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on Economics of Strategic Management |
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Issue of 2013‒04‒06
sixteen papers chosen by Joao Jose de Matos Ferreira University of the Beira Interior |
| By: | Fukukawa, Hironori; Karube, Masaru |
| Abstract: | This study develops a conceptual framework for auditor knowledge comprising both the personal knowledge of auditors and the organizational knowledge of audit firms. We use this to examine how three measures of the personal knowledge held by engagement audit partners.the depth and width of knowledge and industry expertise.impact upon audit fees. We find that an engagement partner with deeper knowledge provides audit services more efficiently. In addition, audit fees are negatively associated with partners’ wider knowledge and positively with partners’ industry expertise, but only for audits by Big 4 audit firms. |
| Keywords: | Personal knowledge, Organizational knowledge, Industry expertise, Engagement partners |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:hit:iirwps:13-06&r=cse |
| By: | Christian Brodhag (EPICE-ENSMSE - Département Etudes sur la performance, l'Innovation et le Changement en Entreprise - Institut Henri Fayol - École Nationale Supérieure des Mines - Saint-Étienne) |
| Abstract: | Technology transfer and innovation are considered major drivers of sustainable development; they place knowledge and its dissemination in society at the heart of the development process. This article considers the role of research universities, and how they can interact with key actors and institutions involved in 'innovation ecosystems'. Considering various approaches of innovation and institutional analysis design (IAD), it proposes an institutional model of innovation where different authorities produce rules and knowledge that can be mobilized and/or changed in their respective action arenas. On this conceptual basis, one initiative is described: integrated poles of excellence (IPEs) for renewable energy in West Africa, which were conceptualized as a resource and knowledge centre connected to project implementation. |
| Keywords: | research universities; innovation; innovation ecosystems; knowledge; institutional analysis design; sustainable development |
| Date: | 2013–03–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:emse-00804454&r=cse |
| By: | KORKMAZ, Gizem |
| Abstract: | This thesis studies the interplay between network structure and strategic decision making given the backdrop of economic and social networks. The first two chapters study how firms’ incentives to invest in costly R&D are affected by the pattern of R&D collaborations in a certain industry. These two chapters propose formal models that build upon and enrich the previous literature, which abstracted from two crucial dimensions of the problem. The first chapter introduces the possibility that inter-firm links aiming at R&D collaboration could facilitate market collusion. The second chapter incorporates network-based externalities resulting from informational flows and congestion that are associated with R&D collaborations. These chapters suggest that the benefits of possible inter-firm collaboration must be reevaluated from the point of their welfare consequences. The last chapter aims to improve our understanding of how collective action spreads in large and complex networks in which agents use online social networks as communication tools. To this end, we develop a dynamic game-theoretic model of the “on-set of revolutions” that focuses on the local spread of information in order to study how network structure, knowledge and information-sharing interact in facilitating coordination through online communication networks. |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ner:euiflo:urn:hdl:1814/25137&r=cse |
| By: | Colombo, Luca (Università Cattolica del Sacro Cuore); Dawid, Herbert (University of Bielefeld); Piva, Mariacristina (Università Cattolica del Sacro Cuore); Vivarelli, Marco (Università Cattolica del Sacro Cuore) |
| Abstract: | This paper investigates, both theoretically and empirically, the implications that complementary assets needed for the formation of start-ups – proxied by the ease of access to financial resources – have on the innovative efforts of incumbent firms. In particular, we develop a theoretical model, highlighting a strategic incentive effect by which the innovative efforts of incumbent firms are decreasing in the availability of the complementary assets needed for the creation of a start- up. The empirical relevance of this effect is investigated by using firm level data drawn from the third Italian Community Innovation Survey covering the period 1998-2000. The results of our empirical analysis support our theory-based insights. |
| Keywords: | R&D, innovation, start-up, complementary assets |
| JEL: | O31 L26 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7302&r=cse |
| By: | INUI Tomohiko; EDAMURA Kazuma; Xiaofei TAN; TODO Yasuyuki; HANEDA Sho |
| Abstract: | Chinese cross-border outbound mergers and acquisitions (M&As) of firms in developed countries have been expanding rapidly since the mid-2000s. The major motives are expansion to new markets and sourcing of knowledge and strategic assets. This study is the first attempt to examine the effects of Chinese outbound M&As on firm performance, applying econometric analysis to large firm-level data. We find that sales, productivity, and tangible and intangible assets of acquiring firms increase substantially after M&A deals, while the research and development (R&D) intensity remains the same. These results suggest that Chinese firms on average achieve their intended goals of outbound M&As. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:13005&r=cse |
| By: | NAKAJIMA Kentaro; SAITO Yukiko; UESUGI Iichiro |
| Abstract: | This paper investigates the role of inter-firm transaction structure on industrial agglomeration by using Japanese firm-level transaction relationship data. First, we measure the industrial agglomeration for each industry. Next, we measure the intensity of transactions and inequalities of transaction partners as the measures of the micro structure of transaction networks in each industry. Then, we regress the index of agglomeration by the indexes of transaction structure. We find that the intensity of intra-industry transactions statistically enforces the agglomeration. Further, the inequality of transaction partners has a negative effect on the agglomeration. This suggests that the industries that attract a few hub-firms have a large number of intra-industry transaction partners that are not agglomerated. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:13021&r=cse |
| By: | NAKANISHI Hodaka; SAKATA Junichi; SUZUKI Katsuhiro; HOSOYA Jun |
| Abstract: | The approach of regional development with local resources has become popular in recent years, but most of the business activities using local resources are small in scale and their effects on regional economies are not clear. In order to take measures for the development of regional economies with local resources, it is necessary to show the growing process of local firms with local resources. Local firms are categorized by geographic relation with customers and suppliers into four types: 1) local production for local consumption type, 2) local firms growth type, 3) consuming area location type, and 4) inter-regional type. Based on the category, we presented a model of economic development with regional resources, in which local production for local consumption type firms, which started their businesses with regional resources, have enlarged their scale and extended their markets to outside of their areas and have become local production for local consumption type firms or even inter-regional type firms.<br />Firm activities of each type are analyzed with company data from Tokyo Shoko Research and the patent data. In the Tohoku area, companies introduced from outside of the region rank highly in sales. On the contrary, the activities of local firms which use regional resources in the Setouchi area are active as well as their innovation activities. Creation of new local technologies by local firms growth type firms and inter-regional type firms funded by local capital are active as well. The difference of firm activities by firm type is conformable to the deference of the economic situation between the Tohoku area and the Setouchi area.<br />It is important to promote the innovation activities of local, small local production for local consumption type firms selectively, support them to expand their activities outside of the area, and develop them into local production for local consumption type firms or inter-regional type firms, as well as to support their use of regional resources. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:13017&r=cse |
| By: | BABA Ryota; MOTOHASHI Kazuyuki |
| Abstract: | Entrepreneurship activities are low in Japan, and it is often discussed that possible reasons are the lack of venture capital and a rigid labor market. However, it is rare to find a study that analyzes the human capital aspect of entrepreneurs based on a large scale sample survey. In this study, the characteristics of the human capital of entrepreneurs, such as education and job experience, are analyzed based on a survey of entrepreneurs conducted by the Research Institute of Economy, Trade and Industry (RIETI) in 2012. The entire process of entrepreneurship is divided into three phases—(1) planning, (2) execution, and (3) achieving success in business—and the determinants of each step, not only the education and job background, but also personal relationships with the entrepreneur and his/her personality, are investigated. It is found that broad experiences while attending universities such as extra-curriculum activities are an important factor at the planning and execution stage. In contrast, broader job experiences but within a limited number of companies can explain the probability of entrepreneurship success well. Therefore, promotion of entrepreneurship activity in Japan including forming a spin-off company requires both a variety of extra-curriculum activities experienced at universities and facilitating employees to develop broad professional experiences. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:13016&r=cse |
| By: | Carolina Guevara (GATE Lyon Saint-Etienne - Groupe d'analyse et de théorie économique - CNRS : UMR5824 - Université Lumière - Lyon II - École Normale Supérieure - Lyon); Corinne Autant-Bernard (GATE Lyon Saint-Etienne - Groupe d'analyse et de théorie économique - CNRS : UMR5824 - Université Lumière - Lyon II - École Normale Supérieure - Lyon) |
| Abstract: | This study examines how the dissemination of research and development (R&D) and technology affected economic performance in different South American countries from 1990 to 2010. The objective is to understand the relationship between countries in the process of international technology diffusion, i.e. measuring externalities and identifying the mechanisms through which technology is transferred. To answer these questions, we consider the Schumpeterian growth model proposed by Ertur and Koch (2011). This framework accounts for the interdependences between countries (resulting from R&D externalities) from both a theoretical and an empirical point of view. With this spatial panel model, we assess the extent to which one country's productivity affects the productivity of other countries in the region and test the effectiveness of R&D in terms of direct and indirect impact on the economy. Different specifications of the spatial weight matrix are considered in order to investigate the different mechanisms of technological diffusion. The originality of this study lies firstly through the use of R&D measures that allow different sources of funding to be distinguished. In particular, we can thus assess the role of R&D expenditure from national sources in comparison with R&D expenditure from foreign sources which, in the context of developing countries, is a key issue. In addition, we provide an assessment of the role of absorptive capacity in terms of research expenditure or investment in human capital on the productivity levels of countries in the region. The results suggest that of the various factors determining South America's economic performance, public sector funded R&D investments and, to a lesser extent, private sector funded R&D, have a positive impact on these countries' productivity. In contrast, however, foreign investment in research does not produce the expected benefits. We also observe that there are significant international spillovers from R&D activities. The ability to disseminate technologies and to take advantage of these international spillovers, however, differs from one country to another. Our estimates indicate that Brazil has positioned itself as the main actor in the region in terms of technological diffusion, while Bolivia is the country most likely to benefit from these spillover effects. |
| Keywords: | Total Factor Productivity ; Technology diffusion ; spatial panel model |
| Date: | 2013–03–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00803541&r=cse |
| By: | Matthieu Crozet (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, IUF - Institut Universitaire de France - Ministère de l'Enseignement Supérieur et de la Recherche Scientifique, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales); Emmanuel Milet (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris); Daniel Mirza (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales, GERCIE - Université François Rabelais - Tours) |
| Abstract: | In order to promote international trade in services, the WTO-GATS aims at progressively eliminating discriminatory regulations, which apply to foreign suppliers, byguaranteeing equal national treatment. This paper looks instead at the trade effect of domestic regulations, which apply to all firms indifferently and do not intend to exclude foreign suppliers. We propose a theory-based empirical test to determine whether or not these domestic regulations affect foreign suppliers more than local ones. We take this test to the data by using French firm-level exports of professional services to OECD countries. Our econometric results show that domestic regulations in the importing markets matter significantly for trade in services. They reduce both the decision to export and the individual exports. These results tend to prove that domestic regulations are de facto discriminatory even if they are not de jure. |
| Keywords: | Trade in services; domestic regulations; firm heterogeneity |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-00801398&r=cse |
| By: | Takashi Hatakeda (Graduate School of Business Administration, Kobe University) |
| Abstract: | We estimate dynamic R&D investment models in publicly traded Japanese manufacturing firms over 2001-2009. Splitting into two subsamples by the degree of corporate diversification, we provide evidence that less-diversified firms have an increased tendency to smooth R&D@but more-diversified firms donft do it. To clarify the causes behind corporate diversification, we also turn our eyes on the effect of financial liquidity or share ownership structure, showing that financially unconstrained firms tend to smooth R&D investment. We, furthermore, provide evidence that corporate diversification doesnft improve financial liquidity in financially constrained firms, but deteriorates financial liquidity in some financially unconstrained firms. |
| Keywords: | corporate diversification; R&D; investment smoothing; financial liquidity; share ownership structure |
| JEL: | G31 G32 |
| Date: | 2012–11 |
| URL: | http://d.repec.org/n?u=RePEc:kbb:dpaper:2012-42&r=cse |
| By: | Takuya Yamamoto; Takeshi Sakurai |
| Abstract: | This paper analyzes the spillover effects of foreign companies' FDI on local companies, taking examples of public food companies in 4 Asian countries/areas namely Thailand, Malaysia, Hong Kong, and China. The analyses confirm spillover effects in food industry in Thailand, and reveal that the effects are stronger in the case of "domestic-market oriented FDI" than in the case of "export-oriented FDI." Moreover, it is found that domestic-market oriented FDI reduces the share of export in total sales in Thai food industry. Small domestic market may have caused the insignificant spillover effects in food industry in Malaysia and Hong Kong, where local companies have lost their market share due to foreign companies. As for beverage industry, insignificant spillover effects may be attributed to the fact that beverage industry is more capital intensive than food industry and the technological gap with developed countries is smaller. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:hst:ghsdps:gd12-288&r=cse |
| By: | Chang, Chia-Lin; Hsu, Hui-Kuang |
| Abstract: | This paper investigates the volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising from the tourism policy reform that allowed mainland Chinese tourists to travel to Taiwan. Four conditional univariate GARCH models are used to estimate the volatility in the stock indexes for large and small firms in Taiwan. Daily data from 30 November 2001 to 27 February 2013 are used, which covers the period of Cross-Straits tension between China and Taiwan. The full sample period is divided into two subsamples, namely prior to and after the policy reform that encouraged Chinese tourists to Taiwan. The empirical findings confirm that there have been important changes in the volatility size effects for firm performance, regardless of firm size and estimation period. Furthermore, the risk premium reveals insignificant estimates in both time periods, while asymmetric effects are found to exist only for large firms after the policy reform. The empirical findings should be useful for financial managers and policy analysts as it provides insight into the magnitude of the volatility size effects for firm performance, how it can vary with firm size, the impacts arising from the industry policy reform, and how firm size is related to financial risk management strategy. |
| Keywords: | Tourism, firm size, conditional volatility models, volatility size effects, asymmetry, tourism policy reform. |
| JEL: | C22 C32 G18 L83 |
| Date: | 2013–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:45691&r=cse |
| By: | Tansel, Aysit (Middle East Technical University); Gazioglu, Saziye (Middle East Technical University) |
| Abstract: | This paper investigates the job satisfaction in relation to managerial attitudes towards employees and firm size using the linked employer-employee survey results in Britain. We first investigate the management-employee relationships and the firm size using maximum likelihood probit estimation. Next various measures of job satisfaction are related to the management-employee relations via maximum likelihood ordered probit estimates. Four measures of job satisfaction that have not been used often are considered. They are satisfaction with influence over job; satisfaction with amount of pay; satisfaction with sense of achievement and satisfaction with respect from supervisors. Main findings indicate that management-employee relationships are less satisfactory in the large firms than in the small firms. Job satisfaction levels are lower in large firms. Less satisfactory management-employee relationships in the large firms may be a major source of the observed lower level of job satisfaction in them. These results have important policy implications from the point of view of the firm management while achieving the aims of their organizations in particular in the large firms in the area of management-employee relationships. Improving the management-employee relations in large firms will increase employee satisfaction in many respects as well as increase productivity and reduce turnover. The nature of the management-employee relations with firm size and job satisfaction has not been investigated before. |
| Keywords: | job satisfaction, managerial attitudes, firm size, linked employer-employee data, Britain |
| JEL: | J28 J5 J21 D23 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7308&r=cse |
| By: | Tobias Fleitera (ISI - a Fraunhofer Institute for Systems and Innovation Research - a Fraunhofer Institute for Systems and Innovation Research); Joachim Schleich (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM), ISI - Fraunhofer Institute for Systems and Innovation Research - Fraunhofer Institute for Systems and Innovation Research); Ployplearn Ravivanpong (ISI - Fraunhofer Institute for Systems and Innovation Research - Fraunhofer Institute for Systems and Innovation Research) |
| Abstract: | This paper empirically investigates the factors driving the adoption of energy-efficiency measures by small and medium-sized enterprises (SMEs). Our analyses are based on cross-sectional data from SMEs which participated in a German energy audit program between 2008 and 2010. In general, our findings appear robust to alternative model specifications and are consistent with the theoretical and still scarce empirical literature on barriers to energy efficiency in SMEs. More specifically, high investment costs, which are captured by subjective and objective proxies, appear to impede the adoption of energy-efficient measures, even if these measures are deemed profitable. Similarly, we find that lack of capital slows the adoption of energy-efficient measures, primarily for larger investments. Hence, investment subsidies or soft loans (for larger invest-ments) may help accelerating the diffusion of energy-efficiency measures in SMEs. Other barriers were not found to be statistically significant. Finally, our findings provide evidence that the quality of energy audits affects the adoption of energy-efficiency measures. Hence, effective regulation should involve quality standards for energy au-dits, templates for audit reports or mandatory monitoring of energy audits. |
| Keywords: | Energy efficiency in SMEs; adoption of energy-efficiency measures; barriers to energy efficiency; |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:hal:gemptp:hal-00805748&r=cse |
| By: | Goshunova, Anna |
| Abstract: | In this paper we tried to investigate the positive influence of capitalization of players acquisition costs as intangible assets on efficiency of professional football clubs. Econometric approach was used to establish econometric models for three indicators of efficiency – total income, total cash flow and rank of club in the national championship. In all models intangible assets (professional players) have reliable positive effect on efficiency of English football clubs. |
| Keywords: | football clubs, human capital accounting, transfer fees, efficiency |
| JEL: | C1 M4 M41 |
| Date: | 2013–02–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:45721&r=cse |