Open innovation in the new context of proof of concepts: evidence from Italy

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mariacarmela Passarelli ◽  
Giovanni Catello Landi ◽  
Alfio Cariola ◽  
Mauro Sciarelli
Keyword(s):  
Empirical Analysis ◽  
Development Process ◽  
Positive Impact ◽  
Early Stage ◽  
Development Project ◽  
Proof Of Concept ◽  
Content Type ◽  
Main Factors ◽  
The Impact ◽  
The Empirical Analysis

PurposeThe paper aims to advance knowledge by investigating the main factors that impact on innovation through the co-development process between researchers and firms at the very early stage of proof of concept.Design/methodology/approachThe authors developed an empirical analysis on the proof of concept network project, through a mixed empirical analysis. They explored the main factors that affect the enactment of the co-development process and tested the impact of such factors on the probability for partners to enact a co-development project and generate innovation.FindingsFrom the quantitative analysis comes out that the trust of the research team into the potentiality of the technology, the commitment of researchers concerning the scalability of technology and the IP value issued by external experts have a positive impact on the probability to create a match among partners and generate innovation.Research limitations/implicationsEven if all the population of technologies (108) considered in the project implementation are analyzed, the development of the empirical analysis on a specific project within a single country represents a limitation. Future analysis will concentrate on a larger panel of proof of concept experience across Europe.Practical implicationsThe success of a co-development process between researchers and companies at the embryonic phase of the technology considers the opportunity to exploit the technologies into real products for the market.Originality/valueThis is an empirical analysis of the first Italian proof of concept implementation that deeply investigates which critical factors can enable innovation by enacting a co-development process between researchers and small and medium-sized enterprises (SMEs).

scholarly journals Informative content of insider purchases: evidence from the financial crisis

2014 ◽  
Vol 6 (1) ◽  
pp. 26-45 ◽  
Author(s):  
Aydin Ozkan ◽  
Agnieszka Trzeciakiewicz
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Stock Returns ◽  
Empirical Analysis ◽  
Insider Trading ◽  
Global Financial Crisis ◽  
Executive Directors ◽  
Content Type ◽  
The Impact ◽  
The Empirical Analysis

Purpose – The purpose of this paper is to investigate the impact of insider trading on subsequent stock returns in the UK, with a specific focus on the impact of the global financial crisis of 2007-2008 on the relation between CEO and CFO stock purchases and returns. Design/methodology/approach – The empirical analysis uses 10,230 purchases executed in 679 UK firms by 1,477 directors during the period from 2000 to 2010. Subsequent market-adjusted stock returns are regressed on a set of firm-specific accounting, market and corporate governance variables as well as the characteristics of CEOs and CFOs. Additionally, the analysis distinguishes between the opportunistic and routine trades. Findings – The findings reveal that the position of the trading director and the nature of their trades are important in determining the impact on returns of insider trades. In particular, CEO purchases are on the whole more informative than CFO purchases and opportunistic purchases. The trades in the post-crisis period have a greater impact on subsequent stock returns. Research limitations/implications – The empirical analysis is limited to the trades made by two executives. Future research should consider inside trades by all directors and distinguish between executive and non-executive directors. Also, a behavioral measure should be developed to test if the financial crisis affected the trading behavior of directors and whether directors use insider trading strategically to signal information to the market. Practical implications – The impact of directors’ dealings on stock returns is not homogeneous. Financial analysts and investors should pay more attention to different types of trades and the identity of trading director. Originality/value – This paper, to the authors’ knowledge, provides the first attempt that combines in the same framework the identity and personal attributes of trading executive directors, firm-level corporate governance features, the nature of purchase transactions and the trading period characteristics. Furthermore the empirical analysis is carried out during a period that also covers the recent global financial crisis period and its immediate aftermath.

scholarly journals Successful business models for service centres: an empirical analysis

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Paolo Gaiardelli ◽  
Lucrezia Songini
Keyword(s):  
Empirical Analysis ◽  
Business Performance ◽  
Business Models ◽  
Positive Impact ◽  
Content Type ◽  
Study Approach ◽  
Strategic Direction ◽  
Top Performers ◽  
Research Findings ◽  
The Empirical Analysis

PurposeThe purpose of this paper is to analyse the fit between the strategy of service centres and their business model (BM) and to identify the BM components' characteristics and links that allow it to stand out in terms of service delivery and business performance.Design/methodology/approachThis study applies an inductive qualitative multiple case study approach through the empirical analysis of top-performing Italian service centres operating in the Medium–Heavy Commercial Vehicle sector.FindingsResearch findings underline that the BM components of top performers are consistent amongst each other and with the adopted strategy and make a positive impact on the firm's performance. In particular, top performers are characterised by a solid financial structure based on equity, formalised and flexible organisational structures and processes, clarity in strategic direction and long-term orientation, grounded capabilities, competences and skills, trustful relationships with main service partners and a comprehensive set of managerial mechanisms.Research limitations/implicationsThis paper presents some limitations, typical of qualitative research based on case studies. Future works may include other dimensions of performance for identifying top performers, and extend the empirical analysis to different sectors and national contexts.Originality/valueThis paper supports the relevance of contingency theory – particularly the strategy-structure-performance paradigm – in the analysis of the role of a BM in successful servitization strategies of service centres. It highlights that the BMs of the top-performing companies are characterised by some common elements. From a practical perspective, the authors provide insights that can be useful for designing successful service-based BMs for service networks.

SFC’s new guidance note redefines cooperation in disciplinary, civil court and market misconduct tribunal proceedings

2018 ◽  
Vol 19 (3) ◽  
pp. 45-47
Author(s):  
Cynthia Tang ◽  
Bryan Ng ◽  
Gloria Ng
Keyword(s):  
Financial Services ◽  
Positive Impact ◽  
Early Stage ◽  
Active Role ◽  
Current Approach ◽  
Senior Management ◽  
Content Type ◽  
Civil Court ◽  
Guidance Note ◽  
The Impact

Purpose The purpose of this paper is to discuss the new “Guidance Note on Cooperation with the SFC” released by the Hong Kong Securities and Futures Commission (“SFC”) on 12 December 2017, which updates the SFC’s previous guidance note issued in 2006. Design/methodology/approach This paper explains key features to the guidance note, the SFC’s current approach in investigations and enforcement and the impact on regulated parties and senior management. In particular, the authors discuss what cooperation means in disciplinary, civil court and market misconduct tribunal proceedings. Findings The new guidance note confirms that the SFC will play an increasingly active role in investigations and that taking proactive steps at an early stage, including involving senior management, will have a positive impact on the outcome of the investigation. Originality/value Commentary and practical guidance from experienced securities enforcement and financial services regulatory enforcement lawyers.

The Impact of Vote Differentiation on Investment Performance in Listed Family Firms

2010 ◽  
Vol 23 (4) ◽  
pp. 327-340 ◽  
Author(s):  
Per-Olof Bjuggren ◽  
Johanna Palmberg
Keyword(s):  
Empirical Analysis ◽  
Family Firms ◽  
Positive Impact ◽  
Performance Measure ◽  
Investment Performance ◽  
Family Control ◽  
And Control ◽  
The Impact ◽  
Marginal Q ◽  
The Empirical Analysis

This article investigates the effects of separation of ownership and control because of vote differentiation on listed family firms’ investment performance. The authors study the question of whether family-controlled firms have better investment performance than nonfamily firms and whether this investment performance is negatively affected by a separation of ownership and control because of vote differentiation. Marginal q is used as a performance measure. The empirical analysis shows that family control has a positive impact on investment performance when ownership and control are aligned, whereas separation of ownership and control in terms of vote-differentiated shares reduce investment performance.

scholarly journals Chinese FDI for Infrastructure Development in Africa – Assessing the Impact of Cooperation

2020 ◽  
Vol 39 (2) ◽  
Author(s):  
Shujaa Waqar ◽  
Saira Ahmed ◽  
Iftikhar Badshah
Keyword(s):  
Panel Data ◽  
Empirical Analysis ◽  
Fixed Effects ◽  
Positive Impact ◽  
Infrastructure Development ◽  
African Countries ◽  
Chinese Investment ◽  
Potential Impact ◽  
The Impact ◽  
The Empirical Analysis

Globalization today is quite effectively governed by patterns defined by China’s dominance in global trade and commerce. China has started to correspond with numerous countries in order to build economic corridors. Historically, China has a keen interest in African countries where cheap workers and plentiful resources are available. This opportunity has been favourably received by the African countries. However, it has been observed from various sources that Chinese investment in Africa has been intended for exploiting the resources and the countries in Africa.  This study aims to investigate the potential impact of unprecedented Chinese FDI on infrastructure development in selected African countries. The empirical analysis is conducted by using a panel data approach for 28 African countries spanning from 2003-15. These empirical estimations have been carried out through fixed effects technique.  The findings of the study reveal that Chinese investment has a positive impact on infrastructure development in the sample countries. Based on study findings, it is safely concluded that Chinese investment and infrastructure development move parallel in the sample countries.

Impact of anchor investors on IPO returns during pre-market and aftermarket: evidence from India

2019 ◽  
Vol 17 (3) ◽  
pp. 351-368 ◽  
Author(s):  
Vikas Gupta ◽  
Shveta Singh ◽  
Surendra S. Yadav
Keyword(s):  
Empirical Analysis ◽  
Initial Public Offering ◽  
Robust Regression ◽  
Stock Exchange ◽  
Ipo Underpricing ◽  
Content Type ◽  
Long Run ◽  
Post Market ◽  
The Impact ◽  
The Empirical Analysis

Purpose The unique regulatory design of India provides us with the opportunity to disaggregate traditional initial public offering (IPO) underpricing into three categories: voluntary, pre-market and post-market. The presence of anchor investors in India makes it a compelling case to study. These individuals were introduced to bring transparency in the book building process, but their impact on pre-market and post-market underpricing was not foreseen. Therefore, the purpose of this paper is to evaluate the impact of anchor investors on the IPO underpricing after disaggregation and on the long-run performance of an IPO. Design/methodology/approach A sample covering 232 IPOs from a period of 2009–2018 is included. The empirical analysis explores the impact of various firm-specific as well as market-specific variables on IPO underpricing. The financial data for the empirical analysis are extracted from Prime database and websites of National Stock Exchange and Bombay Stock Exchange. To deal with the outliers effectively, this paper deploys “robust-regression.” Findings The study finds that investor’s subscription rate and voluntary underpricing impacts the pre-market but do not have any impact on the post-market while the age of the firm has a different impact on both the markets and the number of anchor investors have the same impact in both markets. Anchor investors’ participation increases the pre-market as well as post-market underpricing. Lastly, the long-term performance of IPOs backed by the anchor investors is high relative to the IPOs not subscribed to by the anchor investors. Originality/value This paper is believed to be the first attempt to study the impact of anchor investors on the disaggregated IPO underpricing. The findings of this study will have a great insight for the investors.

What does affect profitability of banks in Croatia?

2018 ◽  
Vol 28 (4) ◽  
pp. 338-367 ◽  
Author(s):  
Filip Fidanoski ◽  
Moorad Choudhry ◽  
Milivoje Davidović ◽  
Bruno S. Sergi
Keyword(s):  
Empirical Analysis ◽  
Economies Of Scale ◽  
Positive Impact ◽  
Management Practice ◽  
Capital Adequacy ◽  
Risk Exposure ◽  
Bank Profitability ◽  
Content Type ◽  
Dependent Variables ◽  
The Impact

Purpose The paper aims to determine the impact of bank-specific, industry-specific and macro-specific determinants on the profitability indicators – return on assets (ROA) and ratio net-interest margin (RNIM). Design/methodology/approach This research sample includes selected Croatian banks, and the empirical analysis covers the period 2007-2014. Based on the reliable and robust econometric tests, dynamic estimation technique (DOLS) was run to estimate the profitability models, by using of ROA and RNIM as dependent variables, which also include lagged dependent variables to capture the speed of mean reversion in terms of profitability, respectively. Findings The results proved the crucial positive impact of assets size (economies of scale), loan portfolio and GDP growth on the banks’ profitability. Further, the negative impacts on profitability have risks and administrative costs. This paper shows the positive impact of capital adequacy ratio (CAR) and leverage on ROA and RNIM, as well as the correlation between market concentration and banks’ profitability. Practical implications Basically, Croatian banks should improve operative efficiency and risk management practice to increase their profitability. In addition, banks should carefully balance between capital base and risk exposure on the one hand and take advantage of using relative cheaper deposits and borrowed funds instead of using more expensive equity. This conclusion is reasonable, keeping in mind that the Croatian financial market does not punish banks for an extra risk exposure caused by market imperfections. Finally, the regulatory authority in Croatia should impose some additional antitrust measures to increase competition in the banking market. Originality/value Although a bunch of existing studies explain the determinants of bank profitability from different perspectives, this paper conducts a specific empirical analysis about the determinants of bank profitability in Croatia. In addition, this paper provides a good synthesis of the relevant empirical and theoretical studies from this domain.

ICT SMEs, Performance, Absorptive Capacity and Transformative Capacity

2019 ◽  
Vol 118 (3) ◽  
pp. 178-188
Author(s):  
Yeon-Sung Cho ◽  
Kyung-Il Khoe
Keyword(s):  
Firm Performance ◽  
Market Orientation ◽  
Empirical Analysis ◽  
Absorptive Capacity ◽  
Latent Variables ◽  
Equation Modeling ◽  
Transformative Capacity ◽  
The Impact ◽  
The Empirical Analysis ◽  
Innovative Capacity

This study intends to integrate the relationship of market orientation, innovative capacity and firm performance to Information and Communication Technology(ICT) SMEs. The purpose of this study is to identify the role of absorptive capacity and transformative capacity that affect the performance of ICT SMEs. Hypotheses were established between five latent variables. A total of six hypotheses were established including the moderated effects of absorptive capacity and transformative capacity. Of the data collected after the survey, 112 valid surveys were selected as the final sample, except for 17 questionnaires with high non - response and insincere response. The empirical analysis of this study used smartpls3.0, Partial Least Squares (PLS), a variance-based structural equation modeling. The empirical analysis of this study revealed that the impact of market orientation on innovative capacity was significant. Moreover, the innovative capacity had a positive effect on the performance of ICT SMEs. In addition, the absorptive activity had a positive moderated effect between the market orientation and the innovative capacity. On the other hand, the transformative capacity showed a positive moderated effect in relation to innovative capacity and firm performance. Our empirical results have demonstrated the importance of knowledge based capacity in the ICT SMEs.

Capital Structure and Earnings per Share: An Empirical Analysis of Indian Corporate Sector

2015 ◽  
Vol 5 (3) ◽  
Author(s):  
Harvinder Singh Mand ◽  
Manjit Singh
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Corporate Sector ◽  
Independent Variables ◽  
Earnings Per Share ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Impact ◽  
The Relationship ◽  
The Empirical Analysis

This paper intends to measure the impact of capital structure on EPS (earnings per share) in Indian corporate sector. Fifteen control variables along with capital structure have been selected to know their impact on EPS. Panel data regression has been applied to establish the relationship among dependent and independent variables. It is found from the empirical analysis that the relation of capital structure with EPS has been statistically insignificant in Indian corporate sector among all specific industries except telecommunication industry. The results are consistent with Modigliani-Miller approach.

scholarly journals The Impact of Top Management’s Support on the Collaboration of Green Supply Chain Participants and Environmental Performance

2020 ◽  
Vol 12 (21) ◽  
pp. 9090
Author(s):  
Jungeun Lee ◽  
Hye-Young Joo
Keyword(s):  
Supply Chain ◽  
Empirical Analysis ◽  
Environmental Performance ◽  
Green Supply Chain ◽  
Top Management ◽  
Direct Impact ◽  
Theoretical Mechanism ◽  
The Impact ◽  
The Empirical Analysis

The purpose of this study is to determine whether the support of top management significantly improves the level of environmental collaboration with participating companies upstream and downstream of the green supply chain and the impact on environmental performance. The results of the empirical analysis of 301 companies that are establishing a green supply chain are as follows. First, top management’s support positively affects the level of collaboration with suppliers and customers in the green supply chain. Secondly, support from top management has a direct impact on the company’s environmental performance. Thirdly, the environmental collaboration of participating companies partially plays a mediation role between the support of top management and the environmental performance. This study has significance in that it analyzes the theoretical mechanism of top management’s support for environmental collaboration with participating companies, leading to environmental performance, and draws implications.

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