Institutions and the Relation between Corruption and Economic Growth

We study the effects of bureaucratic corruption on economic growth in a framework that takes into account that corruption also affects growth through its impact on institutions. We use a formal growth framework in which corruption affects growth negatively because of individual rent‐seeking and stealing of public goods, but where corruption may serve a positive role by taking over the role of institutions. We find that the overall effect of corruption on economic growth is highly dependent on the institutional setting of a country. Particularly in situations where institutions are not well developed corruption may be conducive to economic growth. We also find that the interaction among institutions themselves matters. This underscores the importance of taking into account the complete institutional setting when studying corruption, both in theory as well as empirically.     

Job mobility restriction mechanisms and appropriability in organizations: The mediating role of secrecy and lead time

This paper addresses the following question: does mobility restriction enhance the appropriability of R&D investments? And if so, how does this occur? We propose that mobility restriction mechanisms affect appropriability through their impact on secrecy and lead time. We test mediation hypotheses in a sample of biotechnology firms and discuss the implications for intellectual property protection strategies and human resource management.     

A Direct Route to Full Employment

This article proposes the formation of a National Investment Employment Corps to provide a job guarantee for all citizens and to perform the work necessary to maintain and expand the nation’s physical and human infrastructure. The permanent establishment of the National Investment Employment Corps coupled with the federal job guarantee not only would address the employment needs created by the current economic crisis but would yield enduring benefits to national well being. Moreover, it would provide a direct mechanism for producing continuous full employment in the US economy.     

Missing the marks? Dispersion in corporate bond valuations across mutual funds

We study the dispersion of month-end valuations placed on identical corporate bonds by different mutual funds. Such dispersion is related to bond-specific characteristics associated with liquidity and market volatility. The Trade Reporting and Compliance Engine (TRACE) could have contributed to the general decline in dispersion over our sample period, though other factors most likely played roles. Further tests reveal marking patterns to be consistent with returns smoothing behavior by managers. Funds with ambiguous marking policies and those holding “hard-to-mark” bonds appear more prone to smooth reported returns. From a regulatory perspective, we see little downside to requiring funds to explicitly state their marking standards.     

Managerial ties, strategic initiatives, and firm performance in Central Asia and the Caucasus

Managerial ties are an area commanding managers’ attention in emerging economies. However, no previous study has drawn on cross-country data to address a crucial question: Are more developed market-supporting institutions associated with less use of managerial ties in emerging economies? Further, to strive for better performance, firms also need to develop market-based strategic initiatives. How do these initiatives impact performance? What role do managerial ties play in the relationship? Addressing these questions, this article extends research on managerial ties in emerging economies to an underexplored region—Central Asia and the Caucasus.     

Knowledge spillovers, collective entrepreneurship, and economic growth: the role of universities

To improve our understanding of the role that universities play in facilitating the transmission of knowledge to private-sector business enterprises so as to generate economic growth, this article builds on the Knowledge Spillover Theory of Entrepreneurship to develop a formal model of university-with-business enterprise collaborative research partnerships in which the outcome is both mutually desirable and feasible. This model shows that if a university seeks to act as a complement to private-sector collaborative R&D so that it will be attractive to both incumbent firms and startup entrepreneurs, it needs to structure its program so that business enterprise revenues increase and business enterprise R&D costs rise by a smaller proportion than revenues increase, if they rise at all (and a fall would be better). Such a structure is consistent with both business enterprise and university interests, but is only likely to be feasible if the university is subsidized to cover the cost of such public-private collaborative research partnerships. In the absence of such support, the university will have to cover its costs through a fee charged to participating business enterprises and that will result in the university being seen as a substitute rather than a complement to private-sector collaborative R&D, and thus the university will be seen as an unattractive partner for many business enterprises.     

RETRACTED ARTICLE: Two decades of the Journal of Marketing Channels: Impacting the present and directing the future of marketing channel research

Abstract

We, the Publisher of Journal of Marketing Channels, have retracted the following article:

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Zemanek Jr., J. E., Taylor, E. C., Tran, T. P., & Loomis, D. C. (2019). Two decades of the Journal of Marketing Channels: Impacting the present and directing the future of marketing channel research. Journal of Marketing Channels. Advance online publication. doi:10.1080/1046669X.2019.1647914

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This article has been retracted as it was published in error by the publisher whilst still in the peer review process. The authors have been notified of the retraction.

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We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions.

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The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as “Retracted.”     

Willingness to Pay for Multiple Quantities of Animal Welfare Dairy Products: Results from Random Nth‐, Second‐Price,and Incremental Second‐Price Auctions

Nonhypothetical experimental auctions are used to elicit willingness to pay for humane animal care‐certified dairy products: cheese and ice cream. We use second‐price, random Nth‐price, and incremental second‐price auctions in multiproduct, multiquantity, and multiround contexts. The results contrast participants’ bids across different auction mechanisms and different products. Differences in bidding patterns are detected across auction mechanisms as well as products. Our results suggest that subjects on average are only willing to pay a premium price for one unit of humane animal case‐certified ice cream but not for multiple quantities.     

Public R&D subsidies,outside private support,and employment growth

In the aftermath of the passage of the American Recovery and Reinvestment Act of 2009, the employment effects of public subsidies have been scrutinized because of new emphasis on public accountability and transparency. In this paper, we investigate conditions in which public subsidies of research and development (R&D) in small firms stimulate employment growth. We find, based on an empirical analysis of employment growth induced by US Department of Defense Small Business Innovation Research program awards, that the stimulated employment growth is greater under two conditions: one, the presence of outside investors providing additional funding for the R&D and, two, when an exceptional amount of intellectual property is created by the publicly subsidized R&D. In addition to outside investors, other firms that make commercial agreements with the subsidized firm appear important for the employment growth of the subsidized firm. Cooperation between the small business doing the R&D and other firms is an important determinant of the commercial success of the technologies created with the support of public funds.