Competition and cooperation in the exploitation of the groundwater resource

We study the exploitation of a common groundwater resource, first as a static and then as a differential game, in order to take into account the strategic and dynamic interactions among the users of the resource. We suppose that firms can form coalitions or can decide not to cooperate. The non-cooperation regime is characterized by pumping that lead to depletion of the aquifer; the cooperation preserves the resource. Open-loop and feedback equilibria have been computed and compared in order to characterize the existence of cooperators and defectors in water resources management.     

Outward foreign direct investment by Polish state-owned multinational enterprises: is ‘stateness’ an asset or a burden?

State-owned enterprises (SOEs) are commonly associated with undue advantages due to preferential treatment by the state. Simultaneously they are often quoted as handicapped given the notorious state interference, management problems and agency tensions. They used to be regarded as a mainly domestic issue but in the context of globalisation and the fact that states enter treaties with new obligations, SOEs’ performance ceased to be solely a domestic problem, increasingly so as state-owned multinational enterprises (SOMNEs) emerge. This article presents the results of research on Polish SOEs’ outward foreign direct investment (OFDI). It offers an overview of overseas activities of nine major Polish firms with a state stake and aims to contribute to the conceptual literature on foreign investments conducted by SOMNEs. We distinguish between FDI by SOMNEs as specific – privileged (facilitated) or discriminated (hampered) – investments subject to the home country’s state power and the host country’s state perception.     

Antecedents and outcomes of digital influencer endorsement: An exploratory study

The advertising and marketing literature have established that celebrity endorsements constitute an effective way to enhance attitudes toward brands and increase purchase intents. However, there are no relevant studies on digital influencers. This study addresses the research gap by examining the effect of digital influencers' attractiveness and the effect of the congruence between a digital influencer and a brand on consumer attitudes and purchase intentions. By applying structural equation modeling to a sample of 307 followers of digital influencers, a model was tested and group analysis was performed for two categories (“entertainment & video games” and “fashion & beauty”). The results show that both brand attitudes and purchase intentions are influenced by the digital influencer's attractiveness (which includes both likeability and familiarity) and by the congruence between the digital influencer and the brand. This study makes several contributions to both theory and practice, which are highlighted in this paper.     

Intended electoral participation in transition countries

This paper examines the determinants of intended electoral participation. We analyze attitudes to both referenda and voting in national elections. Sample survey data are obtained from the Eurobarometer survey of transition countries in Central and Eastern Europe. The empirical results suggest that intended electoral participation increases with age, income and education. But attitudinal variables are also important and in particular confidence in the free market economy and satisfaction with the general development of the country impact positively on intended electoral participation. Received: Received: April 2003 / Accepted: August 2004, Accepted: Received: April 2003 / Accepted: August 2004, JEL Classification: H26, K42 We gratefully acknowledge the financial support of CERGE-EI. We are also grateful for the helpful comments of three anonymous referees, the journal editor and R. Filer and L. Squires.     

Integrating sustainability and resilience in the supply chain: A systematic literature review and a research agenda

Sustainability has emerged as an important industrial strategic outlook expanding beyond organizational boundaries to include the supply chain. Simultaneously, the industry has also been faced with supply chain resilience concerns. Research on the intersection of supply chain sustainability and resilience is nascent and is a consequence of their observed mutual influences. However, confusion about concepts, implementation methods, and measurements of sustainable and resilient supply chains remains. This study completes a systematic literature review that critically examines several major observations and directions. We find the concept of sustainable supply chains is more established, and general agreement on its theoretical foundations exists. Supply chain resilience is relatively less mature. The nexus and relationships between the two topics are often incoherent: there is confusion on sustainable and resilient supply chains establishment; there is no clarity on what practices could jointly advance both areas. A major conflict exists since sustainability generally focuses on efficiency, while resilience seeks effectiveness. We recommend studies to analyze implementation relationships and impact. We also observe that performance measurement systems should be developed to assess supply chain sustainability and resilience performance taking with explicit consideration time horizons considered in these measures.     

Information and Investor Behavior Surrounding Earnings Announcements

The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information that is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.     

Contracting in a Market with Differential Information

Today’s technology allows firms to collect, store and use different types of data. This has prompted a wide discussion on the effects of access to data on competition and consumer welfare. This discussion has also been present in the energy sector in which advanced technology has allowed for the collection of detailed energy consumption data. Prompted by this discussion on the energy sector, this paper studies an industry where two firms have access to the same technology and compete in prices, but one of them has access to better information about customers. The better informed firm obtains a customer contact advantage, whereas the uninformed firm can still offer a menu of prices without being able to pre-identify the customers. We show that the better informed firm is able to exclude the uninformed firm from the market. This result provides policy insights on the usefulness of considering data access models that can ensure non-discriminatory behaviour.

     

Intellectual capital drivers of product and managerial innovation in high-tech and low-tech firms

There is widespread understanding that intellectual capital (IC), consisting of the valuable knowledge resources of an organization, is a key enabler of innovation activities; however, little is known about the more specific contingencies impacting the relationship between IC and innovation. Thus, this article examines firm technology level and innovation type as contingency variables. It was argued that because high-tech and low-tech firms differ in terms of several knowledge characteristics (complexity, tacitness and pace of renovation), it is likely that their innovation performance is supported by different combinations of IC components. Furthermore, differences between product/service and managerial innovation could also lead to changes in the degree of relevance of various IC components. To test these contingency hypotheses, a survey dataset collected from 180 Spanish companies is analysed using structural equation modelling. The results demonstrate that both firm's technology level and type of innovation affect how IC influences innovation performance. The findings contribute to a knowledge-based perspective on innovation and pave the way for a more context-sensitive and contingency-mindful approach to understanding innovation and knowledge-based value creation.     

Growth effects of environmental policy when pollution affects health

In this paper, we develop a R&D-based growth model with a pollution externality and a health production sector. We study how health-impairing pollution affects long term growth, and the effect of an emissions' reduction policy (tax). We show that a tighter environmental tax has positive effects on growth via two channels. On the one hand, it improves workers' health and, thereby, productivity; on the other hand, it induces a reallocation of resources towards R&D and, thereby, higher research intensity. The size of the growth effect of a tighter environmental tax, and the level of the optimal environmental tax, are both positively correlated with the weight individuals place on health relative to consumption. As for welfare, a tighter environmental tax brings about utility gains in the long run and, potentially, also in the short run.