scholarly journals Macro and Micro Dynamics of Productivity: From Devilish Details to Insights

2021 ◽  
Vol 13 (3) ◽  
pp. 142-172
Author(s):  
G. Jacob Blackwood ◽  
Lucia S. Foster ◽  
Cheryl A. Grim ◽  
John Haltiwanger ◽  
Zoltan Wolf
Keyword(s):  
Quantitative Assessment ◽  
Allocative Efficiency ◽  
Firm Dynamics ◽  
Marginal Revenue ◽  
Firm Level ◽  
Growth And Survival ◽  
Alternative Measures ◽  
Micro Level ◽  
Highly Correlated ◽  
Revenue Function

Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting “distortions” since in distortions’ absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the firm-level revenue function, which reflects “fundamentals.” Using micro-level US manufacturing data, we find these alternative measures are highly correlated, exhibit similar dispersion, and have similar relationships with growth and survival. However, the distinction between these alternative measures is critically important for quantitative assessment of the level and decline of allocative efficiency. (JEL D21, D22, D24, G32, L60)

scholarly journals Intravascular Ultrasound (IVUS): A Potential Arthroscopic Tool for Quantitative Assessment of Articular Cartilage

2009 ◽  
Vol 3 (1) ◽  
pp. 13-20 ◽  
Author(s):  
Yan-Ping Huang ◽  
Yong-Ping Zheng
Keyword(s):  
Articular Cartilage ◽  
Intravascular Ultrasound ◽  
High Frequency ◽  
Quantitative Assessment ◽  
The Body ◽  
High Frequency Ultrasound ◽  
Surface Reflection ◽  
Before And After ◽  
Highly Correlated

Conventional ultrasound examination of the articular cartilage performed externally on the body surface around the joint has limited accuracy due to the inadequacy in frequency used. In contrast to this, minimally invasive arthroscopy-based ultrasound with adequately high frequency may be a better alternative to assess the cartilage. Up to date, no special ultrasound transducer for imaging the cartilage in arthroscopic use has been designed. In this study, we introduced the intravascular ultrasound (IVUS) for this purpose. An IVUS system with a catheter-based probe (Ø ≈ 1mm) was used to measure the thickness and surface acoustical reflection of the bovine patellar articular cartilage in vitro before and after degeneration induced by enzyme treatments. Similar measurement was performed using another high frequency ultrasound system (Vevo) with a probe of much larger size and the results were compared between the two systems. The thickness measured using IVUS was highly correlated (r = 0.985, p < 0.001) with that obtained by Vevo. Thickness and surface reflection amplitude measured using IVUS on the enzymatically digested articular cartilage showed changes similar to those obtained by Vevo, which were expectedly consistent with previous investigations. IVUS can be potentially used for the quantitative assessment of articular cartilage, with its ready-to-use arthroscopic feature.

scholarly journals The effect of Islamic values on voluntary corporate governance disclosure

2017 ◽  
Vol 8 (2) ◽  
pp. 182-202 ◽  
Author(s):  
Waleed M. Albassam ◽  
Collins G. Ntim
Keyword(s):  
Corporate Governance ◽  
Fixed Effects ◽  
Future Research ◽  
Government Ownership ◽  
Firm Level ◽  
Content Type ◽  
Listed Firms ◽  
Alternative Measures ◽  
Islamic Values ◽  
Practical Implications

Purpose The study aims to examine the effect of Islamic values on the extent of voluntary corporate governance (CG) disclosure. In addition, the authors investigate the effect of traditional ownership structure and CG mechanisms on the extent of voluntary CG disclosure. Design/methodology/approach The authors distinctively construct Islamic values and voluntary CG disclosure indices using a sample of 75 Saudi-listed firms over a seven-year period in conducting multivariate regressions of the effect of Islamic values on the extent of voluntary CG disclosure. The analyses are robust to controlling for firm-level characteristics, fixed-effects, endogeneities and alternative measures. Findings The authors find that corporations that depict greater commitment towards incorporating Islamic values into their operations through high Islamic values disclosure index score engage in higher voluntary CG disclosures than those that are not. Additionally, the authors find that audit firm size, board size, government ownership, institutional ownership and the presence of a CG committee are positively associated with the level of voluntary CG disclosure, whereas block ownership is negatively associated with the extent of voluntary CG disclosure. Practical implications The study has clear practical implications for future research, practice and broader society by demonstrating empirically that corporations that voluntarily incorporate Islamic values into their operations are more likely to be transparent about their CG practices and thereby providing new crucial insights on the effect of Islamic values on voluntary CG compliance and disclosure. Originality/value This is the first empirical attempt at explicitly examining the effect of Islamic values on the extent of voluntary CG disclosure. The authors also offer evidence on the effect of traditional CG and ownership structures on the extent of voluntary CG disclosure.

scholarly journals Creative Destruction and Uncertainty

2019 ◽  
Vol 18 (4) ◽  
pp. 1814-1843
Author(s):  
Petr Sedláček
Keyword(s):  
Firm Dynamics ◽  
Creative Destruction ◽  
Technology Shocks ◽  
Dynamics Model ◽  
Vector Autoregressions ◽  
Firm Level ◽  
Productivity Shocks ◽  
Technology Growth ◽  
Structural Vector ◽  
Dot Com

Abstract Uncertainty rises in recessions. But does uncertainty cause downturns or vice versa? This paper argues that counter-cyclical uncertainty fluctuations are a by-product of technology growth. In a firm dynamics model with endogenous technology adoption, faster technology growth widens the dispersion of firm-level productivity shocks, a benchmark uncertainty measure. Moreover, faster technology growth spurs a creative destruction process, generates a temporary downturn, and renders uncertainty counter-cyclical. Estimates from structural vector autoregressions (VARs) on U.S. data confirm the model’s predictions. On average, 1/4 of the cyclical variation in uncertainty is driven by technology shocks. This fraction rises to 2/3 around the “dot-com” bubble.

Market power and allocative efficiency loss: a comparative analysis on China's tobacco and food industries

2020 ◽  
Vol 10 (3) ◽  
pp. 327-339
Author(s):  
Jiawu Dai ◽  
Xiuqing Wang ◽  
Guang Yuan
Keyword(s):  
Industrial Organization ◽  
Comparative Analysis ◽  
Market Power ◽  
Tobacco Industry ◽  
Allocative Efficiency ◽  
Micro Data ◽  
Firm Level ◽  
Efficiency Loss ◽  
Content Type ◽  
Food Industries

PurposeThe effect of market power on allocative efficiency is one of the most important topics in industrial organization and has undergone rigorous investigation since the 1970s. However, empirical studies based on firm-level data are relatively rare, especially with regard to China's tobacco and food industries. Accordingly, this research measures market power and allocative efficiency loss (AEL) of the main tobacco and food industries in China with micro data at firm level. Subsequently, it conducts a comparative analysis on them.Design/methodology/approachThis research applies the New Empirical Industrial Organization (NEIO) model, consisting of five pricing and demand simultaneous equations to measure market power, and the AEL model to measure AEL induced by market power. To match with the micro data at firm level, the study implements a change in the traditional NEIO model by abandoning the aggregating process.FindingsEmpirical results show that China's tobacco industry, among five sectors selected, has the largest market power and thus the highest degree of AEL, whereas other sectors have apparently smaller market power and lower levels of AEL. Comparative analysis demonstrates a coarse positive correlation between market power and AEL in the selected industries. In general, the results accord well with the existing empirical findings and the reality.Research limitations/implicationsThis study has some deficiencies. First, owing to the limitation of high-quality data, the sectors analyzed in this research are insufficient to sum up all the characteristics and rules of China's whole food industry. Second, this research only analyzes seller market power and leaves out buyer market power, which could be a direction for future research.Practical implicationsThe relevant administrations should strictly limit the monopoly behaviors of enterprises and establish a favorable and competitive market environment, especially for the tobacco industry. This suggestion is precisely an important content of China's Supply-side Reform.Originality/valueThe research improves the NEIO model in that it can be estimated with micro data at firm level. To the best knowledge of the authors, very few empirical and comparative analyses exist on market power and AEL for China's tobacco and food manufacturers using micro data.

scholarly journals Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown

2017 ◽  
Vol 107 (5) ◽  
pp. 322-326 ◽  
Author(s):  
Ryan A. Decker ◽  
John Haltiwanger ◽  
Ron S. Jarmin ◽  
Javier Miranda
Keyword(s):  
Productivity Growth ◽  
Allocative Efficiency ◽  
High Growth ◽  
Firm Level ◽  
Productivity Slowdown ◽  
Level Data ◽  
Firm Level Data ◽  
Job Reallocation ◽  
Firm Activity ◽  
Growth Distribution

A large literature documents declining measures of business dynamism including high-growth young firm activity and job reallocation. A distinct literature describes a slowdown in the pace of aggregate labor productivity growth. We relate these patterns by studying changes in productivity growth from the late 1990s to the mid 2000s using firm-level data. We find that diminished allocative efficiency gains can account for the productivity slowdown in a manner that interacts with the within-firm productivity growth distribution. The evidence suggests that the decline in dynamism is reason for concern and sheds light on debates about the causes of slowing productivity growth.

scholarly journals Evaluation of linkage disequilibrium measures between multi-allelic markers as predictors of linkage disequilibrium between markers and QTL

2005 ◽  
Vol 86 (1) ◽  
pp. 77-87 ◽  
Author(s):  
H. ZHAO ◽  
D. NETTLETON ◽  
M. SOLLER ◽  
J. C. M. DEKKERS
Keyword(s):  
Linkage Disequilibrium ◽  
Qtl Mapping ◽  
Marker Assisted Selection ◽  
Chi Square ◽  
Standardized Measures ◽  
Population Structures ◽  
Alternative Measures ◽  
Standardized Measure ◽  
Highly Correlated ◽  
Marker Polymorphism

Effectiveness of marker-assisted selection (MAS) and quantitative trait loci (QTL) mapping using population-wide linkage disequilibrium (LD) between markers and QTL depends on the extent of LD and how it declines with distance in a population. Because marker–QTL LD cannot be observed directly, the objective of this study was to evaluate alternative measures of observable LD between multi-allelic markers as predictors of usable LD of multi-allelic markers with presumed biallelic QTL. Observable LD between marker pairs was evaluated using eight existing measures and one new measure. These consisted of two pooled and standardized measures of LD between pairs of alleles at two markers based on Lewontin's LD measure, two pooled measures of squared correlations between alleles, one standardized measure using Hardy–Weinberg heterozygosities, and four measures based on the chi-square statistic for testing for association between alleles at two loci. In simulated populations with a range of LD generated by drift and a range of marker polymorphism, marker–marker LD measured by a standardized chi-square statistic (denoted χ2′) was found to be the best predictor of useable marker–QTL LD for a group of multi-allelic markers. Estimates of the level and decline of marker–marker LD with distance obtained from χ2′ were linearly and highly correlated with usable LD of those markers with QTL across population structures and marker polymorphism. Corresponding relationships were poorer for the other marker–marker LD measures. Therefore, when LD is generated by drift, χ2′ is recommended to quantify the amount and extent of usable LD in a population for QTL mapping and MAS based on multi-allelic markers.

scholarly journals What is the Impact of Increased Business Competition?

2019 ◽  
Vol 2019 (276) ◽  
Author(s):  
Sonia Feliz ◽  
Chiara Maggi
Keyword(s):  
Heterogeneous Firms ◽  
Firm Dynamics ◽  
Demand Elasticity ◽  
Employment Decisions ◽  
Firm Level ◽  
Constant Elasticity ◽  
Constant Elasticity Of Substitution ◽  
Entry Time ◽  
Variable Markups ◽  
The Impact

This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.

scholarly journals Estimating Relative Technical Efficiency in Barani Agriculture: Some Further Results

1995 ◽  
Vol 34 (4III) ◽  
pp. 913-924
Author(s):  
Himayat Ullah
Keyword(s):  
Technical Efficiency ◽  
Economic Efficiency ◽  
Marginal Cost ◽  
Allocative Efficiency ◽  
Farm Size ◽  
Marginal Revenue ◽  
Marginal Revenue Product ◽  
Main Components ◽  
Large Farms ◽  
Revenue Product

The concept of technical efficiency of farms has sufficiently been detailed in the literature on agricultural economic development since Farrell (1957) and has now widely been studied by, among others, Bardhan (1973); Kalirajan and Flinn (1983); Fare, Grosskopf and Lovell (1985); Battese, Coelli and Colbi (1989); Kalirajan (1990); Battese and Coelli (1992); Himayatullah, et al. (1994); and Bashir and Himayatullah (1994). The interest in relative economic efficiency emerged from the observation that labour intensity and yield are inversely related to farm size. Economists interpreted this result as an indication that either small and large farms faced different configurations of input and output prices, or small and large farms differed with respect to economic efficiency. Economic efficiency of a group of farms can be conceptualised as comprising two main components; technical efficiency and allocative efficiency. A group of farms may be considered technically more efficient than another group of farms if it can produce a given output with less of some or all inputs, and a group of farms may be considered allocatively more efficient than another group of farms if it is more successful in equating marginal revenue product with the marginal cost of inputs. More simply, technical efficiency involves the farm’s ability to obtain the maximum possible output from a given set of resources, and allocative efficiency concerns its ability to maximise profits by equating the marginal revenue product with the marginal cost of inputs. Specifically, a group of farms that uses the best combination of inputs achieves the maximum possible output and is superior to another group of farms which does not do the same, given a similar bundle of inputs.

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