|
on Economics of Strategic Management |
|
Issue of 2013‒03‒02
sixteen papers chosen by Joao Jose de Matos Ferreira University of the Beira Interior |
| By: | Gunnar Pippel |
| Abstract: | In the literature on environmental innovations R&D collaborations have been identified as a critical determinant of a firm’s environmental innovation performance. However, the literature suggests that R&D collaboration is not always beneficial. Therefore, a more elaborated analysis of the effects of R&D collaborations on a firm’s environmental innovation performance is necessary. This paper investigates the impact of R&D col-laborations with different partner types such as customers, competitors, suppliers, uni-versities, governmental research institutes, consultants and other firms within the same firm group on a firm’s environmental innovation performance. In addition, this paper addresses the question of whether the diversity of R&D collaboration partners is im-portant for the environmental innovation performance. Firm-level data from 2,337 Ger-man service and manufacturing firms are used in the regression analysis. The results suggest that R&D collaboration with suppliers, customers, universities, governmental research institutes, consultants and other firms within the same firm group has a signifi-cantly positive impact on a firm’s environmental innovation performance, whereas col-laboration with competitors has no significant impact. The diversity of R&D collaboration partners has a significantly positive impact on a firm’s environmental innovation performance. |
| Keywords: | R&D, collaboration, environment, innovation |
| JEL: | O31 O32 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:5-13&r=cse |
| By: | Andrea Gauselmann |
| Abstract: | Innovation systems abroad become more and more important to multinational enterprises (MNEs) as sources of knowledge and technology. On the other hand, MNEs’ foreign subsidiaries can be considered agents of technological and economic development in their target location region. Applying a logit estimation, this discussion paper investigates which firm- and region-specific determinants influence cooperations in the area of research and development (R&D) between the foreign subsidiary and the regional innovation system. Results suggest that especially the foreign subsidiary’s mandate in terms of R&D and management, its size and the regional knowledge stock are positively associated with these co-operations. The analysis focuses on posttransition economies, using the example of five selected CEE countries and East Germany. We exploit a unique dataset – the IWH FDI Micro Database – which holds information on 1,245 foreign subsidiaries in this region. |
| Keywords: | foreign direct investment, Central East Europe, East Germany, R&D-cooperations |
| JEL: | F23 O30 P13 P20 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:4-13&r=cse |
| By: | Alessandra Colombelli (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis (UNS) - CNRS : UMR6227); Jackie Krafft (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis (UNS) - CNRS : UMR6227); Francesco Quatraro (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis (UNS) - CNRS : UMR6227) |
| Abstract: | The paper analyzes the effects of the properties of firms' knowledge base on the survival likelihood of firms. Drawing upon the analysis of the patterns of co-occurrence of technological classes in patent applications, we derive the coherence, variety and cognitive distance indexes, accounting respectively for technological complementarity, differentiation and (dis)similarity in the firms' patent portfolios. The results of our analysis are in line with the previous literature, showing that innovation enhances the survival likelihood of firms. In addition, we show that the search strategies at work in the development of firms' knowledge base matter in reducing the likelihood of a failure event. Knowledge coherence and variety appear to be positively related to firms' survival, while cognitive distance exerts a negative effect. We conclude that firms able to exploit the accumulated technological competences have more chances to be successful in competing durably in the market arena, and derive some policy implications concerning the role of public intervention in the orientation of search efforts in local contexts. |
| Keywords: | Knowledge coherence; variety; cognitive distance; firms' survival |
| Date: | 2013–01–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00686007&r=cse |
| By: | Muhamed Kudic; Katja Guhr |
| Abstract: | We study how firm innovativeness is related to individual cooperation events and the structure and dynamics of firms’ ego-networks employing a unique panel dataset for the full population of 233 German laser source manufactures between 1990 and 2010. Firm innovativeness is measured by yearly patent applications as well as patent grants with a two year time-lag. Network measures are calculated on the basis of 570 knowledge-related publicly funded R&D alliances. Estimation results from a panel data count model with fixed effects are suggestive of direct innovation effects due to individual cooperation events, but only as long as structural ego-network characteristics are neglected. Innovativeness is robustly related to ego-network size and ego-network brokerage whereas ego-network density reveals some surprising results. |
| Keywords: | R&D cooperation, ego-networks, firm innovativeness |
| JEL: | L25 O32 D85 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:6-13&r=cse |
| By: | Elisabeth Bublitz (School of Economics and Business Administration, Friedrich-Schiller-University Jena); Michael Fritsch (School of Economics and Business Administration, Friedrich-Schiller-University Jena); Michael Wyrwich (School of Economics and Business Administration, Friedrich-Schiller-University Jena) |
| Abstract: | Being a "jack-of-all-trades" increases the probability of running an entrepreneurial venture successfully; but what happens to "jack-of-few-trades" who lack sufficient skills? This paper investigates a possible compensation mechanism between balanced skills and cities, and how this compensatory measure relates to performance. Specifically, we test and find support for the idea put forward by Helsley and Strange (2011) that high market thickness, such as that found in cities, can compensate for a lack of entrepreneurial skill balance. The results indicate that entrepreneurs with low skill balance benefit more from locating in cities than their counterparts with high skill balance. Innovative firms do not differ from other businesses in this respect. |
| Keywords: | Agglomeration, Entrepreneurship, Balanced Skills, Thick Markets, Urban Diversity |
| JEL: | R1 L26 J24 O31 |
| Date: | 2013–02–26 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2013-010&r=cse |
| By: | Annalisa Caloffi; Federica Rossi; Margherita Russo |
| Abstract: | We contribute to the debate on the assessment of the behavioural effects of policies by investigating which features of policy interventions in support of innovation networks, if any, improve the firms’ ability to form subsequent relationships. In order to do so, we analyse the evolution of dyadic relationships within a set of policy interventions implemented by the Italian region of Tuscany between 2002 and 2008, aimed at supporting innovation projects performed by networks of heterogeneous agents. Our analysis shows that the observed policies have changed the relational pattern of the firms, pushing them to collaborate – often in a stable way – with a number of agents. We find that a large sectoral heterogeneity among agents is generally associated with a lower probability of networking; and that the presence of specialized intermediaries increases the firms’ ability to network with universities. |
| Keywords: | Evaluation; innovation networks; dyadic relationships; behavioural effects; innovation policy |
| JEL: | D85 H43 L14 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:aal:abbswp:13-07&r=cse |
| By: | Schricke, Esther |
| Abstract: | The aim of this article was to investigate how far clusters in knowledge-intensive service industries have developed and what kind of agglomeration advantages they generate. Therefore the first step was to analyse which knowledge-intensive service industries exhibit spatial concentration. Based on this analysis, the absolute as well as the relative concentrations in these industries was examined at the NUTS 3 level. The results show that cluster structures have developed in some but not all knowledge-intensive industries of the service sector. A high measure of spatial concentration does not necessarily mean that a cluster exists, since especially in less urban region high localisation quotients are frequently ascribed to either one company or only a small number of companies. The knowledge-intensive services with cluster structures differ with regard to external effects, each of which becomes important: a highly qualified labour pool is by definition important for all knowledge-intensive industries of the service sector and fundamental for the existence of cluster structures in each of the examined services. Nevertheless there are however crucial differences regarding the significance of further external effects. Porter-externalities do not appear to stimulate competiveness in any of the examined industries of the service industry. However, none of the available studies explicitly examined the aspect of competition. Thus the interplay of agglomeration advantages needs to be researched further. The type of knowledge and the market environment should also be regarded as important factors (Orsenigo 2006: 201). Contact to local suppliers and customers in industries that are characterized by project work, such as the film and television industry or the media, are particularly important. Supporting clusters and networks is currently fashionable and is practised by different actors. The results show that cluster and network policies have to be focussed on the field of activity. It seems in any case sensible to expand the knowledge and education infrastructure in knowledge-intensive services which do not have cluster structures. The spatial proximity of actors in the innovation process or of suppliers and customers is not always advantageous. Too strong a focus on spatially concentrated exchange processes, leading to an isolation from global trends, can prove to have negative effects in the long term. In this respect the great importance of a qualified labour pool provides a starting point for policy measures that could also be useful for other fields of activity. This includes the development and financing of (partially specialised) educational institutions or measures. The appeal of the surroundings is also important to tie highly qualified staff to a region, as the discussion on a creative class (Florida 2002; 2005) also shows. While factors such as urbanity can hardly be influenced politically, there are certain initiatives regions can adopt to compensate for the lack of attractiveness. In regions where companies find it difficult to attract qualified staff from other regions higher education institutions are important sources of qualified staff. Therefore increasing the attractiveness of higher education institutions and of relevant study programmes are a first starting point. Likewise, the example of ITsax shows how companies can cooperate successfully in the area of recruitment. Furthermore, the provision of childcare facilities or international schools is important for the creation of attractive conditions particularly for women and / or international employees. -- |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisifr:r12013&r=cse |
| By: | Spyros Arvanitis (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Tobias Stucki (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | In this study we investigate the impact of early stage venture capital on innovation activities of Swiss start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97 as recorded by a census of the Swiss Federal Statistical Office for this period. We analyze not only the impact of early stage venture capital on innovation performance 3 years after firm foundation but also 6 and 9 years after firm start, respectively, for those firms that survived so long and reported continuously innovation activities (persistence of innovation). The results support neither the hypothesis of a positive impact on initial innovation activities nor the hypothesis of a positive time-persistent effect on innovation performance of start-ups. |
| Keywords: | venture capital, start-ups, innovation performance |
| JEL: | L20 O31 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:13-332&r=cse |
| By: | Niels Bosma; Sander Wennekers; Erik Stam |
| Abstract: | In this paper, we argue that institutions affect the allocation of entrepreneurship across new and established organizations. This is confirmed by empirical analysis of the Global Entrepreneurship Monitor (GEM) data on early-stage (independent) entrepreneurial activity and entrepreneurial employee behavior. Most comparative international research on entrepreneurship has focused on independent new ventures and has ignored the pursuit of entrepreneurial opportunities within established organizations (intrapreneurship). However, in developed economies the prevalence of entrepreneurial employee behavior is on average found to be in the same order of magnitude as that of independent entrepreneurial activity. At the same time prevalence rates of these two types of entrepreneurship vary substantially between countries. We analyze the allocation of entrepreneurial activity across early-stage independent entrepreneurial activity (entrepreneurship in new organizations) and entrepreneurial employee activity (entrepreneurship in established organizations) in 36 countries, taking into account effects of the level of economic development as well as the formal and informal institutional setting. We find that labor market institutions and the extent to which societies value autonomy affect the allocation of entrepreneurship across new and established organizations. |
| Date: | 2013–02–11 |
| URL: | http://d.repec.org/n?u=RePEc:eim:papers:h201213&r=cse |
| By: | Fadi Farra (Whiteshield Partners); Nadia Klos (Whiteshield Partners); Uwe Schober (Whiteshield Partners); Olga Sigalova (Whiteshield Partners); Alexander Zhukov (Whiteshield Partners) |
| Abstract: | Over the past 15 years, while China’s economy has become more complex and export driven, Russia's economy has become less complex and less competitive. Economic policies have so far largely failed to boost two key drivers of economic development: knowledge and capability building. Building on a new Regional Capability Index as well as historical and case study analysis, we develop a set of scenarios and recommended models to address capability gaps and enhance the competitiveness of Russia. |
| Keywords: | regional development, competitiveness, product space, innovation, Russia |
| JEL: | O11 O14 O33 F43 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:ebd:wpaper:155&r=cse |
| By: | Jackie Krafft (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)); Yiping Qu (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)); Francesco Quatraro (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)); Jacques-Laurent Ravix (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)) |
| Abstract: | This paper aims to revisit the link between corporate governance, value, and firm performance by focusing on convergence, understood as the way that non-US firms are adopting US best practice in terms of corporate governance, and the implications of this adoption. We examine theoretical questions related to conventional models (agency theory, transaction cost economics, new property rights theory),which tend to suggest rational adoption of best practice, and contributions that alternatively consider country- and firm-level differences as possible barriers to convergence. We contribute to the empirical literature by using a large international database to show how non-US firms' adoption of US best practice is having an impact on performance. |
| Keywords: | Corporate governance; governance metrics, ratings, rankings and scoring; firm value; firm performance |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00786763&r=cse |
| By: | IOKA, Kayoko |
| Abstract: | Through examining the corporate financing strategies of Tonen Corporation (Tonen; now TonenGeneral Sekiyu), Exxon and Mobil’s (now ExxonMobil) affiliated company in Japan, the main purpose of this report is to shed light on the entrepreneurial leadership and growth of this local subsidiary under the global strategy of its parents company. In numerous previous studies focusing on the so-called “the Majors”, the major international oil companies, as a typical examples of multinational corporation, it has been pointed out that they expanded their regional activities through the use of subsidiaries during the process of becoming multinational. However, it has been less explored the aspect of local subsidiaries’ activities and influence by the local management groups and their abilities for their corporate growth. Using Tonen as its case, this study reveals the characteristics of the growth process attributable to the local affiliate, and the leadership of the management teams particularly during periods of the tension between global strategy of parents company and local affiliate’s own corporate strategy. |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hjbswp:164&r=cse |
| By: | Josheski, Dushko; Magdinceva Sopova, Marija |
| Abstract: | The aim of this paper is to investigate the issue of R&D investment and the market value of the firm. This idea dating back from Arrow paper, later developed by Paul Romer but in the area of economic growth. Zvi Griliches (1979), first introduced the production function, which later would be used in a vast literature from this area (Market value of the firms and R&D investment). In the theoretical section of this paper we are describing Tobin’s original model, and Abel’s (1984) model, this models relates Tobin’s quotient with intangible assets of the company. In the empirical part we develop cross-section time series model (Feasible Generalized Least Squares Model), for a panel of countries in Europe including UK and Turkey, in total of 11 panels. Later we test that model by estimating the marginal effects of R&D investment with Tobin’s q on a small economy such as R. Macedonia. The results exert positive and statistically significant relationship between market value of the firms and R&D investment. -- |
| Keywords: | Tobin’s q,R&D,knowledge absorption |
| JEL: | D9 D46 |
| Date: | 2013–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:68488&r=cse |
| By: | J.W. Fedderke |
| Abstract: | This paper takes as its starting point established findings on industrial conduct as measured by pricing power in South African industry. The South African findings are contrasted with recent results derived from firm-level data from China and India. A stark contrast emerges between China, with low mark-ups of price over marginal cost of production, and South Africa and India with high mark-ups. Given the impact of pricing power on productivity growth, we show that lack of competitive pressure in the manufacturing sector, contributes one important explanation of why China has a relatively large, while South Africa and India have a relatively small manufacturing sector. We also provide an estimate of foregone employment opportunities due to the presence of pricing power has carried for South Africa. We provide a framework in terms of which the impact of success of potential policy intervention in the labour market can be assessed, given the findings on industrial structure. Returning to Chinese firm level data, we also examine whether there is a case to be made for differential policy treatment of established, new entrant, and struggling firms - and find that there is little evidence to support such a claim. For China we find that state intervention in the manufacturing sector has primarily served to suppress pricing power. We conclude with reflections on competitive pressures in other sectors of the economy, as well as final inferences on desirable policy interventions designed to stimulate growth and employment creation. |
| Keywords: | Competition, Industrial Structure, Economic Growth, South Africa, India, Industry |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:330&r=cse |
| By: | Wei Lin; Linbo Shao |
| Abstract: | The real estate is a pillar industry of China's national economy. Due to changes in policy and market conditions, the real estate companies are facing greater pressures to survive in a competitive environment. They must improve their financial competitiveness. Based on the conceptual framework of financial competitiveness, this paper presented a financial competitiveness evaluation index system, covering four aspects, including profitability, solvency, sustainable development and operational capacity. Entropy value method is applied to determine the index weight. 105 listed real estate company's financial competitiveness are evaluated, the results show that: high-scoring company has strong profitability, sustainable development and operational capacity; low-scoring company has weak profitability and poor ability of sustainable development; solvency doesn't affect the company's financial competitiveness obviously. |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1302.2493&r=cse |
| By: | K. Gonchar; Philipp Marek |
| Abstract: | This paper conducts an empirical study of the factors that affect the spatial distribution of foreign direct investment (FDI) across regions in Russia; in particular, this paper is concerned with those regions that are endowed with natural resources and market-related benefits. Our analysis employs data on Russian firms with a foreign investor during the 2000-2009 period and linked regional statistics in the conditional logit model. The main findings are threefold. First, we conclude that one theory alone is not able to explain the geographical pattern of foreign investments in Russia. A combination of determinants is at work; market-related factors and the availability of natural resources are important factors in attracting FDI. The relative importance of natural resources seems to grow over time, despite shocks associated with events such as the Yukos trial. Second, existing agglomeration economies encourage foreign investors by means of forces generated simultaneously by sector-specific and inter-sectoral externalities. Third, the findings imply that service-oriented FDI co-locates with extraction industries in resource-endowed regions. The results are robust when Moscow is excluded and for subsamples including only Greenfield investments or both Greenfield investments and mergers and acquisitions (M&A). |
| Keywords: | multinational enterprises, regional economic activity, exhaustible resources and economic development |
| JEL: | F23 R11 Q34 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:iwh:dispap:3-13&r=cse |