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Venture capital (VC) and private equity (PE) investors play different roles in their portfolio companies. We argue that this will translate in a recognizable difference in the investment sensitivity to cash flows of portfolio companies and its evolution after the first investment round. We hypothesise that VC, thanks to its ability in overcoming asymmetries in information, will entail a reduction in the financial constraints which hampered the growth of investee firms. We predict, instead, a greater dependency of investments to cash flow for PE-backed companies, driven by the renewed interest for growth of their management combined with higher leverage. We find evidence confirming our hypotheses on a large panel of Spanish unlisted firms in low and medium technology sectors, where both VC and PE firms are active. 相似文献
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ABSTRACTAlthough product placement is a frequently used promotional tool in local and international productions, particularly in combination with advertising, its study has been almost neglected in Latin America. This paper examines the explicit (verbal) and implicit (cued) understanding of advertising and placement in a sample of 9-, 12- and 15-year-old children from Chile. The results showed a more sophisticated comprehension of advertising in comparison with product placement. They also revealed that age is positively correlated with a more sophisticated understanding of both placement and advertising. Finally, significant differences were observed when comparing the use of verbal and cued methods. The results are discussed in terms of prior literature and their practical implications. 相似文献
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The increasing importance of global virtual teams in business is reflected in the classroom by the increased adoption of activities that facilitate real-time cross-cultural interaction. This article documents the experience of students from two Colombian universities who participated in a collaborative international project using virtual teams as part of the international business (IB) curriculum. The data reveals that in spite of challenges associated with time zone differences, technology limitations, and trust issues, the vast majority of students perceived that the use of virtual teams as a teaching tool facilitates cultural understanding and IB-relevant learning. The findings of this research suggest that online experiential exercises can be an effective approach in teaching and in the development of virtual collaboration skills. 相似文献
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Leonardo Becchetti Francesco Salustri Vittorio Pelligra Alejandra Vásquez 《Applied economics》2018,50(33):3630-3643
We report on a simple experimental study designed to investigate the different gender attitudes towards socially responsible consumption. We use the Vote-with-the-Wallet Game, (VWG), a version of a repeated multiplayer prisoner’s dilemma that mimics the characteristics of the choice between a conventional and a socially responsible product. More precisely we test the effect of three factors: two different frames and an ex-post redistribution mechanism that transfers resources from purely self-interested consumers to responsible ones. We find that women remain significantly more cooperative (choosing more often the responsible good) when the redistribution mechanism is interrupted and are significantly less satisfied about the behaviour of the other players in that treatment. 相似文献
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Ayako Ebata Pamela Alejandra Velasco Pacheco Stephan von Cramon‐Taubadel 《Agricultural Economics》2017,48(4):459-467
Transport costs are an important determinant of smallholder welfare in developing countries. In particular, transport costs influence the prices that smallholders receive for their produce. We propose a simple way of quantifying this influence. Taking the example of bean producers in Nicaragua, we employ a hedonic price model to estimate the effects of a smallholder's proximity to markets on the prices that he/she receives, while controlling for other factors such as the volume and quality of beans sold. We find that on average each additional minute of travel time reduces farm gate prices by 2.5 cents per quintal. Based on these results, the annual income from bean sales of the average smallholder in our sample would increase by between 24 and 110 USD if travel time to markets were reduced by 25%. Estimates of this nature can make an important contribution to cost–benefit assessments of infrastructure investments. 相似文献
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The main purpose of this study is to examine the impact of US affiliates of multinational corporations on the generation of employment in the Latin American manufacturing sector. The emphasis of the analysis is mainly empirical, and an important by-product is the collection and processing of information about the quantitative evidence on the role of US MNCs in the Latin American manufacturing sector. The study focuses on seven countries (Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela) and attempts to answer the following types of questions. Do MNC affiliates constitute a quantitatively significant mechanism in the generation of employment? is the technology employed by MNC affiliates labour-saving? does the presence of the MNCs result in an expanded market with important increases in the sources of employment? The implicit alternative used in this study to examine such questions is the domestic enterprise of similar size to the existing US affiliate located in the corresponding manufacturing branch. 相似文献
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This article argues that the democratization of local governments that has been led by indigenous movements in Ecuador can best be described as “neocorporatist”. The article, based on the evidence from two cases of indigenous local governments in the Andes, argues that the forms of “neo-corporatism” created by the Ecuadorian indigenous movement on its entry into government are designed as participatory institutional frameworks that also serve as channels for the expression of social movements’ demands. The neocorporatist practices deployed by indigenous movements in these areas have had mixed results, both in terms of their implementation and of their capacity to foster viable income-generating activities for poor rural areas. On balance, while the forms of neocorporatist government fostered by the indigenous movement can have positive impacts on economic development, there are still two broad limitations. First, it continues to be difficult to foster a process of territorial economic development that effectively addresses the distinct interests that exist among different community organizations. Second, the negative effects of the wider economic context in which local territories find themselves remain beyond the control of the local government. 相似文献
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This paper examines wage differentials at the firm level in Chile and Brazil, using data for 1985 and 1991, and 1987 respectively. The high level of disaggregation in the data available for Chile enables us also to analyze the degree to which wage differentials between individual employers are similar across occupations.
The results of this study reaffirm those of previous research pointing to non-competitive explanations for wage differentials, specifically providing clear evidence that inter-firm wage premia are highly correlated across occupations. 相似文献
The results of this study reaffirm those of previous research pointing to non-competitive explanations for wage differentials, specifically providing clear evidence that inter-firm wage premia are highly correlated across occupations. 相似文献
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This article examines certain characteristics of Korean investment in Mexico. It provides an analytical framework to study the business practices of Korean companies and the influence of Korean national identity on the business linkages abroad. Special attention is given to the linkages that Korean companies (commercial subsidiaries, affiliates, suppliers, producers, and maquiladoras) maintain with their parent companies and/or with other Korean-origin firms, with a focus on two specific issues: control and decision making within the firm and the preference for doing business with Koreans. 相似文献