nep-sbm New Economics Papers
on Small Business Management
Issue of 2017‒12‒11
seventeen papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Cross-faculty proximity and academic entrepreneurship: The role of business schools By Maximilian Goethner; Michael Wyrwich
  2. Incumbents' responses to innovative entrants: A multi-country dynamic analysis By Diekhof, Josefine; Cantner, Uwe
  3. Regional Innovator Networks - A Review and an Application with R By Holger Graf
  4. Boosting productivity in Switzerland By Patrice Ollivaud
  5. BIG data - BIG gains? Empirical evidence on the link between big data analytics and innovation By Niebel, Thomas; Rasel, Fabienne; Viete, Steffen
  6. Exploring the Relationship Between Human Capital and Innovation at the Firm Level: A study on a Sample of European Firms By D'AMORE, Rosamaria; IORIO, Roberto; LUBRANO LAVADERA, Giuseppe
  7. Founding family ownership,stock market returns, and agency problems By Eugster, Nicolas; Isakov, Dusan
  8. The Rationale and Impact of Public Grants to New Technology-Based Firms By Nicolas Pary
  9. The financial vernerability of Irish Small and Medium Enterprises, 2013 to 2017 By McQuinn, John; McCann, Fergal
  10. The Real Exchange Rate, Innovation and Productivity By Laura Alfaro; Alejandro Cuñat; Harald Fadinger; Yanping Liu
  11. Explaining firm sensitivity to R&D subsidies within a dose-response model: The role of financial constraints, real cost of investment, and strategic value of R&D By Giovanni Cerulli; Bianca Poti'
  12. The Changing Geography of Innovation and the Role of Multinational Enterprises By Davide Castellani
  13. Response of firms to listing: Evidence from SME exchanges By Aggarwal, Nidhi; Susan Thomas
  14. The determinants of entrepreneurship for migrants in Italy. Do Italian migrants become entrepreneurs by “opportunity” or through “necessity”? By Marina De Angelis; Marcella Corsi; Daniele Frigeri
  15. Exploring the relationship between micro-enterprises and regional development: Evidence from Tunisia By Jean Bonnet; Sana El Harbi; Faten Gazzah
  16. Location of R&D abroad. An analysis on Global Cities By Davide Castellani; Katiuscia Lavoratori
  17. Who Creates Jobs and Who Creates Productivity? Small versus Large versus Young versus Old By Heyman, Fredrik; Norbäck, Pehr-Johan; Persson, Lars

  1. By: Maximilian Goethner (Friedrich Schiller University Jena, School of Economics and Business Administration); Michael Wyrwich (Friedrich Schiller University Jena, School of Economics and Business Administration)
    Abstract: Over the past decades, entrepreneurial activity has started to be considered a third mission of higher education institutions. Our study examines the extent to which entrepreneurship at universities is driven by spatial proximity between university faculties. To this end, we use a new dataset that links information on business idea generation by faculties of German universities between 2007 and 2014 with comprehensive data on structural characteristics of these universities and faculties (e.g., number of academic staff, students, industry funding). Our analysis shows that the emergence of entrepreneurial ideas in natural sciences is positively affected by proximity to business schools. This pattern suggests the presence of knowledge flows between university faculties as an important source of science-based and technology-oriented business ideas.
    Keywords: Academic entrepreneurship, Knowledge Spillover, Spatial Proximity, Entrepreneurial Human Capital
    JEL: D24 L26 M13 O31 O32
    Date: 2017–12–01
  2. By: Diekhof, Josefine; Cantner, Uwe
    Abstract: The influence of innovative entrants on incumbents is considered important for technological change. We analyze this influence for the global transition towards alternative technology vehicles (ATVs). Our results indicate that entrants' ATV-related knowledge accumulation stimulates average incumbent's ATV-related research. Regarding global entrants, incumbents with higher ATV patent stocks increased patenting stronger; supporting previous literature on competitive reactions to entry. Responding to domestic entrants, however, incumbents with low ATV patent stocks increased whereas incumbents with high stocks decreased patenting; suggesting that advanced incumbents outsource research or overtake entrants. Further, certain characteristics and not merely the quantity of entrants drive incumbents' responses.
    Keywords: Environmental Economics,Sustainable Development,Technological Innovation,Firm Behavior: Empirical Analysis,Entrepreneurship,Industry Dynamics,Automobile Industry,Electric Vehicle
    JEL: Q01 Q55 D22 L26 L62 O31
    Date: 2017
  3. By: Holger Graf (FSU Jena)
    Abstract: The article serves as an introduction to the empirical analysis of innovation or knowledge networks based on patent data with a particular focus on regional networks. I provide a review of the literature of innovation networks and how it connects to systemic approaches within the field of innovation studies. The SNA methodology is introduced by performing a comparative regional network study based on the publicly available OECD patent databases.
    Keywords: Regional Innovation, Network Analysis, Patent Data
    JEL: L14 O31 R11
    Date: 2017–11–08
  4. By: Patrice Ollivaud
    Abstract: Swiss GDP per capita stands amongst the top OECD performers. However, to face medium-term challenges productivity developments will be key to allow the country to maintain its enviable position. Recent trends have not been favourable, with productivity growth underperforming peer countries. Based on macroeconomic analysis and supported by firm-level data, results point to a significant role for competition, innovation, education, firm characteristics and entrepreneurship. The regulatory environment is a crucial element driving productivity and could explain some of the differences across cantons. It is also an important factor for productivity differences across sectors. Other issues weighing on Switzerland’s future performance include risks from ageing, which can have major consequences on productivity via its influence on economic sectors and also via the age structure and the evolution of productivity through working life. Fully utilising the potential of underrepresented population segments would also be beneficial, notably encouraging full-time participation of women and better integrating immigrants. More enterprise creation could be achieved with increased entrepreneurship education, expanded non-bank financing and a reduced regulatory burden. R&D, while an obvious success in Switzerland, has apparently not produced commensurate returns in output. Diversification, more knowledge sharing, a stronger role for higher education institutions and promotion of start-ups would help reinforce the links from R&D to productivity. This Working Paper relates to the 2017 OECD Economic Survey of Switzerland ( y-switzerland.htm).
    Keywords: firm-level data, labour productivity, research and development, Switzerland
    JEL: O10 O30 O40 O52
    Date: 2017–12–12
  5. By: Niebel, Thomas; Rasel, Fabienne; Viete, Steffen
    Abstract: This paper analyzes the relationship between firms' use of big data analytics and their innovative performance in terms of product innovations. Since big data technologies provide new data information practices, they create novel decision-making possibilities, which are widely believed to support firms' innovation process. Applying German firm-level data within a knowledge production function framework we find suggestive evidence that big data analytics is a relevant determinant for the likelihood of a firm becoming a product innovator as well as for the market success of product innovations. These results hold for the manufacturing as well as for the service sector but are contingent on firms' investment in IT-specific skills. Subsequent analyses suggest that firms in the manufacturing and service sector rely on different data sources and data-related firm practices in order to reap the benefits of big data. Overall, the results support the view that big data analytics have the potential to enable innovation.
    Keywords: big data,data-driven decision-making,product innovation,firm-level data
    JEL: D22 L20 O33
    Date: 2017
  6. By: D'AMORE, Rosamaria (CELPE - Centre of Labour Economics and Economic Policy, University of Salerno - Italy); IORIO, Roberto (CELPE - Centre of Labour Economics and Economic Policy, University of Salerno - Italy); LUBRANO LAVADERA, Giuseppe (CELPE - Centre of Labour Economics and Economic Policy, University of Salerno - Italy)
    Abstract: In this paper, we explore the relationship between the human capital “embodied” in the workforce and the innovative capabilities of the firm, adopting an international comparative perspective. In fact data come from a survey (EFIGE) run in seven European countries during the 2007-2009 period. They are analysed with several models of multivariate analysis also with the support of a semi-parametric model. Our results show a positive relationship between the ratio of graduated employees and the percentage of turnover from innovative products, being the share of personnel employed in R&D constant. This relationship is not linear: we find decreasing marginal returns for human capital and R&D. We then find a complementarity between human capital and R&D: the strength of the link between human capital and innovation is higher when the firm’s R&D increases. We also find some significant differences in the intensity of the human capital/innovation link across different countries.
    Keywords: Human capital; R&D; Innovation;
    JEL: D22 J24 O32
    Date: 2017–04–29
  7. By: Eugster, Nicolas; Isakov, Dusan
    Abstract: This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different risk factors and firm characteristics. Family firms generate an annual abnormal return of 2.8% to 7.1%. Moreover, family firms potentially having more agency problems earn higher abnormal returns than other firms and markets participants are regularly positively surprised by the economic outcomes produced by these firms around earnings announcements. The evidence suggests that outside investors earn a premium for bearing the high expropriation risk of family firms.
    Keywords: Family firm; ownership structure; earnings surprise; market efficiency
    JEL: G31 G14
    Date: 2017–11–23
  8. By: Nicolas Pary
    Abstract: Les Jeunes Entreprises Technologiques (JET) ont des besoins financiers importants aux premiers stades tandis que la plupart des marchés des capitaux entrepreneuriaux restent moins développés en Europe qu’aux Etats-Unis. Cette situation conduit les pouvoirs publics à créer des dispositifs financiers, dont des subsides, pour soutenir ces JET. Selon la Public Sponsorship Theory, ces subsides devraient soulager le contrainte de financement qui pèse sur les JET et ainsi leur permettre de poursuivre leur développement jusqu’à attirer des investisseurs ou vivre de leurs ventes. Pour autant, l’évaluation empirique de ces subsides a produit des résultats critiques. Cette thèse étudie ces critiques à Bruxelles, un environnement européen interventionniste typique, en répondant à la question « Pourquoi les Jeunes Entreprises Technologiques font elles appel aux subsid¬¬es et comment ceux-ci affectent-ils leur développement?».Cette thèse est constituée d’articles de recherche réalisés à l’aide de stratégies qualitatives supportées par des études de cas. Le Chapitre 2 présente les études de cas de 10 JET et répond aux questions :« Comment les JET se financent-elles aux premiers stades ?» et « Quel est le rôle des aides publiques dans ces stratégies de financement ?». Il décrit un écosystème bruxellois où les JET parviennent à se financer mais où les subsides sont particulièrement présents à tous les stades. Le Chapitre 3 étudie la construction et la succession des tours de table au sein de 8 JET sur une période de trois ans après leur création. En particulier, il répond aux questions :« Les subsides répondent-ils à des contraintes de financement liées à un manque d’offre de fonds ?», « Pourquoi les JET font-elles appel aux subsides ?» et « Les subsides signalent-ils les JET aux investisseurs ?». Il souligne que l’opportunisme et la volonté d’éviter la dilution sont des motifs fréquents pour demander des subsides. Il met aussi en lumière que ces derniers sont fréquemment alloués selon une stratégie de type « picking the winners » où les meilleurs JET, aussi les plus indépendantes, reçoivent le plus d’aides publiques. Finalement, le Chapitre 4 adopte une perspective centrée sur les ressources et étudie le rôle des subsides au sein de configurations de ressources humaines, sociales et financières. Nous avons utilisé la Qualitative Comparative Analysis, en progression dans la recherche sur l’entrepreneuriat, sur un échantillon de 31 JET ICT afin de répondre aux questions suivantes :« Quelles sont les configurations de ressources qui conduisent à la croissance des ventes des JET ?», « Quelles sont les configurations de ressources qui permettent aux JET d’attirer des investisseurs ?» et « Comment les subsides contribuent-ils à ces configurations ?». Au terme de cette analyse, nous présentons une taxonomie de cinq types de JET basée sur leur mix de ressources à la création. Ces types soulignent le rôle central du capital humain dans la croissance des ventes et l’attraction d’investisseurs, et ce, tandis que les subsides jouent un rôle secondaire.Ces résultats offrent une réponse à notre question de recherche. En ce qui concerne les raisons d’utiliser les subsides, l’absence d’alternative due à des contraintes de financements est rare, et ce, tandis que la majorité des demandes sont guidées par l’opportunisme et/ou la volonté d’éviter ou limiter la dilution. En ce qui concerne l’impact de ces subsides, leur rôle apparaît secondaire dans le développement commercial et financier des JET.Finalement, ces conclusions permettent de formuler des recommandations à destination des praticiens. Aux décideurs politiques, nous conseillons de revoir les modalités d’attribution des subsides pour les limiter aux équipes dotées d’un capital humain fort. De plus, nous suggérons d’encourager les initiatives destinées à renforcer la complémentarité des équipes entrepreneuriales et les aider à s’insérer dans des réseaux d’affaires. Aux entrepreneurs, nous recommandons de prêter une attention particulière à la complémentarité de leurs équipes, et ce, tant sur les plans techniques que commerciaux.
    Abstract: New Technology-Based Firms (NTBF) have high financial needs at early stage while most European entrepreneurial equity markets remain less developed than in the United States. This threatens their development and the expected loss of regional spillovers pushes policy makers to create financial schemes such as grants to support them. According to Public Sponsorship Theory, grants should offer NTBF a relief from funding constraints and enable them to continue their development until they get support of investors or their sales allow self-financing. However, empirical evaluation of the relevance and impact of grants has been mostly critical. This PhD investigates these criticisms in Brussels, a typical western European interventionist region, by answering the question “Why do New Technology-Based Firms use grants and how do they affect their development?”.Our PhD is made of three empirical research papers carried out following qualitative research strategies resting on multiple case studies. Chapter 2 presents case studies of 10 NTBF to answer the questions: “How do NTBF finance themselves at early stages?” and “What is the role of public aids in these financing strategies?”. It describes a Brussels ecosystem in which NTBF manage to finance themselves but where grants are particularly present at every stage. Chapter 3 studies the design and succession of financing rounds within 8 NTBF over three years after incorporation. In particular, we answer the questions: “Are grants to NTBF answering to supply-sided financing constraints?”, “Why do NTBF apply for grants?” and “Are grants signalling NTBF to investors?”. It highlights that opportunism and the avoidance of dilution are common motives for grants applications and that these are regularly allocated following a “picking the winners’ strategy. Finally, Chapter 4 adopts a resource-based perspective by studying the role of grants within resource configurations of human, social and financial capital. Based on a sample of 31 ICT NTBF, we used Qualitative Comparative Analysis, an approach still in its infancy in entrepreneurship research, to answer the following questions: “What are the resource configurations that lead to the sales growth of NTBF?”, “What are the resource configurations that lead NTBF attract equity?” and “How do grants contribute to these configurations?”. At the end of the analysis, we present a five type’s taxonomy of NTBF based on their resource mixes at incorporation. These types underscore the central role of human capital in achieving sales growth and attracting equity as well as the secondary role of grants.Results of Chapter 2, 3 and 4 allow answering our main research question. Regarding the reasons for using grants, the absence of alternative due to supply-sided constraints is rare while the overwhelming majority of requests are guided by opportunism and/or the desire to avoid or limit dilution. Regarding the impact of grants, their role appears secondary in both the commercial and financial development of NTBF.Finally, these findings lead to recommendations to practitioners. To policy makers, we advise rethinking the modalities of grants and limit their availability to teams with strong human capital. Additionally, we suggest to spur initiatives to help entrepreneurial teams strengthening their complementarity and inserting themselves within business networks. To entrepreneurs, we recommend to pay particular attention to the complementarity of their founding team on both the technical and commercial axes.
    Keywords: entrepreneurship; public policy; public grants; subsides; startups
    Date: 2017–11–23
  9. By: McQuinn, John (Central Bank of Ireland); McCann, Fergal (Central Bank of Ireland)
    Abstract: Ongoing assessments of the financial vulnerability of households and firms are an important part of the financial stability work agenda of the Central Bank. Constraints on the availability of firms’ balance sheet data have made such assessments difficult to carry out for Irish firms. In this Letter, Small and Medium Enterprise (SME) indebtedness as measured by the debt-to-turnover ratio is analysed from a representative sample of Irish SMEs over a period of four years to assess the evolution of financial vulnerability in a period of economic recovery. The data demonstrate that the share of highly indebted firms (those with debt exceeding turnover) has fallen from 7.8 per cent of SMEs to 2.9 per cent, with pockets of risk remaining in the Hotels and Restaurants sector. The share of Irish SMEs currently holding no debt has increased to a half, up from roughly one in four SMEs in September 2013.
    Date: 2017–11
  10. By: Laura Alfaro (Harvard Business School, Business, Government and the International Economy Unit); Alejandro Cuñat (University of Vienna); Harald Fadinger (University of Mannheim); Yanping Liu (University of Mannheim)
    Abstract: We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts: In emerging Asia, real depreciations are associated with faster growth of firm-level TFP, sales and cash-ow, higher probabilities to engage in R&D and export. We find no significant effects for firms from industrialized economies and negative effects for firms in other emerging economies, which are less export-intensive and more import-intensive. Motivated by these facts, we build a dynamic model in which real depreciations raise the cost of importing intermediates, but increase demand and the profitability to engage in exports and R&D, thereby relaxing borrowing constraints and enabling more firms to overcome the fixed-cost hurdle for financing R&D. We decompose the effects of RER changes on productivity growth into these channels and explain regional heterogeneity in the effects of RER changes in terms of differences in export intensity, import intensity and financial constraints. We estimate the model and quantitatively evaluate the different mechanisms by providing counterfactual simulations of temporary real exchange rate movements. Effects on physical TFP growth, while different across regions, are non-linear and asymmetric.
    Keywords: real exchange rate, firm level data, innovation, productivity, exporting, importing, credit constraints
    JEL: F O
    Date: 2017–11
  11. By: Giovanni Cerulli; Bianca Poti'
    Abstract: This paper analyzes the determinants of firm additional R&D behavior within a second-generation dose-response model. We consider three sets of R&D behavior’s explanatory factors: (i) firm financial constraints; (ii) investment adjustment costs; and (iii) firm R&D market relevance. Using a sample of Italian manufacturing firms, we find a positive effect of R&D subsidization, mainly driven by companies receiving a comparatively lower share of R&D covered by public support: no more than around 20% (or 15%) for gross (or net) R&D (i.e., threshold effect). Three clear conclusions are then drawn from further inspection: (i) liquidity constraints (or funding structure) discriminate between different firm response to public subsidy; (ii) investment adjustment costs, approximated by the size of the R&D project (including the amount of subsidy), discourage firm additionality behavior, and (iii) firm size and strategic relevance of R&D make companies more responsive to public support.
    Keywords: R&D public subsidies; policy evaluation; dose-response models
    Date: 2016
  12. By: Davide Castellani (Henley Business School, University of Reading)
    Abstract: This paper provides descriptive evidence of the changing geography of inventive activity and the role of MNEs international R&D activities, with quite an extensive geographical coverage. Results highlight that ‘local buzz’ is crucial for the development of knowledge in local economies, and it leads to persistence in innovative activities. However, ‘global pipelines’ are also becoming a crucial element for the successful development of local knowledge. In particular, we first find that the number of regions involved in patenting has increased threefold since the 1980s. Second, despite this increase in the number of regions patenting, 70% of inventions come from the top 100 regions. Third, although the hierarchy of the top patenting regions is not immobile, the propensity to patent is quite dependent on previous innovation. Fourth, international collaboration in patenting has been steadily on the rise over the last three decades. Fifth, international R&D investments of MNEs are indeed also very concentrated in a few locations, which can also be quite distant from the MNEs headquarters’ location.
    Keywords: geography of innovation, MNEs, regions, local buzz, global pipelines
    JEL: F23 R11 O33
    Date: 2017–02
  13. By: Aggarwal, Nidhi (Indian Institute of Management, Udaipur); Susan Thomas (Indira Gandhi Institute of Development Research)
    Abstract: Public equity markets have increasingly become accessible to small and medium firms with the introduction of dedicated exchange that lower listing criteria to allow such firms to list their equity. We exploit the introduction of such a dedicated exchange in India to ask how listing impacts the financial constraints and growth prospects of small and medium firms. The causal impact is assessed using a difference-in-differences estimation based on a sample of firms that listed on these exchanges over a three year period, where we also observe matched firms that are not listed. We find that listing improves the asset size and capital structure of listed firms relative to firms that do not list. But we find no evidence that these firms are subsequently able to access higher debt finance from formal institutions, nor evidence of improvement in the performance of these firms, after listing.
    Keywords: Public equity, IPO, reduced listing requirement, small and medium enterprises, transparency, access to finance, firm performance
    JEL: G15 G24 G28
    Date: 2017–11
  14. By: Marina De Angelis; Marcella Corsi; Daniele Frigeri
    Abstract: This research aims to contribute to the literature on migrants’ entrepreneurship by investigating the determinants of self-employment for migrants in Italy. The analysis is carried out using a data set by the National Observatory for the Financial Inclusion of Migrants in Italy, developed and managed by the Centre of International Political Studies (CeSPI).Controlling for the macroeconomic context and for the migration plan, we find out that the main determinants of migrant entrepreneurship in Italy are related to migrants’ nationality, length of stay, ownership of a current account, gender, proximity of partner, and education. Moreover, our data show that, despite the aftermath of the crisis, the decision of starting a business is for men a matter of opportunity and not of necessity, and that being married increases the negative effect of being a woman on the probability of being an entrepreneur. Furthermore, data shows that the causal relation between risk taking and being an entrepreneur holds true for migrant entrepreneurs in Italy and that the difficulties faced in having qualifications and competences recognised push migrants into self-entrepreneurship.
    Keywords: Migration; Entrepreneurship,; Development; Remittances
    JEL: J60 L26 O15 F22
    Date: 2017–11–24
  15. By: Jean Bonnet (Normandie University, UNICAEN, CREM UMR CNRS 6211, France); Sana El Harbi (University of Sousse (Tunisia)); Faten Gazzah (Normandie University, UNICAEN, CREM UMR CNRS 6211, France and University of Sousse (Tunisia))
    Abstract: We investigate the relationship between the presence of micro-enterprises and regional development, as measured by a validated index of regional development, at the level of Tunisian delegations (small-scaled regions). Applying spatial measures and spatial econometric techniques on a data set of 262 delegations, our results show that in disadvantaged areas, a higher micro-enterprise presence is positively related to regional development. However, in relatively higher developed areas of Tunisia, micro-enterprises appear to play only a marginal role in regional development. Our results emphasise the importance of attracting large, capital-intensive firms in efficiency-driven economies like Tunisia. Nevertheless, although not quite a replacement for large firms, our results also show the important and positive role that micro-enterprises can play in regions where large, capital-intensive firms are absent.
    Keywords: Micro-enterprises, Tunisia, regional development, spatial autocorrelation, spatial heterogeneity
    JEL: L26 R11 C21
    Date: 2017–11
  16. By: Davide Castellani (Henley Business School, University of Reading); Katiuscia Lavoratori
    Abstract: This paper investigates the determinants of the location of MNEs’ overseas R&D activities, by focusing on two major drivers. On the one hand, external location factors lead the firm to separate its activities along the value chain and geographically disperse these activities in different locations. On the other hand, the R&D location choice may be driven by the existence of internal (within-firm) linkages that motivate firms to locate their value chain activities in the same location (co-location within-firm). Using data from the fDi Markets database, the study examines 2,580 location decisions of new R&D greenfield investments made by MNEs in 110 global cities worldwide, over the period 2003-2014. Results from Conditional and Mixed Logit econometric models reveal that both external and internal factors matter. Findings confirm the strong role of external agglomeration economies, but also suggest that previous R&D and production activities of the same MNE increase the probability to locate R&D in a given global city.
    Keywords: location of international R&D, empirical methodology
    JEL: F23 O30 R30
    Date: 2017–10
  17. By: Heyman, Fredrik (Research Institute of Industrial Economics (IFN)); Norbäck, Pehr-Johan (Research Institute of Industrial Economics (IFN)); Persson, Lars (Research Institute of Industrial Economics (IFN))
    Abstract: This paper examines employment and productivity dynamics in the Swedish business sector during the period 1996–2013. In order to analyze employment and productivity in a consistent way we apply a novel implementation of a method, which previously has been used extensively to analyze job dynamics, on both job and productivity dynamics. Our results, based on detailed matched employer-employee data for Sweden, indicate substantial heterogeneity in terms of job and productivity dynamics for different types of firms. We find that most of the net jobs were created in young, small firms, but at the same time we also find that most of the productivity gains were created in large old incumbent firms, thus suggesting a division of labor between the two. Our analysis provides new insights into the importance of age and size of firms in the restructuring process, stressing the dichotomy between employment growth and productivity growth in different types of firms.
    Keywords: Job dynamics; Productivity; Matched employer-employee data; Industrial structure and structural change
    JEL: E24 J23 L16 L25 L26
    Date: 2017–11–20

This nep-sbm issue is ©2017 by João Carlos Correia Leitão. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.