Stochastic non-smooth envelopment of data for multi-dimensional output

The proposed method of Stochastic Non-smooth Envelopment of Data (StoNED) for measuring efficiency has to date mainly found application in the analysis of production systems which have exactly one output. Therefore, the objective of this paper is to examine the applicability of StoNED when a ray production function models a production technology with multi-dimensional input and output. In addition to a general analysis of properties required by a ray production function for StoNED to be applicable, we conduct a Monte Carlo simulation in order to evaluate the quality of the frontier and efficiencies estimated by StoNED. The results are compared with those derived via Stochastic Frontier Analysis (SFA) and Data Envelopment Analysis (DEA). We show that StoNED provides competitive estimates in regard to other methods and especially in regard to the real functional form and efficiency.     

Segmenting the Belgian charitable sector: The impact of environmental factors on households' generosity

Research on charitable giving has known a renewed interest over the last years. Despite a recent evolution, the literature remains predominantly Anglo‐Saxon, and studies are consequently conducted in societies marked by a strong charitable giving culture. In that respect, donors are generally considered as isolated individuals, and the impact of social and environmental factors such as public policies, institutional specificities, and punctual events is often underestimated. Moreover, research on generosity often suffers from the absence of reliable data, free of desirability bias. Based on fiscal data of tax returns and gift tax returns provided by the official Belgian statistics bureau, this research investigates individual donating behaviors while considering the influence of environmental determinants on generosity. More specifically, we empirically assess the generosity of Belgian households over a period of 8 years marked by natural disasters, massive calls for public generosity, and changes in tax policies. Among other things, we qualify the results of previous research on the role of age and open the debate on the role of household composition as a variable for segmenting donors. Finally, we propose leads for future research in order to stimulate further academic effort on the topic.     

Dimensional effects of Korean SME’s entrepreneurial orientation on internationalization and performance: the mediating role of marketing capability

This study examines how three different dimensions of entrepreneurial orientation (proactiveness, innovativeness, and risk-taking) each determine internationalization strategies and enhance international performance among small and medium-sized enterprises (SMEs) through the mediating role of marketing capabilities. An integrative theoretical framework built on international entrepreneurship and a resource-based approach was tested in the context of Korean SMEs. Analyses of 401 survey data collected from Korean exporting SMEs revealed the differential effects of each entrepreneurial orientation and the mediating effect of marketing capability on internationalization strategies and performance. Proactiveness and risk taking appeared to function as significant antecedents of marketing capability. Marketing capability, in turn, significantly decreased internationalization scope and increased the financial performance of Korean SMEs, though it did not influence internationalization scale. This study further confirms that the mediating role of marketing capability in entrepreneurial orientation-performance relationships vary by entrepreneurial orientation dimensions. Taking the direct and indirect roles of the entrepreneurial orientation dimensions together, this study recommends the critical prioritization of risk-taking over proactiveness. It extends previous approaches to the triad of resource–capability–performance. Theoretical contributions and insightful managerial implications are also provided.     

What are the antecedents of women’s entrepreneurial orientation?

This study seeks to identify the antecedents of women’s entrepreneurial orientation (EO) and exploring what possible relationships that may exist between them. The research focuses on women entrepreneurs and non-entrepreneurs in a quantitative perspective whose methodology consisted of the collection of primary data through a survey distributed to women in Portugal. After structural equation modelling was applied, the results suggested that recognition of opportunities influences EO. This influence is expressed both directly and indirectly through training in management and entrepreneurial skills. These findings led to the conclusion that policies promoting training for community members, in general, need to be rethought and policies need to emphasise training in management that enhances entrepreneurial skills, thereby increasing the proliferation of entrepreneurship. Entrepreneurship education and training should be promoted from basic education onwards in order to develop entrepreneurial skills from an early age. Prior to this study, the relationships between opportunity recognition, management training and entrepreneurial skills have never been studied in relation to women.     

The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs

The establishment of spin-offs to commercialise university knowledge/technology is a potential mechanism to promote economic and innovative development. Nevertheless, University Spin-Offs (USOs) are usually resource-constrained, especially in obtaining funding, limiting their growth. Venture Capital (VC) investors play an important role in the financing and the improvement of their managerial skills, which are critical for firm growth. This paper aims to explore both the effect of VC partners on the USOs’ growth and the cross-national differences in the role played by them. To study both issues, we empirically analysed 516 Spanish and 904 Italian USOs created by 50 Spanish and 57 Italian universities, respectively, and observed them between 2005 and 2013. The results showed different effects in the Spanish and Italian cases. While in Spain the presence of VC partners positively affects the USOs’ growth, in Italy there is not a significant effect. This evidence calls for systematic policies by public administrations and universities to foster USO growth.     

Effect of exploitation and exploration on the innovative as outcomes in entrepreneurial firms

The main aim of this study is to establish the effect of the Exploitation and Exploration; and the influence of these learning flows on the Innovative Outcome (IO). The Innovative Outcome refers to new products, services, processes (or improvements) that the organization has obtained as a result of an innovative process. For this purpose, a relationship model is defined, which is empirically contrasted, and can explains and predicts the cyclical dynamization of learning flows on innovative outcome in knowledge intensive firms. The quantitative test for this model use the data from entrepreneurial firms biotechnology sector. The statistical analysis applies a method based on variance using Partial Least Squares (PLS). Research results confirm the hypotheses, that is, they show a positive dynamic effect between the Exploration and the Innovative as outcomes. In the same vein, they results confirm the presence of the cyclic movement of innovative outcome with the Exploitation.     

Optimal strategy for a fund manager with option compensation

I consider the problem of portfolio optimization for a manager whose compensation is given by the sum of a constant and a variable term. The constant term is a fixed percentage of the managed funds that is payed to the manager independently of his performance. The variable term is a premium that is proportional to the profit earned by the manager over a benchmark at a certain evaluation date. I find the optimal strategy and the optimal portfolio value in the Black–Scholes setting when the benchmark is a linear combination of the risky asset and the money market account.     

Reference group influence on binary choices dynamics

The recent literature has analyzed binary choices dynamics providing interesting results. Most of these contributions consider interactions within a single group. Nevertheless, in some situations the interaction takes place not only within a single group but also between different groups. In this paper, we investigate the choice dynamics when considering two populations where one serves as a reference group. Considering this influence effect enriches the dynamics. Although the structurally stable resulting dynamics are attracting cycles only, with any positive integer period, the reference group makes the dynamics of the influenced population much more complex. We considered both the possibility that the reference group has the same or the opposite attitude toward the distribution over the choices. We show how the dynamics and the bifurcation structure are modified under the influence of the reference group. Our results illustrate how the propensity to switch choices in the reference groups may, indirectly, affect choices in the first group.     

A model of growth with inherited tastes

This research aims at studying a general equilibrium closed economy with overlapping generations and inherited tastes (aspirations), as in de la Croix (Econ Lett 53(1):89–96, 1996). It shows that the interaction between the intensity of aspirations and the elasticity of substitution of effective consumption affects the qualitative and quantitative long-term dynamics from both local and global perspectives. The related literature is extended by showing that (1) the Neimark–Sacker bifurcation found by de la Croix (1996) does not necessarily give rise to fluctuations and (2) endogenous (long-lasting) fluctuations occur through the emergence of period-doubling bifurcations.