Spatial determinants of productivity growth on agri‐food Spanish firms: a comparison between cooperatives and investor‐owned firms

This study analyses the effect of the spatial factor, location, and interaction effects among peer companies, on the productivity growth of agri‐food companies in Spain. With this aim, we build a productivity growth index and apply a multiequational Seemingly Unrelated Regression on a sample of 344 Spanish cooperatives and investor‐owned firms for the period 2010–2012. Our findings show that agri‐food firms are influenced by spatial factors finding interesting differences between cooperatives and investor‐owned firms. With regard to the geographical location, cooperatives in the western of Spain show higher productivity growth rates, whereas investor‐owned firms in the northeast of Spain present better results. The interaction effect among closer peer companies is also a relevant factor to determine the productivity growth in agri‐food companies. This factor is more relevant for cooperatives than for investor‐owned firms.     

Three decades of productivity change in French beef production: a Färe‐Primont index decomposition

The Färe‐Primont index is used to evaluate total factor productivity (TFP) change and its components for a sample of French suckler cow farms in grassland areas in 1985–2014. The results reveal an increase in TFP of 6.6 per cent over the whole observation period, with technological progress being the major source of productivity growth. Meanwhile, efficiency decreased. Farms experienced great technological progress from 1991 to 2000. From a methodological point of view, the comparison with results obtained with Malmquist indexes shows similar trends but different magnitudes, with the Malmquist index overestimating the TFP and technological changes compared to the Färe‐Primont index. In addition, the use of a sequential approach that restricts technological change to being positive or null allows for the precise calculation of technology changes, disregarding the effects of external conditions that are captured in efficiency changes. Finally, the estimation of full dimensional efficient facets (FDEFs) that guarantees the positivity of all shadow prices used to assess the mix efficiency component of TFP change is promising.     

Can Marketing Help in Tackling Food Waste?: Proposals in Developed Countries

One third of food destined for human consumption is wasted globally, and much of the food waste that comes from high-income or developed countries is caused by poor marketing practices, consumer behavior, and consumption patterns. The present study focuses on developed countries to propose some marketing actions that could help in reducing food waste. A comprehensive analysis was carried out for each marketing variable, to provide a snapshot of actions and proposals that are being developed. Our study highlights the relevance of marketing in contributing to reduce food waste, through the removal of “Buy one, get one free” sales promotions, clarifying date labeling, or raising food waste awareness campaigns. The main contribution of this study is the proposal of marketing actions that help in tacking food waste.     

Interorganizational Trust and Technology Complexity: Evidence for New Technology‐Based Firms

Integrating the transaction cost economics and relational perspectives, this paper puts forward that technology complexity within new technology‐based firms negatively influences the level of interorganizational trust in key partner relationships. Using a data set of 105 key partner relationships of 59 new technology‐based firms, we find that the new technology‐based firm's level of trust in its key partners is lower when the level of technology complexity is high. Findings further show that both relationship and partner characteristics moderate the technology complexity—trust relationship. These results show that technology complexity as an appropriability mechanism becomes endogenous to collaboration, thereby extending the Teece framework.     

Do global CO2 emissions from fossil-fuel consumption exhibit long memory? a fractional-integration analysis

In this article we use an autoregressive fractionally integrated moving average approach to measure the degree of fractional integration of aggregate world CO₂ emissions and its five components – coal, oil, gas, cement, and gas flaring. We find that all variables are stationary and mean reverting, but exhibit long-term memory. Our results suggest that both coal and oil combustion emissions have the weakest degree of long-range dependence, while emissions from gas and gas flaring have the strongest. With evidence of long memory, we conclude that transitory policy shocks are likely to have long-lasting effects, but not permanent effects. Accordingly, permanent effects on CO₂ emissions require a more permanent policy stance. In this context, if one were to rely only on testing for stationarity and non-stationarity, one would likely conclude in favour of non-stationarity, and therefore that even transitory policy shocks have permanent effects. Our fractional-integration analysis highlights that this is not the case.     

FROM INSTITUTIONS TO FINANCIAL DEVELOPMENT AND GROWTH: WHAT ARE THE LINKS?

This paper presents an integrated overview of the literature linking institutions, financial development, and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional arrangements in ameliorating/worsening the information frictions and transaction costs that characterize the development of financial markets. The paper then investigates the theoretical mechanisms by which these specific frictions affect economic growth and presents the stock of empirical evidence quantifying the impact of institutions on growth through financial development.     

Self-reinforcing effects between housing prices and credit

The financial crisis has brought the interaction between housing prices and household borrowing into the limelight of the economic policy debate. This paper examines the nexus of housing prices and credit in Norway within a structural vector equilibrium correction model (SVECM) over the period 1986q2–2008q4. The results establish a two way interaction in the long-run, so that higher housing prices lead to a credit expansion, which in turn puts an upward pressure on prices. Interest rates influence housing prices indirectly through the credit channel. Furthermore, households’ expectations about the future development of their own income as well as in the Norwegian economy have a significant impact on housing price growth. Dynamic simulations show how shocks are propagated and amplified. When we augment the model to include the supply side of the housing market, these effects are dampened.     

Graph efficiency and productivity measures: an application to US agriculture

Hyperbolic measures of efficiency and productivity change with respect to a graph representation of production technology allow researchers to consider output and input dimensions simultaneously in measuring producer performance. Hyperbolic efficiency measures have been proposed, but empirical implementation has not followed, either in efficiency analysis or in productivity analysis. The objectives of this paper are to define hyperbolic performance measures on a graph representation of production technology, to motivate their use by stating some of their advantages over their radial counterparts, and to introduce a direct formulation to calculate them making use of Data Envelopment Analysis techniques. The ideas are illustrated by calculating hyperbolic efficiency and Malmquist productivity indexes for a US agricultural panel data set.