The impact of knowledge spillovers and innovation on firm-performance: findings from the Balkans countries

This paper investigates factors affecting firm performance. Using data from Business Environment and Enterprise Performance Surveys (BEEPS 2013–2014), findings indicate that the following have a positive effect on firm performance: (i) innovative activities; (ii) knowledge spillovers; (iii) foreign ownership; and (iv) the proportion of skilled workers in the workforce. The paper therefore argues that innovation activities are endogenously related to firm performance, and that the performance of firms is influenced by knowledge spillovers and innovation activities, among other firm characteristics. The paper contributes to the literature by identifying spillovers and innovation activities as causal variables of firm performance—a novel approach to investigating knowledge spillovers and innovation activities.     

Visitor orientation and its impact on the financial situation of cultural institutions in Germany

• In Germany, the financing of cultural activities is heavily dependent on state funding. About 90% of cultural funding comes from the public sector. However, because of the precarious state of public finances, funding for cultural activities has been steadily reduced in the last years. Against this background, German cultural institutions are essentially compelled to develop appropriate measures in order to improve their competitive situation in the context of scarce public resources, and to seek additional sources of finance in order to stabilise their situation over the longer term. One of the more suitable means of increasing revenue on an ongoing basis, is to improve and extend the marketing and visitor-related activities themselves. But how should the marketing or visitor orientation be formulated so that it contributes towards the organisation's social mission as well as improves the financial position of the cultural institution? With respect to the particular financing situation of German cultural institutions, this paper will try to give an answer to this question.

Copyright © 2007 John Wiley & Sons, Ltd.     

Financial social innovation to engage the economically marginalized: insights from an Indian case study

Abstract

New sources of finance within the label of ‘impact investing’ have emerged as mechanisms to promote entrepreneurship within marginalized communities. Different vehicles for impact investment have emerged over the years; however, our understanding around their emergence, configuration and adoption is limited. Hence, the main purpose in this research is to study the role of the contextual drivers and conditions that gave rise to a unique form of impact investment in India, a financial social innovation – developmental venture capital (DVC). Through the lens of capital theories, insights from the case of India’s largest and oldest DVC firm along with three of its most prominent investees are presented. Findings highlight that the social entrepreneurs behind the case DVC wholly re-conceptualized silicon valley-style venture capital financing to suit small brick and mortar investments in rural India, developed mechanisms for deploying funding frugally, and created partnerships of equals between themselves and their investees. Investee founders leveraged human and social capital throughout the social innovation process via deep immersion in the socio-cultural milieu of India.     

物流金融中对于第三方物流企业的风险控制研究

金融物流是物流与金融相结合的金融产品,其不仅能提高第三方物流企业的服务能力、经营利润,而且可以协助企业拓展融资渠道,降低融资成本,提高资本的使用效率。在物流金融活动中存在着各种风险,文中通过分析第三方物流企业在物流金融活动中的风险因素,结合相应管理方法,提出对应的风险控制措施。     

中国金融业综合融资能力的动态比较及特征分析

银行业的快速增长使资本充足率告急,保险业保费收入的快速增长也使保险业偿付能力告急。银行业和保险业都急需融资,并都陷入了相似的融资怪圈。本文利用熵值法、动态评价分析法和泰尔指数法,动态分析了中国银行业、寿险和财险业在2007-2010年间的综合融资能力。数据分析表明,利润是决定综合融资能力的根本因素,利润增长率是决定投资者预期的根本因素。财险业因在样本期间具有较高的利润增长率而具有明显很强的综合融资能力,而银行业次之,寿险业的综合融资能力较差。更为具体的是,银行业因具有持续较高的利润率而具有较强的内部融资能力,寿险业的债务融资能力明显偏弱,财险业因高利润增长率而具有较高的吸引资本的权益融资能力。融资渠道贡献度的分析则表明,这三个行业也存在明显的股权融资偏好,权益融资对综合融资能力的影响最大,而内部融资的影响一直较弱。差异分析则表明,寿险业因业务的复杂性而具有较大的内部差异,而银行业和财险业的表现则相对集中。而且,由于市场的调节,资金在各行各业之间能较为自由地流动,故行业之间的差异不大。金融业融资能力差异的主要来源则是行业内的差异。本文最后的结论表明,金融业只有沿着“改善经营—提高利润—增强融资能力”这一路径持续发展,才能从根本上脱离“融资怪圈”。     

所有权性质、盈利能力与商业信用的提供——基于再分配理论的实证研究

商业信用是企业最重要的短期外部融资来源之一,对于无法获得银行贷款的企业更是其最重要的外部融资渠道。文章通过对我国A股制造业上市公司的实证研究,发现在控制了规模、成立时间、行业竞争性等因素后,银行短期借款越多的公司提供了更多的商业信用,支持了商业信用的"再分配"观。研究结论还表明,利用银行信用提供商业信用再分配的现象只在非国有上市公司中存在,盈利状况较差的非国有上市公司在银行信用的基础上提供了更多的商业信用。     

Contract ineffectiveness in emerging markets: An institutional theory perspective

The effectiveness of contracts is bounded by the institutional environment in which they are designed and enforced. When firms form supply chain partnerships in emerging markets, they may experience contract ineffectiveness, which is defined as a firm's perceived limits of contracts with respect to safeguarding interests and coordinating activities. Specifically, we identify two institutional factors that may give rise to contract ineffectiveness, information transparency and legal enforceability, as they determine how effectively a firm designs and enforces a contract. In addition, we reveal that contract ineffectiveness prompts a firm to seek social ties, including business ties and political ties, to overcome the institutionally induced limits of contracts. These efforts, however, are moderated by the type of predominant pressure a firm bears. While equity pressure strengthens the relationship between contract ineffectiveness and a firm's pursuit of social ties, efficiency pressure weakens this relationship, because seeking social ties imposes an extra burden of efficiency. Tested by data collected from 187 distributors in China, our study reveals the institutional causes and the consequences of contract ineffectiveness, which is a common problem encountered by firms when forming supply chain partnerships in emerging markets.     

The impact of private benefits on institutional ownership change: evidence from markets with different sentiments

This study investigates the relationship between private benefits and institutional ownership change in markets characterized by different investors’ sentiments. High-sentiment markets tend to overvalue a firm and thereby offer institutional investors a chance to sell shares and profit from overvaluation by forgoing the private benefits otherwise obtainable. Empirical analysis of ownership data from 1990 to 2008 reveals that, in high-sentiment markets, institutional investors sell more shares low in private benefits (dual-class firm share) than shares high in private benefits (non-dual-class firm share). In contrast, firm insiders, who consume significant private benefits in both dual-class and non-dual class firms, sell more dual-class firm shares in both high- and low-sentiment markets. Their ownership disposition is more likely driven by the need for diversification. Subsample analyses show that public pension funds drive the market-sentiment-related change of institutional ownership.     

The effect of firm financial characteristics and the availability of alternative finance on IPO underpricing

This article tests the hypothesis that the financial characteristics of the issuing firm, along with the availability of alternative sources of financing, are important determinants of the level of underpricing. While risk and its relationship to underpricing have been examined in previous studies, liquidity risk is unique because of its special implications for a firm’s bargaining position with the underwriter. Consistent with my hypothesis, firms with greater liquidity concerns at the IPO experience greater underpricing. On the other hand, firms with higher levels of venture capital funding and/or debt financing are more fully priced.     

The relevance of pecking order hypothesis for the financing of computer software and biotechnology small firms: some UK evidence

This study explores the funding issues at the early stages of development of computer software and biotechnology small firms in the UK. This study reviewed previous relevant literature in this area and presents empirical evidence derived from an extensive online questionnaire survey. The sample contains a total of 83 small firms, which includes 41 biotechnology and 42 software firms. With regards to funding issues, we found that software firms reports more funding problems than the biotechnology firms. Software firms are fastest growing firms and goes through the early stages of development quicker than the biotechnology firms. With regards to the sources of funding the evidence shows that biotechnology small firms mainly use venture capital finance whilst the main source of funding for the software firms are personal savings and house mortgage/re-mortgage. On the one hand, software firms seem to follow the pecking order hypothesis whilst financing their business growth and development. On the other hand, the pecking order hypothesis may not be fully followed by the biotechnology small firms. However, both software and biotechnology small firms report difficulties in securing equity finance. Software firms are financially constrained not only due to the supply side financial constraints but also by the demand side financial constraints.     

Externalizing the core: Firms' use of employment intermediaries in the information and communication technology industries

Recent research suggests that nonstandard employment relations may be a source of innovation for the firm. In this article, we analyze firms' strategic correlates and perceived benefits from using two types of employment in‐termediaries—consulting firms and temporary help agencies—in their core activities. Organizations with an innovation strategy are more likely to use consulting firms in their core activities, while organizations that compete on the basis of low cost are more apt to use temporary help agencies. Moreover, managers say that consulting firms are more likely than temporary help agencies to provide them with special competencies in their core activities. © 2007 Wiley Periodicals, Inc.     

CORPORATE GOVERNANCE AND INNOVATION: A SURVEY

Abstract The traditional economics of innovation, inspired by Schumpeter and more recent advances on his work, seem unable to explain why firms with similar external conditions may show greatly different performance in innovation. Contrastingly, the literature on corporate governance provides some useful insights for understanding corporate innovation activity, to the extent that such literature examines the economic effects of different modes of coordination between firm members. The process through which individuals integrate their human and physical resources within the firm is central to the dynamics of corporate innovation. This paper provides the first survey of the literature on this issue. We start by discussing how various theoretical approaches to the analysis of the firm deal with technological innovation. We then describe three main channels – corporate ownership, corporate finance and labour – through which a system of corporate governance shapes a firm's innovation activity. Finally, we examine the relationship between country‐level institutional settings, national patterns of corporate governance and the aggregate innovation activity of corporations. We conclude by suggesting that future research should focus more deeply on the interrelation between the various dimensions of corporate governance and on their joint effect on firm innovation.     

Driving sectoral sustainability via the diffusion of organizational eco‐innovations

Using insights from institutional literature, the resource‐based theory of the firm, and internationalization, we explain variations in the diffusion of organizational eco‐innovations. Studies have previously reported that the drivers of eco‐innovation are regulatory pressures, technology push, market pull, and firm factors. But relatively little attention has been paid to nontechnological forms of eco‐innovation, such as environmental management systems (EMS). Consequently, how exactly to encourage EMS adoption across sectors is still unclear. We attempt to address this question by combining sectoral panel data (2009–2014) from a number of sources in Spain. The econometric analysis reveals that environmental policy is driving the adoption of ISO 14001 largely due to differences across sectors in energy and pollution intensity. In addition, the adoption of ISO 9001 increases the use of ISO 14001 in industry because of complementarities between the two systems. Third, in highly internationalized sectors, firms adopt a greater amount of ISO 14001.     

Financing high-tech SMEs in China: A three-stage model of business development

This article examines the financing of high-tech Small and Medium-sized Enterprises (SMEs) in China at different stages of business development, based on a survey of 74 face-to-face interviews with high-tech SMEs and additional nine informal face-to-face interviews with bank and government officials in the two Chinese provinces of Guangdong and Guangxi. Attention is focused on distinguishing different financing methods according to particular stages of an SME's business life cycle. The findings show the importance of informal financial sources from individuals and firms’ employees for high-tech SMEs at all three development stages. Such sources have become a central aspect of the financial infrastructure for the private sector in China. The article distinguishes between the alternative methods or practices used by firms at all three stages, seeking to either overcome particular financial constraints or to avoid the commitment of large capital investments in relatively long-term projects. It identifies the absence of demands and a gap for medium- and long-term funding for high-tech SMEs, placing a serious barrier on the ability of high-tech SMEs to engage in R&D for making more fundamental innovation and developing new/distinctive products. It concludes by making the implications of these findings for China, and internationally.     

技术创新驱动企业成长的绩效分析——基于创新型上市公司的实证研究

依据2007-2010年创新型上市公司相关数据,以R&D经费支出强度为技术创新的替代变量,从企业市场成长和利润成长两个维度,实证分析了技术创新对企业成长绩效的影响及其态势。研究表明:技术创新与公司的市场成长速度、成长效率正相关,与公司利润成长速度无关;技术创新促进公司市场成长见效快、持续期短,在提升公司成长效率上有短期滞后性,累积效应较好,但未能创造经济价值。研究建议:企业应当将技术创新战略适时由市场导向向市场、利润并重导向转变,开拓强化突破性创新,且在以产品创新、过程创新为主要形式的技术创新实施过程中,努力发掘产品创新的增值能力及空间。     

高新技术企业盈利水平分析——以恒生电子股份有限公司为例

论文以恒生电子的盈利数据为例进行分析,以期为高新技术企业提升盈利水平提供有价值的参考。论文分析了影响高新技术企业盈利水平的三大因素,从研发费用、科技金融、股票价值三个角度展开阐述,同时,针对高新技术企业的长久盈利和发展,从财务管理和企业创新文化两个方面提出了相关建议。     

Product Innovation,Credit Constraints,and Trade Credit: Evidence from a Cross‐country Study

This paper studies the relationship between trade credit and innovation. Although trade credit is well researched in the finance literature, its link to innovation has been neglected in prior research. We argue that innovative small and medium‐sized enterprises (SMEs) are more likely to use trade credit than non‐innovative SMEs because of credit constraints and that business partners may have incentives to offer trade credit especially to SMEs with product innovations. The relationship between product innovation and trade credit is empirically examined using a sample of SMEs from 15 European countries. The results of an econometric analysis confirm a positive relationship between innovation and trade credit. In particular, SMEs with product innovations have a higher probability of using trade credit than other SMEs. Moreover, the results suggest that the effect of product innovation is only statistically significant if SMEs report that access to financing or cost of financing are obstacles for the operation and growth of their businesses. Hence, the results point to the relevance of trade credit as a source of short‐term external finance for innovative SMEs that are credit constrained. Copyright © 2011 John Wiley & Sons, Ltd.     

房地产开发企业融资管理问题探讨

如何融资是众多房地产开发企业关注的首要问题,由于利润丰厚,使得很多开发商主观认为能融资成功就代表有利可图。但现实中,近年来随着企业之间竞争的加剧并不是融到资就一定能获得利润。因此,在融资可行性的前提下,兼顾合理的融资成本和适当的融资风险是整个开发项目成功运作的重要手段之一。文章重点从融资管理角度对国内房地产开发企业融资进行分析,在相关理论的基础上,提出通过有效的资金管理确保融资成功的途径和方向。     

Financial bootstrapping and venture development in the software industry

Access to finance has been identified as a significant constraint on the development of technology-based businesses. Although important, institutional venture capital and business angel finance are used by only a small proportion of new and growing ventures. The role of bootstrapping – defined here as access to resources not owned or controlled by the entrepreneur – has been largely overlooked in studies of small firm financing. This paper redresses this omission by analysing the role and importance of bootstrapping in product development and business development in the independently-owned software industry. Results from two regions of the UK – Northern Ireland and South East England – are compared with equivalent data from the USA (Massachusetts). Overall, bootstrapping techniques are less extensively used in the Northern Ireland industry than in South East England, and in both regions bootstrapping is less common than in Massachusetts. This may account for the smaller employment size, growth profile and stronger service/consulting orientation of these firms. Moreover, there appear to be considerable variations in the use of bootstrapping. Larger firms tend to make more use of bootstrapping for product development, and consider it more important than do smaller firms, who more highly value business development-related bootstrapping. Small firms are also more likely to use and value cost-reducing bootstrapping techniques, whereas larger firms make more use of the exploitation of value-chain based relationships.     

The impact of government funding on research innovation: An empirical analysis of Chinese universities

The university is one of the most important places for scientific research, and it is the cradle of knowledge output and technological invention. Using the granular data of more than 1,000 universities' funding from the government in China, we investigate the impact of government funding on research innovation at the university level. The results show that government funds promote the output of research innovation of universities. The effectiveness of government funding is greater when combined with greater human capital and more platforms for international cooperation. Interestingly, further studies have found that human capital and non-government funds have a moderating influence on the effect of government funds on university research output. Moreover, there are some differences between “211 Project” (high quality) universities and “non-211 Project” universities. Finally, given the relaxation of policy for government funding of university research in 2014, we investigate the relationship between human capital (especially specialists with senior titles) and government funds in the process of research innovation. The results show that, before 2014, human capital presents a substitution relationship with government funding while it presents a complementary relationship after 2014.