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.     

Strategic R&D investment,competitive toughness and growth

We show, within a single industry, the possibility that R&D‐investment is non‐monotonically related to competitive toughness: increasing when competition is soft and decreasing when competition is tough. This possibility results from the combination of a Schumpeterian markup squeezing effect discouraging innovation, and a concentration effect spurring innovators. It is obtained in a sectoral model where the number of innovators is random and where non‐successful investors may remain productive. The result is extended to a multisectoral stochastic endogenous growth model with overlapping generations of consumers and firms, the number of which is endogenously determined in the capital market.     

Psychic distance in exporter–importer relationships: A grounded theory approach

Psychic distance is one of the most widely used, researched, and contentious constructs in the fields of international business and marketing. It has been applied to a variety of issues, often leading to inconsistent and conflicting results. In response to this problem, this study critically focuses on the construct of perceptual psychic distance and identifies the weaknesses and inconsistencies across major existing empirical studies regarding the conceptualization, operationalization, and measurement of psychic distance. We employ a grounded theory-based qualitative empirical study with export managers in French manufacturing companies to fill in the gaps identified in this evaluation, leading to a revised definition of psychic distance in the context of exporting. We discuss the major results and the limitations of the study, propose avenues for further research, and outline managerial implications for managing psychic distance in the internationalization strategy.     

Survival and dissolution of exporter relationships with importers: A longitudinal analysis

The primary purpose of this paper is to extend knowledge about the survival or dissolution of interorganizational exporter/importer relationships. Based on a conceptual framework, this paper presents a longitudinal analysis of data to explore the relationships between trust, economic performance and the outcome of survival/dissolution of a business-to-business relationship. In addition, two interactions are presented that involve business distance on the outcome of the survival/dissolution of a business-to-business relationship. The results show a significant positive relationship of both trust and economic performance on survival. Findings also reveal a significant negative interaction between business distance and trust on survival. Finally, there is only a marginally significant negative interaction between business distance and economic performance on survival.     

A Progressive Search for a Group Ranking with Robust Conclusions on Prudent Orders

We consider the problem where rankings, provided for instance by a group of evaluators, have to be combined into a common group ranking. In such a context, Arrow and Raynaud suggested that the compromise ranking should be a prudent order. In general, a prudent order is not unique. That is why, we propose to manage this possible multiplicity of compromise solutions by computing robust conclusions. This allows for a progressive refinement of the decision model and supports the group to eventually select one group ranking. The approach is illustrated on a problem where a group of junior researchers has to agree on a ranking of research domains.     

Democracy and Economic Growth in an Interdependent World

We model dynamic interdependence in cross‐country economic growth processes by allowing it to vary according to democratic distance among economies. Stochastic distributional dynamics and temporal effects of democracy on economic growth are studied, and spatial variation in economic growth is explored. Among important results, democratic poverty trap is found to exist indicating the possibility of persistence of (un)stable democratic equilibria at different levels of democracy. Our cross‐sectional regression evinces that democracy has exerted significant growth‐enhancing effect and that the democratic distribution has steadily shifted locus from low‐level to high‐level equilibrium. Our spatial analysis of democracy‐economic growth nexus provide evidence of significant dynamic spatial autocorrelation and complementarity among countries' growth processes. Finally, it is demonstrated that the relevance of geographical proximity in facilitating interdependence in economic growth is overshadowed by relational proximity.     

Financing constraints and US cross‐listing

This study investigates whether relaxation of firms' financial constraints is an important outcome of the US cross‐listing mechanism. We use the association between investment spending and cash flow to test for the presence and importance of firms' financing constraints. Consistent with the bonding hypothesis, the results suggest that US exchange and private placement cross‐listings significantly alleviate firms' financing constraints. In addition, the financial benefits associated with exchange listings are larger than those associated with private listings, while on the other hand, over‐the‐counter programs do not improve capital allocation. The study also shows that US exchange cross‐listing benefits have not been eroded by the enactment of the Sarbanes‐Oxley (SOX) Act in 2002. Copyright © 2014 ASAC. Published by John Wiley & Sons, Ltd.