scholarly journals LBOs’ effects on innovation: evidence from France

2018 ◽  
Vol 19 (3) ◽  
pp. 184-200
Author(s):  
Anne-Laure Le Nadant ◽  
Frédéric Perdreau
Keyword(s):  
Survey Data ◽  
Private Equity ◽  
Manufacturing Firms ◽  
Incremental Innovation ◽  
Community Innovation Survey ◽  
Firm Level ◽  
Innovative Products ◽  
Innovative Capabilities ◽  
Negative Effect ◽  
Positive Effect

Using Community Innovation Survey data from France, we provide an empirical analysis of the innovative efforts of a sample of manufacturing firms that underwent a leveraged buyout. We find no evidence that LBOs have a negative effect on firm level of innovation expenditure. In contrast, results suggest that buyouts have a positive effect on incremental innovation and that private equity firms help to make innovation spending more effective and even more efficient. It could be that private equity firms help the company to focus on its core innovative capabilities and bring innovative products to the market without increasing innovation spending.

STUDY ON TYPES OF TECHNOLOGY COOPERATION PARTNER AND INNOVATION PERFORMANCE: FOCUSING ON INCREMENTAL AND RADICAL INNOVATION

2019 ◽  
Vol 23 (01) ◽  
pp. 1950005 ◽  
Author(s):  
HYEON CHANG KIM ◽  
WOOJIN YOON
Keyword(s):  
Geographic Distance ◽  
Radical Innovation ◽  
Incremental Innovation ◽  
Negative Effect ◽  
Cooperation Partners ◽  
Explicit And Implicit Knowledge ◽  
The Relationship ◽  
Positive Effect ◽  
Cooperation Partner ◽  
Technology Cooperation

This study conducts an empirical analysis on the relationship between innovation and the type of partner based on the assumption that the knowledge and information acquired from partners would vary depending on their type from the perspective of learning through technology cooperation. It further expands the discussion by looking at the relationship between geographic distance between partners and innovation as well as absorptive capacity, a variable that moderates it. The knowledge required for product development is classified into explicit and implicit knowledge, and based on such knowledge type, the form of learning and innovation is categorized into STI (Science, Technology and Innovation) and DUI (Doing, Using and Interacting). Accordingly, technology cooperation partners are divided into STI and DUI partners. The study analyzes the effect of the cooperation partner type on radical and incremental innovation. Unlike the hypothesis, cooperation with a STI partner had a positive effect on incremental innovation while a DUI partner had such effect on radical innovation. The geographical distance between partners had a negative effect on incremental innovation and the moderating effect of appropriability was not verified.

Son preference in Bangladesh: an emerging barrier to fertility regulation

1987 ◽  
Vol 19 (2) ◽  
pp. 221-228 ◽  
Author(s):  
Ruhul Amin ◽  
A.G. Mariam
Keyword(s):  
Adverse Effect ◽  
Survey Data ◽  
Contraceptive Use ◽  
National Level ◽  
Demographic Characteristics ◽  
Son Preference ◽  
Socioeconomic Conditions ◽  
Fertility Regulation ◽  
Negative Effect ◽  
Positive Effect

SummaryThis study investigates the effect of son preference on contraceptive use and desire for additional children using national level survey data from Bangladesh for the years 1969 and 1979. Son preference had a negative effect on contraceptive use and a positive effect on the desire for additional children regardless of socioeconomic and demographic characteristics. This adverse effect of son preference on fertility regulation seemed to have persisted over the years. Relevant socioeconomic conditions in Bangladesh are described.

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.

Agency Cost and Dividend Pay-out: A Study of Selected Listed Manufacturing Firms in Nigeria

2018 ◽  
Vol 1 (1) ◽  
pp. 42 ◽  
Author(s):  
Helen Obiageli Anazonwu ◽  
Francis Chinedu Egbunike ◽  
Felix Nwaolisa Echekoba
Keyword(s):  
Cash Flow ◽  
Agency Costs ◽  
Stock Exchange ◽  
Agency Cost ◽  
Manufacturing Firms ◽  
Free Cash Flow ◽  
Dividend Payments ◽  
Negative Effect ◽  
Cost Studies ◽  
Positive Effect

Agency cost is an internal cost which arises between management (agent) and shareholder (principal), because of the diverging interest of the two parties. Dividend payments are often employed to mitigate this cost. Studies have examined the effect of dividend pay-outs on agency costs documenting mixed findings. However, the literature on the reverse effect of agency costs on dividend pay-outs is still nascent. The main objective of the study is to examine the effect of agency cost on dividend pay-out of listed manufacturing firms in Nigeria. The study used a panel research design. The population of the study comprised listed manufacturing firms, but delimited to firms in conglomerate and consumer goods sectors of the Nigerian Stock Exchange. Data for the study were collected from yearly financial statements of the selected firms. The hypotheses were tested using pooled OLS Regression. The dependent variable of the study was dividend pay-out, while assets to sales ratio, leverage, and free cash flow were proxies of agency cost. Firm size and profitability measures (ROA and ROE) were used as control variables in the study. The study found a significant and positive effect of assets to sales ratio and free cash flow, and a significant and negative effect of leverage on dividend pay-out. The study recommended amongst others that, managers should consider the implication of agency costs in the design of in the design and implementation of a dividend policy.

Intermediate Input Imports, Domestic Input Use and Firm-level Outcomes: Evidence from Survey Data

2020 ◽  
Vol 55 (3) ◽  
pp. 320-336
Author(s):  
Suryadipta Roy
Keyword(s):  
Survey Data ◽  
World Trade ◽  
Home Country ◽  
Relative Effect ◽  
Firm Level ◽  
Intermediate Inputs ◽  
Exporting Firms ◽  
Input Use ◽  
Imported Intermediate Inputs ◽  
Positive Effect

Imported intermediate inputs, that is, parts and materials sourced from abroad and used to make products either consumed domestically or in producing exported goods are a growing force in world trade. We test for the relative effect of imported intermediate inputs and domestic inputs in promoting foreign exports and various forms of domestic sales, using firm-level survey data. Imported intermediate inputs are found to be associated with higher overall sales, foreign exports and larger sales to multinational companies domiciled in the home country. On the other hand, domestic inputs are not found to have statistically significant positive effect on any firm-level outcomes. Since exporting firms are usually more productive than domestic firms, the results point towards the salience of outsourcing inputs in supporting firm productivity and the importance of policymaking in facilitating trade in intermediate inputs across countries. JEL: F10, F12, F23

scholarly journals How Productive Services Affect Apple Production Technical Efficiency: Promote or Inhibit?

2019 ◽  
Vol 11 (19) ◽  
pp. 5411 ◽  
Author(s):  
Congying Zhang ◽  
Qian Chang ◽  
Xuexi Huo
Keyword(s):  
Sustainable Development ◽  
Survey Data ◽  
Technical Efficiency ◽  
Pest Control ◽  
The Sustainable Development ◽  
Apple Industry ◽  
Negative Effect ◽  
Apple Production ◽  
Positive Effect

Agricultural productive services provide a new entry point to solve the “labor dilemma” and contributes to the sustainable development of the apple industry. In this study, we establish a random frontier model with the Translog production function to analyze the influence of productive services on the technical efficiency of apple production based on a microscopic survey data of 661 apple farmers. The results indicate that the purchasing proportions of productive services are obviously different among the different links of apple production, while those among different regions are not obvious. Overall, productive services have a positive effect on improving the technical efficiency of apple production, but productive services in different links have a different effect; specifically, productive services in the bagging link have a positive effect on the technical efficiency of apple production, productive services in the pest controlling link have a negative effect, and productive services in other links have no significant effect. We suggest that policymakers should promote the orderly development of agricultural productive services, focus on improving the popularity of productive services in bagging links, and improve the quality of productive services in the pest control link.

scholarly journals Capital market penalties to radical and incremental innovation

2019 ◽  
Vol 23 (2) ◽  
pp. 291-313 ◽  
Author(s):  
Daniel Stefan Hain ◽  
Jesper Lindgaard Christensen
Keyword(s):  
Small Firms ◽  
Probit Model ◽  
Radical Innovation ◽  
Incremental Innovation ◽  
Behavioral Characteristics ◽  
Firm Level ◽  
Content Type ◽  
External Finance ◽  
Innovation Activities ◽  
Negative Effect

Purpose The purpose of this paper is to investigate how access to financing for incremental as well as radical innovation activities is affected by firm-specific structural and behavioral characteristics. Design/methodology/approach Deploying a two-stage Heckman probit model on survey data spanning the period 2000–2013 and covering 1,169 firms, this paper analyzes the effect of a firm’s engagement in incremental and radical innovation on its likelihood to get constrained in their access to external finance, and how this effect is moderated by the firm’s age and size. Findings In line with earlier research, it is confirmed that the type of innovation matters for the access to external finance, but in a more nuanced way than generally portrayed. While incremental innovation activities have little negative effect on the access to external finance, radical innovation activities tend to be penalized by capital markets. This effect appears to be particularly strong for small firms. Originality/value This paper provides nuanced insights into the interplay between types of firm-level innovation activities, structural characteristic and access to external finance.

scholarly journals Does Working Capital Management Affect the Operational Liquidity Position of Firms? A Case of Pakistani Manufacturing Firms

2013 ◽  
Vol 9 (1) ◽  
pp. 53-68
Author(s):  
Nisar Ahmad ◽  
Parvez Azim ◽  
Jamshaid ur Rehman
Keyword(s):  
Inventory Management ◽  
Stock Exchange ◽  
Manufacturing Firms ◽  
Capital Management ◽  
Working Capital ◽  
Data Set ◽  
Working Capital Management ◽  
Conservative Strategy ◽  
Negative Effect ◽  
Positive Effect

The study is aimed to investigate the effect of working capital management on the operational liquidity position of diverse manufacturing firms listed on Karachi Stock Exchange, Pakistan. Descriptive statistics, Pearson’s correlation analysis and Pooled (OLS) analysis techniques are applied on the balanced panel data set of 148 manufacturing firms for the period (Jan. 2006 to Dec. 2011). It is found that tight credit policy, efficiency of inventory management, delayed payment policy and overall efficiency of working capital management have significant positive effect on firm’s operational liquidity position. But conservative strategy of investment in current assets and aggressive strategy of short terms financing are found to have negative effect on operational liquidity position of firms. The study suggested that operational liquidity position of listed manufacturing firms can be improved by using appropriate policies and strategies of working capital management. This study can be extended by investigating the differences in working capital management efficiency and working capital policies across various industries and their effect on various measures of liquidity position of firms.

scholarly journals Capital Structure and Profitability of Manufacturing Firms listed on the Nigerian Stock Exchange

2019 ◽  
Vol 11 (3(I)) ◽  
pp. 27-34
Author(s):  
Gideon Tayo AKINLEYE ◽  
LovethOluwatosin AKOMOLAFE
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Manufacturing Firms ◽  
Coefficient Estimate ◽  
Short Term ◽  
Share Capital ◽  
Debt Finance ◽  
Negative Effect ◽  
Positive Effect

This study examined capital structure and profitability of manufacturing firms listed on theNigerian stock exchange. Specifically the study analyzed the impact of disaggregated variables of debt finance(Short term debt and long term debt) and equity finance (share capital and share premium) on profit aftertax. Secondary data were gathered from annual reports of sampled firms over a period of ten years (2008-2017) and were analyzed using panel data estimators such as pooled OLS estimator, fixed effect estimator,random effect estimator, Hausman test, and Pesaran test of cross sectional dependence. The findings revealedthat short term debt has insignificant positive effect on profit after tax of manufacturing firms showing inspecific term a coefficient estimate of 0.114985 (p=0.5890> 0.05) long term debt exerts significant positiveimpact on profit after tax, with specific coefficient estimate of 0.578290 (p=0.0001< 0.05) share capital exertssignificant positive effect on profit after tax, with coefficient estimate of 0.784525 (p=0.0000< 0.05) sharepremium exerts insignificant negative effect on profit after tax, with coefficient estimate of -0.000395 (p=0.9924> 0.05). The study concluded that short term debt has declining effect on the profitability ofmanufacturing firms in the country, while the long term variable of debt finance of firms spurs the rate ofprofitability. In clear term disaggregated debt finance subsets exerts significant effect on the profitability offirms sampled in the study. On the other hand equity finance disaggregated into share capital and sharepremiums reflect that share capital has significant positive effect on profit after tax, while share premium hasinsignificant negative effect on profit after tax.

Does Greater Regulatory Burden Lead to More Corruption? Evidence Using Firm-Level Survey Data for Developing Countries

2020 ◽  
Author(s):  
Mohammad Amin ◽  
Yew Chong Soh
Keyword(s):  
Developing Countries ◽  
Survey Data ◽  
Public Officials ◽  
Firm Level ◽  
Percentage Point Increase ◽  
Regulatory Burden ◽  
Percentage Points ◽  
Point Increase ◽  
Perception Bias ◽  
Positive Effect

Abstract It is sometimes thought that regulation often creates opportunities for public officials to extract bribes. If this is true, deregulation offers a simple way of combating corruption. However, empirical evidence on the corruption and regulation nexus is limited. Further, the corruption indices used are based on experts’ opinions, which may suffer from perception bias. The present paper attempts to address these shortcomings using firm-level survey data for 131 mostly developing countries on the actual experience of the firms with bribery and regulatory burden. The study examines the level of overall corruption and petty corruption. Exploiting variation in regulatory burden, both within-country and industry-level, a large positive effect of regulatory burden on corruption is found. For the baseline results, the bribery rate is higher by about 0.03 percentage points for each percentage point increase in the regulatory burden. The finding is robust to several controls and endogeneity checks.

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