Startup Size and Pre‐Entry Experience: New Evidence from Italian New Manufacturing Ventures

The paper studies the nonlinear effects of the different types of founders' pre‐entry experience on startup size. Our empirical data consists of 3,456 Italian new ventures in 20 industries. We find that the presence of industry‐specific experience and entrepreneurial experience have a positive effect on startup size while generic experience does not exert any effect on startup size. Moreover, we find that industry‐specific experience has positive but diminishing returns on startup size up to a point where additional amounts of experience have negative effects on startup size (inversed U‐shaped relationship).     

Learning from Referents across Geographic Distance and Institutional Contexts: The Perceived Speed of ISO 9000 Certification in Chinese High‐Technology New Ventures

Learning by observing the behaviors and choices of other (referent) firms is an important way for firms to augment their stock of knowledge. However, new ventures face unique challenges with vicarious learning. In particular, their referent firms may not be spatially close, which makes it difficult to collect and make sense of information. In a field study of 175 high‐technology new ventures, we examine and find that distance and the maturity of the legal environments of the observed firms, along with the moderating effect of the size of referent firms, can influence new ventures’ observation and processing of information. Such learning is reflected by the perceived speed of new ventures fulfilling ISO 9000 certification.     

A Comparison of International and Domestic New Ventures

Differences between international new ventures (INVs) and domestic new ventures (DNVs) were examined using a sample of 214 IPO new ventures (ventures 6 years old or less). INVs were found to be significantly different on the basis of their entrepreneurial team experience, strategy, and industry structure. Specifically, the entrepreneurial team of INVs exhibited higher levels of previous international and industry experience. The strategies of INVs were more aggressive, and they operated in more channels of distribution than did DNVs. INVs competed on the basis of differentiation, placing greater emphasis on product innovation, quality, service, and marketing as strategic weapons. In addition, INVs were more likely than DNVs to operate in industries characterized by a high degree of global integration.     

企业国际化理论的新发展:国际新企业理论

传统的国际化理论认为,企业国际化发展是一个渐进的过程。而近年来却出现了企业国际化加速的现象,许多企业在建立之初就开始进行跨国发展,这是传统理论所不能解释的。国际新企业理论就是在这种背景下产生的。本文从国际新企业的概念、形成、发展以及其理论框架模型出发,对国际新企业理论的相关研究进行了回顾和评述,探讨了其未来研究方向,同时阐述了其对我国企业相关研究的指导作用,并对后续研究作了简要的讨论。     

Money Following Trust: Evidence from China’s High‐Value Payment System

This study enriches the economic consequence of trust from the perspective of cash flow. It analyzes the impact of trust on interprovincial cash flow using matching data pertaining to Chinese provincial trust and the high‐value payment system in 2006–2010. It further investigates trust’s effect in different legal protection scenarios to explore the interactive role of formal and informal institutions. The results indicate that trust can significantly promote interprovincial cash flow and it persists after addressing endogeneity concerns and across different methods. However, this effect is only significant or much larger in provinces with less legal protection, indicating the alternative roles played by trust and formal institutions.     

Globalisation and Inter‐occupational Inequality: Empirical Evidence from OECD Countries

How does globalisation affect inter‐occupational wage inequality within countries? This paper examines this by focusing on two dimensions of globalisation: openness to trade and openness to capital flows, using a relatively new data set on occupational wages. Estimates from a dynamic model for 15 OECD countries spanning the period 1983–2003 suggest that increased openness increases occupational wage inequality in poorer OECD countries as predicted by the Heckscher–Ohlin–Samuelson model, but for the more advanced OECD countries, we find no significant effect. The absence of the expected result for the latter category can be due to a rapid increase in the supply of skilled labour, to outsourcing of skilled jobs or because changes in the trade flows are too small to have any significant effect in those countries.     

The Role of Geographic Location in the Acquisition Strategies of High‐Technology Firms: Evidence from Computer Networking Equipment Industry

The present study focuses on the acquisition strategies of Cisco Systems, a comprehensible representative of high‐technology firms. This investigation has depicted a dynamic picture of acquisition behavior when the geographic location of targets varies. Analysis has revealed that high‐technology firms are more likely to acquire co‐located start‐ups. Our findings suggest that high‐technology firms are more likely to acquire targets who have received an earlier equity investment and whose technologies have been standardized. We have also found partial evidence that supports the argument that high‐technology firms pursue cluster‐based acquisitions. Analysis suggests that access to patents does not matter for start‐up companies located in industry clusters while their counterparts outside these clusters need patents to become acquisition targets. © 2013 Wiley Periodicals, Inc.     

Rent‐to‐Own Pricing: Theory and Empirical Evidence

The rent‐to‐own (RTO) industry given its emphasis on subprime or, at least, financially constrained consumers is often seen as exploitative with excessive financing costs. This paper develops a rational‐expectations competitive equilibrium model to explore the pricing mechanism of an RTO agreement. The model accounts for the contract's embedded options and several bundled services. Using detailed transactional data, we infer how customers exercise these options to calibrate our model for several product categories, contractual lengths and payment periodicity. The resulting predictions provide a justification for the high financing costs observed in the marketplace.     

High‐Frequency Positive Feedback Trading and Market Quality: Evidence from China's Stock Market

This paper managed to measure the positive feedback trading intensity and its asymmetry with high‐frequency transaction data of China's individual stocks. The intraday positive feedback trading is found to be heterogeneous, and buying‐winners effect is significantly stronger than selling‐losers effect. In general, the high‐frequency asymmetric positive feedback trading's impact on market quality is mixed: The intraday positive feedback trades contribute to a liquid and active‐trading market but at the same time slow down the price discovery process and reduce the price efficiency.     

Interorganizational Trust and Technology Complexity: Evidence for New Technology‐Based Firms

Integrating the transaction cost economics and relational perspectives, this paper puts forward that technology complexity within new technology‐based firms negatively influences the level of interorganizational trust in key partner relationships. Using a data set of 105 key partner relationships of 59 new technology‐based firms, we find that the new technology‐based firm's level of trust in its key partners is lower when the level of technology complexity is high. Findings further show that both relationship and partner characteristics moderate the technology complexity—trust relationship. These results show that technology complexity as an appropriability mechanism becomes endogenous to collaboration, thereby extending the Teece framework.     

International Trade and Economic Growth Nexus in Australia: A Robust Evidence from Time‐Series Estimators

This study examines the effects of international trade on output and tests the null of Granger non‐causality between trade and economic growth in Australia. The single‐equation IV‐GMM, DOLS, FMOLS and NLLS and the system‐based ML estimates consistently support the positive and significant long‐run effects of exports and investment on output. The effects of imports are consistently negative across all the estimates. The OLSEG, RLS and ARDL‐ECM estimates provide a mixed and weak and that overparameterised level‐VAR estimates no support for the effects of trade on output. The estimates of the model with structural breaks provide a dominant support for the cointegrating relationship among variables. In conclusion, the evidence supporting the positive and significant long‐run effects overwhelms the evidence providing a mixed, weak or no support for the effects of trade on output. The results of the study can be inductively generalised to mimic the findings of the literature at large and to suggest that a part of the inconclusiveness over the gains of trade could analogously be ascribed to the use of different methodologies and test statistics across studies. The results support the acceleration of exports and investment to foster the higher levels of output and economic growth.     

国际R&D、吸收能力与对外直接投资逆向技术溢出——基于我国省际面板数据的实证研究

利用2003-2008年我国的省际面板数据,研究了对外直接投资的逆向技术溢出及人力资本吸收能力对其的影响。研究结果表明,现阶段对外投资传导的国际R&D对国内技术进步、技术效率和全要素生产率均无显著正向影响,对外投资的积极逆向溢出效应还未显现。分区域的回归结果显示,对外投资对我国各省区的逆向溢出存在明显差异,对外投资显著促进了东部和中部地区的全要素生产率增长,对西部地区的全要素生产率增长则无显著影响。东部地区的高水平人力资本显著提升了对外投资的逆向技术溢出效果,中西部地区人力资本却没有起到相应的促进作用。     

Is India Specialising in Polluting Industries? Evidence from US‐India Bilateral Trade

Recently, the apex environmental agency of India observed that domestic industrial pollution has been increasing at an alarming rate over the last two decades, and the need to rein in traditional polluting industries. This raises the pertinent question of whether the poor domestic pollution regime has affected the pattern of India's trade in dirty manufactured products in the post‐liberalisation era since 1991. We find that on the whole, India has remained a net importer of pollution‐intensive manufactured goods; however, there is a distinct trend of increasing specialisation in specific dirty industries especially in the bilateral trade with high‐income countries, and to a lesser degree with low‐income countries. The USA being India's single largest country trading partner in the post‐liberalisation era, we test for pollution offshoring at the finer industry level in US‐India bilateral trade. While we find that the pollution haven effect is not significant, India's specialisation in certain dirty manufacturing industries through the last decade remains a disturbing trend. India needs to integrate environmental sustainability within industrial growth urgently, and it is pertinent to implement policies which would reflect the true pollution costs in an industry that is increasingly competing in the international market.     

Characteristics of Immigrant Entrepreneurs and Their Involvement in International New Ventures

We studied 561 young firms in Australia to understand the involvement of immigrant entrepreneurs (IEs) in international new ventures (INVs). We found that IEs are overrepresented in INVs and have many characteristics known to facilitate INV success, including more founders, university degrees, international connections, and technical capability. Our study has implications for immigration policy and economic policy and the efficient use of a nation's human capital. This research challenges a necessity‐based stereotype of immigrant entrepreneurs by identifying areas in which immigrant entrepreneurs have natural competitive advantages over native entrepreneurs (NEs). This research makes a contribution to the theory of immigrant entrepreneurship by identifying the significant role of immigrant entrepreneurs in INVs and the suitability of immigrant entrepreneurs for the development of INVs. We inform diverse streams of research in transnational and immigrant entrepreneurship with broader strategic work on the creation of INVs. © 2013 Wiley Periodicals, Inc. This research was partly funded by an Australian Academy of Social Sciences research grant. A previous version of this paper was presented at Babson College Entrepreneurship Research Conference (BCERC), 2011, Syracuse.     

Structural Reforms and Labour‐market Outcomes: International Panel‐data Evidence

This paper explores the impact of structural reforms on a comprehensive set of macro‐level labour‐market outcomes, including the unemployment rate, the average wage index, and overall and female employment levels and labour force participation rates. Together, these outcome variables capture the overall health of the labour market and the aggregate welfare of workers. Yet, to our knowledge, there seems to be no other comprehensive empirical investigation in the existing literature of the impact of structural reforms at the cross‐country macro‐level on labour‐market outcomes other than the unemployment rate. After documenting the average trends across countries in the labour‐market outcomes up to 10 years on either side of each country's structural reform year, we run fixed‐effects ordinary least squares and instrumental variables regressions to account for the likely endogeneity of structural reforms to labour‐market outcomes. Overall, the results suggest that structural reforms lead to positive outcomes for labour. Redistributive effects in favour of workers, along the lines of the Stolper‐Samuelson effect, may be at work.     

知识管理视角下国际新创企业的国际化过程特征研究

国际新创企业的国际化过程具有激进性特征,包括四种基本形式:地域激进性、方式激进性、职能激进性和业务激进性.文章在知识管理的基础上融合新兴的企业国际化理论,对国际新创企业国际化过程的激进性特征作出解释;对企业家的个体知识、企业的组织知识和组织间(国际化网络中的)知识与国际新创企业国际化过程特征的关系进行更深入的理论探讨,并提出一些理论命题供以后实证研究参考.     

国际贸易、租金分享和工资水平——基于浙江制造业的实证研究

本文在工资决定的租金分享谈判框架下,利用浙江省2004年的经济普查数据,研究了国际贸易、企业盈利能力对制造业企业工资水平的决定效应。研究发现,资本方和劳动方之间存在明显的租金分享机制,企业盈利能力的增加会导致制造业从业人员收入的提升;尽管出口贸易没能提升企业的盈利能力,但出口贸易可增强劳动方在租金分享中的谈判能力,最终提升工资水平。最后,本文在租金分享谈判框架下讨论了工资差异问题,并得出结论认为,当前的国际贸易模式不会导致工资差异的扩大,但是产业管制政策和外商直接投资有导致工资差异进一步扩大的可能性。     

Performance of International Retailers: Empirical Evidence of an S-Curve Relationship

The performance outcomes of retail internationalization have attracted considerable scholarly interest, but studies have offered differing perspectives and findings on this relationship. In an effort to fill this gap on the topic, we posit that the relationship between the degree of retail internationalization and performance exhibits an S-curve shape. Using a sample of 18 international retailers with operations on six continents for the period 2001–2015, we find evidence of the S-curve dynamic where international retailers tend to experience declining performance after initial expansion beyond the home market, improving performance with continued expansion, and declining performance with further international expansion. We also examine two moderating variables on this relationship—foreign market growth and store format diversification. Our findings show that foreign market growth reinforces the hypothesized S-curve relationship while store format diversification reverses it. We offer theoretical and managerial implications based on the results of our study.