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1.
Empirical questions surrounding the effect of regional trade agreements on international trade have typically been answered with reference to macro‐level gravity equations. Prominent within this has been whether they create or divert trade. In this paper, motivated by the recent development of theories of export‐platform FDI, we use micro‐level data to explore the part of trade diversion that follows from FDI. Using information on acquisition FDI in the UK manufacturing sector between 1988 and 1998 we find evidence of trade creation, replacement, and destruction from FDI external and internal to the EU. 相似文献
2.
Exporting involves sunk costs, so some firms export whilst others do not. This proposition derives from a number of models of firm behavior and has been exposed to microeconometric analysis. Evidence from the latter suggests that exporting firms are generally more productive than nonexporters. They self‐select, in that they are more productive before they enter export markets, but the evidence suggests that entry does not make them any more productive. This paper investigates exporting and firm performance for a large panel of UK manufacturing firms, applying matching techniques. The authors find that exporters are more productive and they do self‐select. In contrast to other evidence, however, exporting further increases firm productivity. 相似文献
3.
International technology diffusion through FDI has been examined mainly at macro or industry level whereas micro studies have been concerned mostly with spillovers. Using recent data on the UK manufacturing firms, this paper uncovers evidence that acquisition FDI is an important channel of direct technology transfer from foreign multinationals to domestic exporters. This finding accords with the prediction of the internalisation theory of FDI which postulates that multinational firms transfer a range of intangible proprietary assets to their affiliates. 相似文献
4.
This article examines cost economies, productivity growth and cost efficiency of the Chinese banks using a unique panel dataset
that identifies banks’ four outputs and four input prices over the period of 1995–2001. By assessing the appropriateness of
model specification, and making use of alternative methodologies in evaluating the performance of banks, we find that the
joint-stock commercial banks outperform state-owned commercial banks in productivity growth and cost efficiency. Under the
variable cost assumption, Chinese banks display economies of scale, with state-owned commercial banks enjoying cost advantages
over the joint-stock commercial banks. Consequently, our results highlight the ownership advantage of these two types of banks
and generally support the ongoing banking reform and transformation that is currently taking place in China. 相似文献
5.
This article investigates the long-term pricing relationship among crude oil, unleaded gasoline, and heating oil futures prices, and finds that these commodities futures prices are cointegrated. The study finds that the spreads between crude oil and its end products are stationary. Furthermore, this article investigates the risk arbitrage opportunities in three types of popularly traded petroleum futures spreads and finds that historically profitable risk arbitrage opportunities existed and were statistically significant. However, one cannot be certain that these opportunities still exist. The research also finds that moving averages are valid test variables for measuring spreads. Statistical and tabular constructions are used to illustrate findings. © 1999 John Wiley & Sons, Inc., Jrl Fut Mark 19: 931–955, 1999 相似文献
6.
Multinational Activity and CEO Compensation: Preliminary Evidence from Large UK Firms. — Since the early 1980s the rate of
growth in executive remuneration has consistently outpaced that of average earnings. This phenomenon has been widely assumed
to be part of an internationalization of the executive labor market. This paper starts from the premise that the multinational
enterprise will be a major agent in such a market and presents some preliminary tests for the impact of multinational activity
in general, and specific regional effects in particular, on CEO remuneration using a sample of large UK firms. Surprisingly,
we find no evidence to support our conjecture that CEO pay will be positively related to firm involvement in the United States.
However, multinational activity does generate a significant premium over purely domestic activity. 相似文献
7.
This paper applies a difference-in-differences methodology based on matched firms to isolate the direct employment effect of recent acquisition FDI in U.K. manufacturing. Our analysis indicates that acquisition FDI has led to a reduction in the inefficiency with which labour had been used, but this was not associated, on average, with any significant downsizing. However, by allowing for heterogeneity in the causal effect of foreign take-overs, we uncover detrimental employment effects amongst larger take-over targets, and beneficial impacts amongst smaller ones. JEL no. F23, J23 相似文献
8.
Abstract. In this paper we analyse productivity spillovers from foreign direct investment using firm-level panel data for U.K. manufacturing industries from 1992 to 1999. We investigate spillovers through horizontal, backward, and forward linkages; distinguish spillovers from export-oriented vs domestic-market-oriented FDI; and allow for differing effects, depending on domestic firms' export activities. The results suggest that the mechanisms through which spillovers affect domestic firms are very complex and that there are substantial differences in spillover benefits for domestic exporters and non-exporters, and from different types of inward investment. 相似文献
9.
Andy Lockett Johan Wiklund Per Davidsson Sourafel Girma 《Journal of Management Studies》2011,48(1):48-74
Edith Penrose's theory of firm growth postulates that a firm's current growth rate will be influenced by the adjustment costs of, and changes to a firm's productive opportunity set arising from, previous growth. Although she explicitly considered the effect of previous organic growth on current organic growth, she was largely silent about the effect of previous acquisitive growth. In this paper we extend Penrose's work to examine how previous rates of organic and acquisitive growth influence current organic growth. Employing a panel of Swedish firms over a 10‐year period, our results suggest the following. First, previous organic growth acts as a constraint on current organic growth. Second, previous acquisitive growth has a positive effect on current organic growth. We conclude that organic growth and acquisitive growth constitute two distinct strategic options facing the firm, which have a differential impact on the future organic growth of the firm. 相似文献
10.
Sourafel Girma Yundan Gong Holger Görg Zhihong Yu 《The Scandinavian journal of economics》2009,111(4):863-891
This paper analyses the relationship between production subsidies and firms’ export performance using a very comprehensive and recent firm‐level database and controlling for the endogeneity of subsidies. It documents robust evidence that production subsidies stimulate export activity at the intensive margin, although this effect is conditional on firm characteristics. In particular, the positive relationship between subsidies and the intensive margin of exports is strongest among profit‐making firms, firms in capital‐intensive industries, and those located in non‐coastal regions. Compared to firm characteristics, the extent of heterogeneity across ownership structure (SOEs, collectives, and privately owned firms) proves to be relatively less important. 相似文献