2,462 research outputs found
The Determinants of Foreign Direct Investment in Transition Economies
Using a panel dataset containing information on FDI flows from market to transition economies, we establish the determinants of FDI inflows to Central and Eastern Europe: country risk, unit labour costs, host market size and gravity factors. In turn, we find country risk to be influenced by private sector development, industrial development, the government balance, reserves and corruption. By introducing structural shift dummy variables for key announcements of progress in EU accession we show that announcements have impacted directly upon FDI receipts but have not influenced country credit ratings. The Agenda 2000 announcement by the European Commission induced a bifurcation between the 'first wave' transition countries and the remainder of our sample. The underlying dynamics of the process illustrate that increases in FDI improve country credit ratings with a lag, hence increasing future FDI receipts. Consequently we suggest that the accession progress has the potential to induce virtuous cycles for the frontrunners but may have serious consequences for the accession laggards.http://deepblue.lib.umich.edu/bitstream/2027.42/39726/3/wp342.pd
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Regulatory effectiveness: the impact of good regulatory governance on electricity industry capacity and efficiency in developing countries
This paper assesses for 28 developing countries over the period 1980-2001 whether the existence of a regulatory law and higher quality regulatory governance are significantly associated with superior electricity outcomes. The analysis draws on theoretical and empirical work on the impact of independent central banks and of developing country telecommunications regulators. The empirical analysis concludes that, controlling for other relevant variables and allowing for country specific fixed effects, a regulatory law and higher quality governance is positively and significantly associated with higher per capita generation capacity levels and higher generation capacity utilisation rates. In addition, at least for three years or more, this positive regulatory impact appears to increase with experience
Why Transition Paths Differ: Russian and Chinese Enterprise Performance Compared
We use enterprise data to analyse and compare the determinants of enterprise performance in China and Russia. We find that in China, enterprise growth and efficiency is associated with rapid increases in factor inputs including management, as well as TFP, but not greatly associated with ownership or institutional factors. In contrast, sales growth in Russia is not associated with improvements in factor quantity (except for labor) or quality; TFP is not influenced by competition and privatization to outsiders does not enhance company performance relative to insider ownership. The main determinants of TFP are instead demand and institutional factors at a regional level.http://deepblue.lib.umich.edu/bitstream/2027.42/39910/3/wp525.pd
A growing disconnection from nature is evident in cultural products
Human connection with nature is widely believed to be in decline, even though empirical evidence on the magnitude and temporal pattern of the change is scarce. Studying works of popular culture in English throughout the 20th century and later, we document a cultural shift away from nature, beginning in the 1950s. Since then, references to nature have been decreasing steadily in fiction, song lyrics, and film storylines. No parallel decline is observed in references to the human-made environment. These findings are cause for concern, not only because they imply foregone benefits from engagement with nature, but also because cultural products are agents of socialization that can evoke curiosity, respect, and concern for the natural world
The sources of management innovation: when firms introduce new management practices
Management innovation is the introduction of management practices new to the firm and intended to enhance firm performance. Building on the organizational reference group literature, this article shows that management innovation is a consequence of a firm's internal context and of the external search for new knowledge. Furthermore the article demonstrates a trade-off between context and search, in that there is a negative effect on management innovation associated with their joint occurrence. Finally the article shows that management innovation is positively associated with firm performance in the form of subsequent productivity growth
Competition among Sellers in Securities Auctions
We study simultaneous security-bid second-price auctions with competition among sellers for potential bidders. The sellers compete by designing ordered sets of securities that the bidders can offer as payment for the assets. Upon observing auction designs, potential bidders decide which auctions to enter. We characterize all symmetric equilibria and show that there always exist equilibria in which auctions are in standard securities or their combinations. In large markets the unique equilibrium is auctions in pure cash. We extend the model for competition in reserve prices and show that binding reserve prices never constitute equilibrium as long as equilibrium security designs are not call options. (JEL D44, D82, G10)
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Reactivity to sustainability metrics: A configurational study of motivation and capacity
Previous research on reactivity – defined as changing organisational behaviour to better conform to the criteria of measurement in response to being measured – has found significant variation in company responses towards sustainability metrics. We propose that reactivity is driven by dialogue, motivation and capacity in a configurational way. Empirically, we use fuzzy set Qualitative Comparative Analysis (fsQCA) to analyse company responses to the sustainability index FTSE4Good. We find evidence of complimentary and substitute effects between motivation and capacity. Based on these effects we develop a typology of reactivity to sustainability metrics, which also theorises the use of metrics as tools for performance feedback and the building of calculative capacity. We show that when reactivity is studied configurationally, we can identify previously underacknowledged types of responses. We discuss the theoretical and practical implications for studying and using sustainability metrics as governance tools for responsible behaviour
How management innovation happens
Management innovation — that is, the implementation of new management
practices, processes and structures that represent a significant
departure from current norms — has over time dramatically transformed the
way many functions and activities work in organizations. Many of the practices,
processes and structures that we see in modern business organizations
were developed during the last 150 years by the creative efforts of management
innovators. Those innovators have included well-known names like
Alfred P. Sloan and Frederick Taylor, as well as numerous other unheralded
individuals and small groups of people who all sought to improve the internal
workings of organizations by trying something new
The Risk Aversion of Banks in Emerging Credit markets: Evidence from India
Using bank-level data from India, for nine years (1995-96 to 2003-04), we examine banks’ behavior in the context of emerging credit markets. Our results indicate that the credit market behavior of banks in emerging markets is determined by past trends, the diversity of the potential pool of borrowers to whom a bank can lend, and regulations regarding treatment of NPA and lending restrictions imposed by the Reserve Bank of India. Finally, we find evidence that suggest that credit disbursal by banks can be facilitated by regulatory and institutional changes that help banks mitigate the problems associated with enforcement of debt covenants and treatment of NPA on the balance sheets. On the basis of these results, we speculate on some possible policy recommendations.http://deepblue.lib.umich.edu/bitstream/2027.42/40160/3/wp774.pd
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Regulatory effectiveness: the impact of regulation and regulatory governance arrangements on electricity industry outcomes: a review paper
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