nep-cse New Economics Papers
on Economics of Strategic Management
Issue of 2015‒11‒15
23 papers chosen by
João José de Matos Ferreira
Universidade da Beira Interior

  1. High Growth Firms and Technological Knowledge: Do gazelles follow exploration or exploitation strategies? By Alessandra Colombelli; Jackie Krafft; Francesco Quatraro
  2. Firms’ heterogeneity and performance in manufacturing during the great recession By A. Arrighetti; R. Brancati; A. Lasagni; A. Maresca
  3. Human Resources and Innovation: Total Factor Productivity and Foreign Human Capital. By Fassio, Claudio; Kalantaryan, Sona; Venturini, Alessandra
  4. Environmental investment and firm performance: A panel VAR approach By Zhang, Shanshan; Lundgren, Tommy; Zhou, Wenchao
  5. Competitiveness and the gender gap among young business professionals By Reuben, Ernesto; Sapienza, Paola; Zingales, Luigi
  6. Foreign Competition and Banking Industry Dynamics By Dean Corbae; Pablo D'Erasmo
  7. Evaluating the performance of innovation intermediaries: insights from the experience of Tuscany’s innovation poles By Margherita Russo; Annalisa Caloffi; Federica Rossi
  8. FDI, Intermediate Inputs and Firm Performance: Theory and Evidence from Italy By Michele Imbruno; Rosanna Pittiglio; Filippo Reganati
  9. The performance of firms in Latin America and the Caribbean: Microeconomic factors and the role of innovation By Grazzi, Matteo; Pietrobelli, Carlo; Szirmai, Adam
  10. Conditions for developing a successful Talent Management Strategy By Mickaël Naulleau
  11. Analyzing the TFP Performance of Chinese Industrial Enterprises By Li, Kui-Wai
  12. Coordination of Space and Industry Development of the Clusters: The Experience of Foreign Countries By Sorokina, Alla
  13. Fiscal policy and economic performance: A review of the theoretical and empirical literature By Halkos, George; Paizanos, Epameinondas
  15. State-Aid, Stability and Competition in European Banking By Fiordelisi, Franco; Mare, Davide Salvatore; Molyneux, Philip
  16. The Kauffman Index: Startup Activity | National Trends By Fairlie, Robert
  17. Open Innovation research: trends and influences – a bibliometric analysis By Santos, Antonio Bob
  18. Opening up the strategy-making process: Comparing open strategy to open innovation By Leonhard Dobusch; David Seidl; Felix Werle
  19. Retail competition with switching consumers in electricity markets By Carlos Ruiz Mora; Francisco J. Nogales Martín; Francisco Javier Prieto Fernández
  20. Technology Diffusion via Patent Collaborations: The Case of European Integration By Julien Berthoumieu
  21. Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness. By Ferlito, Carmelo
  22. The International Market of Educational Services: The Basic Characteristics and Development Trends By Galichin, V. A.
  23. Risk governance and performance of the Italian banks: an empirical analysis By Elisa Cavezzali; Gloria Gardenal

  1. By: Alessandra Colombelli (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS); Jackie Krafft (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS); Francesco Quatraro (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS, Department of Economics, University of Turin - University of Turin)
    Abstract: This paper analyzes the contribution of high-growth firms to the process of knowledge creation. We articulate a demand-pull innovation framework in which knowledge creation is driven by sales growth, and knowledge stems from creative recombination. Given the established literature on high growth firms and economic growth, we wonder whether gazelles follow patterns of knowledge creation mostly dominated by exploration or exploitation strategies. To this purpose, we derive indicators able to describe the structure of knowledge and qualify firms' innovation strategies. The empirical results suggest that the reality is richer than the interpretative frameworks. Increasing growth rates are indeed associated to exploration strategies, supporting the idea that high growth firms are key actors in the creation of new technological knowledge. But in the meantime, firms showing growth rates significantly higher than the average are able to command the exploration strategies by constraining them within the boundaries of familiar technological competences, suggesting that the exploration process is less random than anticipated. We end up with the result that high growth firms, and especially gazelles, follow predominantly an exploration strategy, but with the characteristics of an organized search which is often more observed in an exploitation strategy.
    Keywords: Gazelles,Recombinant Knowledge,Schumpeterian innovation patterns
    Date: 2014–04–01
  2. By: A. Arrighetti; R. Brancati; A. Lasagni; A. Maresca
    Abstract: This paper highlights how the heterogeneity of manufacturing firms impacted their performance and survival during the “Great Recession”. The findings indicate that firms that assumed a strategically proactive and innovative strategy in the pre-crisis period showed better economic performance during the crisis in terms of both sales and value added. The evidence also shows that the youngest firms and those that had a lower level of financial exposure were favored in terms of performance. Finally, the results also confirm the increased importance of different technological regimes. In contrast, survival estimates demonstrate the non-significance of pre-crisis strategic profiles: ceteris paribus, the results indicate that the most innovative, internationalized and dynamic firms did not register a greater likelihood of survival than other businesses. This result casts doubt on the efficiency and direction of the selection process.
    Keywords: Crisis and Restructuring; Heterogeneity, Growth; Firms’ Performance; Firms’ Survival; Manufacturing Industry; Italy
    Date: 2015
  3. By: Fassio, Claudio; Kalantaryan, Sona; Venturini, Alessandra (University of Turin)
    Abstract: The objective of this paper is to analyse the role of migrants in innovation in Europe. We use Total Factor Productivity as a measure of innovation and focus on the three largest European countries – France, Germany and the United Kingdom – in the years 1994-2007. Unlike previous research, which mainly employs a regional approach, we analyse ù the link between migration and innovation at the sectoral level. This allows us to measure the direct contribution of migrants in the sector in which they are actually employed. Moreover, it allows a distinction between the real contribution of migrants to innovation from possible inter-sectoral complementarities, which might as well foster innovation. We control for the different components of human-capital, such as age, education and diversity of origin. To address the possible endogeneity of migration we draw on an instrumental variable strategy originally devised by Card (2001) and adapt it at the sector level The results show that overall migrants are relevant in all sectors, but some important differences emerge across sectors: highlyeducated migrants show a larger positive effect in the high-tech sectors, while middle- and loweducated ones are more relevant in manufacturing. The diversity of countries of origin contributes to innovation only in the services sectors, confirming that in empirical analyses at the regional or national level the diversity measure might capture the complementarity between sectors rather than the contribution of different national skills.
    Date: 2015–10
  4. By: Zhang, Shanshan (CERE, SLU); Lundgren, Tommy (CERE, Umeå University, SLU); Zhou, Wenchao (CERUM, Umeå University)
    Abstract: This paper analyzes the relation between three dimensions of firm performance – productivity, energy efficiency, and environmental performance – and shed light on the role of environmental investment. Data from Swedish industry between 2002 and 2008 is utilized to generate the three performance measures at the firm level. Environmental investments are efforts to reduce environmental impact, which may also affect firm competitiveness, in terms of changes in productivity, and spur more (or less) efficient use of energy. A panel vector auto-regression (VAR) methodology is utilized to investigate the causal relationship between the three dimensions of performance and environmental investment. Results show that energy efficiency and environmental performance are integrated. Improved environmental performance and energy efficiency - induced by external or internal policy - boosts next period productivity, which would corroborate the Porter hypothesis and the notion of strategic corporate social responsibility (CSR). An increase in productivity constrains next period environmental performance and energy efficiency, while increasing environmental investments. This is indicative of “managerial opportunism” or the “available funds” hypothesis. The former suggesting in good times managers allocate resources to e.g. managerial perks rather than improving environmental and/or energy performance, while still, to avoid regulatory penalty, uphold some level of environmental investment. The latter explanation argues that managers invest in environmental capital in order to reduce environmental impacts and boost goodwill for their business, but this investment requires resources and, in the short-term, harms energy and environmental performance. Finally, an increase in environmental investment improves next period environmental performance, which would suggest that environmental investments have the intended and expected effect; it reduces the environmental burden caused by the firm. As a consequence, in a second step, the increased environmental performance will tend to increase productivity in the next period, which suggests that environmental investments can boost productivity channeled via enhanced environmental performance.
    Keywords: Energy Efficiency; Environmental Performance; Panel VAR; Malmquist Index; Investment
    JEL: D22 D24 M14 Q40 Q41
    Date: 2015–11–09
  5. By: Reuben, Ernesto; Sapienza, Paola; Zingales, Luigi
    Abstract: Using an incentivized measure of test for competition, this paper investigates whether this taste explains subsequent gender differences in earnings and industry choice in a sample of high-ability MBA graduates. We find that “competitive” individuals earn 9% more than their less competitive counterparts do. Moreover, gender differences in taste for competition explain around 10% of the overall gender gap. We also find that competitive individuals are more likely to work in high-paying industries nine years later, which suggests that the relation between taste for competition and earnings persists in the long run. Lastly, we find that the effect of taste for competition emerges over time when MBAs and firms interact with each other.
    Keywords: business career; gender differences; gender gap; taste for competition
    JEL: C93 D81 D84 I21 J16
    Date: 2015–11
  6. By: Dean Corbae (University of Wisconsin); Pablo D'Erasmo (FRB Philadelphia)
    Abstract: We develop a simple general equilibrium framework to study the effects of global competition on banking industry dynamics and welfare. We apply the framework to the Mexican banking industry, which underwent a major structural change in the 1990s as a consequence of both government policy and external shocks. Given high concentration in the Mexican banking industry, domestic and foreign banks act strategically in our framework. After calibrating the model to Mexican data, we examine the welfare consequences of government policies which promote global competition. We find modest welfare gains for households and substantial gains for business.
    Date: 2015
  7. By: Margherita Russo; Annalisa Caloffi; Federica Rossi
    Abstract: With the growing importance of innovation intermediaries, particularly in the policy context, a need has emerged for appropriate instruments to evaluate their performance. The identification of appropriate performance indicators, however, has proved to be problematic. First, indicators are likely to influence the behavior of innovation intermediaries, not always in a desirable manner. Second, commonly used indicators focus on the immediate results achieved by the intermediaries, often disregarding the permanent behavioral changes that they can stimulate in their innovation system. Instead, we argue that the latter are particularly important for the evaluation of innovation intermediaries, whose success should be measured in terms of their ability to enable other organizations to improve their innovation capabilities. By focusing on an innovation policy intervention implemented by the Italian region of Tuscany in the period 2007-2013, we discuss the advantages and limitations of the indicators that have been set up by the regional government in order to evaluate the performance of innovation poles, a particular type of innovation intermediary, and discuss some feasible avenues for their improvement.
    Keywords: innovation policy; innovation intermediaries; innovation poles; evaluation; technology transfer policies
    JEL: O25 O38 O30
    Date: 2015–10
  8. By: Michele Imbruno; Rosanna Pittiglio; Filippo Reganati
    Abstract: This paper theoretically and empirically studies – using data from Italian manufacturing firms – how the foreign presence in the intermediate good sector (i.e. input FDI) affects firm efficiency and aggregate productivity within final good sector. We show that an important role is played by the absorptive capacity. More specifically, if all firms are able to use intermediate inputs from foreign-owned suppliers, then all of them will enjoy productivity gains from input FDI without any reallocation effect. Conversely, if only the most productive firms can use intermediate inputs from foreign-owned suppliers, while these firms can enhance further their efficiency, the other firms might suffer productivity losses from input FDI, causing some reallocation effects within final good sector.
    Keywords: Heterogeneous firms, multinationals, FDI, intermediate inputs, productivity
    Date: 2015
  9. By: Grazzi, Matteo; Pietrobelli, Carlo; Szirmai, Adam (UNU-MERIT)
    Abstract: The low productivity of Latin American and Caribbean economies has been acknowledged as a serious problem that calls for detailed analyses and appropriate and timely responses. However, in addition to macroeconomic and regulatory factors, productivity depends crucially on microeconomic aspects and on the specific strategies and decisions of individual firms. Such microeconomic decisions have been seldom studied in a quantitative and comparative manner. This paper addresses this gap in the literature. The paper presents the results of recent original microeconomic evidence, showing that innovation significantly influences the productivity of firms, although to different degrees depending on the characteristics of the firms. Moreover, the evidence confirms that the impact of innovation on productivity depends also on additional complementary assets, such as access and use of ICT and on-the-job training. Our analysis reveals that these conclusions also hold true for the Caribbean economies, traditionally understudied. Additional factors that can influence productivity have also been detected, such the age of firms, their access to credit and finance, and their participation in international markets and global value chains. The paper concludes by stating that a thorough understanding of these complex phenomena and their interrelations is an essential condition for the design of more effective public policies.
    Keywords: Latin America and Caribbean, Firm Productivity, Research and Development, Innovation, ICT, Microeconomic factors
    JEL: D22 O30 O12
    Date: 2015
  10. By: Mickaël Naulleau (Audencia Recherche - Audencia)
    Abstract: The literature on Talent Management (TM) presupposes an exclusive alignment of TM with the organization's strategy, and the ability of any organization to engage a TM strategy. This article examines these principles by exploring the organizational contingency factors involved in the process of creation / development of TM strategy. We carried out a one-year Action-Research with the business leaders of a French medium-sized company (3 000 employees). We propose a complementary analytical framework to the decision model of Talentship which is focused on a prerequisite diagnosis on organizational capacities in TM strategy implementation.
    Keywords: Strategy, Talentship, Action Research,Talent Management
    Date: 2015–09–24
  11. By: Li, Kui-Wai
    Abstract: After nearly four decades of rapid growth, the China economy is faced with various challenges. The 2008 crisis would have served as the last straw as China experienced falls and volatilities in industrial output, export and foreign direct investment. The new policy focuses on expansion of domestic consumption and rebalancing. Given the unreliability of Chinese products, there is a need to rebuild product acceptability and market confidence. The structure of industrial enterprises, especially the small- and medium-sized enterprises, will play a crucial role in the next phase of development in the China economy. This paper uses the data on Chinese industrial enterprises to estimate the productivity performance of enterprises across region and industries. The discussion is placed on the impact of the 2008 financial crisis on the China economy and industries enterprises. By using a simple methodology and OLS regression analysis on the estimation of total factor productivity, the empirical results show that SMEs and non-SMEs do perform differently in different industries and across regions, but SMEs suffered more than non-SMEs since the 2008 crisis.
    Keywords: China regions, small- and medium-sized enterprises, total factor productivity, industrial enterprises
    JEL: O4 O53
    Date: 2015–11–21
  12. By: Sorokina, Alla (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This article provides a brief description of basic methods of coordination of industrial and spatial development in foreign countries. The analysis of economic development strategies shows that cluster approach helps countries to solve a very broad variety of economic problems – starting from innovation development and ending up investment attraction. So cluster initiatives seem as most promising way of simultaneous solving tasks of industrial and spatial development.
    Keywords: Territorial development, the cluster approach, objectives, industry, strategic planning
    JEL: C38
    Date: 2013–11–27
  13. By: Halkos, George; Paizanos, Epameinondas
    Abstract: The economic implications of government expenditure have been shown to be significant and broad. In particular, government spending has been shown to enhance long-run economic growth by increasing the level of human capital and Research and Development (R&D) expenditure, and by improving public infrastructure. On the other hand, there is evidence that a greater size of government spending may be less efficient and therefore not necessarily associated with a better provision of public goods and higher levels of economic growth. Moreover, it is likely that the size of government expenditure and its composition are associated with key aspects of the quality of growth, such as income inequality and environmental sustainability. This paper presents a review of the theoretical and empirical literature on the relationship between fiscal policy and economic activity, both in terms of long-run economic growth and short-term output fluctuations. In general, empirical evidence on these relationships is not robust and remains inconclusive.
    Keywords: Fiscal policy; Economic growth; Government Expenditure; Taxation.
    JEL: E62 H2 H5 O44 O47 Q01 Q56
    Date: 2015–11
  14. By: Bradley, Sebastien (School of Economics); Dauchy, Estelle (New Economic School); Robinson, Leslie (Tuck School of Business)
    Abstract: This paper evaluates the initial impacts of patent box regimes in light of their primary stated objectives: stimulating domestic innovation and retaining mobile patent income to limit base erosion. Despite their lack of nexus requirements, we find that patent box regimes yield a 3 percent increase in new patent applications for every percentage point reduction in the tax rate on patent income. We find no significant impact of these regimes on deterring outward cross-border attribution of patent ownership, or on attracting ownership of foreign inventions. Increased patenting activity hence appears focused on inventions involving co-located (domestic) patent owners and inventors.
    Keywords: patent box; tax policy; innovation; base erosion
    JEL: H25 H32 K34
    Date: 2015–10–01
  15. By: Fiordelisi, Franco; Mare, Davide Salvatore; Molyneux, Philip
    Abstract: What is the relationship between bank fragility and competition during a period of market turmoil? Does market power in European banking involve extra-gains after discounting for the cost of government intervention? We answer these questions in the context of Eurozone banking over 2005-2012 and show that greater market power increases bank stability implying aggregate extra-gains of 57% of EU12 gross domestic product for the banking sector after discounting for the costs associated with government intervention. The negative influence of competition on bank stability is non-monotonic and reverses for lower degrees of competition. Capital injections, guarantees and asset relief measures elicit greater bank soundness.
    Keywords: Bank Stability, Prudential Regulation, Competition, Global Financial Crisis, European Banking Union, Government Bailouts
    JEL: C23 G21 G28
    Date: 2015–09
  16. By: Fairlie, Robert
    Abstract: The Kauffman Index: Startup Activity is a novel early indicator of new business creation in the United States, integrating several high-quality sources of timely entrepreneurship information into one composite indicator of startup activity. The Index captures business activity in all industries, and is based on both a nationally representative sample size of more than a half million observations each year and on the universe of all employer businesses in the United States. This allows us to look at both entrepreneurs and the startups they create. Broad-based entrepreneurship in America appears to be slowly crawling its way out of the depths it has been stuck in since 2010. Startup activity rose in 2015, reversing a five-year downward trend in the United States, giving rise to hope for a revival of entrepreneurship. However, the return remains tepid and well below historical trends. A principle driver of this year’s uptick is the growth of male opportunity entrepreneurship, accompanied by the continued strength of immigrant entrepreneurship. Trends in entrepreneurship rates are analyzed for several additional demographic groups.
    Keywords: Business, Social and Behavioral Sciences, entrepreneurship, business, startups, self-employment
    Date: 2015–11–05
  17. By: Santos, Antonio Bob
    Abstract: In this paper, a bibliometric analysis about open innovation research is developed, covering the period of 2003-2013 (using the Scopus database) and carried out in three steps: 1) characterization of the research on the main trends of open innovation; 2) analysis of the theoretical influence on the open innovation research; 3) analysis of the influence of open innovation literature on other research areas and disciplines. The main conclusions are: open innovation research is mostly focused on the analysis of the U.S.A. and European countries reality; analysis by time periods shows an increase on the number of target countries and regions of open innovation research; the origins of open innovation were influenced by several areas of economics and management, developed over the last decades; there is a lack of research regarding open innovation outside the firm environment, such as in clusters/networks, innovation systems, public policies or at individual level; open innovation research is influencing a growing number of areas outside business, management and engineering; new research methodologies should be used by open innovation scholars in order to deepen the existing knowledge.
    Keywords: Innovation, Open Innovation, Research Trends, Research Areas, Open Innovation Impact, Bibliometric Analysis, Theoretical Review, Theoretical Influence, Influential Authors, Time Periods, Longitudinal Analysis
    JEL: O30 O39
    Date: 2015
  18. By: Leonhard Dobusch (Department of Management, Freie Universität Berlin); David Seidl (Department of Business Administration, University of Zurich); Felix Werle (Department of Business Administration, University of Zurich)
    Abstract: In this paper we compare the emerging field of open strategy to the established field of open innovation in order to facilitate their cross-fertilisation both in research and practice. Taking a communication-centred perspective, we argue that in both fields ‘openness’ concerns opening-up the communication process towards previously excluded individuals. On the basis of our review of the literature, we introduce a general framework that distinguishes between two dimensions of openness in terms of the direction that communication takes: sharing communication content with external participants and audiences and receiving communication content from external participants and audiences. Using the two dimensions of sharing and receiving, we map documented cases of empirical research in both fields and identify different forms of openness in processes of open innovation and open strategy. As we will show, in the material that we examined, in most of the cases of open strategy sharing and receiving are combined, while in many cases of open innovation we identified only one dimension. We suggest that this difference arises because, unlike innovation, open strategy typically involves joint sensemaking and thus a bidirectional communication process. Drawing on our findings, we put forward three propositions to provide a foundation for future empirical research on phenomena of open innovation and open strategy
    Keywords: communication perspective, forms of openness, open strategy, open innovation, sensemaking
    JEL: D79 D89 L21 M19
    Date: 2015–11
  19. By: Carlos Ruiz Mora; Francisco J. Nogales Martín; Francisco Javier Prieto Fernández
    Abstract: The ongoing transformations of power systems worldwide pose important challenges,both economic and technical, for their appropriate planning and operation. A key approach to improve the efficiency of these systems is through demand-side management, i.e., to promote the active involvement of consumers in the system. In particular, the current trend it to conceive systems where electricity consumers can vary their load according to real-time price incentives, offered by retailing companies.Under this setting, retail competition plays an important role as inadequate prices orservices may entail consumers switching to a rival retailer. In this work we consider a game theoretical model where asymmetric retailers compete in prices to increase their profits by accounting for the utility function of consumers. Consumer preferences for retailers are uncertain and distributed within a Hotelling line. We analytically characterize the equilibrium of a retailer duopoly, establishing its existence and uniqueness conditions. Furthermore, sensitivities of the equilibrium prices with respect to relevant model parameters are also provided. The duopoly model is extended to a multiple retailer case for which we perform an empirical analysis via numerical simulations. Results indicate that, depending on the retailer costs, loyalty rewards and initial market shares, the resulting equilibrium can range from complete competition to one in which a retailer have a leading or even a dominant position in the market, decreasing the consumers' utility significantly. Moreover, the retailer network configuration also plays an important role in the competitiveness of the system.
    Keywords: Elastic consumers , Electricity market , Hotelling line , Market equilibrium , Retail competition , Switching consumers
    Date: 2015–11
  20. By: Julien Berthoumieu (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - Université Montesquieu - Bordeaux 4)
    Abstract: This paper aims to study the impact of potential determinants for technology diffusion via patent collaborations between emerging and developed countries in Europe by implementing an econometric estimation with panel data. First, we use the probability of patent collaborations as the explained variable under LOGIT estimations. Then, we use the intensity of collaborations under both OLS/GLS and Poisson estimations. We especially study the impact of the European Union integration of Eastern Europe countries on such technological collaborations with European Western countries. We also analyze the impact of further explanatory variables such as common borders, geographic distance, Gross Domestic Products, populations, income inequalities, Research and Development expenditures, technological gap, technological distance public expenditures in education, bilateral trade and Foreign Direct Investments. The results show that the European integration of emerging countries does not significantly increase the probability of patent collaborations. But it does significantly increase the intensity of patent collaborations. Emerging countries’ exports to developed countries is the main determinant for both the probability and the number of patent collaborations. The impact is significant and positive.
    Keywords: Technology Diffusion, Patent Collaborations, Econometric Estimation, European Union Integration.
    Date: 2015–11–05
  21. By: Ferlito, Carmelo
    Abstract: Joseph A. Schumpeter developed a very well-known theory of entrepreneurs and entrepreneurship, centred on the concept of ‘new combinations’. According to him, innovation and entrepreneurship are destructive elements driving the system beyond an equilibrium position and setting in motion a competitive process, in order to reach a new equilibrium point. Though Austrian, Schumpeter was never a member of the Austrian School of Economics. However, his position as regards entrepreneurship is widely commented on by Austrian School members. In particular, Israel M. Kirzner devoted his research activity to develop an alternative concept of entrepreneurship rooted in Misesian human action and the concept of ‘alertness’. This paper aims to analyze and compare the two positions, in an attempt not so much to stress differences but to find possible common paths for further developments of the concept of entrepreneurship.
    Keywords: Schumpeter, Kirzner, Entrepreneur, Entrepreneurship, Innovation, Austrian School of Economics.
    JEL: B13 B25 B53 L26 O31 O33
    Date: 2015–05–12
  22. By: Galichin, V. A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper analyzes the main characteristics and tendentions of international market of educational services, describes in detail the situation with the development of strategies of internationalization policy in the sphere of export education enforcement services and the development of academic mobility in different individual countries are considered the conditions and factors strengthening of Russia's position in international education. The results can be used by state and non-governmental organizations in activities.
    Keywords: educational services, development tendentions
    Date: 2014
  23. By: Elisa Cavezzali (Dept. of Management, Università Ca' Foscari Venice); Gloria Gardenal (Dept. of Management, Università Ca' Foscari Venice)
    Abstract: The paper investigates the relation between the adoption of good practices in risk management and the level of performance and riskiness of banks. In particular, we aim at understanding if the application of the Enterprise Risk Management approach to banks helps increasing their stability. We test the hypothesis that those banks using an integrated risk management approach have, ceteris paribus, a lower level of risk and a higher performance. Our analysis focuses on 21 Italian listed banking groups, in the time period 2005-2013. Our preliminary results show that the risk management function influences the risk and performance of the bank; however, it is not possible from our data to define an optimal model of risk governance.
    Keywords: Irisk management, risk governance, enterprise risk management, banking system
    Date: 2015–10

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