|
on Small Business Management |
| By: | Francesco Androni (Gran Sasso Science Institute); Andrea Ascani (Gran Sasso Science Institute); Alberto Marzucchi (Gran Sasso Science Institute) |
| Abstract: | The phenomenon of zombie firms has been increasing through time in the last decades. Prior re search has extensively examined the role of zombie firms in credit misallocation and weak insolvency regimes However, limited attention is paid to how the competitive environment has influenced its surge. The study aims at linking the diffusion of zombie formation with the field of industrial dynam ics. The analysis focuses on whether the intensity of competition influences the diffusion of zombie f irms, by assessing competition forces such as firm entry and innovation intensity. We use micro aggregated data at the region-sector level to analyse the diffusion of zombie firms in Italy for the years from 2014 to 2020, and identify a substantive role of reallocation forces in driving the shares of zombie firms. Competition in the form of entry and, albeit more weakly, innovation intensity reduces the diffusion of zombie firms, ultimately showing that a decrease in competition intensity is part of the phenomenon. This research contributes to understanding the relationship between zombie firms and sluggish economic activity, describing further factors that affect their formation and persistence. |
| Keywords: | Zombie firms; competition; firm entry; innovation; industrial dynamics |
| JEL: | O33 O31 L25 R11 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:ahy:wpaper:wp65 |
| By: | Haotian Deng; Sam Desiere; Bart Cockx; Gert Bijnens |
| Abstract: | This paper studies how employment subsidies for start-ups shape their performance. We exploit an unexpected policy reform in Belgium that permanently exempted start-ups hiring their first employee from payroll taxes for that employee. Using firm-level administrative data and a regression-discontinuity-in-time design, we find that subsidized post-reform startups employed fewer workers and generated lower output, value added, and profits compared to pre-reform start-ups. However, post-reform start-ups were more likely to survive as employers. These effects emerged within the first year after hiring and remained stable over a medium horizon of three years. Our findings indicate a compositional shift: the subsidy primarily induced low-productivity firms to enter the market. As most firms nowadays are nonemployers, our results meaningfully generalize the theoretical implications of standard neoclassical entrepreneurship models (employee–employer margin) and fill the important gap of the nonemployer–employer margin. |
| Keywords: | entrepreneurship, start-up, employment subsidy, tax reduction, labor demand; small firms |
| JEL: | H25 J23 J24 J38 L25 L26 M51 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12484 |
| By: | Admiral Athallah Darmawan; Jahen Fachrul Rezki (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI)) |
| Abstract: | This study investigates the resilience of Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 pandemic by analyzing firm characteristics and entrepreneurial competencies. Utilizing a meta-analysis approach, 60 literature studies and 425 empirical estimates were examined. The findings reveal that entrepreneurial competence, encompassing entrepreneurial orientation, networking and social capital, and human capital, significantly enhances MSME resilience more than firm characteristics such as firm size, business age, and financial capital. Additionally, technological utilization and cultural aspects (uncertainty avoidance, individualism, and motivation towards achievements and success) were assessed as moderating factors. The results indicate that robust ICT infrastructure, proficiency, and utilization, along with supportive policies, bolster MSME resilience. The study also underscores the negative impact of high uncertainty avoidance and individualism on resilience, whereas motivation towards achievement and success positively influences resilience. The analysis of Indonesian MSMEs, incorporating 26 literature studies and 91 empirical estimates, corroborates these findings, highlighting the greater impact of entrepreneurial competence. The study suggests the need for targeted policies and support programs to enhance MSME resilience through technological and cultural adaptation. |
| Keywords: | MSME resilience — entrepreneurial competence — firm characteristics — meta-analysis |
| JEL: | L25 L26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:lpe:wpaper:202582 |
| By: | Dhaniel Ilyas (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI)) |
| Abstract: | This paper examines the resilience of small and micro enterprises (SMEs) in Indonesia during the COVID-19 pandemic using panel data from the Micro and Small Industry Survey (VIMK) conducted by the Central Bureau of Statistics (BPS) in 2019, 2021, and 2022. By employing firm-level panel regressions based on 2-digit KBLI classifications and size categories, the study identifies key structural and behavioral factors associated with firm performance during the crisis period. The results reveal that digital adoption—measured by the use of digital marketing and online sales—is a critical driver of resilience for small firms. The study contributes to the growing body of evidence on how digital strategies can buffer SMEs against external economic shocks and support their post-crisis recovery. |
| Keywords: | Small and Micro Enterprises (SMEs) — Resilience — COVID-19 — Digital Adoption |
| JEL: | D22 L25 L26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:lpe:wpaper:202585 |
| By: | Jingni Zhang; David Popp |
| Abstract: | Electric vehicles (EVs) are crucial for cutting transportation emissions, yet the policy drivers of EV innovation remain underexplored. This study analyzes firm-level panel data on EV and battery patents, covering more than 4, 000 firms across 19 countries from 2010 to 2021, to assess how these policy tools and their interactions in different time horizons influence innovative activity. We test the effects of individual policy instruments that either raise demand for EVs or support the development of EV technologies. Stringent fuel-economy standards, financial incentives, adoption targets, and public R&D investments each significantly increase patenting in EV and battery technologies. Moreover, long-term EV targets amplify the innovative impact of public R&D and standards while diminishing the marginal effect of short-term price signals. The results suggest that governments can accelerate clean automotive innovation by combining long-term adoption commitments with sustained R&D investment or strong performance standards, and by managing these instruments as a coordinated policy portfolio rather than as separate tools. The study contributes cross-country, firm-level evidence that links policy design to the direction of clean technology innovation. |
| Keywords: | electric vehicle, technological innovation, policy horizons |
| JEL: | O31 Q55 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12421 |
| By: | Sergio Palomeque (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Martín Pérez Fernández (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Adrián Rodríguez Miranda (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | The purpose of this document is to present the methodology and analyze the findings of the 2024 Business Activity Survey of the Department of Canelones. The survey was carried out among micro, small, and medium-sized enterprises (MSMEs) in Canelones, as part of a project funded by the National Development Agency (Agencia Nacional de Desarrollo, ANDE) and a cooperation agreement between the Canary Business Chamber (Cámara Empresarial Canaria, CEC), the Government of Canelones through the Canary Center for Strategic Studies (Centro de Estudios Estratégicos Canario, CEEC), and the University of the Republic (Facultad de Ciencias Económicas y Administración, FCEA). This study builds on the work initiated with the previous edition of the survey, continuing the process of generating and analyzing data to enhance the understanding of business development dynamics in the department of Canelones and its territories. Reliable data are essential for the planning and design of departmental policies by both public and private stakeholders. The information presented includes, among other topics, the geographic distribution of clients and markets, the origin of suppliers and workers, cooperation networks for innovation, training activities, and the relationships between firms and support organizations. The study also identifies the main challenges facing business activity in the region, including digitalization and environmental concerns. The survey results offer novel insights that help to challenge prior assumptions and support more informed decision-making. |
| Keywords: | Small and medium-sized enterprises (SME), Canelones, Uruguay, local development, regional economy |
| JEL: | R11 R12 O14 O15 O18 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-17-25 |
| By: | Irene Centurión (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Ana Laura García Suárez (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Departamento de Ciencias de la Administración); Sergio Palomeque (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Departamento de Ciencias de la Administración); Adrián Rodríguez Miranda (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | This article describes the methodology and analyze the results of the 2023 Business Activity Survey of the Department of Canelones. This survey was conducted among micro, small, and medium-sized enterprises in the Canelones region as a result of a cooperation agreement between the regional business chamber (Cámara Empresarial Canaria), the Government of Canelones—through the Centro de Estudios Estratégicos Canario—and the Faculty of Economic Sciences and Administration of the Universidad de la República (FCEA). This study aims to lay the foundation for the ongoing generation and analysis of information that contributes to understanding the dynamics of business development in the region of Canelones and its territories, serving as an input for planning and designing departmental policies by both public and private actors. The information presented highlights key aspects such as market characteristics and the territorial location of clients, the geographic origin of suppliers and workers, cooperation networks for innovation, training, as well as the relationships between companies and between companies and support organizations. It also identifies the main challenges faced by businesses in the region. The survey results provide unprecedented data that help contrast prior perceptions and support more informed decision-making. |
| Keywords: | Small and medium-sized enterprises (SME), Canelones, Uruguay, local development, regional economy |
| JEL: | R11 R12 O14 O15 O18 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-10-25 |
| By: | Bobojanov, Shakhrukh; Ilyosov, Imron |
| Abstract: | This study examines the determinants of access to bank financing for enterprises in Uzbekistan, addressing both the decision to apply for credit and the probability of approval conditional on applying. Using World Bank Enterprise Survey data (n=1, 008 enterprises), we employ a twostage analytical framework: binary logit regression models examine factors associated with having an existing loan, and Heckman probit selection models jointly estimate the loan application decision and approval probability, accounting for potential selection bias. The study reveals severe credit rationing in Uzbekistan, with only 13.3% of enterprises holding bank loans and 10.1% applying for new credit. The most striking finding is the dominant effect of existing banking relationships: enterprises with current loans achieve 87.0% approval rates compared to 41.7% for first-time applicants. The Heckman outcome equation confirms this relationship banking effect, representing approximately 30-35 percentage point higher approval probability. Medium-sized enterprises enjoy substantial advantages in both application propensity and approval probability. Export activity and checking account ownership significantly enhance credit access. Contrary to international evidence, female-managed enterprises show positive approval coefficients, though statistical significance is marginal. The highly significant selection parameter confirms substantial selection bias, validating the Heckman approach. |
| Keywords: | SME financing, Credit access, Heckman selection model, Relationship banking, financial inclusion, Transition economies, Uzbekistan |
| JEL: | G21 G32 O16 P34 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127588 |
| By: | Kuosmanen, Natalia; Kuosmanen, Timo |
| Abstract: | Abstract This brief examines how R&D spillovers are associated with firm-level greenhouse gas emissions in Finnish energy-intensive manufacturing. The results show that R&D spillovers from other firms within the same industry are more strongly associated with lower emissions than the firm’s own R&D activity. This result highlights the role of innovation spillovers and knowledge diffusion in emissions abatement. However, the direction and magnitude of R&D spillovers differ across industries depending on their R&D intensity. In the chemical industry that has high R&D intensity, inter-industry R&D spillovers are associated with lower emissions, whereas in the pulp and paper and basic metals industries, inter-industry R&D spillovers are associated with higher emissions. These results demonstrate that technology spillovers do not automatically lower emissions, but can also contribute to higher emissions. Our findings reveal an important channel of inter-industry R&D spillovers through material flows, highlighting the pivotal role of the chemical industry for the GHG abatement in the pulp and paper production and non-metallic minerals industry. |
| Keywords: | Carbon dioxide emissions, Environmental performance, Green productivity, Sustainability, Technology spillovers |
| JEL: | D24 O33 Q52 Q55 Q56 |
| Date: | 2026–02–23 |
| URL: | https://d.repec.org/n?u=RePEc:rif:briefs:175 |
| By: | Pablo Galaso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Sergio Palomeque (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Adrián Rodríguez Miranda (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | This study aims to analyze the innovation processes of SMEs in the Canelones region, Uruguay, with a particular focus on the role of support organizations (SOs). The analysis draws on data from SME surveys conducted in 2023 and 2024, as well as a survey of SOs. A combination of econometric techniques, social network analysis, and qualitative data analysis from the surveys is employed to examine the factors associated with different forms of innovation among SMEs and the role of SOs. The findings reveal that innovation is not a widespread practice among SMEs, within a context of low inter-firm collaboration, significant challenges related to unfair competition, fixed and labor costs, and a predominant orientation toward local markets. Nevertheless, a dense and well-coordinated network of SOs is identified, actively working to support SME development. In fact, SME engagement with SOs emerges as one of the most significant factors in increasing the likelihood of innovation. The results also indicate an opportunity to strengthen SO actions in the context of the green transition (sustainability) and digitalization, in order to inform policies aimed at enhancing local innovation networks. Canelones could serve as a suitable region for implementing such policies and monitoring their outcomes, building on an already existing and well-integrated SO network. |
| Keywords: | innovation, SMEs, support organizations, cooperation networks, Uruguay, Latin America |
| JEL: | O31 O32 L26 R58 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-18-25 |
| By: | Bienvenu Akowedaho Dagoudo; Natalia Vershinina (Audencia Business School); William Karani Murithi |
| Abstract: | As families engage in entrepreneurship, particularly in developing economies, women's engagement in such activities is subject to the traditional cultures, norms and values of the communities to which they belong. In this article, we aim to investigate how the socio- cultural context influences women's entrepreneurship as women engage in "family entrepreneuring". Design/methodology/approach The study draws on an inductive qualitative approach to explore how multiple cultural, social and economic contexts encourage women's entrepreneurship and, thus, position them at the centre of family entrepreneuring within this community. Using snowballing techniques, we analyse narratives from 51 women entrepreneurs, generated through semi-structured interviews, to reveal key insights into the practice of family entrepreneuring. Findings The findings reveal the complex socio-cultural context within the "Adja" community, where polygamy, a traditional and cultural practice, enables the transfer of culturally and socially embedded informal knowledge. The study explains how women's entrepreneuring activities are supported by informal in-family apprenticeships, resulting in family members learning specific skills whilst also experiencing the feeling of belonging to the family. Showcasing the heterogeneity of contexts, particularly those found in Africa, this study challenges the normative view within the Global North and the dominance of the "heroic male" in entrepreneurship by showcasing how women (especially matriarchs) are significant actors in training other women, co-wives, daughters and relatives in family entrepreneuring. Originality/value Thus, this study contributes to the extant literature on family entrepreneuring by revealing an unusual case of women from polygamous families becoming the focal actors in family entrepreneuring activity and challenging the culturally ascribed gender roles to evolve into the breadwinners in their households, as well as focusing on how this process is driven by endogenous knowledge exchange. |
| Keywords: | women entrepreneurship, endogenous knowledge, polygamy, family entrepreneurial, culture, Africa, Southwest Benin |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04810222 |
| By: | Fabiano Compagnucci (Gran Sasso Science Institute); Mauro Gallegati (Università Politecnica delle Marche); Andrea Gentili (Università Mercatorum); Enzo Valentini (Università di Macerata) |
| Abstract: | This paper investigates the relationship between robotisation—understood as a key driver of innovation—and its impact on employment and household income, with a particular emphasis on the role of firm size at the industry level across regions in the Euro area. In the microeconomic literature, larger firms are generally viewed as more likely to adopt robotisation and more vulnerable to labour saving effects than smaller firms. However, the spatial dimension of this relationship remains underexplored. To address this gap, we calculate the Adjusted Penetration of Robots at the sectoral level by integrating data from the International Federation of Robotics on robot stocks, the EUROSTAT Regional Database, and the Structural Analysis (STAN) database, covering 150 NUTS 2 regions in the Euro area. We then perform a spatial stacked panel analysis incorporating various firm size metrics. Our findings challenge prevailing microeconomic insights. At the regional level, areas with a high prevalence of small firms show a negative correlation between robotisation and household income and employment. In contrast, in regions dominated by non-small firms, robotisation positively correlates with employment but does not result in corresponding increases in household income. These findings indicate that the regional impacts of robotisation may diverge substantially from the aggregated performance of individual firms, as highlighted in the microeconomic literature. |
| Keywords: | Robotisation, Employment, Households’ Income, Firms’ size, Regional Divergence |
| JEL: | O33 J24 D02 R23 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:ahy:wpaper:wp69 |
| By: | Aguirre, Emilie |
| Abstract: | Founders, employees, consumers, and even funders increasingly expect businesses to pursue social goals alongside financial performance. Yet even the most committed firms have found it difficult to maintain social performance over time. Scholars in economics, management, and law have put forth several explanations for this "mission drift, " including inappropriate governance, poor management, lack of genuine commitment, and threat of takeovers. Puzzlingly, research to date primarily focuses on later-stage firms, even though the events and decisions that take place in a firm's early stages can critically impact retention of its social performance. Drawing from over five years of qualitative field research at six firms, this Article argues that a company's early-stage financing can have lasting consequences for social performance. I find that the structure of VC - the most prestigious and coveted form of startup funding - shifts organizational focus toward prioritizing rapid growth and exit, implicitly crowding out firm social performance. I find this dynamic occurs even when VCs package themselves as "impact investors" committed to preserving social performance. This study underscores the need to reorient impact VC models and startup corporate governance to avoid losing sight of social aspirations. It also has implications for corporate law and finance more broadly, challenging whether the current legal system operates optimally to achieve efficiency, promote innovation, and serve societal goals. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cbscwp:336737 |
| By: | Alexander Dyck; Freda Fang; Camille Hebert; Ting Xu |
| Abstract: | We assemble the first comprehensive sample of venture fraud cases involving 614 U.S. venture capital (VC)-backed startups founded since 2000. We find that VC-backed firms are 54% more likely to face fraud charges than comparable non-VC-backed firms within a subsample of newly public firms where detection likelihood is high and homogeneous. We then examine the role of governance in explaining venture fraud, focusing on two features that have risen in recent years—founder-friendly structures and cap table complexity. In a panel prediction model examining all venture fraud cases, we find that fraud is more likely in startups with stronger founder control rights, more convex founder cash flow rights, more investors, and greater participation of non-traditional investors. Founder-controlled boards are 88% more likely to commit fraud than VC-controlled or shared-control boards, even within the same firm. Governance variables matter much more than founder characteristics in predicting fraud. Hot funding conditions at the initial round, which weaken governance incentives, predict future fraud. Fraudulent entrepreneurs continue to found new VC-backed startups unharmed relative to non-fraudulent entrepreneurs, suggesting a lack of market discipline. Overall, our results highlight rising agency costs in VC-backed firms that could lead to misallocation and broader social costs. |
| JEL: | G24 G3 G38 K22 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34868 |
| By: | Pinelopi Koujianou Goldberg; Reka Juhasz; Nathan Lane; Giulia Lo Forte; Jeff Thurk; Pinelopi Goldberg |
| Abstract: | The resurgence of subsidies and industrial policies has raised concerns about their potential inefficiency and alignment with multilateral principles. Critics warn that such policies may divert resources to less efficient firms and provoke retaliatory measures from other countries, leading to a wasteful “subsidy race.” However, subsidies for sectors with inherent cross-border externalities can have positive global effects. This paper examines these issues within the semiconductor industry: a key driver of economic growth and innovation with potentially significant learning-by-doing and strategic importance due to its dual-use applications. Our study aims to: (1) document and quantify recent industrial policies in the global semiconductor sector, (2) explore the rationale behind these policies, and (3) evaluate their economic impacts, particularly their cross-border effects, and compatibility with multilateral principles. We employ historical analysis, natural language processing, and a model-based approach to measure government support and its impacts. Our findings indicate that government support has been vital for the industry’s growth, with subsidies being the primary form of support. They also highlight the importance of cross-border technology transfers through FDI, business and research collaborations, and technology licensing. China, despite significant subsidies, does not stand out as an outlier compared to other countries, given its market size. Model estimates suggest the presence of learning-by-doing at the firm-product level as well as economies of scope within a firm and substantial cross-border learning spillovers. These spillovers likely reflect cross-country technology transfers and the role of fabless clients and input suppliers in disseminating knowledge globally through their interactions with foundries. Such cross-border spillovers are not merely accidental but result from deliberate actions by market participants that cannot be taken for granted. Firms may choose to share knowledge across borders or restrict access to frontier technology, thereby excluding certain countries. Future research will use model estimates to simulate the quantitative implications of subsidies and to explore the dynamics of a “subsidy race” in the semiconductor industry. |
| Keywords: | semiconductors, industrial policy, subsidies, learning-by-doing, multilaterism |
| JEL: | F13 F61 L63 N60 O38 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12495 |
| By: | Mohamad Fadl Haraké; Évelyne Lande (CEREGE [Poitiers, La Rochelle] - Centre de recherche en gestion [UR 13564] - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université - Excelia Group | La Rochelle Business School, MPT [Cerege] - Management Public et Territoires [Équipe du Cerege] - CEREGE [Poitiers] - Centre de recherche en gestion [UR 13564] - UP - Université de Poitiers = University of Poitiers); Hasina Rasolonjatovo (INSCAE - Institut national des sciences comptables et de l’administration d’entreprises [Madagascar] = National Institute of Accounting Science and Business Administration [Madagascar]) |
| Abstract: | This study explores the transformative potential of service learning as a tool for developing social entrepreneurship in France. The study highlights the role of higher education entities as incubators of innovation and social entrepreneurship. Stakeholders (academic officials, public servants, legislators, and students) were interviewed between 2022 and 2023, revealing a distinct French model. This model emphasises collaboration among academia, the government, private enterprises, and NGOs to institutionalise service-learning initiatives within policy frameworks. The findings identify a hybrid system that fosters the recognition of skills and abilities acquired through student participation in voluntary operational projects supported by public administrations. The study underscores the importance of academia as a driver of civic engagement and public policy innovation, producing social entrepreneurs who act as agents of transformative change in their communities. |
| Abstract: | Cet article explore le potentiel de transformation de l'apprentissage par le service à la communauté en tant qu'outil de développement de l'entrepreneuriat social en France. L'étude met en évidence le rôle des établissements d'enseignement supérieur en tant qu'incubateurs de l'innovation et de l'entrepreneuriat social. Les parties prenantes — responsables universitaires, fonctionnaires, législateurs et étudiants — ont été interrogées entre 2022 et 2023, révélant un modèle français distinct. Ce modèle met l'accent sur la collaboration entre les établissements d'enseignement supérieur, le gouvernement, les entreprises privées et les ONG afin d'institutionnaliser les initiatives d'apprentissage par le service au sein des politiques publiques. Les résultats montrent que cela se traduit par un système hybride qui favorise la reconnaissance des compétences et des aptitudes acquises par les étudiants lors de projets volontaires et opérationnels, soutenus par les administrations publiques. L'étude souligne l'importance de l'enseignement supérieur en tant que moteur de l'engagement civique et de l'innovation en matière de politique publique, produisant des entrepreneurs sociaux qui agissent en tant qu'agents de changement transformateur dans leurs communautés. |
| Keywords: | civic engagement, public policy development, higher education, social entrepreneurship, service-learning, service-learning social entrepreneurship higher education public policy development civic engagement, apprentissage par le service, entrepreneuriat social, enseignement supérieur, élaboration des politiques publiques, engagement civique |
| Date: | 2025–12–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05515045 |
| By: | Kuosmanen, Natalia; Kuosmanen, Timo; Zhou, Xun |
| Abstract: | Abstract A structural shift from fossil fuel-based energy systems to renewable, sustainable energy sources critically depends on research and development (R&D) activities at the firm-level. This study examines the contribution of R&D spillovers from other firms to greenhouse gas (GHG) emissions in Finnish energy-intensive manufacturing industries. We link firm-level GHG emissions to financial and innovation data for 230 firms in the pulp and paper, chemicals, non-metallic minerals, and basic metals industries over 2000–2019. We derive emissions-generating functions based on a directional distance function framework, and estimate them using shape-constrained semiparametric regression. Our key result is that R&D spillovers have a strong statistically significant association with the firm-level GHG emissions. However, the signs and magnitudes of the spillovers differ across industries. In the chemical industry, intra-industry R&D spillover is associated with lower emissions, whereas in the pulp and paper and the basic metals industries, intra-industry R&D spillover is associated with higher emissions. These results demonstrate that R&D spillovers do not self-evidently lower emissions, but can also contribute to higher emissions. Our findings also reveal an important channel of inter-industry R&D spillovers through material flows, highlighting the pivotal role of the chemical industry for the GHG abatement in the pulp and paper production and non-metallic minerals industry. |
| Keywords: | Carbon dioxide emissions, Environmental performance, Green productivity, Sustainability, Technology spillovers |
| JEL: | D24 O33 Q52 Q55 Q56 |
| Date: | 2026–02–23 |
| URL: | https://d.repec.org/n?u=RePEc:rif:wpaper:136 |
| By: | Guerini, Mattia; Marin, Giovanni; Vona, Francesco |
| Abstract: | This paper studies how monetary policy can shape firm-level carbon emissions and energy efficiency. It also looks at the heterogeneity of these effects by firm size, the underlying transmission channels and interaction with climate policies. The authors draw on administrative and survey data on French manufacturing firms for the period 2000–2019, including emissions, energy use, financial conditions, environmental protection investments and productivity. They examine the effect of credit easing following a variation to interest rate policy made by the European Central Bank in July 2012. They find that financially constrained firms cut emissions by about 9.4% more than unconstrained ones. This effect primarily stems from improvements in energy efficiency, reduced carbon intensity of energy, and general productivity improvements associated with capital deepening that outweighed modest scale effects. The results are driven by small and medium-sized firms. Large firms including those regulated by the EU emissions trading system (ETS) showed no significant response. On average, emissions fell by 3.3% per year, summing up to 5.3 million tonnes of CO2 saved (comparable to the savings from the EU ETS), highlighting the untargeted nature of the policy. |
| Keywords: | carbon intensity; credit; EU ETS; European Central Bank; firms; France; interest rates; manufacturing; SMEs |
| JEL: | Q48 Q52 |
| Date: | 2025–12–16 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:137115 |
| By: | Carlos Bianchi (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pablo Galaso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Sofía Maio (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Sergio Palomeque (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | We analyse advanced ICTs acquisition in the territorial innovation system of the forestry and ecotourism industry in Uruguay, considering both firms and support organizations related to these sectors. Using social network analysis, we identify that firms follow different strategies of collaboration which generate distinct collective outcomes and imply varing individual costs and require diverse firms’ capabilities. We capture two different firms’ collaborative strategies by means of centrality indexes: intermediary (betweenness centrality) and well-connected (eigenvector centrality). While the latter captures a highly connected position in the network but without the costs of intermediating between third parties, the former does capture an intermediary role, which implies a central position in the network, but may entail costs for the holder. We estimate the effects of these collaboration strategies on the firms’ probability to adopt advanced ICTs. Our results show a positive effect of the well- connected collaboration strategy on the adoption of advanced ICTs while intermediary strategy has a negative effect on the probability to adopt advanced ICT. At the same time, a critical role of support organisations, mainly public, in the structure of the network can be observed. Taken together, these results show the relevance of collaboration as well as the trade-offs faced by intermediaries, highlighting the importance of public organisations in fostering knowledge flows between firms. |
| Keywords: | forestry, ecotourism, local innovation system, advanced ICTs, network analysis |
| JEL: | O14 O33 L14 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-19-25 |
| By: | Giulia Martinelli (Gran Sasso Science Institute); Andrea Ascani (Gran Sasso Science Institute); Stefano Basilico (Gran Sasso Science Institute); Alberto Marzucchi (Gran Sasso Science Institute) |
| Abstract: | By integrating the literature on the twin transition with an international business perspective, this paper assesses whether the regional endowment of green, digital and twin occupations in the EU can act as a pull factor for inward foreign direct investment (FDI). We explore green, digital and twin skills per se as well as the role of their respective enabling (complementary) skills. We find a positive link of enabling skills on inward FDI, while focused digital and twin skills are generally not related to a higher level of FDI attractiveness. A high regional endowment of green skills may even have detrimental effects under specific circumstances. Our evidence paves the way for policies reinforcing locations with occupational complementarities between green, digital and twin competences in order to foster regional participation in global dynamics and favouring the twin transition. |
| Keywords: | green skills, digital skills, twin skills, FDI, EU regions |
| JEL: | F23 O33 O32 R11 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:ahy:wpaper:wp79 |
| By: | Agustín Correa Benavídez (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Adriana Peluffo (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | Employment has been a major preoccupation in developing countries facing technical progress. Thus, understanding the impact of technological change on employment is at the center of the policy debate. The objective of this work is to analyze the effect of innovation on labor demand, and the skill composition of the labor force. The data for this study come from the Innovation Surveys for Uruguay over the 2000-2021 period. We analyze the whole sample and manufacturing and service sectors according to technological/knowledge intensity. Using quantile regressions, our results show that innovation has a positive effect on employment and skilled labor growth. Usually, the impact of innovation is higher for skilled labor and at lower levels of the distribution. The results are heterogeneous according to technological intensity, and economic sector. These findings contribute to deepen the analysis of the effects of innovation on employment in Uruguay, providing new evidence with respect to previous studies. |
| Keywords: | Employment, Skilled Labor, Product Innovation, Process Innovation |
| JEL: | D2 J23 L1 O31 O33 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-20-25 |
| By: | Gianluigi Coppola (University of Salerno); Sergio Destefanis (University of Salerno); Giulia Nunziante (Sapienza University of Rome) |
| Abstract: | Most economists believe that cyclical factors do not impact on long-run total factor productivity. However, the Kaldorian approach maintains the existence of a significant positive relationship, while the opposite view is held by some economists, sometimes defined as Schumpeterian. In this paper we shed light on this issue disentangling the impact of the cycle on the change of technical efficiency («catch-up») from the impact on technical progress. We carry out this empirical exercise for 267 NUTS2 European regions, computing a Malmquist index of total factor productivity throughout 1995-2016. We find that the Great Recession elicits catch-up, while decisively lowering technical progress. Overall, long-run TFP growth significantly falls during the slump. We also report evidence for region groups selected across various sample cuts. In the samples dominated by regions belonging to new Member States, there is little catch-up due to the slump, and the Great Recession strongly reduces long-run TFP growth. There is also a group of low growth regions whose TFP growth is relatively insensitive to demand fluctuations. |
| Keywords: | catch-up, technical progress, Malmquist index, creative destruction |
| JEL: | O43 O47 R11 R53 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:ahy:wpaper:wp66 |
| By: | Ville Korpela (Turku School of Economics, University of Turku, Finland); Eero Mäkynen (Turku School of Economics, University of Turku, Finland) |
| Abstract: | Business dynamism has been slowing globally over the last several decades. In a recent study, Akcigit and Ates (2023) examine the relative importance of different channels behind this development and highlight weakened knowledge diffusion from the technology frontier to followers as a dominant force.1 Their study also suggests that diffusion may weaken endogenously as the technology gap widens and market power accumulates, raising the question of how innovation policy can strengthen diffusion without reducing welfare. In this paper we study leader-to-follower licensing as a policy-relevant diffusion margin, and evaluate licensing subsidies relative to direct R&D subsidies. We develop an endogenous-growth general equilibrium model in which firms compete in prices and invest in R&D; the technology leader endogenously chooses whether to license to the follower, trading off higher static profits against faster follower catch-up through knowledge diffusion. We calibrate the model to Finnish data from 2014–2019. Our first exercise evaluates whether allowing licensing is desirable by shutting down the licensing channel in the calibrated economy. In the Finnish benchmark, shutting down licensing lowers growth but increases consumption-equivalent welfare, because the level effects of reduced concentration dominate the diffusion benefits of licensing. We then vary the diffusion rate through licensing and product substitutability to characterize when licensing becomes welfare-improving. In that region, solving the policymaker’s problem shows a non-trivial interaction: higher R&D subsidies can reduce equilibrium licensing by moving leaders more quickly into the monopoly-pricing states where licensing is privately unattractive, so the optimal policy mix augments R&D support with a non-negligible licensing subsidy to sustain diffusion. |
| Keywords: | Antitrust Policy, Business Dynamism, Endogenous Growth, Innovation Policy, Licensing, Technology Diffusion |
| JEL: | E22 L10 L41 O33 O34 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:tkk:dpaper:dp174 |
| By: | Comisión Nacional de los Mercados y la Competencia (CNMC) (Comisión Nacional de los Mercados y la Competencia (CNMC)) |
| Abstract: | SMEs are a key element for the efficient and competitive functioning of the Spanish economy. This Study identifies problems that affect them in their process of creation, growth and participation in public procurement, and puts forward recommendations for improvement. First, it recommends promoting a more integrated and pro-competitive market, by coordinating regulations and encouraging the use of model ordinances. Second, it calls for facilitating business creation by strengthening the operation, efficiency and dissemination of CIRCE and the PAE network, and by promoting regulatory sandboxes. Third, it advocates for a regulatory framework that supports business growth by tailoring obligations for SMEs and avoiding threshold effects. Fourth, it recommends steering public policies toward competition and growth by applying the “once-only” principle and implementing pro-competitive support and aid schemes. Fifth, it calls for strengthening measures to combat late payments. With regard to public procurement, the Study recommends reinforcing a pro-competitive approach in the planning, preparation and design of tenders; facilitating the submission of bids; reducing burdens during contract execution; ensuring that contracting authorities are provided with sufficient resources; and reviewing and simplifying the regulatory framework. Finally, it recommends seeking advice from the CNMC. |
| Keywords: | Regulation, Business creation, Business growth, Public procurement |
| JEL: | H57 K20 K23 L26 L50 L51 L53 |
| Date: | 2026–01–13 |
| URL: | https://d.repec.org/n?u=RePEc:awo:epaper:e/cnmc/004/23_eng |
| By: | Alexander Daminger (WIFO); Peter Huber; Klaus Nowotny |
| Abstract: | This paper examines the impact of the European Union's Cohesion Policy 2014-2020 on enterprise dynamics at the NUTS-2 level. Using discrete eligibility thresholds at 75 and 90 percent of EU average GDP per capita, we implement sharp and fuzzy regression discontinuity designs to assess effects on enterprise births and deaths, changes in the number of and employment in enterprises and local units. The analysis draws on ARDECO, DG REGIO, and Eurostat data, and considers both the full period (2014-2020) and a prepandemic subsample (2014-2019). We find no robust evidence of statistically significant discontinuities in treatment intensity at the thresholds, except under restrictive model assumptions. This lack of sharp jumps in funding intensity, combined with low statistical power, prevents credible identification of causal effects on enterprise outcomes. Moreover, diagnostic tests reveal structural breaks in key regional characteristics (e.g., sectoral structure, education, initial enterprise density) at the cutoffs, violating core RDD assumptions and suggesting confounding. We argue that institutional changes – the introduction of "transition regions" category, smoothed eligibility rules, and additional allocation criteria such as unemployment – have weakened the quasi-experimental nature of GDP-based thresholds. Future evaluations should rely on multiperiod designs and alternative identification strategies. |
| Keywords: | Regional Policy, Firm growth and demography, Evaluation |
| Date: | 2026–02–23 |
| URL: | https://d.repec.org/n?u=RePEc:wfo:wpaper:y:2026:i:720 |