International Journal of the Economics of Business最新文献

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Liability of Foreignness: Product Distance, Institutional Distance and FDI 国外责任:产品距离、制度距离与FDI

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2020-01-02 DOI: 10.1080/13571516.2019.1651152

Alyson C. Ma, R. Ratcliff

Abstract We empirically analyze the relevance of a country’s export mix in offsetting the liability of foreignness when internationalizing through foreign direct investment. Using a gravity model, we demonstrate that countries with a similar mix of exports will tend to have higher FDI flows between them, even when controlling for per-capita income. We also show that the inclusion of export mix reduces the estimated importance of institutional similarities. Lastly, we discuss which firm-level motivations for internationalization are most consistent with our country level evidence.

摘要本文实证分析了一国出口结构在通过外国直接投资实现国际化过程中抵消外国负债的相关性。通过重力模型，我们证明，即使在控制人均收入的情况下，具有相似出口组合的国家之间的外国直接投资流量也往往更高。我们还表明，纳入出口结构降低了制度相似性的估计重要性。最后，我们讨论了哪些企业层面的国际化动机与我们在国家层面的证据最为一致。

引用次数: 5

Public Funding and Innovation Strategies. Evidence from Italian SMEs 公共资金和创新战略。来自意大利中小企业的证据

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2020-01-02 DOI: 10.1080/13571516.2019.1664834

Laura Barbieri, D. Bragoli, F. Cortelezzi, G. Marseguerra

Abstract Using a dataset which combines Community Innovation Survey (CIS) and accounting information on Italian manufacturing firms, we adopt a two step econometric procedure to investigate whether the receipt of public funding determines firms’ innovation strategy selection. In the first step an innovation selection equation is estimated, in the second we adopt a bivariate probit model. The main finding is that public funding influences whether firms select the make, the buy or the make&buy strategy, favoring the latter. The composite strategy is the one linked to the build up of absorptive capacity which, according to the empirical evidence, turns out to be associated to a better innovative performance.

摘要本文利用意大利制造业企业的社区创新调查(CIS)和会计信息相结合的数据集，采用两步计量经济学方法来研究公共资金的接收是否决定了企业的创新战略选择。第一步估计创新选择方程，第二步采用二元概率模型。研究的主要发现是，公共资金会影响企业是选择“制造”、“购买”还是“制造+购买”策略，更倾向于后者。综合策略是一种与吸收能力的建立有关的策略，根据经验证据，吸收能力的建立与更好的创新绩效有关。

引用次数: 13

International Journal of the Economics of Business Best Paper Prize Announcement 国际商业经济学杂志最佳论文奖公告

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2020-01-02 DOI: 10.1080/13571516.2020.1719639

Kevin Amess, D. Paton, H. Frech

引用次数: 0

Pricing and Inventory Policies Under a Deterministic Supply Cycle 确定性供应周期下的定价与库存政策

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2020-01-02 DOI: 10.1080/13571516.2019.1684637

T. Tavor, L. D. Gonen, U. Spiegel

Abstract The research investigates optimal pricing and inventory policies in the case in which the demands of different periods are identical. However, the supplies fluctuate due to cycles in nature as well as additional environmental and other factors. Each cycle contains two periods or seasons. A peak season with a large given supply is followed by a regular season with a small supply. The model deals with deterministic supply and the question of what policy is adopted regarding the quantities produced and sold in the markets at each period. It first considers the case without the use of inventory for delivery between periods. In the second case, inventory that can be produced at the peak period is only for sale at the regular period. It is sold as non-fresh inventory that is a ‘supplement’ to the fresh output produced at the regular period.

摘要研究了不同时期需求相同情况下的最优定价和库存策略。然而，由于自然界的周期以及其他环境和其他因素，供应有所波动。每个周期包含两个周期或季节。一个有大量供应的旺季之后是一个有少量供应的常规季节。该模型处理确定性供应问题，以及对每个时期市场上生产和销售的数量采取何种政策的问题。它首先考虑的情况下，不使用库存之间的交付期间。在第二种情况下，可以在高峰时期生产的库存只在正常时期销售。它作为非新鲜库存出售，是对定期生产的新鲜产量的“补充”。

引用次数: 1

FOUR FACTS CONCERNING COMPETITION IN U.S. GENERIC PRESCRIPTION DRUG MARKETS. 关于美国非专利处方药市场竞争的四个事实。

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2020-01-01 Epub Date: 2019-09-05 DOI: 10.1080/13571516.2019.1654324

Rena M Conti, Ernst R Berndt

We establish four facts concerning competition among U.S. generic drug suppliers, using IQVIA's National Sales Perspective™ 2004Q4 - 2016Q3 data. We define a unique product market ("molform"), consisting of the combination of a molecule active ingredient and a route of administration formulation, aggregated over different dosages and strengths. We find: (i) supply exhibits substantial churning in entrants and exits; (ii) volume-weighted use concentrates in older generic molform cohorts; (iii) the extent of competition is greatest for the oldest molform cohorts and is smallest for the youngest molform cohorts. With a median of one competitor, the extent of competition in the youngest molform cohort is very limited; and (iv) supplier-molform annual revenues are typically small, are largest for relatively young drugs, but are heavily right skewed. These four facts provide an empirical platform on which to construct and empirically evaluate hypotheses regarding generic drug market structure, performance, and possible policy reforms.

我们使用IQVIA的全国销售展望™2004Q4 - 2016Q3数据，建立了关于美国仿制药供应商之间竞争的四个事实。我们定义了一个独特的产品市场(“molform”)，由分子活性成分和给药配方的组合组成，聚合在不同的剂量和强度上。我们发现:(i)供应在进入者和退出者中表现出大量的波动;(ii)体积加权使用集中在较老的通用molform队列中;(iii)最老的molform队列的竞争程度最大，而最年轻的molform队列的竞争程度最小。由于竞争对手的中位数为一个，最年轻的molform群体的竞争程度非常有限;(iv)供应商-molform的年收入通常很小，对于相对年轻的药物来说是最大的，但严重偏斜。这四个事实为构建和实证评估有关仿制药市场结构、绩效和可能的政策改革的假设提供了一个经验平台。

引用次数: 6

Industrial Innovation, Labour Productivity, Sales and Employment 产业创新，劳动生产率，销售和就业

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2019-11-28 DOI: 10.1080/13571516.2019.1695448

G. Woltjer, M. van Galen, K. Logatcheva

Abstract This article examines the relationship between firm-level innovation and employment growth for industrial firms in the Netherlands. The empirical analysis uses four waves of the CIS survey for the period 2002-2010. It extends the literature by making an explicit split between the expansion effect of innovation and the labour productivity effect. The results show that both product and process innovation increase labour productivity and therefore induce direct reductions in employment. However, these negative employment effects are more than compensated by increases in sales, implying that both process and product innovations increase employment. In this article for the first time the relationship between both product and process innovations and employment is decomposed in a systematic manner based on explicit econometric equations on the relationship between innovation and labour productivity respectively sales. It is argued that the effects for sales and labour productivity are probably underestimated in all research that uses CIS survey data because these do not show the price effects of increased productivity, but that this effect cancels out in the estimated employment equation.

摘要本文研究了荷兰工业企业的企业创新与就业增长之间的关系。实证分析使用了2002-2010年期间的四波CIS调查。通过明确区分创新的扩张效应和劳动生产率效应，扩展了文献。结果表明，产品和工艺创新都提高了劳动生产率，因此导致就业的直接减少。然而，这些负面的就业影响被销售的增长所弥补，这意味着工艺和产品创新都增加了就业。本文首次基于创新与劳动生产率关系的显式计量经济学方程，系统地分解了产品和工艺创新与就业之间的关系。有人认为，在使用CIS调查数据的所有研究中，对销售和劳动生产率的影响可能被低估了，因为这些研究没有显示生产率提高的价格效应，但这种效应在估计的就业方程中被抵消了。

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引用次数: 26

Financial Information Credibility, Legal Environment, and SMEs’ Access to Finance 金融信息可信度、法制环境与中小企业融资渠道

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2019-08-27 DOI: 10.1080/13571516.2019.1645379

M. Chit

Abstract There remains academic debate on the association between credible financial information and small firms’ access to diversified sources of finance. This study investigates the role of credible financial information and its interaction with a country’s legal and regulatory environment on the access of small- and medium-sized enterprises (SMEs) to diversified sources of finance in 129 developing countries. The findings indicate positive impacts of financial information quality and a country’s legal and regulatory environment on small firms’ access to diversified sources of finance. SMEs operating in a weak legal and regulatory environment benefit more from providing credible financial information. The findings are robust after controlling for the endogeneity of firms audit decision using a two-stage instrumental variable method. Our evidence suggests that firms’ credible signaling of the quality of their financial information helps reduce the adverse selection problem for finance suppliers, increasing small firms’ access to diversified sources of finance.

摘要关于可信财务信息与小企业获取多元化融资渠道之间的关系，学术界一直存在争议。本研究调查了129个发展中国家的可信财务信息及其与国家法律和监管环境在中小企业获得多元化融资渠道方面的作用。研究结果表明，金融信息质量和国家法律监管环境对小企业获得多元化融资来源有积极影响。在法律和监管薄弱的环境中经营的中小企业从提供可靠的财务信息中获益更多。在使用两阶段工具变量方法控制公司审计决策的内生性后，研究结果是稳健的。我们的证据表明，企业对其财务信息质量的可靠信号有助于减少融资供应商的逆向选择问题，增加小企业获得多元化融资来源的机会。

引用次数: 5

Event Study Analysis in Cases with Multiple Brand-Generic Reverse-Payment Settlements 多品牌通用反支付结算案例的事件研究分析

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2019-08-16 DOI: 10.1080/13571516.2019.1651151

R. Hartman, Keith M. Drake, T. Mcguire

Abstract Event studies of stock price movements have been used to assess the anticompetitive impact of ‘reverse-payment’ settlement of patent disputes in the drug industry. Evidence for an anticompetitive effect is found when financial markets reward a brand manufacturer with larger stock market capitalization – signaling the agreed upon generic entry date was more profitable (i.e. later) than investors’ expectations. In practice, reverse-payment cases can involve multiple generic competitors and settlements. This paper considers how event-study methodology applies in such cases, with a study of the stock price movements of Cephalon, manufacturer of the drug Provigil. Cephalon entered into four patent litigation settlements with potential generic competitors over a two-month period beginning in December 2005. Event study methods can readily be applied to such a case. Cephalon’s total increase in stock value across four narrow windows around each settlement totaled over $1.0 billion, indicating the agreements delayed generic entry beyond the market's expectation.

摘要股票价格变动的事件研究已被用来评估“反向支付”解决专利纠纷在制药行业的反竞争影响。当金融市场以更大的股票市值奖励品牌制造商时，就会发现反竞争效应的证据——这表明商定的通用上市日期比投资者预期的更有利可图(即更晚)。实际上，反向支付案件可能涉及多个通用竞争对手和和解。本文考虑了事件研究方法如何在这种情况下适用，并研究了药物Provigil的制造商Cephalon的股票价格变动。从2005年12月开始，Cephalon在两个月内与潜在的仿制药竞争对手达成了四项专利诉讼和解。事件研究方法可以很容易地应用于这种情况。Cephalon在每项和解协议前后的四个狭窄窗口内，股票价值总计增加了10亿美元以上，这表明协议推迟了仿制药进入市场的时间，超出了市场的预期。

引用次数: 3

From Publishers to Self-Publishing: Disruptive Effects in the Book Industry 从出版商到自助出版:图书行业的颠覆性影响

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2019-06-14 DOI: 10.1080/13571516.2019.1611198

M. Hviid, Sofia Izquierdo-Sanchez, Sabine Jacques

Abstract This paper explores the structure of the book publishing industry post digitalisation, analysing the choices of the publishers and authors. The introduction of successful e-book readers has belatedly given digitalisation the characteristics of a disruptive technology by making self-publishing a serious option for authors. This has been supported by the entry of new types of intermediaries and the strengthening of others. These changes have reduced the general requirements for an author to get a book self-published. As a result, a larger share of the surplus from the book industry is likely to go to authors, explaining the significant increase in the supply of books. The potential oversupply of books has created a new problem by increasing competition and making consumer searches more difficult. We argue that digitalisation has shifted the potential for market failure from an inadequate supply of books to asymmetric information about quality. It remains to be seen whether the market will provide appropriate intermediaries to solve the asymmetric information problem.

摘要本文探讨了数字化后图书出版业的结构，分析了出版商和作者的选择。成功的电子书阅读器的推出，姗姗来迟地赋予了数字化颠覆性技术的特征，使自助出版成为作者的一个严肃选择。新型中介机构的加入和其他中介机构的加强也支持了这一点。这些变化降低了作者自行出版书籍的一般要求。因此，图书行业盈余的更大份额可能会落入作者手中，这解释了图书供应的显著增加。潜在的图书供过于求加剧了竞争，增加了消费者寻找图书的难度，从而产生了一个新问题。我们认为，数字化已经将市场失灵的可能性从图书供应不足转变为关于质量的信息不对称。市场是否会提供合适的中介机构来解决信息不对称问题还有待观察。

引用次数: 2

Reverse Payments and Risk of Bankruptcy Under Private Information 保密信息下的逆向支付与破产风险

IF 1.2 Q2 Business, Management and Accounting

International Journal of the Economics of Business

Pub Date : 2019-06-04 DOI: 10.1080/13571516.2019.1613146

A. Manganelli

Abstract In the pharmaceutical industry, a reverse payment (pay-for-delay) is a payment from an originator to a generic producer to delay her entry. In some recent cases, the US and EU antitrust authorities have banned these agreements per se, while in others they have used a rule of reason. This paper analyzes their dynamic effects and shows that a ban per se may reduce consumer surplus when the generic producer may go bankrupt and her financial situation is private information. Reverse payments are more beneficial when competition among few players is soft, the economy is in a downturn, and the period of drug usage after patent expiry is long. Results suggest that a rule of reason is more suited than a ban per se.

在制药行业中，反向付款(延迟付款)是发起人向仿制药生产商支付延迟其进入的费用。在最近的一些案件中，美国和欧盟的反垄断当局禁止了这些协议本身，而在其他案件中，他们则采用了理性原则。本文分析了它们的动态效应，表明在仿制药生产商可能破产且其财务状况属于私有信息的情况下，禁令本身会减少消费者剩余。当少数参与者之间的竞争较弱，经济处于低迷状态，专利到期后的药物使用时间较长时，反向支付更有利。结果表明，理性规则本身比禁令更合适。

引用次数: 3

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