Doing More with Less: The Disordinal Implications of Firm Age for Leveraging Capabilities for Innovation Activity*

Innovation requires the entrepreneurial capabilities of opportunity recognition and opportunity exploitation. Such capabilities generally accrue over time from a firm's cumulative learning and experience. In this study, we theorize that firm age should therefore moderate the firm's ability to leverage these capabilities for innovation activity, such that older firms can obtain higher outputs from their capabilities than younger firms can. We examine this relationship using a sample of 676 small and medium enterprises. We find that when both younger and older firms have highly developed innovation capabilities, older firms appear to enjoy higher levels of innovation activity than younger firms do. However, younger firms generally appear more likely to have higher levels of innovation activity than older firms do, when neither firm has highly developed innovation capabilities. We conclude with a discussion of the implications of these findings for research and practice.     

Walgreens重回时代广场“斜线”令世界十字路口耳目一新

巴里温斯顿(Barry Winston),这名专门负责时代广场的标志专家说:“Walgreens已经为入驻时代广场做出了一个新的构想,其中包括一个令人惊叹的LED显示屏,那将是迄今为止在时代广场出现过的最大,最独特的LED显示屏。“     

Determinants and impacts of environmental performance in SMEs

The paper analyzes empirical evidence from 368 environmentally responsive small and medium-sized enterprises (SMEs) operating in four industries. The results demonstrate that firms' environmental performance cannot be viewed as a one-dimensional concept and that determinants of firms' environmental performance depend on the dimension retained. The impacts of firms' environmental performance on their innovativeness and competitiveness vary according to the industry within which they operate. However, impacts on product and process innovations as well as on managerial innovations are positive and significant in all four industries.     

Adjustment Costs,Uncertainty, and the Level of Activity

What is the effect of adjustment costs on economic activity? This is an important question that is still debated either at the political or the academic level. We consider a simple model where basically two effects come into play: Adjustment costs decrease current activity but may help maintain future activity. We examine their relative strength, first in a model with uncertain prices and then in a model with demand uncertainty (newsboy problem).     

Revisiting the corroboration effects of earnings and dividend announcements

Using a unique market setting in Hong Kong, where (i) all firms release earnings and dividend information in the same announcement; (ii) corporate transparency is low; (iii) dividend income is non‐taxable and (iv) corporate ownership is highly concentrated, we re‐examine the corroboration effects of earnings and dividends. We use the control firm approach to avoid the return estimation bias resulting from observation clustering. We also add in variables and use econometric procedure to control for the potential impacts of earnings management, special dividends and heteroskedasticity. Our findings show that there exists a corroboration effect between the jointly announced signals.