|
on Entrepreneurship |
| By: | Davide Fantino (Bank of Italy); Alessandra Mori (Bank of Italy); Diego Scalise (Bank of Italy) |
| Abstract: | In the last decade R&D expenditure in Italy has been lagging at a bare 1.2-1.3 per cent of GDP. Its private share is low by international standards and Italian firms take out only a small number of patents. External sources of innovation, however, are available to firms. This work aims at examining the determinants of research collaboration between firms and universities using the results of the 15th Bank of Italy Business Outlook Survey on Firms, together with data on the quality and importance of university research. Controlling for endogeneity problems, we show that the distance from top research centres is the most important factor in determining the probability of collaboration. Other results indicate that the presence of different innovation sources increases the probability of collaboration; and that proximity is more important for small- and medium-sized firms, while larger ones collaborate with universities that are better able to sell the results of their research, regardless of their location. Sector effects also emerge from the analysis. |
| Keywords: | research collaboration, innovation, R&D expenditure, technology transfer |
| JEL: | L24 O31 O32 R12 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_884_12&r=ent |
| By: | Kremp, E.; Sevestre, P. |
| Abstract: | This paper focuses on the access of independent French SMEs to bank lending and analyzes whether the observed evolution of credit to SMEs over the recent period was "demand driven" as a result of the decrease in firms' activity and investment projects or was "supply driven" with an increase in credit "rationing" stemming from a more cautious behavior of banks. Based on a sample of around 60,000 SMEs, we come to the conclusion that, despite the stronger standards used by banks when granting credit, French SMEs do not appear to have been strongly affected by credit rationing since 2008. This result goes against the common view that SMEs suffered from a strong credit restriction during the crisis but is perfectly in line with the results of several surveys about the access to finance of SMEs recently conducted in France. |
| Keywords: | Credit rationing, disequilibrium model, SME. |
| JEL: | E51 G21 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:405&r=ent |
| By: | Benoit Desmarchelier (CLERSE - Centre lillois d'études et de recherches sociologiques et économiques - CNRS : UMR8019 - Université Lille 1 - Sciences et Technologies); Faridah Djellal (CLERSE - Centre lillois d'études et de recherches sociologiques et économiques - CNRS : UMR8019 - Université Lille 1 - Sciences et Technologies); Faïz Gallouj (CLERSE - Centre lillois d'études et de recherches sociologiques et économiques - CNRS : UMR8019 - Université Lille 1 - Sciences et Technologies) |
| Abstract: | The goal of this paper is to (re)assess the relationship between knowledge intensive busi- ness services (KIBS) and the economic growth. Taking into account various conflicting relationships between KIBS and growth, we build a multi agent-based system involving industrial firms, consumer-services firms, consumers, KIBS firms and a banking system. Our main result is that KIBS can be regarded as an engine for the economic growth and that they operate as a substitute for the material capital accumulation. Nevertheless, material capital accumulation still appears as a significant factor of economic growth. |
| Keywords: | Economic growth, Business services, Structural change |
| Date: | 2012–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00748661&r=ent |
| By: | Gutierrez, Juan Julio; Correa, Paulo |
| Abstract: | This paper explores fundamental issues affecting technology commercialization of publicly funded research and development (R&D) in the Russian Federation. Despite substantial R&D investments, Russia has experienced a decline in scientific output and employment. Nevertheless, the innovation system remains strong in several technological fields. This paper develops an analytical framework to discuss conditions for technology commercialization, which hinge on the innovation system research base, governance of research institutions, alignment between specialization and sector prioritization, availability and performance of scientists and engineers, intellectual property (IP) regime for publicly funded discoveries, and early stage finance. The paper identifies areas for policy and regulatory improvement to incentivize research institutes and scientists to undertake research with market potential. These include: stronger results-based management that rewards commercialization efforts and focuses not only on high-technology sectors, but also on sectors where Russia has technological comparative advantages. In addition, researchers'career development could consider performance metrics that include entrepreneurial achievements, as well as support for young scientists and for international collaboration. Moreover, the IP regime for federally funded R&D may consider transferring full ownership of research discoveries to research organizations. Finally, to increase deal-flow of new ventures, enhancing the supply of early-stage financing for new technologies may be considered. |
| Keywords: | Tertiary Education,E-Business,ICT Policy and Strategies,Scientific Research&Science Parks,Science Education |
| Date: | 2012–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6263&r=ent |
| By: | Merlino, Luca Paolo (Free University of Brussels); Parrotta, Pierpaolo (Aarhus School of Business); Pozzoli, Dario (Aarhus University) |
| Abstract: | Exploiting the richness of the Danish register data on individuals and companies, we are able to provide an overall assessment of the assortative matching patterns arising in the period 1996-2005 controlling for firms and individual characteristics. We find strong differences between men and women in assortativity. While positive assortative matching in job-to-job transitions emerges for good female workers, good male workers are more likely to be promoted. These differences are not present in female friendly firms which have high profits and where good female workers tend to find jobs. Complementary analysis on job-to-unemployment and job-to-self-employment transitions reveals a lower employer's willingness to retain women. Overall, we find strong evidence of glass-ceilings in certain firms preventing women to climb the carrier ladder and pushing them to look for better jobs offered by more female friendly firms. |
| Keywords: | assortative matching, gender gap, glass ceiling, sticky floor |
| JEL: | J16 J24 J62 |
| Date: | 2012–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6983&r=ent |
| By: | Giacomo Ponzetto |
| Abstract: | This paper shows that intellectual property rights yield static efficiency gains, irrespective of their dynamic role in fostering innovation. I develop a property-rights model of firm organization with two dimensions of non-contractible investment: how much cost-minimizing effort to exert, and whether to direct it towards partnership or defection. In equilibrium, the first best can be attained if and only if property rights are as strong for intangible as for tangible assets. When IP rights are weaker, the structure of the firm is distorted and efficiency declines. An entrepreneur must either integrate her suppliers, which induces a fall in their investment; or else risk their defection, which entails a waste of her human capital. My model predicts greater prevalence of vertical integration in response to weaker IP rights. It also predicts a switch from integration to outsourcing over the product cycle. Both empirical predictions are consistent with evidence on the organization of multinational companies. As a normative implication, I …find that IP rights should be strong but narrowly defined, to protect one business opportunity without holding up its potential spin-offs. |
| Keywords: | intellectual property, organization, hold-up problem, property rights, vertical integration, outsourcing, product cycle, spin-off, licensing |
| JEL: | D23 D86 K11 L22 L24 O34 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:668&r=ent |
| By: | Vogel, Stephen J. |
| Abstract: | Almost a third of U.S. farm households generate income by engaging in business ventures independent of commodity production, with distinctly different community and household benefits. In 2007, 686,600 farm households engaged in 791,000 income-generating activities distinct from commodity production, creating $26.7 billion in household income. Onfarm diversification activities like agritourism and off-farm business ventures each accounted for about half of these activities, but off-farm businesses generated about 80 percent of total alternative (i.e., noncommodity) business income earned by farm households, creating the largest impact on the local economy. Off-farm businesses operated by farm households contributed an estimated $54.6 billion in value-added income to the gross regional products of their local economies and paid out $24.5 billion in wages and salaries to 853,100 part-time and full-time employees. In general, the share of the local employment base accounted for by farmer-owned off-farm businesses was higher in more rural counties. |
| Keywords: | onfarm diversification, off-farm businesses, portfolio entrepreneur, farm household typology, nonfarm employment, direct sales, Community/Rural/Urban Development, |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uersib:138015&r=ent |
| By: | Henrekson, Magnus (Research Institute of Industrial Economics (IFN)); Du Rietz, Gunnar (Research Institute of Industrial Economics (IFN)); Waldenström, Daniel (Research Institute of Industrial Economics (IFN)) |
| Abstract: | This paper studies the evolution of the modern Swedish inheritance taxation from its introduction in 1885 to its abolishment in 2004. A thorough description is offered of the basic principles of the tax, including underlying ideas and ambitions, tax schedules, and rules concerning valuation of assets, liability matters and deduction opportunities. Using these rules, we calculate inheritance tax rates for the whole period for a number of differently endowed family firms and individuals. The overall trend in inheritance tax burden exhibits an inverse-U shape for all firms and individuals. Up until World War II, inheritance tax rates were very low (never above six percent), but in the postwar era tax rates increased rapidly for both inherited firms and individual fortunes. Effective tax rates peaked in the mid-1970s. Valuation reliefs were introduced in the 1970s, which sharply reduced tax rates for inherited family businesses. Tax rates for deceased individuals were first cut in 1987 and then significantly reduced in 1991–1992. Finally, inheritance and gift tax revenues were relatively small, around a quarter of a percent of GDP. |
| Keywords: | Gift tax; Inheritance tax; Estate tax; Tax avoidance; Excess burden; Entrepreneurship; Ownership transfers of family firms |
| JEL: | D31 H20 K34 |
| Date: | 2012–11–07 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:0936&r=ent |