Search results for "Accounting"

An international cohort comparison of size effects on job growth

2015

The contribution of different-sized businesses to job creation continues to attract policymakers’ attention, however, it has recently been recognized that conclusions about size were confounded with the effect of age. We probe the role of size, controlling for age, by comparing the cohorts of firms born in 1998 over their first decade of life, using variation across half a dozen northern European countries Austria, Finland, Germany, Norway, Sweden, and the UK to pin down size effects. We find that a very small proportion of the smallest firms play a crucial role in accounting for cross-country differences in job growth. A closer analysis reveals that the initial size distribution and surviv…

To survive or succeed? : An analysis of biotechnology firms

2017

In this paper, we address the question whether there exists differences in the determinants that support survival versus success of small and medium-sized high-tech firms. We examine this question in the context of Finnish biotechnology industry by analyzing the survival of all dedicated biotechnology firms in the period of 1978–2008. We argue and show that the success and survival of firms are not necessarily driven by similar determinants. Specifically, we find that while the role of different types of alliances, focused market scope as well as legitimacy of the industry seem to be important both ensuring in survival and enhancing successful performance, determinants related to sources of…

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.

Financial literacy, value creation and firm performance. An investigation of Italian small and medium enterprises

2023

This article aims to determine the influence of entrepreneurs’ financial literacy for the growth of SMEs’ value. The paper verifies the hypothesis that there is a significant relationship between financial literacy and value creation, as indicated by economic value added (EVA®). The study analyses 162 Italian SMEs operating in the textile and clothing sector. The analysis period is between 2011 and 2013. Regression analysis and correlation analysis have been applied to test the hypotheses. The results suggest a positive and significant relationship between financial literacy and the variables that drive the value creation. Greater financial literacy allows SMEs to optimise their capital str…

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…

Exchange rate dynamics in black markets

1990

The Leader–Member Exchange Theory in the Chinese Context and the Ethical Challenge of Guanxi

2013

The leader–member relationship has been identified as a key determinant of successful working relationships and business outcomes in China. A high-quality leader–member relationship helps managers and employees to meet the demands they face and gives them the opportunity to develop socially, emotionally and morally. Such relationships form the basis of the overall well-being and success of the organisation. This article contributes to relationally oriented leadership theories and more specifically to the leader–member exchange (LMX) theory by examining the theory in the context of Western expatriate managers and Chinese employees in China. The first aim of the study is to analyse the simila…

Region vs. Industry Effects and Volatility Transmission

2006

This article presents an analysis of the relative importance of region versus industry effects in stock returns, as opposed to the extensively analyzed country versus industry effects. The sample includes the period after the bursting of the technology bubble. Moreover, volatility transmission patterns are analyzed within an industry across regions to assess whether the same international links found in aggregate stock market indices exist at the industry level. The results confirm the dominance of region effects over industry effects, except during the bubble period. The results of the volatility transmission analysis suggest that the importance of spillovers depends on the industry.

Integration and arbitrage in the Spanish financial markets: An empirical approach*

2000

Several authors have introduced different ways to measure integra-tion between financial markets. Most of them are derived from thebasic assumptions about asset prices, like the Law of One Price or ...

Supply chain finance: The role of credit rating and retailer effort on optimal contracts

2021

Abstract Supply chain finance aims at finding the best financing arrangements within a given buyer-supplier dyad. The source of capital can be internal (buyer or supplier) or external (financial institution) to the supply chain. So far, many studies have investigated the optimal mix of the sources of capital; our study aims at contributing to the recent literature that explores the interface of operations and finance extending the supplier-based financing models. As the Covid-19 pandemic hits economic activity, the financial constraints have ever greater importance; knock-on effects of the Covid-19 crisis urges on the critical role of a supply chain that should provide financial resources, …