Multinational companies and indigenous development: An empirical analysis

This paper presents an empirical study of the effect of foreign multinational companies on the development of indigenous firms in the host country. Our starting point is a recent paper by Markusen and Venables (European Economic Review 43 (1999) 335-356) that shows formally that multinationals, through the creation of linkages with indigenous suppliers, can exert positive effects on the development of indigenous firms. Based on the literature on entry in industrial organisation, we estimate empirically a model describing the entry of indigenous firms using data for the Irish manufacturing sector. Our results indicate that there is a positive effect of multinational companies on the entry of indigenous firms for a variety of alternative specifications.     

Financing R&D in mature companies: An empirical analysis

We study financing patterns of publicly traded R&D-intensive manufacturing firms in Israel. We further characterize R&D-intensive firms by size, physical capital intensity, and whether they issued stocks in the United States, asking whether these features are associated with particular financing patterns. To address these issues, we present, for the first time, adjusted flow of funds charts that treat R&D expenses as a capital outlay (rather than an operating cost that reduces profits, as standard accounting principles prescribe). We also address the question of how R&D inputs should be measured - using R&D expenses or R&D personnel. We construct both expenditure- and personnel-based R&D measures for each firm in our sample, and investigate to what extent these measures are mutually consistent.     

Implementing international standards for Information Security Management in China and Europe: a comparative multi-case study

The leading international standards for information security management, ISO/IEC 27001 and ISO/IEC 27002 originate from the UK, but are applied worldwide. This paper explores whether the processes of selection, implementation and use of these interrelated standards differ between China and Europe by studying cases of Chinese and European companies. Chinese companies face some additional problems with the standards but manage to get them successfully implemented in a short period of time. Main differences relate to governance and management of standard adoption. This study is innovative in the method used for standardisation research (comparative multi-case study), and the topic: implementation and impact of information security management standards.     

The links between competitiveness, firms' innovative activities and public R&D support in Germany: an empirical analysis

Industrial competitiveness is becoming an increasingly important issue. In years of recession, some companies perform worse on domestic markets or lose export shares. Most investigations of the competitiveness of nations are based on macro-economic data. But a country is not much like a business. This paper tries to provide a new answer based on science and technology indicators and econometric analysis, Competitiveness is studied on the micro-economic level for a sample of 161 domestic or foreign-owned companies located in westem Germany. Zieir competitiveness is measured by two indicators: the trading result (i.e. either the net profit or loss) and the export share of (local) production. Statistics on investment and patents do not sufficiently explain competitiveness, but the scientfic potential of the firms significantly explains the competitiveness, but, it seems to be the science base of technological activities that determines competitiveness. Public subventions facilitate scientific and technological activities in industry. It is particularly interesting to note that government support is oriented towards the science base of the client companies.     

Impact of the dedicated infrastructure on bus service quality: an empirical analysis

An econometric analysis is conducted to quantify the impact of different variables on the service quality of the Santiago, Chile bus system. The indicators tested as measures of service quality are the average bus speed, the bus trip time coefficient of variation and the bus headway coefficient of variation. The analysis uses peak hour data obtained for all the routes served by the system’s various concessionaire operators. A separate multiple linear regression model is estimated for each indicator, with the latter as the explained variable. The main explanatory variables are a series of design factors representing different types of dedicated route infrastructure and the incorporation in some routes of segments of urban motorway. The results of the models show that the existence of dedicated bus route infrastructure positively impacts all three service quality indicators. The use of motorway segments in particular has a major positive effect on average speed. The model estimates also reveal that the main explanatory factor in headway variability at the end of a route is the headway variability at the start of it, the latter factor determined by operator management decisions regarding bus despatches.     

The effect of certification with the ISO 9000 Quality Management Standard: A signaling approach

Theory suggests that certification with a management standard may reduce information asymmetries in supply chains and thereby generate a competitive advantage for certified firms. This article uses an 11-year panel of U.S. manufacturing facilities to test whether certification with the ISO 9000 Quality Management Standard generates a competitive advantage. Results suggest that certified facilities grow faster after certification and that operational improvements do not account for this growth. Results also indicate that the growth effect is greater when buyers have greater difficulty acquiring information about suppliers.     

Nonlinearities and heterogeneity in environmental quality: An empirical analysis of deforestation

We use a panel data set of 59 developing countries over the 1972–1994 period to study the deforestation process. Relying on both parametric and semiparametric models, we examine nonlinearities and heterogeneity in the deforestation process. We first study the existence of an Environmental Kuznets Curve (EKC) and then analyze determinants of deforestation. Our data sample provides no evidence of an EKC. We also find that political institution failures may worsen the deforestation process in developing countries.     

Drivers of productivity in Vietnamese SMEs: the role of management standards and innovation

Using a rich panel dataset of small and medium scale manufacturing enterprises (SMEs) active in the manufacturing sector in Viet Nam, this paper investigates the drivers of firm productivity, focusing on the role played by international management standards certification. We test the hypothesis that, accounting for technological innovation (product and process) and other variables related to technological capabilities, international standards are conducive to higher productivity, through improved management practices and business organization. In line with the requirement of continuous improvement implied by most international standards, the main findings show that the possession of an internationally recognized standard certificate leads to significant productivity premium. We further find that the effect of certification on productivity is particularly strong for firms with technological innovation, located in southern provinces, and operating in more scale-intensive industries.     

我国上市公司股票增值权的博弈分析

股票增值权的激励模式在我国上市公司已实施数十年,然而,实施的过程中仍有许多不足。从股票增值权激励的对象入手,对股票增值权利益相关对象的博弈进行了研究,得到股票增值权计划的条款不能使得双方利益均衡时,依然难以有效激励员工、增加股东利益。     

The vanishing role of money in the macro-economy: An empirical investigation for India

The recent de-emphasizing of the role of “money” in both theoretical macroeconomics as well as in the practical conduct of monetary policy sits uneasily with the idea that inflation is a monetary phenomenon. Empirical evidence has, however, been accumulating pointing to an important leading indicator role for money and credit aggregates with respect to long term inflationary trends. Such a role could arise from monetary aggregates furnishing a nominal anchor for inflationary expectations, from their influence on the term structure of interest rates and from their affecting transaction costs in markets. Our paper attempts to assess the informational content role of money in the Indian economy by a separation of these effects across time scales and frequency bands, using the techniques of wavelet analysis and band spectral analysis respectively. Our results indicate variability of causal relations across frequency ranges and time scales, as also occasional causal reversals.     

资本结构的行业特征:基于中国上市公司的实证研究

本文根据中国证监会《上市公司行业分类指引》 ,将沪深A股上市公司进行行业分类 ,全面深入地实证研究了资本结构的行业特征。研究结果表明 :(1 )中国上市公司存在最优资本结构 ,行业是其重要影响因素之一 ;(2 )不同行业上市公司的资本结构具有显著差异 ,约 9.5%的公司间资本结构差异可由公司所处行业门类的不同来解释 ;(3 )同一行业上市公司的资本结构具有稳定性 ;(4)同一行业门类内不同行业大类的公司间资本结构无显著差异。     

Determinants of institutional quality: an empirical exploration

ABSTRACT

Recent literature has underlined the role that institutions play in the process of development, making it essential to understand why differences exist in the quality of institutions across countries. The goal of this study is to investigate the determinants of institutional quality. Our results confirm that institutional quality is conditioned by variables that can be modulated by public policy, such as income per capita, international openness, education, taxation, and patterns of income (re)distribution. Our conclusions differ from the pessimistic outlooks of works highlighting deterministic factors, such as colonial or geographical factors, as determinants of institutional quality.     

中国上市公司治理的主要问题探讨

本文首先界定了公司治理的概念和研究范畴,然后阐述了上市公司治理问题的理论分析框架及各国不同的治理模式。在此基础上,结合我国实际分析了上市公司治理存在的主要问题,得出了结论：我国上市公司治理所面临的主要问题与西方国家有很大的区别,西方国家成熟的公司治理理论不能完全照搬到我国,必须结合我国实际,从上市公司治理问题产生的根源入手,才能真正改善我国上市公司治理。     

An analysis of innovation in textile companies: An efficiency approach

The elimination of trade contingency measures in 2005 triggered a process of renewal in the textile sector, requiring major investments. The divide between efficiency and innovation has become an issue of major importance for decision-making in the Spanish textile sector. This study provides quantitative data on the efficiency levels of innovative Spanish textile companies. The aim is to identify their distinguishing features and establish a possible pattern to follow. In addition, truncated regression is used to estimate the determinants of efficiency, in order to check the significance of innovation processes for firms.     

我国上市公司经理人激励的业绩基础选择性实证研究

以我国上市公司为样本对经理人激励的业绩基础选择问题进行了实证检验。研究发现目前我国上市公司经理人报酬契约只倚重会计业绩指标,而将市场业绩指标和相对业绩指标排除在报酬契约之外,这极易导致经理人行为的短期化,提高代理成本,降低上市公司的运作效率。因此,必须调整上市公司经理人的报酬结构,建立基于会计业绩的短期激励与基于市场业绩的长期激励相结合的经理人报酬激励机制。     

The transferability of human capital: some empirical evidence for West Germany

One of the most important topics in the current debate on immigration policy is whether receiving countries should make immigration conditional upon the achievement of formal education by the would-be immigrant in the source country. The answer to this question depends, among other factors, on the transferability of schooling and professional education from the sending to the receiving region. The paper uses German household data of 1978, 1982 and 1989 to evaluate to what extent formal education acquired by the main immigrant groups (Italians, Yugoslavs, Turks) in their countries of origin leads to earnings advantages in Germany. Consistent with earlier research, an assimilation effect is found. The results also show that schooling and professional education lead to earnings advantages. However, income differences between the three immigrant groups can only partially be explained by differences in schooling and professional education. It is found that nonobservable characteristics such as motivation, talent and the dynamics of the migratory chain also play a major role. The results indicate that Germany and other European receiving countries could, in theory, increase their welfare by integrating qualitative restrictions along educational characteristics in their immigration policies. The size of the increase, however, would be limited because of the importance of nonobservable characteristics and declining transferability of human capital as the source composition of immigrants shifts towards less developed countries.     

中小企业资本结构与经营绩效关系研究——基于中小企业板的实证分析

以中小企业的佼佼者——在深交所中小企业板上市的公司为对象,研究其资本结构的现状,并从各公司2007年财务报告中选取盈利能力、营运能力等五方面共15个指标,采用主成分分析和线性回归,分析资本结构对其经营绩效的影响。经过分析,15个代表经营绩效的财务指标可以通过五个主成分表示,而且这五个主成分表示的经营绩效与代表资本结构的资产负债率和流动资产比率显著正相关,这说明我国中小企业上市公司资本结构与经营绩效的变动呈同向关系。     

University-level mechanisms supporting the creation of new companies: an analysis of Italian academic spin-offs

In this paper we address the role of university policies in the creation of academic spin-offs. We focus on university technology transfer units (UTTUs) in Italy and on the mechanisms they have implemented to support academic entrepreneurship. We gathered data relating to their strategies for technology transfer and to the mechanisms they had implemented to support new venture creation. Results show that the number of people dedicated to technology transfer activities, strong relationships that UTTUs have with external organisations involved in technology transfer activities, and finally support services provided by universities and UTTUs have a significant influence in fostering the generation of new ventures.     

The democratization process: An empirical appraisal of the role of political protest

This paper analyses the role of peaceful and violent protest in the democratization process. We interpret the democratization process as a sequence of phases so as to allow citizens' and elites' preferences for democracy to vary according to the particular phase that a country is experiencing. By doing so we jointly model the probability of protest and of moving through different phases of democracy taking into account time-constant and time-varying unobserved heterogeneity. In particular, we develop a multivariate finite mixture model that introduces a latent variable to capture unobservable factors. On a sample of 171 countries from 1971 to 2010, we provide evidence that protest matters in all phases of democratization, especially peaceful citizens’ demonstrations. On the contrary, violent protest has ambiguous consequences, as it favours initial democratic transitions but at the cost of threatening democratic consolidation. We also find that, after conditioning for economic and institutional controls, there is evidence of time-varying unobserved heterogeneity.