Search results for "TSO"
showing 10 items of 546 documents
Transnational turn and national models of higher education - The case of Finland
2014
The purpose of the article is to problematize the relationship between the Nordic democratic public higher education tradition and transnational market driven knowledge economy policies. The article illustrates this development with two cases -- quality assurance and internationalisation policies -- where external demands, based mostly on market ideologies, have been introduced with apparently transnational incentives but having national implementations. These transnational pressures are related to a kind of soft governance of higher education policy, characterized by networked decision making and use of expert consultants, which possibly promotes flexible decision-making and efficiency, bu…
Trade Liberalization and Heterogeneous Technology Investments
2015
We propose a trade model where heterogeneous firms decide on a productivity-enhancing technology investment. The model analyzes the impact of multilateral trade liberalization on firm- and industry-level productivity. Freer trade increases the incentives to invest in technology by raising export profits. It also dampens these incentives, however, as profits stemming from domestic sales are reduced. Only exporters benefit from the former positive effect. The shape of the distribution of efficiency draws, the level of trade costs and the technology intensity of the industry are key elements removing the ambiguities regarding the net impact of trade liberalization.
The curvilinear effect of manufacturing outsourcing and captive-offshoring on firms' innovation: The role of temporal endurance
2019
Abstract This paper aims to contribute to the open debate in the literature on the effect of global sourcing strategies on firm performance by studying the consequences of manufacturing outsourcing and captive-offshoring for the innovation capability of the firm. We grounded our hypotheses based on the outsourcing and offshoring literature and by narrowing our focus to the effects of persisting in their adoption over time. We tested our hypotheses using data from a sample of 368 manufacturing companies listed on NASDAQ stock market. The paper provides theoretical explanations and empirical findings for the inverted U-shaped influence of keeping doing captive-offshoring on new product develo…
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…
Ownership, Board Compensation and Company Performance in Sub-Saharan African Countries
2013
In countries with weak institutions, board governance becomes more important. This study uses a unique dataset from listed sub-Saharan African companies to examine the relationship between ownership composition and board compensation. It further analyses the association between board compensation and company performance. The findings indicate that board ownership and chief executive officer ownership are positively associated, whereas state ownership and concentrated ownership are negatively associated with board compensation. There is no evidence of a significant association between chairperson ownership or foreign ownership and board compensation. Finally, there is a negative but not sig…
Outsourcing and efficiency: the case of Spanish citrus farming
2006
Outsourcing in agriculture has traditionally been seen as a managerial strategy of smaller farms to achieve higher levels of efficiency. In this article, we provide empirical evidence supporting the existence of a positive relationship between outsourcing and efficiency in Spanish citrus farming. Outsourcing is measured by the proportion of outsourced labor and capital in farms' total use of these production factors, i.e., the higher the proportion of outsourced inputs, the higher the degree of outsourcing. Making use of data envelopment analysis techniques, we compute input-specific reductions required to achieve technical efficiency at the farm level. Our results show that attainment of t…
Founding-family-controlled firms, intergenerational succession, and firm value
2022
Using a unique, hand-collected data sample and panel-data econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of Chilean listed companies. After controlling for firm- and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family’s degree of ownership and firm value. Hence, family ownership at first increases firm value. However, when family ownership exceeds a threshold of about 38 percent of outstanding shares, the family takes advantage of its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the bo…
The CEO autonomy–stewardship behavior relationship in family firms: The mediating role of psychological ownership
2014
Abstract This study investigates the relationship between a family business CEO's autonomy and stewardship behavior. Building on psychological ownership theory, we argue that psychological ownership mediates the autonomy–stewardship relationship. In contrast to prior studies, we differentiate between individual-oriented and collective-oriented psychological ownership as two distinct dimensions of individual psychological ownership. Our results reveal that CEO autonomy is an important determinant of stewardship behavior and that this relationship is only mediated by individual-oriented psychological ownership. Moreover, both individual-oriented and collective-oriented psychological ownership…
Who Uses Intermediaries in International Trade? Evidence from Firm-level Survey Data
2013
The present paper uses data from the World Bank Enterprise Survey conducted in Turkey in 2005 to shed light on the firms that use intermediaries in international trade. It lends robust empirical support to recent theories which suggest that indirect exporters are mostly small firms that are not profitable enough to cover the high fixed costs of building an own distribution network abroad. Manufacturers who develop new products are more likely to use trade intermediaries, as are firms that produce low-quality goods. In contrast, neither foreign ownership nor credit constraints are correlated with the choice of export mode. Moreover, firms that rely on trade intermediaries to sell their goods…
The Taxation of Financial Capital Under Asymmetric Information and the Tax-Competition Paradox
2003
Information sharing between governments is examined in an optimal-taxation framework. We introduce a taxonomy of alternative systems of international capital-income taxation and characterize the choice of tax rates and information exchange. The model reproduces the conclusion found in earlier literature that integration of international caopital markets may lead to the under-provision of publicly provided goods. However, in contrast to previous results in the literature, under-provision occurs due to inefficiently coordinated expectations. We show that there exists a second equilibrium with an efficient level of public-good provision as well as complete and voluntary information exchange be…