results indicate a weak negative correlation between ROE and board size, and a weak, but positive, correlation between ROE and board independence. Additionally, there is a positive, but weak, correlation between ROE and sales growth, but a negative and weak relationship between ROE and firm size. The study suggests that effective corporate governance through a small effective board and monitoring by an independent board result in increased firm financial performance. We recommend that South African companies see compliance with the recommendations of the King IV Code on Corporate Governance not as a liability, but an ethical investment that may likely yield financial benefit in the long-term. Although complying with corporate governance principles does not necessarily translate into a significant economic benefit, firms should, however, continue to adopt corporate governance for ethical reasons to meet stakeholder’s social and environmental needs for sustainable development.

  18. Submanifolds weakly associated with graphs

    Indian Academy of Sciences (India)

    Sci. (Math. Sci.) Vol. 119, No. 3, June 2009, pp. 297–318. © Printed in India. Submanifolds weakly associated with graphs. A CARRIAZO, L M FERN ´ANDEZ and A RODRÍGUEZ-HIDALGO. Department of Geometry and Topology, Faculty of Mathematics, University of Sevilla,. Apartado de Correos 1160, 41080-Sevilla, Spain.

  19. Beam splitting on weak illumination.

    Science.gov (United States)

    Snyder, A W; Buryak, A V; Mitchell, D J

    1998-01-01

    We demonstrate, in both two and three dimensions, how a self-guided beam in a non-Kerr medium is split into two beams on weak illumination. We also provide an elegant physical explanation that predicts the universal character of the observed phenomenon. Possible applications of our findings to guiding light with light are also discussed.

  20. On Weak-BCC-Algebras

    Science.gov (United States)

    Thomys, Janus; Zhang, Xiaohong

    2013-01-01

    We describe weak-BCC-algebras (also called BZ-algebras) in which the condition (x∗y)∗z = (x∗z)∗y is satisfied only in the case when elements x, y belong to the same branch. We also characterize ideals, nilradicals, and nilpotent elements of such algebras. PMID:24311983

  1. Voltage Weak DC Distribution Grids

    NARCIS (Netherlands)

    Hailu, T.G.; Mackay, L.J.; Ramirez Elizondo, L.M.; Ferreira, J.A.

    2017-01-01

    This paper describes the behavior of voltage weak DC distribution systems. These systems have relatively small system capacitance. The size of system capacitance, which stores energy, has a considerable effect on the value of fault currents, control complexity, and system reliability. A number of

  2. Poverty Reduction and Economic Structure

    DEFF Research Database (Denmark)

    Arndt, Thomas Channing; Garcia, Andres; Tarp, Finn

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

  3. Adapting to Climate Change

    DEFF Research Database (Denmark)

    Arndt, Channing; Strzepek, Kenneth; Tarp, Finn

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

  4. How Third-Party CSR Evaluation Matters: Keeping Up with Rivals in CSR Performance Ratings of Korean Firms, 2011–2015

    Directory of Open Access Journals (Sweden)

    Eunjung Hyun

    2017-11-01

    Full Text Available Does corporate social responsibility (CSR evaluation by third-party entities (i.e., external agencies, including civic organizations affect the CSR performance of firms? This article explores the question of whether and how third-party CSR ratings change the subsequent CSR behavior and hence performance of rated firms. Combining insights from the research on ratings/rankings and a behavioral theory of firms, we hypothesize that firms with large negative CSR rating gaps—i.e., CSR ratings below the industry average—are more prone to improving their subsequent CSR behavior, and hence performance ratings, than those with small negative gaps, because of the desire to avoid being viewed as CSR laggards relative to their industry rivals. As a result, efforts are directed at enhancing CSR performance. Empirical support for this conjecture is found through random effect regression analyses of publicly listed firms in Korea that were rated by the KEJI (Korean Economic Justice Institute during 2011–2015 with respect to multiple dimensions of CSR. Further results show that the positive effect of negative CSR rating gaps on subsequent CSR ratings appears only in the firms without well-established reputations, suggesting the possibility that firms with weak reputations have stronger incentives to keep up with other industry incumbents in CSR performance ratings than their counterparts.

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

    Directory of Open Access Journals (Sweden)

    Jitendra Parajuli

    2017-10-01

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

  6. Value Creation Logics and Internationalization of Service Firms

    DEFF Research Database (Denmark)

    Ørberg Jensen, Peter D.; Petersen, Bent

    2014-01-01

    Purpose - 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. The thrust of this study is that value creation logics, a construct originally developed by Stabell and Fjeldstad (1998) can assist us in better understanding why and how service firms internationalize. We extend this construct and propose that the internationalization of service firms must...... 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...

  7. 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...

  8. Global Sourcing of Heterogeneous Firms: Theory and Evidence

    DEFF Research Database (Denmark)

    Kohler, Wilhelm; Smolka, Marcel

    2015-01-01

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

  9. Analysis Regarding the Growing Presence of Italian Firms in Romania

    Directory of Open Access Journals (Sweden)

    Stefano Valdemarin

    2015-12-01

    Full Text Available At the end of 2014, the number of firms with an Italian presence in Romania was 39,556, representing 19.33% out of total registered firms and this number is still growing. This article focuses on answering the following question: what kind of Italian firms are investing in Romania and why? Starting from the empirical observation that the number of Italian firms in Romania grew by 6.82% last year, we have used a PESTEL analysis to find the key points characterizing the country, paying attention also to the concept of country brand. From the point of view of Italian firms, we have also analyzed the shifting paradigm of internationalization from a Vertical Foreign Direct Investment model to a Horizontal Foreign Direct Investment model. This paper can be useful for managers and entrepreneurs who are oriented towards investing in Romania following the path of Italian firms.

  10. Udder firmness as a possible indicator for clinical mastitis.

    Science.gov (United States)

    Rees, A; Fischer-Tenhagen, C; Heuwieser, W

    2017-03-01

    Swelling of the mammary gland is an important sign to detect clinical mastitis (CM) in dairy cows. The overall objective of this study was to evaluate if udder firmness can be used as a cow-side indicator for mastitis and to evaluate how CM affects firmness within 14 d after diagnosis. A dynamometer was used to objectively determine udder firmness before and after milking in 45 cows with CM and 95 healthy cows. Udder firmness of both hind quarters was measured daily on 3 locations (upper, middle, lower measuring point) from the day of mastitis diagnosis until d 7 and again on d 14. Firmness of the middle measuring point was highest before and after milking in all cows. Udder firmness before milking was similar in quarters without and with CM. Subsequently, we concentrated on firmness measured on the middle point after milking. After milking, quarters with CM were firmer than healthy quarters. An increase of firmness of a quarter with mastitis did not affect firmness of the healthy neighboring quarter, nor did firmness of all healthy quarters differ. One firmness value per cow [i.e., Δ firmness (difference in udder firmness between both hind quarters)] was used for all further calculations. After fitting a generalized mixed model, CM affected Δ firmness in all cases. In multiparous cows, Δ firmness was also affected by continuous milk yield per day and DIM. Firmness thresholds for detection of CM were calculated using receiver operation characteristic curves. The threshold for detection of CM using Δ firmness was 0.282 kg (area under the curve: 0.722, sensitivity: 64.3%, specificity: 89.7%) and 0.425 kg (area under the curve: 0.817, sensitivity: 62.5%, specificity: 96.7%) in primiparous cows and multiparous cows, respectively. Linear mixed-model ANOVA were used to evaluate how CM affects udder firmness within 14 d after diagnosis. Cows with CM had a higher Δ firmness compared with cows without CM throughout the 14 d after the mastitis diagnoses. Parity had an

  11. 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.

  12. Offshoring to Promote the Internationalization of Family Firms

    Directory of Open Access Journals (Sweden)

    Fernando Merino

    2017-07-01

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

  13. Towards an action-based perspective on firm competitiveness

    Directory of Open Access Journals (Sweden)

    Anoop Madhok

    2014-04-01

    Full Text Available Existing theoretical frameworks typically revolve around sustainability of competitive advantage and attribute superior firm performance to its position in the industry structure and/or the possession of critical resources. However, the equilibrium-oriented logic implicit in these perspectives is not consonant with today's environment, characterized by more dynamic and complex behavior of markets and firms, which renders competitive advantages obsolete faster than ever. We propose an alternative action-based perspective on firm competitiveness one that revolves around the logic of action and emphasizes an entrepreneurial orientation and firm agility as the basis of firm competitiveness. This logic of action shifts the focus away from just industry position or resource possession and provides more scope for less advantaged firms to compete with the incumbents.

  14. 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.

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

    DEFF Research Database (Denmark)

    Islam, Md.Tarikul; Bakhtiar Rana, Mohammad

    The study investigates the knowledge spill-over from the TNCs to supplier-firms in the apparel industry in Bangladesh. Study finds that dynamic capability of the entrepreneurs and the absorptive capacity of the employees enable firms to upgrade their position from CMT (cut-make-trim) to ODM (own...... such as a) national level infrastructure and institutional support, b) firm level infrastructure and resources (tangible), c) visionary leadership, and d) managerial & technical efficiency that lead such upgradation in the value chain process. The study further argues that close relationship between TNCs...... and supplier-firms and the visionary leadership of the supplier firm directly affect the knowledge spill-over and upgradation of supplier firms from developing country....

  16. Competing weak localization and weak antilocalization in ultrathin topological insulators.

    Science.gov (United States)

    Lang, Murong; He, Liang; Kou, Xufeng; Upadhyaya, Pramey; Fan, Yabin; Chu, Hao; Jiang, Ying; Bardarson, Jens H; Jiang, Wanjun; Choi, Eun Sang; Wang, Yong; Yeh, Nai-Chang; Moore, Joel; Wang, Kang L

    2013-01-09

    We demonstrate evidence of a surface gap opening in topological insulator (TI) thin films of (Bi(0.57)Sb(0.43))(2)Te(3) below six quintuple layers through transport and scanning tunneling spectroscopy measurements. By effective tuning the Fermi level via gate-voltage control, we unveil a striking competition between weak localization and weak antilocalization at low magnetic fields in nonmagnetic ultrathin films, possibly owing to the change of the net Berry phase. Furthermore, when the Fermi level is swept into the surface gap of ultrathin samples, the overall unitary behaviors are revealed at higher magnetic fields, which are in contrast to the pure WAL signals obtained in thicker films. Our findings show an exotic phenomenon characterizing the gapped TI surface states and point to the future realization of quantum spin Hall effect and dissipationless TI-based applications.

  17. Product versus Process: Innovation Strategies of Multi-Product Firms

    OpenAIRE

    Flach, Lisandra; Irlacher, Michael

    2015-01-01

    This paper studies the innovation strategies of multi-product firms in industries with different scope for product differentiation. In a simple model of multi-product firms, we show that returns to product versus process innovation are industry-specific. Demand and cost linkages induce a natural distinction between the returns to product and process innovation. In highly differentiated industries, the cannibalization effect is lower and, therefore, firms invest more in product innovation. In ...

  18. Corporate governance mechanisms in family firms: Evidence from CEO turnovers

    OpenAIRE

    González, Maximiliano; Guzmán, Alexander; Pombo, Carlos; Trujillo, María Andréa

    2013-01-01

    Research Question/Issue: How sensitive is CEO turnover to firm performance in the context of family firms? Research Findings/Insights: Using a detailed database of mostly non-listed Colombian firms, we found that family ownership (direct and indirect through pyramidal structures) reduces the probability of CEO turnover when financial performance has been poor; however, we found that the opposite effect is true when families participate actively on the board of directors. These results hold tr...

  19. High-growth firms: introduction to the special section

    OpenAIRE

    Alex Coad; Sven-Olov Daunfeldt; Werner Hölzl; Dan Johansson; Paul Nightingale

    2014-01-01

    High-growth firms (HGFs) have attracted considerable attention recently, as academics and policymakers have increasingly recognized the highly skewed nature of many metrics of firm performance. A small number of HGFs drives a disproportionately large amount of job creation, while the average firm has a limited impact on the economy. This article explores the reasons for this increased interest, summarizes the existing literature, and highlights the methodological considerations that constrain...

  20. 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....

  1. Globalization of Capital Markets: Implications for Firm Strategies

    OpenAIRE

    Filatotchev, I.; Bell, R. G.; Rasheed, A. A.

    2016-01-01

    © 2016 Elsevier Inc. The integration of international capital markets makes it easier for firms to access capital outside of their home countries. To date international business (IB) scholars have developed a rich tradition of research on how globalization of product markets may affect a firm's organizational form and business strategy. Unfortunately, there is a paucity of studies that explore the challenges firms face in capital markets beyond their domestic boundaries, be it equity, debt, o...

  2. Firm Performance during Global Economic Slowdown: A View from India

    OpenAIRE

    Pradhan, Jaya Prakash

    2009-01-01

    This study has analyzed the relative growth performance of Indian firms under the current economic slowdown and explored factors helping certain Indian companies to do relatively better even in this crisis period. It has been observed that the overall growth and stability of the global economy has become extremely important for the growth performance of Indian firms. In fact, sales and profitability growth of some 450 Indian manufacturing and IT firms were significantly reversed with the cond...

  3. Age structure of the workforce and firm performance

    DEFF Research Database (Denmark)

    Westergård-Nielsen, Niels Chr.; Grund, Christian

    2008-01-01

    Purpose - Given the ongoing demographic change in European countries, this paper aims to exploreempirically the link between age structures of employees in firms and firm performance. Design/methodology/approach - Based on theoretical considerations, the paper examines the linkbetween both...... structures and firm performance for a whole country. The paper gives insights for both academic scholars and practitioners, who may take the results into account in formulating an efficient personnel policy....

  4. Firm Size, Productivity, and Manager Wages: A Job Assignment Approach

    OpenAIRE

    Grossmann, Volker

    2017-01-01

    Ability of managers and other nonproduction professionals is key for the productivity of firms. Hence, the assignment of heterogeneous nonproduction workers across firms determines the distribution of productivity. In turn, the transmission of productivity differences into profit differences -- resulting from product market competition -- determines firms' willingness to pay for higher managerial skills. This paper explores the equilibrium assignment of nonproduction workers across ex ante id...

  5. China's exporters and importers: firms, products, and trade partners

    OpenAIRE

    Kalina Manova; Zhiwei Zhang

    2008-01-01

    This paper uses newly available data on Chinese trade flows to establish novel and confirm existing stylized facts about firm heterogeneity in trade. First, the bulk of exports and imports are captured by a few multi-product firms that transact with a large number of countries. Second, the average importer imports more products than the average exporter exports, but exporters trade with more countries than importers do. Third, compared to private domestic firms, foreign affiliates and joint v...

  6. 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 ...

  7. Are internet firms different? : evidence from insider trading

    OpenAIRE

    Scholtens, B.; Snijder, E.

    2001-01-01

    This study investigates whether the information content of insider transactions, with a focus on sell transactions, is different for high growth, high volatility Internet-based firms. Prior research on more “traditional” firms has found a small, but significant negative abnormal return with insider sells, which points to an association of insider sells with negative information about the firm by outsiders. We employ several models to examine over 1,000 inside transactions for more than 100 NE...

  8. Markups and Firm-Level Export Status

    DEFF Research Database (Denmark)

    De Loecker, Jan; Warzynski, Frederic

    Estimating markups has a long tradition in industrial organization and international trade. Economists and policy makers are interested in measuring the effect of various competition and trade policies on market power, typically measured by markups. The empirical methods that were developed...... in empirical industrial organization often rely on the availability of very detailed market-level data with information on prices, quantities sold, characteristics of products and more recently supplemented with consumer-level attributes. Often, both researchers and government agencies cannot rely...... on such detailed data, but still need an assessment of whether changes in the operating environment of firms had an impact on markups and therefore on consumer surplus. In this paper, we derive an estimating equation to estimate markups using standard production plant-level data based on the insight of Hall (1986...

  9. Business factors related to manufacturing firms' performance

    Directory of Open Access Journals (Sweden)

    Stergios Vranakis

    2014-01-01

    Full Text Available Purpose: The main goal is to understand the way many factors affect the investment decision making process and business performance. Design/methodology/approach: This study proposes a new conceptual framework for examining the reasons that manufacturing firms decide to invest on the acquisition of new machinery and equipment in order to improve their infrastructure. It incorporates various factors related to the internal business environment (quality management, investment decisions etc. Findings and Originality/value: A new conceptual framework, establishing the relations between many factors, has been developed, allowing the determinants of adoption of many implications to be discussed and to relate them to the peculiarities of the Greek manufacturing industry. Originality/value: This study presents an overview of the impact of machinery and equipment investment on firm’s performance, giving grasp for further research of the inter-organizational relationships that exist between them. 

  10. Job-hopping and New Firm Survival

    DEFF Research Database (Denmark)

    Failla, Virgilio

    for this theory, little is known about the characteristics of this so called `balanced´ skills set. Do entrepreneurial outcomes of individuals presenting a highly varied work experiences differ from entrepreneurs with a less varied career' In particular, how do the characteristics of the entrepreneurs´ job...... is the right experience that enhances the new ventures´ performances. Fallick, Fleischman and Reibtzer (1996) argue that frequent job-hopping facilitates the rapid reallocation of resources toward firms with the best innovations. This could be the result of the fact that especially high quality individuals who...... employed in the start-up they founded. This initial evidence suggests that successful jack-of-all trades are people who do not wander across industries, but those who accumulate a variety of experiences by occupying different roles in the parent organization....

  11. Internationalization and Performance of Retail Firms

    DEFF Research Database (Denmark)

    Assaf, A. George; Josiassen, Alexander; T. Ratchford, Brian

    2012-01-01

    that the relationship between internationalization and performance is U-shaped, and moderated by mergers and acquisitions, age at entry to international markets and country of origin. The findings extend prior research by providing more comprehensive evidence regarding the conditions under which internationalization......This paper offers a fresh approach to the literature examining the effect of internationalization on retail-firm performance. We draw on the organizational learning theory to test the moderating effect of four variables which are hypothesized to affect the performance of internationalizing...... retailers through facilitating the transfer of learning in international markets. The study innovates by introducing a new performance metric, and an advanced methodology to account for the dynamic aspects of organizational learning. Testing our hypotheses on a sample of international retailers, we find...

  12. VISIT OF BELFIAN FIRMS AT CERN

    CERN Multimedia

    2001-01-01

    2 - 3 APRIL 2001 14h00 to 17h30 Monday 2nd 09h00 to 17h30 Tuesday 3rd The firms will be in the Main Building - Pas Perdus and Mezzanine List of Companies: Alcatel ETCA Amos S.A. Asco Industries N.V. Barco N.V. Belgatom Capaul S.A. Comelec S.A. Groupe Hamon HTMS (High Tech Metal Seals) N.V. Kelatron S.A. Mécanique de Précision pour Equipements Mecasoft S.A. Pauwels International N.V. Penders & Vanherle Elektrotechniek N.V. Resarm Engineering Plastics S.A. Simonis Plastic S.A. Techspace Aero S.A. Verhaert Design & Development N.V. Detailed information on the companies is also available on the Web: http://spl-purchasing.web.cern.ch/spl-purchasing/exhibitions_visits.htm For further information please contact Mrs C.L. Jullien-Woringer (tel. 73722-76360)

  13. VISIT OF BELGIAN FIRMS AT CERN

    CERN Multimedia

    2001-01-01

    2 - 3 APRIL 2001 14h00 to 17h30 Monday 2nd 09h00 to 17h30 Tuesday 3rd The firms will be in the Main Building - Pas Perdus and Mezzanine List of Companies: Alcatel ETCA Amos S.A. Asco Industries N.V. Barco N.V. Belgatom Capaul S.A. Comelec S.A. Groupe Hamon HTMS (High Tech Metal Seals) N.V. Kelatron S.A. Mécanique de Précision pour Equipements Mecasoft S.A. Pauwels International N.V. Penders & Vanherle Elektrotechniek N.V. Resarm Engineering Plastics S.A. Simonis Plastic S.A. Techspace Aero S.A. Verhaert Design & Development N.V. Detailed information on the companies is also available on the Web: http://spl-purchasing.web.cern.ch/spl-purchasing/exhibitions_visits.htm For further information please contact Mrs C.L. Jullien-Woringer (tel. 73722-76360)

  14. Brazilian Multinationals’ Ownership Mode: The Influence of Institutional Factors and Firm Characteristics

    Directory of Open Access Journals (Sweden)

    Henrique de Azevedo Ávila

    2015-04-01

    Full Text Available This work investigates whether host countries institutional factors and firm characteristics can help the understanding of Brazilian multinationals’ choices of ownership mode for their foreign direct investments (FDI. Brazil is a privileged locus for research on emerging market multinationals (EMNEs, given its growing stock of outward FDI. The paper contributes to a better understanding of the international strategic choices of EMNEs. First, the phenomenon under study is examined using the theoretical lenses of institutionalism. Second, the study looks at the relationship between state support and choice of ownership mode, a new issue in the area of international business. Third, differences between the decisions taken by manufacturing and service EMNEs are also examined. Fourth, the study focuses on an emerging country, Brazil. The quality of the regulatory environment of the host country, and differences in beliefs, cultural identity and management practices between the host country and the country of origin are factors of the institutional environment significantly related to the choice of ownership mode by Brazilian EMNEs. As to firm characteristics, our results show that state support favors the choice of joint ventures, and that service EMNEs also significantly prefer joint ventures, when compared to manufacturing firms. The findings also support the view that EMNEs are less sensitive to institutional weaknesses in host countries.

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

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

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

  16. 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 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...

  17. 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.

  18. Strategic Orientation in the Globalization of Software Firms

    Science.gov (United States)

    Dedrick, Jason; Kraemer, Kenneth L.; Carmel, Erran; Dunkle, Debora

    In the search for profits, software firms are globalizing their development activities. Some firms achieve greater profits by becoming more efficient, whereas others do so by reaching new markets; some do both. This paper creates an a priori typology of strategies based on the extent to which firms are focused on operational improvement or market access, have a dual focus or are unfocused. We find that firms with these strategies differ in degree of internationalization, organization of offshoring and performance outcomes related to offshoring. Market-oriented firms receive a greater proportion of their total revenue from sales outside the U.S., showing a greater international orientation. They keep more of their offshore development in-house via captive operations. They also are most likely to report increased non-U.S. sales as a result of offshoring. On the other hand, operations-oriented firms have lower levels of international sales, are more likely to go offshore via outsourced software development, and achieve greater costs savings and labor force flexibility as a result of offshoring. Operations-oriented firms also face more obstacles in offshoring, perhaps because of their reliance on outsourcing. Dual focus firms generally achieve some of the best of both strategies, whereas unfocused firms achieve lower cost benefits.

  19. Managing Open Innovation Connecting the Firm to External Knowledge

    CERN Document Server

    Spithoven, Andre; Frantzen, D J

    2012-01-01

    Open innovation is about firms' external relations with other firms and organisations. It is a topic which has attracted an immense amount of attention, but which has also been heavily criticised due to the diversity of the ideas and fuzziness of its key concepts. To date, the bulk of the literature on open innovation draws on case study material to illustrate the operation of firms in an anecdotal way. By contrast, this book examines open innovation practices by using large-scale datasets and stresses their impact on firm performance. The authors examine four key issues: differences between f

  20. Why firm-established user communities work for innovation

    DEFF Research Database (Denmark)

    Jeppesen, Lars Bo; Frederiksen, Lars

    2004-01-01

    by selling them to all users. We study the key personal attributes of the individuals responsiblefor innovations and the creation of value in this organizational context, namely the innovative users, toexplain why firm-established user communities work. Analyzing data derived from a web...... to join the firm's domain. In agreement with earlier studies we also find that innovativeusers are likely to be `lead users', an attribute that we assume to affect the quality of user innovation.Whether or not a firm-established user community can be turned into an asset for the firm is to a greatextent...

  1. Why firm-established user communities work for innovation

    DEFF Research Database (Denmark)

    Jeppesen, Lars Bo; Frederiksen, Lars

    by selling them to all users. We study the key personal attributes of the individuals responsiblefor innovations and the creation of value in this organizational context, namely the innovative users, toexplain why firm-established user communities work. Analyzing data derived from a web...... to join the firm's domain. In agreement with earlier studies we also find that innovativeusers are likely to be `lead users', an attribute that we assume to affect the quality of user innovation.Whether or not a firm-established user community can be turned into an asset for the firm is to a greatextent...

  2. Do Foreign Experts Increase the Productivity of Domestic Firms?

    DEFF Research Database (Denmark)

    Malchow-Møller, Nikolaj; Munch, Jakob Roland; Rose Skaksen, Jan

    of domestic firms. Using matched worker-firm data from Denmark and a difference-indifferences matching approach, we then find that firms that hire foreign experts – defined as employees eligible for reduced taxation under the Danish "Tax scheme for foreign researchers and key employees" – both become more......While most countries welcome (and some even subsidise) high-skilled immigrants, there is very limited evidence of their importance for domestic firms. To guide our empirical analysis, we first set up a simple theoretical model to show how foreign experts may impact on the productivity and wages...

  3. Stricter Employment Protection and Firms' Incentives to Sponsor Training

    DEFF Research Database (Denmark)

    Messe, Pierre-Jean; Rouland, Bénédicte

    2014-01-01

    This paper uses a difference-in-differences approach, combined with propensity score matching, to identify the effect of older workers employment protection on French firms' incentives to sponsor training. Between 1987 and 2008, French firms laying off workers aged over 50 had to pay a tax...... to the unemployment insurance system, known as the Delalande tax. In 1999, the measure was subjected to a reform that increased the tax, but only for large firms. We find that this exogenous increase substantially raised firms' incentives to train workers aged 45–49 but had no impact on the training rates among...

  4. Welfare Effects of Mandatory Traceability When Firms are Heterogeneous

    OpenAIRE

    Pouliot, Sebastien

    2010-01-01

    We develop a framework in which the cost of producing a quantity food and the cost of food safety differs across firms. We show that large firms may supply the safest food even though small firms have a cost advantage in producing safe food. The model shows that mandatory traceability can decrease the overall safety of food when small firms that supply the safest food exit the industry. Our model applies to food safety but can be applied to a wide range of issues related to regulation and pro...

  5. 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...

  6. THE REVIEW OF SUPPLY CHAIN MANAGEMENT SYSTEMS AND FIRM PERFORMANCE

    National Research Council Canada - National Science Library

    Rabiu Yusuf; Aliyu Usman Shehu

    2017-01-01

    ... logistics practices. Whereas the remaining 40 variables were significant among these variables are supply chain integration, total quality management practice, trust with customer and suppliers, firm financial performance...

  7. Firm and user community collaboration: A complex love story

    DEFF Research Database (Denmark)

    Dragsdahl Lauritzen, Ghita; La Cour, Anders

    The purpose of this thesis is to develop a comprehensive framework that describes the dynamic relationship between firms and user communities. To understand the implications of collaboration, from the relation between users and firms rather than from their individual properties, this thesis urges...... a more relational approach to collaborations between users and firms than is offered by the literature. As tensions arise from collaborations between firms and users, the argument is that their relationship (and innovation potential) can be better understood by highlighting the dynamics between...

  8. Optimal Weak Lensing Skewness Measurements

    OpenAIRE

    Zhang, Tong-Jie; Pen, Ue-Li; Zhang, Pengjie; Dubinski, John

    2003-01-01

    Weak lensing measurements are entering a precision era to statistically map the distribution of matter in the universe. The most common measurement has been of the variance of the projected surface density of matter, which corresponds to the induced correlation in alignments of background galaxies. This measurement of the fluctuations is insensitive to the total mass content, like using waves on the ocean to measure its depths. But when the depth is shallow as happens near a beach, waves beco...

  9. Weak neutral-current interactions

    Energy Technology Data Exchange (ETDEWEB)

    Barnett, R.M.

    1978-08-01

    The roles of each type of experiment in establishing uniquely the values of the the neutral-current couplings of u and d quarks are analyzed together with their implications for gauge models of the weak and electromagnetic interactions. An analysis of the neutral-current couplings of electrons and of the data based on the assumption that only one Z/sup 0/ boson exists is given. Also a model-independent analysis of parity violation experiments is discussed. 85 references. (JFP)

  10. 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.

  11. FIRM'S GROWTH PROFILES AND CEO'S ATTITUDES: THE MODERATING ROLE OF GROWTH INTENTION ON FIRM'S GROWTH?

    OpenAIRE

    Ambroise, Laure; Claveau, Nathalie; Perez, Muriel; Prim-Allaz, Isabelle; Séville, Martine; Teyssier, Christine

    2013-01-01

    International audience; The question of SME growth has been a concern of scholars, managers, practitioners and governments for a long time. The reality of growth appears to be multi-dimensional (Davidsson and Wiklund, 2006) and its determinants and measurements, especially in small businesses, have always presented a significant challenge for researchers. Hindering growth requires a good knowledge of the causes, the effects and the processes of development. Current studies on the firm's growt...

  12. [Muscle weakness in cerebral palsy].

    Science.gov (United States)

    Givon, Uri

    2009-01-01

    Over the last two decades, muscle weakness has been shown to be a major component of cerebral palsy (CP) pathology. Caused by multiple etiologies including variations in the muscle fiber type, pathologic motor unit function, co-contraction of agonists and antagonists, and muscle size and rigidity, weakness interferes with function and leads to limited function and participation. Muscle strength was found to be associated with walking ability and with functional scales. Children with CP were found to be weaker than typically developing children, and differences were found with respect to muscle groups in children with CP. Muscle weakness should be evaluated as objectively as possible to improve the quality of diagnosis and treatment. Manual muscle testing is not sufficient for evaluation, and instrumented muscle testing is validated in CP. Muscle strengthening is an important part of treatment of CP. Several methods of strengthening have been described. Muscle lengthening and other spasticity-modifying therapies have been shown to have a positive effect on muscle strength. Children who participated in muscle strengthening programs had a better quality of life and improved function.

  13. Completely continuous and weakly completely continuous abstract ...

    Indian Academy of Sciences (India)

    if the operator ρa of right multiplication by a is compact (weakly compact, respectively). An algebra A is called right completely continuous (right weakly completely continuous) if any element a ∈ A is right completely continuous (right weakly completely con- tinuous, respectively). Left completely continuous (left weakly ...

  14. Acquisitions in a Patent Contest Model with Large and Small Firms

    OpenAIRE

    Kleer, Robin

    2008-01-01

    Big companies and small innovation factories possess different advantages in a patent contest. While large firms typically have a better access to product markets, small firms often have a superior R&D efficiency. In this paper I model a patent contest with asymmetric firms. In a pre-contest acquisition game large firms bid sequentially for small firms to combine respective advantages. Sequential bidding allows the first large firm to wait strategically and let the other firm acquire. For low...

  15. Entrepreneurship and the Economic Theory of the Firm

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Klein, Peter G.

    2004-01-01

    Though they developed in isolation, the theory of entrepreneurship andthe economic theory of the firm can be usefully integrated. In particular, the conceptof entrepreneurship as judgment associated with Knight (1921) and some Austrianschool economists aligns naturally with the theory of the firm...

  16. A Survey of Knowledge Management in Law Firms in Botswana ...

    African Journals Online (AJOL)

    This article provides an empirical assessment of knowledge management in law firms in Botswana. It employs survey research methodology and triangulation of qualitative and quantitative methods of data collection. Data were collected mainly through a questionnaire administered to the 217 lawyers in all the law firms ...

  17. Co-evolution of firms, industries and networks in space

    NARCIS (Netherlands)

    Wal, A.L.J. ter; Boschma, R.A.

    2011-01-01

    Co-evolution of firms, industries and networks in space, Regional Studies. The cluster literature suffers from a number of shortcomings: (1) it often neglects that cluster firms are heterogeneous in terms of capabilities; (2) it tends to overemphasize the importance of geographical proximity and

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

    DEFF Research Database (Denmark)

    Eriksson, Tor; Qin, Zhihua; Wang, Wenjing

    2014-01-01

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

  19. Elements of a Cognitive Theory of the Firm

    NARCIS (Netherlands)

    Nooteboom, B.

    2005-01-01

    This paper presents elements of a cognitive theory of the firm, from the perspective of embodied cognition.It entails the notion of 'cognitive distance' between people that have developed their cognition in different environments. This yields the notion of the firm as a 'focusing device', to reduce

  20. A Neo-Weberian Theory of the Firm

    NARCIS (Netherlands)

    Heugens, P.P.M.A.R.

    2004-01-01

    In the field of organization studies, two types of theories of the firm exist: why and how theories. Why theories use the instrument of comparative analysis to explain why firms exist despite various institutional alternatives. How theories, in contrast, employ intra-organizational

  1. A Neo-Weberian Theory of the Firm

    NARCIS (Netherlands)

    Heugens, P.P.M.A.R.

    In the field of organization studies, two types of theories of the firm exist: “why” and “how” theories. “Why” theories use the instrument of comparative analysis to explain why firms exist despite various institutional alternatives. “How” theories, in contrast, employ intra-organizational

  2. Firm Size and Skill Formation Processes: An Emerging Debate

    Science.gov (United States)

    Bishop, Daniel

    2012-01-01

    Recent research has established that small firms tend to develop and acquire the skills they need in different ways to those employed by larger organisations. More specifically, due to certain characteristics inherent to their small size, small firms generally display greater informality in their learning processes. As such, it is now broadly…

  3. Labour contracts and performance of Cameroonian firms | Benjamin ...

    African Journals Online (AJOL)

    The study evaluated employees' productivity in relation to their contract status. It used survey data collected among manufacturing sector firms, having more than 15 employees, in Cameroon between April and May 2006; and information issued by the National Institute of Statistics. Information collected concerned 45 firms ...

  4. Environmental Scanning Intensity And Firms' Performance In The ...

    African Journals Online (AJOL)

    This study examines the relationship between scanning intensity and firms' performance in the manufacturing sector in Nigeria. Data were generated by means of questionnaires to 670 manufacturing firms on scanning intensity and performance variables. Responses from the survey were statistically analysed using ...

  5. Firm performance, financial institutions and corporate governance in the Netherlands

    NARCIS (Netherlands)

    Chirinko, Bob

    1999-01-01

    This paper analyses the impact of share ownership, creditorship and net-working by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense

  6. The Small Firm Effect and the Quality of Entrepreneurs

    DEFF Research Database (Denmark)

    Chen, Jing

    This paper argues that the observed small firm effect on the spawning of employee entrepreneurs may be driven by the possibility that small firm employees have acquired specific human capital in industries where new business creation happens to incur low entry costs. To explore the plausibility...

  7. Human Resource Management With Small Firms; Facts And Explanations

    NARCIS (Netherlands)

    J.M.P. de Kok (Jan); L.M. Uhlaner (Lorraine); A.R. Thurik (Roy)

    2003-01-01

    textabstractThis study examines determinants of the formalization of HRM practices with small firms. We derive five hypotheses that identify possible determinants of the level of formalization, including firm size, family business, the availability of an HRM department or HRM manager, and the

  8. Economic Reform, Firm Survival and Competitiveness (Middle East ...

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

    During the 1980s, it was thought that liberalizing trade and exposing industries to competition would result in the loss of some firms but a more productive and competitive industrial sector as a whole. In Egypt, Jordon, Morocco and Tunisia, liberalization did result in high rates of firm turnover. But, it did not achieve the ...

  9. Enterprise resource planning in a large construction firm: Implementation analysis

    NARCIS (Netherlands)

    Voordijk, Johannes T.; van Leuven, Arjen; Laan, Albertus

    2003-01-01

    In most large Dutch construction firms, Enterprise Resource Planning (ERP) systems have replaced nonintegrated information systems with integrated and maintainable software. The implementation of ERP systems in such firms is a difficult task. So far, ERP implementations have yielded more failures

  10. Does bank failure affect client firms? Micro evidence from Estonia

    Czech Academy of Sciences Publication Activity Database

    Joeveer, Karin

    -, č. 224 (2004), s. 1-29 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z7085904 Keywords : bank failure * client firm performance * firm bankruptcy Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp224.pdf

  11. 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....

  12. 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.

  13. Employment from new firm formation in the Netherlands: Agglomeration

    NARCIS (Netherlands)

    Knoben, J.; Ponds, R.H.F.; Oort, F.G. van

    2011-01-01

    Within the recent literature on the geography of new firm formation, much attention is given to the role of regional knowledge sources based on the Knowledge Spillover Theory of Entrepreneurship. At the same time, several other studies show the importance of agglomeration economies for new firm

  14. Do Banks Influence the Capital Structure Choices of Firms?

    NARCIS (Netherlands)

    P. Daniševská (Petra); A. de Jong (Abe); M.J.C.M. Verbeek (Marno)

    2004-01-01

    textabstractThis paper investigates three capital structure decisions – leverage, debt maturity and the source of debt – in a simultaneous setting. Moreover, we investigate whether these choices are influenced by the involvement of banks in a firm. Our results based on a panel of Dutch firms show

  15. Exploring success and failure in small firm business transfers

    NARCIS (Netherlands)

    Teeffelen, van L.

    2010-01-01

    The main purpose of this dissertation is to identify the factors that explain success and failure in SME business transfers. Three key concepts have been defined in our research framework: firm resources, capabilities (of predecessor and successor) and (successor’s) strategic renewal. Firm resources

  16. Seniority wages and the role of firms in retirement

    NARCIS (Netherlands)

    Frimmel, W.; Horvath, T.; Schnalzenberger, M.; Winter-Ebmer, R.

    2015-01-01

    In general, retirement is seen as a pure labor supply phenomenon, but firms can have strong incentives to send expensive older workers into retirement. Based on the seniority wage model developed by Lazear (1979), we discuss steep seniority wage profiles as incentives for firms to dismiss older

  17. Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice

    NARCIS (Netherlands)

    Herbst, P.; Prüfer, J.

    2007-01-01

    Abstract This paper formalizes the difference between firms, nonprofits, and cooperatives and identifies optimal organizational choice. In a model of quality provision, we find a clear ranking of quality produced: Firms provide lowest and nonprofits highest levels of quality. Efficiency, however,

  18. Firms, Nonprofits, and Cooperatives : A Theory of Organizational Choice

    NARCIS (Netherlands)

    Herbst, P.; Prüfer, J.

    2007-01-01

    This paper formalizes the difference between firms, nonprofits, and cooperatives and identifies optimal organizational choice. In a model of quality provision, we find a clear ranking of quality produced: Firms provide lowest and nonprofits highest levels of quality. Efficiency, however, depends on

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

    DEFF Research Database (Denmark)

    Rose, Caspar

    2016-01-01

    This study investigates the degree of Danish firm adherence to the Danish Code of Corporate Governance and analyzes if a higher degree of comply or explain disclosure is related to firm performance. This article formulates a methodology for quantifying the degree of comply or explain disclosure. ...

  20. Darwin's invisible hand: Market competition, evolution and the firm

    NARCIS (Netherlands)

    Johnson, D. D. P.; Price, M. E.; van Vugt, M.

    2013-01-01

    Competition among firms has been suggested to reflect the ruthless logic of Darwinian selection: a free market is a struggle for survival, in which successful firms survive and unsuccessful ones die. This view appears to bolster three pillars of neoclassical economics: (1) that economic actors are

  1. Firm Export Diversification and Change in Workforce Composition

    NARCIS (Netherlands)

    Guillou, Sarah; Treibich, Tania

    2017-01-01

    The objective of this paper is to show that part of the fixed cost of firms' trade expansion is due to the acquisition of new internal capabilities (e.g. technology, production processes or skills), which imply a costly change in the firm's internal labor organisation. We investigate the

  2. Theories of the firm, competitive advantage and government policy

    NARCIS (Netherlands)

    Elfring, T.; De Man, Ard Pieter

    1998-01-01

    To improve the effectiveness of government policy, it is necessary to develop a good picture of what a firm in a knowledge-intensive economy is and does. In this paper, we have drawn on the recent surge of books and articles on the resource- and knowledge-based theories of the firm and their

  3. Theories of the firm: competitive advantage and government policy

    NARCIS (Netherlands)

    Elfring, T.; Man, de A.P.

    1998-01-01

    To improve the effectiveness of government policy, it is necessay to develop a good picture of what a firms in a knowledge-intensive economy is and does. In this paper, we have drawn on the recent surge of books and articles on the resource- and knowledge-based theories of the firm and their

  4. Corporate Social Responsibility in Large Family and Founder Firms

    NARCIS (Netherlands)

    J.H. Block (Jörn); M. Wagner (Marcus)

    2010-01-01

    textabstractBased on arguments about long-term orientation and corporate reputation, we argue that family and founder firms differ from other firms with regard to corporate social responsibility. Using Bayesian analysis, we then show that family and founder ownership are associated with a lower

  5. Why do firms give away their patents for free?

    NARCIS (Netherlands)

    Ziegler, Nicole; Gassmann, Oliver; Friesike, Sascha

    2013-01-01

    Within the trend of increasing patent commercialisation and open innovation, a recent phenomenon where firms give away their patents free of charge can be observed. This seems contradictory to the original intention of the patent system (enabling firms to create temporary monopolies to appropriate

  6. Opportunity Identification and Creation as Factors of Firm Internationalisation

    Directory of Open Access Journals (Sweden)

    Agnieszka Żur

    2015-06-01

    and accuracy in opportunity identification. The article presents an integrated process-based view of opportunity antecedents and concludes with a dynamic cyclical path-dependent model of opportunity-based view of firm internationalisation. Hopefully, the proposed model can serve as a useful lens for hypotheses formulation and testing within the research on firm internationalisation determinants.

  7. Going, Going, Gone. Innovation and Exit in Manufacturing Firms

    NARCIS (Netherlands)

    E. Cefis (Elena); O. Marsili (Orietta)

    2007-01-01

    textabstractThis paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and

  8. Hospitals look to hospitality service firms to meet TQM goals.

    Science.gov (United States)

    Hard, R

    1992-05-20

    Hospitals that hire contract service firms to manage one or all aspects of their hospitality service departments increasingly expect those firms to help meet total quality management goals as well as offer the more traditional cost reduction, quality improvement and specialized expertise, finds the 1992 Hospital Contract Services Survey conducted by Hospitals.

  9. Organizational structure and performance in dutch small firms

    NARCIS (Netherlands)

    Meijaard, J; Brand, MJ; Mosselman, M

    The relationship between organizational structure and performance in small. firms has received relatively limited attention over the last few decades. In understanding small. firm performance this seems to be a serious omission. In this paper, we first present the rationale for including

  10. International Trade with Firm Heterogeneity in Factor Shares

    NARCIS (Netherlands)

    J. Emami Namini (Julian)

    2009-01-01

    textabstractThis paper presents a trade model with capital and labor as factors of production. The main contribution of this paper is that it considers a new type of firm heterogeneity, which is empirically relevant: firms in this paper differ with respect to their factor shares in production.

  11. Review the performance of brokerage firms and their role on ...

    African Journals Online (AJOL)

    The main goal of present study is to review the performance of brokerage firms and their role on increasing investment trust and stock liquidity degree, in this regard, the role of brokerage firms is studied on increasing investors' trust and stock liquidity degree by utilization of four independent variables (providing general and ...

  12. The Management of Innovation in Project Based Firms

    NARCIS (Netherlands)

    A. Keegan (Anne); J.R. Turner (Rodney)

    2000-01-01

    textabstractInnovation is an important area of management theory, but there is a paucity of research on innovation in project based firms. Project based firms are simultaneously becoming a more vital and important organisational context, exemplifying many current managerial challenges. In this

  13. Location choice by households and polluting firms : An evolutionary approach

    NARCIS (Netherlands)

    Dijkstra, BR; de Vries, FP

    This paper examines several policy regimes to deal with the problem of households suffering from environmental damage by firms in the same region. We employ an evolutionary framework to analyze migration movements in the course of time, since firms and households will not relocate immediately in

  14. Are internet firms different? : evidence from insider trading

    NARCIS (Netherlands)

    Scholtens, B.; Snijder, E.

    2001-01-01

    This study investigates whether the information content of insider transactions, with a focus on sell transactions, is different for high growth, high volatility Internet-based firms. Prior research on more “traditional” firms has found a small, but significant negative abnormal return with insider

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

    African Journals Online (AJOL)

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

  16. The Effects of Firm Strategic Factors on Manufacturing Companies ...

    African Journals Online (AJOL)

    The effects of firms' strategic factors on strategic choices and performance differentials in Nigerian manufacturing sectors have not been systematically investigated. Against the backdrop of declining manufacturing performance in Nigeria, this paper examined the effects of selected firm strategic factors on the returns on ...

  17. Internationalization of Firms in Developing Countries - An integrated Conceptual Framework

    DEFF Research Database (Denmark)

    Kuada, John Ernest

    2016-01-01

    an integrated conceptual model for internationalisation, encompassing both upstream and downstream activities. Building on this understanding, the chapter suggests that firms in general and developing country-based firms in particular, may adopt one or a combination of four routes of internationalisation...

  18. External designers in product design processes of small manufacturing firms

    NARCIS (Netherlands)

    Berends, Hans; Reymen, Isabelle; Stultiëns, Rutger G L; Peutz, Murk

    Small manufacturing firms often fail to reap the benefits of good design practices. This study investigates how the involvement of external designers influences the evolution of product design processes in small manufacturing firms. Qualitative and quantitative process research methods were used to

  19. Analysis Regarding the Growing Presence of Italian Firms in Romania

    National Research Council Canada - National Science Library

    Stefano Valdemarin

    2015-01-01

    .... From the point of view of Italian firms, we have also analyzed the shifting paradigm of internationalization from a Vertical Foreign Direct Investment model to a Horizontal Foreign Direct Investment model. This paper can be useful for managers and entrepreneurs who are oriented towards investing in Romania following the path of Italian firms.

  20. Governance of Clubs and Firms with Cultural Dimensions

    NARCIS (Netherlands)

    van den Brink, J.R.; Ruys, P.H.M.; Semenov, R.

    1999-01-01

    The neoclassical way to cope with firms providing services, or with clubs procuring services, is restricted by the lack of institutional features. An institutional approach is introduced that requires a cooperative governance to realize the potential value-production by firms, or to realize the

  1. 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.

  2. Structural Approaches to Organising for Radical Innovation in Established Firms

    DEFF Research Database (Denmark)

    de Araújo, Ana Luiza Lara; Ulhøi, John Parm

    2011-01-01

    . Therefore, the usual recommendation to established firms with the goal of producing radical innovations is to develop them outside the firm itself. This paper questions this 'standard solution' and discusses alternative organizational approaches to producing radical innovation that avoid extreme forms...

  3. Do Firms Replenish Executives’ Incentives After Equity Sales?

    NARCIS (Netherlands)

    Ladika, T.

    2013-01-01

    After selling firm equity, executives' incentives to maximize shareholder value may decrease. How do boards respond? Theory shows boards can restore executives' incentives by shifting subsequent pay from cash toward equity. Unobservable firm-level changes that cause executives to sell equity and

  4. Capabilities, Learning and the Nature of the Firm

    DEFF Research Database (Denmark)

    Knudsen, Thorbjørn; Hodgson, Geoffrey M.

    2007-01-01

      Knudsen, Thorbjørn (2007) with Geoffrey M. Hodgson, "Capabilities, Learning and the Nature of the Firm", Revue Economique, 2(58), pp. 331-350.......  Knudsen, Thorbjørn (2007) with Geoffrey M. Hodgson, "Capabilities, Learning and the Nature of the Firm", Revue Economique, 2(58), pp. 331-350....

  5. Small retailers in Brazil : Are formal firms really more productive?

    NARCIS (Netherlands)

    de Vries, G.J.

    2010-01-01

    This paper examines the productivity of formal and informal retailers in Brazil by simultaneously estimating a stochastic production frontier and an efficiency model for a cross-section of some 11,000 retail firms with, at most, five workers. Results show that the efficiency of firms is positively

  6. A Technique For Developing Strategic Differentiation For Small Architectural Firms

    NARCIS (Netherlands)

    Heintz, John Linke; Aranda-Mena, Guillermo; Saari, Arto; Houvinen, Pekka

    2016-01-01

    Since the crash in 2007, the number of small architectural firms has risen dramatically as both recently graduated and recently laid off architects decide to go out on their own. In such a crowded market firms will need to find some way to distinguish themselves from their many competitors. Arguing

  7. Information and Knowledge Management at South African Law Firms

    African Journals Online (AJOL)

    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 ...

  8. External and internal movement of firm´s financies

    Directory of Open Access Journals (Sweden)

    Štangová Nora

    1997-12-01

    Full Text Available The movement of financies is an indicator of actual financial situation of the firm and is influenced externally and internally. This article presents the analysis of this motion in one of our state firm, which indicates the form how to use these possibilities.

  9. Enterprise finance and investment in listed Hungarian firms

    NARCIS (Netherlands)

    Perotti, E.C.; Vesnaver, L.

    2004-01-01

    This paper studies the financing of enterprise investment in listed Hungarian firms during the first years of transition. These firms were selected for listing on the exchange and presumably had better access to external capital. In particular, we look for evidence of financial constraints that

  10. Enterprise finance and investment in listed Hungarian firms

    NARCIS (Netherlands)

    Perotti, E.C.; Vesnaver, L.

    2004-01-01

    This Paper studies the financing of enterprise investment in listed Hungarian firms during the first years of transition. These firms were selected for listing on the exchange and presumably had better access to external capital. In particular, we look for evidence of financial constraints that

  11. Organizing Innovation within Incumbent Firms: Structure Enabling Strategic Autonomy

    NARCIS (Netherlands)

    van Looy, Bart; van Looy, Bart; Visscher, Klaasjan

    2011-01-01

    In this paper we will discuss how large established firms can be effective in organizing innovation alongside their current business. We examine the trajectory of an incumbent firm in the telecommunication industry – Alcatel – which has been successful in exploring and exploiting the promises of

  12. ICT, complementary investment, and firm performance in China

    Science.gov (United States)

    Sun, Linlin; Ding, Juan; Fan, Maoqing

    2011-12-01

    Using China firm data about ICT, we provide some insight into the link between ICT, productivity and complementary investment. The results show that the contribution of ICT capital deepening is raised when firms combine ICT use and some complementary investment (human capital, innovation and organization change).

  13. Protecting weak measurements against systematic errors

    OpenAIRE

    Pang, Shengshi; Alonso, Jose Raul Gonzalez; Brun, Todd A.; Jordan, Andrew N.

    2016-01-01

    In this work, we consider the systematic error of quantum metrology by weak measurements under decoherence. We derive the systematic error of maximum likelihood estimation in general to the first-order approximation of a small deviation in the probability distribution, and study the robustness of standard weak measurement and postselected weak measurements against systematic errors. We show that, with a large weak value, the systematic error of a postselected weak measurement when the probe u...

  14. Gossip and Distributed Kalman Filtering: Weak Consensus Under Weak Detectability

    Science.gov (United States)

    Kar, Soummya; Moura, José M. F.

    2011-04-01

    The paper presents the gossip interactive Kalman filter (GIKF) for distributed Kalman filtering for networked systems and sensor networks, where inter-sensor communication and observations occur at the same time-scale. The communication among sensors is random; each sensor occasionally exchanges its filtering state information with a neighbor depending on the availability of the appropriate network link. We show that under a weak distributed detectability condition: 1. the GIKF error process remains stochastically bounded, irrespective of the instability properties of the random process dynamics; and 2. the network achieves \\emph{weak consensus}, i.e., the conditional estimation error covariance at a (uniformly) randomly selected sensor converges in distribution to a unique invariant measure on the space of positive semi-definite matrices (independent of the initial state.) To prove these results, we interpret the filtered states (estimates and error covariances) at each node in the GIKF as stochastic particles with local interactions. We analyze the asymptotic properties of the error process by studying as a random dynamical system the associated switched (random) Riccati equation, the switching being dictated by a non-stationary Markov chain on the network graph.

  15. 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.

  16. Ownership concentration, choice of auditors, and firm performance

    DEFF Research Database (Denmark)

    Farooq, Omar; El Kacemi, Youssef

    2011-01-01

    How does ownership concentration effect firm performance in emerging markets? On one hand, concentrated ownership leads to higher agency problems, and on the other hand, it minimizes agency problems by removing the free-rider problem. Using a large dataset of ownership concentration from the MENA...... region during the period between 2004 and 2008, we document that ownership concentration, as itself, may not have a significant impact on firm performance. It is, rather, the way concentrated firms govern themselves that determine their performance. We argue that concentrated ownership firms, being aware......, further, show that for a given level of ownership concentration, appointing one of the big-four auditors lead to superior firm performance....

  17. 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...

  18. Energy price uncertainty, energy intensity and firm investment

    Energy Technology Data Exchange (ETDEWEB)

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

    2011-01-15

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

  19. 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...

  20. Strategies for knowledge management in law firms in Botswana

    Directory of Open Access Journals (Sweden)

    M.C. Fombad

    2009-02-01

    Full Text Available This article formulates a route map on how law firms in Botswana may utilise knowledge management to enhance their competitive edge amidst the changing legal environment. It draws from the multiple definitions and perspectives of knowledge management, several frameworks and models together with the empirical findings to recommend a strategy for knowledge management in law firms in Botswana. It underscores the fact that knowledge management is becoming an imperative for the survival of law firms as knowledge intensive organisations. Law firms in Botswana can no longer afford to rely on the traditional methods of managing knowledge because there is a need for the 'best minds' and the best knowledge in their area of practice. It is recommended that lawyers should be proactive, adaptive, innovative, effective and competitive in the provision of outstanding, cost-efficient and effective services to clients. Most previous studies in this area have been carried out in developed countries with large law firms.