|
on Small Business Management |
| By: | Sahar Ayadi (ENISE - Ecole Nationale d'Ingénieurs de Saint Etienne); Assil Bouzouitina Assil Bouzouitina (FSEG Sfax - Faculté des Sciences Economiques et de Gestion de Sfax - جامعة صفاقس - Université de Sfax - University of Sfax); Svitlana Ostapenko Svitlana Ostapenko (Universidade do Porto = University of Porto) |
| Abstract: | Horizontal coopetition—the collaboration between direct competitors operating at the same market level—has increasingly emerged as a critical interorganizational strategy for enabling digital coopetition and business model innovation in small and medium-sized enterprises (SMEs). Although prior research has examined the relationships between horizontal coopetition, digital coopetition, governance, and business model innovation, limited attention has been devoted to explaining the resource orchestration mechanisms through which these relationships create value and enhance innovation performance. This article addresses this gap by mobilising Resource Orchestration Theory (ROT; Sirmon et al., 2011). It argues that horizontal coopetition provides access to complementary resources, but these resources generate value only when they are effectively orchestrated—structured, bundled, and leveraged—through digital coopetition within governance arrangements comprising legal, transactional, and relational mechanisms that coordinate interfirm collaboration. The empirical analysis relies on secondary data collected from 143 French industrial SME clusters, with particular attention to the Vallée de l'Arve, and employs partial least squares structural equation modelling (PLS-SEM) using XLSTAT. The findings demonstrate substantial explanatory power and confirm the complementary roles of horizontal coopetition, digital coopetition, and governance in enhancing business model innovation performance. By conceptualising digital coopetition as the mechanism through which complementary resources are orchestrated in competitive relationships, this study extends Resource Orchestration Theory beyond intra-organisational resource deployment to interorganizational competitive settings. It also opens promising avenues for future research by encouraging further investigation into the breadth and depth of digitalisation as orchestration mechanisms and the cognitive antecedents of coopetition, including managers' coopetition readiness and Coopetitive mindset. |
| Keywords: | PLS SEM, SMEs, business model innovation, governance, digital coopetition, resource orchestration theory, horizontal coopetition |
| Date: | 2026–08–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05775354 |
| By: | OECD |
| Abstract: | The Netherlands has one of the highest levels of labour productivity in the OECD, but growth has slowed over the past decade. The slowdown partly mirrors global trends but has been accentuated by weak investment and declining business dynamism. Against this background, this paper provides a cross-country comparative analysis of the role of firm entry, exit, growth and resource reallocation across firms, in shaping recent Dutch productivity performance. A set of policy simulations suggests that, even though the country performs well on a wide range of policy indicators, some reforms could boost business creation and job reallocation, thereby lifting productivity. The most promising measures include streamlining labour legislation, upgrading education and training, reducing the administrative burden on start-ups, refining the insolvency regime and further encouraging R&D and venture capital investment. |
| Keywords: | Business dynamism, firm-level analysis, investment, labour policy, netherlands, productivity, R&D, regulation, venture capital |
| JEL: | D24 E22 G24 G34 J08 O32 O47 |
| Date: | 2026–11–12 |
| URL: | https://d.repec.org/n?u=RePEc:oec:ecoaac:41-en |
| By: | Edet, Samuel; Martin, Ralf; de Rochambeau, Golvine; Tran, Trang Thu; Verhoeven, Dennis |
| Abstract: | Growth and development success stories are often linked to new technological waves and innovation success. Green technologies emerge as a new technology category in which innovation quality in Emerging and Developing Economies (EMDE) - even when excluding China - is relatively high when measured via the value of knowledge spillovers they generate. This suggests that further R&D investment in developing country green-tech could be growth-enhancing. How could this be funded? We show that the highest-impact developing-country innovations are produced in collaborations between developing-country innovators and firms or innovators in High-Income Countries (HIC). Indeed, such collaborations, while amounting to only about 2% of HIC innovations, account for nearly half of all EMDE innovations. We also find that more diversified firms, with R&D staff from both HIC and EMDE, generate more knowledge spillovers in both EMDE and HIC. We suggest a model of innovation where the likelihood of a successful innovation is enhanced by more diverse but complementary knowledge stocks. Our results suggest that observed diversification is likely well below optimal levels and could be enhanced by policies such as tax breaks for R&D in EMDE or co-investments by development banks. |
| Keywords: | innovation in developing economies;knowledge spillovers;green technology;HIC–EMDE collaboration;multinational R&D;inverted-U |
| JEL: | O31 O33 O38 F23 Q55 O19 |
| Date: | 2026–10–19 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:141792 |
| By: | Pajarinen, Mika; Rouvinen, Petri |
| Abstract: | Abstract This report examines the links between firms’ intangible investments and financing constraints using four complementary surveys: the Finnish SME Barometer (autumn 2018 – spring 2026), the Finnish Industry Investment’s (Tesi’s) Growth Company Pulse (2024–2025), the ECB’s SAFE survey (2015–2025), and the EIB Investment Survey, EIBIS (2016–2025). Analyses across the four surveys yield the same basic result: firms investing in intangibles – especially in R&D and innovative activity – are more likely than other firms to face financing constraints. In the Finnish data, financing constraints have become more common since 2022. International comparisons show that the earlier edge of firms operating in Finland in access to finance relative to other EU countries has narrowed, and relative to Sweden the position has turned unfavourable – most markedly for firms investing in intangibles and engaged in innovative activity. The results are consistent with the finding in literature that intangible capital serves poorly as collateral and is therefore particularly exposed to financial market frictions. From the perspective of economic renewal, the financial system should be developed in a direction that better supports intangibles-based growth. |
| Keywords: | Intangible investment, Financing constraint, Research and development, Innovation, Firm |
| JEL: | D22 E22 G32 O31 |
| Date: | 2026–10–30 |
| URL: | https://d.repec.org/n?u=RePEc:rif:wpaper:153 |
| By: | Alicia Gómez-Tello (Universitat de València & IVIE.); Rosella Nicolini (Departament d'Economia Aplicada, Universitat Autònoma de Barcelona, Spain) |
| Abstract: | This study explores the importance of foreign direct investment (FDI) in fueling the rate of female entrepreneurship at the local level. Our study focuses on Spanish data at the provincial level over a complete business cycle (2005–2016). The fostering effect stems from the presence of spatial externalities between FDI stock in a province and the growth rate of women-owned enterprises in that province. Our results not only confirm the positive association between the density of FDI stock and female entrepreneurship, but also provide evidence of the extent to which homophily can strengthen this effect. Finally, the spatial setting enables the quantification of spillover effects both within each spatial unit and across units. |
| Keywords: | Foreign direct investment, Entrepreneurship, Gender, Spatial analysis. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:uab:wprdea:wpdea2609 |
| By: | Mohamed Hamza Idam (UAE - Abdelmalek Essaadi University [Tétouan] = Université Abdelmalek Essaadi [Tétouan]); Mohamed-Larbi Aribou (UAE - Abdelmalek Essaadi University [Tétouan] = Université Abdelmalek Essaadi [Tétouan]) |
| Abstract: | Small and medium-sized enterprises (SMEs) are particularly exposed to crises because of their limited resources and strong dependence on managerial decision-making. Although organizational resilience has received growing scholarly attention, the specific relationship between SME decision-making processes and resilience in crisis contexts remains insufficiently understood. This article therefore addresses the following question: how do the decision-making processes adopted by SMEs during crises contribute to their resilience? The study draws on a literature review based on Scopus and ScienceDirect, covering publications available up to 2024, and supplemented by snowball sampling. A final corpus of 29 articles was analyzed. The findings indicate that SME resilience is shaped by the interaction between organizational characteristics, decision-makers' profiles, and the decision-making approaches adopted during crises. They also reveal that the literature remains fragmented regarding the mechanisms through which decision-making contributes to resilience. By specifically connecting these two streams of research, this review extends broader work on organizational resilience and highlights the need for further investigation of causal and effectual decision-making logics under crisis conditions. |
| Abstract: | Dans un monde caractérisé par une complexité croissante et des environnements de plus en plus incertains, les organisations sont confrontées à des crises internes et externes qui menacent leur survie. Bien que la gestion de crise soit bien étudiée pour les grandes entreprises, son application aux PME reste insuffisamment explorée. De même, la résilience organisationnelle des PME a été négligée malgré son importance cruciale, en particulier depuis la crise financière de 2008. La prise de décision entrepreneuriale, notamment dans des conditions d'incertitude, est essentielle pour la survie et le succès des PME. Les débats académiques ont mis en évidence divers aspects de la prise de décision entrepreneuriale, soulignant l'importance de l'adaptabilité et de la réactivité face aux crises. Cet article cherche ainsi à répondre à la question suivante : comment les processus décisionnels adoptés par les PME en contexte de crise contribuent-ils à leur résilience ? Il s'appuie sur une revue de littérature fondée sur une recherche documentaire menée dans Scopus et ScienceDirect couvrant les travaux disponibles jusqu'en 2024, complétée par une technique de boule de neige. Après sélection des travaux les plus pertinents, 29 articles ont été retenus pour l'analyse. Les résultats montrent que la résilience des PME en contexte de crise est étroitement liée aux caractéristiques organisationnelles, aux profils des dirigeants et aux modalités de prise de décision. Ils soulignent également l'importance de logiques décisionnelles flexibles et adaptatives, tout en mettant en évidence plusieurs lacunes de la littérature et des pistes de recherche futures. En se focalisant spécifiquement sur l'articulation entre processus décisionnels et résilience des PME, cette revue complète les travaux antérieurs consacrés plus largement à la résilience organisationnelle et met notamment en évidence l'intérêt d'approfondir l'analyse des logiques de causation et d'effectuation en contexte de crise. |
| Keywords: | Crisis, Literature review, Resilience, SME, Decision-making processes, Revue de littérature, Crise, Résilience, PME, Processus de décision |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05742316 |
| By: | Cristiana Benedetti-Fasil; Giammario Impullitti; Omar Licandro; Petr Sedlacek; Adam Hal Spencer |
| Abstract: | Do ï¬ rms differ in their innovation response to business cycles? What economic forces shape this heterogeneity? And does it matter for aggregate propagation? We document substantial heterogeneity in ï¬ rm-level R&D cyclicality, develop a theory to explain this fact, and validate its key mechanism in the data. In a tractable model of business cycles and innovation-driven growth, endogenous selection makes R&D particularly responsive to aggregate conditions for ï¬ rms close to the exit margin. Consistent with this mechanism, ï¬ rms closer to exit display more procyclical R&D in the data. Quantitatively, selection and endogenous growth interact powerfully: selection generates heterogeneous R&D cyclicality, while endogenous growth translates these heterogeneous responses into persistent aggregate effects. Ignoring heterogeneous R&D cyclicality misses roughly half of the long-run output cost of a severe recession. |
| Keywords: | growth, business cycles, innovation, heterogeneous ï¬ rms, selection |
| JEL: | E32 O31 O40 L1 |
| Date: | 2026–11 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2026-93 |
| By: | Guglielmo Maria Caporale; Ida Colella; Fabio Spagnolo; Nicola Spagnolo |
| Abstract: | This paper examines the relationship between artificial intelligence (AI) innovation and stock market returns across 61 countries over the period 2010–2022. Using AI-related patent families as a proxy for AI innovation, it investigates whether AI patenting activity is associated with subsequent national equity market performance. The empirical analysis employs a panel regression framework with country fixed effects and explores geographical heterogeneity across three regional subsamples, the EU and the UK, Asia, and the Rest of the World, as well as the G7 economies. The results indicate a positive relationship between lagged AI patenting activity and annual stock market returns, although the strength and statistical significance of this association vary across country groups. The most robust evidence is found for the EU and UK and the G7 economies, where the estimated coefficients are positive and statistically significant. By contrast, the association is weaker in Asia and statistically insignificant in the Rest of the World. These findings contribute to the literature on technological innovation and financial markets by providing cross-country evidence on the relationship between AI innovation and equity market performance. They also highlight the geographical heterogeneity of this relationship, suggesting that differences in financial market structures and technological development may play a role in shaping how AI innovation is reflected in stock market returns. |
| Keywords: | AI, stock market returns, panel data, fixed effects |
| JEL: | C33 G12 G18 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13112 |
| By: | Wang, Han; Lee, Neil |
| Abstract: | This paper investigates the long run association between business networks and entrepreneurship and regional development in China. We focus on chambers of commerce, bodies which facilitated networking between businesses until private firms were banned by Mao. Our results suggest that the pre-Mao chamber system is associated with long-lasting patterns of business creation and economic output in China, with this influence surviving until the post-1978 return of the market economy. The associations are strongest in the early reform period but weaken over time. We show evidence that historic chambers density is correlated with later social capital, despite major political change. |
| Keywords: | networks;chamber of commerce;entrepreneurship;economic development |
| JEL: | D85 N85 R11 |
| Date: | 2026–10–22 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:141318 |
| By: | Daniel P. Gross; Maria P. Roche |
| Abstract: | Large, mission-oriented R&D efforts sometimes generate substantial technological advances, but their commercial impacts vary. This paper uses one such effort—the U.S. World War II radar program—to explore how the outputs of such programs may contribute to later commercial development. Using archival records together with data on firm entry, patenting, and technical labor flows, we reconstruct the organization and outputs of wartime radar R&D, document the rapid postwar growth of a civilian industry, and evaluate which outputs were used in subsequent commercial activity. Codified knowledge (in publications and patents) diffused broadly, embodied knowledge (trained personnel) diffused more locally, and the component-system industrial architecture of the wartime program was mirrored in firms' postwar commercial positions. The evidence points to specific channels through which coordinated technology development programs can give shape to emerging high-tech industries. |
| JEL: | N42 N72 O31 O32 O33 O38 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35978 |
| By: | Sabien Dobbelaere (Vrije Universiteit Amsterdam); Ana Popovici (Vrije Universiteit Amsterdam) |
| Abstract: | We study whether firms share gains from innovation tax incentives with incumbent workers and whether such rent sharing is associated with increased worker retention. The Dutch innovation box reduces tax rates on profits from in-house innovation. Linking first-time beneficiaries to matched employer-employee data, we combine nearest-neighbour matching with staggered difference-in-differences. Part of the additional after-tax surplus is passed on to incumbent workers: wages rise by 3.27% on average, with increases of 2.05% for workers least involved in R&D and 4.14% for tertiary-educated STEM workers. Descriptively, treated non-R&D incumbents are 3.47 percentage points less likely to switch employers following treatment. |
| Keywords: | Innovation policy, rent sharing, worker mobility |
| JEL: | H25 J31 J62 O31 |
| Date: | 2026–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260087 |
| By: | Franky B. A. KOGUEDA (Douala, Cameroon); Danielle Françoise MASSÉ (Douala Cameroon) |
| Abstract: | This study examines how electricity use, reliability, and cost influence the productivity of informal firms in the Global South, particularly in sub-Saharan Africa, South Asia, and Latin America. Using a dataset of more than 41, 371 informal firms in 16 countries, we use quantile regression to highlight the variable effects by the distribution of productivity. The results indicate that access to electricity alone is not enough to ensure productivity gains; Reliability and quality of supply are essential. Outages significantly reduce productivity, especially for firms in the lower quantiles, while electricity costs have a mixed effect depending on the size of the firm and the regional context. In South Asia, off-grid and subsidized solutions have greater positive impacts, while in sub-Saharan Africa, weak governance and infrastructure gaps reduce their effectiveness. Latin America shows intermediate results, with wider access but persistent cost costs. The findings suggest that energy policies need to go beyond expanding access to focus on reliability, smart subsidies, and complementary institutional reforms. By addressing these aspects, governments can strengthen the role of electricity in promoting the growth, resilience and structural transformation of informal enterprises in low- and middle-income countries. |
| Keywords: | Electricity Access; Informal Firms; Productivity; Global South; Quantile Regression |
| JEL: | O17 H54 Q48 L51 L94 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:agd:wpaper:26/060 |
| By: | Apoorva Babbar; Shawn Kantor; Alexander Whalley; Jingyuan Zeng |
| Abstract: | This paper examines how public research and development shaped the direction of technological change during the Cold War–era Space Race and its consequences for US manufacturing. While prior research has documented the effects of public R&D on innovation and economic growth, less is known about whether mission-oriented public investment directed innovation toward automation and how this affected labor markets. We exploit variation in exposure to NASA's Space Race investments across industries and locations to estimate the effects of public R&D on innovation and manufacturing outcomes from 1947 to 1992. Combining newly developed measures of automation in full-text patent data with historical evidence on government involvement in patenting, we show that NASA-sponsored patents are systematically more automation-intensive than non-NASA patents within the same technological classes. Industries and locations more exposed to Space Race activity experienced persistent declines in labor share, consistent with the diffusion of labor-saving technologies developed for space applications. In contrast, we find little evidence of systematic changes in skill composition. These findings show that mission-oriented public R&D can shape the direction of technological change and have lasting distributional consequences. |
| JEL: | H59 J23 J24 N62 N72 O33 R11 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35966 |
| By: | Inan Abbassi (ISPITS Fès - Institut supérieur des professions infirmières et techniques de santé, Fès) |
| Abstract: | Telemedicine is emerging as a key solution to address territorial disparities in healthcare access in Morocco, where 270 rural municipalities suffer from critical healthcare isolation. Although nurses play a pivotal role in teleconsultations in these areas, their perceptions of this innovation remain largely unknown. This study aims to assess the acceptability of telemedicine among nurses in primary healthcare facilities (PHCFs) in Fez, by examining the psychosocial and organizational determinants of their intention to use it. We conducted a cross-sectional quantitative study based on an adapted UTAUT model, enriched with two contextual variables (perceived workload and incentive-based remuneration). A validated questionnaire (α = 0.84) was administered to 113 nurses (response rate: 88.5%) from 40 PHCFs. The analyses combined descriptive and inferential approaches (multiple linear regression, confirmatory factor analysis) using SPSS 28. The study reveals that 51% of nurses express a positive intention to use telemedicine. Performance expectancy (β = 0.47; p < 0.01) and facilitating conditions (β = 0.39; p = 0.01) emerge as significant predictors. Notable differences appear between urban areas (mean intention = 3.2/5) and rural areas (3.8/5; p = 0.04). The main barriers identified include a lack of training (50%) and insufficient technical resources (73%). The successful deployment of telemedicine in Morocco requires a multidimensional approach, combining the strengthening of technological infrastructure, the integration of dedicated training modules into nursing curricula, and the implementation of targeted financial incentives. These findings advocate for the development of a national strategy specifically tailored to the needs and constraints of nursing professionals. |
| Abstract: | La télémédecine s'impose comme une solution clé pour pallier les disparités territoriales dans l'accès aux soins au Maroc, où 270 communes rurales souffrent d'un enclavement sanitaire critique. Bien que les infirmiers constituent les acteurs pivots des téléconsultations dans ces zones, leurs perceptions de cette innovation restent méconnues. Cette étude vise à évaluer l'acceptabilité de la télémédecine parmi les infirmiers des établissements de soins de santé primaires (ESSP) de Fès, en examinant les déterminants psychosociaux et organisationnels de leur intention d'usage. Nous avons mené une étude quantitative transversale basée sur une adaptation du modèle UTAUT, enrichi de deux variables contextuelles (charge perçue et rémunération incitative). Un questionnaire validé (α = 0, 84) a été administré à 113 infirmiers (taux de réponse : 88, 5%) issus de 40 ESSP. Les analyses ont combiné des approches descriptives et inférentielles (régression linéaire multiple, analyse factorielle confirmatoire) sous SPSS 28. L'étude révèle que 51% des infirmiers manifestent une intention d'usage positive. La performance espérée (β = 0, 47 ; p < 0, 01) et les conditions facilitantes (β = 0, 39; p = 0, 01) émergent comme prédicteurs significatifs. Des différences notables apparaissent entre zones urbaines (intention moyenne = 3, 2/5) et rurales (3, 8/5 ; p = 0, 04). Les principaux freins identifiés concernent le déficit de formation (50%) et l'insuffisance des ressources techniques (73%). Le déploiement réussi de la télémédecine au Maroc nécessite une approche multidimensionnelle combinant le renforcement des infrastructures technologiques, l'intégration de modules de formation dédiés dans le cursus infirmier, et la mise en place d'incitations financières ciblées. Ces résultats plaident pour l'élaboration d'une stratégie nationale spécifiquement adaptée aux besoins et contraintes des professionnels infirmiers. |
| Keywords: | Morocco, UTAUT Model, Nurses, Télémédecine, Acceptabilité, Infirmiers, Modèle UTAUT, Maroc, Maroc. |
| Date: | 2025–07–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05740009 |
| By: | Mimosa Distefano (London School of Economics, CEP, RFBerlin); Lorenzo Incoronato (University of Naples Federico II, CSEF, CESifo, RFBerlin); Anna Raute (Queen Mary University of London, CEPR, CESifo, RFBerlin) |
| Abstract: | Women often struggle to re-enter employment after career breaks, possibly because employers are uncertain about their productivity. We study whether hiring subsidies help firms overcome this uncertainty and hire from this group. Exploiting an Italian policy that temporarily cut payroll taxes for women hired from non-employment, we find that firms persistently hire more women with career breaks, including mothers, following subsidy adoption. Consistent with employer learning about target-group productivity, firms with better initial matches later hire more from this group. Subsidized workers also show stronger labor-market attachment. These findings suggest demand-side interventions can complement supply-side policies in addressing gender gaps. |
| Keywords: | gender employment gap, mothers, hiring subsidies, employer learning, firm hiring behavior. |
| JEL: | J16 J23 H25 D83 |
| Date: | 2026–09–07 |
| URL: | https://d.repec.org/n?u=RePEc:sef:csefwp:796 |
| By: | Amina Badich (Faculté des Sciences Juridiques, Économiques et Sociales de Tanger Université Abdelmalek Essaâdi, Tanger, Maroc); Mohamed Aissam Khattabi |
| Abstract: | Territorial competitiveness has become a central issue for regional development policies. While the literature has extensively documented the determinants of attractiveness in large metropolitan areas, the articulation between territorial marketing and productive structuring remains largely unexplored in the intermediate territories of the Maghreb, and particularly in the Moroccan provinces engaged in the advanced regionalisation process. This article aims to address this gap by analysing the role of territorial marketing in strengthening the economic competitiveness of the province of Al Hoceima. The study draws on a theoretical framework combining the concepts of territorial capital, territorial governance and strategic territorial marketing. Methodologically, the research relies on a mixed, predominantly qualitative design combining twelve semi-structured interviews conducted with institutional actors and business managers, a structured questionnaire administered to the managers of twelve operational units located in the Aït Kamra and Imzouren industrial zones, representing a coverage rate of 60 % of the units in activity among the twenty-eight units established there, and a documentary analysis of institutional sources. The results show that the province possesses significant territorial capital: geographical position and the availability of human resources are cited by 83.3 % of respondents as the main assets of the territory. However, the economic activation of these resources remains partial. Access to finance is cited as a barrier to investment by all respondents, ahead of the scarcity of skilled labour (83.3 %), taxation (75.0 %) and administrative burden (58.3 %). The analysis leads to a conceptual model incorporating three feedback loops between territorial capital, governance, territorial marketing and competitiveness, together with a set of operational recommendations specifying responsible actors, indicative time horizons and monitoring indicators. |
| Keywords: | Territorial marketing, territorial capital, territorial governance, attractivité économique, economic attractiveness |
| Date: | 2026–09–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05741384 |
| By: | Ashutosh Yadav (Jaipur, India); Bright Akwasi Gyamfi (Selangor, Malaysia); Divine Q. Agozie (Accra, Ghana); Simplice A. Asongu (Yaoundé, Cameroon); Deepak Kumar Behera (Bihar, India) |
| Abstract: | The field of Environmental Social Governance (ESG) investment has witnessed significant growth in recent decades, driven by the widespread adoption of "carbon neutral" efforts by most nations. Industry would prioritize in a global context characterized by significant uncertainty. Companies derive advantages from the dissemination of ESG data by enhancing their brand reputation, hence attracting investment, reducing borrowing expenses, and augmenting their market value. The findings, especially from the Quantile Regression and Generalized Additive Model studies, provide interesting insights into the interactions of these variables across various industries and countries across time. We implemented a rigorous econometrics methodology that specifically targeted the most prominent corporations in terms of market capitalization in both the Chinese and European markets. Using the Thomson Reuters Eikon database, this study collected data on the top 496 firms from 2012 to 2022. From the analysis, there was a significant positive impact of GRIN on ESG scores across all quantiles which highlighted the critical role of green innovation in enhancing corporate sustainability. Moreover, a negative relationship between financial distress and ESG was obtained from the findings. Nevertheless, for objective which focused on the period before and after the Paris Agreement, underscores the policy's catalytic role in amplifying the effects of green innovation on ESG scores. Therefore, our analysis not only affirms the crucial significance of green innovation in promoting ESG performance, but also reveals the complex impact of financial crisis and the magnifying effect of international policies such as the Paris Agreement on these dynamics. |
| Keywords: | Environmental Social Governance, Green Innovation, financial Distress, Corporate Sustainability |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:agd:wpaper:26/002 |
| By: | Nguyen, Trung; Raghunandan, Aneesh; Scherf, Alexa |
| Abstract: | We study whether federal judges’ personal exposure to financial fraud affects their professional behavior, in the form of sentencing outcomes in white-collar cases. Following the methodology outlined in our registered report, we construct a novel measure of financial fraud exposure based on judges’ direct shareholdings in firms that commit financial fraud. Using this measure, we exploit the random assignment of cases to judges to examine whether judges exposed to fraud in one firm are (1) less likely to rule in favor of defendants in white-collar cases involving other firms and (2) less likely to grant favorable pretrial motions to defendants. We find minimal evidence in support of either (1) or (2), concluding that for all but the most serious frauds, judges are unlikely to let their personal victimhood experience affect their professional sentencing behavior with respect to related cases. Our study broadens our understanding of the spillover effects of financial fraud enforcement and contributes to the literature on how judges’ personal experiences can shape judicial decision-making. |
| Keywords: | fraud;judge biases;personal financial disclosure;white-collar crime |
| JEL: | M40 |
| Date: | 2025–05–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124397 |
| By: | Laajaj, Rachid; Ortiz, María Camila; Gáfaro, Margarita; Salazar, Lina |
| Abstract: | Colombia has favorable agroecological conditions but continues to face low agricultural productivity. This paper examines total factor productivity (TFP) between 2015 and 2023 using stochastic frontier analysis on household- and municipal-level panel data. We decompose productivity growth and assess the effects of climate shocks, access to credit, rural public investment, and the peace agreement with FARC. Results show that output growth has been driven mainly by input expansion, with TFP increasing by less than 1% annually. Rural road infrastructure and low-interest credit are consistently linked to productivity gains, while input delivery and service programs show no measurable impact. Climate variability remains a major source of productivity fluctuations, highlighting sectoral vulnerability. The 2014 ceasefire with FARC produced heterogeneous effects: household-level productivity rose in previously affected areas, but municipal-level averages declined possibly due to land expansion into less productive zones. Findings underscore the need to shift from input-based support to connectivity, rural finance, and climate-resilient investments. |
| Keywords: | Agricultural Productivity, Total Factor Productivity Growth, Agriculture, Rural Development |
| JEL: | Q10 Q12 Q18 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:idb:brikps:14822 |
| By: | Giorgia Barboni; Lucas A. Mariani; Jose Renato Haas Ornelas; Bernardo Ricca |
| Abstract: | Does improving knowledge about open finance increase its adoption and lead to greater financial inclusion? We implement a randomized experiment that provides Brazilian microentrepreneurs with targeted information about open finance. The intervention increases open finance adoption by more than 7 percentage points, a 40% increase relative to a control group mean of 17%. While the intervention increases adoption broadly across the study population, the impacts are largest among firms with greater baseline digital payment (Pix) activity, consistent with lower adoption barriers for digitally engaged firms. Analysis of firm-level administrative data shows that the intervention increases the probability of having an available credit card limit by 3.6–5.1 percentage points, or approximately 5–7.5% relative to the control-group mean. Consistent with this effect, the intervention increases the probability of credit-card spending by 2.7–4.1 percentage points, equivalent to approximately 4–6% of the control-group mean. Over a six-month horizon, the intervention also increases access to credit through business bank accounts to a greater extent than through personal bank accounts, raises reliance on working capital loans by 4.8 percentage points, equivalent to 50% of the control-group mean, and the number of Pix transactions in business accounts by 15%. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:bcb:wpaper:653 |
| By: | De Bundel, Florian; Neubauer, Florian; Ankel-Peters, Jörg; Rose, Julian |
| Abstract: | Jia et al. (2021) study the intergenerational transmission of entrepreneurship in China, finding that individuals are more likely to become business owners if they have a parent in a governmentlinked position or in business ownership. They further find that these associations depend on the role of the state in the local economy: the former is stronger in environments where the state plays a larger role, while the latter is stronger where it plays a smaller role. This robustness replication assesses each of these four claims. We only use the ready-for-analysis dataset provided by the authors and no additional raw data, varying pre-registered analytical choices. Despite involving only modest departures from the original specifications, the robustness analysis reveals substantial sensitivity in the published findings. Even simply adding parental college education as a control renders two of the three results originally significant at the 5% level insignificant at that threshold. The interaction between having a parent in a state-linked position and the degree of government involvement in the local economy becomes insignificant in all alternative specifications. The same interaction for parental business ownership is also sensitive: even when employing the 10% threshold used in Jia et al. (2021), 53% of specifications are insignificant. Overall, our findings suggest that most of the original results are not robust to plausible alternative analytical choices. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:i4rdps:338 |
| By: | Ghasan Asbool (University of Warwick) |
| Abstract: | Britain’s recovery from the 2008 financial crisis was characterised by strong employment growth and unusually weak growth in labour productivity. This paper examines the empirical evidence and assesses the main explanations proposed in the literature, focusing primarily on the period up to 2019. This allows the analysis to distinguish the prolonged effects of the financial crisis from the additional economic disruptions associated with the COVID-19 pandemic, the UK’s departure from the European Union and the subsequent energy-price shock. Labour hoarding may explain part of the initial decline in labour productivity, but is less convincing as an explanation for its very slow growth during the recovery. Firm-level evidence also suggests that most of the slowdown occurred within existing firms, rather than through weaker reallocation of resources between them. The contraction in credit supply, higher external financing costs and unusually flexible real wages discouraged investment and encouraged firms to substitute labour for capital, contributing to weak capital deepening. Household wealth losses, changes in retirement incentives and welfare reforms may have further increased labour supply, alongside the effects of inward migration. The unequal recovery in household wealth may also have affected job matching and investment in human capital. The paper further examines how differences in management practices influence firms’ investment decisions, technological adoption and the efficiency with which productive resources are employed. Although more recent estimates attribute much of the accumulated labour productivity shortfall to weaker TFP growth, the economic factors restraining capital accumulation may also have limited improvements in TFP. The policy discussion considers the importance of access to finance, productive investment, wealth distribution and the wider adoption of effective management practices. |
| Keywords: | UK productivity; capital deepening; credit supply; household wealth; management practices. JEL codes: D24, D31, E22, E24, J22, O47 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:wrk:warwec:1635 |
| By: | Koski, Heli; Kässi, Otto; Markkanen, Jaakko |
| Abstract: | Abstract We use firm-level data from five European countries to examine what a accounting-based measure of intangible capital reveals about its relationship with productivity. Outside France, most firms have zero intangible capital under this measure, and differences across countries may partly reflect accounting practices which dictate when intangibles can be capitalized. We find a modest positive association between intangible capital and productivity across firms, but the association largely disappears when we examine changes within firms over time, except in France. The observed association therefore does not, on its own, show how investing more in intangible capital would affect productivity. Zero stock of intangible capital does not necessarily mean that firms do not invest in intangibles. Firms undertake a substantial share of intangible investment in-house, for example in R&D and in developing software, brands and data. These costs are typically expensed, so intangible assets on balance sheets give only a partial picture of firms’ intangible capital. To support decisions and comparisons concerning intangible investment, financial statement-based measures should be complemented by measures that also capture intangible capital produced in-house. Such measures have already been constructed using administrative register data. |
| Keywords: | Intangible capital, Financial statements, Measurement, Productivity, Firm-level data |
| JEL: | D24 E22 M41 O34 |
| Date: | 2026–10–29 |
| URL: | https://d.repec.org/n?u=RePEc:rif:wpaper:152 |
| By: | Fernando Nascimento de Oliveira |
| Abstract: | This study develops original measures of financial constraints for a sample of 6, 215 private firms in Brazil spanning the period from 2012 to 2022. To construct these metrics, I utilize a granular dataset comprising 11, 967, 603 loan contracts between these firms and financial institutions. Following theoretical framework of Bester (1985), my identification strategy is based on relative interest rates and collateral requirements within the credit agreements. Using these constraints, I estimate firms' investment demand and provide empirical evidence that financial frictions exert a statistically significant negative effect on capital expenditure. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:bcb:wpaper:655 |
| By: | Emmanuel K. Manu (Armidale, NSW, Australia); Isaiah Nketiah (Castelldefels, Spain); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | Amid increasing environmental and economic pressures, Africa’s transition to a circular economy (CE) presents a vital pathway to inclusive, low-carbon development. Yet, how digital transformation, informal innovation, and science, technology, and innovation (STI) policy readiness shape CE outcomes remains underexplored. This study examines these dynamics across 45 African countries from 2000 to 2024, using Generalized Estimating Equations, Panel-Corrected Standard Errors, Instrumental Variables Two-Stage Least Squares, and Quantile Regression. Findings show that mobile technologies consistently enhance CE performance, while internet use and secure digital infrastructure have limited or negative effects without reliable electricity, digital skills, and institutional inclusion. Informal innovation—proxied by self-employment—emerges as a key driver of circularity, whereas ICT goods imports can hinder progress where absorptive capacity is weak. Formal scientific knowledge (STJA) exerts strong positive effects. STI policy tools show mixed results: capital formation supports CE, while regulatory quality and government effectiveness are negative unless paired with strong infrastructure and employment readiness. Regional analysis reveals that Central Africa benefits from strong synergies between informal innovation, mobile access, and regulatory quality; East Africa shows gains from self-employment and capital formation but is constrained by weak regulation and ICT dependence; West Africa combines progress in mobile and scientific outputs with weak governance; and Southern Africa shows mostly negative effects across all pillars. These findings underscore the need for locally embedded, inclusive STI strategies to accelerate Africa’s green transition under African Union Agenda 2063. |
| Keywords: | Africa; Digital Transformation; Informal Innovation; STI Policy; Circular Economy Transitions |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:agd:wpaper:26/008 |
| By: | Winston, Elizabeth |
| Abstract: | Reward drives innovation. For this reason, Congress has enacted a system of patents, trademarks, and copyrights to incentivize innovation. Such publicly ordered intellectual property regulation supports public and private interests—mandating disclosure of the innovation while legislating protection of that disclosure. Increasingly, though, the legislated incentives are proving insufficient for innovation, and innovators are relying on private incentives, undermining the fundamental balance of our legal framework and maximizing the reward to innovators at the cost of the public’s interest. Enforcement of contracts that supplant legislation rather than supplement it contravenes public policy and vitiates the public’s interest. It is time to reform public ordering to protect the public’s interest while providing sufficient reward to incentivize innovation. |
| Date: | 2026–10–22 |
| URL: | https://d.repec.org/n?u=RePEc:osf:lawarc:6f5uv_v1 |
| By: | Hall, Tessa |
| Abstract: | This paper estimates the firm productivity returns to degree field, institution quality, and degree level, and compares them with wage returns. I link a LinkedIn panel from Revelio Labs to Orbis financial accounts for over 20, 000 UK firms over 2015?2024. Within firms, a bachelor's degree raises a worker's productivity by around 20%; a top-20 institution adds a further 10% and a postgraduate qualification 6%. The returns differ by organisational role. A bachelor's degree raises productivity for managers and non-managers alike. Specialist credentials - a STEM field, an elite institution - raise productivity for non-managers but not for managers, whose premium loads instead on postgraduate qualifications, above all MBAs. Managers also contribute around 26% more than otherwise identical non-managers, a premium that education does not explain. Averaged over the workforce, wage premia are close to productivity premia for each type of degree. However, the average conceals two wedges of opposite sign: STEM-trained non-managers are paid below their relative productivity, and degree-holding managers above it. Finally, for a subset of firms matched to the World Management Survey, workforce education accounts for around a quarter the well-documented correlation between management practices and productivity. |
| Keywords: | human capital;firm productivity;education returns;management |
| JEL: | J24 J31 D24 M11 |
| Date: | 2026–10–23 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:141789 |
| By: | Giacomo Buzzao (Free University of Bozen-Bolzano); Thomas B Long (EDHEC - EDHEC Business School - UCL - Université catholique de Lille) |
| Keywords: | Post-growth transitions, Post-growth, Entreprenarial behavior, Sustainable entrepreneurship |
| Date: | 2026–10–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05843849 |
| By: | Monica Sanchez (Autonomous University of Tamaulipas); Yingying Zhang Zhang (IUJ Research Institute, International University of Japan) |
| Abstract: | Introduction: Women artisans play a crucial role at the intersection of cultural heritage, entrepreneurship, and rural development, acting as preservers of age-old traditions and catalysts for community economic growth, although the scientific literature on this phenomenon remains fragmented. Objective: To synthesize and analyze existing evidence regarding women artisans, focusing on their roles as agents of economic development, preservers of cultural heritage, and drivers of social empowerment initiatives. Method: A systematic review was conducted following the PRISMA methodology, involving searches in the Scopus and Web of Science databases. Following a screening process, 30 studies were analyzed using both bibliometric and hermeneutic approaches. Results: Systemic barriers-such as limited access to finance and sociocultural restrictions-were identified alongside effective facilitators, such as cooperatives that generate income growth. Conclusions: Women's artisan entrepreneurship constitutes an integrated model of sustainable development that links personal empowerment, cultural preservation, and economic growth. Women artisans act as agents of social transformation, creating impacts that extend beyond their own lives to benefit entire communities. |
| Keywords: | Women artisans, Rural entrepreneurship, Women's empowerment, Cultural heritage, Sustainable development |
| Date: | 2026–11 |
| URL: | https://d.repec.org/n?u=RePEc:iuj:wpaper:ems_2026_18 |