nep-cse New Economics Papers
on Economics of Strategic Management
Issue of 2016‒04‒23
24 papers chosen by
João José de Matos Ferreira
Universidade da Beira Interior

  1. Knowledge Creation and Dissemination by Local Public Technology Centers in Regional and Sectoral Innovation Systems: Insights from patent data By FUKUGAWA Nobuya
  2. International entrepreneurial firms in Chile: an exploratory profile By José Ernesto Amorós; María Soledad Etchebarne; Isabel Torres Zapata; Christian Felzensztein
  3. What Determines Firm-level Export Capacity? Evidence from Portuguese firms By Ana Gouveia; Ana Luisa Correia
  4. Innovation, Competition and Productivity. Firm Level Evidence for Eastern Europe and Central Asia By Klaus S. Friesenbichler; Michael Peneder
  5. “Relatedness, external linkages and innovation” By Ernest Miguélez; Rosina Moreno
  6. Innovation success: What is the role of innovation strategies? By Jové Llopis, Elisenda; Segarra Blasco, Agustí, 1958-
  7. Dynamic Entrepreneurship and Technology-Based Innovation By Audretsch, David; Kuratko, Donald; Link, Albert
  8. Assessing complementarity in organizational innovations for technological innovation: the role of knowledge management practices By Caroline Mothe; Uyen Nguyen-Thi; Phu Nguyen Van
  9. Productivity and organization in Portuguese firms By Lorenzo Caliendo; Giordano Mion; Luca David Opromolla; Esteban Rossi-Hansberg
  10. R&D, Scale Effects and Spillovers: New Insights from Emerging Countries By Luintel, Kul B; Khan, Mosahid
  11. Who Invests in the High-Tech Knowledge Base? By Matt Hopkins; William Lazonick
  12. Ethnic Entrepreneurship in the U.S. High-tech Industry By Subodh Bhat
  13. The differentiated impacts of organizational innovation practices on technological innovation persistence By Christian Le Bas; Caroline Mothe; Thuc Uyen Nguyen-Thi
  14. Born Globals in Interactive Branding Environment: A case of the BonAlive By Nikolina Koporcic
  15. Exports, Exchange Rates, and Productivity: An analysis of the Japanese manufacturing sectors By KATO Atsuyuki
  16. How do Small and Medium-sized Enterprises Evaluate the Activities of Private Financial Institutions and Government-affiliated Financial Institutions? Is there a difference by firm age? (Japanese) By YAMAMOTO Isamu
  17. International technology transfer and domestic innovation: evidence from the high-speed rail sector in China By Yatang Lin; Yu Qin; Zhuan Xie
  18. New Firms and Post-Entry Performance: The Role of Innovation. By Colombelli, Alessandra; Krafft, Jackie; Vivarelli, Marco
  19. The Relation between Industrial Development and Industrial Policy in Korea's High Economic Growth Period (Japanese) By YEO Inman
  20. Production Networks, Geography, and Firm Performance By Andrew B. BERNARD; Andreas MOXNES; SAITO Yukiko
  21. Does environmental policy stringency foster innovation and productivity in OECD countries? By Morales-Lage, Rafael; Bengochea-Morancho, Aurelia; Martínez-Zarzoso, Inmaculada
  22. Innovation, institutional ownership, and financial constraints By Schain, Jan Philip; Stiebale, Joel
  23. Public Support to Innovation Strategies By Laura Barbieri; Daniela Bragoli; Flavia Cortelezzi; Giovanni Marseguerra
  24. Networks of Enterprises and Innovations: Evidence from SMEs in Vietnam By Doan, Quang Hung; Vu, Hoang Nam

  1. By: FUKUGAWA Nobuya
    Abstract: Local public technology centers (LPTCs) in Japan help small- and medium-sized enterprises (SMEs) improve productivity through technology transfer. Using a comprehensive patent database and based on frameworks of regional and sector innovation systems, this study quantitatively evaluates LPTCs' technology transfer activities. The key findings can be summarized as follows. First, local SMEs' technological portfolios (the distribution of patents across technological fields) indicate a better fit with the technological portfolios of LPTCs than with those of local universities. This tendency is salient for manufacturing LPTCs. Second, LPTCs collaborate more intensively on research with local SMEs compared to the local universities. This tendency is also salient for manufacturing LPTCs. Third, in regions where SMEs' technological portfolios are concentrated in biotechnology, LPTCs engage more in licensing. In regions where SMEs' technological portfolios are concentrated in mechanical engineering, LPTCs engage more in technical consultation.
    Date: 2016–03
  2. By: José Ernesto Amorós; María Soledad Etchebarne; Isabel Torres Zapata; Christian Felzensztein (School of Business and Economics, Universidad del Desarrollo)
    Abstract: The internationalization of new small and medium-sized enterprises is a challenge for many developing countries, especially those with open economies and small internal markets like Chile. This study, in an exploratory way, analyzes some of the factors that determine how new ventures are oriented to international markets from their early-stages. This paper develops a model that integrates variables related to firm characteristics like industrial sector, competitiveness, and size of the firm with a degree of internationalization. The empirical analysis uses data from the Global Entrepreneurship Monitor´s (GEM) adult population survey carried out in Chile during the period 2007-2013 (n=4,208). An ordinal logit regression model was used to test the hypotheses. Descriptive results show that 12.8% of Chilean entrepreneurs in the sample have a relatively high tendency towards internationalization and that the factors related to competitiveness are significant in respect to this tendency. The size of the firm and the propensity to create employment are also significant. Practical implications are discussed
    Keywords: Early internationalization; industrial sector; size; competitiveness; Chile; Global Entrepreneurship Monitor
    Date: 2015–09
  3. By: Ana Gouveia (Gabinete de Planeamento, Estratégia, Avaliação e Relações Internacionais / Office for Economic Policy and International Affairs - Ministério das Finanças / Ministry of Finance); Ana Luisa Correia
    Abstract: Internationalization of firms is an indicator of their competitiveness. Using a dataset that covers all Portuguese non-financial corporations, we assess, at micro level, what are the key factors that explain the export capacity of individual firms (and thereby of increased competitiveness). From a public policy perspective, we show that policies to promote innovation and investment have a positive impact on the firm-level probability of exporting. Also, younger firms are more prone to export and there are learning effects from the export activity. The reduction of barriers to competition in internal markets is also important to promote firms’ internationalization.
    Keywords: Keywords: Internationalization; Competitiveness; Barriers; Exports
    JEL: D22
    Date: 2015–07
  4. By: Klaus S. Friesenbichler (WIFO); Michael Peneder (WIFO)
    Abstract: We investigate the drivers of firm level productivity in catching-up economies by jointly estimating its relationship to innovation and competition using data from the EBRD-WB Business Environment and Enterprise Performance Survey (BEEPS) in Eastern Europe and Central Asia. The findings confirm an inverted-U shaped impact of competition on R&D. Both competition and innovation have a simultaneous positive effect on labour productivity in terms of either sales or value added per employee, as does a high share of university graduates and foreign ownership. Further positive impacts come from firm size, exports, or population density. Innovation and foreign ownership appear to be the strongest drivers of multifactor productivity.
    Keywords: innovation, competition, productivity, development, transition economies, simultaneous system
    Date: 2016–04–13
  5. By: Ernest Miguélez (GREThA, University of Bordeaux & AQR-IREA, University of Barcelona.); Rosina Moreno (AQR-IREA, University of Barcelona.)
    Abstract: This paper has two main objectives. First, it estimates the impact of related and unrelated variety of European regions’ knowledge structure on their patenting activity. Second, it looks at the role of technological relatedness and extra-local knowledge acquisitions for local innovative activity. Specifically, it assesses how external technological relatedness affects regional innovation performance. Results confirm the strong relevance of related variety for regional innovation; whereas the impact of unrelated variety seems relevant only for the generation of breakthrough innovations. The study also shows that external knowledge flows have a higher impact, the higher the similarity between these flows and the extant local knowledge base.
    Keywords: variety, patents, patent citations, relatedness, knowledge production function JEL classification: O18, O31, O33, R11
    Date: 2016–04
  6. By: Jové Llopis, Elisenda; Segarra Blasco, Agustí, 1958-
    Abstract: The objective of this paper is to explore the role played by firms' strategies during innovation process and its effects on innovation success. We argue that firm's innovative decisions not only concern how much innovation effort to make but, more especially, what kind of innovation objectives to pursue, which refer to strategic decisions taken at the level of the firm. Our econometric analysis is based on a sample of 3,919 manufacturing and services firms taken from the Spanish Technological Innovation Panel (PITEC) for the period 2008–2012. Firstly, applying a principal component analysis we identified a diverse range of innovation strategies (no strategy, unfocused, market, production, cost and environmental and regulatory strategy). Secondly, after controlling positive skewness of the dependent variables a generalized linear model is used to exanimate the impact of these innovation strategies. Our empirical results reveal some relevant aspects. Firstly, firms that do not have a well-defined innovation strategy experience fewer probability of being a successful innovative firm. Secondly, firms that do have an innovation strategy, but not focused on any specific orientation, have enhanced innovation success, but less than that of firms with an oriented strategy. Finally, the results also show that there is a good fit between an oriented strategy pursued by firms and their innovation success. Keywords: innovation objectives, innovation strategy, innovation success, Spain JEL Classification Numbers: D21. O31. O32
    Keywords: Conducta organitzacional, Innovacions tecnològiques -- Direcció i administració, 33 - Economia,
    Date: 2015
  7. By: Audretsch, David (Indiana University); Kuratko, Donald (Indiana University); Link, Albert (University of North Carolina at Greensboro, Department of Economics)
    Abstract: This paper seeks to distinguish between dynamic and static entrepreneurship. We define the construct of dynamic entrepreneurship in terms of Schumpeterian innovativeness and then develop a hypothesis suggesting that human capital is conducive to such action. In contrast, a paucity of human capital is more conducive to static entrepreneurship (defined in terms of organizational or ownership status). Based on a rich data set of entrepreneurs receiving research funding through the U.S. Small Business Innovation Research (SBIR) program, our empirical evidence suggests that academic-based human capital is positively correlated with dynamic behavior, whereas as business-based human capital and prior business experience is not.
    Keywords: Dynamic entrepreneurship; Static entrepreneurship; Schumpeterian innovation; human capital; Small Business Innovation Research (SBIR) Program
    JEL: J24 L26 O38
    Date: 2016–04–14
  8. By: Caroline Mothe (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Uyen Nguyen-Thi (CEPS/INSTEAD - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development); Phu Nguyen Van (BETA - Bureau d'Economie Théorique et Appliquée - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)
    Abstract: We here empirically investigate the pattern of complementarity between four organizational practices. Firm-level data were drawn from the Community Innovation Survey (CIS) carried out in 2008 in Luxembourg. Supermodularity tests confirm the crucial role of organizational innovation in raising firms’ technological innovation. The pattern of complementarity between organizational practices differs according to the type of innovation, i.e. product or process innovation, but also according to whether the firm is in the first stage of the innovation process (i.e. being innovative or not) or in a later stage (i.e. innovation performance in terms of sales of new products).
    Keywords: Supermodularity, Technological innovation,Complementarity, Organizational innovation, Substitution
    Date: 2015
  9. By: Lorenzo Caliendo; Giordano Mion; Luca David Opromolla; Esteban Rossi-Hansberg
    Abstract: The productivity of firms is, at least partly, determined by a firm's actions and decisions. One of these decisions involves the organization of production in terms of the number of layers of management the firm decides to employ. Using detailed employer-employee matched data and firm production quantity and input data for Portuguese firms, we study the endogenous response of revenue-based and quantity based productivity to a change in layers: a firm reorganization. We show that as a result of an exogenous demand or productivity shock that makes the firm reorganize and add a management layer, quantity based productivity increases by about 4%, while revenue-based productivity drops by more than 4%. Such a reorganization makes the firm more productive, but also increases the quantity produced to an extent that lowers the price charged by the firm and, as a result, its revenue-based productivity.
    Keywords: Productivity; organization; wages; managers; layers; TFP; firm size
    JEL: J1
    Date: 2015–12
  10. By: Luintel, Kul B (Cardiff Business School); Khan, Mosahid
    Abstract: There has been a concomitant rise in R&D and the rate of economic growth in emerging countries. Analyzing a panel of 31 emerging countries, we find convincing evidence of scale effects which make government policies potent for long-run growth. This contrasts sharply with the well known findings of Jones (1995a). Innovations show increasing returns to knowledge stock, implying that the diminishing returns assumed by some semi-endogenous growth models might not be generalized. International R&D spillovers raise the innovation bar. The observed growth rates of emerging economies appear in transition therefore their growth rates may recede with the passage of time.
    Keywords: Scale Effects; Ideas Production; Diffusion; Panel Integration and Cointegration
    JEL: O3 O4 O47
    Date: 2016–04
  11. By: Matt Hopkins (The Academic-Industry Research Network.); William Lazonick (University of Massachusetts Lowell and The Academic-Industry Research Network.)
    Abstract: A nation must accumulate a high-tech knowledge base to prosper. In this paper, we provide a historical perspective on the interaction of household families, government agencies, and business enterprises, or what we call “the investment triad†, in providing a foundation for the accumulation of a high-tech knowledge base in the United States. Households and governments interact by making investments in education. Governments and businesses interact in the development of the high-tech knowledge base by investing in research and development. Businesses and households interact to invest in the knowledge base through the employment relation. The quality of these interactions in terms of complementarity and sophistication are of critical importance to the productivity performance of investments in the knowledge base. Most discussions of investing in the high-tech knowledge base focus on investments made in R&D by government and business as well as universities and non-profits. We argue that investment in R&D does not capture the productivity of R&D in generating high-quality, low cost high-tech products, nor how the revenues from those products support the higher incomes of the broad base of employees in the high-tech labor force. Over the past decade total R&D spending as a percent of GDP in the United States has remained high by historical standards, with Business-funded R&D exceeding the proportion of Government-funded R&D in the total. Yet there is a sense in the United States that over the past two to three decades the institutional arrangements for investing in the knowledge base have broken down. We hypothesize that the innovation problem resides in the interaction of the organizations – household families, government agencies, and business enterprises – in the investment triad. Using the investment-triad framework, this report provides an historical overview of the evolution of the institutional arrangements for investing in the knowledge base in the United States since the mid-19th century, culminating in an agenda for research on the contemporary operation and performance of the investment triad.
    JEL: H1 I2 L2 O3 P1
    Date: 2014–05
  12. By: Subodh Bhat (San Francisco State University)
    Abstract: Since the 1990s, there has been an explosion of startups by Indians and Chinese in the U.S. high-tech industry. This study investigates the motivations, support systems, networks, attitudes and behaviors of these new Indian entrepreneurs based on interviews with over two dozen entrepreneurs and a web survey of eighty respondents. The respondent sample was predominantly male, between 30 and 49 years of age and had masters degrees.Our respondent entrepreneurs were motivated primarily by the desire to create something new and the potential for making money. Other major motivators were the propensity for action (“doing†), the excitement of entrepreneurship, the desire for autonomy and having the technological edge or industry vision. They relied on friends, former co-workers and relatives for help in starting the business. They also highlighted the importance of fellow Indians (informal rather than formal networks) in the startup process. This was also demonstrated in the fact that about three-fourth of the co-founders of our respondents’ businesses were Indians. Surprisingly, university ties and formal professional networks, whether Indian or not, were rated least influential in the startup process. Whereas former co-workers, friends, and other Indians helped across a range of business functions, family help was mainly in the realm of finance. Only one-fifth of these entrepreneurs received help from any government institution. Our respondents rated their success in business as quite high on various measures. Unfortunately, they also reported that their businesses were not generally quite profitable. They judged their success not only on the basis of typical business barometers like revenues and profits, but also on personal wealth, sense of achievement and organization-building.Our respondents attributed their success mainly to hard work and focus or drive. Other major factors were supportive relationships at work and with family and friends, technical knowledge and experience, command of English, education in the U.S., and access to finance. Friends, former co-workers, and the general category of Indians played major roles in the success of these entrepreneurs. Surprisingly, relatives and university mates were not considered very crucial for success. Business or professional organizations were rated least important.
    Keywords: Entrepreneurship, high-tech, startup success
  13. By: Christian Le Bas (ESDES - École de management de Lyon - Université Catholique de Lyon); Caroline Mothe (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Thuc Uyen Nguyen-Thi (CEPS/INSTEAD - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development)
    Abstract: This article tests the major determinants of technological (product and process) innovation persistence and provides evidence of the significant role of organizational innovation. Design/methodology/approach Data came from two waves of the Luxembourg Community Innovation Survey (CIS): CIS2006 for 2004–2006 and CIS2008 for 2006–2008. The longitudinal data set resulted in a final sample of 287 firms. A multinomial probit model estimates the likelihood that each firm belongs to one of three longitudinal innovation profiles: no, sporadic, or persistent innovators. Findings The determinants have differentiated impacts on process and technological innovation persistence. Organizational innovation influences technological innovation persistence. In the analysis of detailed organizational practices, strong evidence emerged that knowledge management exerts a crucial effect on product innovation persistence; workplace organization instead is associated with process innovation persistence.
    Keywords: R&D,persistence,innovation,Technological innovation,organizational innovation
    Date: 2015
  14. By: Nikolina Koporcic (Åbo Akademi University)
    Abstract: Interactive Branding (I-Branding) environment consists of business network environments in which companies cooperate with each other through mutual interactions that are based on three dimensions: internal, external and mutual branding dimension. I-Branding as an activity is therefore presented as a business strategy through which a company is positioning itself in a local and foreign network of business relationships. Internationalization provides a new lens for this process, in which different networks of large distances are all interconnected through interactions of three branding dimensions. Born global companies are small companies with early and rapid internationalization, which are successfully implementing their strategies and fighting for a favourable position in foreign networks. In order to discover challenges and opportunities of becoming successful so rapidly, a family owned company in the pharmaceutical industry is followed over the years. Based on case findings, the paper suggests managerial implications for start-ups and born global companies, together with some direction for a future theoretical and empirical research.
    Keywords: Interactive Branding, Born Globals, B2B, Business Networks, Internationalization.
    JEL: L19 F20 M13
  15. By: KATO Atsuyuki
    Abstract: This paper examines the effects of exchange rate changes and productivity on manufacturing exports. Using the dataset of Japanese manufacturing firms during the period 2002-2012, we discuss whether exchange rate fluctuations deter export activities and whether productivity and markup differences affect them. For this study, we estimate both firm specific productivity and markups by the production function based approaches and incorporate them into the Heckman sample selection model. Our results show exchange rates are important factors to affect firm-level exports as a whole while temporal aggregation should be carefully considered. In addition, this study also reveals that productivity and markups give different impacts on firm-level exports across industries. In the transportation equipment industry, the negative effects of appreciation on exports are partly mitigated by higher productivity. Markups are positively related to exports in the electronics industry while negatively related in the transportation equipment. Neither productivity nor markup absorbs the impact of exchange rate changes in the machinery industry. Those findings imply that stability of exchange rates is very important while the effective trade policy may vary across industries following their trade structure.
    Date: 2016–03
  16. By: YAMAMOTO Isamu
    Abstract: It is commonly agreed that both private and government-affiliated financial institutions should support small and medium-sized enterprises in accordance with their life stages. In this paper, using the questionnaire survey conducted in 2013 (4,635 companies responded), we analyze how firm ages affect their opinions on financial institutions. Compared with old firms, young firms tend to answer that they don't have main banks. When young firms borrow from the main banks, their borrowings are highly covered by the public credit guarantee. In addition, we find that, at the early stage when main banks don't have enough qualitative information about the firms, financing by the Japan Finance Corporation (JFC) is likely to stimulate private financial institutions, while regarding older firms that have established relationships with banks, such stimulating effect is weak. Finally, there are no clear trends with respect to age for many questions. Therefore, it should be noted that the financial needs of firms don't change simply according to firm ages.
    Date: 2016–03
  17. By: Yatang Lin; Yu Qin; Zhuan Xie
    Abstract: How does the transfer of advanced technology spur innovation in developing countries? This paper exploits the large-scale introduction of high-speed railway (HSR) technology into China in 2004 as a natural experiment to address this question. The experiment is unique in the sense that this wave of technology transfer is large, abrupt and arguably exogenous in timing, covering a variety of technology classes and a large number of geographically-dispersed railway-related firms. With detailed information on the types of technology transferred and the identities of the receiving firms, as well as their product market specializations, we are able to depict a clear picture of how foreign technology is digested and spurs follow up innovation in and out of directly receiving firms. Our findings suggest that technology transfer leads to significant growth in HSR-related patents in cities with direct receivers of imported technology after 2004 in a triple-difference estimation. We also observe sizable spill overs to firms that are not directly related to the railway industry. Technology similarity plays an important role in technology diffusion, but we do not observe any significant impacts of geographic proximity. Previous university research strength in relevant fields is also conducive to stronger technology spill overs.
    Keywords: Innovation; foreign technology transfer; knowledge spill over; China
    JEL: J1
    Date: 2015–12
  18. By: Colombelli, Alessandra; Krafft, Jackie; Vivarelli, Marco (University of Turin)
    Abstract: This paper investigates the reasons why entry per se is not necessarily good and the evidence showing that innovative startups survive longer than their non-innovative counterparts. In this framework, our own empirical analysis shows that greater survival is achieved when startups engage successfully in both product innovation and process innovation, with a key role of the latter. Moreover, this study goes beyond a purely microeconomic perspective and discusses the key role of the environment within which innovative entries occur. What shown and discussed in this contribution strongly supports the proposal that the creation and survival of innovative start-ups should become one qualifying point of the economic policy agenda.
    Date: 2016–03
  19. By: YEO Inman
    Abstract: From the early 1960s till the late 1970s, the Korean economy achieved high economic growth. During that period, industrial structure changed dramatically, as the proportion of the manufacturing industry, especially heavy and chemical industries, rapidly increased. It is generally accepted that industrial policy is the main cause of such change. In this paper, the effects of industrial policy for industrial development are analyzed, dividing the high economic growth period into three intervals. For the 1960s, I analyze the relationship between export-oriented light industry promotion policy and the development of the textile industry. In the 1970s, a policy to promote the heavy and chemical industry was achieved, and I analyze how the shipbuilding industry is affected by that policy. Finally, for the 1980s, I examine the automotive industry which was the target of industrial rationalization policy. From the analysis, I find that the role and effectiveness of industrial policy differ depending on period and industry. Compared to the private sector, the amount of information that the government possesses could explain the effectiveness of industrial policy.
    Date: 2016–03
  20. By: Andrew B. BERNARD; Andreas MOXNES; SAITO Yukiko
    Abstract: This paper examines the importance of buyer-supplier relationships, geography, and the structure of the production network in firm performance. We develop a simple model where firms can outsource tasks and search for suppliers in different locations. Low search and outsourcing costs lead firms to search more and find better suppliers. This in turn drives down firms' marginal production costs. We test the theory by exploiting the opening of a high-speed train line (shinkansen) in Japan which lowered the cost of passenger travel but left shipping costs unchanged. Using an exhaustive dataset on firms' buyer-seller linkages, we find significant improvements in firm performance as well as creation of new buyer-seller links, which are consistent with the model.
    Date: 2016–03
  21. By: Morales-Lage, Rafael; Bengochea-Morancho, Aurelia; Martínez-Zarzoso, Inmaculada
    Abstract: In this paper we use panel data models and quantile regressions to test the "weak" and "strong" versions of the Porter hypothesis, using data from 14 OECD countries over the period 1990-2011. A newly-released environmental policy stringency index (EPS) provided by the OECD is used as an indicator of the stringency of environmental regulations in order to tackle endogeneity issues of proxies used in earlier research. The findings indicate that more stringent environmental regulations positively influence R&D expenditure, the number of patent applications and total factor productivity (TFP). The results show that environmental stringency has a positive effect on R&D, mainly for the lower quantiles (0.10, 0.25) of the distribution of R&D, whereas for the number of patent applications and total factor productivity, the effect increases for the highest quantiles (0.75, 0.90) of the distribution of the targeted indicators.
    Keywords: environmental regulations,Porter hypothesis,OECD,innovation,quantile regression
    JEL: Q43 Q48 Q53
    Date: 2016
  22. By: Schain, Jan Philip; Stiebale, Joel
    Abstract: We analyze the relationship between institutional investors, innovation and financing constraints. Building on the empirical framework of Aghion et al. (2013), we find that the effect of institutional ownership on innovation is concentrated in industries with high dependence on external finance and among firms which are a priori likely to be financially constrained. The complementarity between institutional ownership and competition, predicted by the original paper's theory where institutional investors increase innovation through reducing career risks, disappears once this heterogeneity is taken into account. We also provide evidence that the sensitivity of R&D investment to internal funds decreases with institutional ownership.
    JEL: G23 G32 L25 M10 O31 O34
    Date: 2016
  23. By: Laura Barbieri (Dipartimento di Scienze Economiche e Sociali, Università Cattolica); Daniela Bragoli (Dipartimento di Discipline matematiche, Finanza matematica ed Econometria, Università Cattolica); Flavia Cortelezzi (Dipartimento di Diritto, Economia e Culture, Università degli Studi dell’Insubria); Giovanni Marseguerra (Dipartimento di Discipline matematiche, Finanza matematica ed Econometria, Università Cattolica)
    Abstract: This study investigates whether the receipt of public R&D funding determines firm's R&D strategy election. Using the Community Innovation Survey (CIS) dataset including more than 3000 Italian manufacturing companies, we adopt a multinomial logit model after controlling for sample selection and endogeneity issues which arise when dealing with CIS data. The main finding is that public R&D funding in uences whether firms select the make, the buy or the make&buy strategy and in particular firms, after receiving public support, prefer the composite strategy rather than the single strategies. This result turns out to be good news given that government support, correcting for the market failures which characterize the combined strategy, favors the strategy which seems to enhance a positive synergy between in house R&D and external sourcing.
    Keywords: Public Funding, R&D strategies, CIS Survey
    JEL: G32 O31 D21
    Date: 2015–12
  24. By: Doan, Quang Hung; Vu, Hoang Nam
    Abstract: By using the latest dataset from the survey of SMEs conducted in Vietnam in 2011, we show that a firm both participating in a wider network of input suppliers, buyers, and associations of enterprises and conducting innovative activities in production has higher labor productivity than others, implying that networks of enterprises and innovation are complementary to each other in affecting performance of SMEs in Vietnam. We also find that supports of the government including providing better infrastructure to the SMEs and helping the SMEs to be formalized when being established are conducive to the development of the SMEs in Vietnam.
    Keywords: Complementary, supermodularity, Network, Innovation, SMEs.
    JEL: D58 O3
    Date: 2016–01

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