scholarly journals Firm strategies and distributional dynamics: labour share in Italian medium-large firms

2021 ◽  
Author(s):  
Francesco Bloise ◽  
Irene Brunetti ◽  
Valeria Cirillo
Keyword(s):  
Quantile Regression ◽  
Positive Change ◽  
Single Parameter ◽  
Firm Level ◽  
Firm Strategies ◽  
Composition Effects ◽  
Process Innovations ◽  
Labour Share ◽  
Distributional Dynamics ◽  
Main Factor

AbstractUsing an original database on medium and large Italian firms built by merging the Rilevazione Imprese e Lavoro run by INAPP in 2010 and 2015 with the AIDA archive by Bureau Van Dijk, we show that the trend of the labour share differs along the labour share distribution. We carry out Unconditional Quantile Regression decompositions to explore the main drivers behind this heterogeneity. Thus, we contribute to the literature on the dynamics of the labour share since we investigate phenomena which cannot be observed through a macro perspective or by looking at a single parameter of the labour share distribution. After including in our specifications several firm-level characteristics and considering composition effects, we find that outsourcing is the main factor which plays a role in reducing the labour share along the distribution. Further different mechanisms act in the various parts of the distribution: unionization contributes to increase the labour share at the top of the labour share distribution, while the introduction of some forms of product (process) innovations is associated with a negative (positive) change in the labour share for those firms at the bottom of the labour share distribution.

Determinants of liquidity in Malaysian SMEs: a quantile regression approach

2018 ◽  
Vol 67 (9) ◽  
pp. 1566-1584 ◽  
Author(s):  
Shaista Wasiuzzaman
Keyword(s):  
Regression Analysis ◽  
Quantile Regression ◽  
Emerging Market ◽  
Developed Countries ◽  
Data Availability ◽  
Firm Level ◽  
Liquidity Management ◽  
Ols Regression ◽  
Content Type ◽  
Quantile Regression Analysis

PurposeThe management of liquidity has always been seen as a critical but often ignored issue in finance. Despite the abundance of studies on liquidity management, these studies mainly focus on developed countries and on large firms. Liquidity is critical for the small firm but studies on liquidity management in small and medium enterprises (SMEs) are lacking. The purpose of this paper is to examine the firm-level determinants of liquidity of SMEs in Malaysia.Design/methodology/approachData are collected for a total of 986 small firms in Malaysia from 2011 to 2014, resulting in a total of 2,683 observations. Firm-specific variables and the effect of the economy are considered as the possible determinants of liquidity. Ordinary least squares (OLS) regression analysis with standard errors adjusted for firm-level clustering and quantile regression analysis are used for this purpose.FindingsAnalysis using OLS regression technique indicates that a firm’s profitability, its growth, asset tangibility, size, age and firm status are significant factors in influencing its liquidity decision. Leverage and economic condition are not found to have any significant influence on liquidity. However, quantile regression analysis provides a different picture especially for SMEs with liquidity at the quantile levels ofθ=0.10 and 0.90. Atθ=0.10, only profitability, tangibility and firm status are significant, while atθ=0.90, tangibility, size, firm status and, to some extent, age are significant in influencing liquidity levels.Originality/valueTo the author’s knowledge, this is the first study analyzing the liquidity decision of SMEs in an emerging market such as Malaysia. Most studies on liquidity management of SMEs are focused on developed countries due to data availability but these studies are also only a handful. Additionally, this study uses quantile regression analysis which highlights the need to analyze financial decisions at different levels rather than at the aggregate level as done in OLS regression analysis.

scholarly journals Utilities: Innovation and Sustainability

2019 ◽  
Vol 11 (4) ◽  
pp. 1085 ◽  
Author(s):  
Enrique Loredo ◽  
Nuria Lopez-Mielgo ◽  
Gustavo Pineiro-Villaverde ◽  
María García-Álvarez
Keyword(s):  
Product Innovation ◽  
Process Innovation ◽  
Water Utilities ◽  
Firm Level ◽  
Playing Field ◽  
Process Innovations ◽  
Search Processes ◽  
Relevant Role ◽  
Product And Process Innovation ◽  
Product And Process

Pro-market reforms have disrupted the playing field and strongly affected the innovative behavior of electricity, gas and water utilities. Beyond a significant reduction in sectoral R&D investments, very little is known about how these firms accomplish their innovation strategies in this new scenario. Given this gap in the literature, the first aim of this paper is to identify the internal determinants of both the product and process innovation of utilities in a liberalized environment. Additionally, there is another external force that is also disrupting the specific landscape of utilities: the sustainability challenge. Therefore, the second aim of this paper is establishing whether sustainability-orientation is a driver of innovation in the utilities industries. The empirical study is carried out on a panel of 82 Spanish electricity, gas and water utilities over the period 2005–2012 (Technological Innovation Panel dataset (PITEC)). The main findings are: (i) the acquisition of disembodied knowledge does not play a relevant role for utilities; (ii) non-formal search processes are central to product innovation; (iii) some markets for technology –external R&D and technology embedded in equipment—are determinant factors for process innovation; (iv) sustainability orientation increases the likelihood of generating both, product and process innovations. These firm-level results are novel contributions to the field of utility management.

Factor instrumental variable quantile regression

2015 ◽  
Vol 19 (1) ◽  
Author(s):  
Jau-er Chen
Keyword(s):  
Quantile Regression ◽  
Factor Structure ◽  
Instrumental Variable ◽  
Asymptotic Properties ◽  
Principal Component ◽  
Firm Level ◽  
Data Set ◽  
Monte Carlo Studies ◽  
Instrumental Variable Quantile Regression ◽  
Unobservable Factors

AbstractThis paper proposes a factor instrumental variable quantile regression (FIVQR) estimator and studies its asymptotic properties. The proposed estimators share with quantile regression the advantage of exploring the shape of the conditional distribution of the dependent variable. When there are a factor structure and co-movement for economic variables, the underlying unobservable factors (or common components) are more efficient instruments. The proposed estimators achieve the optimality in the following sense: The method of principal component consistently estimates the space spanned by the ideal instruments which are utilized to control the endogeneity in the quantile regression analysis. Analyzing the asymptotic properties of the estimator, we assume that a panel of observable instruments follows a factor structure and the endogenous variables also share the same unobservable factors. Using the estimated factors as instruments, we show that the FIVQR estimator is consistent and asymptotically normal. Furthermore, when compared in the GMM framework, the proposed estimator is more efficient than the GMM estimator using many observable instruments directly. Monte Carlo studies demonstrate that the proposed estimators perform well. For an empirical application, we use a firm-level panel data set consisting of trading volumes and returns on DJIA to explore the asymmetric return–volume relation, controlling the endogeneity problem with the estimated factor instruments.

scholarly journals Employment Effects of Innovation at the Firm Level

2007 ◽  
Vol 227 (3) ◽  
Author(s):  
Stefan Lachenmaier ◽  
Horst Rottmann
Keyword(s):  
Employment Growth ◽  
Manufacturing Firms ◽  
Firm Level ◽  
Employment Effects ◽  
Process Innovations ◽  
Positive Effects ◽  
Product Innovations ◽  
Patent Applications ◽  
Product And Process ◽  
Positive Effect

SummaryThis paper analyzes empirically the effects of innovation on employment at the firm level using a uniquely long panel dataset of German manufacturing firms. The overall effect of innovations on employment often remains unclear in theoretical contributions due to reverse effects. We distinguish between product and process innovations and additionally introduce different innovation categories. We find clearly positive effects for product and process innovations on employment growth with the effects for process innovations being slightly higher. For product innovations that involved patent applications we can identify an additional positive effect on employment.

A Perceptual Measure of Innovation Performance: Firm-Level Evidence from Turkey

2017 ◽  
Vol 14 (06) ◽  
pp. 1750038 ◽  
Author(s):  
Derya Findik ◽  
Berna Beyhan
Keyword(s):  
Factor Analysis ◽  
Small Firms ◽  
Innovation Performance ◽  
Large Firms ◽  
Firm Level ◽  
Process Innovations ◽  
Significant Difference ◽  
Process Oriented ◽  
Product And Process ◽  
The Impact

This paper aims to introduce a qualitative indicator to measure innovation performance of Turkish firms by using firm-level data collected by Turkish Statistical Institute (TURKSTAT) in 2008 and 2009. We propose a new indicator to measure the innovation performance which is simply based on the perception of firms regarding to the impacts of innovation. In order to create performance indicators, we conduct a factor analysis to group the firms’ perceptions on the impacts of innovation. Factor analysis gives us product and process-oriented impacts of innovation. There are significant differences among product innovators, process innovators and firms engaged in both product and process innovations with respect to their perceptions on product and process-oriented impacts of innovation. Among these three groups, product- and process-oriented impacts provide a highest value for the firms that perform both product and process innovations. As far as the link between firm characteristics and the impact of innovation is considered, there is a significant difference between small and large firms with respect to their perceptions on product-oriented impact of innovation. While product-oriented impact is larger for small firms, large firms focus more on process-oriented impact. Anova results also indicate that perceptions on process-oriented impact significantly differ among exporter firms, domestic market-oriented firms and firms being active in internal and external markets. Process-oriented impact generates results in favor of exporting firms.

Factors related to innovative output in the Dutch agrifood industry

2006 ◽  
Vol 6 (1) ◽  
pp. 31-44 ◽  
Author(s):  
Maarten Batterink ◽  
Emiel Wubben ◽  
S. (Onno) Omta
Keyword(s):  
Information Source ◽  
Binary Logistic Regression ◽  
Sources Of Information ◽  
Community Innovation Survey ◽  
Firm Level ◽  
Explanatory Variables ◽  
Process Innovations ◽  
Product And Process ◽  
Total Turnover ◽  
Innovative Output

The present study assessed the factors related to innovative output in the Dutch agrifood industry, a scale-intensive, supplierdominated industry. We concentrated on explanatory variables related to cooperation, information sources, innovation objectives, obstacles to innovation, and innovation resources. Firm-level data were used from the Dutch section of the 2001 Community Innovation Survey (CIS, N=328). We conducted linear and binary logistic regression to analyse the data. The results show that in order to be successful in product innovation, firms must have a strong market orientation. Furthermore, we found that in order to become (more) innovative, firms must have organisational conditions in place, as organisational obstacles are associated with lower levels of innovative output. Innovation subsidies turn out to have a positive effect on both product and process innovations. With respect to the value of a focal firm's network, the surprising conclusion can be drawn that the network is not perceived as crucial for innovation: cooperation is not a factor that explains innovative output; and network actors are - only to a limited extent - perceived as important sources of information for innovation. Competitors as an important source of information explain the share of the total turnover from new or improved products, whereas suppliers are an important information source for process innovators. In summary, innovative agrifood firms do not rely strongly on external sources, contrary to expectations for supplier-dominated firms. Instead, Dutch innovative agrifood firms more strongly reflect the characteristics of scale-intensive firms.

Geographical diversification and corporate liquidity in Malaysia: a quantile regression approach

2020 ◽  
Vol 32 (2) ◽  
pp. 125-146
Author(s):  
Shaista Wasiuzzaman
Keyword(s):  
Quantile Regression ◽  
Cash Holdings ◽  
Developed Countries ◽  
Ordinary Least Squares ◽  
Working Capital ◽  
Firm Level ◽  
Ols Regression ◽  
Content Type ◽  
Corporate Liquidity ◽  
Geographical Diversification

Purpose This paper aims to examine the effect of geographical diversification on corporate liquidity in Malaysian firms. Liquidity is represented by both cash and working capital. Design/methodology/approach Data for this study is collected from a total of 735 firms over a period of five years, from 2010 to 2014, resulting in a total of 2,904 firm-year observations. The effect of geographical diversification on the cash and working capital of the firms is analyzed by using the ordinary least squares (OLS) with standard errors adjusted for firm level clustering and the quantile regression (QR) analyses. Control variables which represent the characteristics of the firms are also considered. Findings Analysis using the OLS regression technique indicates that geographical diversification has a highly significant positive influence on corporate cash holdings, while the influence of working capital is negative and its significance is only at the 10 per cent level. However, when QR is used to analyze the relationships, it is found that geographical diversification is only significant in positively influencing cash holdings for firms with low cash holdings, but the relationship is insignificant at high levels of cash holdings. Additionally, working capital is significantly influenced by geographical diversification at high levels of working capital but not at low levels. Originality/value To the author’s knowledge, this is the first study to analyze the influence of geographical diversification on liquidity by considering both cash and working capital. The effect of diversification on liquidity is mostly studied in developed countries, whereas this study is focused on a developing country. Additionally, this study uses QR to analyze relationships at different levels rather than at aggregate level as done in OLS regression analysis.

scholarly journals INNOVATION IN EASTERN EUROPE & CENTRAL ASIA: A MULTI-CRITERIA DECISION-MAKING APPROACH

2019 ◽  
Vol 7 (3) ◽  
pp. 98-121
Author(s):  
Özgür KABADURMUŞ ◽  
Fatma Nur Karaman KABADURMUŞ
Keyword(s):  
Decision Making ◽  
Multi Criteria Decision Making ◽  
Eastern European ◽  
Competitive Advantages ◽  
Firm Level ◽  
Data Set ◽  
Process Innovations ◽  
Central Asian ◽  
Level Data ◽  
Criteria Weights

In today’s intense competition environment, innovation levels of countries determine their competitive advantages. This study compares the innovation levels of Eastern European and Central Asian (EECA) countries using multi-criteria decision-making methods. The firm-level data set of the World Bank on innovation (BEEPS data) is used to evaluate innovation levels and capabilities of the countries in the region. In our proposed TOPSIS based methodology, countries are compared in terms of four different innovation types (New Product, New Organization, New Marketing, and New Process Innovations). Also, we provide an extensive sensitivity analysis to show the changes in the innovation rankings of the countries wıth different criteria weights.

Labor productivity in the non-resource sectors of the Russian economy: What determines firm-level growth?

2021 ◽  
pp. 31-67
Author(s):  
Yu. V. Simachev ◽  
M. G. Kuzyk ◽  
A. A. Fedyunina ◽  
A. A. Zaytsev ◽  
M. A. Yurevich
Keyword(s):  
Human Capital ◽  
Labor Productivity ◽  
Productivity Growth ◽  
Government Support ◽  
Competitive Environment ◽  
Firm Level ◽  
Investment Activity ◽  
Process Innovations ◽  
Russian Economy ◽  
High Level

The study discusses underlying factors of labor productivity in firms of basic non-resource industries of the Russian economy and considers the role of innovation and investment activity, human capital development, competitive environment and government support. The data is based on the results of a survey of managers of 713 companies in basic non-resource industries (manufacturing, agriculture, transport, construction). We find high level of divergence of firm productivity at the industry level. We show that higher level of productivity is accompanied with investments in human capital, in fixed assets, as well as the use of digital technologies, but we do not find that higher productivity is accompanied by innovations and expenditures on research and development. We show that productivity growth is combined not only with investment, but also with innovative activity (process innovations) and R&D expenditures. The driver of productivity growth is the private sector: the increase in productivity is driven by firms serving the demand of private medium and large companies. Competitive environment is another factor: moderate competition with import (which acts as a stimulus for innovations of Russian companies) is a condition for the productivity growth.

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