Local industrial structure,agglomeration economies and the creation of innovative start-ups: evidence from the Italian case

We explore the local factors associated with the emergence of innovative start-ups fostered by a targeted industrial policy intervention in Italy. We focus on the local industrial fabric and the agglomeration mechanisms, namely localization (specialization) economies, diversification economies and the proximity to large firms. Results show that both localization economies and diversification economies are at play. Notably, a greater presence of large firms at local level seems to support the creation of innovative start-ups. Other factors, such us the presence of technical and scientific universities and the urbanization, are found to encourage their formation. The contribution of local factors to the innovative start-up creation is found to be different depending on the regional development conditions. Our analysis outlines the features of a local ecosystem favourable to the emergence of these firms, providing policy makers with suggestions for moulding industrial policies to regional specific needs and to better exploit the local opportunities.     

Equestrian tourism: animal agency observed

There is limited scholarship engaging with equestrian tourism even though this segment of the tourism industry has recently undergone phenomenal growth in both supply and demand. This article will focus on the core element of equestrian tourism, travel on horseback, and will explore the role of equine animal agency in the co-creation of tourism experiences and tourism places. Employing qualitative methods, it will demonstrate how horses assert themselves as subjective agents and active players in the communities that tour groups form, assuming a variety of roles that effect their riders' self-actualization and psychological enrichment. At the same time, they assume an active role in determining their own fate by contributing to a climate of animal ethics specific to equestrian tourism. A predominantly female clientele looks to their equine partners for companionship and inspiration and reciprocates by demanding high standards of animal welfare and horsemanship. On the supply side, equestrian ground operators have established themselves as lifestyle entrepreneurs who place their own and their guests' passion for horses and lifestyle values ahead of business savvy and economic efficiency.     

The Influence of Interorganizational Collaboration on Logic Conciliation and Tensions Within Hybrid Organizations: Insights from Social Enterprise–Corporate Collaborations

Advertising is a booming activity both in the physical realm and on the Internet. Online advertising is growing and is subject to legal standards, although some self-imposed ethical standards for the industry are needed. This has been called self-regulation. This article examines the important role that self-regulation (in the form of ethical standards) can play in addressing advertising that uses degrading and discriminatory images of women that compromise their dignity. Sexist advertising is a reification of women—stereotypes and sexist social models—that do not convey a realistic image of a woman’s abilities and potential. This article analyzes specific decisions on the subject issued by the Jury of the Spanish Association for the Self-Regulation of Commercial Communication. The Jury’s decisions are based on a code of ethics. The technical expertise and impartiality manifested in its decisions have produced a high degree of credibility and confidence in the organization.

     

Narrow Framing and Retirement Savings Decisions

Theoretical studies suggest narrow framing underlies individuals' saving decisions. When narrow framing is applied to retirement savings decisions, narrow framers tend to make decisions about present consumption without considering future consumption, i.e., saving for consumption in retirement. Time preference for the present and narrow framers' preference to maintain the status quo lead to a decision that is less likely to increase savings for retirement. This study provides empirical evidence that narrow framing bias affects retirement savings decisions. Using a two‐part model, the probit estimation indicates narrow framers anticipated being less willing to increase retirement savings contributions compared to broad framers, and the OLS regression estimates that narrow framers anticipated contributing less than broad framers. Here, narrow framers anticipated being less willing to increase retirement savings (62.6% vs. 71.9%) and contributing less ($70.90 vs. $88.40) than broad framers, thus providing empirical evidence regarding the effects of behavioral biases on financial decisions.     

Penalized maximum likelihood estimation of logit-based early warning systems

Panel logit models have proved to be simple and effective tools to build early warning systems (ews) for financial crises. But because crises are rare events, the estimation of ews does not usually account for country-specific fixed effects, so as to avoid losing all the information relative to countries that never face a crisis. I propose using a penalized maximum likelihood estimator for fixed-effects logit-based ews where all the observations are retained. I show that including country effects, while preserving the entire sample, improves the predictive performance of ews, both in simulation and out of sample, with respect to the pooled, random-effects and standard fixed-effects models.     

Green Deal for Europe: More Climate Protection and Fewer Fossil Fuel Wars

Intereconomics - A Green Deal for Europe can set standards for ambitious climate protection, for an investment programme in future markets and for strengthening the European economy and European...     

Estimation of linear dynamic panel data models with time‐invariant regressors

We present a sequential approach to estimating a dynamic Hausman–Taylor model. We first estimate the coefficients of the time‐varying regressors and subsequently regress the first‐stage residuals on the time‐invariant regressors. In comparison to estimating all coefficients simultaneously, this two‐stage procedure is more robust against model misspecification, allows for a flexible choice of the first‐stage estimator, and enables simple testing of the overidentifying restrictions. For correct inference, we derive analytical standard error adjustments. We evaluate the finite‐sample properties with Monte Carlo simulations and apply the approach to a dynamic gravity equation for US outward foreign direct investment.     

Users’ legitimacy perceptions about standard-setting processes

Standard-setting institutions require legitimacy to survive. Prior research infers their legitimacy mainly from the characteristics of standard-setting processes rather than from the legitimacy judgments of important constituencies. Using a survey of financial analysts, we quantitatively assess users’ perceptions about the characteristics of standard-setting processes, the relationships between these characteristics and legitimacy perceptions, and users’ legitimacy perceptions. Our first contribution is to use a sample of sophisticated financial statement users to empirically examine the theoretical proposition that users’ legitimacy perceptions could be a function of the perceived characteristics of standard-setting processes. We find that users’ perceptions about the characteristics of standard-setting processes affect the legitimacy they attribute to these processes. A combination of pragmatic, moral and cognitive legitimacies are at play in such legitimacy assessments. Our second contribution is to point out the importance of separately investigating various types of legitimacy, as users’ perceptions about them vary. Lastly, our third contribution is to highlight that the distinction between users’ perceptions of the characteristics of standard-setting processes and their legitimacy perceptions is not always clear-cut and that there are multiple interrelations among these concepts.     

Continuous-Time Strategy Selection in Linear Population Games

In an experimental evolutionary game framework we investigate whether subjects end up in a socially efficient state. We examine two games, a game where the socially efficient state is also an equilibrium and a game which has no equilibrium in pure strategies at all. Furthermore, we distinguish between a situation in which the subjects are completely informed about the payoff function and a situation in which they are incompletely informed. We observe that subjects spend the greater part of the time at or near the efficient state. If the efficient state is an equilibrium, they spend more time there than otherwise. Furthermore, incomplete information increases the time spent at the efficient state.     

Financial Flows to Transitional Economies in an Integrated Europe

MOCT-MOST: Economic Policy in Transitional Economies -