THE EXPORT PERFORMANCE OF U.S. AND SWEDISH MULTINATIONALS

While the U.S. and Sweden both lost more than 20 percent of their shares of world and developed countries' exports of manufactures between the mid-1960s and mid-1980s, the export shares of their multinational firms stayed fairly stable or even increased. The multinationals raised the proportion of their worldwide exports that they supplied from their overseas affiliates. These developments suggest that the declines in the trade shares of the US. and Sweden were not due mainly to deterioration in the innovativeness or inventiveness of American and Swedish firms, their management ability or their technological capabilities, but rather to economic developments in the firms' home countries.
The finding that firms have done better as exporters than their home countries is strengthened when we look at different industry groups. In both the U.S. and Sweden, and in all industry groups, with one exception, the multinationals' export shares increased relative to those of their home countries. The margins were often wide, and were mostly larger for Swedish firms than for U.S. firms.
Part of the explanation for the growth of each country's exports and those of its multinationals is the initial composition of exports, or the comparative advantages of the countries and their firms. These were skewed, in the mid-1960s, to industries that were to enjoy rapid growth in the next decade or so. Despite these initial comparative advantages, the exports of both countries fell far behind world export growth.
The comparative advantages of both countries' multinationals were even more biased toward fast-growth industries than those of the countries. That fact partly accounted for the better export performance of the multinationals relative to their home countries, but the multinationals outperformed their countries within each industry as well as for manufacturing as a whole.     

Foreign investment and spillover efficiency in an underdeveloped economy: Evidence from the Mexican manufacturing industry

In this paper we consider the question whether differences in technical efficiency of Mexican plants in part derive from spillover efficiency associated with foreign direct investment. We use labour productivity as a measure of technical efficiency, and relate this to capital intensity, labour quality and scale of production. We measure the degree of competition by different concentration indices and the final factor determining efficiency is the presence of foreign subsidiaries. If there is a positive relation between efficiency of domestic plants and the foreign participation of various industries we conclude that there is a spillover of technical efficiency. The empirical evidence from the study indicates that this is the case.     

The impact of hiring top workers on productivity: what is the role of absorptive capacity?

We examine the heterogeneous productivity impacts of hiring top workers on small and medium-sized enterprises, exploiting matched employer–employee panel data and employing within-firm as well as matching and difference-in-difference estimators. The results provide robust evidence that the productivity impact is stronger for firms with higher absorptive capacity. Technological laggards within an industry benefit more strongly from hiring top workers if their workforce is more well-educated.     

Marginal WTP and Distance Decay: The Role of ‘Protest’ and ‘True Zero’ Responses in the Economic Valuation of Recreational Water Quality

We evaluate the sensitivity of distance decay in individuals’ stated willingness to pay (WTP) for water quality improvements in eutrophied lakes. We extend the standard model of contingent valuation (CV) by allowing individuals to adopt a sequential evaluation process consisting of two decision stages. In the first stage respondents decide whether they are ‘protesters’, have a WTP   \(=\)   ‘true zero’ or a \(\hbox {WTP}>0\) . Conditioned on a strictly positive WTP, we use Lee’s selectivity-corrected model to determine the magnitude of their WTP in the second stage. Using CV survey data from Norway we find significant distance decay in the first stage classification of respondents as ‘protesters’, ‘true zero’ WTP, or positive WTP. In the second stage model for positive WTP responses, we find little or no significant relationships when correcting for selection. Results suggest that previous findings of significant distance decay in contingent valuation of lake and river water in Europe may be driven by the definition of ‘protest’ and ‘true zero’ respondents. We find that WTP for water quality may be more useful as a qualitative indicator of political support for user financed water quality measures, than as a cardinal measure of marginal utility of water quality improvements.     

Anglo-Saxification of Swedish business: working paper within the project 'Scandinavian Heritage'

An increasingly globalised world challenges old orders, structures and arrangements. This becomes especially apparent in the ?eld of international business, where mergers, acquisitions and foreign direct investment can trigger job cuts, divestment and the closing-down of traditional industries. For this reason mergers and acquistions are sensitive issues. When two companies from different countries merge, or when a ?rm is purchased by a foreign actor, a new dimension enters into the life of the companies. This is very likely to cause worry and unrest among employees. In such a situation con?icts and clashes may arise and old values and norms may be challenged by the new order. In this paper we examine that issue. A special focus will be given to the con?icts and clashes that can be the consequence of such an encounter between old and new. We shall exemplify this with a case concerning a Swedish company recently bought by an American competitor. The particular aspect of the problem that we are interested in is the in?uence of the new ownership on the ethical values and virtues of the Swedish company. We look speci?cally at the sense in which the changes in the ethical ?eld are expressions of a new Anglo-Saxon shareholder-oriented model, as opposed to a more traditional Scandinavian stakeholder model.     

Drivers and outcomes of political candidate image creation: The role of social media marketing

The study examines the role of social media marketing (SMM) activities and the influence of perceived candidate image in building voter–candidate relationship equity within the context of United Kingdom (UK) politics. Drawing from branding literature and social identity theory the article further investigates the role of candidate image as a mediator between SMM and voter–candidate relationship equity, whilst also testing the moderating effect of political ideologies. Survey results from 235 young UK voters indicate that while all SMM activities appears to positively influence the perceived candidate image, not all SMM variables directly relate to relationship equity. The relationship rather appears to be an indirect one, mediated through the political candidate's image. Surprisingly, political ideology also does not appear to moderate the connection between candidate image and voter–candidate relationship equity. The study findings highlight the growing importance of SMM activities and candidate image in political contexts, providing insights for political campaigners.     

Methodological challenges in hip fracture registration: the Harstad Injury Registry

The aim of the study was to evaluate a hospital-based injury recording system on hip fracture registration in elderly persons aged?+?65 years from 1994 through 2008, and to examine the agreement between the number of validated fractures and the number of fractures reported to the Norwegian Patient Registry using three different sources: (1) Medical records, (2) Patient administrative system and (3) The hospital's hip fracture record to the Norwegian Patient Registry from 2002 through 2008. The injury recording system included 582 hip fracture events and 535 (92%) were confirmed through the medical records. Reasons for non-verification were different coding failures. Searching the patient administrative system using ICD codes identified 16 hip fractures not included in the fracture registry between 2002 through 2008. The total number was the same as the number of hip fractures reported to the Norwegian Patient Registry using ICD codes alone for identification. The conclusion is that on well-defined diagnosis like hip fractures, local fracture registries may obtain a high degree of reliability if different sources are available for quality control. Well-functioning patient administrative systems may be used to study numbers of hip fractures.     

Entrepreneurship prompts institutional change in developing economies

The Review of Austrian Economics - Entrepreneurship plays a pivotal role for institutional change and economic development in transition and developing economies. Formal and informal institutions...