Import-push or export-pull? An industry-level analysis of the impact of trade on firm exit

Does the selection effect of trade work solely through competition from imports, or does the export market further contribute to firm selection? This paper provides a re-interpretation of the different mechanisms in terms of selection on profitability—rather than productivity—and derives novel predictions regarding the export market and the role of product differentiation. Empirical results for a sample of Danish manufacturing industries confirm the import-“push” hypothesis as well as the export-“pull” hypothesis, but also reveal differences across industries. The selection effect of trade is mainly driven by the “import-push” if product differentiation is high, whereas it is driven by the “export-pull” if goods are homogeneous.     

A New Method to Evaluate the Corporation——Experimental Research on the Example of NetEase Company

Most of the Internet or e-commerce corporations have few earnings or even none. The traditional corporation valuation methods don not work well when encountering these types of corporations. Just in these backgrounds, a new method called CVBC model is brought forward to evaluate these types of corporations in our article, which is based on the customer lifetime value. In essence, it extends the concept of customer lifetime value and combined with the traditional financial methods, then creates a new valuation method. It can work well to the corporations, which have been said before. The principle, mathematical model of the method and the effect of the practical application are discussed in detail.     

Lending technologies,banking relationships,and firms’ access to credit in Italy: the role of firm size

This paper analyses the role of lending technologies and banking relationships on firms’ credit access in Italy. Using EFIGE firm-level data, we show that the depth and strength of firm–bank relationships have heterogeneous effects on credit demand and rationing probabilities depending on the size of the borrower. Multiple banking relationships alleviate financial constraints for small firms, while borrowing from a large number of lenders hinders access to credit for large companies. Small and medium-sized enterprises with a higher share of debt with the main bank have a lower probability of being credit denied, as debt concentration contributes to overcome the opacity problems typical of the SMEs. Long-lasting relationships, by reducing information asymmetries, significantly improve access to credit for small and large firms. Conversely, we find that medium-sized enterprises are more exposed to financing constraints as relationship duration increases, due to possible lock-in effects. Finally, firms maintaining banking relationships based on transactional technologies are more likely to be credit denied, while the use of relationship lending technologies improves credit availability for both small and large enterprises.     

Contributions of the Galbraith “Technostructure” to the Growing Crisis of the U.S. Economy

This paper lays the methodological foundations of an analytical framework that may help shed some new light on the issue of territorial inequalities in the digital economy. It opposes the recent tendency to build up an evolutionary economic geography as an alternative not only to the so-called "New Economic Geography" (namely "geographical mainstream economics") but also to the institutional economic geography. The paper advocates the development of an evolutionary and institutional approach in economic geography, which would be meso-focused. Finally, it presents some insights that highlight the heuristic potential of this approach in reappraising the territorial features of the digital economy.     

Does it pay firms to register for taxes? The impact of formality on firm profitability

This paper estimates the impact of registering for taxes on firm profits in Bolivia, the country with the highest levels of informality in Latin America. A new survey of micro and small firms enables us to control for a rich set of measures of owner ability and business motivations that can affect both profits and the decision to formalize. We identify the impact of tax registration on business profitability using the distance of a firm from the tax office where registration occurs, conditional on the distance to the city center, as an instrument for registration. Proximity to the tax office provides firms with more information about registration, but is argued to not directly affect profits. We find tax registration leads to significantly higher profits for the firms that the instrument affects. However, we also find some evidence of heterogeneous effects of tax formality on profits. Tax registration appears to increase profits for the mid-sized firms in our sample, but to lower profits for both the marginal smaller and larger firms, in contrast to the standard view that formality increases profits. We show that owners of large firms who have managed to stay informal are of higher entrepreneurial ability than formal firm owners, in contrast to the standard view (correct among smaller firms) that informal firm owners are low ability.     

More bits – more bucks? Measuring the impact of broadband internet on firm performance

The paper provides empirical evidence for the causal impact of broadband Internet on firms’ labour productivity and realised process and product innovations. The analysis refers to the early phase of DSL expansion in Germany from 2001 to 2003, when roughly 60% of the German firms already used broadband Internet. Identification relies on instrumental variable estimation taking advantage of information on the availability of DSL broadband at the postal code level. The results show that broadband Internet has no impact on firms’ labour productivity, whereas it exhibits a positive and significant impact on their innovation activity.     

Research on the Impact of Industry Transfer to Regional Competitiveness

In this paper the effects of industry transfer are discussed. Through analysis it can be found industry transfer will have important influence on the national competitiveness, regional competitiveness and enterprise competitiveness. It is found that industry transfer is an effective way to rejuvenate the old industrial base in the Northeast Region of China.     

The Research on the Contribution of Rural Tourism to Peasants＇ Income --Based on the empirical analysis of Chengdu

在乡村旅游发展的过程中,农民由于自身素质不同,他们参与乡村旅游的程度、对旅游发展的认识都有所不同,并且从中获得的收益也有差异。通过利用对应分析法进行实证研究发现,在乡村旅游中,打工获得的薪金对农民增收影响显著,为农家乐提供农产品获得的收入对农民增收影响有限。     

The impact of local financial development on firm growth in Vietnam: Does the level of corruption matter?

We examine the effects of province-level financial development and corruption on the performance of Vietnamese firms in terms of the growth rates of sales, investment and sales per worker. Employing a large firm-level dataset of more than 40,000 firms for the period 2009–2013 and applying a heteroskedasticity-based identification strategy, we find that province-level financial development promotes firm growth, while corruption hinders it. Most importantly, the marginal effect of financial development on firm growth depends negatively on the level of corruption. Moreover, financial development exacerbates the growth-retarding effect of corruption.     

Did firm age,experience, and access to finance count? SME performance after the global financial crisis

This paper examines the relationships between firm age and entrepreneurs experience on SME performance after the 2008/09 global financial crisis. We find that in general the crisis had a long-lasting scarring effect on the SME sector, but there is evidence of some recovery in performance. Interestingly, the well-established, and negative, firm age-growth relationship still holds, but entrepreneurial experience did not have any substantive effects on small business performance. Our findings suggest that the severity of the crisis meant that previous entrepreneur experiences had little value in this unique and uncertain environment. However, young firms still accounted for a disproportionately high share of growth, especially among the fastest growing firms.     

Minsky Goes to Buffalo—and Takes on the Economics Establishment

This essay is based on remarks presented by the author at The Fourth Bi-Annual Cross-Border Post Keynesian Conference, Buffalo State College, on October 9, 2009. It addresses the economic challenges facing Buffalo, New York, and countless other American cities, especially in the Northeast and Midwest; draws on the writings of Hyman Minsky to offer an interpretation of what many now call the Great Recession, which began in late 2007; and challenges the image of Minsky presented by mainstream economists and journalists, with special attention to a recent lecture by Paul Krugman. The essay closes by returning to Buffalo, where—as Minsky anticipated in the 1990s—the economic fate of working families depends largely on the outcome of a national struggle over the shape of future U.S. economic transformation.     

Minsky Goes to Buffalo—and Takes on the Economics Establishment

This essay is based on remarks presented by the author at The Fourth Bi-Annual Cross-Border Post Keynesian Conference, Buffalo State College, on October 9, 2009. It addresses the economic challenges facing Buffalo, New York, and countless other American cities, especially in the Northeast and Midwest; draws on the writings of Hyman Minsky to offer an interpretation of what many now call the Great Recession, which began in late 2007; and challenges the image of Minsky presented by mainstream economists and journalists, with special attention to a recent lecture by Paul Krugman. The essay closes by returning to Buffalo, where—as Minsky anticipated in the 1990s—the economic fate of working families depends largely on the outcome of a national struggle over the shape of future U.S. economic transformation.     

Paying Close Attention to the Research on Property Right of Market

The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appears after the class, the state and the equity title. The contents that are involved in the research on the theory and the practice of property fight of market are extensive, including a lot of aspects such as its key theory, the relation between market economy and international competitiveness, etc. Therefore, the research on the property right of market has very important theoretic and practical significance.     

Changing aid regimes? U.S. foreign aid from the Cold War to the War on Terror

This paper explores how U.S. bilateral economic aid has changed over time, focusing on how the recent era-in which the War on Terror has played a prominent role in the Bush administration's aid policy-differs from previous eras. In particular, has the renewed geopolitical role of aid coincided with a reduction of aid to the poorest countries or less weight on need in U.S. aid allocation decisions? We start with an analysis of annual U.S. aid budgets from 1955 to 2006. Controlling for domestic political and economic conditions, we find that the War on Terror's effect on the aid budget is significantly larger than is immediately apparent. To explore how the emphasis on need may have changed over time, we use country-level panel data on aid allocations to 119 countries across the same time period. This shows that U.S. aid flows-for the poorest as well as other developing countries-increased with the War on Terror. However, after rising for 35 years, the emphasis placed on need has been falling steadily for core aid recipients during the War on Terror.     

Impacts of Human Activity on Biodiversity——An Approach to Driving Force indicators

The impact of human activity on biodiversity is very complicated, making it difficult to design practical indicators for assessment. Currently, state and response indicators are listed within Chapter 15 of Agenda 21, but no mention is made of driving force indicators and how they relate to biodiversity protection. This paper represents an effort to identify and then operationalize the idea of driving force indicators at national level. Five human induced factors affecting blodiversity were discussed: (a) habitat toss and fragmentation; (b) overexploitation of resources; (c) species introduction; (d) pollution; and (e) climate change. From these five factors, a subset was selected to serve as possible driving force indicators: (1) habitat loss, (2) the ratio of exotic species to indigenous ones, and (3) the change in pollution status. Although the three indicators are relatively simple, they cover the most important human impacts on biodiversity and offer the potential for further redefinition and ultimate use within the spirit of biodiversity protection.