What are the drivers of total factor productivity in the European Union?

This paper examines the evolution of total factor productivity (TFP) over time, as well as across countries and sectors, and investigates its determinants. To this end, a panel data set of 17 European Union (EU) countries and 13 sectors over the period 1995–2007 is used as part of a twofold approach. First, we estimate aggregate and sectoral TFP for 17 EU countries by means of the augmented mean group estimator to control for endogeneity, cross-section dependence and heterogeneous production technologies. Second, we investigate the relative importance of the drivers of predicted TFP using a dynamic ordinary least-squares estimator. The results indicate that rationalization, human capital and information and communication technologies are the main drivers of TFP.     

Pre-entry experience,technological complementarities,and the survival of de-novo entrants. Evidence from the US telecommunications industry

We investigate the effect of pre-entry experience on firms’ performance in terms of survival. In particular we focus on entrants from a related upstream industry – semiconductors – into a downstream industry – telecommunications. We examine a sample of 336 de-novo start-ups in the US telecommunication industry and we estimate a discrete time hazard model of firm exit. Our findings show that, after controlling for both firms and founders’ characteristics, firms whose founders had prior experience in a related upstream industry such as semiconductors enjoy a relatively lower hazard of exit with respect to intra-industry spinoffs and other types of start-ups. Additionally, background heterogeneity of the founding team is an important determinant of survival for the firms in our sample. Our results point to the role of interdependences and technological complementarities between two vertically related industries in affecting the performance of new entrants.     

Reverse takeover: the moderating role of family ownership

The aim of this study was to analyse the determinants of reverse takeovers, examining the influence of target firm shareholders’ type in the agreement. We examine reverse takeovers implemented in the Alternative Investment Market between 1999 and 2012, paying special attention to the differences between family and non-family target firms, as well as the impact of the financial crisis.

We propose that family firms have a lower probability of accepting a reverse takeover (‘shell’ firm), to avoid both diluting the ownership structure (loss of control) and new shareholders entering their firm. Our main findings show that the higher the percentage of ownership held by family holders, the lower the probability of their being the target firm in a reverse takeover. This effect is maintained during the crisis period, in accordance with the expectation that family firms will have fewer financial constraints.     

Information and communication technology,co-innovation,and perceived productivity in tourism small and medium enterprises: an exploratory analysis

With the aim of providing new evidence and a practical instrument to measure co-innovative sources of productivity in tourism small and medium enterprises (SMEs), this article presents a newly designed questionnaire that has been validated by exploratory factor analysis. The empirical study was conducted on a representative sample of 500 tourism SMEs in Catalonia (a region in north-eastern Spain). Three factors emerged from the analysis: (1) Internet use; (2) firm innovation; and (3) new forms of work organization. Together, these factors explained 45.4% of cumulative variance. The reliability coefficients obtained for the three factors were high (α_1?=?0.76; α_2?=?0.72; and α_3?=?0.71). The study also identified a specific form of co-innovation in SMEs, which is based on bringing radically innovative products and services to the market, and on Internet use and work organization practices that are clearly orientated towards increasing income and optimizing resources. The combination between economics of the firm and statistical validation tools is a source of originality of the paper. Strategic guidelines to improve SMEs productivity have also been discussed.     

签字会计师个人执业经验如何影响审计质量？——来自中国证券市场的经验证据

执业经验作为注册会计师专业胜任能力的重要形成途径,是审计质量的决定因素。采用2010—2013年我国上市公司为样本,实证研究签字会计师个人执业经验如何影响审计质量。结果显示：（1）整体而言,签字会计师个人执业经验有助于提高审计质量,但这一“执业经验效应”主要依赖与被审计客户相关的“行业经验”,而不是“非行业经验”。（2）签字会计师个人“执业经验效应”与“审计任期效应”之间存在替代型交互作用。（3）进一步地,在“非大所”审计或新承接客户审计中,“执业经验效应”的发挥效率更高;此外,签字会计师通过事务所内部沟通获取的“间接经验”亦能弥补新客户初次审计中的经验不足,保障审计质量。     

税收规避能够提升企业价值吗？——基于货币政策视角的研究

基于我国特殊制度环境,本文考察了不同货币政策下企业税收规避对其价值的影响机理。研究发现：不同的外部经济政策环境会改变企业税收规避影响企业价值的作用途径。具体而言,货币政策宽松时期,投资者将企业税收规避行为视为存在代理问题的信号,由此对企业价值给予较低评价;货币政策紧缩期,合理的税收规避行为可作为一种替代性的内源融资方式缓解企业潜在的融资约束问题,并且投资者将实际税负的降低解读为一种企业价值增加的信号;进一步的分析表明货币政策通过影响企业融资约束程度进而影响企业税收规避和企业价值的关系。     

双元学习与先前经验及其交互效应对科技创业企业成长的影响

基于组织学习和企业成长理论,利用来自科技创业企业的问卷数据,构建了回归模型实证分析组织学习、先前经验对科技创业企业成长的影响。结果显示:探索式学习与利用式学习各自会对科技创业企业的成长产生影响,但同时开展两者对科技创业企业成长的影响并不显著;引入先前经验后,双元学习对企业成长的正向作用显著提升。建议科技创业企业在成长中采取顺序双元学习模式,且应做好先前经验与学习方式的合理匹配。     

中国石油企业“走出去”的风险及其规避

中国石油企业“走出去”,既有国内政治因素的考量,也有企业经济利益的驱动。国家石油公司的“走出去”虽然已取得较大成绩,但也积累了巨大经营风险,其现行模式难以持续。为了实现中国石油企业更健康地“走出去”,首要的是在国内放松管制、鼓励竞争。一方面应促进市场参与者实力的均等化,鼓励国有石油公司把经营重心更多地转向国外,努力成为国际化的石油公司;另一方面,要给民营石油企业更多发展空间,以利于其“走出去”参与国际竞争。     

In search of demanded competencies: designing superior compensation systems

Employees' competencies are decisive components in a firm's competitiveness. Accordingly, the purpose of this paper is to assess whether differences in strategy influence employees' competencies and how the design of compensation systems may best take into account the competencies required by a firm. An analysis was conducted on a sample of manufacturing firms using structural equation models. The findings support the existence of generic competencies, such as results and customer orientation, which are found in both prospector and defender strategic contexts, while other competencies – such as innovation, technical expertise and adaptability – are specific to the prospector strategy. In relation to compensation, the results show that skill-based pay is more strongly associated with competencies such as innovation, technical expertise and adaptability, whereas performance-based compensation systems encourage result-based competency. Therefore, the design of a compensation system should be guided by the competencies required as part of a firm's strategy.     

Human resource management and performance in a developing country: the case of Eritrea

This study investigates the relationship between human resource management (HRM) practices and organizational performance. Results based on a sample of 82 organizations from private and public sectors in Eritrea indicate that some of the practices have a significant impact on employee turnover, absenteeism, grievances and productivity. While compensation was the only independent variable found to be statistically significant in affecting grievances, employee selection had no effect across all performance measures. However, the study's results offer support for the assertion that investments in HRM practices results in better organizational performance.