|
on Small Business Management |
| By: | Thomas Schwab (University of Mannheim, WU Vienna & ZEW); Maximilian Todtenhaupt (University of Mannheim & ZEW) |
| Abstract: | In this paper, we analyze the cross-border effects of patent box regimes that reduce the tax rate on income from intellectual property. We argue that the tax cut in one location of a multinational enterprise may reduce the user cost of capital for the whole group if profit shifting is possible. This spillover effect of the foreign tax cut raises domestic R&D investment. We test this mechanism by combining information on patents, firm ownership and specific characteristics of patent box regimes. Empirical results from a micro-level analysis suggest that patent box regimes without a nexus requirement (patent havens) induce positive cross-border externalities on R&D activity within multinational groups. For firms with cross-border links, the implementation of a foreign patent haven increases domestic research activity by about 2.3% per implied tax rate differential. Furthermore, our findings suggest that patent boxes generate negative spillovers on average patent quality. This has important implications for international tax policy and the evaluation of patent box regimes. |
| Keywords: | Patent box, spillover, corporate taxation, innovation |
| JEL: | F23 H25 O31 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2017-15&r=sbm |
| By: | Javier Miranda; Nikolas Zolas |
| Abstract: | We link USPTO patent data to U.S. Census Bureau administrative records on individuals and firms. The combined dataset provides us with a directory of patenting household inventors as well as a time-series directory of self-employed businesses tied to household innovations. We describe the characteristics of household inventors by race, age, gender and U.S. origin, as well as the types of patented innovations pursued by these inventors. Business data allows us to highlight how patents shape the early life-cycle dynamics of nonemployer businesses. We find household innovators are disproportionately U.S. born, white and their age distribution has thicker tails relative to business innovators. Data shows there is a deficit of female and black inventors. Household inventors tend to work in consumer product areas compared to traditional business patents. While patented household innovations do not have the same impact of business innovations their uniqueness and impact remains surprisingly high. Back of the envelope calculations suggest patented household innovations granted between 2000 and 2011 might generate $5.0B in revenue (2000 dollars). |
| JEL: | O3 O31 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25259&r=sbm |
| By: | David B. Audretsch; Marian Hafenstein; Alexander S. Kritikos; Alexander Schiersch |
| Abstract: | A rich literature links knowledge inputs with innovative outputs. However, most of what is known is restricted to manufacturing. This paper analyzes whether the three aspects involving innovative activity - R&D; innovative output; and productivity - hold for knowledge intensive services. Combining the models of Crepon et al. (1998) and of Ackerberg et al. (2015), allows for causal interpretation of the relationship between innovation output and labor productivity. We find that knowledge intensive services benefit from innovation activities in the sense that these activities causally increase their labor productivity. Moreover, the firm size advantage found for manufacturing in previous studies nearly disappears for knowledge intensive services. |
| Keywords: | MSMEs, R&D, Service Sector, Innovation, Productivity, Entrepreneurship |
| JEL: | L25 L60 L80 O31 O33 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1774&r=sbm |
| By: | Abdelkader Baaziz (IMSIC - Institut mediterranéen des sciences de l'information et de la communication - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | The main aim of this paper is to propose thinking tracks of Entrepreneurial Ecosystems based on a "Quintuple Helix" approach that overcomes the competitive partitions by founding a paradigm of "coopetition" and "coopetitiveness" through the "intelligent specialization" with a strong societal and economic impact. Indeed, the dominant vision in most of emerging countries calls the relationship between Entrepreneurial Ecosystems and their actors, exclusively in terms of competitiveness aspects by reproducing identically the North-American models unlinked to the environmental dissimilarities, such as entrepreneurial culture. However, it is important to enquiring about the spatiotemporal adaptability of this model in the emerging countries contexts, particularly through its uninhibited relationship to the concepts of individual success and failure as well as the ecosystems running based mainly on private financing from business angels, crowdfunding and venture capital investors. While the creation of a startup is administratively facilitated, the uncertainties of the environment put its sustainability in a severe test. The causes are numerous, we cite among others, the difficulty of these startups to fit into a multidisciplinary working mode, hence the necessity to integrate them in the value chain of an ecosystem where they answer efficiently to mutualized and specific R&D needs. That's why we propose to identify the main barriers to open innovation as well as the catalysts enabling the creation of the integrative entrepreneurial ecosystems. By borrowing the paradigm of the city, we highlight the "urbanized" ecosystem made up of "useful" and "specialized" blocks, integrated in the value chain of this ecosystem. We will show the viability of the proposed tracks through many cases of economic, societal and academic actions undertaken in Algeria in order to setting up a favorable environment of integrative entrepreneurial ecosystems. |
| Keywords: | Useful blocks,Specialized blocks,Urbanized ecosystem,Coopetitiveness,Coopetition,Quintuple Helix,Entrepreneurial ecosystem,Algerian entrepreneurial ecosystem,Ecosystem's Value Chain,Intelligent specialization,Mutualized R&D,Ambidextrous capabilities |
| Date: | 2018–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01917642&r=sbm |
| By: | Knutsson, Polina (Department of Economics, Lund University) |
| Abstract: | Human capital features prominently in theoretical work on post-entry performance of new firms. Empirical analysis has, however, to a large extent overlooked the unobserved component of human capital focusing on years of education or labor market experience. This paper adds to the literature on worker characteristics and post-entry firm performance by putting the unobserved quality of workers in the center of analysis. I find strong evidence that new firms on average employ workers of lower unobserved quality relative to incumbent firms. Among new firms workers of higher unobserved quality are overrepresented in spin-offs and incorporated new firms. I further show that unobserved quality of workers is important for the post-entry performance of firms as it is a strong predictor of new firm survival. |
| Keywords: | Human capital; occupational choice; sorting; new firms |
| JEL: | J24 J60 M13 |
| Date: | 2018–11–29 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lunewp:2018_038&r=sbm |
| By: | Jose García-Quevedo (Chair on Energy Sustainability, University of Barcelona & IEB); Effie Kesidou (University of Leeds); Ester Martínez-Ros (University Carlos III) |
| Abstract: | Building on insights from institutional theory, the resource-based view of the firm, and internationalisation, we seek to explain the variation in the adoption of organisational eco-innovations such as environmental management systems (EMS) across sectors in Spain in the period 2009–2014. Previous studies on eco-innovation report that regulatory pressures, technology-push, market-pull, and firm factors are drivers of this process. However, this literature pays relatively little attention to non-technological forms of eco-innovation, such as EMS. As a result, just how EMS adoption can be encouraged across sectors remains unclear in the innovation literature. Here, we seek to address this problem by combining data from the following sources: the Community Innovation Survey and the Spanish Technological Innovation Panel, the International Standardisation Organisation (ISO) survey, the Industry Survey, the Environmental Protection Survey, and the Air Emissions Account. The results of the econometric analysis of panel data reveal that, first, coercive institutional pressures are driving the adoption of EMS reflecting differences across sectors in energy and pollution intensity. Second, the adoption of ISO 9000 – a highly institutionalised system of quality management – increases the adoption of EMS in each industry because of complementarities between the two systems. Third, sectors with a high percentage of internationalised firms operate a higher number of EMS. |
| Keywords: | Eco-innovation, Institutional theory, Internationalisation, Panel data, EMS |
| JEL: | O30 Q50 Q58 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2018-07&r=sbm |
| By: | Tsuji, Masatsugu; Ueki, Yasushi; Shigeno, Hidenori; Bunno, Teruyuki; Idota, Hiroki |
| Abstract: | This paper attempts to analyze the relationship between ICT and R&D in the innovation process. R&D is categorized into two types: R&D and non-R&D. The former is R&D conducted by specific R&D sections or units, whereas the latter is implemented without explicit or formal units. ICT use in this paper consists of two roles: (i) Internal use of ICT which includes ERP, CRM, CAD/CAM, Groupware, and Intra-SNS; and (ii) External use of ICT which consists of B2B e-commerce, B2C e-commerce, EDI, SCM, and Public-SNS. ICT total contains all of these. Research questions are as follows: (i) whether R&D and formal R&D groups have different innovation processes; (ii) what are the factors of production innovation in R&D groups; and (iii) how ICT use affects (i) and (ii). This study is based on mail surveys in five ASEAN economies, such as Vietnam (Hanoi and Ho Chi Minh City), Indonesia, Laos, the Philippines, and Thailand from 2013 to 2014. The total number of valid responses was 1,061. Ordered probit analysis was employed. The significant variables common to both groups are few. In the R&D group, "ICT total" and "Cross-functional team" was significant variables, whereas in non-R&D group, "ISO9000 series" and "HRD program for workers were significant. From the above estimation results, it is clear that ICT use is positively related to innovation in R&D group, indicating ICT more contributed to their innovation. |
| Keywords: | internal use,external use,ordered probit,HDR,learning,QC |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse18:184970&r=sbm |
| By: | Bartelsman, Eric; Lopez-Garcia, Paloma; Presidente, Giorgio |
| Abstract: | This paper uses cross-country micro-aggregated data on firm dynamics and productivity from the ECB CompNet database to provide empirical evidence on factor reallocation in the European Union (EU). The analysis finds that reallocation is towards more productive firms although the magnitude varies across countries and over time. Variation in reallocation is related to structural differences in firm size distribution across countries as well as to variation in labor and product market institutions. Productivity-enhancing reallocation generally rises in downturns but, similar to findings for the US, it did not pick up in the Great Recession. The sharp drop in exports and tightness in credit markets are seen to provide a partial explanation for this lack of a silver lining. JEL Classification: E24, E32, J63, O4 |
| Keywords: | factor reallocation, Great Recession |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20182210&r=sbm |
| By: | Jose García-Quevedo (University of Barcelona & IEB); Francisco Mas-Verdú (Polytechnic University of Valencia & IEB); Gabriele Pellegrino (École Polytechnique Fédérale de Lausanne) |
| Abstract: | The availability of information on technology is a key factor in the innovation process. Firms that lack such information thereby face a major barrier to innovation. Yet little is known about the types of companies that lack this information. This paper examines what characterises firms that lack information on technology and analyses how innovative companies can overcome this gap in their knowledge. Empirical analysis was conducted with the Panel of Technological Innovation (PITEC), based on the information from the Spanish version of the Community Innovation Survey (CIS). The analysis leads to three principal conclusions. First, a large number of firms perceive the lack of information on technology as a barrier to innovation. Second, there are notable sector differences in the way firms perceive this barrier: High-tech firms perceive lower levels of this barrier. Third, not all sources of information on technology are equally effective at overcoming this barrier. The most useful sources are consultants, commercial laboratories and private R&D institutes. |
| Keywords: | Information on technology, barriers to innovation, sources of information, overcoming obstacles |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2017-19&r=sbm |
| By: | Nina Bohdan (Belarus State Economic University) |
| Abstract: | The paper examines the innovative development of Belarus in the context of international indicators and ratings of innovation. International indicators of innovation are becoming an important tool for evaluating the effectiveness of innovation policy. Innovation policy often suffers, especially in developing countries, from an insufficient understanding of the complex phenomenon of innovation. Lack of a systemic approach to innovation leads to a lack of the emphasis on innovation based on knowledge from any source and not just on the knowledge formally created through R&D. Identified are the strengths and weaknesses of innovation policy of Belarus, as well as the problems of innovative development given the Global Innovation Index, the Innovation Union Scoreboard and Knowledge Economy Index. Developed are the new directions of innovation policy for Belarus. |
| Keywords: | Key words: innovation, performance of innovation development, resources of innovation, efficiency innovation, national innovation system, innovation policy. |
| JEL: | O31 O34 O38 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:7010408&r=sbm |
| By: | König, Michael; Rogers, Tim |
| Abstract: | We study the coevolutionary dynamics of knowledge creation and diffusion with the formation of R&D collaboration networks. Differently to previous works, we do not treat knowledge as an abstract scalar variable, but rather represent it as a multidimensional portfolio of technologies. Over time the composition of this portfolio may change due innovations and knowledge spillovers between collaborating firms. The collaborations between firms, in turn, are dynamically adjusted based on the firms' expectations of learning a new technology from their collaboration partners. We show that the interplay between knowledge diffusion, network formation and competition across sectors can give rise to a cyclical pattern in the collaboration intensity, which can be described as a damped oscillation. This theoretical finding recapitulates the novel observation of oscillations in an empirical sample of a large R&D collaboration network over several decades. Finally, we apply our findings to describe how an effective R&D policy can balance subsidies for entrants as well as R&D collaborations between incumbent firms. |
| Keywords: | Innovation; network formation; R&D networks; technology cycles |
| JEL: | D85 L24 O32 O33 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13307&r=sbm |
| By: | Jean-François Harvey (HEC Montréal); Henrik Bresman (INSEAD); Amy C. Edmondson (Harvard Business School, Technology and Operations Management Unit) |
| Abstract: | This paper complements the manager-centered analysis of dynamic capabilities with a team-based approach focused on team learning. We argue that team learning capabilities intertwine with managerial cognitive capabilities to support the processes of sensing, seizing, and reconfiguring. We draw from the literature on team learning to develop four categories based on the orientation (exploration/exploitation) and locus (internal/external) of learning in teams: reflexive, experimental, contextual, and vicarious learning. We integrate these categories into the dynamic capabilities framework to show their particular relevance at different points along the sensing-seizing-reconfiguring pathway, and assess their potential impact on innovation and strategic change. The framework contributes by adding a meso lens to research on dynamic capabilities to help scholars better understand how learning that occurs in teams may support entrepreneurial managers in enacting their cognitive capabilities in service of sustained innovation and superior firm performance. |
| Keywords: | Dynamic capabilities, Innovation, Strategic change, Team learning |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:hbs:wpaper:19-059&r=sbm |
| By: | Julian Di Giovanni (ICREA - Institució Catalana de Recerca i Estudis Avançats [Barcelona] - UB - Universitat de Barcelona - FCRI - Fundació Catalana per a la Recerca i la Innovació [Barcelona] - ICREA, CREI - Centre de Recerca en Economia Internacional - Universitat Pompeu Fabra [Barcelona], CEPR - Center for Economic Policy Research - CEPR); Andrei Levchenko (University of Michigan [Ann Arbor], CEPR - Center for Economic Policy Research - CEPR, National Bureau of Economic Research - National Bureau of Economic Research); Isabelle Mejean (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research - CEPR) |
| Abstract: | This paper investigates the role of individual firms in international business-cycle comovement using data covering the universe of French firm-level value added and international linkages over the period 1993-2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed average correlation of 0.291 in our sample of partner countries. (JEL F14, F23, F44, F62, L14) Countries that exhibit greater bilateral trade and multinational production linkages have more correlated business cycles (Frankel and Rose 1998; Kleinert, Martin, and Toubal 2015). While the empirical literature has repeatedly confirmed the trade-comovement relationship in the data, its meaning is not well understood, either empirically or quantitatively. Taken at face value, the positive association between bilateral trade and multinational linkages and comovement is often interpreted as evidence of transmission of shocks across countries through those linkages. The empirical literature has faced two related challenges. The first is the critique by Imbs (2004) that countries that trade more with each other are similar in other ways, and thus subject to common shocks. Under an extreme version of this view, the trade linkage variable in the Frankel-Rose specification does not reflect the |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01936678&r=sbm |
| By: | Hatzigeorgiou, Andreas (Örebro University School of Business); Lodefalk, Magnus (Örebro University School of Business) |
| Abstract: | Does anti-migration sentiment threaten internationalization? One major pro-Brexit argument was that it would enable more control over immigration. The most recent US presidential election also focused on immigration. Anti-migration sentiment could be a threat to internationalization, given that migrants can help lower the costs of internationalization. Since trade contributes to economic growth, this could, in turn, impede economic development. Despite extensive literature on the migration-trade nexus, there are few examples of policymakers highlighting the role of migration for internationalization. One possible explanation is the absence of an accessible survey of the available theory and evidence on this relationship, and this article intends to bridge the gap. We review and discuss over 100 papers published on the subject, from pioneering country-level studies to nascent firm-level studies that utilize employer-employee data. To our knowledge, this is the first paper offering a wide-ranging review of the different strands of theory on the relationship between migration and internationalization, as well as new empirical findings. Although the evidence suggests that migration can facilitate internationalization we also note substantial gaps and inconsistencies in the extant literature. The aim of this article is to encourage future research and assist policymakers in their efforts to promote internationalization. |
| Keywords: | Migration; networks; information; trade; foreign direct investment |
| JEL: | D20 D80 F14 F16 F22 F23 J61 |
| Date: | 2018–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:oruesi:2018_011&r=sbm |
| By: | María Teresa Costa-Campi (University of Barcelona & IEB); Jose García-Quevedo (University of Barcelona & IEB) |
| Abstract: | Energy R&D can have major social and economic impacts and is a critical factor in addressing the challenges presented by climate change mitigation policies. As well as the energy utilities themselves, firms in other sectors also invest in energy R&D; however, while various studies have examined the determinants of R&D in the former, there are no analyses of energy R&D drivers in other industries. This paper seeks to fill this gap by examining the determinants of investment in energy R&D in non-energy industries. We focus on manufacturing industries where we can differentiate between energy and non-energy R&D related expenditure. The empirical analysis is carried out for 21 sectors in Spain for the period 2008–2013. To overcome problems of data availability, we construct a comprehensive database from several surveys. The data show the importance of taking into account the efforts devoted to energy R&D by the manufacturing sectors in order to have more complete information about the total investment made in energy R&D. The results of the estimations indicate the importance of the energy R&D developed by firms that supply the energy utilities. |
| Keywords: | Energy R&D, energy demand, energy efficiency, panel data |
| JEL: | Q40 O30 O38 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2017-20&r=sbm |
| By: | Joao Ayres; Gajendran Raveendranathan |
| Abstract: | We use firm dynamics statistics on employment by age, entry, exit, and job flows to identify sources of business cycle fluctuations in the U.S. economy since 1980. We extend the Hopenhayn (1992) firm dynamics model by incorporating capital and debt accumulation to the firm’s problem and savings to the consumer’s problem. Analyzing the implications of unexpected productivity, credit, labor wedge, and investment wedge shocks for firm dynamics statistics, we show that (a) productivity shock accounts for the 1990-91 and 2001 recessions, and (b) productivity and credit shocks jointly account for the 1980-82 and 2007-09 recessions. |
| Keywords: | firm dynamics, business cycles. |
| JEL: | D21 D22 E24 E32 |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:deptwp:2018-16&r=sbm |
| By: | Raphaël Maucuer (ESSCA School of Management); Alexandre Renaud |
| Abstract: | The business model (BM) concept has become a major area of interest in Management literature, leading to the publication of a host of literature reviews and essays aimed at synthesizing and interpreting the development of BM research. Yet these general analyses have largely neglected the specificities of the two main disciplines in which the BM concept is anchored: Strategic Management and Innovation & Entrepreneurship. Accordingly, this article seeks to explore the intellectual roots and current trends of these disciplines to refine our understanding of the development of the BM literature. We draw on a mixed bibliometric analysis based on two samples of respectively 208 and 345 articles published in Strategic Management and Innovation & Entrepreneurship. This analysis enables us to compare the theoretical pillars (co-citation analysis) and research fronts (bibliographic coupling analysis) of BM research in these two foundational disciplines. Our results suggest a certain homogeneity within both the theoretical pillars of the disciplines and the incremental diversification of their research fronts. In light of these findings, we consider the future of the BM literature and accordingly propose a twofold developmental strategy for it. |
| Keywords: | Bibliographic Coupling Analysis,Co-Citation Analysis,Business Model,Research Field,Bibliometrics |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01918188&r=sbm |
| By: | Thomas Brand; Marlène Isoré; Fabien Tripier |
| Abstract: | We develop a business cycle model where endogenous firm creation stems from two credit market frictions. First, entrepreneurs search for a lending relationship with a bank. Second, an optimal debt contract with monitoring is implemented. We analyze the interplay between both frictions, and embed it into an otherwise standard business cycle model, which we estimate with Bayesian techniques. We find that uncertainty shocks are a prime contributor to business cycle fluctuations in the US, not only for macro-financial aggregates but also for firm creation. Moreover, we point out that the credit search friction dampens the financial accelerator mechanism because default may imply the end of the lending relationship. |
| Keywords: | Uncertainty;Financial frictions;Search and matching;Business cycle;Firm creation;Firm dynamics |
| JEL: | D8 E3 E4 E5 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepidt:2018-19&r=sbm |
| By: | Erik S. Reinert |
| Abstract: | The ‘Smart specialization’ (SS) project of the European Union is both an innovative project and an ongoing experiment on industrial and innovation policy, probably the biggest such experiment globally. This approach makes it possible to rediscover mechanisms that have been extremely successful creating wealth in the past, and may contribute importantly to the eradication of poverty also in the future. An important aspect of this project is that it emphasizes the importance of solving the problems of relative poverty and backwardness by interfering in the productive sector of the relatively poor areas, not by transfer of purchasing power from other and richer geographical areas. Rather than alleviating the symptoms of poverty through transfers (focusing on the poor as consumers), the Smart Specialization approach attacks the causes of poverty in the realm of production (focusing on the poor as producers). This reflects the original intention from Maastricht that the European Union should avoid becoming a ‘transfer union’. In the end, in the opinion of this author, a better understanding of smart and less smart specialization would also bring us closer to comprehend the uneven financial flows within the European Union, often originating in the productive sector. |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:tth:wpaper:81&r=sbm |
| By: | Martina Lawless; Zuzanna Studnicka |
| Abstract: | We examine the relationship between exporting experience and the duration of firm export product flows. We find that more experienced firms (in years of exporting) show a higher probability of failure associated with the introduction of new products. On the other hand, firms with broader export scope are more likely to have better survival times for newly launched products. Although apparently counter-intuitive, we show that this finding is consistent with models of multi-product firms in which firms begin exporting by launching the products closest to their core competency and gradually expand their range of products by exporting those that are further away from their core, resulting in lower survival probability for later products. Validating this interpretation, we show that the distance of the new products to the core competency of the firm plays an important role in determining the survival of new products. |
| Keywords: | Duration of Trade; Firm Survival; Export Experience; Multi-product firms |
| JEL: | F10 |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:ucn:wpaper:201805&r=sbm |
| By: | Mário Augusto (CeBER and Faculdade de Economia, Universidade de Coimbra); José Murteira (jmurt@fe.uc.pt); António Pedro Pinto (CI&DETS and Escola Superior de Tecnologia e Gestão de Viseu, Instituto Politécnico de Viseu) |
| Abstract: | The present study examines the impact of family involvement on the debt structure of family businesses. Family corporate involvement is considered in three related but distinct dimensions: capital ownership, firm’s management and corporate control. The marginal effect of each of these three dimensions is specified as a unique regression parameter in a conditional mean model for the proportion of medium- plus long-term debt to total debt. This general strategy calls for an appropriate modelling and estimation approach, taking due account of the response variable’s inherent fractional definition and consequential nonlinear functional form of its conditional expectation, given covariates. Such an approach, combining a probit model for the equation of interest with a control function estimation method, is applied to a panel data set on Portuguese family businesses. Estimation results confirm the uniqueness of the impact of each of the three considered dimensions of families’ corporate involvement on the debt structure of firms. |
| Keywords: | Family firms; Management and control considerations; Debt maturity structure; Panel fractional data. |
| JEL: | G3 C23 C25 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:gmf:papers:2018-11&r=sbm |
| By: | Benoît Desmarchelier (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - ULCO - Université du Littoral Côte d'Opale - CNRS - Centre National de la Recherche Scientifique); Faridah Djellal (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - ULCO - Université du Littoral Côte d'Opale - CNRS - Centre National de la Recherche Scientifique); Faïz Gallouj (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - ULCO - Université du Littoral Côte d'Opale - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article is dedicated to a consideration of the tertiarisation of innovation networks. While the concept of traditional innovation network (TIN) has been the object of an extensive literature, new expressions of the innovation network appear in a service and sustainable development economy: in particular Public Private Innovation Networks in Services (PPINSs), Public Service Innovation Networks (PSINs) and Public Service Innovation Networks for Social Innovation (PSINSIs). They reflect the rise to prominence of market and non-market services and of the public-private relationship in collaborative innovation. This article investigates and compares these different expressions of innovation networks. In particular, it sheds light on the different roles played by public services in each of them. |
| Keywords: | market services,public services,networks,innovation |
| Date: | 2018–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01934282&r=sbm |
| By: | Francesco Di Comite (European Commission - DG ECFIN); Olga Diukanova (European Commission - JRC); Giovanni Mandras (European Commission - JRC); Javier Gómez Prieto (European Commission - JRC) |
| Abstract: | In this note we present the economic impact assessment of the European Regional Development Fund (ERDF) for thematic objectives TO1 "Research and innovation" and TO4 "Low-carbon economy" in the region of Apulia, Italy. The results are based on the RHOMOLO-IO demand multiplier analysis and on computer simulations with the multi-regional dynamic computable general equilibrium (CGE) model RHOMOLO. The former approach is used to calculate the sector-specific output multipliers following a demand-side shock, while the CGE simulations provide evidence of significant spillover effects spreading beyond the Apulian borders and stimulating economic growth in other regions with significant trade links with Apulia. Our results suggest that a €536 million increase in demand for the Manufacturing & Construction sector would entail an increase in total value added of €329 million, which is roughly 0.46% of the regional GDP. The RHOMOLO simulations show that the effects of policy interventions reach their peak in the last years of ERDF programming period (2020-2022), when the absorption of investment funding is at its full potential. In 2022, T01 and T04 investments of the ERDF increase Apulian by 0.2% above the baseline GDP projections. Given the high import intensity of the region, only one fourth of the overall effect is driven by the direct investments and three fourths depend on the productivity improvements achieved as a result of the specific policy design. This demonstrates that the implementation of policies that are effective in raising productivity ensures long term economic benefits even in the absence of continuous funding. |
| Keywords: | rhomolo, region, growth, smart specialisation, investment, impact assessment, modelling |
| JEL: | C54 C68 E62 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:termod:201804&r=sbm |