scholarly journals A firm-level analysis of development banks in Europe

2020 ◽  
Vol 89 (3) ◽  
pp. 61-77
Author(s):  
Marco Frigerio ◽  
Daniela Vandone
Keyword(s):  
Quantitative Information ◽  
Financial Statement ◽  
Current Debate ◽  
Firm Level ◽  
Policy Makers ◽  
Financial Strength ◽  
Financial Profile ◽  
External Sources ◽  
Development Banks ◽  
Level Analysis

Summary: We perform a cross-country firm-level analysis of all development banks headquartered in Europe. The goal is to investigate their financial profile and efficiency characteristics and to shed light on some crucial issues, which may underline their capacity to raise external sources of finance in addition to capital contributions from shareholder governments (e. g. their capital generation and cost efficiency, the quality of their loan portfolio, the composition of their sources of finance). A financial statement analysis of their accounting features is cogent in the light of the relevance attributed by European policy makers to the economic and financial sustainability of development banks, given the key role they have been called to play in the European economy since the 2008 crises. Indeed, although development banks have goals that go beyond profitability, they need to combine their socio-economic goals with conditions of efficiency and profitability, in order to “stand on their own feet” and secure a reasonable level of financial strength and stability. We first map all development banks headquartered in Europe. We then collect financial information within the reference period 2008 – 2018 for the whole population of development banks. We also split the sample according to size, in order to assess their dimensional heterogeneity. This study provides policymakers with quantitative information on the economic and financial profile of contemporary promotional financial institutions, which may be valuable in the current debate on their role and relevance in Europe.

scholarly journals Economic Forces and Firm Stock Returns Volatility: Role of Firm Features

2019 ◽  
Vol 7 (3) ◽  
pp. 281-302
Author(s):  
Muhammad Saqib Bashir Butt ◽  
Hasniza Mohd Taib
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Stock Market Volatility ◽  
Firm Level ◽  
Macroeconomic Factors ◽  
Policy Makers ◽  
Size Firm ◽  
Different Characteristics ◽  
The Given ◽  
Level Analysis

Stock market volatility is always been a major concern for investors, regulators, policy makers and academicians. Unfortunately, firm level volatility has not been given the due attention. The studies dealing with the firm level volatility are scarce. Moreover, a common assumption of homogenous nature of firms is used in the aggregate stock market analysis, sectoral level analysis and even in a firm level analysis. This homogenous assumption was objected by several researchers and suggested that firms are heterogeneous even in a narrowly defined sector. Furthermore, firms are different from each other because of possessing different characteristics. Based on that firm’s response to macroeconomic changes would not be the same. Hence, the hypothesis testing ignoring this fact could be spurious. This study proposes five categories in which firms can be classified, such as firm age, firm size, firm nature of business, firm trading nature and the sectoral location of the firm. This study proposes to examine the linkages between the macro economic factors and the firm level stock returns volatility considering the given firm features. It is expected from the empirical testing that the macroeconomic factors effect firm stock returns volatility belonging to different firm features differently, both in terms of magnitude and sign.

Inhaltsverzeichnis

2020 ◽  
Vol 89 (3) ◽  
pp. 5-5
Keyword(s):  
National Development ◽  
Global Value Chains ◽  
Value Chains ◽  
Firm Level ◽  
Impact Investing ◽  
Development Banks ◽  
Level Analysis

Andreas Pfingsten and Dorothea Schäfer Editorial: Development Banks – not only important in times of Covid-19 | 5 Petra Dünhaupt and Hansjörg Herr Trade, Global Value Chains and Development – What Role for National Development Banks? | 9 Joachim Nagel Rolle von Entwicklungsbanken in der internationalen Finanzierung | 35 Debora Revoltella and Patricia Wruuck Investing for a Greener, Competitive and Socially Inclusive Europe | 51 Marco Frigerio and Daniela Vandone A firm-level analysis of development banks in Europe | 61 Dirk Linowski, Andrew D. Johansson und Haifeng Zendeh Zartoshti Zur Rolle der chinesischen Entwicklungsbanken beim Bau der Neuen Seidenstraße | 79 Andrew Lee and Christiane Weiland Impact Investing Through Crowdlending: Examining the Role of Intermediation and the Potential for Development Banks | 99

scholarly journals The Use of Tax Havens by MNEs in Business Clusters: A Cross-country and Firm-level Analysis

2021 ◽  
Vol 6 (4) ◽  
pp. 176-187
Author(s):  
Walid Ghodbane ◽  
Djawad Sangdal ◽  
Hafedh Benabdennebi
Keyword(s):  
International Business ◽  
Firm Age ◽  
Firm Level ◽  
Tax Havens ◽  
Policy Makers ◽  
Knowledge Based ◽  
Business Operations ◽  
Tax Haven ◽  
Cross Country ◽  
Level Analysis

This paper examines the use of tax havens by MNEs located in business clusters versus their non-cluster counterparts. We extend the knowledge-based theory to construct a number of empirical hypotheses that are tested using dichotomous choice models. The firm-level dataset covers 21,389 MNEs from 5 OECD countries during the years 2009-2017. We find evidence that MNEs, who are part of a business cluster use tax haven subsidiaries to a greater extent compared with MNEs, who are not part of a business cluster. This association continues to hold whilst controlling for other important factors that drive tax haven FDI. Additional insights suggest that firm age, size and technological sophistication can impact the magnitude of the correlation between MNEs in business clusters and their tax haven activity. The findings of this paper shed more light on the use of tax havens among MNEs in their international business operations and have important implications for policy makers and managers.

The Consequences of Accounting Failure for Innovation: A Multi-Level Analysis

2020 ◽  
Vol 34 (2) ◽  
pp. 109-124
Author(s):  
Megan F. Hess ◽  
Andrew M. Hess
Keyword(s):  
Firm Level ◽  
Psychological Response ◽  
Top Executives ◽  
Innovation Activities ◽  
Threat Rigidity ◽  
Multi Level ◽  
Multiple Levels ◽  
Financial Misconduct ◽  
Public Disclosures ◽  
Level Analysis

SYNOPSIS In this study, we investigate the relation between accounting failure and innovation at multiple levels in an organization by developing and testing a model for how top executives and functional managers might change their risk preferences and their innovation investments in response to public disclosures of financial misconduct. At the firm level, we find that accounting failures reduce subsequent investments in R&D, as predicted by a threat rigidity (“play it safe”) psychological response among top executives. At the project level, accounting failures have the opposite effect, resulting in an increase in the number of exploratory projects, as predicted by a failure trap (“swing for the fences”) psychological response among functional managers. Unpacking this relation at multiple levels of analysis helps us to understand the complex ways in which financial misconduct shapes a firm's innovation activities and appreciate the far-reaching consequences of accounting failure.

A proposal to enhance national capability to manage epidemics: The critical importance of expert statistical input including official statistics

2021 ◽  
pp. 1-17
Author(s):  
N.I. Fisher ◽  
D.J. Trewin
Keyword(s):  
Data Streams ◽  
Age Groups ◽  
Quantitative Information ◽  
Economic Welfare ◽  
Way Of Life ◽  
Policy Makers ◽  
The Social ◽  
Novel Virus ◽  
High Level ◽  
Integration Analysis

Given the high level of global mobility, pandemics are likely to be more frequent, and with potentially devastating consequences for our way of life. With COVID-19, Australia is in relatively better shape than most other countries and is generally regarded as having managed the pandemic well. That said, we believe there is a critical need to start the process of learning from this pandemic to improve the quantitative information and related advice provided to policy makers. A dispassionate assessment of Australia’s health and economic response to the COVID-19 pandemic reveals some important inadequacies in the data, statistical analysis and interpretation used to guide Australia’s preparations and actions. For example, one key shortcoming has been the lack of data to obtain an early understanding of the extent of asymptomatic and mildly symptomatic cases or the differences across age groups, occupations or ethnic groups. Minimising the combined health, social and economic impacts of a novel virus depends critically on ongoing acquisition, integration, analysis, interpretation and presentation of a variety of data streams to inform the development, execution and monitoring of appropriate strategies. The article captures the essential quantitative components of such an approach for each of the four basic phases, from initial detection to post-pandemic. It also outlines the critical steps in each stage to enable policy makers to deal more efficiently and effectively with future such events, thus enhancing both the social and the economic welfare of its people. Although written in an Australian context, we believe most elements would apply to other countries as well.

Intervention by Outsiders: A Strategic Management Perspective on Government Industrial Policy

1993 ◽  
Vol 13 (1) ◽  
pp. 69-88 ◽  
Author(s):  
Romano Dyerson ◽  
Frank Mueller
Keyword(s):  
Public Policy ◽  
Strategic Management ◽  
Industrial Policy ◽  
Financial Control ◽  
Firm Level ◽  
Policy Makers ◽  
Management Perspective ◽  
British Experience ◽  
The Government

ABSTRACTAs the debate throughout the eighties has concluded, the efforts of governments to intervene at the firm level has largely been disappointing. Using two examples drawn from the British experience, Rover and Inmos, this paper offers an analysis as to why the Government has encountered difficulties when it has sought to intervene in a strategic fashion. Essentially, public policy makers lack adequate mechanisms to intervene effectively in technology-based companies. Locked out of the knowledge base of the firm, inappropriate financial control is imposed which reinforces the ‘outsider’ status of the Government. Having addressed the limitations of strategic intervention, the paper, drawing on the comparative experience of other countries, then goes on to address how this policy boundary might be pushed back in the long term.

Sign in / Sign up

Export Citation Format

Share Document