nep-acc New Economics Papers
on Accounting
Issue of 2005‒01‒02
25 papers chosen by
Bernardo Batiz-Lazo
London South Bank University

  1. PIPE Dreams? The Performance of Companies Issuing Equity Privately By David J. Brophy; Paige P. Ouimet; Clemens Sialm
  2. Fiscal gimmickry in Europe: one-off measures and creative accounting By Vincent Koen; Paul van den Noord
  3. External financing, information disclosure and the timeliness of annual shareholder meetings and financial statement filings in Belgium By Deloof Marc; Weets V.
  4. Private equity investment and disclosure policy By Beuselinck C.; Deloof M.; Manegart S.
  5. Corporate Ownership Structure and Performance in Europe By Jeremy Grant; Thomas Kirchmaier
  6. Recent developments in German corporate governance By Goergen,M.; Manjon,M.C.; Renneboog,L.D.R.
  7. Euclidian distance measurement methodology for determining the reliability of financial statements By Bostyn F.; Debal P.; Vandingenen R.
  8. An empirical study of the variance of Belgium firm profitability By Bostyn F.; Debal P.; Vandingenen R.; Willemé P.; Yeo M. M.
  9. Taxes and the Financial Structure of German Inward FDI By Fred Ramb; Alfons Weichenrieder
  10. Intra-industry imitation in corporate environmental disclosure: a neo-institutional perspective By Aerts W.; Cormier D.; Magnan M.
  11. Venture capital, private equity and earnings quality By Beuselinck C.; Deloof M.; Manigart S.
  12. Capital structure and managerial compensation : the effects of remuneration seniority By Calcagno,R.; Renneboog,L.D.R.
  13. Dividend policy of German firms By Goergen,M.; Renneboog,L.D.R.; Correia da Silva,L.
  14. Energy Taxes as a Signaling Device: An Empirical Analysis of Consumer Preferences By Ghalwash, Tarek
  15. State Higher Education Spending and the Tax Revolt By Robert B. Archibald; David H. Feldman
  16. Revealed Preference for Car Tax Cuts: An Empirical Study of Perceived Fiscal Incidence By Samuel A. Baker; David H. Feldman
  17. Transport tax reform, commuting and endogenous values of time By De Borger Bruno; Van Dender Katrien
  18. Tax-overshifting in wage bargaining models By Calthrop E.; De Borger B.
  19. Taxation of car-ownership, car use and public transport: insight derived from a discrete choice numerical optimisation model By De Borger B.; Mayeres I.
  20. Vertical and horizontal tax competition in the transport sector By De Borger B.; Proost S.
  21. Estate and Capital Gains Taxation: Efficiency and Political Economy Considerations By Saku Aura
  22. 'Twas Four Weeks before Christmas: Retail Sales and the Length of the Christmas Shopping Season By Emek Basker
  23. Tax Credits, Source Rules, Trade and Electronic Commerce: Behavioral Margins and the Design of International Tax Systems By Harry Grubert
  24. Tax Evasion and Social Interactions By Bernard Fortin; Guy Lacroix; Marie-Claire Villeval
  25. Gatekeepers of knowledge within industrial districts:who they are, how they interact. By Andrea Morrison

  1. By: David J. Brophy; Paige P. Ouimet; Clemens Sialm
    Abstract: Private Investments in Public Equity (PIPEs) have become an important source of financing for young, publicly traded firms whose poor operating performance may limit alternative financing options. We propose that firms are motivated to sell these securities to minimize costs associated with asymmetric information. We find that both the security structure and the investor composition of a PIPE security matter in the subsequent performance of the issuing firm. Poor post-issuance performance is associated with securities where investors obtain significant repricing rights, which protect them from future stock price declines. Furthermore, companies that obtain financing from hedge funds tend to under-perform companies that obtain financing from other institutional investors. We argue that hedge funds act as investors of last resort, playing an important role in the market for young, high-risk firms with substantial asymmetric information. Hedge funds are willing to fund such high-risk companies because they can protect against possible price declines in the issuing companies by either negotiating PIPE securities with repricing rights or by entering into short positions of the underlying stocks of the issuing companies.
    JEL: G1 G2 G3
    Date: 2004–12
  2. By: Vincent Koen; Paul van den Noord
    Abstract: Accounting conventions usually leave some room for judgment, which governments may be tempted to take advantage of, especially when fiscal rules bite or threaten to do so. The European experience over the past decade documented here in great detail illustrates that fiscal gimmicks come in many different guises, but also that some are less mischievous than others. Logit regression analysis confirms that when deficit rules or, to a lesser extent, debt thresholds tend to become more binding, recourse to gimmicks is more likely. It also suggests that more centralised budget systems are less prone to such gimmickry. The policy implications are clear as regards the virtues of transparent and consistent accounting practices, but more ambiguous regarding the merits or otherwise of one-off measures. <P> Astuces budgétaires en Europe: mesures non récurrentes et créativité comptable <P> En général, les conventions comptables sont sujettes à interprétation, et les gouvernements peuvent être tentés d'en profiter, notamment lorsqu'ils sont contraints, ou en voie de l'être, par des règles budgétaires. L'expérience européenne au cours de la décennie écoulée décrite ici avec force détails montre que les astuces budgétaires sont protéiformes, mais aussi que certaines posent moins de problèmes que d'autres. Des régressions logit confirment que lorsque les règles de déficits ou, dans une moindre mesure, les seuils d'endettement deviennent plus contraignants, la probabilité d'un recours à des astuces augmente. Elles corroborent également l'idée que les astuces tendent à être moins employées dans des systèmes budgétaires plus centralisés. Les implications de politique économique sont claires s'agissant des vertus de la transparence et de la cohérence des comptes, mais plus ambiguës concernant les mérites ou inconvénients des mesures non récurrentes.
    Keywords: Budgets; Economic and Monetary Union; fiscal deficit; fiscal rules; fiscal gimmicks; national accounts; political economy; public debt; Stability and Growth Pact
    JEL: D78 E61 H6 H27 H74 H81 H82 H87
    Date: 2004–12–15
  3. By: Deloof Marc; Weets V.
    Abstract: This paper analyses how financial characteristics and institutional factors affect the timeliness of financial reporting in Belgium. The analysis is based on a sample of 1892 non-financial Belgian companies for 1996. The contribution of this paper is to investigate how external financing affects the timeliness of financial reporting of closely held companies in continental Europe. Moreover, we investigate to what extent the determinants of the timeliness of the annual financial statement affect the timeliness of the annual shareholder meeting. We find evidence of a relationship between financial characteristics and the timeliness of the financial statements. Large companies, listed companies, companies with financial debt (especially bank loans), and companies with a low debt ratio, high liquid reserves and high investment tend to file their annual statements faster. Moreover, companies reporting an extraordinary profit also file their annual statements faster. Loss making companies and companies with high debt ratios and low investments wait longer to call the annual shareholder meeting. These results are consistent with the hypothesis that the more companies are confronted with outside users of the financial statements, the faster they file their financial statements. Companies in bad financial health delay financial reporting.
    Date: 2003–04
  4. By: Beuselinck C.; Deloof M.; Manegart S.
    Abstract: We investigate whether a firm’s disclosure policy is affected by the changing corporate setting and intensified corporate governance associated with private equity (PE) investments. For a unique sample of unquoted PE backed firms we observe a significant switch to increased financial disclosure in the pre-investment year, consistent with the hypothesis that entrepreneurs attempt to reduce information asymmetries inherent to the PE application by increasing their disclosure levels. Further, we document that the governance and professionalization impact of PE investors affects their portfolio firms’ financial disclosure positively. Finally, differentiating on investor type (government versus non-government related) reveals no overall effect on disclosure, both in the pre- as in the post-investment years. Results are robust to various sensitivity checks.
    Date: 2004–11
  5. By: Jeremy Grant; Thomas Kirchmaier
    Abstract: In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form ofownership is not necessarily the most efficient one. These findings are in contradiction to similar research basedon US samples. The results also demonstrate that firms without a dominant shareholder tend to outperform theircountry peer groups. We base our analysis on a new and unique dataset of uniform ownership data of the largest100 firms in the five major European economies. We quantify the differences in ownership by comparing threedistinct ownership structures of firms and relating them to performance. For the first time we employ aHodrick-Prescott Filter, a methodology widely used in macroeconomics to isolate the trend growth componentsfrom cyclical fluctuations, to estimate the share price trend of each firm. We take this trend as a good indirectindicator of the quality of governance.
    Keywords: Corporate governance, ownership structures, performance, Europe
    JEL: G32 G34 G38
    Date: 2004–04
  6. By: Goergen,M.; Manjon,M.C.; Renneboog,L.D.R. (Tilburg University, Center for Economic Research)
    Abstract: We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives. For example, the rules on insider trading and anti-trust have been strengthened. The Restructuring Act has been revised to prevent minority shareholders from stalling corporate restructuring via legal actions. The Takeover Act now prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity. However, the Act also allows anti-takeover devices. Despite the recent, substantial changes, we conclude that the main characteristics of the German system are still in place.
    JEL: G32 G34 G38
    Date: 2004
  7. By: Bostyn F.; Debal P.; Vandingenen R.
    Date: 2003–11
  8. By: Bostyn F.; Debal P.; Vandingenen R.; Willemé P.; Yeo M. M.
    Abstract: In this paper, we perform an empirical analysis on the variance of accounting profitability among manufacturing firms in the Belgian economy from 1992 to 2001. Our purpose is to understand the relative importance of industry, business unit and time on the profitability of Belgian companies described by 3 and 4-digit NACEBEL codes during this time period. Our results so far reveal very large business unit effects and relatively small but significant industry and industry-year interaction effects. These findings suggest that there is much higher within-industry than among-industry variance in Belgian manufacturing firm profitability.
    Date: 2003–11
  9. By: Fred Ramb; Alfons Weichenrieder
    Abstract: The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a panel of more than 8,000 non-financial affiliates in Germany, we find only small effects of the tax rate of the foreign parent. However, our empirical results show that subsidiaries that on average are profitable react more strongly to changes in the German corporate tax rate than this is the case for less profitable firms. This gives support to the frequent concern that high German taxes are partly responsible for the high levels of intra-company loans. Taxation, however, does not fully explain the high levels of intra-company borrowing. Roughly 60% of the cross-border intra-company loans turn out to be held by firms that are running losses.
    Keywords: foreign direct investment, financial structure, taxation, Germany
    JEL: F23 H25
    Date: 2004
  10. By: Aerts W.; Cormier D.; Magnan M.
    Abstract: Corporate environmental reporting (CER) has been studied from different angles. In this paper we focus on CER from a neo-institutional perspective. CER could indeed be considered as a set of structures and practices that became institutionalised over time. Organizations derive their legitimacy in part from having reporting structures that are seen as appropriate. By incorporating legitimating structural elements (e.g. symbolizing the concept of stakeholder concern) in their reporting behavior, organizations signal conformity with societal concerns and expectations. Neo-institutional theory would predict a tendency towards conformity in implementation as CER became institutionalised over time. Mimetic isomorphism (DiMaggio & Powell, 1983) is one of the processes through which organizations change over time to become more similar to other organizations in their environment. In this paper we study intra-industry imitation as one possible component of the process by which ER decisions are made. Content similarity is the focal construct in this research. Reporting mimetism is studied on the basis of structural content similarity (quantitative versus qualitative/descriptive) and disclosure level similarity of a predefined set of information items in a longitudinal research setting. Similarity indices are constructed according to company reference groups determined on the country / industry / year level. The sample covers a 6 year period and 3 countries with distinct legal and regulatory environments (Canada, Germany and France). Results confirm and document mimetic tendencies. Higher rates of reporting similarity within a reference group predict a tendency to more similarity in the following period. Imitation tendencies are more pronounced on the higher information quality levels (quantitative or monetary information versus descriptive and qualitative information). The imitation relationship is reduced by public media exposure and remains unchallenged by economic variables (coercive forces). These results support an institutional mimetism interpretation of the imitation relationship. Mimetic tendencies are more pronounced in Canada where a significant tradition in CER developed earlier than in Germany and France.
    Date: 2003–12
  11. By: Beuselinck C.; Deloof M.; Manigart S.
    Abstract: This paper examines the quality of financial statements reported by private equity (PE) backed companies in the years around the initial PE investment. We study both pre- and postinvestment earnings characteristics of a unique hand-collected sample of 556 Belgian unlisted companies, receiving PE financing between 1985 & 1999, and a matched non-PE backed sample. We find strong evidence of upward earnings management in the PE backed sample prior to the investment year, consistent with the hypothesis that entrepreneurs which apply for PE manage earnings upward to catch PE investors’ interest. Further, PE backed companies show a significantly higher extent of earnings conservatism compared to matched companies from the investment year on, indicating a governance impact of PE investors on the financial reporting discipline. Finally, we find a marginally higher degree of earnings conservatism for companies receiving PE from non-government related investors compared to companies backed by government-related PE investors. We interpret this stricter financial reporting discipline as being the reflection of a more slack governance by government-related PE investors compared to non-government-related investors. Our results have implications for PE investors as well as for all other stakeholders of PE backed firms.
    Date: 2004–01
  12. By: Calcagno,R.; Renneboog,L.D.R. (Tilburg University, Center for Economic Research)
    Abstract: We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts. Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy regulation and as observed in practice. We theoretically show that including risky debt changes the incentive to provide the manager with stronger performance-related incentives ("contract substitution" effect). If managerial compensation has priority over the debt claims, higher leverage produces lower powerincentive schemes (lower bonuses) and a higher base salary. With junior compensation, we expect more emphasis on pay-for-performance incentives. The empirical findings are in line with the regime of remuneration seniority as the base salary is significantly higher and the performance bonus is lower in financially distressed firms.
    JEL: G32 G33 G34 K12
    Date: 2004
  13. By: Goergen,M.; Renneboog,L.D.R.; Correia da Silva,L. (Tilburg University, Center for Economic Research)
    Abstract: German firms pay out a lower proportion of their cash flows than UK and US firms. However, on a published profits basis, the pattern is reversed. Company law provisions and accounting policies account for these conflicting results. A partial adjustment model is used to estimate the implicit target payout ratio and the speed of adjustment of dividends towards a long run target payout ratio. We find that German firms do not base their dividend decisions on published earnings, but on cash flows. The reasons for the use of a cash flow-based payout policy are: (i) published earnings figures do not correctly reflect corporate performance as German firms tend to retain a significant part of their earnings to build up legal reserves, (ii) the conservative nature of German accounting policies, (iii) published earnings are subject to a higher degree of smoothing than cash flows. Regarding the speed of adjustment of dividends towards the long term target payout ratio, UK and US companies only slowly adjust their dividend policy whereas German are more willing to cut the dividend in the wake of a temporary decrease in profitability. This causes a higher degree of 'discreteness' in the dividends-pershare time series as opposed to the 'smoothness' (i.e., frequent annual small adjustments in the dividend per share) observed in the US and the UK.
    JEL: G32 G35
    Date: 2004
  14. By: Ghalwash, Tarek (Department of Economics, Umeå University)
    Abstract: This paper presents an econometric study dealing with household demand in Sweden. The main objective is to empirically examine the differences in consumer reaction to the introduction of, or the change, in environmental taxes. Main focus is on environmental taxes as a signaling device. The hypothesis is that the introduction of an environmental tax provides new information about the properties of the directly taxed goods. This in turn may affect consumer preferences for these goods, hence altering the consumption choice. The result from the econometric analysis shows that all goods have negative own-price elasticities, and positive income elasticities. Concerning the signalling effect of environmental taxes the results are somewhat ambiguous. The tax elasticity for energy goods used for heating seems to be significantly higher than the traditional price elasticity, whereas the opposite seems to be the case for energy goods used for transportation.
    Keywords: Household demand; energy tax; tax elasticities; emissions
    JEL: D12 H31 Q41
    Date: 2004–12–22
  15. By: Robert B. Archibald (Department of Economics, College of William and Mary); David H. Feldman (Department of Economics, College of William and Mary)
    Abstract: State policies resulting from the tax revolt of the late 1970s play an important role in determining the timing and magnitude of the decline in state tax effort for higher education. An understanding of the fiscal environment caused by these provisions is critical for the future of state-supported higher education.
    Keywords: State higher education spending, Tax revolt, Tax and expenditure limits
    JEL: I22 H71
    Date: 2004–11–25
  16. By: Samuel A. Baker (Department of Economics, College of William and Mary); David H. Feldman (Department of Economics, College of William and Mary)
    Abstract: Voting in an election in which elimination of the local car tax is the central issue shows how a highly visible universal tax cut can prevail in the electoral process even if benefits are skewed toward upper income households. These results are consistent with positive models of fiscal structure choice in which fiscal systems are the consequence of support maximizing politicians attempting to supply net benefits to easily identifiable interest groups without generating significant opposition from other groups.
    Keywords: Targeted universalism, Personal property taxes, Tax revolt
    JEL: H2
    Date: 2004–11–10
  17. By: De Borger Bruno; Van Dender Katrien
    Abstract: We consider a model of urban transport with two trip purposes, commuting (assumed perfectly complementary to labour supply) and non-commuting, to analyse the effects of transport tax reform on the value of time and marginal external congestion costs. Higher commuting taxes plausibly reduce time values, but higher non-commuting transport prices will typically raise the value of time. The intuition for this latter finding is that the reduction in congestion that follows from the tax increase itself raises net wages per hour of work (inclusive of commuting time). Empirical illustrations with Belgian data show a potentially large effect of transport tax reform on time values. In quite a few of the tax reforms studied traffic levels are reduced, but the increase in time values implies that marginal external congestion costs actually increase.
    Date: 2003–03
  18. By: Calthrop E.; De Borger B.
    Abstract: It has frequently been noted in the wage bargaining literature that increasing average labour taxes may in fact be over-shifted in the pre-tax wage that is negotiated between unions and firms, raising workers post-tax wages. In this paper, we study the precise conditions for such tax over-shifting to occur under several different bargaining structures, and considering both competitive and imperfectly competitive output market conditions. In the case of competitive output markets and Nash bargaining over wages and employment, over-shifting is shown to hold for an entire class of commonly used concave production functions for which the divergence between marginal and average product is increasing in employment. Under right-to-manage bargaining, tax over-shifting is shown to depend on the curvature of the labour demand curve and on the wage elasticity of the firm’s profits relative to the wage elasticity of labour demand. We further show that, under plausible assumptions, tax over-shifting is more likely to occur under monopolistically competitive output markets than under perfect competition; this holds for all bargaining models considered.
    Date: 2004–10
  19. By: De Borger B.; Mayeres I.
    Abstract: In this paper we study the taxation of car ownership, car use and public transport in the presence of externalities within the framework of a discrete/continuous choice model. We first derive optimal taxes in a simplified setting, emphasizing the specific role of fixed car ownership taxes and the relevance of public transport demand by non-car owners for the optimal tax structure. A numerical optimisation model is then constructed to study welfare-optimal public transport fares and two-part tariffs on ownership and use of gasoline and diesel cars in Belgium. Results are as follows. First, the current differences in tax treatment between diesel and gasoline car ownership and car use cannot be justified on the basis of external cost and budgetary considerations. Efficient pricing requires substantial increases in the relative user tax on diesel cars as compared to gasoline cars; optimal fixed taxes are substantially below current levels and only marginally differ between car fuel types, implying a ver y large decrease in the tax on diesel cars. Second, large differences in fixed car taxes do result (i) if for political or technical reasons variable car taxes cannot be optimally adjusted, and (ii) if optimal taxes are implemented but the government uses kilometre taxes as the main variable tax instrument. Third, the results of a series of marginal tax reform exercises suggest that a shift form gasoline towards diesel taxation is welfare improving, both for fixed and variable taxes. Somewhat surprisingly, a shift from fixed towards variable taxes is not necessarily welfare-improving: it is for diesel, but not for gasoline cars.
    Date: 2004–10
  20. By: De Borger B.; Proost S.
    Abstract: The purpose of this paper is to review the literature dealing with horizontal and vertical tax competition in the transport sector, taking into account the role of transport externalities. Our emphasis throughout is on tax competition between welfare maximizing governments. For the various different settings (horizontal and vertical competition, parallel and serial networks), we discuss the relevance of tax competition and describe the type of results obtained in the scarce literature on the topic. We further point out the relevance of different types of tax competition for transport policy in a European setting. Finally, we discuss the losses of non-cooperative behaviour of governments.
    Date: 2004–10
  21. By: Saku Aura (Department of Economics, University of Missouri-Columbia)
    Abstract: In this paper a simple dynastic overlapping-generations model with homogeneous agents is used to analyze the optimal use of capital income tax, labor income tax and estate tax. The results of this analysis add to the conventional wisdom about capital income taxation: while it is true that in the long run the estate tax rate should be set to zero, it is also true that other capital income taxation is a usable policy tool even in the steady state. The other contribution of the paper is the building of a simple dynamic political economy model where the structure of capital taxes is determined. In a median-voter framework with no policy commitment, estate taxation is used too heavily as a capital-tax-revenue-collecting tool relative to the second-best optimum for the social planner.
    JEL: H21 H24
    Date: 2004–12–16
  22. By: Emek Basker (Department of Economics, University of Missouri-Columbia)
    Abstract: I study the effect of the length of the Christmas "shopping season" in the United States (traditionally, beginning the day after US Thanksgiving) on aggregate retail sales. I find a statistically significant increase in per-capita retail sales in November and December (combined) of approximately $6.50 per additional day over the relevant range. The implications of these finding are briefly discussed.
    Keywords: Christmas, Retail, Shopping
    JEL: L81 D12
    Date: 2004–10–20
  23. By: Harry Grubert
    Abstract: The paper provides a framework for designing international tax rules by outlining the various behavioral margins they apply to. It then goes on to analyze three specific policy issues in terms of preserving the neutrality of choices along the relevant margins: (1) Which foreign taxes should be credited against home country tax liabilities? (2) Should the income from intangible assets like patents be taxed by the host country or the country in which it was developed? (3) Should the local sales by a foreign company determine the income tax imposed by the consuming country? Should the rules be changed because of electronic commerce? The analysis shows that the current foreign tax credit rules lack any coherent basis, either in terms of efficiency or fairness. For example, a tax on gross assets should be creditable, as well as a tax on gross income that does not allow deductions for interest. The income from intangible assets like patents should be sourced in the country in which the intangible asset was developed and be subject to its tax rate. That preserves the undistorted choice among alternative locations for exploiting an intangible. The analysis of the relationship between income taxes and trade taxes shows that in extreme cases a tax on imports may be justified to offset the distorting effect of income taxes. But electronic commerce is unlikely to create such a case. It is like any other technical change that lowers transactions costs.
    JEL: H20 H30
    Date: 2004
  24. By: Bernard Fortin; Guy Lacroix; Marie-Claire Villeval
    Abstract: The paper extends the standard tax evasion model by allowing for social interactions. In Manski’s (1993) nomenclature, our model takes into account social conformity effects (i.e., endogenous interactions), fairness effects (i.e., exogenous interactions) and sorting effects (i.e., correlated effects). Our model is tested using experimental data. Participants must decide how much income to report given their tax rate and audit probability, and given those faced by the other members of their group as well as their mean reported income. The estimation is based on a two-limit simultaneous tobit with fixed group effects. A unique social equilibrium exists when the model satisfies coherency conditions. In line with Brock and Durlauf (2001b), the intrinsic nonlinearity between individual and group responses is sufficient to identify the model without imposing any exclusion restrictions. Our results are consistent with fairness effects but reject social conformity and correlated effects. <P>Cet article généralise le modèle standard de fraude fiscale en permettant la présence d’interactions sociales. Suivant la nomenclature de Manski (1993), notre modèle tient compte des effets de conformité sociale (i.e. interactions endogènes), des effets d’équité (i.e. interactions exogènes) et des effets de sélection (i.e. effets corrélés). Le modèle est testé à l’aide de données expérimentales. Les participants doivent choisir le montant déclaré de leur revenu, étant donné leur taux d’impôt, leur probabilité d’être contrôlé par le fisc et étant donné ceux de leur groupe de référence ainsi que le revenu moyen déclaré par ce dernier. L’estimation se fonde sur un modèle tobit simultané à deux bornes avec des effets fixes de groupe. Un équilibre social unique existe lorsque le modèle satisfait des conditions de cohérence. Suivant en cela Brock et Durlauf (2001b), la non-linéarité intrinsèque entre les réponses individuelles et celles du groupe est suffisante pour identifier le modèle sans avoir à imposer des restrictions d’exclusion. Nos résultats sont cohérents avec la présence d’effets d’équité mais rejettent la conformité sociale ainsi que les effets corrélés.
    Keywords: social, interactions, tax evasion, simultaneous tobit, laboratory experiments., interactions sociales, fraude fiscale, tobit simultané, économie expérimentale
    JEL: H26 D63 C24 C92 Z13
    Date: 2004–12–01
  25. By: Andrea Morrison (University of Piemonte Orientale, Novara, Italy,)
    Abstract: A great amount of recent studies dealing with industrial clustering suggests that the innovative performance of industrial districts is strictly linked with their ability to absorb external knowledge. This paper aims at identifying and analysing the main actors involved in this process. We investigate to what extent leading firms located within a successful Italian furniture district behave as gatekeepers of knowledge. Empirical analysis has been carried out on a sample of technicians working within firms’ knowledge intensive units. Adopting social network techniques we are able to trace linkages between technicians and external sources of knowledge and to evaluate their relevance for innovative activities. Our findings suggest that leading firms absorb external knowledge and spread it only to their own network of clients and providers. According to our theoretical framework we argue that leading firms cannot be interpreted as knowledge gatekeepers.
    Keywords: Knowledge flows; Industrial districts; Leader firms; Social networks.
    JEL: O31 R0 Z13
    Date: 2004–11

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