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on Economics of Strategic Management |
| By: | Laura Valkonen |
| Keywords: | deregulation, competition, productivity, entry |
| JEL: | L51 D21 O30 K23 L80 |
| Date: | 2006–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:rif:dpaper:1014&r=cse |
| By: | Marco CUCCULELLI (Universita' Politecnica delle Marche, Dipartimento di Management ed Organizzazione Aziendale); Giacinto MICUCCI (Banca d'Italia - Ancona) |
| Abstract: | Despite the pervasive presence of family business worldwide, especially among small and medium sized companies, nearly all past studies on family founder succession have focused on large, public companies. We evaluate the issue of the inherited firm control on performance in an economic setting with a large presence of small- and medium-sized private firms run as family businesses. Our paper contributes to the existing literature in three ways.;The first concerns the sample characteristics. By focusing on the transfer of business in private SMEs, our study helps to fill a gap in the existing literature that is largely concerned with public companies listed in official market. We set up a unique dataset by matching two different data sources: firstly, a cross-sectional survey dataset collected directly from more than 3,500 companies by means of a questionnaire and, secondly, a company account dataset drawn from Cerved. We merge survey data with balance sheet data in order to perform the econometric analysis. The article's second contribution is related to the effect on performance caused by the transfer of business within the family. Our major results show i) a founder effect in the Italian manufacturing industry and ii) a large drop in the post-succession performance in family-run businesses. Finally, we provide new evidence on the relationship between pre-succession firm (and industry) characteristics and past succession performance.;By using a performance-based control group matching method to control for the effect of a pure mean reverting process in firm performance, we show that the observed large drop in the post-succession company performance is attributable to good performing companies, especially when operating in highly competitive industries. |
| Keywords: | SMEs governance, entrepreneurship, inherited control, matching control group, mean revision |
| JEL: | G32 G34 M13 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:anc:wpaper:258&r=cse |
| By: | Bitzer, Jürgen (Free University, Berlin); Schröder, Philipp J.H. (Department of Organisation and Management, Aarhus School of Business) |
| Abstract: | No abstract |
| Keywords: | No keywords; |
| Date: | 2005–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhb:aardom:2005_012&r=cse |
| By: | Johansson, Börje (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); Lööf, Hans (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology) |
| Abstract: | This paper examines systematically the importance of location versus a vector of firm attributes on firms’ innovation engagements. The various factors that can influence a firm’s innovation efforts are divided into (i) firm location, reflecting the regional milieu, and (ii) firm attributes such as corporate structure, nature of the knowledge production, type of industry and a set of specific firm characteristics. The study is based on information about 2, 094 individual Swedish firms, where a firm may be non-affiliated or belong to a group (multi-firm enterprise), domestically or foreign owned. The study concludes that the propensity to be innovative differs between the five macro-region investigated. Among innovative firms, however, the R&D intensity as well as most other innovation-activity characteristics remain invariant with regard to location, when controlling for the skill composition, physical capital intensity, industry, corporate structure firm, size and market extension |
| Keywords: | Functional regions; innovation systems; corporate structure; R&D |
| JEL: | C21 G34 L22 O33 |
| Date: | 2006–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0063&r=cse |
| By: | Elisabeth Müller (Centre for European Economic Research (ZEW), Department of Industrial Economics and International Management, L7, 1, 68161 Mannheim, Germany. mueller@zew.de); Volker Zimmermann (KfW Bankengruppe, Palmengartenstraße 5-9, 60325 Frankfurt/Main, Germany. Volker.Zimmermann@kfw.de) |
| Abstract: | This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find that a higher equity ratio is conducive to more R&D for young but not for old companies. Equity may be a constraining factor for young companies which have to rely on the original equity investment of their owners since they have not yet accumulated retained earnings and can relay less on outside financing. The positive influence is found for R&D intensity but not for the decision whether to perform R&D. Equity financing is therefore especially important for the most innovative, young companies. |
| Keywords: | R&D activity, equity finance, small and medium-sized enterprises |
| JEL: | G32 O32 |
| Date: | 2006–02 |
| URL: | http://d.repec.org/n?u=RePEc:trf:wpaper:111&r=cse |
| By: | Deiaco, Enrico (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); Melin, Göran (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology) |
| Abstract: | The main emphasis of this study has been to explore the phenomenon of creating alliances between universities. Alliances are a response to a hardened international competitive climate. An examination of ten alliances during the recent years is carried out, and the motives behind as well as the outcomes of them are analysed. The analysis indicates that there are threats and risks at play side by side of large opportunities. An alliance should be able to increase the interface between the universities on many levels and also create more opportunities for establishing powerful forms of cooperation to compete for international grants, programmes and corporate funding. Some policy implications and recommendations are given in the end. |
| Keywords: | university alliance; university merger; academic collaboration; strategic alliance |
| JEL: | O19 O39 |
| Date: | 2006–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0064&r=cse |
| By: | Ulrich Blum; Christian Growitsch; Niels Krap |
| Abstract: | In summer 2005, the German telecommunication incumbent Deutsche Telekom announced its plans to build a new broadband fibre optics network. Deutsche Telekom decided as precondition for this new network not to be regulated with respect to pricing and third party access. To develop a regulator's strategy that allows investments and prevents monopolistic prices at the same time, we model an incumbent's decision problem under a threat of regulation in a game-theoretical context. The decision whether to invest or not depends on the probability of regulation and its assumed impact on investment returns. Depending on the incumbent's expectation on these parameters, he will decide if the investment is favourable, and which price to best set. This price is below a non-regulated profit maximising price, since the incumbent tries to circumvent regulation. Thus, we show that the mere threat of a regulator's intervention might prevent supernormal profits without actual price regulation. The regulator, on the other hand, can influence both investment decision and the incumbent's price via his signals on regulation probability and price. These signals an be considered optimal, if they simultaneously allow investment and minimize the incumbent's price. |
| Keywords: | regulation, investment, teleommuniation, network industries |
| JEL: | L43 L51 L96 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:7-06&r=cse |
| By: | Pawlik, Konrad (Department of Organisation and Management, Aarhus School of Business) |
| Abstract: | No abstract |
| Keywords: | No keywords; |
| Date: | 2005–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhb:aardom:2005_005&r=cse |
| By: | Hakan Berument; M. Eray Yücel; Onur Ince |
| Date: | 2005 |
| URL: | http://d.repec.org/n?u=RePEc:bil:bilpap:0507&r=cse |
| By: | Daron Acemoglu; Philippe Aghion; Claire Lelarge; John Van Reenen; Fabrizio Zilibotti |
| Abstract: | This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her informational advantage to make choices that are not in the best interest of the principal. As the available public information about the specific technology increases, the trade-off shifts in favor of centralization. We show that firms closer to the technological frontier, firms in more heterogeneous environments and younger firms are more likely to choose decentralization. Using three datasets of French and British firms in the 1990s we report robust correlations consistent with these predictions. |
| JEL: | O31 O32 O33 F23 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:12206&r=cse |
| By: | Shane Greenstein; Jeff Prince |
| Abstract: | This paper analyses the rapid diffusion of the Internet across the United States over the past decade for both households and firms. We put the Internet's diffusion into the context of economic diffusion theory where we consider costs and benefits on the demand and supply side. We also discuss several pictures of the Internet's physical presence using some of the current main techniques for Internet measurement. We highlight different economic perspectives and explanations for the digital divide, that is, unequal availability and use of the Internet. |
| JEL: | O3 L8 R0 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:12182&r=cse |