This article explores the role of business incubators on the innovation performance of start‐ups; in addition, we also investigate how the incubation effect moderates other important factors driving their innovation performance. The empirical evidence comes from a sample of firms located in Northern Italy belonging to the manufacturing (mechanical engineering firms) and service sectors (knowledge‐intensive business services). The results suggest that the incubation effect is very important in shaping the innovation performance of new ventures (measured as a percentage of sales of new‐to‐market innovations). Moreover, it positively moderates the impact of (1) the internal technical capabilities and (2) the adoption of a limited portfolio of collaborations for innovation. 相似文献
Banking groups exploit double leverage when ‘debt is issued by the parent company and the proceeds are invested in subsidiaries as equity’. Financial authorities have frequently raised concerns about the issue of double leverage because this type of intra‐firm financing appears to allow for both the arbitrage of capital and the assumption of risk. This article focuses on the relationship between double leverage and risk‐taking within banking groups. First, we discuss this relationship based on an examination of balance sheet figures. Second, we analyze a large sample of United States Bank Holding Companies (BHCs) from 1990–2014. The results show that BHCs are more prone to risk when they increase their double leverage, namely, when the stake of the parent within subsidiaries is larger than the stand‐alone capital of the parent. This paper's primary implication for policymakers is that the regulators of complex financial entities should more efficiently address the issue of double leverage, thereby limiting the potential negative consequences that arise from corporate instability. 相似文献
The aim of this study is to analyze the factors determining loyalty towards online tourist services supplier with a model which integrates the influence of trust in tourism websites with the conceptual framework of the Theory of Planned Behaviour (TPB). The hypotheses were tested on a sample of 305 airline travel tickets online purchasers, with the use of structural equation models. The results of the empirical study suggest that the three variables of TPB (perceived control, subjective norm and attitude) positively influence loyalty towards Internet use to purchase airline tickets. The role of trust is especially relevant as it also boosts the effect of TPB variables. Finally, a set of managerial implications are considered. 相似文献
The euro area crisis is the main external factor threatening the Swiss economy. In 2010 and 2011, the Swiss franc was rapidly
appreciating against the euro, causing a drop in exports, losses for the tourism business and a rise in unemployment. This
paper gives an overview of developments in the euro area and explains the reasons for the strength of the franc, the effects
it had on the economy and the measures taken to curtail its appreciation. 相似文献
This paper proposes an explanation for two empirical puzzles surrounding initial public offerings (IPOs). Firstly, it is well
documented that IPO underpricing increases during “hot issue” periods. Secondly, venture capital (VC) backed IPOs are less
underpriced than non-venture capital backed IPOs during normal periods of activity, but the reverse is true during hot issue
periods: VC backed IPOs are more underpriced than non-VC backed ones. This paper shows that when IPOs are driven by the initial
investor’s desire to exit from an existing investment in order to finance a new venture, both the value of the new venture
and the value of the existing firm to be sold in the IPO drive the investor’s choice of price and fraction of shares sold
in the IPO. When this is the case, the availability of attractive new ventures increases equilibrium underpricing, which is
what we observe during hot issue periods. Moreover, I show that underpricing is affected by the severity of the moral hazard
problem between an investor and the firm’s manager. In the presence of a moral hazard problem the degree of equilibrium underpricing
is more sensitive to changes in the value of the new venture. This can explain why venture capitalists, who often finance
firms with more severe moral hazard problems, underprice IPOs less in normal periods, but underprice more strongly during
hot issue periods. Further empirical implications relating the fraction of shares sold and the degree of underpricing are
presented.
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This article assesses the impact of trade, capital openness and institutions on emerging economies’ output loss during the “Great Recession.” The fixed-effect estimates of an unbalanced panel of 122 emerging countries observed from 2008 to 2010 yield three main results. First, trade openness has exacerbated output loss. Second, capital openness can help mitigate the negative impact of an external shock, but this is conditional on the level of financial development. Finally, the results also point out that the interrelations between financial and institutional development affect the crisis’s severity. 相似文献
Various theories suggest the existence of a negative relationship between the use of atypical employment contracts and productivity growth, arguing that firms’ utilisation of atypical contracts may reduce the incentive to innovate and internal training, inducing firms to follow a ‘low-road’ to competitiveness, based upon cost-cutting strategies.
This paper aims to provide new evidence on the occurrence of these effects in the Italian economy, where changes in labour legislation from the mid-Nineties onwards, associated with an ‘institutional’ wage moderation period, have brought about a significant process of job creation, but also an appreciable slowdown in labour productivity.
This issue is investigated using a microeconomic approach, taking a rich source of microdata for firms and estimating a dynamic model for labour productivity on a pseudo-panel of firms for the period 2003-2008.
The results support the hypothesis of a negative impact of external labour flexibility on labour productivity growth at firm level, such effect proving stronger for small and medium than for large enterprises and of varying magnitude for the different atypical contracts. 相似文献