Processes of firm growth and diversification: theory and evidence

Investigating the role of diversification in the firm growth process, we build on Penrose’s (The theory of the growth of the firm. Oxford University Press, Oxford, 1959) Theory of the Growth of the Firm to formulate hypotheses about growth of employment, assets and sales in the years before, during and after a new product introduction. We exploit a new database from the German machine tool industry that boasts a detailed and meaningful definition of diversification. Our exploratory analyses indicate that diversification, in terms of product introductions, is preceded by employment growth. Moreover, we find support that diversification is positively associated with subsequent asset growth, but negatively associated with subsequent employment growth.     

Early employment expansion and long-run survival: examining employee turnover as a context factor

We investigate under which circumstances early employment growth translates into greater long-run survival. Drawing on Penrose's growth theory, we suggest that the relationship between early employment growth and long-run survival is conditional on employee turnover. We argue that higher employee turnover reduces joint experience in the firm and disrupts the development and eventual exploitation of the firm's productive opportunity set, thereby reducing long-term utilization of early employment expansion. These arguments suggest that the firm's ability to realize long-term benefits of early employment growth is contingent upon low employee turnover following this initial expansion. Using the Danish Integrated Database for Labor Market Research, we show that only when employee turnover is low, will early employment growth lead to higher survival in the long run.     

Diversification patterns and survival as firms mature

We focus on the relationship between age and diversification patterns of German machine tool manufacturers in the post-war era. We distinguish between ‘minor diversification’ (adding a new product variation within a familiar submarket) and ‘major diversification’ (expanding the product portfolio into new submarkets). Our analysis reveals four main insights. First, we observe that firms have lower diversification rates as they grow older, and that eventually diversification rates even turn negative for old firms on average (where negative diversification corresponds to exit from certain product lines). Second, we find that product portfolios of larger firms tend to be more diversified. Third, with respect to consecutive diversification activities, quantile autoregression plots show that firms experiencing diversification in one period are unlikely to repeat this behavior in the following year. Fourth, survival estimations reveal that diversification activities reduce the risk of exit in general and to a varying degree at different ages. These results are interpreted using Penrosean growth theory.     

Toward a professional concept for marketing

This paper attempts to position marketing as an academic and professional discipline. It discusses potential differences between the needs of marketing academics and other marketing professionals with respect to the definition of the subject matter of marketing. The political‐ideological basis of marketing in a free market economy is seen as an external criterion which can help to identify the most appropriate concepts for marketing theory building and applied marketing knowledge.     

The inverse hypergeometric - a useful model

The inverse hypergeometric random variable is defined. Properties of the distribution, in particular the relationship to the hypergeometric, are discussed and a number of important applications are reviewed. Finally, an alternative definition which permits an easy extension to the multivariate case is given.     

循环经济一般均衡模式以及确定服务销售价格的基本方法

循环经济的发展核心是实现以销售服务代替销售产品,使生产生活资料的公有共用能得以实现,并最大限度地增加资源利用率,从而保护生存环境和空间,使得人与环境尽可能长时间地可持续发展。人和自然具有耗散结构特征的生命周期,是销售服务代替销售产品的基础。文章通过引入产品的生命周期作为变量,对循环经济的边际效用进行分析,并建立投资消费均衡模式。在所建立的循环经济的投资消费均衡模式中,科技要素代替了古典主义所定义的"资本、劳动和土地"生产三要素中的资源要素(土地等),构成了循环经济生产消费的新三要素:资本、劳动和科技。作为市场经济的循环经济,相对于自由市场经济,更偏好于社会主义市场经济。循环经济的均衡模式和边际效用函数的确定,也可应用于产品服务的定价。作为一个应用实例,将所推导的循环经济边际效用函数和均衡模式的关系,用来分析权重较大的居住服务套利或非套利的定价模式,通过设定不同的房产生命周期,得到区别巨大的房产总价值。通过分析该结果可以说明2008—2009年美国次贷危机引起金融海啸的深层原因,这是本文的一种应用解读。     

Financial Reporting Environments and International Capital Mobility

We examine whether differences in international capital mobility across countries are related to country‐specific differences in financial reporting environments. We hypothesize that countries where financial accounting environments lead to greater disclosure of value‐relevant accounting information are more likely to have higher international capital mobility. The results of empirical tests are consistent with our hypothesis.     

EQUIVALENCE SCALES, WELL-BEING, INEQUALITY, AND POVERTY: SENSITIVITY ESTIMATES ACROSS TEN COUNTRIES USING THE LUXEMBOURG INCOME STUDY (LIS) DATABASE

The Luxembourg Income Study (LIS) database on which this article is based offers researchers exciting new possibilities for international comparisons based on household income microdata. Among the choices the LIS microdata allows a researcher, e.g. income definition, income accounting unit, etc., is the choice of family equivalence scale, a method for estimating economic well-being by adjusting income for measurable differences in need.
The range of potential equivalence scales that can and are being used in the ten LIS countries and elsewhere to adjust incomes for size and related differences in need span a wide spectrum. The purpose of this paper is to review the available equivalence scales and to test the sensitivity of various income inequality and poverty measures to choice of equivalence scale using the LIS database. The results of our analysis indicate that choice of equivalence scale can sometimes systematically affect absolute and relative levels of poverty; and inequality and therefore rankings of countries (or population subgroups within countries). Because of these sensitivities, one must carefully consider summary statements and policy implications derived from cross-national comparisons of poverty and/or inequality.