Distinctive Features of Environmental Innovators: An Econometric Analysis

This paper analyzes the main determinants influencing environmental innovators (i.e. firms developing or adopting environmental innovations) in Spain with respect to non‐environmental innovators. Similarly to other contributions in the literature, our results show that Spanish environmental innovators respond to regulatory stimulus in the form of demand‐pull and technology‐push instruments. They have a high internal technological capability and combine internal and external information sources, mostly in cooperation with knowledge institutions. Environmental innovators are more concentrated in mature, traditionally highly polluting sectors, but new firms are not more environmentally innovative than incumbents. Most importantly, in contrast to other environmental innovation studies, mostly carried out in a German context, we have not found evidence of a market pull from either the domestic or international markets. Furthermore, cost savings are not found to be a distinctive driver for environmental innovators. These differential results are possibly related to the special features of Spain regarding its national innovation system and the degree of stringency of environmental regulation and environmental consciousness of its consumers. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?

Institutional investors show increasing interest in how companies align their corporate social responsibility strategies with the sustainable development goals (SDGs) proposed by the United Nations (UN). The information disclosed in this regard is essential to know and monitor business contribution to the 2030 Agenda. In this paper, we analyze the influence that institutional investors have on the adoption of the disclosure strategy established by UN and the Global Reporting Initiative (GRI)—GRI‐SDG Compass. The results obtained for a sample of 989 international companies, which prepare their sustainability reports following the GRI guidelines, show that ownership by foreign investors, pension funds, and “other” investors boosts the relevance of the information disclosed in relation to the 2030 Agenda. On the contrary, government, financial institutions, and cross holdings have no impact on the information systems developed.     

Tests of Normality of Functional Data

The paper is concerned with testing normality in samples of curves and error curves estimated from functional regression models. We propose a general paradigm based on the application of multivariate normality tests to vectors of functional principal components scores. We examine finite sample performance of a number of such tests and select the best performing tests. We apply them to several extensively used functional data sets and determine which can be treated as normal, possibly after a suitable transformation. We also offer practical guidance on software implementations of all tests we study and develop large sample justification for tests based on sample skewness and kurtosis of functional principal component scores.     

A Geometrical Interpretation of Collinearity: A Natural Way to Justify Ridge Regression and Its Anomalies

Justifying ridge regression from a geometrical perspective is one of the main contributions of this paper. To the best of our knowledge, this question has not been treated previously. This paper shows that ridge regression is a particular case of raising procedures that provide greater flexibility by transforming the matrix X associated with the model. Thus, raising procedures, based on a geometrical idea of the vectorial space associated with the columns of matrix X , lead naturally to ridge regression and justify the presence of the well-known constant k on the main diagonal of matrix X ^′ X . This paper also analyses and compares different alternatives to raising with respect to collinearity mitigation. The results are illustrated with an empirical application.     

Investment behaviour and “bull & bear” dynamics: modelling real and stock market interactions

In this article, we develop a simple behavioural macrodynamic model in continuous-time with the purpose of investigating the interaction of the real economy and the financial markets. Building on Westerhoff (Discret Dyn Nat Soc, 2012), we improve the specification of aggregate demand by distinguishing between consumption and investment expenditure and assuming that the latter is determined by the flexible accelerator principle. We remove the ad hoc nonlinearity in the fundamentalist behavioural rule and allow the composition of the population between chartists and fundamentalists to be endogenously determined. The resulting nonlinear dynamic systems are shown to generate various dynamic regimes, among which the coexistence of periodic attractors with interesting economic implications. Endogenous investment and stock market dynamics emerge, procyclical to each other, reflecting the interaction of induced investment with alternating waves in speculators’ sentiments. We show that a strong investment accelerator might be a crucial force generating fluctuations that, on the one hand, are transmitted and amplified by chartists and, on the other hand, are contained by fundamentalists.

     

Trading activities,productivity and markups: Evidence for Spanish manufacturing

This work analyses the firms' internationalisation strategies of importing intermediates and exporting output, and the potential rewards of these activities in terms of total factor productivity (TFP), as a proxy for marginal costs, and markups. It further deepens into the study of the relationship between internationalisation strategies and markups by disentangling whether it operates through affecting firms' marginal costs and/or firms' prices. The panel database employed in this paper is the Spanish Survey on Business Strategies (ESEE) for the period 2006–14. Results in the paper distinguish between SMEs and large firms and indicate that there is high persistence in the performance of these activities and in firms' TFP and markups. For SMEs, we obtain rewards from importing inputs as well as exporting output in terms of TFP and markups. For large firms, we obtain rewards in TFP from the importing activity and rewards in markups from the exporting activity. Finally, we find evidence that the effects of internationalisation strategies on markups are due to both a price channel and a marginal cost channel.     

Marketing firm performance: When does marketing lead to financial gains?

The research investigated whether economic context and prior financial reinforcement/punishment moderate the effectiveness of marketing behavior in generating gains for the firm. An experiment with a longitudinal design was conducted using 1,759 companies from 2000 to 2017. The results demonstrate that marketing is effective in gaining market share when the country's economy is growing. In contrast, it increases return on assets and Tobin's Q when the country's economy is in recession, this increase being maximized when the company was financially reinforced. The study helps explain the circumstances in which marketing activities boost firms' financial gains.     

The risks connected with accidents on highways and railways

Quality & Quantity - Safety in an integral sense is a comprehensive tool by which the humans ensure the level of their security and the sustainable development of them and of other basic public...     

Reliable Estimates of Sovereign Rating

International Advances in Economic Research -     

Back to the future. Is industry 4.0 a new tecno-organizational paradigm? Implications for Latin American countries

ABSTRACT

The objective of this article is to establish a dialogue between the recent ‘Industry 4.0’ (I4.0) literature and evolutionary neo-Schumpeterean studies about techno-organizational paradigms. In that direction, we wonder whether I4.0 constitutes a new paradigm, as it is assumed by the first group of literature, or it represents – until the moment – an intensification of key features of the information and communication technology (ICT) paradigm, following the second group of studies. Some questions are raised about the implications of I4.0 for developing countries (DEC), afterwards. Specifically, we reflect on the possibilities of these countries to identify and take advantage of new windows of opportunity, opened by the development and diffusion of these technologies. In this regard, the review of recent Latin American experience raises strong concerns regarding I4.0 as a new source of intra- and international heterogeneity, linked to the severe difficulties these countries have in appropriating these technologies in the form of productivity gains and quasi-rents. It seems that this is partially derived from weak technological, organizational, and connectivity capabilities paths of accumulation between institutions and actors.