Economic crisis and benefits of the Internet: differentiated Internet usage by employment status

Using data from the Spanish Survey on Equipment and Use of ICTs in Households for 2007–2011, this paper evaluates the effect of employment status on the diffusion of the Internet among the labor force. We use a bivariate probit with sample selection model to account for a potential selection bias that arises because online usage is only observed for Internet users. Our results show that, controlling for income, employment influences online adoption and usage, and we find evidence of a digital divide in adoption and usage by education and age among the labor force. Employed individuals are more likely to have accessed the Internet and used it more frequently than the unemployed and for different activities. However, conditional on adoption, they do not use the Internet for more personal activities. These findings suggest that firms promote and subsidize Internet access, but this sponsored access does not translate into more personal use.     

Foreign capital,credit constraints and continuity of firms’ R&D

In this article, we investigate the role of foreign capital participation as a means for firms to overcome the obstacle posed by credit constraints to sustain R&D investments. Using data for Spanish manufacturing firms in the period 1990–2006, we show that firms with foreign capital are significantly less likely to stop already initiated R&D projects and also more likely to sustain R&D investment when facing credit constraints. Our results are robust to positive selection into foreign capital participation, which we control through a set of variables chosen from a propensity score estimation, and to firms’ fixed-effects.     

Financial constraints and cash–cash flow sensitivity

This article explores the cash–cash flow relationship by comparing financially constrained and financially unconstrained companies. Unlike previous research, we test the sensitivity of cash to cash flow by considering unlisted firms as constrained and listed firms as unconstrained. Our empirical evidence is based on findings from Spanish firms and is consistent with the core rationale that unlisted firms face more difficulties than their listed counterparts when looking for funding from external markets. As a result, unlisted firms tend to hoard significant amounts of cash out of the generated cash flow, while listed firms do not. Our findings are robust to a number of additional empirical tests.     

Estimation of foreign MNEs spillovers in Spain

Using Spanish firm-level data, we estimate productivity effects of spillovers from foreign multinationals to domestic firms in both manufacturing and service sectors. We find evidence of a positive productivity effect from multinationals on domestic firms operating in the same industry. Analyzing inter-industry linkages, we find evidence consistent with positive productivity spillovers from forward linkages (i.e. from suppliers to buyers) and negative productivity spillovers from backward linkages (i.e. from buyers to suppliers). Our main results hold when analyzing differences between multinational and domestic firms, and for periods of economic growth and recession, although some differences arise. Interestingly, we find evidence supporting a positive role of spillovers during the last recession period.     

Technological innovation and the demand for labor by firms in expansion and recession

ABSTRACT

With firm data from the Spanish Community Innovation Survey (CIS) for the period 2003–2014, we find a positive and significant effect of innovation in the demand for labor when firms introduce product and process innovations in the same time period. The effect of innovation on the demand for labor is countercyclical, higher in the recession, after 2008, than in the expansion, before 2008, but the probability that firms innovate in product and process is counter-cyclical, i.e. lower in the recession. Altogether, the elasticity of the demand for labor to the probability that firms introduce product and process innovations remains stable throughout the sample period, at around 0.035. Innovation contributes to stabilize average employment during the cycle, more so when the innovation is in product, alone or together with process, than when it is only in process. These results are broadly consistent with product and process innovations shifting firms’ demand and production functions upwards, but differentially in expansions (less product market competition) than in contractions (more competition).     

Why firms set different export prices? Evidence from Spain

Using firm-level export data for the 2010–2014 period, we investigate the variation of export prices across and within Spanish manufacturing firms. We find that more productive firms set higher export prices. However, this result is not robust to controlling for other firm-level characteristics and alternative productivity measures. We show that firms set higher export prices in more distant markets and in destinations with high GDP per capita, and lower export prices in large and low-competition markets. These latter results suggest that firms adjust the quality of their products to destination characteristics.     

The influence of strategic dimensions and the environment on the introduction of internet as innovation into small and medium-sized enterprises

The expansion of the Internet has been spectacular, but only limited research has analysed how environmental and strategic variables simultaneously influence its organisational implementation and how small firms decide to adopt the use of the Internet. This study simultaneously examines the influence of three environmental dimensions (hostility, complexity and dynamism), and the three strategic dimensions (entrepreneurial, technological and administrative), upon the decision to introduce the use of the Internet into small business enterprises. We base our conclusions upon the data obtained from interviews with the managers of a sample of 94 small and medium-sized Spanish enterprises. Our results support a multidimensional view of environmental and strategic characteristics and show that all these variables constitute significant factors in deciding whether to introduce the Internet into company use. Logistic regression also shows the greater influence exerted by internal (strategic) factors and size rather than by environmental factors.     

The influence of strategic dimensions and the environment on the introduction of internet as innovation into small and medium-sized enterprises

The expansion of the Internet has been spectacular, but only limited research has analysed how environmental and strategic variables simultaneously influence its organisational implementation and how small firms decide to adopt the use of the Internet. This study simultaneously examines the influence of three environmental dimensions (hostility, complexity and dynamism), and the three strategic dimensions (entrepreneurial, technological and administrative), upon the decision to introduce the use of the Internet into small business enterprises. We base our conclusions upon the data obtained from interviews with the managers of a sample of 94 small and medium-sized Spanish enterprises. Our results support a multidimensional view of environmental and strategic characteristics and show that all these variables constitute significant factors in deciding whether to introduce the Internet into company use. Logistic regression also shows the greater influence exerted by internal (strategic) factors and size rather than by environmental factors.     

FAMILY FIRMS,BANK RELATIONSHIPS,AND FINANCIAL CONSTRAINTS: A COMPREHENSIVE SCORE CARD

We examine the effect of financial constraints on firm investment and cash flow. We combine data from the Spanish Mercantile Registry and the Bank of Spain Credit Registry to classify firms according to whether they are family‐owned, not family‐owned, or belong to a family‐linked network of firms and according to their number of banking relations (with none, one, or several banks). Our empirical strategy is structural, based on a dynamic model solved numerically to generate the joint distribution of firm capital (size), investment, and cash flow, both in cross sections and in panel data. We consider three alternative financial settings: saving only, borrowing and lending, and moral hazard constrained state‐contingent credit. We estimate each setting via maximum likelihood and compare across these financial regimes. Based on the estimated financial regime, we show that family firms, especially those belonging to networks based on ownership, are associated with a more flexible market or contract environment and are less financially constrained than nonfamily firms. This result survives stratifications of family and nonfamily firms by bank status, region, industry, and time period. Family firms are better able to allocate funds and smooth investment across states of the world and over time, arguably done informally or using the cash flow generated at the level of the network. We also validate our structural approach by demonstrating that it performs well in traditional categories, by stratifying firms by size and age, and find that smaller and younger firms are more constrained than larger and older firms.     

Monetary shocks,equity returns and volatility: a firm-level panel data analysis

This article studies the impact of monetary policy shocks on equity returns and their volatility among nine industries and their affiliated firms in the United States. We use an extension of the traditional CAPM as the analytical framework and approximate policy shocks with the unexpected component of the federal funds rate. Data on the characteristics of firms and industries are obtained from Compustat and the Center for Research in Security Prices, covering a sample period from 1987 to 2009. Our results clearly show that responses to policy shocks vary by industry and across firms. Furthermore, credit availability matters in certain industries, and small, financially constrained, and bank-dependent firms are found to be more vulnerable to unexpected federal funds rate shocks.     

网络营销及其策略组合分析

信息网络化的浪潮正在席卷全球 ,企业的生存竞争空间正逐步从传统市场转向网络空间市场。以 Internet为核心支撑的网络营销正在发展成为现代市场营销的主流。互联网对传统经营方式产生的巨大冲击 ,使网络营销形成了新的营销理念和策略。网络营销策略组合包括网页策略、产品策略、价格策略、促销策略和网络渠道策略及其相互组合。网络营销的理论基础包括直复营销理论、关系营销理论、软营销理论和整合营销理论。     

Determinants and value relevance of UK CEO pay slice

This paper studies the CEO pay slice (CPS) of UK listed firms during the period 2003 to 2009. We investigate the determinants of CPS. We study the links between CPS and measures of firm performance. We find that firms with higher levels of corporate governance ratings and those with more independent boards tend to have higher CPS. In addition, we find that CEOs are more likely to receive lower compensation when they chair the board and when they work in firms with large board size. We also find that higher CPS is positively associated with firm performance after controlling for the firm-specific characteristics and corporate governance variables. We get compatible results when we examine the association between equity-based CPS and firm performance. Our results remain robust to alternative accounting measures of firm performance. Our results suggest that high UK CPS levels do indeed reflect top managerial talent rather than managerial power.     

“互联网+”下制造企业服务化悖论的平台化解决思路

服务化转型已成为制造企业应对时代挑战的必然选择,其要求企业竞争关键点、价值流程、组织结构和创新模式发生彻底转变。这一巨大挑战催生了“服务化悖论”相关研究。“互联网+”相关研究大多强调互联网对服务化转型的积极影响,但其作用机理尚不明确。现有“服务化悖论”的研究较为零散,从价值创造视角将其系统地归纳为3个方面;深入阐释“互联网+”模式对“服务化悖论”的缓解机制,强调“脱媒”功能可以克服顾客接近悖论,以同步协同缓解战略一致性悖论,以互联网导致的“单边锁定弱化”克服行业资源能力悖论;设计了基于互联网的服务化运行机制,强调制造企业以“平台”模式实现服务化经营,而平台领导者、知识经纪人、模块化供应商借助互联网进行价值协同,通过“产品+服务”组合包实现需求面而非供给面范围经济,以个性化服务推动企业价值创新。     

Short interest and the stock market relation with news sentiment from traditional and social media sources

We examine how the stock market relation to news sentiment—from traditional and social media (Twitter) sources—interacts with short selling of stocks. Our sample includes the S&P500 constituents for the period January 2016 to December 2020, providing 704,452 firm-day observations. We find evidence that both news sources are positively related to returns. The relationship is stronger for firms with a high short interest ratio, for small firms, and particularly for firms that are both small and highly shorted. This is consistent with short sellers targeting firms that are most responsive to (negative) news releases and so more likely to compensate for the additional costs encountered in shorting.     

Technical efficiency of Spanish manufacturing firms: a panel data approach

This paper estimates the levels of technical efficiency reached by Spanish manufacturing firms, through an econometric estimation of frontier production functions for fifteen sectors of activity, and also, obtains other relevant technological measurements of these productive processes such as the scale and the technical progress parameters. The methodology used is the panel data methods (Schmidt and Sickles, 1984). The statistical source is provided by the Survey on Business Strategies (Encuesta Sobre Estrategias Empresariales), a panel of data covering 855 Spanish manufacturing firms observed over the period 1990-1994. Our econometric results confirm the great heterogeneity in the firms' efficiency, the predominance of constant returns to scale and the great rate of technological progress.     

The effect of science and technology parks on firms’ performance: how can firms benefit most under economic downturns?

The objective of this research is to evaluate the effect of the economic recession on the performance of firms located in science or technological parks. Compared to off-park firms, we propose that under an economic crisis park benefits are more noticeable, since firms located inside parks have less resource restraints and access to external sources of information and knowledge. Moreover, we observe that as firms invest on internal R&D, they tend to reinforce these park benefits. Empirical evidence gathered data on employment and sales from 2007 to 2012 for the group of firms which participated in the Spanish Technological Innovation Panel. The results confirm the positive role played by science and technology park locations under economic downturn environments, especially when firms investing in internal R&D.     

Citibank; Citibank,Nader and The Facts

This paper aims to understand how Internet users may improve their social capital by investing in online social activities. We argue that the Internet can be a convenient and efficient means of maintaining existing social ties and/or of creating new ties. We seek to identify the determinants of online investments in social capital and the nature of the interaction with traditional forms of investment in social capital. Using a Luxembourg household survey, the econometric results reveal a significant positive impact of volunteer activities and trust (two measures of social capital) on online investments to maintain social capital, but more ambiguous results are found between online investments and face-to-face contacts with friends. By contrast, online investments to create new ties are poorly related to the Internet users' existing social capital, but depend on the opportunity cost of time.     

Spillovers from Foreign Direct Investment in Spanish Manufacturing Firms

This paper examines the effect of participation by foreign capital and the spillovers from a foreign presence on the technical progress of Spanish manufacturing firms. The results show that foreign direct investment (FDI) creates positive spillover effects for local firms, and when the presence of foreign capital and the absorptive capacity of spillovers from FDI are large, more technical progress ensues. Also, local companies in capital‐ and research and development (R&D)‐intensive industries experience larger positive FDI spillovers. For these reasons, government policies should aim to attract FDI, especially in the aforementioned industries.     

Technology roadmapping in review: A tool for making sustainable new product development decisions

Typically, firms decide whether or not to develop a new product based on their resources, capabilities and the return on investment that the product is estimated to generate. We propose that firms adopt a broader heuristic for making new product development choices. Our heuristic approach requires moving beyond traditional finance-based thinking, and suggests that firms concentrate on technological trajectories by combining technology roadmapping, information technology (IT) and supply chain management to make more sustainable new product development decisions. Using the proposed holistic heuristic methods, versus relying on traditional finance-based decision-making tools (e.g., emphasizing net present value or internal rate of return projections), enables firms to plan beyond the short-term and immediate set of technologies at hand. Our proposed heuristic approach enables firms to forecast technologies and markets, and hence, new product priorities in the longer term. Investments in new products should, as a result, generate returns over a longer period than traditionally expected, giving firms more sustainable investments. New products are costly and need to have a durable presence in the market. Transaction costs and resources will be saved, as firms make new product development decisions less frequently.     

The impact of science and technology parks on firms’ product innovation: empirical evidence from Spain

Science and Technology Parks (STP) have attracted considerable attention and public funds in recent years. However, the conclusions on their effectiveness remain mixed. This work evaluates the impact of STP on firm product innovation in the Spanish context, as an example of a less developed innovation system in which regional and national governments are prioritizing STP initiatives. This work draws on a large sample of firms provided by the Spanish Survey on Technological Innovation that is conducted annually by the National Statistical Institute. We explore alternative econometric methods to obtain average treatment effects for firms located in 22 Spanish STPs. Our results show that Spanish STPs have a strong and positive impact on the probability and amount of product innovation achieved by STP located firms. These results hold when the endogeneity of STP location is taken into account.