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Regional financial development and bank competition: effects on firms' growth
2009
Fernandez de Guevara J. and Maudos J. Regional financial development and bank competition: effects on firms' growth, Regional Studies. This paper analyses the effect of regional financial development and bank competition on firms' growth using the Spanish provinces as a testing ground. The results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-‘U’ effect on firms' growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry to which …
Smart Cities and a Stochastic Frontier Analysis: A Comparison among European Cities
2013
The level of interest in smart cities is growing, and the recent literature on this topic (Holland, 2008; Caragliu et al., 2009, Nijkamp et al., 2011 and Lombardi et al., 2012) identifies a number of factors that characterise a city as smart, such as economic development, environment, human capital, culture and leisure, and e-governance. Thus, the smartness concept is strictly linked to urban efficiency in a multifaceted way. A seminal research for European policy conducted by Giffinger et al. (2007) defines a smart city on the basis of several intangible indicators, such as a smart economy, smart mobility, smart environment, smart people, smart living, and smart governance. These authors’ …
MANAGEMENT CHALLENGES - A PREVIEW IN FUTURE OF CAPITALISM
2012
The economic crisis comes in the context the deepest political crisis faced by the EU today. Economic catastrophe led to the strongest economic crisis since the '30s. Downturns were commonly explained using technical arguments, economic or financial reasons. Because they were discussed by experts in language often inaccessible, so often we face today and dangerous misunderstanding of the population crisis. When talking about economic crises tend to forget that they come in a political context, social and cultural. At the same time, how society reacts to the crisis is decisively influenced by the values it embraces.
The dynamics of the financial capital – intellectual capital binomial relationship regarding the value creation process of a firm in the knowledge-ba…
2009
The idea that the value of the firm is given by its financial capital and its intellectual capital is generally accepted. But, what is changing nowadays is the importance/weight that each one of these two components claims to have regarding the value of the firm – based on the dynamics of the changes and the intensity of the competition within an industry, on one hand, and on the measure of connection/networking to the knowledge-based economy of the given industry, on the other hand. So, we are the witnesses of: (1) a repositioning into the dynamics of the financial capital – intellectual capital binomial relationship regarding the value creation process of a firm and (2) the need to reform…
Variation sur le thème 'A la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise'
2001
L'objectif de cet article est de proposer une voie alternative à celle que préconise Zingales pour donner de nouvelles fondations à la finance d'entreprise. En empruntant le même cheminement que Zingales, cet article retient premièrement une définition plus large de la finance, accordant à l'investissement une place au moins équivalente à celle du financement. Deuxièmement, considérant que la vision contractuelle, dans son interprétation traditionnelle fondée sur la protection des actifs spécifiques, conduit à une théorie financière déconnectée de toute considération productive, il propose de lui substituer les théories de la firme associées aux courants cognitifs. Troisièmement, les conséq…
Effective Tax rates and Fiscal Convergence in the OECD: 1965-2001
2005
In this work we elaborate a data base that includes 21 OECD countries along the 1965-2001 period. It includes average effective tax rates on consumption, capital and labour, which are adequate to analyse macroeconomic effects of fiscal policy. Additionally, we make a description of the most important features of fiscal structures in OECD countries along the last decades. Thus, we find that the ratio of fiscal revenues to GDP has steadily increased in these countries, mainly due to the increase of taxation on labour earnings. This increase in fiscal revenues has gone together with a process of convergence across countries both in the level of fiscal revenues, as in labour and capital tax rat…
La contabilidad de las cooperativas al día
2003
The proposal of an adaptation of the National Accounting System (PGC) for the Cooperative sector has seen fruition in a Project, currently at the draft stage, published by the Instituto de Contabilidad y Auditoría de Cuantas (ICAC) and disseminated in several forums with the aim of: being spread in co-operative circles, giving sufficient time to take on the changes implied in adopting the project, debating the new aspects and proposing alternative solutions, among others. This paper aims to provide a critical commentary for some of the more controversial aspects the new regulations raise.
Why Do European Venture Capital Companies Syndicate?
2002
Financial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access additional intangible resources or deal flow. Access to resources is, however, more important for non-lead than for lead investors. When resource-based motives are more important, the propensity to syndicate increases. Syndication intensity is higher for young VC firms and for VC firms, specialised in a specific investment stage. Finally, syndication strategies are similar across European countries, but differ fro…
La cohérence dans la mobilisation du capital humain:une illustration de la théorie de l’architecture organisationnelle dans les banques de réseau
2006
(VF)S’il est courant d’opposer capital financier et capital humain les organisations mettent en place des mécanismes de coordination afin de faire converger les intérêts des deux catégories de partenaires que sont les salariés et les actionnaires. La théorie de l’architecture organisationnelle permet de fournir un cadre d’analyse pertinent pour rendre compte de ces mécanismes. Dans ce cadre nous pouvons constater la pluralité des mécanismes d’incitation. Parmi eux, les incitations financières et le pouvoir de délégation accordé au niveau local figurent en bonne place. Ce qui garantit l’efficacité de ces mécanismes est la complémentarité et la cohérence des différentes composantes de l’archi…
Valorificarea capitalului intelectual - criteriu pentru performanta manageriala in societatea bazata pe cunoastere
2006
If we can see the knowledge society as an essential part of the “external environment” of the firm management, that brings with it some specific opportunities and threats, we have to consider the intellectual capital – that integrates the two basic resources: knowledge and human – a key ingredient for the “internal environment” of the firm management, which determines some strengths and/or weaknesses that lead to the success or the failure of the managerial effort of the firm operating under the circumstances given by the emergency of three processes with global spread: the economic globalization, the managerial revolution and the knowledge-based society. Having as starting point the premis…