This paper considers the role of firm ownership structure, absorptive capac-ity and agglomeration on firm innovation in the Chinese context. A popular co-occurrence measure is used to measure local spillovers expected to take place between similar but different industries co-located together. Relying on a large panel of Chinese firms, this paper offers three main results: (i) privately-owned enterprises (POEs) are more efficient innovators than their state-owned enter-prise (SOE) counterparts; (ii) local spillovers from related industries enhance firm innovation, especially for firms with higher pre-existing learning abilities; and (iii) despite possessing relatively high levels of absorptive capacity, POEs maintain higher innovation performance compared to their SOE counterparts. These findings help confirm the absorptive capacity thesis, but also suggest that possessing relatively higher levels of absorptive capacity, in and of itself, is not always a sufficient pre-condition for firms to overcome all of the cognitive and technological barriers to leveraging external sources of knowledge. In line with theories of knowledge governance, one explanation for this finding is that private (government) operators develop higher (lower) quality governance procedures that ultimately enhance (hamper) their ability to successfully integrate external sources of knowledge even after developing a high level of absorptive capabilities.
{"title":"Agglomeration, Absorptive Capacity and Knowledge Governance","authors":"Anthony Howell","doi":"10.2139/ssrn.3569048","DOIUrl":"https://doi.org/10.2139/ssrn.3569048","url":null,"abstract":"This paper considers the role of firm ownership structure, absorptive capac-ity and agglomeration on firm innovation in the Chinese context. A popular co-occurrence measure is used to measure local spillovers expected to take place between similar but different industries co-located together. Relying on a large panel of Chinese firms, this paper offers three main results: (i) privately-owned enterprises (POEs) are more efficient innovators than their state-owned enter-prise (SOE) counterparts; (ii) local spillovers from related industries enhance firm innovation, especially for firms with higher pre-existing learning abilities; and (iii) despite possessing relatively high levels of absorptive capacity, POEs maintain higher innovation performance compared to their SOE counterparts. These findings help confirm the absorptive capacity thesis, but also suggest that possessing relatively higher levels of absorptive capacity, in and of itself, is not always a sufficient pre-condition for firms to overcome all of the cognitive and technological barriers to leveraging external sources of knowledge. In line with theories of knowledge governance, one explanation for this finding is that private (government) operators develop higher (lower) quality governance procedures that ultimately enhance (hamper) their ability to successfully integrate external sources of knowledge even after developing a high level of absorptive capabilities.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116876003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Indonesian Abstract: Buku ini terinspirasi dari skripsi mahasiswa tentang integrasi pasar yang membahas harga kopi untuk melihat sejauh mana harga itu mempunyai integrasi pasar dengan harga internasional. Pelacakan referensi yang tidak lengkap menjadikan analisis yang kurang sesuai dan terinspirasilah buku ini untuk menjawab bagaimana integrasi pasar terjadi dan menyebabkan adanya transmisi harga pada pasar pertanian. Penjelasan dalam buku ini dibuat sedemikian rupa, agar mudah dalam pemahaman dan pengertiannya. Buku ini masih jauh dari sempurna dan oleh karenanya, kritik dan saran selalu diharapkan dan diterima dengan tangan terbuka.
English Abstract: This book is inspired by a student thesis on market integration that discusses the price of coffee to see to what extent that price has market integration with international prices. Incomplete reference tracking makes the analysis inappropriate and inspired by this book to answer how market integration takes place and causes price transmission to the agricultural market. The explanations in this book are made in such a way that they are easy to understand. This book is far from perfect and therefore critics and suggestions are always expected and accepted with open arms.
{"title":"INTEGRASI PASAR DAN TRANSMISI HARGA DALAM PASAR PERTANIAN (Market Integration and Price Transmission in Agricultural Market)","authors":"B. Siswadi, A. Asnah, Dyana Sari","doi":"10.2139/ssrn.3549160","DOIUrl":"https://doi.org/10.2139/ssrn.3549160","url":null,"abstract":"<b>Indonesian Abstract:</b> Buku ini terinspirasi dari skripsi mahasiswa tentang integrasi pasar yang membahas harga kopi untuk melihat sejauh mana harga itu mempunyai integrasi pasar dengan harga internasional. Pelacakan referensi yang tidak lengkap menjadikan analisis yang kurang sesuai dan terinspirasilah buku ini untuk menjawab bagaimana integrasi pasar terjadi dan menyebabkan adanya transmisi harga pada pasar pertanian. Penjelasan dalam buku ini dibuat sedemikian rupa, agar mudah dalam pemahaman dan pengertiannya.<br>Buku ini masih jauh dari sempurna dan oleh karenanya, kritik dan saran selalu diharapkan dan diterima dengan tangan terbuka.<br><br><b>English Abstract:</b> This book is inspired by a student thesis on market integration that discusses the price of coffee to see to what extent that price has market integration with international prices. Incomplete reference tracking makes the analysis inappropriate and inspired by this book to answer how market integration takes place and causes price transmission to the agricultural market. The explanations in this book are made in such a way that they are easy to understand. This book is far from perfect and therefore critics and suggestions are always expected and accepted with open arms.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121891731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A growing body of evidence concludes that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects the literature has attributed to common ownership are caused by other factors, such as differential responses of firms (or industries) to the financial crisis. We propose a modification to one of the previously used empirical approaches, which is less sensitive to these issues. Using this to re-evaluate the link between common ownership and firm outcomes, we find little robust evidence that common ownership affects firm behavior.
{"title":"Does Common Ownership Really Increase Firm Coordination?","authors":"Katharina Lewellen, M. Lowry","doi":"10.2139/ssrn.3336343","DOIUrl":"https://doi.org/10.2139/ssrn.3336343","url":null,"abstract":"A growing body of evidence concludes that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects the literature has attributed to common ownership are caused by other factors, such as differential responses of firms (or industries) to the financial crisis. We propose a modification to one of the previously used empirical approaches, which is less sensitive to these issues. Using this to re-evaluate the link between common ownership and firm outcomes, we find little robust evidence that common ownership affects firm behavior.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"3 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120911944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper develops a model in which a supply relationship can sustain higher effort levels if firms use cross-subsidized pricing.
本文建立了一个模型，在该模型中，如果企业使用交叉补贴定价，供应关系可以维持更高的努力水平。
{"title":"Pricing and Quality Provision in a Supply Relationship: A Model of Efficient Relational Contracts","authors":"Cristina Nistor, Matthew Selove","doi":"10.2139/ssrn.3123844","DOIUrl":"https://doi.org/10.2139/ssrn.3123844","url":null,"abstract":"This paper develops a model in which a supply relationship can sustain higher effort levels if firms use cross-subsidized pricing.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129897759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Identity is an input into economic exchange and contracting. The modern industrial economy has relies on cheap political identity to create trust and lower transaction costs. Market economies, however, have different identity needs than an administrative state. Economic efficiency in a digital economy requires high-quality economic identity to facilitate co-production of value on platforms, and to enable market competition through product-quality discrimination. Blockchain technologies and related advances are bringing innovation to economic identity technology. In this paper we explore state-produced identity and market-produced identity, the dynamics that exist in their demand and supply, how these categories are being shaped by technological change, the implications for privacy and secrecy, and the role of the state in market-produced identity.
{"title":"Identity Technologies: A Transaction Cost Approach","authors":"C. Berg, S. Davidson, J. Potts","doi":"10.2139/ssrn.3526428","DOIUrl":"https://doi.org/10.2139/ssrn.3526428","url":null,"abstract":"Identity is an input into economic exchange and contracting. The modern industrial economy has relies on cheap political identity to create trust and lower transaction costs. Market economies, however, have different identity needs than an administrative state. Economic efficiency in a digital economy requires high-quality economic identity to facilitate co-production of value on platforms, and to enable market competition through product-quality discrimination. Blockchain technologies and related advances are bringing innovation to economic identity technology. In this paper we explore state-produced identity and market-produced identity, the dynamics that exist in their demand and supply, how these categories are being shaped by technological change, the implications for privacy and secrecy, and the role of the state in market-produced identity.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115062068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the past twenty years, antitrust agencies increasingly have used diversion and pricing pressure analyses to help identify which mergers to investigate and then to help identify which mergers to challenge. A key input in these analyses is an estimate of the profits that firms earn on incremental sales. In this paper, we consider how best to estimate incremental margins for diversion and pricing pressure analyses given that for a number of reasons measures drawn from aggregate accounting data sometimes poorly measure the relevant incremental margin. We conclude such estimates often can be improved by making greater use of general knowledge about how the relevant market works, using detailed data to create incremental profit measures tied to a particular change in output, and presenting sensitivity analyses based on a range of plausible incremental margin estimates.
{"title":"Estimating Incremental Margins for Diversion Analysis","authors":"Seth B. Sacher, J. Simpson","doi":"10.2139/ssrn.3524493","DOIUrl":"https://doi.org/10.2139/ssrn.3524493","url":null,"abstract":"Over the past twenty years, antitrust agencies increasingly have used diversion and pricing pressure analyses to help identify which mergers to investigate and then to help identify which mergers to challenge. A key input in these analyses is an estimate of the profits that firms earn on incremental sales. In this paper, we consider how best to estimate incremental margins for diversion and pricing pressure analyses given that for a number of reasons measures drawn from aggregate accounting data sometimes poorly measure the relevant incremental margin. We conclude such estimates often can be improved by making greater use of general knowledge about how the relevant market works, using detailed data to create incremental profit measures tied to a particular change in output, and presenting sensitivity analyses based on a range of plausible incremental margin estimates.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116726811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
[enter Abstract Body]There are many problems associated with being a member of a local school board. One issue by some individuals is a concern about the lack of diversity on school boards with a large students of color population. According to research, one main mission of a school board is to enforce and reinforce teaching and learning. According to (Townsend et al. 2005, p.18)” the board through its governance role does its best to encourage, provide, and reward these conditions and activities. All board members and the superintendent need to be clear as to the character tics of powerful teaching and learning and then model those in their work.” Therefore, from this perspective, it is my purpose to present data such as community relationships, role clarification, and student academic success as key variables in becoming a member of a board of trustees and promoting student’s excellence.
作为当地学校董事会的一员，会遇到很多问题。一些人提出的一个问题是，他们担心拥有大量有色人种学生的学校董事会缺乏多样性。根据研究，学校董事会的一个主要任务是执行和加强教与学。根据(Townsend et al. 2005, p.18)“董事会通过其治理角色尽其所能鼓励、提供和奖励这些条件和活动。所有董事会成员和校长都需要清楚地认识到强力教学的特点，然后在他们的工作中树立榜样。”因此，从这个角度出发，我的目的是将社区关系、角色澄清和学生学业成功等数据作为成为董事会成员和促进学生卓越的关键变量。
{"title":"Boards and Educational Governance","authors":"Golsbie Ross","doi":"10.2139/ssrn.3510276","DOIUrl":"https://doi.org/10.2139/ssrn.3510276","url":null,"abstract":"[enter Abstract Body]There are many problems associated with being a member of a local school board. One issue by some individuals is a concern about the lack of diversity on school boards with a large students of color population. According to research, one main mission of a school board is to enforce and reinforce teaching and learning. According to (Townsend et al. 2005, p.18)” the board through its governance role does its best to encourage, provide, and reward these conditions and activities. All board members and the superintendent need to be clear as to the character tics of powerful teaching and learning and then model those in their work.” Therefore, from this perspective, it is my purpose to present data such as community relationships, role clarification, and student academic success as key variables in becoming a member of a board of trustees and promoting student’s excellence.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130603125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines how labor mobility restrictions such as non-compete clauses in employment contracts affect the incentives and resulting behavior of employees. Using the investment industry as a testing laboratory, we find that mutual fund managers respond to heightened career concerns due to increased enforceability of non-compete clauses by increasing effort, reducing downside risk, engaging less in tournaments, making their portfolios similar to the portfolios of their benchmarks or peers, and increasing window-dressing. These concerns are, however, moderated by the presence of more developed internal labor markets, which allow managers to substitute restricted across-family mobility with within-family mobility.
{"title":"The Impact of Labor Mobility Restrictions on Managerial Actions: Evidence from the Mutual Fund Industry","authors":"G. Cici, Mario Hendriock, A. Kempf","doi":"10.2139/ssrn.3151473","DOIUrl":"https://doi.org/10.2139/ssrn.3151473","url":null,"abstract":"This paper examines how labor mobility restrictions such as non-compete clauses in employment contracts affect the incentives and resulting behavior of employees. Using the investment industry as a testing laboratory, we find that mutual fund managers respond to heightened career concerns due to increased enforceability of non-compete clauses by increasing effort, reducing downside risk, engaging less in tournaments, making their portfolios similar to the portfolios of their benchmarks or peers, and increasing window-dressing. These concerns are, however, moderated by the presence of more developed internal labor markets, which allow managers to substitute restricted across-family mobility with within-family mobility.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129966777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Two seminal accounting studies on creativity and incentives find that output creativity is insensitive to creative effort. They compare a one-dimensional quantity contract that measures only output...
{"title":"Semantic Processing Theory Could Help Explain the Effectiveness of Creativity Incentives: A Numerical Experiment","authors":"B. Knox","doi":"10.2308/jmar-18-051","DOIUrl":"https://doi.org/10.2308/jmar-18-051","url":null,"abstract":"Two seminal accounting studies on creativity and incentives find that output creativity is insensitive to creative effort. They compare a one-dimensional quantity contract that measures only output...","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128918866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-12-01DOI: 10.5089/9781513521985.001
Gustavo Adler, S. Meleshchuk, C. Buitron
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity of gross trade volumes. This result holds both in the short and medium term, pointing to the rigidity of value chains. At the same time, greater value chain integration is associated with larger gross trade flows, relative to GDP, which tends to amplify the effect of exchange rate movements. Overall, combining these two results suggests that, for most countries, integration into global value chains does not materially alter the working of exchange rates and the benefits of exchange rate flexibility in facilitating external adjustment remain.
{"title":"Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?","authors":"Gustavo Adler, S. Meleshchuk, C. Buitron","doi":"10.5089/9781513521985.001","DOIUrl":"https://doi.org/10.5089/9781513521985.001","url":null,"abstract":"The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity of gross trade volumes. This result holds both in the short and medium term, pointing to the rigidity of value chains. At the same time, greater value chain integration is associated with larger gross trade flows, relative to GDP, which tends to amplify the effect of exchange rate movements. Overall, combining these two results suggests that, for most countries, integration into global value chains does not materially alter the working of exchange rates and the benefits of exchange rate flexibility in facilitating external adjustment remain.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121517565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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