nep-cse New Economics Papers
on Economics of Strategic Management
Issue of 2015‒02‒28
twenty-six papers chosen by
João José de Matos Ferreira
Universidade da Beira Interior

  1. Does Innovation Mediate Good Firm Performance? By Llanto, Gilberto M. ; del Prado, Fatima
  2. Innovation and export in SMEs: the role of relationship banking By Serena Frazzoni ; Maria Luisa Mancusi ; Zeno Rotondi ; Maurizio Sobrero ; Andrea Vezzulli
  3. "Innovation Height and Firm Performance:Using Innovation Survey from Japan" By Daiya Isogawa ; Kohei Nishikawa ; Hiroshi Ohashi
  4. Simulating micro behaviours and structural properties of knowledge networks: toward a “one size fits one” cluster policy By Joan Crespo ; Frédéric Amblard ; Jérôme Vicente
  5. Significance of Foreign Direct Investment for the Development of Russian ICT sector By Grigori Feiguine ; Julia Solovjova
  6. Boundaries of firms and catching up by latecomers in global production networks : the case of a Mexican auto-parts manufacturer By Hoshino, Taeko
  7. Harnessing the Power of ICT and Innovation Case Study Singapore By Angie Tan
  8. ICT Investment and Internationalization of the Russian Economy By Grigori Feiguine ; Julia Solovjova
  9. Spinout Formation: Do Opportunities and Constraints Benefit High Capital Founders? By Natarajan Balasubramanian ; Mariko Sakakibara
  10. The Role of Congress in U.S. Science, Technology, and Innovation Policy By GOLDSTON, David
  11. A Matching Model of University-Industry Collaborations By Giorgio Calacagnini ; Germana Giombini ; Paolo Liberati ; Giuseppe Travaglini
  12. Educational Mismatch and Firm Productivity: Do Skills, Technology and Uncertainty Matter? By Benoît Mahy ; François Rycx ; Guillaume Vermeylen
  13. An empirical analysis of the relationship between university investments in the Technology Transfer Offices and academic spin-offs. By Donato Iacobucci ; Alessandra Micozzi ; Andrea Piccaluga
  14. Strategic Effects and the Porter Hypothesis By André, Francisco J.
  15. An Empirical Study of the Conditions for Successful Knowledge Transfer in Training Programs By Mikami, Satoru ; Furukawa, Mitsuaki
  16. Agglomeration effects of informal sector: evidence from Cambodia By Tanaka, Kiyoyasu ; Hashiguchi, Yoshihiro
  17. The More Learning, the Better? The Curvilinear Relationship between Technological Learning and New Product Commercialization By Winkelbach, Andreas ; Walter, Achim
  18. The practice of industrial policy . Lessons for Africa: Case studies of decentralized co-ordination in China By Dinh, Hinh T.
  19. The internationalization of the Italian productive system By Riccardo Cristadoro ; Stefano Federico
  20. Specialist Communities: People and Cultures in China’s Defense Science and Technology System By KROLIKOWSKI, Alanna
  21. Catching up of Emerging Economies: The Role of Capital Goods Imports, FDI Inflows, Domestic Investment and Absorptive Capacity By Alexander Glas ; Michael Hübler ; Peter Nunnenkamp
  22. The Catch-22 of External Validity in the Context of Constraints to Firm Growth By Fischer, Greg ; Karlan, Dean S.
  23. Empirical Games of Market Entry and Spatial Competition in Retail Industries By Aguirregabiria, Victor ; Suzuki, Junichi
  24. Investigating the impact of small versus large firms on economic performance of countries and industries By Albiol, Judit ; Stel, André van
  25. Competition, outside directors and executive turnover: Implications for corporate governance in the EU By Buchwald, Achim
  26. Competition and Cooperation: The Story Behind the Y-20 Maiden Flight By LU, Hanlu

  1. By: Llanto, Gilberto M. ; del Prado, Fatima
    Abstract: Private firms invest in physical capital and human resource but they are also advised to invest in innovations to be more productive and profitable. Innovations refer to the development, deployment, and economic utilization of new products, processes, and services. It is important for firms to know whether investment in innovations is investment well-spent. Our empirical results provided an affirmative response to the question raised in this paper: "Does innovation mediate good firm performance?" Product and process innovations lead to increase in sales and profits and improve labor productivity. The paper also showed that firm size, age, and foreign equity are important factors leading firms to innovate.
    Keywords: innovation, Philippines, process innovation, product innovation, firm performance, small and medium enterprises (SMEs)
    Date: 2015
  2. By: Serena Frazzoni ; Maria Luisa Mancusi (Università Cattolica del Sacro Cuore ; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore ); Zeno Rotondi ; Maurizio Sobrero ; Andrea Vezzulli
    Abstract: This paper assesses the role of relationship lending in explaining simultaneously the innovation activity of Small and Medium Enterprises (SME), their probability to export (i.e. the extensive margin) and their share of exports on total sales conditional on exporting (i.e. the intensive margin). We adopt a measure of informational tightness based on the ratio of firm’s debt with its main bank to firm’s total assets. Our results show that the strength of the bank-firm relation has a positive impact on both SME’s probability to export and their export margins. This positive effect is only marginally mediated by the SME’s increased propensity to introduce product innovation. We further discuss the financial and non-financial channels through which the intensity of bank-firm relationship supports SMEs’ international activities.
    Keywords: margins of export, bank-firm relationships, innovation, localized knowledge spillovers
    JEL: F10 G20 G21 O30
    Date: 2014–11
  3. By: Daiya Isogawa (Faculty of Economics, The University of Tokyo ); Kohei Nishikawa (Faculty of Economics, Setsunan University ); Hiroshi Ohashi (Faculty of Economics, The University of Tokyo )
    Abstract: This study evaluates the economic impact of product innovation by using firm-level data obtained from the Community Innovation Survey conducted in Japan. It accounts for possible technological spillovers from innovation activities, and examines the extent to which new-to-market product innovation contributes to firm performance. Casual observations on the data reveal that new-to-market product innovation is likely to (1) contribute higher sales for the firm with less cannibalization with existing products; (2) generate higher degree of technological spillovers to other innovations; and (3) be brought by those firms that corroborate with universities and other academic institutions. An econometric analysis on simultaneous equations confirms these observations. Policy implications are also discussed. --
    Date: 2015–02
  4. By: Joan Crespo ; Frédéric Amblard ; Jérôme Vicente
    Abstract: The economic return of cluster policies has been recently called into question. Essentially based on a “one size fits all” approach consisting in boosting R&D collaborations and reinforcing network density in regions, cluster policies are suspected to have failed in reaching their objectives. The paper proposes to go back to the micro foundations of clusters in order to disentangle the links between the long run performance of clusters and their structural properties. We use a simple agent-based model to shed light on how individual motives to shape knowledge relationships can give rise to emerging structures with different properties, which imply different innovation and renewal capabilities. The simulation results are discussed in a micro-macro perspective, and the findings suggest reorienting cluster policy guidelines towards more targeted public-funded incentives for R&D collaboration.
    Keywords: cluster policy, networks, micro-behaviours, structural properties, agent-based model
    JEL: B52 O32 R12 Z13
    Date: 2015–02
  5. By: Grigori Feiguine (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW) ); Julia Solovjova (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW) )
    Abstract: The paper contains an overview of main FDI theories. The focus is on the role of FDI inflows within development of national ICT sector (case of Russia). General trends (volumes, structural distribution) in FDI inflows in Russian ICT sector are identified and summarized. Some recommendations regarding the opportunities to attract FDI in Russian ICT sector are given.
    Keywords: FDI, Regulation, Telecommunication, EU, Russia, Innovation, Convergence
    JEL: L43 L96 N14 O31
    Date: 2014–05
  6. By: Hoshino, Taeko
    Abstract: For manufacturing firms in developing countries, there are high barriers to entry and to catching up with competitors in their global production networks (GPNs). This paper examines the case of a Mexican auto-parts manufacturer that succeeded in catching up in the automotive GPN. The author proposes that the door to GPNs is open thanks to frequent changes in the boundaries of firms, and also stresses the importance of the necessary conditions that generate opportunities, including institutional settings that facilitate market entry and catching up, and capability building by firms hopeful of entry.
    Keywords: Mexico, Automobile industry, Business enterprises, Industrial policy, Exports, Boundary of firms, Global production network (GPN), Auto-parts, ISI, Export industrialization, Nemak, Alfa, Ford
    JEL: L22 L52 L62 N66 N86 O33
    Date: 2015–02
  7. By: Angie Tan (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW) )
    Abstract: The penetration and effects of ICT varies amongst countries. For small countries like Singapore the effects of ICT is especially prominent. This paper focuses on how Singapore exploited the benefits of ICT by analyzing first the evolution of ICT policies and the important role of the government in its development. Followed by the question how ICT has impacted the country. Looking at the impact of ICT both in the ICT sector as well as the penetration of ICT in households. The conclusions refer to additional actions that the government should focus on to further exploit the benefits of ICT in Singapore.
    Keywords: Economic Growth, Telecommunication, ICT, Regulation, Singapore
    JEL: L96 L98 N14 O31 O43
    Date: 2014–06
  8. By: Grigori Feiguine (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW) ); Julia Solovjova (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW) )
    Abstract: In this paper the influence of ICT investments on the international activities of Russia is analyzed. Firstly, ICT investments are considered as a factor of the international competitiveness of the Russian economy (in comparison with some other countries). Dynamics of both export volumes and openness of national economies are used as the main criteria for comparison. Then, the role of ICT in the development of international activities on the regional level is analysed. Cluster analysis is performed for the set of data on the Russian regions. Finally, the accession of Russia to the WTO is considered in the context of the development of the ICT sector and the international activities of the Russian economy.
    Keywords: ICT, Investments, Russian economy
    JEL: R10 L63 L86
    Date: 2013–09
  9. By: Natarajan Balasubramanian ; Mariko Sakakibara
    Abstract: We examine the role of human capital in employees’ decisions to leave their parent firms andform spinouts. Using a large sample of individuals who formed spinouts in manufacturing industries between 1992 and 2005, and their co-workers who did not, we find that after controlling for age, education level, gender and alien status, individuals with higher human capital (measured as their earnings or experience) are more likely to form spinouts. We then examine the impact of industry opportunities and constraints on the propensity of high human capital individuals to form spinouts. Counterintuitively, we find that both industry constraints (measured as industry capital intensity) and opportunities (industry R&D intensity) reduce the propensity of higher human capital individuals to form spinouts. We interpret these results as being consistent with the argument that high human capital founders are more likely to choose larger, more capital-intensive projects than low human capital individuals, and thus face greater constraints. On the other side, R&D intensive industries appear to present abundant entrepreneurial opportunities, allowing low human capital individuals to identify their own opportunities thus decreasing the relative advantage of high human capital individuals.
    Date: 2015–06
  10. By: GOLDSTON, David
    Keywords: Social and Behavioral Sciences, Science and technology, congress, policy, decision hierarchy
    Date: 2013–12–01
  11. By: Giorgio Calacagnini (Department of Economics, Society & Politics, Università di Urbino "Carlo Bo" ); Germana Giombini (Department of Economics, Society & Politics, Università di Urbino "Carlo Bo" ); Paolo Liberati (Department of Economics, Università degli Studi di Roma Tre, Rome, Italy. ); Giuseppe Travaglini (Department of Economics, Society & Politics, Università di Urbino "Carlo Bo" )
    Abstract: In this paper we present a simple model of university-industry collaborations with heterogeneous agents, which is the standard case of technology transfer. We study the characteristics of the matching process, that makes this exchange in technology transfer either efficient or unfeasible. We show that the functioning of the technology transfer market implies dual-trading externalities. We refer to these externalities as congestion because they are caused by the tightness that searching firms and researchers cause to each other during trade.
    Keywords: Technology transfer, Matching, Externalities.
    JEL: O31 O32 O38 L23 M38
    Date: 2015
  12. By: Benoît Mahy ; François Rycx ; Guillaume Vermeylen
    Abstract: The authors provide first evidence on whether the direct relationship between educational mismatch and firm productivity varies across working environments. Using detailed Belgian linked employer-employee panel data for 1999-2010, they find the existence of a significant, positive (negative) impact of over- (under-)education on firm productivity. Moreover, their results show that the effect of over-education on productivity is stronger among firms: (i) with a higher share of high-skilled jobs, (ii) belonging to high-tech/knowledge-intensive industries, and (iii) evolving in a more uncertain economic environment. Interaction effects between under-education and working environments are less clear-cut. However, economic uncertainty is systematically found to accentuate the detrimental effect of under-education on productivity.
    Keywords: Educational mismatch; productivity; linked employer-employee panel data; working environments
    JEL: J21 J24
    Date: 2015–02–25
  13. By: Donato Iacobucci (Università Politecnica delle Marche ); Alessandra Micozzi (Università Politecnica delle Marche ); Andrea Piccaluga (Scuola Superiore Sant'Anna di Pisa )
    Abstract: The aim of this paper is to analyze the role of Technology Transfer Offices (TTOs) in promoting the creation of academic spin-offs and contributing to their performance. Specifically, it aims to identify the relationship between the resources invested in TTOs and the creation and growth of academic spin-offs. The empirical analysis refers to Italy, where a law passed in 1999 allowed academicians to be actively involved in newly-established companies for the ‘industrial use of research’. Even if spin-offs existed, de factu, before 1999, since then, almost all Public Research Institutions (PRIs) have developed specific regulations for the creation of academic spin-offs and provided resources to promote and support them. We used the data on the flow of academic spin-offs and resources invested in TTOs in Italian universities during the period 2002-2010 to investigate if and how investments in TTOs contributed to the set-up and performance of spin-offs. The results of the empirical analysis show that in a first phase academicians reacted more readily than universities to the opportunity offered by the new legislation, which may in part be due to the organizational rigidity that characterizes PRIs in Italy. However, the empirical analysis also shows that after this initial phase the size of the TTO (in terms of employees), which is the result of investments by the university, has a positive influence on the number of spin-offs set up by universities. However, we found no relationship between the resources invested in TTOs and the performance of spin-offs, which probably depends more dependent from both long term investments in research and the (economic) characteristics of external environment in which the university is located.
    Keywords: academic spin-offs; TTO, set-up, growth
    Date: 2015–02
  14. By: André, Francisco J.
    Abstract: Environmental protection and firms' competitiveness are typically seen as conflicting elements as firms tend to ignore the environmental consequences of their actions and any regulation forcing them to modify their policies can only make them worse-off. Contrarily to this traditional paradigm, the Porter Hypothesis suggests the existence of "low hanging fruits" in the sense that some environmental policies may simultaneously benefit the environment and domestic competitiveness. Our aim is to identify the main theoretical arguments that have been proposed in the literature to support the validity of the Porter Hypothesis and pick the most significant contributions paying special attention to the strategic and international trade aspects. After presenting some general issues and different interpretations of the Porter Hypothesis, we review different theoretical explanations such as the generation of scarcity rents, the use of environmental regulation by national governments as an instrument of strategic trade policy, the existence of externalities in technology adoption, the interaction with output quality competition and the existence of information incompleteness.
    Keywords: Porter Hypotesis; Strategic behavior; International trade; Game theory
    JEL: C72 D62 Q52 Q55 Q58
    Date: 2015–02–17
  15. By: Mikami, Satoru ; Furukawa, Mitsuaki
    Abstract: The shortage of qualified human capital is a major impediment to development. In the field of international development cooperation, training programs (TPs) have been widely employed to enhance the capacity of workforces in developing countries. This paper investigates the conditions in which TPs can contribute not only to individual human resource development but also to organization-level reform and innovation in developing countries. Regression analyses of TP monitoring records as well as follow-up e-mail interviews with former participants of ICT training programs sponsored by Japanese International Cooperation Agency reveal that bilateral communication between training participants and the dispatch organizations during the training plays a key role in increasing the probability of successful organization-level transfer of individual-level learning, irrespective of the original level of organization’s absorptive capacity.
    Keywords: human raining and dialogue programs , human resource development , absorptive capacity , development aid , transfer of training
  16. By: Tanaka, Kiyoyasu ; Hashiguchi, Yoshihiro
    Abstract: The presence of a large informal sector in developing economies poses the question of whether informal activity produces agglomeration externalities. This paper uses data on all the nonfarm establishments and enterprises in Cambodia to estimate the impact of informal agglomeration on the regional economic performance of formal and informal firms. We develop a Bayesian approach for a spatial autoregressive model with an endogenous explanatory variable to address endogeneity and spatial dependence. We find a significantly positive effect of informal agglomeration, where informal firms gain more strongly than formal firms. Calculating the spatial marginal effects of increased agglomeration, we demonstrate that more accessible regions are more likely than less accessible regions to benefit strongly from informal agglomeration.
    Keywords: Cambodia, Informal sector, Economic conditions, Agglomeration, Bayesian
    JEL: C11 C21 H26 O17 R12 C26
    Date: 2015–02
  17. By: Winkelbach, Andreas ; Walter, Achim
    Abstract: Managers entrusted with new product development (NPD) have to seek the optimal balance between prior competencies and learning activities to generate successful products. Yet prior NPD research has largely taken a positivistic view of learning despite an inkling that too much learning can lead to dysfunction. This study attempts to contribute the NPD literature by analyzing whether and, if so, when technological learning engenders shortcomings and affects new product commercialization. We use a multi-informant longitudinal design combining unique survey and patent data on a multi-industry sample of about 163 product-based R&D collaborations in Germany. The results of a Cox regression reveal that prior technological knowledge is pervasively important for NPD and confirm that an inverted U-shaped relationship holds between the likelihood of commercialization and technological learning. The inverted U-shaped relationship supports the characterization of learning as a double-edged sword that helps overcome rigidities but also has downsides if taken too far. Exploitive learning, in particular, is the later of the two to incur downsides. This draws attention to the inherent uncertainty and costs of experimentation when learning is geared to exploration. As expected, technological progress determines NPD, but the influence is negligibly small. We argue that inertia dominates NPD projects, at least in the short-term. Our findings mainly contribute to the NPD literature by demonstrating a differentiated learning-performance relationship. The results reveal whether and, if so, when, learning can become a drag to NPC and traps may occur. Managers are advised to ensure, at least, a fit between project requirements and prior competencies, but also to ensure adequate learning. Irrespective whether learning is geared to exploration or exploitation, it is advisable to maintain it at an appropriate level. This article suggests a patent-based instrument to monitor and manage learning efforts.
    Keywords: new product development,technological learning,prior technological knowledge,technological progress,patent data
    JEL: O31 O32 O34 D83
    Date: 2015
  18. By: Dinh, Hinh T.
    Abstract: This paper draws on both successful and failing cases of industrialization in China to analyse the role of local governments in fostering the growth of light manufacturing. The broad spectrum of support types and the intimate knowledge of enterprise condi
    Keywords: Africa, China, industrial policy, industrialization, decentralized co-ordination
    Date: 2014
  19. By: Riccardo Cristadoro (Bank of Italy ); Stefano Federico (Bank of Italy )
    Abstract: This work presents, in a single framework, the results of several recent studies, carried out by Bank of Italy researchers, on the internationalization of the Italian productive system. The notion of internationalization is considered not only from the perspective of direct investments abroad but also in the context of trade flows and of the capacity to attract foreign direct investments. In any case, internationalization has increased very rapidly in the last twenty years, globally as well as in Italy. However, our country is characterized by lower direct investment flows and stocks, both outgoing and incoming, compared to the other main European countries. The research discusses the recent trends in direct investment flows, the costs and benefits of direct investment, the effects of the crisis, the role of international procurement, the reasons behind Italy’s lag and, finally, the system of public policies and institutions supporting the process of internationalization.
    Keywords: firms' internationalization, foreign direct investment, exports
    JEL: F23 F14 L60
    Date: 2015–01
  20. By: KROLIKOWSKI, Alanna
    Keywords: Social and Behavioral Sciences, China, defense innovation, research and development, science and technology, defense policy
    Date: 2015–01–01
  21. By: Alexander Glas ; Michael Hübler ; Peter Nunnenkamp
    Abstract: We assess the role of capital goods imports and inflows of foreign direct investment (FDI) as transmission channels through which major emerging economies (BRICs, i.e., Brazil, Russian Federation, India and China) could catch up with advanced source countries in terms of total factor productivity (TFP). We find that the importance of these transmission mechanisms depends on the BRICs’ local capacity to absorb superior technologies and on domestic investment
    Keywords: total factor productivity; imports; foreign direct investment; absorptive capacity; BRICs
    JEL: F14 F21 O47
    Date: 2015–01
  22. By: Fischer, Greg ; Karlan, Dean S.
    Abstract: We document the presence of multiple and varied constraints to small and medium firm growth. This presents both a practical problem for business training programs and a challenge to academic economists trying to identify mechanisms though which these programs may affect outcomes. External validity needs theory. This pushes researchers to narrowly defined and highly selected sample frames, which limits the potential for clear, generalizable policy prescriptions. Ultimately, larger samples, multi-arm evaluations, process documentation, and narrowly-focused, theory-supported empirical work are all needed, but the complexity of the problem limits what we learn from any single study.
    Keywords: entrepreneurship; entrepreneurship training; external validity
    JEL: B4 L2 M1 M2 M3 O1
    Date: 2015–02
  23. By: Aguirregabiria, Victor ; Suzuki, Junichi
    Abstract: We survey the recent empirical literature on structural models of market entry and spatial competition in oligopoly retail industries. We start with the description of a framework that encompasses various models that have been estimated in empirical applications. We use this framework to discuss important specification assumptions in this literature: firm heterogeneity; specification of price competition; structure of spatial competition; firms' information; dynamics; multi-store firms; and structure of unobservables. We next describe different types of datasets that have been used in empirical applications. Finally, we discuss econometric issues that researchers should deal with in the estimation of these models, including multiple equilibria and unobserved market heterogeneity. We comment on the advantages and limitations of alternative estimation methods, and how these methods relate to identification restrictions. We conclude with some issues and topics for future research.
    Keywords: econometrics of discrete choice games; market entry and exit; retail industries; spatial competition
    JEL: L11 L13 L81 R30
    Date: 2015–02
  24. By: Albiol, Judit ; Stel, André van
    Abstract: Following earlier work by Audretsch et al. (2002), we assume that an optimal size-class structure exists, in terms of achieving maximal economic growth rates. Such an optimal structure is likely to exist as economies need a balance between the core competences of large firms (such as exploitation of economies of scale) and those of smaller firms (such as flexibility and exploration of new ideas). Accordingly, changes in size-class structure (i.e., changes in the relative shares in economic activity accounted for by micro, small, medium-sized and large firms) may affect macro-economic growth. Using a unique data base of the EU-27 countries for the period 2002-2008 for five broad sectors of economic activity and four size-classes, we find empirical support which suggests that, on average for these countries over this period, the share of micro and large firms may have been ‘above optimum’ (particularly in lower income EU countries) whereas the share of medium-sized firms may have been ‘below optimum’ (particularly in higher income EU countries). This evidence suggests that the transition from a ‘managed’ to an ‘entrepreneurial’ economy (Audretsch and Thurik, 2001) has not been completed yet in all countries of the EU-27. Keywords: small firms, large firms, size-classes, macro-economic performance
    Keywords: Empreses -- Dimensió, Empreses petites i mitjanes, Grans empreses, 338 - Situació econòmica. Política econòmica. Gestió, control i planificació de l'economia. Producció. Serveis. Turisme. Preus,
    Date: 2015
  25. By: Buchwald, Achim
    Abstract: This study contributes to the ongoing debate on the relevance of non-executive outside directors for corporate governance building on a large panel of European listed firms in the period 2003 to 2011. Focusing on executive turnover as an indicator for effective monitoring, the findings reveal that outside directors and product market competition are substitutes. Outsiders increase the performance-turnover sensitivity of executives exclusively if competition in the industry is relatively weak. In an environment with effective competition, outsiders do not significantly influence the decision to replace underperforming managers. In fiercely competitive markets, the higher threat of bankruptcy or hostile takeover seems to effectively limit managerial discretion for opportunistic behavior.
    Keywords: Competition,Corporate Governance,Executive Turnover,Outside Directors
    JEL: G34 J24 J63 L40 M00
    Date: 2015
  26. By: LU, Hanlu
    Keywords: Social and Behavioral Sciences, China, Y-20, military transport aircraft, Ukraine, defense aviation, defense procurement
    Date: 2013–03–27

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