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on Small Business Management |
| By: | Tanveer Ahsan (Rennes SB - Rennes School of Business); Ammar Ali Gull (DVHE - De Vinci Higher Education); Sabri Boubaker (EM Normandie - École de Management de Normandie = EM Normandie Business School); Riadh Manita (NEOMA - Neoma Business School) |
| Abstract: | This paper examines the effects of COVID‑19 and business strategy on the performance of Chinese-listed firms. Using a sample of 2, 606 Chinese non financial listed firms over 2010-2022, we provide evidence that the COVID‑19 (business strategy) pandemic has a significant negative (positive) impact on firm performance and business strategy positively moderates the negative relationship of COVID‑19 on firm performance. We further show that firms with a proactive business strategy had better resilience during the COVID‑19 pandemic than firms with a defensive business strategy. We also find that these relationships are more pronounced for state-owned and large firms. Our results are robust to a battery of robustness tests and contribute to the growing debate on the role of business strategy during crises, offering insights to regulators and policymakers. |
| Keywords: | COVID- 19, Business strategy, Corporate resilience, Firm performance |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05289833 |
| By: | Mohamed Zahidi (UH2C - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)); Sara Ousghir (UCD - Université Chouaib Doukkali); Hajar Makry (UCD - Université Chouaib Doukkali); Ayoub Kassimi (UH2C - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)) |
| Abstract: | Numerous studies have focused on the relationship between proximitymainly geographical -and business innovation in a given territory (Chesbrough, 2003; Laursen & Salter, 2006; Mongo, 2013). The objective of our research is to study the link between the proximity of all forms and start-ups' level of innovation in the Casablanca-Settat region of Morocco by applying structural equation modelling (PLS-SEM) using the Smart PLS 3.3.9 software. Moreover, a structural model is proposed that can be used to assess the level of innovation in organizations based on their internal capacities (human, financial, and technical capital) and the logic of proximity established within their local and global environment. To verify our hypotheses, the proposed model is tested on a sample of 98 Moroccan start-ups, relying on the mixed methodology of the hypothetico- |
| Keywords: | proximity, innovation, internal capabilities, Moroccan start-ups, PLS-SEM approach |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05243699 |
| By: | Masayuki MORIKAWA |
| Abstract: | This study presents evidence on the performance of firms up to FY2023 that used three major support policies during the COVID-19 crisis: financial assistance, the employment assistance subsidy, and the subsidy to sustain business. The results show, first, that although productivity among firms that received support improved compared to levels immediately following the crisis, it generally remained low even after the pandemic subsided, with the quantitative magnitude differing across policy measures. Second, profit margins and mean wages of firms that received financial assistance or the subsidy to sustain business returned to their pre-COVID-19 levels, while wages of firms that used the employment assistance subsidy remained low as of FY2023. Third, by FY2023, employment levels declined among firms that used the support measures, compared to those that did not. Fourth, the probability of survival in FY2023 was lower for firms that used the support measures, suggesting that the effectiveness of these policies was limited. However, the support measures did not appear to hinder the market’s selection mechanism, whereby less productive firms exit from the market. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:25107 |
| By: | Mahony, Michael (Central Bank of Ireland); O'Neill, Cian (Central Bank of Ireland) |
| Abstract: | While many Irish SMEs report making investments, the euro value of these investments is small. This pattern is explained by firms being satisfied with their current size and investment rates, rather than by a lack of external finance. When Irish SMEs do expand, their preference is to fund with internal cash resources rather than to borrow. Around a quarter of SMEs state that external finance constraints are a barrier to investment, but factors like recent growth and attitudes to risk are statistically more important in explaining investment patterns across firms. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:cbi:stafin:3/si/25 |
| By: | Alessio MITRA (European Commission); Konstantinos NIAKAROS (European Commission) |
| Abstract: | This paper evaluates the causal impact of the Horizon 2020 Framework Programme for Research and Innovation on financial firm-level outcomes using a Difference-in-Differences (DiD) approach. We use administrative data from CORDA and financial data from ORBIS spanning from 2010 to 2022, for a sample of approximately 40 thousand unique private companies that applied for Horizon 2020 funding. The findings suggest that firms receiving Horizon 2020 grants exhibit an average increase of 20% in employment and about 30% in total assets and revenues, compared to comparable companies in the control group, in the years after receiving their first grant. Positive effects persist even after 2.5 years, which is the average duration of a project in our sample. Companies in the “Information and communication” and “Professional, scientific and technical activities” NACE sectors are driving the results, while other sectors show insignificant effects. |
| Keywords: | Research and Innovation funding, impact assessment, econometric methods, spillover effects, mediation analysis, policy evaluation |
| JEL: | O32 O38 C18 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:eug:wpaper:ki-bd-23-010-en-n |
| By: | Christopher Teh (Toulouse School of Economics, France & School of Economics); Chengsi Wang (Department of Economics and Monash Digital Lab, Monash University) |
| Abstract: | This survey explores how startup acquisitions influence innovation and competition. We review two key streams of literature: post-acquisition innovation, which examines whether incumbents develop or terminate acquired projects, and pre-acquisition innovation, which investigates how the prospect of acquisition shapes startups’ and incumbents’ incentives and innovation strategies. We also assess the implications for merger policy design, highlighting recent competition authority responses and dynamic considerations. Our work provides insights into the ongoing debate on how competition policy should regulate startup acquisitions in fast-evolving and uncertain markets. |
| Keywords: | acquisition, innovation, merger policy, startup |
| JEL: | G34 L12 L41 O3 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:mos:moswps:2025-14 |
| By: | Zainab Iftikhar; Anna Zaharieva |
| Abstract: | This paper evaluates the effects of low-skill immigration on small businesses, wages, and employment in Germany. We develop a search and matching model with heterogeneous workers, cross-skill matching, and endogenous entry into entrepreneurship. The model is calibrated using data from the German SocioEconomic Panel (SOEP). Quantitative analysis shows that low-skill immigration increases the welfare of high-skill workers. It also leads to the endogenous expansion of immigrant entrepreneurial activities, generating positive spillovers for all demographic groups except native entrepreneurs. However, the gains are outweighed by the losses in welfare of low-skill workers, and overall, there is a marginal loss of per-worker welfare to the economy. Policies restricting immigrant entrepreneurship relax competition for native small businesses but reduce welfare for all other worker groups. |
| Keywords: | entrepreneurship, small business, self-employment, search frictions, immigration |
| JEL: | J23 J31 J61 J64 L26 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2025_714 |
| By: | Bianca CAVICCHI (European Commission); Oceane PEIFFER SMADJA (European Commission); Julien RAVET (European Commission,) |
| Abstract: | This paper explores the European Framework Programme (FP) for Research and Innovation's (R&I) evolution over the last two decades, focusing on its integration of Transformative Innovation Policy (TIP) elements. Our objective is to assess whether the European Framework Programme for R&I has evolved to include elements of R&I policy for societal challenges and transformative change (Transformative Innovation Policy) and offer related policy recommendations. We do so by analysing the Framework Programme from 2002 to 2023 through within-case and cross-case studies using systems dynamics. It provides original insights into applying the TIP framework and system dynamics to evaluate R&I public policies targeting systemic societal shifts. We demonstrate that, while the EU FP for R&I has progressively incorporated transformative elements like demand articulation and policy coordination, room for improvement remains in terms of reflexivity. Our findings also emphasize the interdependence of transformative features, necessitating ongoing adaptations throughout the policy cycle to reinforce the FP's transformative nature. |
| Keywords: | European Framework Programme, Research and Innovation, Transformative Innovation Policy, Systems Dynamics, Policy Evolution |
| JEL: | F15 F36 O16 E44 G1 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:eug:wpaper:ki-bd-23-012-en-n |
| By: | Kikuchi, Tatsuru |
| Abstract: | This paper investigates how executive demographics—particularly age and gender—influence artificial intelligence (AI) investment decisions and subsequent firm productivity using comprehensive data from over 500 Japanese enterprises spanning 2018-2023. Our central research question addresses the role of executive characteristics in technology adoption, finding that CEO age and technical background significantly predict AI investment propensity. Employing these demographic characteristics as instrumental variables to address endogeneity concerns, we identify a statistically significant 2.4\% increase in total factor productivity attributable to AI investment adoption. Our novel mechanism decomposition framework reveals that productivity gains operate through three distinct channels: cost reduction (40\% of total effect), revenue enhancement (35\%), and innovation acceleration (25\%). The results demonstrate that younger executives (below 50 years) are 23\% more likely to adopt AI technologies, while firm size significantly moderates this relationship. Aggregate projections suggest potential GDP impacts of ¥1.15 trillion from widespread AI adoption across the Japanese economy. These findings provide crucial empirical guidance for understanding the human factors driving digital transformation and inform both corporate governance and public policy regarding AI investment incentives. |
| Keywords: | Artificial Intelligence, Executive Demographics, Technology Adoption, Productivity, Digital Transformation |
| JEL: | D24 L25 M12 O33 O47 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126734 |
| By: | Christopher Teh (Toulouse School of Economics, 31000 Toulouse, France & School of Economics,); Chengsi Wang (Department of Economics and Monash Digital Lab, Monash University) |
| Abstract: | This article critically examines recent economic theories on the relationship between startup acquisitions and innovation. We argue that the prevalence of killer acquisitions is likely overstated, even from a purely theoretical perspective. We further show that the entry-for-buyout effect may not always hold: relaxing merger control does not necessarily lead startups to invest more or pursue more disruptive innovation. Effective merger policy must adopt a dynamic perspective, balancing short-term competitive harms against long-terminnovation benefits. The article concludes with practical policy recommendations for the design and enforcement of merger control. |
| Keywords: | acquisition, innovation, merger policy, startup |
| JEL: | G34 L12 L41 O3 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:mos:moswps:2025-15 |
| By: | Igor CZERMAINSKI de OLIVEIRA (European Commission); Bianca CAVICCHI (European Commission) |
| Abstract: | This study focuses on two critical technological domains: mRNA technology in biotechnology and green hydrogen in clean energy, aligning with Ursula von der Leyen’s political guidelines for the 2024–2029 (European Commission, 2024c). mRNA technology represents a breakthrough in precision medicine, through its rapid, scalable and adaptable solutions, enhancing health resilience and long-term societal well-being. Similarly, green hydrogen is central to achieving climate neutrality and strategic autonomy under the European Green Deal, as it provides a pathway for industrial decarbonisation and energy security. The study demonstrates that system dynamics modelling can contribute significantly to the ex-ante impact assessment and, potentially, to ex-post evaluations of research and innovation (R&I) policies and policy portfolios. This methodological approach captures the complex interdependencies and non-linearities inherent in innovation systems, providing policymakers with a better, evidence-based understanding of how R&I policy measures interact over time and what plausible medium- and long-term outcomes different policy interventions may yield on competitive sustainability. Enriching a pipeline view of the innovation process by considering delays and feedback mechanisms brings these analytical possibilities but also emphasises on a deterministic view of the innovation process that is more consistent with the reality of research organisations and corporations than startups and other types of innovative organisations. |
| Keywords: | Research and Innovation funding, impact assessment, econometric methods, spillover effects, mediation analysis, policy evaluation |
| JEL: | O32 O38 C18 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:eug:wpaper:ki-01-24-079-en-n |
| By: | Stefano BIANCHINI (European Commission); Valentina DI GIROLAMO (European Commission); Julien RAVET (European Commission); David ARRANZ (European Commission) |
| Abstract: | The use of AI for scientific discovery has advanced at pace in the last decades. While this technology holds great potential to transform research, concerns have been voiced about its adverse, often unintended consequences. Can AI actually boost scientific creativity and lead to more innovative and impactful discoveries? Thus far, answers to this question remain largely anecdotal and confined to a handful of disciplines. In this paper, we study the diffusion of AI across 80 scientific fields from 2000 to 2022 and its impact on creativity – measured through novelty and impact. We find that AI adoption has accelerated in nearly all disciplines since the early 2010s, with research activity becoming increasingly concentrated in three major regions: the EU, the US, and China. Our analysis confirms an overall positive effect of AI on scientific creativity, though with considerable variation across fields: while most have benefited, some have seen little to no gains, and a few have even experienced negative returns. We propose that the structural organisation of knowledge within a field – and, by extension, the patterns of knowledge production – may moderate the influence of AI on scientific discovery. Specifically, we show that AI has greater transformative potential in “rough” knowledge spaces, where ideas are more fragmented and disconnected, and human cognition struggle to cope with complexity. These findings contribute to the ongoing debate on the role of AI in science and are contextualised within recent policy initiatives designed to promote AI-powered science. |
| Keywords: | Research and Innovation funding, impact assessment, econometric methods, spillover effects, mediation analysis, policy evaluation |
| JEL: | O32 O38 C18 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:eug:wpaper:ki-01-25-085-en-n |
| By: | Lisa Keding (RWTH University); Marten C. Ritterrath (University of Cologne) |
| Abstract: | We show that personal experiences affect high-stakes economic decisions among inventors. Using matched patent and survey data from French and German inventors linked to natural disaster records, we exploit exogenous variation in disaster exposure. Inventors personally affected by natural disasters subsequently produce 8.2% more green patents, primarily driven by emission-reducing mitigation technologies, while non-green innovation remains unaffected. The absence of sizable spatial spillovers highlights the importance of personal experience. Disaster exposure shapes innovation choices by altering profitability expectations through shifting higher-order beliefs about consumer demand and anticipated regulation. Embedding this channel in a formal model, we disentangle the role of expectations and intrinsic motivation. The model predicts, and the data confirm, that effects are strongest in competitive markets, where profit incentives matter most. |
| Keywords: | Inventors, Personal Experiences, Green Innovation, Expectation Formation, Natural Disasters |
| JEL: | D9 D84 O31 O34 Q54 Q55 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:ajk:ajkdps:380 |
| By: | Salvatore Viola (AQR-IREA, University of Barcelona); Ernest Miguelez (AQR-IREA, University of Barcelona); Rosina Moreno (AQR-IREA, University of Barcelona); Davide Consoli (Universitat Politècnica de València - CSIC-UPV); François Perruchas (Universitat Politècnica de València) |
| Abstract: | One important factor in addressing climate change is the development and deployment of environmental-related, or green, technologies (GT). Environmental-related technologies are distinct, requiring specific conditions to be developed which vary depending on their relative level of technological maturity. Recent studies have focused on the role of migrant inventors in creating these conditions and spurring regional diversification into new technological domains. Regional diversification helps regions avoid lock-in and even escape fossil fuel dependencies. While the contribution of migrants to science and innovation is well documented, less attention has been given to migrants and diversification, especially in the case of GT and along the technological life cycle. In this study, we investigate the role of US-based migrant inventors in regional GT diversification using patent data from the USPTO between the year 1990 and 2012. We find that migrant inventors are positively associated with regional GT diversification, partly as a result of their previous patenting experience as well as the specializations of their countries of origin. With regard to the technological life cycle, while geographically diffused technologies rely on corresponding inventor experience, emergent technological diversification benefits from inventors from specialized countries. These findings highlight the bridging role that migrant inventors in international knowledge transfer and their importance in regional diversification in particular environmental-related technologies. |
| Keywords: | Regional Diversification; Green Technology; Immigration; Technological Life Cycle JEL classification:O33; Q55; J61; R11 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:aqr:wpaper:202508 |
| By: | Andrea Rey-Martí (University of Valencia); Maria Orero-Blat (University of Valencia); Rytha Picado-Arroyo (Tecnológico de Costa Rica); Alicia Mas-Tur (University of Valencia) |
| Abstract: | Women entrepreneurs in vulnerable contexts face a range of structural, economic, and socio-cultural barriers that limit the sustainability of their businesses and their personal empowerment. This paper presents the results of a comprehensive intervention?designed under the project ?Virtual Platform and Strengthening of Women?s Social Economy Initiatives??that targeted 29 women entrepreneurs across various regions of Costa Rica. The program included training workshops, individualized mentoring, and strategic business advisory.Using a mixed-method approach, this study assesses the effectiveness of the intervention through a comparative technical evaluation of pre- and post-intervention outcomes. Improvements were observed in areas such as financial management, business planning, product pricing, and technological adoption. However, persistent challenges were also identified, including formalization hurdles and digital literacy gaps. Drawing on Empowerment Theory, the paper explores how tailored support programs can foster transformative learning, agency, and economic inclusion among marginalized women. Policy implications for scaling inclusive entrepreneurial ecosystems are also discussed. |
| Keywords: | Women entrepreneurship, empowerment, social vulnerability, business training, Costa Rica |
| JEL: | A10 A13 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iacpro:15616907 |
| By: | Ali-Yrkkö, Jyrki; Pajarinen, Mika; Rouvinen, Petri; Ylhäinen, Ilkka |
| Abstract: | Abstract Growth in employment and productivity is concentrated in private equity-backed business groups and, to a lesser degree, in foreign-owned ones. No corresponding impact is observed for domestic ownership. Given that both private equity and foreign ownership are relatively uncommon, it is crucial to account for selection effects – that is, whether these investors are simply adept at picking superior targets. Nevertheless, our analysis indicates that these ownership changes themselves cause growth. This points to the role of active and engaged ownership, driven by exceptionally skilled individuals with strong financial incentives to pursue growth. When developing Finland’s business finance ecosystem, greater emphasis should be placed on the quality of ownership, not merely on capital availability or the number of owners. In light of these findings, policies that incentivize business angels and private equity investors, as well as those that foster the accumulation of private wealth and its channeling into high-growth enterprises, appear prudent. |
| Keywords: | Firm growth, Corporate finance, Equity finance, Ownership structure, Private equity |
| JEL: | G24 G32 G34 L25 |
| Date: | 2025–11–10 |
| URL: | https://d.repec.org/n?u=RePEc:rif:report:168 |
| By: | Sengupta, Atanu; De, Sanjoy |
| Abstract: | This year’s Economics Nobel is provided for finding out the cause of innovation-destructive creation of new ideas. It is also highly individualistic. First, it neglects the welfare of those who lose the race and are destroyed. Can they assimilate this new knowledge and how? If not, then… Second, it neglects the very quality of creative destruction. In a capitalist society as Harrai (2014) argues innovation is always profit motivated. The discoverer of ORS, the simple thing that saved lives of million during dysentery is not recognized. Innovation of vaccine against malaria and dengue are still on a very primitive stage. Development of learning techniques that help first generation learners have taken a back seat to the hype in Artificial Intelligence. The idea of creative destruction is appropriate to understand the evolution of the new world through a serious of continuous innovation and creation of new techniques, replacing the old ones. However, still there remain some broader aspects which the so-called growth theorists miss out. Yuval Noah Harari tries to point out some of the areas uncharted by the growth theorists. But, the ultimate vision of growth, as provided in the Mahayana doctrine is to lift all in a great vehicle. |
| Keywords: | Creative Destruction, Growth, Economics Nobel, Industrial Revolution, Capital |
| JEL: | O47 |
| Date: | 2025–10–30 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126695 |
| By: | VEUGELERS, Reinhilde (Directorate-General for Research and Innovation) |
| Abstract: | This report proposes a framework on how to collect evidence on the use of directionality in national R&I systems in the EU. It adopts a dual approach: a macro perspective using publicly available datasets, and a micro-level approach focusing on specific programs, with Flanders as an example. It finds that most of GBARD is still undirected, but there is a modest shift towards a larger share for directed GBARD. The most important areas for targeting in public R&D budgets in the EU-27 are industrial, health and space, and these are quite stable. The report also highlights the importance of combining a macro (cross country) approach with a deeper dive harmonized micro approach per country, to better identify trends in approaches to directionality and similarities and differences between countries’ approaches to directionality. |
| Keywords: | directionality, transformative research and innovation policy, R&I policy, GBARD, EU Member States |
| JEL: | O31 O32 O38 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:eug:wpaper:ki-bd-24-001-en-n |
| By: | Masayuki MORIKAWA |
| Abstract: | Using micro-level data on Japanese firms, this study analyzes the relationship between productivity and wages, with a focus on comparing aggregate-level and firm-level figures. The main findings are as follows. First, at the macro level, productivity growth and real wage growth are diverging, but, at the firm level, there is a strong positive relationship between productivity growth and wage growth, indicating that productivity and wages have not decoupled. Second, a divergence exists between simple average and aggregate (i.e., weighted average) wage trends, with aggregate real wages exhibiting a greater downward trend. Third, dynamic Olley-Pakes decomposition reveals that the covariance term contributes negatively to changes in real wages. In other words, the relationship between higher value-added share and higher wages at the firm level is weakening. In contrast, the covariance term has a large positive effect on productivity growth. These results suggest that while productivity growth is essential for raising real wages, policies that promote productivity through resource reallocation may conflict with those aimed at increasing labor’s share of value-added. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:25106 |
| By: | ELI COHEN (Ben Gurion University of the Negev) |
| Abstract: | Wine tourism has become a key driver for both academic research and the wine industry, particularly due to its role in supporting the growth of small wineries and fostering regional development. It attracts new investments, increases employment, and boosts tourism in wine-producing areas. While traditionally centered around winery visits and wine tasting, wine tourism increasingly encompasses broader experiences. Tourists are motivated not only by an interest in wine but also by the desire to engage with local culture, cuisine, and nature.This study explores the features that potential visitors value most in wine tourism experiences. Using the Best-Worst Scaling (BWS) method, we measured the relative importance of different attributes. BWS offers advantages over Likert-type scales by forcing respondents to prioritize features, thus providing clearer insights into visitor preferences.Our results show that beyond wine-related activities, visitors seek experiences such as exploring natural landscapes, purchasing local products, enjoying regional gastronomy, and participating in agrotourism. These findings suggest that wineries and wine regions can benefit from offering more diverse experiences tailored to different tourist segments. From a managerial and marketing perspective, the study provides practical recommendations for enhancing wine tourism strategies and creating more attractive, differentiated offerings. |
| Keywords: | wine tourism, winery, wine region, best-worst |
| JEL: | Z00 Z19 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iacpro:15516800 |
| By: | C. Peter; J. Li (Audencia Business School); H. S. Wilson Tong; C. Chingfu Tsai |
| Abstract: | We demonstrate that a persistent pattern exists in the evolution of the MTB ratio from 1999 to 2023, wherein firms with high (low) MTB ratios tend to maintain those levels over time. The persistence of the MTB ratio is independent of industry effects and cannot be well explained by accounting performance. Intangible investment plays a crucial role in determining the MTB ratio, and its persistence is primarily maintained through continued internal intangible investment rather than external mergers and acquisitions. Moreover, although U.S. firms have increased their investment in intangible assets over the past 25 years, the gap between high- and low-MTB firms in intangible investment has widened. Our results suggest that the basis of stock value has shifted from tangible to intangible investments over time. |
| Keywords: | Market-to-book ratio, return-on-equity, value persistence, abnormal earnings, intangible investment |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05302706 |
| By: | Joseph Staudt |
| Abstract: | I use administrative data from universities (UMETRICS) linked to the universe of confidential W-2 and 1040-C tax records to measure faculty commercial engagement and its role in female-male earnings gaps. Female faculty are 20 percentage points less likely to engage commercially, with the entire gap driven by self-employment. The raw earnings gap is $63, 000 on a base of $162, 000 and non-university earnings account for $18, 000 (29 percent) of this total. Thus, while university pay explains most of the gap, commercial engagement substantially amplifies it. Earnings gaps appear in all components of non-university pay – self-employment, and work for incumbent, young/startup, high-tech, and non-high-tech firms – and remain large, though attenuated, after controlling publications, patents, field, university, scientific resources, age, marital status, childbearing, and demographics. Gaps widen as faculty move up the earnings distribution, and commercial engagement becomes a larger contributor. Men and women engage with similar industries, but men earn more in all shared industries. |
| Keywords: | entrepreneurship, academic commercial engagement, male-female wage gap, university faculty |
| JEL: | O30 J16 J31 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:25-68 |
| By: | Tomasz Orpiszewski; Mark Thompson; Laura Archer-Svoboda |
| Abstract: | This study explores the relationship between diversification strategies of Swiss real estate fund portfolios and their financial performance. Leveraging a novel dataset developed in collaboration with Conser ESG Verifier, the research analyzes 41 funds encompassing over 9, 000 properties. Key spatial metrics—such as distance to headquarters, geographic diversification, and linguistic proximity—were defined at the property level and aggregated to the fund level. Using cross-sectional regressions alongside categorical and spatial similarity analyses, the study reveals that Swiss real estate funds generally exhibit geographically concentrated portfolios, often situated near their headquarters and in linguistically aligned regions. While larger asset bases promote greater diversification, geographic spread and local investment focus do not significantly impact financial returns. Instead, returns are positively associated with fund age and portfolio size. Furthermore, similarity analysis highlights distinct differences among funds in terms of property types and spatial investment patterns. This research not only provides a unique dataset on Swiss real estate portfolios but also uncovers critical links between property characteristics, geographic and linguistic factors, and fund performance, enhancing transparency and comparability within the sector. |
| Keywords: | Diversification; Proximity Bias; Real Estate Funds; Swiss Real Estate |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_3 |
| By: | Pau Roldan-Blanco; Josep Pijoan-Mas |
| Abstract: | We study how the co-existence of fixed-term (FT) and open-ended (OE) contracts shapes firm dynamics, firm selection, worker allocation, aggregate productivity, and output. Using rich Spanish administrative data, we document that the use of fixed- term contracts is very heterogeneous across firms within narrowly defined sectors. Particularly, the relationship between the share of temporary workers and firm size is positive within firm but negative between firms. To explain these facts, we write a model of firm dynamics with technology heterogeneity, search-and-matching frictions, and a two-tier labor market structure. Our model emphasizes a key trade-off between contracts, namely, that while FT contracts give flexibility to firms, they also create more worker turnover, which is costly through the need to hire new workers and through the loss of firm-specific human capital. We find that limiting the use of FT contracts decreases the share of temporary employment and increases aggregate productivity —as better firm selection offsets increased misallocation of workers— but it also increases unemployment, output, and welfare. |
| Keywords: | dual labor markets, firm dynamics, temporary contracts, unemployment |
| JEL: | D83 E24 J41 L11 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:bge:wpaper:1531 |