Do funding sources matter?: The impact of university-industry collaboration funding sources on innovation performance of universities

ABSTRACT

The nature of funding sources for university-industry collaboration (UIC) has gradually changed, which may motivate universities to pursue different goals. Therefore, a question arises concerning whether and how funding sources influence the innovation performance of universities. This study explicates this relationship by using organisational control theory. Results of structural equation modelling using partial least squares based on a sample of 146 Taiwanese universities revealed that both governmental and industrial funding facilitated UIC management mechanisms and regulation implementation, which subsequently influenced the innovation performance of universities. Moreover, governmental funding has a greater impact on implementing UIC regulations and industrial funding has a greater impact on building UIC management mechanisms. The results also revealed that only industrial funding exerts a positive influence on the innovation climate of a university. Policy implications are discussed at the end of this paper.     

Are all financial crises created equal? Wholesale funding and two financial crises

We use financial information on banks from Asia, Europe, North America and Oceania to examine the role of wholesale funding on the transmission of financial crises to bank lending, as well as to study the response of financial institutions in different regions during the crises. We consider the role of wholesale funding during the Global Financial Crisis (GFC) and Asian Financial Crisis (AFC). Our results suggest that during the GFC, wholesale funding dependence had a negative effect on loans growth across regions, but with substantial regional heterogeneity. The growth of loans from financial institutions in Asia and Europe was consistently sensitive to wholesale funding dependence. Although wholesale funding did not play a significant role in the transmission mechanism of the AFC, a subsample of financial institutions in Asia, who depended more heavily on wholesale funding, experienced a faster loan growth and may have been able to better withstand the crisis.     

Toward state funding of elections in india? a comparative perspective on possible options

This paper explores the issue of introduction of state funding of elections in India, focussing on the incentive structures of electoral finance reforms. After summarising the main points in the history of political finance reform in other democracies, and in India, the historical pattern of fund-raising and election expenditures of major parties in India is surveyed. Six electoral finance reform options for India are outlined. It is argued that the time is now ripe for state funding of elections from the point of view of the incentives facing parties and donors.     

Lenders on the storm of wholesale funding shocks: saved by the central bank?

We provide empirical evidence on banks’ responses to shocks in the wholesale funding market, using data of 181 euro area banks over the period from August 2007 to June 2013. Responses to funding liquidity shocks for both banks’ lending volumes and loan rates, to households and corporates, are analysed in a panel VAR framework. We thereby distinguish banks by country, extent of Eurosystem borrowing, bank size and capitalization. The results show that shocks in the securities and interbank markets have significant effects on loan rates and credit supply, particularly of banks in stressed countries of the periphery. The results also suggest that central bank liquidity has mitigated this effect on lending volumes. Lending to nonfinancial corporations is more sensitive to wholesale funding shocks than lending to households. Lending volumes of large banks that are typically more dependent on wholesale funding and banks with large exposure to sovereign bonds show stronger responses to wholesale funding shocks.     

Is the value of environmental goods sensitive to the public funding scheme? Evidence from a marine restoration programme in the Black Sea

In this paper, we conduct choice experiments in Turkey and Ukraine on the valuation of a marine restoration programme in the Black Sea, to examine whether the value of environmental goods is sensitive to the source of public financing. We contribute to the debate on the optimal composition of public expenditure, an issue that can be controversial in times of financial crises. We discriminate between two funding regimes through the reallocation of public spending. The first proposes financing the marine restoration programme by reducing public expenditure for investments in renewable energy, and the second by reducing public expenditure for civil servants’ training. The results reveal that the marginal value of public money depends on the funding source. Furthermore, attribute values are sensitive to the trade-off implied by the funding scheme. The magnitude of the results differs in the two countries considered, because of their heterogeneity in political and cultural dimensions.