|
on Project, Program and Portfolio Management |
| By: | Hottenrott, Hanna; Peters, Bettina |
| Abstract: | This study presents a novel empirical approach to identify financing constraints for innovation based on the idea of an ideal test as suggested by Hall (2008). Firms were offered a hypothetical payment and were asked to choose between alternatives of use. If they choose additional innovation projects they must have had some unexploited investment opportunities that were not profitable using more costly external finance. That is, these firms have been financially constrained. We attribute constraints for innovation not only to lacking financing, but also to firms' innovative capability. Econometric results show that financial constraints do not depend on the availability of internal funds perse, but that they are driven by innovative capability. We find firms with high innovative capability but low financial resources to be most likely subject to financing constraints. Yet, we also observe constraints for financially sound firms that may have to put ideas on the shelf. -- |
| Keywords: | Innovation,financing constraints,innovative capability,multivariate probit models |
| JEL: | O31 O32 C35 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:09081&r=ppm |
| By: | Ginés de Rus |
| Abstract: | The future of interurban public transport will be significantly affected by public sector decisions concerning investment in infrastructure, particularly the construction of new high-speed rail lines in medium-distance corridors where cars, buses, airplanes and conventional trains are the competing modes of transport. The distribution of traffic between the alternative modes of transport depends on the generalized prices, which fundamentally consist of costs, time and government’s pricing decisions. High-speed rail investment, financed by national governments and supranational institutions such as the European Union (EU), has drastically changed the previous equilibrium in the affected corridors. This paper discusses the economic rationale for allocating public money to the construction of high-speed rail infrastructure and how the present institutional design affects the selection of projects by national and regional governments, with deep long-term effects in these corridors and beyond. |
| Keywords: | infrastructure, high speed rail, Intermodal competition, incentives, project evaluation |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:oec:itfaaa:2009/18-en&r=ppm |
| By: | Giofré, Maela/M. |
| Abstract: | This paper investigates the impact of investor protection legislation on foreign shareholders and bondholders. We find, not surprisingly, a positive "direct" effect of investor protection laws: foreign stock and bond investments are encouraged by legislation that better protects, respectively, shareholder and creditor rights. However, different investor classes are endowed with different rights, and conflicting interests among them can make strong protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have significant and sizeable "cross" effects on foreign portfolio investment and that the direction of these effects is fully consistent with the conjecture that foreign stakeholders are relatively more sensitive to the perceived riskiness of assets than domestic investors. Specifically, we find that strong protection of creditor rights -- limiting excessive risk taking -- positively affects foreign shareholders, whereas strong protection of shareholder rights -- potentially shifting a firm toward riskier projects -- has a negative impact on foreign bondholders. The immediate policy implication of our findings is that strengthening investor protection rights is not a universally desirable policy. More specifically, accounting for the interaction of conflicting corporate governance mechanisms is critical to the design of regulatory policies and strategies aimed toward enhancement of inward foreign investment. |
| Keywords: | International portfolio investments; Investor Protection; Bondholders-shareholders conflicts |
| JEL: | G11 G15 G30 |
| Date: | 2009–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20238&r=ppm |
| By: | Engelstätter, Benjamin |
| Abstract: | This paper analyzes the relationship between the three main enterprise systems (Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Customer Relationship Management (CRM)) and firms' innovational performance. It studies whether the enterprise systems have impacts on process as well as product innovations. Using German firm-level data, the results show that ERP and SCM systems foster the firms' likelihood to generate process innovations. In addition, ERP systems also show a positive impact on process innovation intensity. These results do not only emerge for the short-run of two years or less but remain also stable in the long-run of two to four years. Concerning product innovational performance only, CRM systems increase the firms' likelihood to acquire product innovations, although the impact only emerges for the short-run and vanishes if the long-run perspective is taken into account. -- |
| Keywords: | Innovation,Product Innovation,Process Innovation,Enterprise Systems,Selectivity,Enterprise Resource Planning,Supply Chain Management,Customer Relationship Management |
| JEL: | L10 M20 O31 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:09086&r=ppm |