Collaboration for R&D Projects between the Industry and External Agents: Evidence from Manufacturing Companies in Peru

In this article we use the innovation survey of the manufacturing industry of Peru to identify cooperation behaviors for research and development (R&D) projects among companies and external agents in general. Likewise, we also find cooperation behaviors among the industry and the following external agents: university, technical centers, suppliers, customers, and companies of the same group, competitors, guilds, and consultants. Within the specific agents, the university is considered a cooperation agent for R&D projects. We use the survey of innovation in the manufacturing industry of Peru conducted in 2015, which resulted in 1447 Peruvian companies being surveyed. Evidence was obtained as to the degree of the tie between the industry and external agents for cooperation in R&D projects, giving relevance to variables such as investment, resources, and degree of innovation. Our results show that investment is an important factor for cooperation with external agents. Additionally, companies that have innovated at some point seek to cooperate with external agents. Finally, the importance of the university is demonstrable, thus, companies that invest in R&D seek to cooperate with the university.     

Does it pay off for museums to foster creativity? The complementary effect of innovative visitor experiences

This paper aims to explore the link between creativity orientation, investment in visitors’ experience and operating and funding performance in tourist attractions, taking museums as a case study. The empirical work is based on an analysis of the information provided by a sample of Spanish, French, German, British and American museums. The findings highlight the positive impact of creativity orientation on museums’ operating performance, but show a curvilinear effect on funding performance. The use of new technologies and adaptation to the audience proves positive when seeking to attract visitors.     

The economics of markets and platforms

Advances in the study of both markets and platforms contribute to economics. Platforms are typically digital markets, although platforms can designate markets generally. So, the economics of markets and the economics of platforms are one and the same. Platforms show the critical role of intermediaries in endogenous price adjustment and market clearing. The platform model remedies problems with general equilibrium analysis by combining and extending the basic Walrasian and Marshalian market models. The analysis of platforms provides explanations for the bid–ask spread, including market power, search costs, matching costs, adverse selection, and moral hazard. The study of platforms demonstrates the importance of participation and coordination in the formation of markets. The discussion emphasizes that platforms have significant implications for the theory of the firm. The analysis further considers how platforms affect innovation and entrepreneurship.     

Putting Austerity to Bed: Technical Progress,Aggregate Demand and the Supermultiplier

ABSTRACT

The paper investigates the determinants of private investment and economic growth from a theoretical perspective. We start with a critical analysis of the crowding-out effect and we present a new version of the Sraffian Supermultiplier: a model that accounts for both the multiplier and accelerator effects. We focus on different types of fiscal policies: generic ones and ‘mission-oriented’ ones that set a new direction for the economy. We show that mission-oriented policies have the potential to generate the largest positive effect on investments and output growth as well as on innovation processes and labour productivity growth.     

Initial coin offerings (ICOs) to finance new ventures

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making.     

Managerial optimism: New observations on the unifying theory

Managerial optimism theory is behavioral finance's greatest achievement. It explains two prominent features of corporate financial behavior – over‐investment and pecking‐order capital structure preferences – that otherwise require two different theories with mutually incompatible assumptions about managerial loyalties to shareholder‐value maximization. After reviewing the development of managerial optimism as a unifying theory, I use a simple change of measure to transform risk‐averse optimism to risk‐neutral probabilities that can be pessimistic or optimistic depending on wealth changes. This unexplored feature has implications for, among other things, pay for performance when managers are excessively optimistic.     

Organisational regulatory legitimacy,entrepreneurial orientation,and SME innovation: an optimal distinctiveness perspective

The optimal distinctiveness perspective argues that firms face competing pressures to be both ‘like’ and ‘different from’ their peers. On the one hand, institutional scholars assert that firms need to be similar to peers in order to gain legitimacy. On the other hand, strategy scholars insist that firms need to strive to be different to gain competitive advantage. In order to enrich the optimal distinctiveness perspective, the present study builds a conceptual model that addresses the relationships among organisational regulatory legitimacy, entrepreneurial orientation, and SME innovation under the context of China’s transition economy. Our empirical results show that organisational regulatory legitimacy has an inverted-U relationship with SME innovation. Further, entrepreneurial orientation strengthens this inverse-U shaped relationship. That is, entrepreneurial orientation magnifies both the positive and the negative effect of organisational regulatory legitimacy on SME innovation. This study echoes to the call to conduct broader optimal distinctiveness research by integrating institutional theory and strategic management. Furthermore, our findings provide new evidence for the strategic balance perspective of optimal distinctiveness.     

When the going gets tough: the influence of expatriate resilience and perceived organizational inclusion climate on work adjustment and turnover intentions

Abstract

Despite the strong evidence for the beneficial influence of resilience for employee stress resistance in domestic settings, the construct has not received much attention in the expatriation literature, where stress is considered a major factor for expatriates’ poor cross-cultural adjustment and turnover. Drawing upon conservation of resources theory, the present study examines resilience as an antecedent of expatriate work adjustment and turnover intentions. Furthermore, this study investigates the moderating role of perceived organizational inclusion climate as a resource-protecting organizational factor. Results from a survey of 175 expatriates in South Korea indicate that resilience is positively related to expatriate work adjustment and that these positive effects are more pronounced when expatriates perceive their organizational climate to be highly inclusive. Furthermore, findings suggest that work adjustment mediates the effects of resilience on turnover intentions and that this mediation is moderated by a perceived organizational inclusion climate. Implications for theory and practice are discussed.     

自然资源依赖对城乡收入差距的影响研究

［目的］针对全国31个省（市、区）（不含港澳台地区）、自然资源依赖度高的地区和自然资源依赖度低的地区，从整体和分区域研究自然资源依赖对城乡收入差距的影响，探究不同区域其影响程度的差异性，进而为弱化各区域城乡收入差距，解决由城乡收入差距拉大造成的各类社会矛盾具有重要的现实意义。［方法］从理论上分析了自然资源依赖对城乡收入差距的影响，并利用1999—2017年的省级面板数据，运用固定效应模型，从全国和分区域实证分析了自然资源依赖对城乡收入差距的影响。［结果］针对全国，自然资源依赖会拉大城乡收入差距； 分区域结果，针对自然资源依赖度高的地区，自然资源依赖拉大城乡收入差距； 针对自然资源依赖度低的地区，自然资源依赖对城乡收入差距影响不显著。［结论］为缩小城乡收入差距，需要降低经济体对自然资源的依赖，针对自然资源依赖度高的地区，政府通过将部分自然资源收益转化为农业创新基金和农村基础设施投入，促进自然资源收益向农村公共资本转化，完善现有的自然资源收益分配及转化制度； 鼓励资源型产业技术创新，加大研发投入，延长资源产业链； 加大农村教育投入、提升农村人力资本质量。