Entrepreneurial competencies and motivations to enhance marketing innovation in Europe

Global Entrepreneurship Monitor (GEM) country profile variables were analyzed using qualitative comparative analysis (QCA). This analysis identified which combinations of entrepreneurs’ competencies and motivations boost marketing innovation. Marketing innovation contributes to defining and reinforcing competitive advantages, goal setting, and business performance. The findings of this study can help policymakers design strategies to foster regional marketing innovation and economic growth.     

Impact of nontariff measures on firms in Tunisia

This paper analyzes the effect of nontariff measures (NTMs) on firms in Tunisia. It draws a precise picture of NTMs’ effects on firms’ imports. We use firm‐level data to take into account firm heterogeneity. We explore the impact of NTMs on small vs. medium and large firms. We also consider the differentiated impact of NTMs. Some measures have informational content and help reduce information asymmetries. When the endogeneity issue of NTMs is controlled for, results show an overall positive impact of NTMs on imports. They provide evidence that NTMs are more beneficial to the imports of medium and large firms. Moreover, NTMs with informational content have an import enhancing effect. An extended analysis separating importing and exporting firms from those solely importing suggests that both types of firms benefit from the positive effects of NTMs. This result highlights the need to assist small firms facing NTMs. Furthermore, some NTMs with informational content should be addressed carefully and not considered only as barriers to trade to be eliminated. Instead, harmonization efforts between countries can be a better policy.     

Leverage and investment under a state-owned bank lending environment: Evidence from China

This study examines the relations between leverage and investment in China's listed firms, where corporate debt is principally provided by state-owned banks. We obtain three major findings. First, there is a negative relation between leverage and investment. Second, the negative relation between leverage and investment is weaker in firms with low growth opportunities and poor operating performance than in firms with high growth opportunities and good operating performance. Third, the negative relation between leverage and investment is weaker in firms with a higher level of state shareholding than in firms with a lower level of state shareholding. Overall, our results are consistent with the hypothesis that the state-owned banks in China impose fewer restrictions on the capital expenditures of low growth and poorly performing firms and also firms with greater state ownership. This creates an overinvestment bias in these firms.     

To Groupon or not to Groupon: The profitability of deep discounts

We examine the profitability and implications of online discount vouchers, a relatively new marketing tool that offers consumers large discounts when they prepay for participating firms’ goods and services. Within a model of repeat experience good purchase, we examine two mechanisms whereby a discount voucher service can benefit affiliated firms: price discrimination and advertising. For vouchers to provide successful price discrimination, the valuations of consumers with access to vouchers must generally be lower than those of consumers who do not have access to vouchers. Offering vouchers tends to be more profitable for firms that are patient or relatively unknown, and for firms with low marginal costs. Extensions to our model accommodate the possibilities of firm price reoptimization and multiple voucher purchases. We find potential benefits of online discount vouchers to certain firms in certain circumstances, but vouchers are likely to increase firm profits under relatively narrow conditions.     

Underpricing and Ex Post Value Uncertainty

As documented by a vast empirical literature, initial public offerings (IPOs) are characterized by underpricing. A number of papers have shown that underpricing is directly related to the amount of ex ante uncertainty concerning the IPOs valuation. Recent theoretical papers propose that not all value uncertainty is resolved prior to the start of trading, but rather continues to be resolved in the beginning of the after market. We term this type of uncertainty as ex post value uncertainty and develop proxies for it. We find strong support for the existence of ex post value uncertainty and find that including a proxy for it more than doubles the explanatory power of previous models.     

Working capital management in SMEs

This paper analyses the determinants of Cash Conversion Cycle (CCC) for small‐ and medium‐sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy.     

Do accruals exacerbate information asymmetry in the market?

A considerable body of evidence, both archival and experimental, suggests that accounting accruals are heterogeneously interpreted by investors. We examine whether the information asymmetry among investors arising from this heterogeneous interpretation, implied in these empirical results, affects transactions costs in the form of the adverse selection component of the bid-ask spread. We examine this impact both, in a yearly setting and around the first release of quarterly accrual information. The results of the study provide empirical evidence of a positive association between the adverse selection component and accruals in the yearly analysis. Since wider bid-ask spreads are both theoretically and empirically linked to higher stock returns (Brennan & Subrahmanyam, 1996), our results provide a transaction cost basis for understanding one possible factor underlying the linkage between accruals and cost of equity capital, and accruals and information risk pricing as documented in Francis et al. (2005) and Ecker et al. (2006).     

The Puzzle of Jobless Growth in Indian Manufacturing

In the 1980's, India experimented with deregulation in industry and trade. Manufacturing output accelerated but employment declined, raising doubts about the desirability of the policy reforms. This paper proposes an explanation of employment behaviour in terms of increases in total factor productivity, in actual hours worked, and in the product wage. Using robust methods, it is shown that neglect of hours worked results in a substantial upward bias in estimates of the wage elasticity. Growth in productivity and hours appears to be associated with the reform process, with the increase in hours worked reflecting recovery of lost time. To the extent that hours must hit a ceiling, the drop in employment on this count is expected to be temporary. Other things being equal, employment prospects appear to depend considerably on the course of productivity growth.     

Building,coding and programming 3D models via a visual programming environment

This paper presents the findings of a study conducted in the state-funded Infant, Primary and Secondary School Santísima Trinidad in Salamanca. The main objectives of the research were, to evaluate the use of the visual programming environment, Lego Education WeDo, in natural science and to know the benefits of the use of this tool to teach abstract concepts, solve problems and motivate students. In order to achieve these objectives, we used the case study method since we focused on individuals who represented the phenomenon of our interest, and explored and investigated in depth the phenomenon in its natural context bounded by time and space. In the research were involved a teacher and fifty-two students of 4th grade of primary education. The study found that the project developed was effective to help students to achieve the learning objectives of the unit, and also to begin building, coding and programming 3D models. The research showed the teacher’ fundamental role as a guide and students’ active role as builders, programmers, or presenters. There were evidences of the possibilities offered to acquire the skills of critical thinking, creative thinking, problem solving, reflection, collaboration, communication, and time management. Due to the positive results obtained in this study, it is recommended to incorporate computational thinking in primary education and in core content areas since it is fundamental in the current society.     

Tourism in multi-ethnic districts: the case of Porta Palazzo market in Torino

More and more often, cities compete with each other focusing on tourist attractions based on multi-ethnicity. Some of them, with a growing success, are street and food markets. This paper is focused on Porta Palazzo, the largest existing street market in Europe, located in Torino (Italy), which is becoming, from 2006 on, a tourist attraction, without losing its popular character. Our goal is to identify the characteristics of this touristification process and show how it has averted those aspects of ‘retail gentrification’ which often affect street and food markets: it has happened thanks to the role played not only by the economic stakeholders of the market but also by social and religious stakeholders, that everyday work in order to integrate the different social components of the area concomitant with new waves of migrants.