ERP‐Supported Teamworking in Danish Manufacturing?

Enterprise Resource Planning (ERP) systems and teamworking both entail significant changes to work on the shop-floor. However, a study of 24 Danish manufacturing enterprises found both change programs were rarely explicitly tuned to each other, with little direct interaction in a majority of cases. A case study shows the importance of, and the micro-political difficulties involved in getting companies to configure ERP-systems to support teamworking.     

A contribution to the theory and empirics of Schumpeterian growth with worldwide interactions

This paper proposes an integrated theoretical and methodological framework characterized by technological interactions to explain growth processes from a Schumpeterian perspective. Global interdependence implied by international R&D spillovers needs to be taken into account in both the theoretical and empirical models. For this task, spatial econometrics is the appropriate tool. The econometric model we propose includes the neoclassical growth model as a particular case. We can therefore explicitly test the role of R&D investment in the long-run growth process against the Solow growth model. Finally, the properties of our spatial econometric specification allow the explicit evaluation of the impact of home and foreign R&D spillovers.     

The structure and evolution of business-to-business marketing: A citation and co-citation analysis

The field of business-to-business (B2B) marketing has grown considerably in the past four decades. However the state of knowledge about its structure and evolution remains limited. Who are the key players and what are the key papers in B2B marketing? What main research topics have been investigated over time? This article answers these questions by applying bibliometric methods for the first time to the existing body of scholarly B2B research. The key findings reveal a highly dynamic discipline in the 1970s and 1980s, when new knowledge was being intensively exchanged among an increasing number of B2B researchers. Since that time, the pace of development has slowed, and diversification in the discipline manifested itself in a distinctive number of core research subfields. Yet initial research topics such as organizational buying behavior, where much research is still undone, are to a large extent not addressed by modern B2B scholars.     

Innovation, organisationale Routinen und strategische Pfade

This paper focusses on innovation processes by relying on the concepts of strategic paths and organizational routines. Referring to Burgelman’s framework of induced and autonomous strategic action and based on path dependence theory the paper elaborates on the potential countervailing impact of organizational routines with regard to strong strategic paths. The argument is illustrated by an reinterpretation of Burgelman’s empirical studies of Intel. Finally the idea of a “routinized capability of innovation” is critically examined.     

SENSITIVITY OF INVESTOR REACTION TO MARKET DIRECTION AND VOLATILITY: DIVIDEND CHANGE ANNOUNCEMENTS

We examine whether investor reactions are sensitive to the recent direction or volatility of underlying market movements. We find that dividend change announcements elicit a greater change in stock price when the nature of the news (good or bad) goes against the grain of the recent market direction during volatile times. For example, announcements to lower dividends elicit a significantly greater decrease in stock price when market returns have been up and more volatile. Similarly, announcements to raise dividends tends to elicit a greater increase in stock price when market returns have been normal or down and more volatile, although this latter tendency lacks statistical significance. We suggest an explanation for these results that combines the implications of a dynamic rational expectations equilibrium model with behavioral considerations that link the responsiveness of investors to market direction and volatility.     

Exchange Rates and Monetary Policy in Central Europe - A Survey of Some Issues

MOCT-MOST: Economic Policy in Transitional Economies -     

Offshoring and firm overlap: Welfare effects with non‐sharp selection into offshoring

Using German establishment data, we provide evidence for selection of larger, more productive producers into offshoring. However, the selection is not sharp, and offshoring and nonoffshoring producers coexist over a wide range of the revenue distribution. To explain this overlap, we set up a model of offshoring, in which we decouple offshoring status from revenues through heterogeneity in two technology parameters. In an empirical analysis, we employ German establishment data to estimate key parameters of the model and show that disregarding the overlap has large quantitative effects. It lowers the estimated gains from offshoring by almost 50% and, at the same time, exaggerates the role of the extensive margin for explaining the evolution of German offshoring since the 1990s.     

Belief elicitation in experiments: is there a hedging problem?

Belief-elicitation experiments usually reward accuracy of stated beliefs in addition to payments for other decisions. But this allows risk-averse subjects to hedge with their stated beliefs against adverse outcomes of the other decisions. So can we trust the existing belief-elicitation results? And can we avoid potential hedging confounds? We propose an experimental design that theoretically eliminates hedging opportunities. Using this design, we test for the empirical relevance of hedging effects in the lab. Our results suggest that hedging confounds are not a major problem unless hedging opportunities are very prominent. If hedging opportunities are transparent, and incentives to hedge are strong, many subjects do spot hedging opportunities and respond to them. The bias can go beyond players actually hedging themselves, because some expect others to hedge and best respond to this.     

Shifting Paradigms in Carbon Pricing

The first pillar of the old paradigm of carbon pricing is the assumption that an emissions trading scheme is the most cost-efficient way to achieve a certain emission reduction target. However, it has become obvious that the old paradigm is unable to solve a number of challenges, e.g. market participants’ myopia.