Pub Date : 2023-11-10DOI: 10.1080/00343404.2023.2267585
Yan Tong, Yuan Tian, Zhangfan Cao
ABSTRACTWe examine whether chief executive officer (CEO) locality affects firms’ cost of debt. Drawing upon place attachment theories suggesting individuals develop affective bonds with their hometowns, we find robust evidence that firms employing local CEOs tend to have a lower cost of debt than those with non-local CEOs. More importantly, we find that regional heterogeneity plays an important role in shaping the relationship from economic and cultural perspectives. The effect is more pronounced in regions where the economies and marketisation are less developed. Furthermore, we show that the effect of CEO locality is stronger in regions with collectivism and regions with low social trust. Our findings hold up to numerous robustness checks and endogeneity tests. Overall, our study highlights the prominent role of the geographically segmented CEO labour markets as an intrinsic but underexplored non-contractual factor for value creation.KEYWORDS: local chief executive officerslocalitycost of debtplace attachment theoryJEL: G3G10Z12 DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. According to the Wind database, by the end of 2021, the total outstanding bonds of Chinese firms (corporate bonds, enterprise bonds and medium-term notes) reached 20,072 trillion RMB, nearly 29 times that of 2008 (702 trillion RMB).2. Based on prior studies (Lai et al., Citation2020), board directors are likely to be from the local business circle, and therefore they tend to have more information about local CEOs in recruitment. As a result, directors are more confident and informative about their locally hired CEOs who would, in turn, face less pressure to boost short-term performance.3. We thank the anonymous reviewer for providing this suggestion about the collinearity test. In addition, in untabulated results, our stationary tests also suggest that the variable SPREAD is not seriously subject to stationarity concerns.4. In untabulated results, the correlation matrix also shows a negative and statistically significant correlation between local CEOs and the cost of debt.5. In untabulated results, as an additional test we also find that the effect of local CEO on the cost of debt is more pronounced for non-SOE firms.Additional informationFundingThis study was supported by the National Natural Science Foundation of China [grant numbers 72072012, 71972010 and 71972011] and the National Social Science Fund of China [grant number 22BGL088].
摘要本文考察了首席执行官(CEO)的局部性是否影响企业的债务成本。根据地方依恋理论，我们发现雇佣本地ceo的公司往往比雇佣非本地ceo的公司债务成本更低。更重要的是，我们发现从经济和文化的角度来看，区域异质性在形成关系中起着重要作用。这种影响在经济和市场化程度较低的地区更为明显。此外，我们发现CEO地域性的影响在集体主义和社会信任度较低的地区更强。我们的发现坚持了许多稳健性检查和内生性检验。总体而言，我们的研究强调了地理上分割的首席执行官劳动力市场作为价值创造的内在但未被充分探索的非合同因素的突出作用。关键词:地方首席执行官地方债务成本地方依附理论披露声明作者未报告潜在利益冲突。Wind数据库显示，截至2021年底，中国企业债券(公司债、企业债和中期票据)余额总额达到20072万亿元人民币，是2008年(702万亿元人民币)的近29倍。根据之前的研究(Lai et al.， Citation2020)，董事会董事很可能来自当地商界，因此他们在招聘时往往有更多关于当地ceo的信息。因此，董事们对当地聘请的首席执行官更有信心，也更了解他们，而这些首席执行官在提高短期业绩方面面临的压力也更小。我们感谢匿名审稿人提供关于共线性测试的建议。此外，在未列表的结果中，我们的平稳性检验也表明，变量SPREAD不受平稳性问题的严重影响。在未列表的结果中，相关矩阵也显示地方首席执行官与债务成本之间存在负的和统计上显著的相关关系。在未列表的结果中，作为一个额外的测试，我们还发现，在非国有企业中，地方首席执行官对债务成本的影响更为明显。本研究得到国家自然科学基金项目[批准号:72072012,71972010和71972011]和国家社会科学基金项目[批准号:22BGL088]的支持。
{"title":"The effect of CEO locality on the cost of debt financing: the role of regional heterogeneity","authors":"Yan Tong, Yuan Tian, Zhangfan Cao","doi":"10.1080/00343404.2023.2267585","DOIUrl":"https://doi.org/10.1080/00343404.2023.2267585","url":null,"abstract":"ABSTRACTWe examine whether chief executive officer (CEO) locality affects firms’ cost of debt. Drawing upon place attachment theories suggesting individuals develop affective bonds with their hometowns, we find robust evidence that firms employing local CEOs tend to have a lower cost of debt than those with non-local CEOs. More importantly, we find that regional heterogeneity plays an important role in shaping the relationship from economic and cultural perspectives. The effect is more pronounced in regions where the economies and marketisation are less developed. Furthermore, we show that the effect of CEO locality is stronger in regions with collectivism and regions with low social trust. Our findings hold up to numerous robustness checks and endogeneity tests. Overall, our study highlights the prominent role of the geographically segmented CEO labour markets as an intrinsic but underexplored non-contractual factor for value creation.KEYWORDS: local chief executive officerslocalitycost of debtplace attachment theoryJEL: G3G10Z12 DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. According to the Wind database, by the end of 2021, the total outstanding bonds of Chinese firms (corporate bonds, enterprise bonds and medium-term notes) reached 20,072 trillion RMB, nearly 29 times that of 2008 (702 trillion RMB).2. Based on prior studies (Lai et al., Citation2020), board directors are likely to be from the local business circle, and therefore they tend to have more information about local CEOs in recruitment. As a result, directors are more confident and informative about their locally hired CEOs who would, in turn, face less pressure to boost short-term performance.3. We thank the anonymous reviewer for providing this suggestion about the collinearity test. In addition, in untabulated results, our stationary tests also suggest that the variable SPREAD is not seriously subject to stationarity concerns.4. In untabulated results, the correlation matrix also shows a negative and statistically significant correlation between local CEOs and the cost of debt.5. In untabulated results, as an additional test we also find that the effect of local CEO on the cost of debt is more pronounced for non-SOE firms.Additional informationFundingThis study was supported by the National Natural Science Foundation of China [grant numbers 72072012, 71972010 and 71972011] and the National Social Science Fund of China [grant number 22BGL088].","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"96 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135092558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ABSTRACTWe investigate whether regions’ participation to the global network of embodied R&D (GNRD) facilitates their technological diversification. Filling a gap about the role of global research and development (R&D) networks, we maintain that by patenting in pivotal GNRD industries, regions become more exposed to global knowledge and increase their capacity to diversify also in technologies less cognitively related to pre-existing ones. Using novel GNRD data, we test this using a panel (2004–19) of NUTS-2 regions for the EU-13. GNRD regional exposure positively correlates with technological diversification, mainly at the intensive margin. A higher exposure makes technological diversification less related to existing technologies, though the relationship is non-linear.KEYWORDS: relatedness; global innovation networks; diversification; revealed technological advantageJEL: O31O33R11R15 ACKNOWLEDGEMENTSWe thank the editor who handled the paper and the anonymous referees for their helpful suggestions. An earlier version of this paper was presented at the: XIX Annual Workshop of the Italian Association of Industrial Economics and Politics (SIEPI) (Virtual), 10-11 June 2021; 18th International Schumpeter Society (ISS) Conference, LUISS Rome (virtual), 8-10 July 2021; 6th Global Conference on Economic Geography, University College Dublin & Trinity College Dublin, 7-10 June 2022; and 6th Geography of Innovation Conference 2022, Universitá Bocconi, Milan, 4-7 July 2022. We are grateful to the participants of these events for their useful comments.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. As will also be shown in section 3, the cognitive proximity between technologies can be measured by looking at the co-occurrence of the relative classification codes within patent documents.2. By looking at co-inventor and patent citations networks, the regional participation to patent-based global networks can in fact be easily mapped. Indeed, its relationship with regional diversification has been already investigated by recent studies (e.g., Miguelez & Moreno, Citation2018; Whittle et al., Citation2020; Balland & Boschma, Citation2021).3. Because of the discussed shortage of sufficiently fine-grained data, the construction of an interregional version of the GNRD, whose nodes are region–industries, is to date technically unfeasible. This is due to a lack of required data at the regional level, which regional modellers have already faced in the literature, and for whose solution different approaches have been proposed: such as the development of compensation methods to estimate inter-industry and interregional trade effects and of methodologies to regionalise national input–output coefficients (e.g., Flegg et al., Citation1995; McCann & Dewhurst, Citation1998; Spoerri et al., Citation2007; Bonfiglio, Citation2009; Kowalewksi, Citation2015). Still, the application of these approaches to the GNRD is impeded by the lack of fi
{"title":"Regional technological diversification and the global network of embodied R&D: evidence from the exposure of European regions","authors":"Fabrizio Fusillo, Sandro Montresor, Chiara Burlina, Alessandro Palma","doi":"10.1080/00343404.2023.2269205","DOIUrl":"https://doi.org/10.1080/00343404.2023.2269205","url":null,"abstract":"ABSTRACTWe investigate whether regions’ participation to the global network of embodied R&D (GNRD) facilitates their technological diversification. Filling a gap about the role of global research and development (R&D) networks, we maintain that by patenting in pivotal GNRD industries, regions become more exposed to global knowledge and increase their capacity to diversify also in technologies less cognitively related to pre-existing ones. Using novel GNRD data, we test this using a panel (2004–19) of NUTS-2 regions for the EU-13. GNRD regional exposure positively correlates with technological diversification, mainly at the intensive margin. A higher exposure makes technological diversification less related to existing technologies, though the relationship is non-linear.KEYWORDS: relatedness; global innovation networks; diversification; revealed technological advantageJEL: O31O33R11R15 ACKNOWLEDGEMENTSWe thank the editor who handled the paper and the anonymous referees for their helpful suggestions. An earlier version of this paper was presented at the: XIX Annual Workshop of the Italian Association of Industrial Economics and Politics (SIEPI) (Virtual), 10-11 June 2021; 18th International Schumpeter Society (ISS) Conference, LUISS Rome (virtual), 8-10 July 2021; 6th Global Conference on Economic Geography, University College Dublin & Trinity College Dublin, 7-10 June 2022; and 6th Geography of Innovation Conference 2022, Universitá Bocconi, Milan, 4-7 July 2022. We are grateful to the participants of these events for their useful comments.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. As will also be shown in section 3, the cognitive proximity between technologies can be measured by looking at the co-occurrence of the relative classification codes within patent documents.2. By looking at co-inventor and patent citations networks, the regional participation to patent-based global networks can in fact be easily mapped. Indeed, its relationship with regional diversification has been already investigated by recent studies (e.g., Miguelez & Moreno, Citation2018; Whittle et al., Citation2020; Balland & Boschma, Citation2021).3. Because of the discussed shortage of sufficiently fine-grained data, the construction of an interregional version of the GNRD, whose nodes are region–industries, is to date technically unfeasible. This is due to a lack of required data at the regional level, which regional modellers have already faced in the literature, and for whose solution different approaches have been proposed: such as the development of compensation methods to estimate inter-industry and interregional trade effects and of methodologies to regionalise national input–output coefficients (e.g., Flegg et al., Citation1995; McCann & Dewhurst, Citation1998; Spoerri et al., Citation2007; Bonfiglio, Citation2009; Kowalewksi, Citation2015). Still, the application of these approaches to the GNRD is impeded by the lack of fi","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"120 45","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135137883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-09DOI: 10.1080/00343404.2023.2267088
Sixu Wu, Panpan Wang, Bindong Sun
ABSTRACTThis study revealed the non-linear impact of the internet on the spatial structure of intracity employment and how transportation infrastructure moderates this non-linear impact. Using data from 22.47 million enterprises from the China Economic Census of 2004, 2008 and 2013, we found that (1) on average, the internet promotes urban employment agglomeration, but this agglomeration effect diminishes marginally as internet penetration increases; (2) the internet promotes the secondary sector to agglomerate first and then disperse, while it only has an agglomeration effect on the tertiary sector; and (3) improvements in the transportation infrastructure diminish the internet’s agglomeration effect.KEYWORDS: internet; spatial structure of urban employment; transportation infrastructure; non-linear impactJEL: O18, O33, R12 ACKNOWLEDGEMENTSThe authors thank the editors and anonymous referees for very constructive comments on this paper.AUTHOR CONTRIBUTIONSSixu Wu and Panpan Wang contributed equally to this paper.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. According to the regression results of the DELTA index, when the road area per resident exceeds 23 m2, the value of (−0.101 + 0.032 × ln(Road density)) changes from negative to positive, and the impact of the internet changes from an inverted to a positive ‘U’-curve. In the sample of 289 cities in this study, only 19 cities have a road area per resident exceeding this threshold. In the same way, the threshold of expressway density is 55 m/km2, the threshold of the number of buses per 10,000 residents is 20, and the threshold of the number of taxis per 10,000 residents is 4.Additional informationFundingThis study was supported by the National Natural Science Foundation of China [grant number 72303027]; the Zhejiang Provincial Philosophy and Social Science Planning Project of China [grant number 23NDJC023Z]; the National Natural Science Foundation of China [grant number 42071210]; the Fundamental Research Funds for the Central Universities [grant number 2022ECNU-XWK-XK001]; the Fundamental Research Funds for the Central Universities [grant number 2242023S20013]; and the National Natural Science Foundation of China [grant number 71874084].
{"title":"Internet, transportation infrastructure and the spatial structure of urban employment in China","authors":"Sixu Wu, Panpan Wang, Bindong Sun","doi":"10.1080/00343404.2023.2267088","DOIUrl":"https://doi.org/10.1080/00343404.2023.2267088","url":null,"abstract":"ABSTRACTThis study revealed the non-linear impact of the internet on the spatial structure of intracity employment and how transportation infrastructure moderates this non-linear impact. Using data from 22.47 million enterprises from the China Economic Census of 2004, 2008 and 2013, we found that (1) on average, the internet promotes urban employment agglomeration, but this agglomeration effect diminishes marginally as internet penetration increases; (2) the internet promotes the secondary sector to agglomerate first and then disperse, while it only has an agglomeration effect on the tertiary sector; and (3) improvements in the transportation infrastructure diminish the internet’s agglomeration effect.KEYWORDS: internet; spatial structure of urban employment; transportation infrastructure; non-linear impactJEL: O18, O33, R12 ACKNOWLEDGEMENTSThe authors thank the editors and anonymous referees for very constructive comments on this paper.AUTHOR CONTRIBUTIONSSixu Wu and Panpan Wang contributed equally to this paper.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. According to the regression results of the DELTA index, when the road area per resident exceeds 23 m2, the value of (−0.101 + 0.032 × ln(Road density)) changes from negative to positive, and the impact of the internet changes from an inverted to a positive ‘U’-curve. In the sample of 289 cities in this study, only 19 cities have a road area per resident exceeding this threshold. In the same way, the threshold of expressway density is 55 m/km2, the threshold of the number of buses per 10,000 residents is 20, and the threshold of the number of taxis per 10,000 residents is 4.Additional informationFundingThis study was supported by the National Natural Science Foundation of China [grant number 72303027]; the Zhejiang Provincial Philosophy and Social Science Planning Project of China [grant number 23NDJC023Z]; the National Natural Science Foundation of China [grant number 42071210]; the Fundamental Research Funds for the Central Universities [grant number 2022ECNU-XWK-XK001]; the Fundamental Research Funds for the Central Universities [grant number 2242023S20013]; and the National Natural Science Foundation of China [grant number 71874084].","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":" 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135242935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-06DOI: 10.1080/00343404.2023.2266474
Octasiano M. Valerio Mendoza, Flavio Comim, Mihály T. Borsi
ABSTRACTThis paper analyses whether the human capital levels embodied in immigrants can explain xenophobic trends for 126 regions in 14 EU-15 countries from 1998 to 2018. It tests if xenophobic regions may be rejecting immigrants because they are poor, a phenomenon recently defined as ‘aporophobia’. The results indicate that larger inflows of low-educated immigrants working in low-skilled occupations are significantly correlated with a higher rejection of migrants, thus confirming the aporophobia hypothesis. The findings in this paper bring light to the discussion of a powerful concept which underpins the need for a more just society.KEYWORDS: aporophobiaxenophobiahuman capitalimmigrationEuropean regionsJEL: I3J15R1 ACKNOWLEDGEMENTSThis article is based on an earlier conference paper entitled ‘Disentangling aporophobia from xenophobia in Europe’, presented at the 36th International Association for Research in Income and Wealth (IARIW) Virtual General Conference, 2022. We extend our gratitude to the conference participants for their valuable feedback and insights. We also express our sincere appreciation to the editor and anonymous referees for their constructive comments and suggestions, which greatly contributed to the refinement and expansion of this work. This paper is based on data from Eurostat, European Labour Force Surveys, 1998-2018, Released November 2019, version 2 and DOI 0.2907/LFS1983-2018V.2. The responsibility for all conclusions drawn from the data lies entirely with the authors. Laura Stilwell and Jan Zilinsky provided excellent research assistance. We thank Abhijit Banerjee for comments. We are particularly grateful to Betsy Levy Paluck, our discussant, for her detailed and thoughtful review of an earlier draft.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. We are very grateful to one of the anonymous referees for raising the distinction between the rational and the irrational fear of low-skilled migrants, in particular during economic recessions. In this situation, natives’ rejection of the poor might be rational and therefore unveil not pure prejudice, but personal fears related to labour market conditions. On the other hand, when this rejection of immigrants comes, for instance, with an association with racialised and ethnic beliefs, we might be facing a situation of discrimination. The literature is rich in examples when the growing criminalisation of unauthorised migrants and racialised beliefs and stereotypes about poor migrants cannot be justified by locals’ rational beliefs (e.g., Lim, Citation2021; Nuti, Citation2019).2. We express our gratitude to one of the anonymous referees who suggested this literature which explores the impact of immigration on the dynamics of labour markets.3. Aporophobia is a general phenomenon that might be as directed at the migrant poor as it is aimed at the native poor. Here we only tackle the kind of aporophobia directed at the migrant poor. We ado
{"title":"Disentangling aporophobia from xenophobia in the EU-15","authors":"Octasiano M. Valerio Mendoza, Flavio Comim, Mihály T. Borsi","doi":"10.1080/00343404.2023.2266474","DOIUrl":"https://doi.org/10.1080/00343404.2023.2266474","url":null,"abstract":"ABSTRACTThis paper analyses whether the human capital levels embodied in immigrants can explain xenophobic trends for 126 regions in 14 EU-15 countries from 1998 to 2018. It tests if xenophobic regions may be rejecting immigrants because they are poor, a phenomenon recently defined as ‘aporophobia’. The results indicate that larger inflows of low-educated immigrants working in low-skilled occupations are significantly correlated with a higher rejection of migrants, thus confirming the aporophobia hypothesis. The findings in this paper bring light to the discussion of a powerful concept which underpins the need for a more just society.KEYWORDS: aporophobiaxenophobiahuman capitalimmigrationEuropean regionsJEL: I3J15R1 ACKNOWLEDGEMENTSThis article is based on an earlier conference paper entitled ‘Disentangling aporophobia from xenophobia in Europe’, presented at the 36th International Association for Research in Income and Wealth (IARIW) Virtual General Conference, 2022. We extend our gratitude to the conference participants for their valuable feedback and insights. We also express our sincere appreciation to the editor and anonymous referees for their constructive comments and suggestions, which greatly contributed to the refinement and expansion of this work. This paper is based on data from Eurostat, European Labour Force Surveys, 1998-2018, Released November 2019, version 2 and DOI 0.2907/LFS1983-2018V.2. The responsibility for all conclusions drawn from the data lies entirely with the authors. Laura Stilwell and Jan Zilinsky provided excellent research assistance. We thank Abhijit Banerjee for comments. We are particularly grateful to Betsy Levy Paluck, our discussant, for her detailed and thoughtful review of an earlier draft.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. We are very grateful to one of the anonymous referees for raising the distinction between the rational and the irrational fear of low-skilled migrants, in particular during economic recessions. In this situation, natives’ rejection of the poor might be rational and therefore unveil not pure prejudice, but personal fears related to labour market conditions. On the other hand, when this rejection of immigrants comes, for instance, with an association with racialised and ethnic beliefs, we might be facing a situation of discrimination. The literature is rich in examples when the growing criminalisation of unauthorised migrants and racialised beliefs and stereotypes about poor migrants cannot be justified by locals’ rational beliefs (e.g., Lim, Citation2021; Nuti, Citation2019).2. We express our gratitude to one of the anonymous referees who suggested this literature which explores the impact of immigration on the dynamics of labour markets.3. Aporophobia is a general phenomenon that might be as directed at the migrant poor as it is aimed at the native poor. Here we only tackle the kind of aporophobia directed at the migrant poor. We ado","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"2 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135589387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-06DOI: 10.1080/00343404.2023.2267082
Vladimír Pažitka, Dariusz Wójcik, Wei Wu
We investigate the role of open system intermediaries (OSIs), including incubators, accelerators and science parks, in the effort of the Chinese state to harness the innovative potential of fintech ventures. We conducted 50 semi-structured interviews and documented how the Chinese state uses OSIs to support strategically important financial services firms in nurturing cohorts of fintech ventures. This consequently gives rise to a tech-for-fin ecosystem, where innovative fintech ventures are moulded into becoming technology providers for financial services incumbents, while those wishing to fundamentally disrupt the established financial order are excluded from the various support mechanisms provided through OSIs.
{"title":"Cultivating China’s fintech ecosystem: the visible hand of the state","authors":"Vladimír Pažitka, Dariusz Wójcik, Wei Wu","doi":"10.1080/00343404.2023.2267082","DOIUrl":"https://doi.org/10.1080/00343404.2023.2267082","url":null,"abstract":"We investigate the role of open system intermediaries (OSIs), including incubators, accelerators and science parks, in the effort of the Chinese state to harness the innovative potential of fintech ventures. We conducted 50 semi-structured interviews and documented how the Chinese state uses OSIs to support strategically important financial services firms in nurturing cohorts of fintech ventures. This consequently gives rise to a tech-for-fin ecosystem, where innovative fintech ventures are moulded into becoming technology providers for financial services incumbents, while those wishing to fundamentally disrupt the established financial order are excluded from the various support mechanisms provided through OSIs.","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"3 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135589377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1080/00343404.2023.2255618
Ryan M. Hynes, Dieter F. Kogler
ABSTRACTPlace-based branding strategies are important marketing tools for both regions and firms and take advantage of consumers’ embrace of the local in response to globalisation. Craft-brewing is a particularly salient user of these strategies and provides ample data. We use a dataset of breweries, their marketing language and their consumer ratings to study the effectiveness of place-based branding. We use named entity recognition to count references to geography, and measure how these references impact ratings. We find a strong, positive link between the number of place-based labels and a brewery’s rating, suggesting consumers are receptive to placed-based branding.KEYWORDS: craft beereconomic geographyregional studiesplace-based brandingmarketingconsumer perceptionnatural language processingJEL: L66M30R11 ACKNOWLEDGEMENTSWe are very grateful to this special issue's guest editors, Carolina Castaldi and Sandro Mendonça, for their direction and guidance. Ronald Davies also made several helpful comments to early drafts of this paper. Most of all, we thank our three anonymous reviewers who provided excellent feedback and countless suggestions to strengthen this article.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. See https://www.brewbound.com/news/untappd-parent-company-next-glass-receives-investment2. See https://help.untappd.com/hc/en-us/articles/360034136372-How-are-ratings-determined-on-Untappd-3. For more information on FastLang, see https://spacy.io/universe/project/spacy_fastlang4. See https://help.untappd.com/hc/en-us/articles/360034018812-Supported-Brewery-Types5. European regions are classified according to the Nomenclature of Territorial Units for Statistics (NUTS)-2 level schema; for further information on this, see https://ec.europa.eu/eurostat/web/nuts/background6. For more information on spaCy, see https://spacy.io/7. For reporting of NER metrics, see https://spacy.io/models/en; and for spaCy’s performance against NLP benchmark datasets, see https://spacy.io/usage/facts-figures8. See https://github.com/explosion/spaCy/blob/master/spacy/glossary.py/. This definition is itself derived from the definitions put forth in the ACL MUC 7 task, https://aclanthology.org/M98-1028.pdf9. A handful of large breweries, Guinness, for example, are very tightly coupled with place. These global macrobreweries, however, do not compete against microbreweries in the same way, and so place may become less important to consumers in differentiating these products.
{"title":"Geography and branding in the craft beer industry","authors":"Ryan M. Hynes, Dieter F. Kogler","doi":"10.1080/00343404.2023.2255618","DOIUrl":"https://doi.org/10.1080/00343404.2023.2255618","url":null,"abstract":"ABSTRACTPlace-based branding strategies are important marketing tools for both regions and firms and take advantage of consumers’ embrace of the local in response to globalisation. Craft-brewing is a particularly salient user of these strategies and provides ample data. We use a dataset of breweries, their marketing language and their consumer ratings to study the effectiveness of place-based branding. We use named entity recognition to count references to geography, and measure how these references impact ratings. We find a strong, positive link between the number of place-based labels and a brewery’s rating, suggesting consumers are receptive to placed-based branding.KEYWORDS: craft beereconomic geographyregional studiesplace-based brandingmarketingconsumer perceptionnatural language processingJEL: L66M30R11 ACKNOWLEDGEMENTSWe are very grateful to this special issue's guest editors, Carolina Castaldi and Sandro Mendonça, for their direction and guidance. Ronald Davies also made several helpful comments to early drafts of this paper. Most of all, we thank our three anonymous reviewers who provided excellent feedback and countless suggestions to strengthen this article.DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. See https://www.brewbound.com/news/untappd-parent-company-next-glass-receives-investment2. See https://help.untappd.com/hc/en-us/articles/360034136372-How-are-ratings-determined-on-Untappd-3. For more information on FastLang, see https://spacy.io/universe/project/spacy_fastlang4. See https://help.untappd.com/hc/en-us/articles/360034018812-Supported-Brewery-Types5. European regions are classified according to the Nomenclature of Territorial Units for Statistics (NUTS)-2 level schema; for further information on this, see https://ec.europa.eu/eurostat/web/nuts/background6. For more information on spaCy, see https://spacy.io/7. For reporting of NER metrics, see https://spacy.io/models/en; and for spaCy’s performance against NLP benchmark datasets, see https://spacy.io/usage/facts-figures8. See https://github.com/explosion/spaCy/blob/master/spacy/glossary.py/. This definition is itself derived from the definitions put forth in the ACL MUC 7 task, https://aclanthology.org/M98-1028.pdf9. A handful of large breweries, Guinness, for example, are very tightly coupled with place. These global macrobreweries, however, do not compete against microbreweries in the same way, and so place may become less important to consumers in differentiating these products.","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"58 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135219380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-23DOI: 10.1080/00343404.2023.2259944
Helen Dinmore, Andrew Beer, Jacob Irving, Markku Sotarauta
This paper addresses debates on the role of agency in shaping the economic future of regions. Scholarship on agency departs from the earlier focus of evolutionary economic geography, which highlighted the role of pre-existing structural conditions. This paper challenges the notion that agency is only found in intentional action and is limited to key actors within a region. It questions exclusive focus on the impact of entrepreneurial leaders, place leaders and government, and identifies agency in the accumulated micro-decisions of multiple decision-makers, using the example of workers affected by the closure of Australia’s passenger vehicle industry. In so doing, it underscores the twin roles of collective vision and meaningful implementation in the successful transformation of regions.
{"title":"Agency and the structural determinants of regional growth: towards a retheorisation","authors":"Helen Dinmore, Andrew Beer, Jacob Irving, Markku Sotarauta","doi":"10.1080/00343404.2023.2259944","DOIUrl":"https://doi.org/10.1080/00343404.2023.2259944","url":null,"abstract":"This paper addresses debates on the role of agency in shaping the economic future of regions. Scholarship on agency departs from the earlier focus of evolutionary economic geography, which highlighted the role of pre-existing structural conditions. This paper challenges the notion that agency is only found in intentional action and is limited to key actors within a region. It questions exclusive focus on the impact of entrepreneurial leaders, place leaders and government, and identifies agency in the accumulated micro-decisions of multiple decision-makers, using the example of workers affected by the closure of Australia’s passenger vehicle industry. In so doing, it underscores the twin roles of collective vision and meaningful implementation in the successful transformation of regions.","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"14 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135405346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-19DOI: 10.1080/00343404.2023.2259940
Andrew G. McClelland, Duncan Shaw
A soft spaces lens enables a nuanced perspective on regional resilience governance to disruptions. Focusing on COVID-19, this article illuminates comparative insights into resilience governance in England and how the regional soft spaces of local resilience forums differentially experienced this momentous disruptive event. The pandemic has exposed the limited ability of these regional soft spaces to enhance resilience to disruptions and thus narrow the resilience implementation gap. This article contributes to theory and practice on the tensions and opportunities to progress resilience governance through regional soft spaces amid an evolving policy landscape post-pandemic.
{"title":"Resilience to disruptions: the role of regional soft spaces","authors":"Andrew G. McClelland, Duncan Shaw","doi":"10.1080/00343404.2023.2259940","DOIUrl":"https://doi.org/10.1080/00343404.2023.2259940","url":null,"abstract":"A soft spaces lens enables a nuanced perspective on regional resilience governance to disruptions. Focusing on COVID-19, this article illuminates comparative insights into resilience governance in England and how the regional soft spaces of local resilience forums differentially experienced this momentous disruptive event. The pandemic has exposed the limited ability of these regional soft spaces to enhance resilience to disruptions and thus narrow the resilience implementation gap. This article contributes to theory and practice on the tensions and opportunities to progress resilience governance through regional soft spaces amid an evolving policy landscape post-pandemic.","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135730553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-12DOI: 10.1080/00343404.2023.2255623
Yuting Yang, Freke Caset, Ben Derudder
ABSTRACTResearch examining the economic effects of urban polycentricity remains inconclusive. We contribute to this debate by developing a longitudinal framework in which changes in polycentricity in Chinese urban regions are linked with changes in total factor productivity. While we find no evidence of urban polycentricity being conducive to economic growth, we observe that the relationship depends on population size and the interactions between cities. We also find that cities borrow size from nearby cities in large urban regions, contributing to regional economic growth. We use our findings to reflect on China’s regional economic and urban development strategies.KEYWORDS: polycentricityurban regions; productivityborrowed sizeChinaJEL: C36D24O11R11 DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. Among them, BBW UR in Guangxi province is not included, as not all boundaries are coastal, and this UR shares a border with Vietnam.2. The autonomous prefectures cities with incomplete data include Xiangyang (2005–09), Hong Kong (2005–17) and Bijie (2005–17) alongside nine other cities.3. The conditions we set to determine ‘population centres’ are tailored to the Chinese context. We set the criterion (over 3 km²) given that some newly planned towns in some Chinese cities are surrounded by areas with low population density and weak infrastructure. While they may be regarded as population centres in absolute terms, they are not qualified as ‘actual’ population centres due to their modest influence on their surroundings and should therefore be filtered out (Li & Liu, Citation2018). Second, according to ‘The Rule on the Organization of Urban District Offices in China’ (2018), districts with populations of more than 100,000 should establish street offices. These street offices are responsible for the task prescribed by the municipal or district government (e.g., construction of economic development zone) (Ma & Wu, Citation2004). So, each street often has a concentrated area and the population density of the boundary region between streets is often relatively lower. Therefore, if the urban population in the district reaches 100,000, it might indicate the emergence of new population centres.4. The extraction of contiguous pixels is based on the eight-connectivity rule.5. The cohesion index denotes the average indexes between all pairs of interior points in an urban area; the proximity index denotes the average distance from all interior points to the centroid of the urban area; the spin index is the average of the square of the distances between all interior points and the centroid of the urban area; and the range index is the maximum distance between two points on the perimeter of the urban area.6. The estimation of the urban area in response to growth of urban population may be confounded by underlying city-specific trends, potentially driven by the initial conditions (i.e., the base situation in 1992). Nevertheless,
{"title":"Does urban polycentricity contribute to regional economic growth? Empirical evidence from a panel of Chinese urban regions","authors":"Yuting Yang, Freke Caset, Ben Derudder","doi":"10.1080/00343404.2023.2255623","DOIUrl":"https://doi.org/10.1080/00343404.2023.2255623","url":null,"abstract":"ABSTRACTResearch examining the economic effects of urban polycentricity remains inconclusive. We contribute to this debate by developing a longitudinal framework in which changes in polycentricity in Chinese urban regions are linked with changes in total factor productivity. While we find no evidence of urban polycentricity being conducive to economic growth, we observe that the relationship depends on population size and the interactions between cities. We also find that cities borrow size from nearby cities in large urban regions, contributing to regional economic growth. We use our findings to reflect on China’s regional economic and urban development strategies.KEYWORDS: polycentricityurban regions; productivityborrowed sizeChinaJEL: C36D24O11R11 DISCLOSURE STATEMENTNo potential conflict of interest was reported by the authors.Notes1. Among them, BBW UR in Guangxi province is not included, as not all boundaries are coastal, and this UR shares a border with Vietnam.2. The autonomous prefectures cities with incomplete data include Xiangyang (2005–09), Hong Kong (2005–17) and Bijie (2005–17) alongside nine other cities.3. The conditions we set to determine ‘population centres’ are tailored to the Chinese context. We set the criterion (over 3 km²) given that some newly planned towns in some Chinese cities are surrounded by areas with low population density and weak infrastructure. While they may be regarded as population centres in absolute terms, they are not qualified as ‘actual’ population centres due to their modest influence on their surroundings and should therefore be filtered out (Li & Liu, Citation2018). Second, according to ‘The Rule on the Organization of Urban District Offices in China’ (2018), districts with populations of more than 100,000 should establish street offices. These street offices are responsible for the task prescribed by the municipal or district government (e.g., construction of economic development zone) (Ma & Wu, Citation2004). So, each street often has a concentrated area and the population density of the boundary region between streets is often relatively lower. Therefore, if the urban population in the district reaches 100,000, it might indicate the emergence of new population centres.4. The extraction of contiguous pixels is based on the eight-connectivity rule.5. The cohesion index denotes the average indexes between all pairs of interior points in an urban area; the proximity index denotes the average distance from all interior points to the centroid of the urban area; the spin index is the average of the square of the distances between all interior points and the centroid of the urban area; and the range index is the maximum distance between two points on the perimeter of the urban area.6. The estimation of the urban area in response to growth of urban population may be confounded by underlying city-specific trends, potentially driven by the initial conditions (i.e., the base situation in 1992). Nevertheless,","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135967756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-04DOI: 10.1080/00343404.2023.2250813
Rhiannon Pugh, Ida Andersson
In ‘Alfred Nobel’s Karlskoga’, Sweden, the municipality has placed its most famous former resident at the heart of its economic development strategy. Through an in-depth qualitative case study, we examine the tensions and complexities surrounding this process and fill an existing research gap around personality-based place branding for regional development purposes. The findings suggest that even with a world-famous figure as talisman, personality-based place branding is a complex endeavour where old rivalries, tightknit social structures and economic dependencies makes us question – is it even possible to build a brand that is both inclusive and truly representational of a place?
{"title":"Personality and place as resources for regional development: Alfred Nobel’s Karlskoga","authors":"Rhiannon Pugh, Ida Andersson","doi":"10.1080/00343404.2023.2250813","DOIUrl":"https://doi.org/10.1080/00343404.2023.2250813","url":null,"abstract":"In ‘Alfred Nobel’s Karlskoga’, Sweden, the municipality has placed its most famous former resident at the heart of its economic development strategy. Through an in-depth qualitative case study, we examine the tensions and complexities surrounding this process and fill an existing research gap around personality-based place branding for regional development purposes. The findings suggest that even with a world-famous figure as talisman, personality-based place branding is a complex endeavour where old rivalries, tightknit social structures and economic dependencies makes us question – is it even possible to build a brand that is both inclusive and truly representational of a place?","PeriodicalId":21097,"journal":{"name":"Regional Studies","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135591779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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