The collective voice of unions and workplace training in Italy: New insights from mixed methods

Using a three-phase approach that combines quantitative (pooled OLS, fixed effects and IV) with qualitative (semi-structured interviews) analyses, we find that in Italy, workplace unions are more likely to enhance training when they sign a firm-level agreement and when they can get access to external funds for financing. We also identify three channels: what we call a ‘maturation effect’, double-track communication and watch-dog function. We argue that these results are consistent with the idea that the impact of workplace unions on training depends on the empowerment of its collective voice within an institutional framework that does not fit either of the standard models provided by collective and liberal market economies.     

Approximate maximum likelihood estimation for stochastic differential equations with random effects in the drift and the diffusion

Consider N independent stochastic processes \((X_i(t), t\in [0,T])\), \(i=1,\ldots , N\), defined by a stochastic differential equation with random effects where the drift term depends linearly on a random vector \(\Phi _i\) and the diffusion coefficient depends on another linear random effect \(\Psi _i\). For these effects, we consider a joint parametric distribution. We propose and study two approximate likelihoods for estimating the parameters of this joint distribution based on discrete observations of the processes on a fixed time interval. Consistent and \(\sqrt{N}\)-asymptotically Gaussian estimators are obtained when both the number of individuals and the number of observations per individual tend to infinity. The estimation methods are investigated on simulated data and show good performances.     

Private equity characteristics and performance: An analysis of North American venture capital and buyout funds

The paper investigates the relationship between fund performance and fund characteristics of North American private equity (PE) funds, by analyzing the interactions of fund size, fund sequence, and past fund performance on traditional fund return measures. The empirical evidence is based on both linear and polynomial regressions, on a sample of 345 venture capital (VC) and 411 buyout (BO) funds with vintage year over the period 1995–2010. We document a concave relationship between fund size and performance, persistence in PE performance, as well as a convex relationship between fund sequence and performance. We suggest both the optimal fund size and the optimal fund sequence number. Economic implications for investors and general partners are discussed as well.     

Dynamic Tax Evasion with Habit Formation in Consumption*

We model the optimal intertemporal decision of an agent who chooses tax evasion and consumption, over an infinite lifetime horizon, where consumption is driven by habits. We find the following: (i) tax evaders reduce consumption in the early stages of habit accumulation and increase it over time; (ii) habit formation has a dampening effect on tax evasion; (iii) neglecting tax evasion can lead to habit overestimation; (iv) the effect of the tax rate on tax evasion is ambiguous; (v) heavy fines are more efficient than frequent controls in reducing tax evasion.     

Green start-ups and local knowledge spillovers from clean and dirty technologies

Small Business Economics - There is wide consensus about the importance of green technologies in achieving superior economic and environmental performances. However, the literature on their...     

Integrating parametric and non-parametric multivariate analysis of urban growth and commuting patterns in a European metropolitan area

Quality & Quantity - Mono-centric regions have experienced a progressive transformation towards polycentric structures. Transition to discontinuous and dispersed spatial configurations was...     

A Statistical Model to Investigate the Reproducibility Rate Based on Replication Experiments

The reproducibility crisis, that is, the fact that many scientific results are difficult to replicate, pointing to their unreliability or falsehood, is a hot topic in the recent scientific literature, and statistical methodologies, testing procedures and p‐values, in particular, are at the centre of the debate. Assessment of the extent of the problem–the reproducibility rate or the false discovery rate–and the role of contributing factors are still an open problem. Replication experiments, that is, systematic replications of existing results, may offer relevant information on these issues. We propose a statistical model to deal with such information, in particular to estimate the reproducibility rate and the effect of some study characteristics on its reliability. We analyse data from a recent replication experiment in psychology finding a reproducibility rate broadly coherent with other assessments from the same experiment. Our results also confirm the expected role of some contributing factor (unexpectedness of the result and room for bias) while they suggest that the similarity between original study and the replica is not so relevant, thus mitigating some criticism directed to replication experiments.     

The influence of managers' awareness of climate change,perceived climate risk exposure and risk tolerance on the adoption of corporate responses to climate change

Uncertainties posed by climate change limit companies' ability to understand implications of global warming on business and society at large, hampering the adoption of tangible organizational responses to climate change. Understanding climate action thus requires to investigate influential factors of decision-making under uncertainty, which implies acknowledging managerial interpretations and perceptions about climate issues. Drawing insights from the literature on climate inaction and from corporate sustainability literature, the present study examines awareness of climate change and perceived exposure to climate risks as antecedents of corporate responses to climate change, drawing on a survey of managers of Italian manufacturing companies. In addition, the study tests the moderation of risk tolerance on the relation between perceived climate risk exposure and climate action, suggesting that risk attitudes are a significant factor of decision-making under climate uncertainty. The results support the hypothesis of the model and thus provide several contributions to the literature on business and climate change. Managerial implications and avenues for future research are also discussed.     

Big Data for Creating and Capturing Value in the Digitalized Environment: Unpacking the Effects of Volume,Variety, and Veracity on Firm Performance*

Despite significant academic and managerial interest in big data, there is a dearth of research on how big data impacts the long‐term firm performance. Reasons for this gap include a lack of objective indices to measure big data availability and its impact, and the tendency of studies to ignore the costs associated with collecting and analyzing big data, assuming that big data automatically delivers benefits to firms. Focusing on how firms create and capture value from big data about customers, we use the resource‐based view and three dimensions of big data (i.e., volume, variety, and veracity) to understand when the benefits outweigh the costs. Relying on the number of downloads of mobile device applications, we find that volume of big data has a negative effect on firm performance. This result suggests that the “bigness” of big data alone does not ensure value creation for a firm, and could even constitute a “dark side” of big data. Because big data variety—measured as the number of types of information taken per each application—moderates the negative effects of big data volume, simultaneous high values of volume and variety allow firms to create value that positively affects their performance. In addition, high levels of veracity (i.e., a high percentage of employees devoted to big data analysis), are linked to firms benefiting from big data via value capture. These findings shed light on the circumstances in which big data can be beneficial for firms, contributing to a better theoretical understanding of the opportunities and challenges and providing useful indications to managers.     

From value chain to value network: a systematic literature review

Management Review Quarterly - Although over the years several contributions to the concept of the value chain have been provided, there is no systematic literature review focused on its evolution....