共查询到20条相似文献,搜索用时 375 毫秒
1.
Isabel M. Correia Orlando Petiz 《The International Entrepreneurship and Management Journal》2007,3(2):145-157
This paper aims to assess if geographic proximity from universities enhances small firms’ performance, by means of knowledge
spillovers. A sample of micro data is used on 390 manufacturing firms and 11 public universities in Portugal. Performance
is measured by labour productivity. The estimation was made using OLS as well as Quantile Regression. Results seem to confirm
that both domains of knowledge do produce distinct effects, but there is no evidence that a firm’s performance improves with
the proximity to a university. Likewise, the quality of universities does not seem to influence the labour productivity of
firms.
相似文献
Orlando PetizEmail: |
2.
Dennis Halcoussis Anton D. Lowenberg G. Michael Phillips 《Journal of Economics and Finance》2009,33(3):324-329
Many observers argued that Barack Obama’s candidacy in the U.S. presidential election of 2008 benefited from the financial
crisis and recessionary economic conditions which voters blamed on the Republican administration. However, an empirical examination
of stock price and public opinion data indicates that improvements in Obama’s electoral prospects led stock price declines
and that gains by Obama were more likely to be followed by falling stock prices than by rising prices. This evidence suggests
that the poor performance of the stock market in the days leading up to Obama’s victory was partly caused by, rather than
causing, Obama’s success.
相似文献
G. Michael Phillips (Corresponding author)Email: |
3.
Lucio Cassia Alessandra Colombelli 《The International Entrepreneurship and Management Journal》2008,4(4):453-465
The paper explores the effect of scientific institutions on firm’s growth, coupling regional science and entrepreneurship
approaches. We focus on the role of universities, largely considered in the literature as the main source of knowledge spillovers.
To this purpose, we centre our attention on UK public companies on the Alternative Investment Market (AIM), a market dedicated
to young and growing companies in both science and non-science based industries. In the paper we investigate the growth determinants
of 231 listed firms which have gone public during the period going from 1995 to 2006. To our purposes, in the empirical analysis
we use the Gibrat’s Law of Proportionate Effects model. The results supports the hypothesis that, controlling for firm’s idiosyncratic
factors and external forces, both universities knowledge input and output are important determinants of the growth of entrepreneurial
firms listed on the AIM.
相似文献
Alessandra ColombelliEmail: |
4.
Robert G. Chambers 《Journal of Productivity Analysis》2008,30(2):107-120
Stochastic productivity indicators are defined, and superlative measures of these indicators are derived. It is shown that,
in the presence of complete markets or a common-expectations equilibrium, differences in the market values of firms are superlative
indicators of cross-sectional productivity differences. Exactness results are used to decompose nonstochastic productivity
indicators into a measure of true productivity change and a measure of ‘luck’. The decomposition is illustrated empirically.
相似文献
Robert G. ChambersEmail: |
5.
Leonard L. Lundstrum 《Journal of Economics and Finance》2009,33(2):161-175
The relationship between managerial share ownership and the firm’s change in leverage around a security issuance is examined.
We find that entrenched managers are not more likely to issue equity, however they do affect lower leverage by choosing debt
issuances which are smaller and equity issuances that are larger than those chosen by managers that are not entrenched. The
magnitude of the decline in leverage that occurs from before the issuance to after the issuance is positively related to managerial
share ownership. In addition, this relationship is confined to only the “entrenchment” range of managerial share ownership.
The market reacts negatively to an issuance announcement when managerial share ownership is high.
相似文献
Leonard L. LundstrumEmail: |
6.
Edilberto F. Montemayor 《Employee Responsibilities and Rights Journal》2008,20(2):143-149
The literature on employee (moral) rights has been limited to workplace human rights. This essay focuses on Employee Moral
Rights defined as the moral claims individuals are entitled to due to their role as employees. Noting they make significant
(although implicit) financial investments in the firm they work for, this essay argues dedicated employees should be treated
as financial investors, which implies dedicated employees have the moral right to (1) be treated as every other financial
investor; (2) share in the firm’s profits; (3) timely, accurate, and sufficient disclosure of significant information; (4)
protection from senior managers’ abusive self-dealing; and (5) mechanisms to protect their financial investment including
fair severance payments and effective pension protection.
相似文献
Edilberto F. MontemayorEmail: |
7.
Thijs ten Raa 《Journal of Productivity Analysis》2008,30(3):191-199
Debreu’s coefficient of resource utilization is freed from individual data requirements. The procedure is shown to be equivalent
to the imposition of Leontief preferences. The rate of growth of the modified Debreu coefficient and the Solow residual are
shown to add up to TFP growth. This decomposition is the neoclassical counterpart to the frontier analytic decomposition of
productivity growth into technical change and efficiency change. The terms can now be broken down by sector as well as by
factor input.
相似文献
Thijs ten RaaEmail: |
8.
The Relationship Among Union Membership, Facets of Satisfaction and Intent to Leave: Further Evidence on the Voice Face of Unions 总被引:1,自引:0,他引:1
Steven E. Abraham Barry A. Friedman Randall K. Thomas 《Employee Responsibilities and Rights Journal》2008,20(1):1-11
This study examined the impact of union membership on employees’ intent to leave their jobs across a number of facets of satisfaction,
as a further test of unions’ voice face. Among the findings were that there were significant relationships between job, compensation,
benefits, working conditions, and immediate supervisor satisfaction and intent to leave one’s job for nonunion employees.
In contrast, only the relationship between job satisfaction and intent to leave was significant for union employees. Finally,
over the facets of satisfaction where one would expect unions to have the most influence, the relationship between intent
to leave one’s job and satisfaction was greater for nonunion employees than for union employees. These results provide a great
deal of support for the effect of unions’ voice face.
相似文献
Randall K. ThomasEmail: |
9.
Productivity and efficiency of state-owned enterprises in China 总被引:1,自引:0,他引:1
Feng-Cheng Fu Chu-Ping C. Vijverberg Yong-Sheng Chen 《Journal of Productivity Analysis》2008,29(3):249-259
The purpose of this paper is to evaluate the variations in SOE efficiency and productivity from the perspectives of macroeconomic
fluctuations and systematic reform in China during 1986–2003. We use Data Envelopment Analysis to measure SOE efficiency.
Subsequently, we use the Malmquist Index of Productivity change to measure productivity growth. The empirical results show
that SOE efficiency and productivity exhibited obvious improvements during periods of strong systematic reform and a prosperous
economy. The systematic reform after 1998 had a clear-cut impact on SOE performance.
相似文献
Chu-Ping C. VijverbergEmail: |
10.
This paper proposes a flexible time-varying stochastic frontier model. Similarly to Lee and Schmidt [1993, In: Fried H, Lovell
CAK, Schmidt S (eds) The measurement of productive efficiency: techniques and applications. Oxford University Press, Oxford],
we assume that individual firms’ technical inefficiencies vary over time. However, the model, which we call the “multiple
time-varying individual effects” model, is more general in that it allows multiple factors determining firm-specific time-varying
technical inefficiencies. This allows the temporal pattern of inefficiency to vary over firms. The number of such factors
can be consistently estimated. The model is applied to data on Indonesian rice farms, and the changes in the efficiency rankings
of farms over time demonstrate the model’s flexibility.
相似文献
Young H. LeeEmail: |
11.
The paper contributes to the explanation of the large differences in cross-country productivity performance by modelling and
testing the effects of social barriers to communication on productivity and capital accumulation. In an optimal growth model,
social barriers to communication, which impede the formation of knowledge connections, are shown to reduce both transitory
and steady-state levels of total factor productivity (TFP), per capita consumption and reproducible capital. Empirical testing
yields a robust and theoretically consistent result: linguistic barriers to communication reduce productivity and capital
accumulation. The findings provide an explanation for cross-country differences in TFP, and fresh insights into how productivity
‘catch up’ may be initiated.
相似文献
P. Dorian OwenEmail: |
12.
In this paper we argue that the standard approach for measuring output and productivity in the trade sector has become obsolete.
The key problem is that changes in prices of goods purchased for resale are not accounted for. We outline a consistent accounting
framework for measuring trade productivity and provide new estimates, taking into account purchase prices of goods sold in
a double deflation procedure. We find strong productivity improvements in the UK and US compared to France, Germany and The
Netherlands since the mid-1990s. This finding is robust for various productivity measurement models.
相似文献
Marcel P. TimmerEmail: |
13.
Abstract This paper provides an empirical analysis of the relationship between the stringency of environmental regulation and total
factor productivity (TFP) growth in the Quebec manufacturing sector. This allows us to investigate more fully the Porter hypothesis
in three directions. First, the dynamic aspect of the hypothesis is captured through the use of lagged regulatory variables.
Second, we argue that the hypothesis is more relevant for more polluting sectors. Third, we argue that the hypothesis is more
relevant for sectors which are more exposed to international competition. Our empirical results suggest that: (1) the contemporaneous
impact of environmental regulation on productivity is negative; (2) the opposite result is observed with lagged regulatory
variables, which is consistent with Michel Porter’s conjecture; and (3) this effect is stronger in a subgroup of industries
which are more exposed to international competition.
相似文献
Paul LanoieEmail: |
14.
It is typically assumed that people engage in entrepreneurship because there are profits to be made. In contrast to this view,
this paper argues that entrepreneurship is more adequately characterized as a non-profit-seeking activity. Evidence from a
broad range of authors and academic fields is discussed showing that entrepreneurship does quite generally not pay in monetary
terms. Being an entrepreneur seems to be rather rewarding because it entails substantial non-monetary benefits, like greater
autonomy, broader skill utilization, and the possibility to pursue one’s own ideas. It is shown how incorporating these non-monetary
benefits into economic models of entrepreneurship can lead to a better understanding of the phenomenon.
相似文献
Matthias BenzEmail: |
15.
This paper considers the measurement of performance in public service provision in an international context by examining outcome-based
measures for the education sector. It first sets out the measurement issues in general terms. The paper then applies these
methods to comparing the UK experience with that in the US over the period 1979–2002. The results show higher labour productivity
growth in the UK education sector than in the US over this time period, so that the UK eliminated the productivity gap with
the US by the end of the Century.
相似文献
Mary O’MahonyEmail: |
16.
Agustí Segarra-Blasco Jose Garcia-Quevedo Mercedes Teruel-Carrizosa 《The International Entrepreneurship and Management Journal》2008,4(4):431-451
The present paper analyses the link between firms’ decisions to innovate and the barriers that prevent them from being innovative.
The aim is twofold. First, it analyses three groups of barriers to innovation: the cost of innovation projects, lack of knowledge
and market conditions. Second, it presents the main steps taken by Catalan Government to promote the creation of new firms
and to reduce barriers to innovation. The data set used is based on the 2004 official innovation survey of Catalonia which
was taken from the Spanish CIS4 sample. This sample includes individual information on 2,954 Catalan firms in manufacturing
industries and knowledge-intensive services (KIS). The empirical analysis reveals pronounced differences regarding a firm’s
propensity to innovate and its perception of barriers. Moreover, the results show that cost and knowledge barriers seem to
be the most important and that there are substantial sectoral differences in the way that firms react to barriers. The results
of this paper have important implications for the design of future public policy to promote entrepreneurship and innovation
together.
相似文献
Mercedes Teruel-CarrizosaEmail: |
17.
This paper investigates Black–Scholes call and put option thetas, and derives upper and lower bounds for thetas as a function
of underlying asset value. It is well known that the maximum time premium of an option occurs when the underlying asset value
equals the exercise price. However, we show that the maximum option theta does not occur at that point, but instead occurs
when the asset value is somewhat above the exercise price. We also show that option theta is not monotonic in any of the parameters in the Black–Scholes option-pricing model, including time to maturity. We further explain
why the implications of these findings are important for trading and hedging strategies that are affected by the decay in
an option’s time premium.
相似文献
Tie Su (Corresponding author)Email: |
18.
Richard W. Hurd 《Employee Responsibilities and Rights Journal》2006,18(3):207-214
The 1981 PATCO strike stands out as a symbol of union decline. The penchant to stigmatize PATCO detracts from important aspects of the union’s unorthodox strategy. Preparations for 1981 negotiations were coordinated by rank-and-file activists who referred to themselves as ‘choir boys’. An extensive mobilization network cultivated by the ‘choir boys’ contributed to cohesiveness and in effect democratized PATCO. The union’s effectiveness in building internal solidarity was its most notable accomplishment. Twenty-first-century labor-movement revitalization will require not only strong, creative leadership but also rank-and-file mobilization in the mold of PATCO’s ‘choir boy’ system. It is this type of grassroots activism that has the potential to promote an internal culture of militant action which can serve as the foundation for union growth.
相似文献
Richard W. HurdEmail: Phone: +1-607-2552765 |
19.
Subhash C. Ray 《Journal of Productivity Analysis》2007,27(3):231-236
Determining the profit maximizing input–output bundle of a firm requires data on prices. This paper shows how endogenously
determined shadow prices can be used in place of actual prices to obtain the optimal input–output bundle where the firm’s
shadow profit is maximized. This approach amounts to an application of the Weak Axiom of Profit Maximization (WAPM) formulated
by Varian [(1984) The Non-parametric approach to production analysis. Econometrica 52:3 (May) 579–597] based on shadow prices rather than actual
prices. At these shadow prices, the shadow profit of a firm is zero. The maximum shadow profit that could have been attained
at some other input–output bundle is shown to be a measure of the inefficiency of the firm. Because the benchmark input–output
bundle is always an observed bundle from the data, it can be determined without having to solve any elaborate programming
problem.
相似文献
Subhash C. RayEmail: |
20.
This paper examines the impact of R&D on multifactor productivity in the U.S. agricultural sector over the 1910–1990 period.
We use the Bennet–Bowley indicator to measure agricultural productivity based on a multiple output-multiple input technology.
We demonstrate the relationship between the price dependent Bennet–Bowley indicator and the Luenberger productivity indicator
which is constructed from directional distance functions without requiring price information. These performance measures are
dual to the profit function which arguably makes them especially useful in the agricultural setting. We employ time-series
techniques to investigate the effect of R&D on the pattern of productivity growth. We find that we cannot reject the presence
of a cointegrating relationship between the two series and that productivity growth in the U.S. agriculture responds positively
to R&D expenditure with a lag of between four and ten periods.
相似文献
D. MargaritisEmail: |