scholarly journals Performance of large firms in Greece during the unstable period of 2011–2016: lessons from the weak parts of Europe

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria Tsiapa
Keyword(s):  
Initial Conditions ◽  
Manufacturing Firms ◽  
Data Availability ◽  
Large Firms ◽  
Data Set ◽  
Content Type ◽  
Small Risk ◽  
Time Period ◽  
National Environment ◽  
Generalised Method Of Moments

PurposeThe unprecedented economic crisis in Greece deeply affected entrepreneurship, which was traditionally characterised by low levels of innovation and competitiveness, the dominant presence of micro-sized enterprises and the weak signs of prosperity in large firms. This paper, in acknowledgement of the necessary transformations that production incurred due to the crisis, attempts to detect the characteristics of large manufacturing firms that contributed to their greater resilience during the unstable period of 2011–2016 by analysing the determinants of the higher profitability of firms. The analysis shows that firms that improved their productivity and sales levels and in parallel are flexible, in the sense that they have limited amounts of both assets and liabilities and thus a small risk, are those that presented higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.Design/methodology/approachThe analysis follows a dynamic system generalised method of moments (GMM) estimation based on a panel data set of 125 Greek large firms over the time span 2011–2016.FindingsThe analysis shows that firms that improve their productivity and sales levels and in parallel are flexible, in the sense that they have a limited amount of both assets and liabilities and thus a small risk, are those that present higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.Research limitations/implicationsThe present paper attempts to explain the performance of the most dynamic large manufacturing firms in Greece by investigating the role of some of the most important determinants of firm profitability (according to data availability), acknowledging, however, some analysis' limitations as the absence of some other parameters like the export activity or the incorporation of any innovative features in the firmsOriginality/valueThe novelty of this paper lies in two points. First, the subject of the analysis is the large firms in Greece, which have not received much attention as Greek entrepreneurship was traditionally based on the light, labour- or resource-intensive production and the main bulk of the literature was not on that topic. Second, during the deep and protracted crisis that Greece has experienced, several production transformations have taken place that remain partly undiscovered. The present paper attempts to analyse the characteristics of large firms that drove their profitability and improved their resilience during the crucial time period 2011–16.

Financial distress determinants among SMEs: empirical evidence from Sweden

2020 ◽  
Vol 47 (3) ◽  
pp. 547-560 ◽  
Author(s):  
Darush Yazdanfar ◽  
Peter Öhman
Keyword(s):  
Financial Crisis ◽  
Financial Distress ◽  
Large Scale ◽  
Global Financial Crisis ◽  
Binary Logistic Regression ◽  
Data Availability ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
The Global Financial Crisis

PurposeThe purpose of this study is to empirically investigate determinants of financial distress among small and medium-sized enterprises (SMEs) during the global financial crisis and post-crisis periods.Design/methodology/approachSeveral statistical methods, including multiple binary logistic regression, were used to analyse a longitudinal cross-sectional panel data set of 3,865 Swedish SMEs operating in five industries over the 2008–2015 period.FindingsThe results suggest that financial distress is influenced by macroeconomic conditions (i.e. the global financial crisis) and, in particular, by various firm-specific characteristics (i.e. performance, financial leverage and financial distress in previous year). However, firm size and industry affiliation have no significant relationship with financial distress.Research limitationsDue to data availability, this study is limited to a sample of Swedish SMEs in five industries covering eight years. Further research could examine the generalizability of these findings by investigating other firms operating in other industries and other countries.Originality/valueThis study is the first to examine determinants of financial distress among SMEs operating in Sweden using data from a large-scale longitudinal cross-sectional database.

The impact of exporting on women's employment

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Begum Dikilitas ◽  
Burcu Fazlioglu ◽  
Basak Dalgic
Keyword(s):  
Manufacturing Firms ◽  
Female Employment ◽  
Women's Employment ◽  
Employment Rate ◽  
Women’S Employment ◽  
Firm Level ◽  
Content Type ◽  
Time Period ◽  
Employment Rates ◽  
The Impact

PurposeThis paper aims to examine the effect of exports on women's employment rate for Turkish manufacturing firms over a recent period of 2003–2015.Design/methodology/approachThe authors establish treatment models and use propensity score matching (PSM) techniques together with difference-in-difference methodology.FindingsThe results of the study indicate that starting to export increases women’s employment rate for manufacturing firms. Gains in female employment rates are observed for the firms operating in low and medium low technology intensive sectors, low-wage sectors as well as laborlabor-intensive goods exporting sectors.Originality/valueThe authors complement previous literature by utilizing a rich harmonized firm-level dataset that covers a large number of firms and a recent time period. The authors distinguish between several sub-samples of firms according to technology intensity of the sector in which they operate, wage level and factor intensity of exports and investigate whether or not women gain from trade in terms of employment opportunities.

Developing process and product innovation through internal and external knowledge sources in manufacturing Malaysian firms: the role of absorptive capacity

2020 ◽  
Vol 26 (5) ◽  
pp. 1021-1039 ◽  
Author(s):  
T. Ramayah ◽  
Pedro Soto-Acosta ◽  
Khoo Kah Kheng ◽  
Imran Mahmud
Keyword(s):  
Absorptive Capacity ◽  
Product Innovation ◽  
Manufacturing Firms ◽  
Innovation Performance ◽  
Knowledge Sources ◽  
Manufacturing Companies ◽  
Organizational Capability ◽  
Data Set ◽  
Content Type ◽  
External Knowledge

PurposeFirms' knowledge-processing capabilities have a central role in achieving innovation performance and competitive advantage. Absorptive capacity capabilities and innovation are viewed as essential for enterprise success. Absorptive capacity is deemed as a highly important organizational capability to recognize value and assimilate both external and internal knowledge in order to enhance firm innovation. The aim of this study is to determine if innovation performance can be improved through absorptive capacity (knowledge acquisition, dissemination and utilization), when it is supported by internal (firm experience) and external knowledge sources (R&D cooperation and contracted R&D).Design/methodology/approachA quantitative methodology based on employing a structured questionnaire was used for data collection. The proposed research model and its associated hypotheses are tested by using Partial Least Squares (PLS) structural equation modelling (SEM) on a data set of 248 manufacturing companies located in the Northern Region of Malaysia.FindingsResults showed that firms' experience is significantly related to absorptive capacity, while for R&D cooperation and contracted R&D findings were mixed. In addition, absorptive capacity was found as a strong predictor of innovation performance.Originality/valueOne of the defining features of competition in many industries has been the extremely rapid pace of technological change, marked by a continuous stream of innovations. Manufacturing firms, therefore, face the challenge of nurturing existing knowledge and developing novel knowledge in order to create new business opportunities. This study makes valuable contributions with regard to understanding the behavioural of manufacturing firms towards process and product innovation.

Factors influencing the data sharing behavior of researchers in sociology and political science

2018 ◽  
Vol 74 (5) ◽  
pp. 1053-1073 ◽  
Author(s):  
Wolfgang Zenk-Möltgen ◽  
Esra Akdeniz ◽  
Alexia Katsanidou ◽  
Verena Naßhoven ◽  
Ebru Balaban
Keyword(s):  
Political Science ◽  
Data Sharing ◽  
Behavioral Control ◽  
Statistical Tests ◽  
Data Availability ◽  
Impact Factors ◽  
Data Set ◽  
Content Type ◽  
Data Policy ◽  
Sharing Behavior

Purpose Open data and data sharing should improve transparency of research. The purpose of this paper is to investigate how different institutional and individual factors affect the data sharing behavior of authors of research articles in sociology and political science. Design/methodology/approach Desktop research analyzed attributes of sociology and political science journals (n=262) from their websites. A second data set of articles (n=1,011; published 2012-2014) was derived from ten of the main journals (five from each discipline) and stated data sharing was examined. A survey of the authors used the Theory of Planned Behavior to examine motivations, behavioral control, and perceived norms for sharing data. Statistical tests (Spearman’s ρ, χ2) examined correlations and associations. Findings Although many journals have a data policy for their authors (78 percent in sociology, 44 percent in political science), only around half of the empirical articles stated that the data were available, and for only 37 percent of the articles could the data be accessed. Journals with higher impact factors, those with a stated data policy, and younger journals were more likely to offer data availability. Of the authors surveyed, 446 responded (44 percent). Statistical analysis indicated that authors’ attitudes, reported past behavior, social norms, and perceived behavioral control affected their intentions to share data. Research limitations/implications Less than 50 percent of the authors contacted provided responses to the survey. Results indicate that data sharing would improve if journals had explicit data sharing policies but authors also need support from other institutions (their universities, funding councils, and professional associations) to improve data management skills and infrastructures. Originality/value This paper builds on previous similar research in sociology and political science and explains some of the barriers to data sharing in social sciences by combining journal policies, published articles, and authors’ responses to a survey.

scholarly journals The day-of-the-week effect: South African stock market indices

2018 ◽  
Vol 9 (2) ◽  
pp. 197-212 ◽  
Author(s):  
Elda du Toit ◽  
John Henry Hall ◽  
Rudra Prakash Pradhan
Keyword(s):  
South African ◽  
Stock Exchange ◽  
Garch Model ◽  
Statistical Technique ◽  
Data Set ◽  
Content Type ◽  
Johannesburg Stock Exchange ◽  
Time Period ◽  
Day Of The Week ◽  
Micro Level

Purpose The presence of a day-of-the-week effect has been investigated by many researchers over many years, using a variety of financial data and methods. However, differences in methodology between studies could have led to conflicting results. The purpose of this paper is to expand on an existing study to observe whether an analysis of the same data set with some added years and using a different statistical technique provide the same results. Design/methodology/approach The study examines the presence of a day-of-the-week effect on the Johannesburg Stock Exchange (JSE) indices for the period March 1995-2016, using a GARCH model. Findings The findings show that, contrary to the original study, the day-of-the week effect is present in both volatility and return equations. The highest and lowest returns are observed on Monday and Friday, respectively, while volatility is observed on all five days from Monday to Friday. Originality/value This study adds to the existing literature on day-of-the-week effect of JSE indices, where different patterns or, in some cases, no pattern have been noted. Few previous studies on the day-of-the-week effect observed the effect at micro-level for separate industries or made use of a GARCH model. The present study thus expands on the study of Mbululu and Chipeta (2012), by adding four additional observation years and using a different statistical technique, to observe differences that arise from a different time period and statistical technique. The results indicate that a day-of-the-week effect is mostly a function of the statistical technique applied.

The drivers of economic growth in South Asia: evidence from a dynamic system GMM approach

2019 ◽  
Vol 46 (3) ◽  
pp. 564-577 ◽  
Author(s):  
Mohammad Mafizur Rahman ◽  
Rezwanul Hasan Rana ◽  
Suborna Barua
Keyword(s):  
Economic Growth ◽  
South Asia ◽  
Energy Use ◽  
Government Expenditure ◽  
Data Set ◽  
Content Type ◽  
Dynamic Estimation ◽  
One Step ◽  
Key Variables ◽  
Generalised Method Of Moments

Purpose The purpose of this paper is to explore the drivers of economic growth in South Asia region for the period of 1975–2016 using the World Bank data. Design/methodology/approach Panel corrected standard error (static estimation) approach and one-step system generalised method of moments (dynamic estimation) approach are used. Findings Both the static and dynamic estimations indicate that energy use, gross capital formation and remittances are the main drivers of economic growth in South Asian countries. The effects of all these variables are positive and significant. The extent of the effect of energy use is much higher than that of other two variables on the economic growth. A 1 per cent increase in the growth of energy consumption can expedite the gross domestic product growth by approximately 3 per cent in South Asia. However, the key variables, such as trade, government expenditure and foreign direct investment demonstrate no significant effect. Originality/value The current research is original in the sense that it investigated the issue with a new data set using improved econometric techniques. Moreover, in South Asia as a whole, this kind of study is totally absent, particularly with panel data of a large number of years. Furthermore, this study has taken into account the problem of heterogeneity and the biases created by cross-section dependence, which were mostly absent in previous studies. Therefore, the findings of this research are new contributions to the existing literature.

Why do large firms pay higher wages? Evidence from matched worker‐firm data

2005 ◽  
Vol 26 (7/8) ◽  
pp. 705-723 ◽  
Author(s):  
Thierry Lallemand ◽  
Robert Plasman ◽  
François Rycx
Keyword(s):  
Private Sector ◽  
Firm Size ◽  
Wage Premium ◽  
Individual Characteristics ◽  
Substantial Part ◽  
Large Firms ◽  
Skilled Workers ◽  
Data Set ◽  
Content Type ◽  
Firm Data

PurposeThis paper analyses the magnitude and sources of the firm‐size wage premium in the Belgian private sector.Design/methodology/approachUsing a unique matched employer‐employee data set, our empirical strategy is based on the estimation of a standard Mincer wage equation. We regress individual gross hourly wages (including bonuses) on the log of firm‐size and insert step by step control variables in order to test the validity of various theoretical explanations.FindingsResults show the existence of a significant and positive firm‐size wage premium, even when controlling for many individual characteristics and working conditions. A substantial part of this wage premium derives from the sectoral affiliation of the firms. It is also partly due to the higher productivity and stability of the workforce in large firms. Yet, findings do not support the hypothesis that large firms match high skilled workers together. Finally, results indicate that the elasticity between wages and firm‐size is significantly larger for white‐collar workers and comparable in the manufacturing and the service sectors.Research limitation/implicationsUnfortunately, we are not able to control for the potential non‐random sorting process of workers across firms of different sizes.Originality/valueThis paper is one of the few to test the empirical validity of recent hypotheses (e.g. productivity, job stability and matching of high skilled workers). It is also the first to analyse the firm‐size wage premium in the Belgian private sector.

scholarly journals How crucial is it to account for the Antecedent Moisture Conditions in flood forecasting? Comparison of event-based and continuous approaches on 178 catchments

2009 ◽  
Vol 6 (2) ◽  
pp. 1707-1736 ◽  
Author(s):  
L. Berthet ◽  
V. Andréassian ◽  
C. Perrin ◽  
P. Javelle
Keyword(s):  
Soil Moisture ◽  
Initial Conditions ◽  
Flood Forecasting ◽  
Hydrologic Model ◽  
Data Availability ◽  
Data Set ◽  
Soil Moisture Accounting ◽  
Antecedent Moisture ◽  
Rainfall Runoff Model ◽  
Event Based

Abstract. This paper compares event-based and continuous hydrological modelling approaches for real-time forecasting of river flows. Both approaches are compared using a lumped hydrologic model (whose structure includes a soil moisture accounting (SMA) store and a routing store) on a data set of 178 French catchments. The main focus of this study was to investigate the actual impact of soil moisture initial conditions on the performance of flood forecasting models and the possible compensations with updating techniques. The rainfall runoff model assimilation technique we used does not impact the SMA component of the model but only its routing part. Tests were made by running the SMA store continuously or on event basis, everything else being equal. The results show that the continuous approach remains the reference to ensure good forecasting performances. We show, however, that the possibility to assimilate the last observed flow considerably reduces the differences in performance. Last, we present a robust alternative to initialize the SMA store where continuous approaches are impossible because of data availability problems.

Sheepskin effects in Japan

2005 ◽  
Vol 26 (4) ◽  
pp. 320-335 ◽  
Author(s):  
Thomas K. Bauer ◽  
Patrick J. Dross ◽  
John P. Haisken‐DeNew
Keyword(s):  
Labor Market ◽  
Small Firms ◽  
Admission Policy ◽  
Large Firms ◽  
Data Set ◽  
Capital Theory ◽  
Content Type ◽  
The Usa ◽  
Recruitment System

PurposeThe purpose of this paper is to examine the role of sheepskin effects in the return to education in Japan.Design/methodology/approachThe paper provides a short description of the Japanese schooling and recruitment system. It then describes the data set and the empirical approach. Estimation results are presented for the various specifications. The baseline specification closely follows existing studies for the USA to facilitate comparability across the two countries. The paper further investigates whether there are significant firm‐size differences in the estimated sheepskin effects and whether sheepskin effects disappear with increasing job tenure.FindingsThe estimation results indicate that sheepskin effects explain about 50 percent of the total returns to schooling. The paper further finds that education as a signal is only important for workers in small firms with the size of these effects being similar to comparable estimates for the USA. Finally, the estimated degree effects decrease with firm tenure, in particular for small firms. These results could be explained by the particular recruitment system of large firms in Japan, which makes university diploma as a screening device unimportant for large firms and the admission policy of Japanese universities.Originality/valueBy investigating the role of sheepskin effects in a labor market that differs substantially from the labor market in the USA, the paper provides additional insights to the human capital theory‐screening hypothesis debate.

Aligning operational practices to competitive strategies to enhance the performance of Indian manufacturing firms

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Saumyaranjan Sahoo
Keyword(s):  
Competitive Strategy ◽  
Manufacturing Firms ◽  
Research Approach ◽  
Total Quality ◽  
Strategic Choices ◽  
Competitive Strategies ◽  
Data Set ◽  
Content Type ◽  
Operational Practices ◽  
The Impact

PurposeThe main purpose of this study is to understand how collective operational practices are adapted or stimulated by a firm's competitive strategy.Design/methodology/approachThis study employed a data set drawn from 124 plant managers and directors of Indian manufacturing firms. Multiple regression was used to examine the impact of operational practices of lean, total quality management (TQM) and supply chain management (SCM) within competitive clusters of cost leadership, differentiation and focus strategy.FindingsResults of the study show that the pattern of impact of operational practices on firm's performance varies according to type of the competitive strategy employed. All the three competitive strategy clusters have reported that TQM is the most important trigger for Indian manufacturing firms with relative effect of TQM practices on firm's performance being higher than that of lean and SCM practices.Research limitations/implicationsCross-sectional data from Indian manufacturing firms were used, and it would be interesting to test the analytical framework of the study for more sectors and countries. Future studies can take a longitudinal research approach to strengthen the findings of the study.Practical implicationsThe findings explain how operational practices are aligned with competitive strategies for practitioners so that they can assign limited resources to build diverse operational capabilities based on their strategic choices.Originality/valueAlthough very few classical studies are reported in various contexts involving competitive strategy, operational practices and firm's performance, no existing study focuses on how these three domains are linked together in the context of Indian manufacturing sector.

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