322 research outputs found
Surges and stops in greenfield and M&A FDI flows to developing countries: analysis by mode of entry
This paper investigates the factors associated with foreign direct investment âsurgesâ and âstopsâ, defined as sharp increases and decreases, respectively, of foreign direct investment inflows to the developing world and differentiated based on whether these events are led by waves in greenfield investments or mergers and acquisitions. Greenfield-led surges and stops occur more frequently than mergers-and-acquisitions-led ones and different factors are associated with the onset of the two types of events. Global liquidity is the factor significantly and positively associated with a surge, regardless of its kind, while a global economic growth slowdown and a surge in the preceding year are the main factors associated with a stop. Greenfield-led surges and stops are more likely in low-income countries and mergers-and-acquisitions-led surges are less likely in resource-rich countries than elsewhere in the developing world. Global growth accelerations and increases in financial openness, domestic economic and financial instability are associated with mergers-and-acquisitions-led surges but not with greenfield-led ones. These results are particularly relevant for developing countries where FDI flows are the major type of capital flows and suggest that developing countriesâ macroeconomic vulnerability increases following periods of increased global liquidity. As countries develop they typically become more exposed to merger-and-acquisition-led surges, which are more likely than greenfield-led surges and stops to be short-lived and associated with domestic macroeconomic policies
Spatial Structure and Productivity in U.S. Metropolitan Areas
Recent concepts as megaregions and polycentric urban regions emphasize that external economies are not confined to a single urban core, but shared among a collection of close-by and linked cities. However, empirical analyses of agglomeration and agglomeration externalities so-far neglects the multicentric spatial organization of agglomeration and the possibility of âsharingâ or âborrowingâ of size between cities. This paper takes up this empirical challenge by analyzing how different spatial structures, in particular the monocentricity â polycentricity dimension, affect the economic performance of U.S. metropolitan areas. OLS and 2SLS models explaining labor productivity show t
Urban circular policies and employment through FDI
This paper examines the association between circular strategies imposed by European
cities on the attraction of greenfield foreign direct investment (FDI) and the creation of circular gross
employment through greenfield FDI. We utilize a recently developed database of circular strategies
employed by local authorities in 43 European cities with information on greenfield FDI in these
cities and other city characteristics for the years 2016â2017. We find that urban circular policies are
positively and significantly associated with the attraction of greenfield FDIâgenerated employment,
where the effect is stronger for regulatory and economic instruments compared to soft instruments
The silver linings of lottery play: motivation and subjective well-being of British lottery participants
Although certain researchers have attributed widespread lottery play to irrational beliefs that people hold regarding the chances of winning the lottery, another explanation for the popularity of lottery gambling is that lottery players may experience positive emotions before the draw. Therefore, in this study, we examine the relationship between lottery participation and happiness. Using data from the British Gambling Prevalence Survey 2010 and utilizing propensity score matching methods, we find a small positive effect of lottery participation on happiness for individuals who engage in lottery play for recreational purposes
Structure and Cooptition in Urban Networks
Over the past decades, demographic changes, advances in transportation and communication technology, and the growth of the services sector have had a significant impact on the spatial structure of regions. Monocentric cities are disappearing and developing into polycentric metropolitan areas, while at the same time, social economic processes are taking place at an ever larger geographical scale, beyond that of the city, in which historically separate metropolitan areas are becoming increasingly functionally connected to form polycentric urban regions. Such urban networks are characterised by the lack of an urban hierarchy, a significant degree of spatial integration between different cities and, complementary relationships between centres, in that cities and towns have different economic specialisations.
The growing literature on changing urban systems coincides with the increasing popularity of the urban network concept in contemporary spatial planning and policy, in which urban networks are often seen as a panacea for regional economic development problems. Polycentricity and spatial integration have become catchphrases, where polycentric development policies have been introduced to support territorial cohesion as well as higher levels of territorial competitiveness. Despite the enthusiasm for the ideas of a polycentric and networked spatial organisation, the assessment of the network concept leaves much to be desired. To what extent are regions becoming more polycentric and spatially integrated? Are relationships between cities in polycentric, spatially integrated regions complementary rather than competitive? And are polycentric, spatially integrated regions more economically efficient than their monocentric, non-integrated counterparts? In this study, these questions will be addressed
Unsuccessful Subjective Well-Being Assimilation Among Immigrants: The Role of Faltering Perceptions of the Host Society
Immigrants in developed countries typically fail to assimilate in terms of their subjective well-being, meaning that their happiness and life satisfaction do not substantially increase with their length of stay or across generations, and therefore their subjective well-being remains lower than that of natives. This finding contrasts with migrantsâ own expectations and the predictions of straight-line assimilation theory, along with the general improvement of immigrantsâ objective living conditions with their length of stay. Using European Social Survey data, we show that the gradual development of less positive perceptions of the host countryâs economic, political, and social conditions is associated with less positive subjective well-being trajectories among first generation immigrants and across migrant generations in developed European countries. This negative association is particularly strong for immigrants whose societal conditions strongly improved by migration and immigrants who arrived after childhood. However, compared with natives, the more positive societal perceptions of first-generation immigrants are associated with a subjective well-being advantage. We attribute these findings to immigrantsâ growing aspirations and expectations that follow from their habituation to better conditions in their host country and fewer (more) comparisons to the inferior (better) conditions of the people in their home (host) country. Our findings suggest that delaying or decelerating the process of immigrantsâ faltering societal perceptions is a promising pathway to improved subjective well-being assimilation and reduced frustration about their perceived lack of progress
Financial Distress and Happiness of Employees in Times of Economic Crisis
__Abstract__
Using data for 28 European countries for the 2008-2012 period, we examine whe
Data Sparseness and Variance in Accounting Profitability
__Abstract__
A central question in strategic management is why some firms perform better than others. One approach to addressing this question empirically is to decompose the variance in firm-level profitability into firm, industry, location, and year components. Although it is well established that data sparseness in variance decomposition studies can lead to overestimating particular variance components, little attention has been paid to sample size requirements in strategic management studies that have examined the nature of differences in firm profitability. We conduct a meta-regression and variance decomposition study and conclude that the variatio
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