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1.
Recent debates about Industrial Policy are dominated by a concern to make firms more innovative. In order to make progress in assessing the magnitude of the effects of innovation on corporate performance, one needs to know how such effects occur. We have contrasted two views of the effect of innovation—the product view and the process view—and have provided some evidence to suggest that both effects are evident in the data. Although it is clear that individual innovations themselves have a positive effect on profitability and growth, it is equally clear that the process of innovation seems to transform firms in some way that gives rise to what look like generic differences between innovators and non-innovators. As a consequence, the process by which profitability and growth are generated differs noticeably between the two types of firms. Perhaps the clearest of these differences is that innovating firms seem to be much less sensitive to cyclical shocks than non-innovating firms are.We are obliged to the ESRC for support. Some of the work discussed here draws upon joint work with John Van Reenan, and we are obliged to him for his assistance and helpful comments. Jonathan Haskel also provided very helpful comments on an early draft of the paper. We are also obliged to seminar audiences at the University of Ulster, the University of Manchester, the National Institute of Economic and Social Research, NERA, UMIST, University College London, the Centre for Economic Performance at the LSE and the Industrial Organization Conference held at Vienna, June 24–26, 1992, for many stimulating observations. However, the usual disclaimer applies. 相似文献
2.
In this paper, the profitability of German car manufacturing firms is related to different indicators for the knowledge incorporated in the firms since the birth of the industry in 1886. The analysis is performed with an ordered probit model, where information about the mode of exit of the firms is exploited to construct a latent variable for profitability. Knowledge is represented by the number of patents, learning-by-doing and entrepreneurial experience before entry. The results show that knowledge is significantly positively related to firm profitability and that each of the three knowledge forms exerts an independent effect. 相似文献
3.
金融自由化改革给我国商业银行的利润带来了一定的影响。基于Panel data的实证结果表明。在金融自由化期间,不同组织结构的银行所受到的影响不同,国有商业银行在此期间的利润有所增长,而股份制银行和地方商业银行的利润都有所下降。究其原因,金融自由化带来了银行业的激烈竞争,竞争使银行业的利润重新分配,导致了不同治理结构的银行利润不同。 相似文献
4.
The slowdown in the process of capital formation in continental Europe in the 1990s is analysed. Sector-level data from the OECD's International Sectoral Data Base (ISDB) are used. Econometric estimates of an investment function indicate structural instability in the early 1990s and, specifically, a break in the coefficient linking the growth of capital stock to demand. This result neither seems to be related to non-linearities in the relationship between capital formation and expected demand, nor to the sectoral composition of European economies. Evidence is found that the drop in the accelerator is at least partly attributable to greater demand uncertainty in the 1990s as compared with the earlier period. 相似文献
5.
Noemi Levy-Orlik Christian Dominguez-Blancas 《International Review of Applied Economics》2016,30(4):527-546
This paper discusses the operation of banks in developing economies dominated by foreign multinational corporations (FMCs), and argues that banks have acquired new activities without drastically modifying the composition of their income. This discussion takes place in the light of the profound changes in financial systems that have modified the linkages between banks, capital markets, businesses and households, during the period of globalization and financialization. The main argument of this paper is that although foreign multinational corporations have become dominant in developing countries, and bank activities have diversified, the multinational corporations of the banking sector still rely on interest margins, particularly from consumer credit. This is explained in terms of specific bank credit activities that operate under oligopolistic structures, a condition that has not being modified by foreign multinational corporations’ dominance in developing banking markets. 相似文献
6.
企业成长性的因素分析:来自上市公司的证据 总被引:8,自引:0,他引:8
本文采用计量研究方法,对企业成长性的影响因素进行了较广泛深入地分析。作者调查了2003年以前在上海交易所上市的763家上市公司,以2003年的横截面数据为样本,从行业属性、企业规模、资产结构、财务杠杆以及公司治理结构等方面实证考察了各个主要因素对公司成长性的影响。本文的研究结果表明,上市公司所处的行业大多对公司成长性具有显著的影响,企业成长性表现出显著的行业效应。另外,企业规模、固定资产投资、财务杠杆和股权结构对企业成长性也具有显著的影响。 相似文献
7.
全面开放后中外银行竞争态势的比较分析 总被引:1,自引:0,他引:1
银行业全面开放后,外资银行的竞争优势主要来自于其中间业务收入、风险管理能力以及先进的激励机制所吸引的人才资源.未来两年内,外资银行在中国的竞争策略将有所变化,将侧重一些市场和业务领域的拓展.中资银行应通过自身的发展和完善,加强合作,不断提升竞争能力,以应对外资银行的挑战. 相似文献
8.
The paper revisits the impact of uncertainty on the decision problem of a bank. The bank extends risky loans to private investors and sells deposits to savers at fixed rates. The uncertainty under which deposit/loan-portfolios are chosen by banks is endogenized through an information system that conveys public signals about the return distribution of bank loans. Transparency in the banking sector is defined in terms of the reliability of these signals. We find that higher transparency always raises expected bank profits, but may lead to a higher or lower expected loan volume. Moreover, higher transparency may reduce economic welfare. 相似文献
9.
对于中小企业融资难这一现实问题,人们已经进行了多方面的解释.由于信息存在"硬信息"与"软信息"之分,不同银行便根据自身信息生产的比较优势在经营模式上进行定位,为此,本文从银行经营模式定位的视角对中小企业融资困局的成因进行了新的解释.本文认为,我国商业银行定位于交易型银行业务的经营模式,是形成中小企业融资困局的深层原因,解决该困局的出路在于发展定位于关系型银行业务经营模式的社区银行. 相似文献
10.
George Symeonidis 《Bulletin of economic research》2009,61(2):139-150
In a differentiated multiproduct Cournot duopoly with linear demand, industry profit usually falls (even though concentration rises) when the distribution of products across firms becomes more asymmetric, if the products are not very differentiated or the total number of products is large. Consumer surplus and overall welfare always fall as the degree of asymmetry increases. These results contrast with the conventional wisdom on the effects of firm heterogeneity and the links between concentration and industry profits. 相似文献
11.
Ameeta Jain John Guo Chien‐Ting Lin 《Economic Papers: A journal of applied economics and policy》2014,33(3):220-232
Public perception of banks in Australia is relatively poor compared to firms in other major services sectors. This study explores a number of potential sources of negative public opinion. We find that bank profits are similar to firms in other sectors after adjustment for firm size. Average bank executive remuneration as a proportion of total staff costs are also lower than those in other sectors. Finally, Australian banks not only pay a higher average effective tax rate than their counterparts in OECD countries but are also closest to their statutory corporate tax rates. Our findings therefore suggest that poor public perception of banks is based on the flawed claims of generating excessive profits, overpaying bank executives, and underpaying taxes and is not justified. 相似文献
12.
国有银行面临着中国入世后外资银行的强大挑战。在中国银行业逐步开放的过程中,将会形成一个双方竞争的初级阶段。这个阶段是国有银行在同对方全面竞争前调整自己,适应新对手、新环境的难得机遇。本文分析了竞争初级阶段的特征及对手可能采取的策略,并阐述了发挥国有银行竞争优势、提高技术水平和管理能力的基本对策。 相似文献
13.
本文运用企业异质性贸易理论,利用分行业上市企业的面板数据,将企业规模作为控制变量,研究了企业生产率、国外市场知识与中国企业出口额的关系。结果显示:企业生产率和国外市场知识对企业出口额的影响显著为正,影响效果存在行业差异;作为控制变量的企业规模,对企业出口额的影响存在不确定性,或正向相关或负向相关或呈U形关系。 相似文献
14.
《China Economic Journal》2013,6(3):255-279
The impact of economic freedom on the well-being of the economy has been widely documented. Noticeably absent from the literature is empirical evidence on the impact of economic freedom on the banking sector. This article employs data on the Chinese banking sector and provides for the first time empirical evidence on the impact of economic freedom. We find evidence supporting far greater freedom for entrepreneurs to start businesses. The empirical findings seem to suggest that greater freedom of trade positively influences the performance of banks operating in the Chinese banking sector. However, the impact of the different dimensions of economic freedom is not uniform across Chinese banks with different ownership structures. 相似文献
15.
The development of high-tech industries for competitiveness is an important issue for government policy-makers. Prior work by scholars concentrates disproportionately on the modern economies conventionally classified as high technology, and underestimates the importance of the older-established sectors that comprise the bulk of economic activity. This study examines the managerial performance efficiency of 367 manufacture firms in Taiwan utilizing the two-stage data envelopment analysis technique. The empirical results indicate that the scale of the firms does play an important role in influencing the operating efficiency. One can increase the firm's performance by consolidating with other smaller units to achieve the optimal size. By employing a profitability/marketability matrix, this study better characterizes the operating performance of the firms. The result of this study has a broader implication in that prior studies neglect these older-established sectors in terms of their current performance and future development. This finding in turn reflects a major distortion in views about the roles of research and development and technological upgrading in modern regional economies as a whole. 相似文献
16.
外资银行进入影响研究——基于面板数据和产业组织方法 总被引:1,自引:0,他引:1
本文基于我国14家银行1996—2005年的面板数据,对外资银行进入对我国银行业的短期影响进行了研究。实证结果表明,我国银行业对外资银行营业性机构数的增加反应不敏感,经营成本、盈利同外资银行市场份额的增加正相关,我国银行业市场符合结构一行为一绩效范式。本文认为,当前外资银行已经越来越快地融入我国金融体系,为应对外资银行进入的冲击,我国银行业应以金融控股公司模式实现综合经营,同时积极学习借鉴外资银行新的金融产品和管理经验。 相似文献
17.
Paulo Bastos Stefania Lovo Gonzalo Varela Jan Hagemejer 《Review of International Economics》2023,31(1):106-140
We examine if and how deeper economic integration with high-income nations impacts industrial performance. We exploit Poland's accession to the EU in 2004 as a source of variation in the degree of market integration with Germany. Using data on Polish manufacturing firms in the period 1995–2013, we find that EU accession was followed by significant within-firm growth in output and productivity, notably in industries in which Germany was more specialized at the moment of accession. Increased flows of German investment to these sectors played an important role in shaping these effects. 相似文献
18.
Since 2004, commercial banks in the United States have been allowed to elect Subchapter S (hence Sub-S) status with up to 100 shareholders. That limitation may promote more effective monitoring of bank managers by shareholders which can, in turn, explain previous findings of superior performance among Sub-S banks. The present research focuses on the possibility that the shareholder limitation also constrains opportunities for bank growth, or a slow growth hypothesis for Sub-S banks. Using a differences-in-differences regression approach for a sample of community banks (i.e., less than $1b in assets) from 2004 to 2014, and controlling for initial assets and urban location, it is found that annual growth in real assets and equity was significantly higher among banks that never held Sub-S status than for banks that always held Sub-S status, and that banks switching to Sub-S later grew significantly faster than those that always held Sub-S status. Fixed effects regressions show that switching to Sub-S status significantly reduced equity growth, with asset growth significantly reduced after 2008. In conjunction with earlier findings, the results suggest that the availability of Sub-S status helped to protect and strengthen community banks across a time period including substantial financial turmoil. 相似文献
19.
Mario Seccareccia 《Journal of economic issues》2017,51(2):341-350
Inspired by Thorstein Veblen’s ideas, I analyze the behavior of central banks from the perspective of how institutions are captured by vested interests. Since the global financial crisis in 2008, there has been a shift in the conduct of monetary policy. Much like the behavior of asset holders themselves, who, in times of crisis, sought to trade off lower returns with more stable asset values, monetary policy changed from a de facto policy of stabilizing rentier income to one of preserving asset prices or rentier wealth. I analyze this particularly through the lenses of what happened with quantitative easing (QE) in the US, which coincided with a collapse of real interest rates, while asset prices were stabilized. This can also be seen in the way the banking sector was supported by QE where the market for mortgage-backed securities was sustained even as it actually meant a lower profitability for the overall U.S. banking sector during the QE interventions. 相似文献
20.
Alessandro Arrighetti Fabio Landini Andrea Lasagni 《Scottish journal of political economy》2021,68(3):322-344
Economic downturns significantly impact on industry and firm dynamics. During a slowdown, increased competitive pressure makes less efficient firms more likely to exit (the cleansing hypothesis). However, evidence on Italian manufacturing firms during the Great Recession contrasts with this view. In fact, a not negligible subset of firms grew considerably during the crisis, increasing intra-industry heterogeneity. In this paper, we study these swimming upstream firms (SUFs) and we obtain two results. First, SUFs exhibit a high capability accumulation profile (innovation, intangibles investments and internationalization). Second, the impact of endogenous capability accumulation does not vanish after controlling for exogenous factors. 相似文献