33 research outputs found
The diffusion of process innovation in the UK financial sector: an empirical analysis of automated teller machine (ATM) diffusion
Recent policy initiatives have identified that the diffusion of innovation constitutes an
important component in technical change and progress and is the impetus behind
changes in firm productivity. To date, however, the main emphasis of economists has
been on the diffusion of process innovations in the industrial sector with diffusion in the
financial sector either ignored or, at best, summarised by a number of stylised facts
relating to the spread of information.
The objective of this thesis is to explore the inter-firm determinants of ATM adoption
and diffusion in the UK financial sector and identify firm-specific and market factors in
the diffusion process. The empirical analysis draws on duration analysis which
represents the current state-of-art modelling approach to inter-firm diffusion. This
approach conceptualises inter-firm diffusion as a cross-section of durations of nonadoption
from which, most importantly, hypothesised factors (or `covariates') can be
examined by their significance or otherwise on the conditional probability of adoption.
The main findings of this thesis support the stylised fact often made in the diffusion
literature that the inter-firm diffusion curve is sigmoid and characterised by a nonmonotonic
hazard function. Furthermore the empirical analysis supports the hypothesis
that firm-specific characteristics and expectations have played a crucial role in the interfirm
diffusion of ATMs. In addition, the results indicate that the diffusion of ATMs in
the UK has been characterised by the existence of positive network externalities. The
results are also shown to be robust across a number of model specifications and
assumptions concerning the time-path of covariates
SMEs and Regional Economic Growth in Brazil
This paper examines the relationship between the Small and Medium Enterprise (SME) sector and economic growth for an annual panel of Brazilian states for the period 1985-2004. We investigate the importance of the relative size of the SME sector measured by the share of the SME employment in total formal employment and the level of human capital in SMEs measured by the average years of schooling of SME employees. The empirical results indicate that the relative importance of SMEs is negatively correlated with economic growth, a result that is consistent with previous studies examining developing countries. In addition, our results also show that human capital embodied in SMEs may be more important for economic growth than the relative size of the SME sector.Firm size, market structure, economic growth, human capital.
The determinants of technology diffusion: evidence from the UK financial sector
This paper investigates the role of firm and industry-specific factors in the
diffusion of automated teller machines (ATMs) in the UK financial sector. A
duration model of technology adoption is employed in the empirical modelling and
is applied to an annual panel of adoption histories over the period 1972 - 1997.
The main factors affecting the diffusion of new technology are found to be
endogenous learning, cumulative learning-by-doing effects, firm size, growth and
profitability, and price expectations. There is, however, little evidence to support
the role of stock effects in the diffusion process. The results are found to be robust
across a number of specifications of the baseline hazard function
Regional growth and SMEs in Brazil:a spatial panel approach
Cravo T. A., Becker B. and Gourlay A. Regional growth and SMEs in Brazil: a spatial panel approach, Regional Studies. This paper examines economic growth for a panel of 508 Brazilian micro-regions for the period 1980-2004, using spatial econometrics and paying particular attention to the importance of small and medium-sized enterprises (SMEs). The findings indicate the presence of spatial dependence in the process of economic growth and the existence of two spatial regimes in Brazil. The human capital level of the whole population is an important growth determinant, but does not generate positive spillovers. Furthermore, human capital embodied in SMEs is more important than the size of this sector for regional growth and SME activity generates positive spatial spillovers
Believe or not believe: generalising the Azzi-Ehrenber model
This paper presents an economic model of consumer behaviour within a religious framework. The individual is defined as being religious so, for him God exists with absolute certainty. We distinguish two separate aims of the individual: human welfare and spiritual welfare. Joint maximisation of these two targets subject to time and budgetary constraints yields a solution in which the optimal values of consumption and religiosity are obtained. Allowance is also given to the compulsory payment of a religious tax. We show that the shape of the interchange curve between these two optimal values depends upon the relative shapes of the human welfare and spiritual welfare functions
Non-parametric analysis of efficiency gains from bank mergers in India
This paper offers an insight into the effectiveness of economic policy reforms in the Indian Banking System by examining the efficiency benefits of mergers among Scheduled Commercial Banks in India over the post-reform period 1991-92 to 2004-05. It does this by using the methodology developed by Bogetoft and Wang (2005). We also provide a metric for judging the success or failure of a merger. Overall, we find that bank mergers in the post reform period possessed considerable potential efficiency gains stemming from harmony gains. Post merger efficiency analysis of the merged bank with a control group of non-merging banks reveals an initial merger related efficiency advantage for the former that, while persistent, did not show a sustained increase thus failing to provide the merging banks with a competitive advantage vis-à-vis their non-merging counterparts. To-date there have been relatively few studies focusing on the mergers and acquisitions scenario in India and even fewer focusing on the efficiency benefits of mergers involving SCBs. This paper addresses this current weakness in the literature
SMEs and regional economic growth in Brazil
This paper examines the relationship between the Small and Medium Enterprise
(SME) sector and economic growth for an annual panel of Brazilian states for the
period 1985-2004. We investigate the importance of the relative size of the SME
sector measured by the share of the SME employment in total formal employment
and the level of human capital in SMEs measured by the average years of schooling
of SME employees. The empirical results indicate that the relative importance of
SMEs is negatively correlated with economic growth, a result that is consistent with
previous studies examining developing countries. In addition, our results also show
that human capital embodied in SMEs may be more important for economic growth
than the relative size of the SME sector
Economic implications of alternative scholarly publishing models : exploring the costs and benefits. JISC EI-ASPM Project. A report to the Joint Information Systems Committee (JISC)
A knowledge economy has been defined as: “…one in which the generation and exploitation of
knowledge has come to play the predominant part in the creation of wealth. It is not simply
about pushing back the frontiers of knowledge; it is also about the more effective use and
exploitation of all types of knowledge in all manner of economic activities” (DTI 1998). In a
knowledge economy, innovation and the capacity of the system to create and disseminate the
latest scientific and technical information are important determinants of prosperity (David and
Foray 1995; OECD 1997).
Scholarly publishing plays a key role, as it is central to the efficiency of research and to the
dissemination of research findings and diffusion of scientific and technical knowledge. But,
advances in information and communication technologies are disrupting traditional models of
scholarly publishing, radically changing our capacity to reproduce, distribute, control, and
publish information. The key question is whether there are new opportunities and new models
for scholarly publishing that would better serve researchers and better communicate and
disseminate research findings (OECD 2005, p14)
SMEs and regional economic growth in Brazil
This is a working paper. It is also available at: http://ideas.repec.org/p/lbo/lbowps/2010_01.htmlThis paper examines the relationship between the Small and Medium Enterprise
(SME) sector and economic growth for an annual panel of Brazilian states for the
period 1985-2004. We investigate the importance of the relative size of the SME
sector measured by the share of the SME employment in total formal employment
and the level of human capital in SMEs measured by the average years of schooling
of SME employees. The empirical results indicate that the relative importance of
SMEs is negatively correlated with economic growth, a result that is consistent with
previous studies examining developing countries. In addition, our results also show
that human capital embodied in SMEs may be more important for economic growth
than the relative size of the SME sector