Search results for "AMF"
showing 10 items of 2237 documents
Financial wealth, socioemotional wealth, and founder exits: an empirical examination of Chinese IPOs
2021
Initial public offerings (IPOs) are typically viewed as the peak of entrepreneurial success, providing founder-CEOs a chance to profitably exit. Founder-CEOs, however, are often motivated by non-financial considerations in addition to the desire to amass wealth. According to the behavioral agency model, the founder-CEOs’ framing of gains vs. losses of their wealth creation at IPO determines their risk aversion vs. risk taking behaviors. In addition, the behavioral agency model argues that founder-CEOs with a great deal of socioemotional wealth fear losing that wealth. This fear will attenuate their aversion to losing financial wealth. To test our model, we collected a sample of 130 entrepre…
Stock earnings and bond yields in the US 1871–2017 : The story of a changing relationship
2021
Abstract Using historical data spanning almost 150 years, we examine whether there is a long-run equilibrium relationship between the stock's earnings and bond yields. The novelty of our econometric methodology consists in using a vector error correction model where we allow multiple structural breaks in the equilibrium relationship. The results of our analysis suggest the existence of an equilibrium relationship over 1871–1932 and 1958–2017. On the two historical segments, our analysis finds that the stock's earnings yield followed the bond yield in both the short run and long run, but not the other way around. Perhaps the most important and surprising finding of our empirical study is tha…
Municipalities’ Decision to Care: At Home or in a Nursing Home
2020
AbstractAn almost ideal demand system for long-term care is estimated using data from Norway, where the split of long-term care between home care and care in nursing homes is determined by municipalities. Previous literature has barely addressed what determines municipalities’ or other organizations’ allocations of resources to the sub-sectors of long-term care. The results show that home care is a luxury, while nursing home care is a necessity with respect to total expenditures on long-term care. Municipalities respond to high unit costs for home care by reducing that type of care. Municipalities are highly responsive to variations in the need for the two types of care and seem to provide …
The European semester in the North and in the South
2021
Macro-economic policy coordination remains a challenge in the EU. The European Semester was designed to help facilitate more coordination. In the area of wage policies, it encourages Germany and the Netherlands to support stronger wage growth, while Italy and Portugal have been told to exercise wage restraint. This paper analyses how domestic interest group politics influence how EU recommendations are received. Reflecting on the different growth models that underpin these four countries, we find that country-specific recommendations meet country-specific obstacles – independent of whether recommendations aim at increasing or reducing wages. Specifically, we observe that domestic actors suc…
Differentiated Integration and Disintegration in the EU after Brexit : Risks versus Opportunities
2019
Differentiation is becoming an increasingly salient feature of European integration. The multi‐faceted European crisis and the subsequent Brexit vote (paving the way for a ground‐breaking case of differentiated disintegration) have led scholars and practitioners to think about the consequences of differentiated integration. This article draws on five well‐established models of differentiation experienced by countries both inside and outside the Union: the EEA model; the Danish model of (quasi‐)permanent differentiation; the Swedish model of de facto differentiation; the instrumental model; and the British model of differentiated disintegration. It addresses the different risks and opportuni…
Ecosystem dynamics: exploring the interplay within fintech entrepreneurial ecosystems
2021
AbstractScholars and practitioners continue to recognize the crucial role of entrepreneurial ecosystems (EEs) in creating a conducive environment for productive entrepreneurship. Although EEs are fundamentally interaction systems of hierarchically independent yet mutually dependent actors, few studies have investigated how interactions among ecosystem actors drive the entrepreneurial process. Seeking to address this gap, this paper explores how ecosystem actor interactions influence new ventures in the financial technology (fintech) EE of Singapore. Guided by an EE framework and the use of an exploratory-abductive approach, empirical data from semi-structured interviews is collected and ana…
The Impact of Entrepreneur-CEOs in Microfinance Institutions: A Global Survey
2013
- Peer reviewed Microfinance is a global high-growth industry, in which entrepreneurship is prevalent and substantial. Based on the theoretical argument that microfinance entrepreneur-CEOs are “motivated agents” with a unique ability to hire and socialize mission-oriented staff, we hypothesize that these CEOs produce more sustainable microfinance institutions with better social performance and lower costs. This study utilizes data from 295 microfinance institutions in 73 developing countries, assessed between 1998 and 2010. Our empirical evidence suggests that entrepreneur-managed microfinance institutions feature higher social performance, greater financial sustainability, and lower costs.
Exploring Differentiated Disintegration in a Post-Brexit European Union
2019
In the aftermath of the British referendum to leave the European Union and the European Commission's ‘White Paper on the Future of Europe’, it is not only time to take stock of the existing literature on differentiated integration, but also to rethink the perimeters of disintegration. We argue that phenomena such as Brexit embrace forms of differentiation which trigger the need for conceptualizing differentiated disintegration altogether. This article first sketches the path of the scholarly debate in a chronological way to grasp the breadth of existing literature. Second, it discusses differentiated disintegration as a potentially new area for research. Mapping several scenarios for future…
The organisational dimension of executive authority in the Global South: Insights from the AU and ECOWAS commissions
2022
The growing importance of executive authority at the international level has fuelled scholarly debate about the level of autonomy enjoyed by international public administration (IPA), that is, the executive arms of international organisations. Insights from IPAs in the West or Global North, such as the European Union, have largely shaped these debates, whereas data from IPAs in the Global South are largely missing in the discussion. This article seeks to remedy this imbalance and contribute to an organisational-theory-inspired conceptualisation of IPA autonomy: We draw insights from survey data from the commissions of the African Union (AU) and the Economic Community of West African States …
Micro-Franchising in the Bottom of the Pyramid Market : Rwanda
2020
This study examines how a mission-driven shared identification can help mitigate the failure of a micro-franchise in Rwanda, a bottom of the pyramid market. A single case study was adopted followin...