nep-cse New Economics Papers
on Economics of Strategic Management
Issue of 2014‒03‒30
25 papers chosen by
Joao Jose de Matos Ferreira
University of the Beira Interior

  1. Who collaborates with whom: the role of technological distance in international innovation By Jérôme Danguy
  2. Cross-Functional Knowledge Integration, Patenting and Firm’s Performance By Marco MC Ceccagnoli; Nicolas van Zeebroeck; Roberto Venturini
  3. Corporate Science, Innovation and Firm Value By Marcus Simeth; Michele Cincera
  4. Globalization of Innovation Production: A Patent-Based Industry Analysis By Jérôme Danguy
  5. SMEs and Barriers to Eco-Innovation in EU: A Diverse Palette of Greens By Marin,Giovanni; Marzucchi,Alberto; Zoboli,Roberto
  6. Energy efficiency determinants: an empirical analysis of Spanish innovative firms By María Teresa Costa; José García-Quevedo; Agustí Segarra
  7. Stratégie d’innovation et leadership : le cas d’ArcelorMittal, leader du secteur métallurgique INNOVATION STRATEGY AND LEADERSHIP THE CASE OF ARCELOR MITTAL, LEADER IN THE STEEL SECTOR By Anthony WIDEHEM
  8. Exploring Europe's R&D deficit relative to the US: differences in the rates of return to R&D of young leading R&D firms By Michele Cincera; Reinhilde Veugelers
  9. Governance Typology of Universities' Technology Transfer Processes By Anja Schoen; Joachim Henkel; Bruno Van Pottelsberghe
  10. Educational Diversity and Knowledge Transfers via Inter-Firm Labor Mobility By Marino, Marianna; Parrotta, Pierpaolo; Pozzoli, Dario
  11. Why don't poor countries do R&D ? By Goni, Edwin; Maloney, William F.
  12. The Causal Effects of Competition on Innovation: Experimental Evidence By Philippe Aghion; Stefan Bechtold; Lea Cassar; Holger Herz
  13. Internal and External Effects of R&D Subsidies and Fiscal Incentives: Empirical Evidence Using Spatial Dynamic Panel Models By Benjamin Montmartin; Marcos Herrera
  14. Government Policy Ecosystem for Entrepreneurship Development in MSEs Sector By Bhat, Shabir A; Khan, Riyaz A
  15. A theory of trade liberalization and innovations with heterogeneous firms By Rutzer, Christian
  16. Private environmental governance through cross-sector partnerships: Tensions between competition and effectiveness By Tobias Hahn; Jonatan Pinkse
  17. Strategic Transfer Pricing and Intensity of Competition By Nathan Berg; Chun-Yu Chen; Barry J. Seldon
  18. Prospects for the development of innovative processes management information base in the Russian economy By Alexander Abroskin
  19. A caring interpretation of stakeholder management for the social enterprise. Evidence from a regional survey of micro social cooperatives in the Italian welfare mix By Lorenzo Dorigo; Giuseppe Marcon
  20. Entrepreneurial intention and career choices: The role of volition By S. Nyock Ilouga; A.C. Mouloungui; J.-M. Sahut
  21. Female Employment and Firm Performance: An empirical analysis using firm panel data (Japanese) By YAMAMOTO Isamu
  22. El impacto de la internacionalización sobre las empresas: Evidencia empírica para el caso español By Sánchez, Patricio; Gallego, Elena; Rivero, Dolores; Lago-Peñas, Santiago
  23. Do global factors impact BRICS stock markets? A quantile regression approach By Walid Mensi; Shawkat Hammoudeh; Juan Carlos Reboredo; Duc Khuong Nguyen
  24. Barriers to non-formal professional training in Spain in periods of economic growth and crisis. An analysis with special attention to the effect of the previous human capital of workers By Jorge Calero; Josep-Oriol Escardíbul
  25. Growth Effects of Structural Reforms in Southern Europe: The case of Greece, Italy, Spain and Portugal By Janos Varga; Werner Roeger; Jan in 't Veld

  1. By: Jérôme Danguy
    Abstract: This paper aims at investigating the role of technological distance in the globalized productionof innovation. It uses aggregate patent-based indicators for a unique panel datasetcovering international co-inventions between 29 countries across 21 industries between1988 and 2005. The empirical findings show a dual impact of technological distance onthe intensity of international collaborative innovation at the industry level. On the onehand, the more similar the industry-specific knowledge of two countries, the more easilythey collaborate by sharing common industrial knowledge. On the other hand, the moredifferent their non-industry-specific knowledge, the more they collaborate to gain accessto broad and interdisciplinary expertise. It suggests that the relative absorptive capacitybetween partner’s economies and the search for novel and complementary knowledge arekey drivers of the globalization of innovation. Moreover, the results confirm the additionaleffect of non-technological distance factors (spatial proximity, ease of communication, institutionalproximity, overall economic ties) in cross-border innovative relationships.
    Keywords: internationalization, R&D collaboration, technological distance, patent statistics
    Date: 2014–02–24
  2. By: Marco MC Ceccagnoli; Nicolas van Zeebroeck; Roberto Venturini
    Abstract: Cross-functional knowledge integration and patenting are both reckoned to increase the productivity of human capital and the profitability of the firms implementing them. The combined effect of a joint use is in many ways ambiguous since those practices pursue different objectives in terms of managing the flow of information within the firm's boundaries. The presence of knowledge spillovers in situations of high technological rivalry could deteriorate the positive impact of knowledge integration. We investigate empirically different channels of interactions between patenting and knowledge integration and we find that they are substitutes in terms of economic profitability; consistently with our theory, the effect is exacerbated by high technological rivalry and scarce effectiveness of secrecy. Our empirical analysis is conducted using a cross-section database with detailed firm-level information on U.S. manufacturing firms.
    Keywords: R&D, Performance, Knowledge Integration, Patents, Spillovers
    Date: 2013
  3. By: Marcus Simeth; Michele Cincera
    Abstract: It can be observed that many R&D performing firms produce scientific knowledge and discloseresearch outcomes in scientific journals. At the micro-level, prior work identified several potentialbenefits of such a strategy like superior access to informal information networks or the opportunity ofrecruiting the best PhD graduates. However, scientific research is costly and subject to considerableuncertainty with respect to the outcomes, and the disclosure may lead to spillover effects that decreasethe ability of firms to generate returns of their R&D investments. Overall, it remains unclear if andunder what conditions science-oriented strategies are beneficial for firms. We address this gap andexamine the impact of scientific activities on the firm’s market value using accounting data for USfirms from Compustat and matched patent and scientific publication data. We find evidence for apositive impact of scientific publication stocks on the firm value beyond the effects of R&D, patentstocks and patent quality.
    Keywords: R&D, Industrial science, Market value, Tobin's Q, Knowledge disclosure, Econometric evidence
  4. By: Jérôme Danguy
    Abstract: Using patent-based indicators, this paper aims at explaining to what extent the productionof innovation is globalized. Firstly, it provides evidence – over time, across countriesand across industrial sectors – on the patterns in international technological collaborationand in cross-border ownership of innovation. Secondly, a fractional logit model is estimatedfor a unique panel dataset covering patent information of 21 industries in 29 countries from1980 to 2005. The results show that countries tend to be more globalized in industrial sectorsin which they are less technologically specialized. It suggests that globalization of innovationis more driven by home-base augmenting determinants than home-base exploitingones. The empirical findings also indicate that the intensity of globalization of innovationis higher in multidisciplinary country-industry pairs and in those which compete internationallyin trade.
    Keywords: internationalization, R&D collaboration, patent statistics, industrial sectors
    Date: 2014–02–23
  5. By: Marin,Giovanni; Marzucchi,Alberto; Zoboli,Roberto
    Abstract: Eco-innovation is an explicit aim of major EU policy strategies. Many environmental policy de facto require firms to eco-innovate to comply with policy requirements, while the overlap between policy-driven and market-driven eco-innovation strategies is increasingly important for many firms. Barriers to eco-innovation can then emerge as a critical factor in either preventing or stimulating EU strategies, policy implementation, and 'green strategies' by firms. In this paper, we propose a taxonomy of EU SMEs in terms of barriers to eco-innovation. The aim is to discriminate among SMEs on how they differ in terms of perception of barriers and engagement in environmental innovation, thus highlighting the need to look at eco-innovation barriers in relation to firms' attitudes, technological and organizational capabilities, and strategies. We identify six clusters of SMEs. These clusters include firms facing 'Revealed barriers', 'Deterring barriers', 'Cost deterred' firms, 'Market deterred' firms, 'Non eco-innovators' and 'Green champions'. The clusters show substantial differences in terms of eco-innovation adoption. We show that our proposed taxonomy has little overlap with sector classifications. This diversity should be taken into account for successful environmental innovation policies.
    Keywords: eco-innovation, Barriers to innovation, firm behaviour
    JEL: O33 Q55
    Date: 2014–03–24
  6. By: María Teresa Costa (Universitat de Barcelona & IEB); José García-Quevedo (Universitat de Barcelona & IEB); Agustí Segarra (GRIT, CREIP, Rovira i Virgili University)
    Abstract: This paper examines the extent to which innovative Spanish firms pursue improvements in energy efficiency (EE) within their innovation objectives. The increase in energy consumption and its impact on greenhouse gas emissions justifies the greater attention being paid to energy efficiency and especially to industrial EE. The ability of manufacturing companies to innovate and improve their EE has a substantial influence on reaching the objectives regarding climate change mitigation. Despite the effort to design more efficient energy policies, the EE determinants in manufacturing firms have been little studied in the empirical literature. From an exhaustive sample of Spanish manufacturing firms and using a probit model, we examine the energy efficiency determinants to those firms that have innovated. To carry out the econometric analysis, we use a panel data coming from CIS (Community Innovation Survey) for the period 2008-2011 that includes 4,458 manufacturing firms. Among firm characteristics, the empirical results underline the importance of size in facilitating the adoption of technology that improves energy efficiency; while among the factors related to companies’ behavior, the favorable influence of organizational innovations and innovations related with the reduction of environmental impacts stand out as the main factors in carrying out innovations with the objective of increasing energy efficiency.
    Keywords: Energy efficiency, corporate targets, innovation, Community Innovation Survey
    JEL: Q40 Q55 O31
    Date: 2014
  7. By: Anthony WIDEHEM (Master 2 Ingénierie Numérique et Signal Image et Informatique Industrielle, Université du Littoral Côte d’Opale, Calais)
    Abstract: Arcelor Mittal est le leader incontestable du marché mondial de l'acier. Dans ce document nous présentons ses forces fondées sur la combinaison d'innovations technologiques et d'innovations organisationnelles avec une stratégie d'internationalisation des sites de production mais non de ses centres de recherche pour rester à la pointe de l’innovation tout en réduisant les coûts de main d’oeuvre. Arcelor Mittal is the undisputed leader in the global steel market. In this paper, we present its strengths based on the combination of technological and organizational innovations with a strategy of internationalization of its production plants, but not of its research centers. This strategy aims to remain at the forefront of innovation while reducing the cost of labor.
    Keywords: sidérurgie, innovation, stratégie de production, R&D, steel industry, innovation, production strategy, R&D, Arcelor Mittal
    JEL: L61 O31 O32
    Date: 2014–01
  8. By: Michele Cincera; Reinhilde Veugelers
    Date: 2013–01
  9. By: Anja Schoen; Joachim Henkel; Bruno Van Pottelsberghe
    Abstract: Despite the growing interest in university-to-industry technology transfer, there are very few studies on the governance of universities’ technology transfer offices (TTOs). The few existing ones tend to focus on U.S. universities and generally tackle one dimension of the governance. The present paper aims at contributing to this literature in two ways. First, it takes into account the diversity of organizational models with a theoretical perspective: the paper presents a discussion on which combinations of four structural dimensions should yield viable configurations. Four main types of TTOs are identified: (1) classical TTO; (2) autonomous TTO; (3) discipline-integrated Technology Transfer Alliance; and (4) discipline-specialized Technology Transfer Alliance. Second, the paper relies on 16 case studies of universities located in six European countries in order to address the pros and cons of the four types of TTOs. The results provide both a conceptual understanding and an empirical overview of how universities organize their technology transfer and intellectual property management.
    Keywords: Technology transfer offices; organizational structure; governance; academic patents
    JEL: L30 O31 O32 O34
    Date: 2013–01
  10. By: Marino, Marianna (EPFL, Lausanne); Parrotta, Pierpaolo (Maastricht University); Pozzoli, Dario (KORA - Danish Institute for Local and Regional Government Research)
    Abstract: This article contributes to the literature on knowledge transfer via labor mobility by providing new evidence regarding the role of educational diversity in knowledge transfer. In tracing worker flows between firms in Denmark over the period 1995-2005, we find that knowledge carried by workers who have been previously exposed to educationally diverse workforces significantly increases the productivity of hiring firms. Several extensions of our baseline specification support this finding and show that insignificant effects are associated with the prior exposure of newly hired employees to either demographic or culturally diverse workplaces.
    Keywords: educational diversity, knowledge transfer, inter-firm labor mobility, firm productivity
    JEL: J24 J60 L20
    Date: 2014–03
  11. By: Goni, Edwin; Maloney, William F.
    Abstract: Using a global panel on research and development (R&D) expenditures, this paper documents that on average poor countries do far less R&D than rich as a share of GDP. This is arguably counter intuitive since the gains from doing the R&D required for technological catch up are thought to be very high and griffith2004 have documented that in the OECD returns increase dramatically with distance from the frontier. Exploiting recent advances in instrumental variables in a varying coefficient context we find that the rates of return follow an inverted U: they rise with distance to the frontier and then fall thereafter, potentially turning negative for the poorest countries. The findings are consistent with the importance of factors complementary to R&D, such as education, the quality of scientific infrastructure and the overall functioning of the national innovation system, and the quality of the private sector, which become increasingly weak with distance from the frontier and the absence of which can offset the catch up effect. China's and India's explosive growth in R&D investment trajectories in spite of expected low returns may be justified by their importing the complementary factors in the form of multinational corporations who do most of the patentable research.
    Keywords: Economic Theory&Research,Debt Markets,E-Business,Political Economy,Scientific Research&Science Parks
    Date: 2014–03–01
  12. By: Philippe Aghion; Stefan Bechtold; Lea Cassar; Holger Herz
    Abstract: In this paper, we design two laboratory experiments to analyze the causal effects of competition on step-by-step innovation. Innovations result from costly R&D investments and move technology up one step. Competition is inversely measured by the ex post rents for firms that operate at the same technological level, i.e. for neck-and-neck firms. First, we find that increased competition leads to a significant increase in R&D investments by neck-and-neck firms. Second, increased competition decreases R&D investments by firms that are lagging behind, in particular if the time horizon is short. Third, we find that increased competition affects industry composition by reducing the fraction of sectors where firms are neck-and-neck. All these results are consistent with the predictions of step-by-step innovation models.
    JEL: C91 L10 O31
    Date: 2014–03
  13. By: Benjamin Montmartin (GREDEG CNRS; University of Nice Sophia Antipolis, France); Marcos Herrera (CONICET - IELDE; National University of Salta, Argentina)
    Abstract: Most studies evaluating the macroeconomic effects of financial support policies on business-funded R&D use econometric methods that do not consider the existence of spatial effects, and generate biased estimates. In this paper, we discus and address this problem using spatial dynamic panel data methods. This allow us to provide new insights on the internal (in-country) and external (out-of-country) effects of both Research and Development (R&D) subsidies and fiscal incentives. We use a database of 25 OECD countries for the period 1990-2009. In relation to internal effects, for both instruments, we find a non-linear relationship between their effect on private R&D and their level (suggesting the possibility of leveraging and crowding-out effects). We also find a substitution effect between the R&D subsidies and fiscal incentives implemented within a country. Concerning the spatial component, we find evidence of positive spatial spillovers among private R&D investments. However, our results suggest the existence of competition/substitution effects between national R&D policies.
    Keywords: Direct and Indirect support, Business-funded R&D, Complementarity, Dynamic spatial panel data
    JEL: H25 O31 O38
    Date: 2014–03
  14. By: Bhat, Shabir A; Khan, Riyaz A
    Abstract: Government Policy Ecosystem is central to the entrepreneurship development in any economy and generally includes Policies relating to government spending, taxation and regulation etc. There are two distinct channels through which government Policy ecosystem impacts the rate of entrepreneurship; the first is through its impact on the quantity and quality of inputs going into the entrepreneurial process and the second is through the impact of Policy on the institutional structure that determines the rules of the game under which the entrepreneurial process unfolds. The present study aims to assess the ‘Government Policy Ecosystem’ existing in the Jammu & Kashmir State towards the overall entrepreneurship development in the Micro and Small Enterprises (MSEs) Sector. The study is based on the response of the representative respondents {existing MSEs Sector entrepreneurs from all the three regions (Jammu, Kashmir and Ladakh) of the state} against the parameters: Policy focus and nature; Taxation and other regulatory Policies; and Policy implementation structure. Findings indicate that to the extent the Policy implementation structure is made proper and more coordination is brought in among the EPAs in implementing the state polIcies , there will be a remarkable entrepreneurship development in the MSEs Sector of the State. Towards the end of the study for the robust entrepreneurship development in Micro and Small Enterprises Sector of the State, on the basis of the findings, certain suggestions have been put forth for the improvement in the existing ‘Government Policy Ecosystem’ for MSEs Sector.
    Keywords: Government Policy Ecosystem, Micro and Small Enterprises Sector (MSEs), Entrepreneurship Development, and Entrepreneurship Promotional Agencies (EPAs).
    JEL: E6
    Date: 2014–03–14
  15. By: Rutzer, Christian
    Abstract: This paper extends the firm heterogeneity model of Melitz (2003) by introducing a new concept of endegenous investments in process R&D. The novelty is that if a firm invests more R&D its expected innovation return hazard rate stochastically dominates the return of less R&D investments. Due to this property, entrants invest more in R&D in response to trade liberalization. As a result the aggregate productivity is affected by a reallocation of resources to more productive firms and a simultaneous increase in firms´ investments in innovations, which is consistent with empirical findings. At the same time the firms´ increased R&D investments lead to a sector distribution with a higher right-tail compared to the distribution prior to trade liberalization. Hence, the model gives an explanation for the empirically found differences in the distribution tails among sectors with different trade openness levels. Another advantage of this paper´s framework compared to other trade models with innovations is its foundation in and extension of Melitz (2003). It enables most of the heterogeneous firms trade models to be extended by endegenous firm-level R&D in an empirically relevant and analytically tractable way. --
    Keywords: aggregate level,firm size distribution,heterogeneous firms,R&D investments,trade liberalization
    JEL: F12 F13 O31
    Date: 2014
  16. By: Tobias Hahn (Kedge Business School - Kedge Business School, France); Jonatan Pinkse (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM))
    Abstract: We analyze the suitability of cross-sector partnerships as an effective mechanism for private environmental governance. By focusing on the interaction between firms within cross-sector partnerships, we analyze how competition between firms affects partnership effectiveness. Marrying insights from the private governance literature with institutional theory and the resource-based view, we identify under which conditions firm-level competition for legitimacy and capabilities, respectively, undermines or enhances effectiveness of cross-sector partnerships to address environmental issues. In doing so, our argument develops the various factors that moderate the relationship between competition and effectiveness for different types of partnerships. We contend that the effectiveness of cross-sector partnerships for governing global environmental issues depends considerably on whether competitive forces at the firm level are aligned with the collective benefits of partnerships. We discuss the consequences for designing effective cross-sector partnerships as well as the implications of a firm perspective on private governance.
    Date: 2014
  17. By: Nathan Berg (Department of Economics, University of Otago, New Zealand); Chun-Yu Chen (Department of Economics, University of Texas–Dallas); Barry J. Seldon (Florida State University, Republic of Panama)
    Abstract: Our model describes optimal transfer prices as a function of the number of multi-divisional firms. Decentralized firms imperfectly observe downstream pricing and quantity decisions. Therefore, transfer prices have two strategic functions requiring a trade-off: limiting affiliated downstream divisions' discounting and production, and making credible threats to induce soft responses from competitors. Depending on which motive dominates (i.e., number of competitors, external upstream markets, and ability to keep "two sets of books"), optimal transfer prices switch from above-marginal-cost to below. The model describes how entry affects equilibrium transfer price, output and profits while causing non-monotonic and discontinuous inter-firm upstream trade flows.
    Keywords: multi-national, multi-divisional, divisionalized, integrated firm, number, competitors, internal, external, market
    JEL: L22
    Date: 2014–03
  18. By: Alexander Abroskin (Gaidar Institute for Economic Policy)
    Abstract: The article is devoted to topical issues of the formation of modern innovative processes management information base in the Russian economy. The article discusses the topical problems of effective management organization, associated with the definition and structuring of its object, classification of institutional units relative to the innovative segment of the economy. Particular attention is paid to the methodology of modern innovation statistics as a basis for obtaining the primary data and the formation of a system of indicators used in the innovative processes management. The prospects for the development of innovative processes management information base in the Russian economy are analyzed from the standpoint of further improving the statistical methodology, increasing the materiality level of formed for management indicators and extension of management tasks completed through the use of advanced analytical and predictive methods and models. The latter aspect is considered in terms of prospects for the use of complex analysis and forecasting innovation processes approach provided for by the modern version of the System of National Accounts.
    Keywords: analysis, innovations, innovative processes, information base, methodology, controlled object, materiality of information, System of National Accounts, management.
    JEL: O11
    Date: 2014
  19. By: Lorenzo Dorigo (Dept. of Management, Università Ca' Foscari Venice); Giuseppe Marcon (Dept. of Management, Università Ca' Foscari Venice)
    Abstract: The stakeholder literature on the social enterprise is still a nascent and largely under investigated field of knowledge. This literature is characterized by the existence of two persistently divergent theorizings, broadly, the ÔcorporateÕ and the Ôsocio-politicalÕ approach. We assume that the reason of this divergence lies in the absence of proper moral justifications underpinning the notion of stakeholder legitimacy, which results in devaluations and misinterpretations of the normative foundations of stakeholder management. In order to bridge this gap, we propose to conceive of the two theorizings as if they were empirical streams of research of a common normative framework of stakeholder thought. A special focus is given to the feminist theory, and, especially, to the Ôethics of careÕ (Gilligan 1982, Noddings 1984, 1999; Held, 2003), as meaningful moral grounding for advancing descriptions and managerial interpretations of the particular nature and functions of firm stakeholder relationships in social enterprises. To the purpose, we draw from the specialized literature on caring both insights and criteria of an ideal architecture of firm as Ôcaring organizationÕ (Liedtka, 1996), in order to offer an operationally meaningful conceptualization of how social enterprises might simultaneously enhance both the effectiveness and the moral quality of stakeholder management. Then, we test these assumptions on a regional survey of micro social co operatives in the Italian welfare mix. Findings reveal that the caring for attribute of ÔproximityÕ shaping firm stakeholder relationships offers a lot of useful insights to conceive of caring as suitable moral grounding for a common stakeholder theorizing of social enterprise.
    Keywords: care management, stakeholder theory, social enterprise, feminis ttheory, stakeholder involvement
    JEL: M14 M29 B54
    Date: 2014–02
  20. By: S. Nyock Ilouga; A.C. Mouloungui; J.-M. Sahut
    Abstract: Developing entrepreneurship among students and helping them to build their career plans and improving their employability is the core of public policy in a lot of countries in Europe (Branchet et al., 2011). Following some empirical researches (Boissin et al., 2009), we do know some predictive factors for the emergence of an entrepreneurial project. But another question remains largely unexplored: What are the psychological mechanisms that may interplay in entrepreneurial intention and career choices? Our research aims to demonstrate that entrepreneurship is an objective which relies entirely on willingness, and therefore, it is much more dependent on interpersonal features than on economic and environmental constraints. In particular, we wish to highlight the personal dynamics in shaping, maturing and implementing a choice of entrepreneurial career in order to extract volitional characteristics of this career choice. The hypotheses are tested using data from interviews conducted with French students in business schools, engineering schools and universities. Our dynamic approach to study the psychosocial processes involved in the definition of an entrepreneurial career helps understand the interest of young people in the entrepreneurial process. This research has demonstrated that volition has a key role in binding an individual commitment to an ambitious career objective.
    Keywords: entrepreneurship, career, volition, entrepreneurial intention, entrepreneurial project, theory of planned behavior
    JEL: L26 M53 J24 H52
    Date: 2014–02–25
  21. By: YAMAMOTO Isamu
    Abstract: This paper overviews the situation of female employment in listed Japanese companies using firm-level panel data after the 2000s, and demonstrates whether those companies utilizing female employment earn higher profits. The estimation results of fixed effect models show that a higher female proportion among regular employees significantly raises a company's profit rates, as measured by the return on assets. Particularly, it is shown that those firms with a female proportion of 30% to 40%, as well as with a higher female proportion among employees in their 30s, tend to earn higher profits with all things equal. In addition, those firms with better work-life balance practices or higher turnover rates have higher profit rates. Although the female proportion among managerial employees has no effect on company profit, medium-sized companies or those with a higher retention rate of newly hired female college graduates tend to see positive effects of higher female manager proportions. These results imply that higher female proportions could increase a company's profit not only by the reduced personnel cost explained by Becker's discrimination theory but also by the increased productivity due to the utilization of female workers' higher ability and skills.
    Date: 2014–03
  22. By: Sánchez, Patricio; Gallego, Elena; Rivero, Dolores; Lago-Peñas, Santiago
    Abstract: The economic crisis in Spain has strengthened the key role of the external sector as a source of demand and as a compensating factor of the sluggish in the domestic demand. In which extent is this effect observable at a firm level? Do the most internationalized companies have better deal with the crisis? This paper aims to give an answer to those questions using an extensive database of Galician companies for the period 2007-2010. Results confirm that larger, more productive and export focused firms have had better performance in their sales figures and profitability - measured by ROA. On the contrary, the effect on the evolution of ROS is positive but only marginally significant. La crisis económica en España ha reforzado el papel clave del sector exterior como fuente de demanda y factor compensador de la atonía de la demanda interna. ¿En qué medida este efecto macro es observable a escala empresarial? ¿Las empresas más internacionalizadas han encajado mejor los embistes de la crisis? Este artículo pretende dar respuesta a estos interrogantes, tomando como referencia el período 2007-2010 y una amplia base de datos de empresas gallegas. Utilizando como variable de control el sector de actividad, los resultados confirman que las empresas más grandes, productivas y con un porcentaje de ventas en el exterior han tenido mejor comportamiento en sus cifras de facturación y de rentabilidad medida por el ratio ROA. Por el contrario, el efecto sobre la evolución del ratio ROS es positivo pero solo marginalmente significativo.
    Keywords: Comercio exterior, internacionalización, propensión exportadora
    JEL: D22 F1 F2
    Date: 2014–03–19
  23. By: Walid Mensi; Shawkat Hammoudeh; Juan Carlos Reboredo; Duc Khuong Nguyen
    Abstract: This paper examines the dependence structure between the emerging stock markets of the BRICS countries (Brazil, Russia, India, China and South Africa) and influential global factors (the S&P 500 index, the commodity markets, the global stock market uncertainty and the US economic policy uncertainty). Using the quantile regression approach, our results for the period from September 1997 to September 2013 show that the BRICS stock markets exhibit asymmetric dependence with the global stock market and this dependence has not changed since the onset of the recent global financial crisis. Moreover, oil prices display a symmetric tail independence with all those BRICS markets (except that of South Africa), even though the dependence between oil and BRICS markets significantly increased with the onset of the financial crisis. The gold price returns co-move with those of the BRICS markets at both the upper and lower tails (except for Russia and China) but the degree of comovement has decreased since the crisis. Finally, the stock market uncertainty (VIX) is found to drive the stock returns in a bear market but this relationship is insignificant in a bull market. On the other hand, the economic policy uncertainty has no impact on the BRICS stock markets both before and since the onset of the financial crisis. These results have implications for international investors in terms of risk management which should vary according to changes in the economic and financial global factors.
    Keywords: Asymmetric dependence; global factors; BRICS; global financial crisis; quantile regression.
    JEL: G14 G15
    Date: 2014–02–25
  24. By: Jorge Calero (Universitat de Barcelona & IEB); Josep-Oriol Escardíbul (University of Barcelona & IEB)
    Abstract: We analyze the determining factors of access to non-formal professional training in Spain and their evolution in recent years. Specifically, a comparison is made between a moment during a period of economic growth (2007) and the current crisis period (2012). The data used is from the Economically Active Population Survey. The sample is divided according to gender and interaction variables are included to analyze the differential effects of human capital on the probability of receiving training in the two periods considered. The hypothesis is that there are significant barriers that make access to non-formal professional training difficult (we focus on previous human capital available) and that these barriers have not ceased to operate during the economic crisis.
    Keywords: Lifelong learning, professional training, access to training, barriers to training, human capital
    JEL: H52 I21
    Date: 2014
  25. By: Janos Varga; Werner Roeger; Jan in 't Veld
    Abstract: This paper develops a semi-endogenous growth model for analysing the intertemporal effects of structural reforms in Southern European countries (Italy, Spain, Portugal and Greece). The model follows the product variety paradigm in a semi-endogenous setting, and includes a disaggregation of labour into different skill groups. We use a comprehensive set of structural indicators in order to calibrate the model to important macroeconomic ratios and levels of productivity and employment. Our results show that structural reforms yield significant economic gains in the medium and long run. The results point to the importance of product market reforms and labour market related education and tax reforms as the most promising areas of structural policy interventions. This paper also argues for placing more emphasis on education policy which is key in upgrading the labour force, especially in these countries where the share of low skilled labour is among the highest in the euro area.
    JEL: E10 O20 O30 O41
    Date: 2013–12

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