Patrick Cohendet, Olivier Dupouët, Patrick Llerena, Raouf Naggar, Romain Rampa
The challenges of the 21st century imply reconsidering the knowledge-based approaches of the firm under idea-led perspectives. We propose to reexamine the limits of the knowledge-based approaches of the firm by integrating the management of ideas as a process into the analysis. Building on the differences between the notions of idea and knowledge, we reconsider in turn the raison d’être, boundaries, coordination and incentive mechanisms, and the role of the entrepreneur of the firm. We show that ideas as a process are central to a more actor-inclusive view of the firm, providing a more relevant explanation of how firms can create value and fit into the contemporary world.
{"title":"Knowledge-based approaches to the firm: an idea-driven perspective","authors":"Patrick Cohendet, Olivier Dupouët, Patrick Llerena, Raouf Naggar, Romain Rampa","doi":"10.1093/icc/dtae032","DOIUrl":"https://doi.org/10.1093/icc/dtae032","url":null,"abstract":"The challenges of the 21st century imply reconsidering the knowledge-based approaches of the firm under idea-led perspectives. We propose to reexamine the limits of the knowledge-based approaches of the firm by integrating the management of ideas as a process into the analysis. Building on the differences between the notions of idea and knowledge, we reconsider in turn the raison d’être, boundaries, coordination and incentive mechanisms, and the role of the entrepreneur of the firm. We show that ideas as a process are central to a more actor-inclusive view of the firm, providing a more relevant explanation of how firms can create value and fit into the contemporary world.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"430 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142220257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the financial vulnerability dynamics of indebted homeowners over the housing cycle using an agent-based housing market model, calibrated with UK microdata. The findings suggest that financial vulnerability is primarily driven by house purchases and dissaving due to a wealth effect on consumption. The former is more important during house price upswings, while the latter becomes significant at high price levels. Additionally, current vulnerability is path-dependent on previous purchases at high prices, as these purchases, due to a wealth effect, result in temporarily elevated consumption and consequently reduced financial buffers.
{"title":"Homeowners’ financial vulnerability over the house price cycle","authors":"Ruben Tarne","doi":"10.1093/icc/dtae031","DOIUrl":"https://doi.org/10.1093/icc/dtae031","url":null,"abstract":"This paper investigates the financial vulnerability dynamics of indebted homeowners over the housing cycle using an agent-based housing market model, calibrated with UK microdata. The findings suggest that financial vulnerability is primarily driven by house purchases and dissaving due to a wealth effect on consumption. The former is more important during house price upswings, while the latter becomes significant at high price levels. Additionally, current vulnerability is path-dependent on previous purchases at high prices, as these purchases, due to a wealth effect, result in temporarily elevated consumption and consequently reduced financial buffers.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"16 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
How do firms set prices when faced with an uncertain market? We study the pricing strategies of car dealers for used cars using online data and interviews. We find that 97% of 628 dealers employ an aspiration-level heuristic similar to a Dutch auction. Dealers adapt the parameters of the heuristic—initial price, duration, and change in price—to their local market conditions, such as number of competitors, population density, and GDP per capita. At the same time, the aggregate market is described by a model of equilibrium price dispersion. Unlike the equilibrium model, the heuristic correctly predicts systematic pricing characteristics such as high initial price, price stickiness, and the “cheap twin paradox.” We also find first evidence that heuristic pricing can generate higher profits given uncertainty than the equilibrium strategy.
面对不确定的市场，企业如何制定价格？我们利用在线数据和访谈研究了汽车经销商的二手车定价策略。我们发现，628 家经销商中有 97% 采用了类似于荷兰式拍卖的愿望级启发式。经销商会根据当地市场条件，如竞争对手数量、人口密度和人均 GDP 等，调整启发式的初始价格、持续时间和价格变化等参数。同时，总体市场由均衡价格分散模型来描述。与均衡模型不同的是，启发式能正确预测系统性定价特征，如高初始价格、价格粘性和 "廉价孪生悖论"。我们还首次发现了启发式定价能在不确定的情况下比均衡策略产生更高的利润。
{"title":"How heuristic pricing shapes the aggregate market: the “Cheap Twin Paradox”","authors":"Florian M Artinger, Gerd Gigerenzer","doi":"10.1093/icc/dtae025","DOIUrl":"https://doi.org/10.1093/icc/dtae025","url":null,"abstract":"How do firms set prices when faced with an uncertain market? We study the pricing strategies of car dealers for used cars using online data and interviews. We find that 97% of 628 dealers employ an aspiration-level heuristic similar to a Dutch auction. Dealers adapt the parameters of the heuristic—initial price, duration, and change in price—to their local market conditions, such as number of competitors, population density, and GDP per capita. At the same time, the aggregate market is described by a model of equilibrium price dispersion. Unlike the equilibrium model, the heuristic correctly predicts systematic pricing characteristics such as high initial price, price stickiness, and the “cheap twin paradox.” We also find first evidence that heuristic pricing can generate higher profits given uncertainty than the equilibrium strategy.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"77 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141772293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Does exporting intermediate goods induce learning from importers? In this paper, we examine to what extent learning from German industries can be explained by knowledge spillovers, channeled through the export of intermediate goods. Our study is based on a sample of 27 German trade partners in 14 manufacturing industries for the period 2004–2016. Using data on patent citations and trading in intermediate goods, we find support for the widely known “learning-by-exporting” hypothesis. Our analyses reveal that citations to German patents are positively related to exported intermediate goods weighted by German R&D expenditure. The relationship between these spillovers and learning seems to be particularly strong in certain industries. We also show that the level of absorptive capacity of the exporting industry-country plays a positive role in mediating these spillovers.
{"title":"Beyond trading: knowledge spillovers and learning-by-exporting in global value chains","authors":"Holger Graf, Hoda Mohamed","doi":"10.1093/icc/dtae029","DOIUrl":"https://doi.org/10.1093/icc/dtae029","url":null,"abstract":"Does exporting intermediate goods induce learning from importers? In this paper, we examine to what extent learning from German industries can be explained by knowledge spillovers, channeled through the export of intermediate goods. Our study is based on a sample of 27 German trade partners in 14 manufacturing industries for the period 2004–2016. Using data on patent citations and trading in intermediate goods, we find support for the widely known “learning-by-exporting” hypothesis. Our analyses reveal that citations to German patents are positively related to exported intermediate goods weighted by German R&D expenditure. The relationship between these spillovers and learning seems to be particularly strong in certain industries. We also show that the level of absorptive capacity of the exporting industry-country plays a positive role in mediating these spillovers.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"108 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141744703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper assess how innovation is associated with the export performance of manufacturing firms across sectors categorized by their Ricardian, Keynesian, and Schumpeterian efficiencies (Dosi, G. (1988), ‘Institutions and markets in a dynamic world,’ The Manchester School, 56(2), 119–146). Utilizing data from 3691 Argentinian manufacturing firms over the period of 2010–2012, we employ multilevel models for estimation. Our findings indicate that innovation is positively associated with export performance across the entire economy, but this association varies depending on the sector. These results support the adoption of a vertical innovation policy, directing efforts toward the most promising sectors, given the limitations of market information regarding opportunities for technical change. Furthermore, we observe significant variations in the association of innovation and export performance even within sectors sharing the same efficiency. This specific finding highlights the need for improved methodologies to identify sectoral efficiencies or a more appropriate sectoral classification.
本文评估了创新与按李嘉图效率、凯恩斯效率和熊彼特效率分类的各行业制造业企业出口绩效之间的关系（Dosi, G. (1988)，《动态世界中的制度与市场》，《曼彻斯特学派》，56(2), 119-146）。利用 2010-2012 年间 3691 家阿根廷制造企业的数据，我们采用多层次模型进行了估算。我们的研究结果表明，在整个经济中，创新与出口绩效呈正相关，但这种关联因行业而异。鉴于有关技术变革机会的市场信息的局限性，这些结果支持采取纵向创新政策，将努力导向最有前途的部门。此外，我们还观察到，即使在效率相同的部门内部，创新与出口绩效之间的关联也存在显著差异。这一具体发现突出表明，需要改进方法来确定部门效率或进行更适当的部门分类。
{"title":"Export performance, innovation, and sectoral efficiency: a multilevel model for Argentinian manufacturing firms","authors":"Lorenzo Cassini","doi":"10.1093/icc/dtae028","DOIUrl":"https://doi.org/10.1093/icc/dtae028","url":null,"abstract":"This paper assess how innovation is associated with the export performance of manufacturing firms across sectors categorized by their Ricardian, Keynesian, and Schumpeterian efficiencies (Dosi, G. (1988), ‘Institutions and markets in a dynamic world,’ The Manchester School, 56(2), 119–146). Utilizing data from 3691 Argentinian manufacturing firms over the period of 2010–2012, we employ multilevel models for estimation. Our findings indicate that innovation is positively associated with export performance across the entire economy, but this association varies depending on the sector. These results support the adoption of a vertical innovation policy, directing efforts toward the most promising sectors, given the limitations of market information regarding opportunities for technical change. Furthermore, we observe significant variations in the association of innovation and export performance even within sectors sharing the same efficiency. This specific finding highlights the need for improved methodologies to identify sectoral efficiencies or a more appropriate sectoral classification.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"41 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141549606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
It is well known that value added (VA) per worker is extremely heterogeneous among firms, but relatively little has been done to characterize this heterogeneity more precisely. Here, we show that the distribution of VA per worker exhibits heavy tails, a very large support, and consistently features a proportion of negative values, which prevents log transformation. We propose to model the distribution of VA per worker using the four-parameter Lévy stable distribution, a natural candidate deriving from the generalized central limit theorem, and we show that it is a better fit than key alternatives. Fitting a distribution allows us to capture dispersion through the tail exponent and scale parameters separately. We show that these parametric measures of dispersion can be useful to characterize the evolution of dispersion in recent years.
{"title":"Measuring productivity dispersion: a parametric approach using the Lévy alpha-stable distribution","authors":"Jangho Yang, Torsten Heinrich, Julian Winkler, François Lafond, Pantelis Koutroumpis, J Doyne Farmer","doi":"10.1093/icc/dtae021","DOIUrl":"https://doi.org/10.1093/icc/dtae021","url":null,"abstract":"It is well known that value added (VA) per worker is extremely heterogeneous among firms, but relatively little has been done to characterize this heterogeneity more precisely. Here, we show that the distribution of VA per worker exhibits heavy tails, a very large support, and consistently features a proportion of negative values, which prevents log transformation. We propose to model the distribution of VA per worker using the four-parameter Lévy stable distribution, a natural candidate deriving from the generalized central limit theorem, and we show that it is a better fit than key alternatives. Fitting a distribution allows us to capture dispersion through the tail exponent and scale parameters separately. We show that these parametric measures of dispersion can be useful to characterize the evolution of dispersion in recent years.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"41 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141188182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Maria A Halbinger, Toke Reichstein, Francesca Melillo
Communities of interest are heralded as hotbeds for entrepreneurship. However, the social identification members of such communities are subject to may be detrimental to their proclivity to pursuing ideas through firm foundation and, thus, their propensity to become entrepreneurs. While other-oriented members tend to be associated with firm foundation, the association is significantly reduced and even negatively associated with firm foundation when the individual strongly identifies with a community of interest with collective values due to a shift in their attention toward community engagement as opposed to firm foundation. This paper draws from field studies, a problem-solving task, and survey data to empirically support our hypotheses. The study highlights the importance of integrating social identification and other-orientation when studying communities of interest in relation to entrepreneurship.
{"title":"The entrepreneurial edge: evidence of social identity and other-orientation in communities of interest","authors":"Maria A Halbinger, Toke Reichstein, Francesca Melillo","doi":"10.1093/icc/dtae022","DOIUrl":"https://doi.org/10.1093/icc/dtae022","url":null,"abstract":"Communities of interest are heralded as hotbeds for entrepreneurship. However, the social identification members of such communities are subject to may be detrimental to their proclivity to pursuing ideas through firm foundation and, thus, their propensity to become entrepreneurs. While other-oriented members tend to be associated with firm foundation, the association is significantly reduced and even negatively associated with firm foundation when the individual strongly identifies with a community of interest with collective values due to a shift in their attention toward community engagement as opposed to firm foundation. This paper draws from field studies, a problem-solving task, and survey data to empirically support our hypotheses. The study highlights the importance of integrating social identification and other-orientation when studying communities of interest in relation to entrepreneurship.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"98 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141173071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates the dynamics of diversity within photovoltaic technology by considering the spatial information of technological change. We introduce a phylogenetic tree methodology using an evolutionary perspective for validation at the level of technology genes and functional modules. Our findings show that the photovoltaic technology phylogenetic tree fully describes the technological and industrial histories of photovoltaics. Furthermore, the results imply that diversity is necessary for the evolutionary mechanism to operate and technology integration is the correct direction to pursue.
{"title":"Evolutionary mechanism for diversity dynamics in technology using a phylogenetic tree approach: directional suggestions for photovoltaic technology","authors":"Hayoung Park, Dawoon Jeong, Jeong-Dong Lee","doi":"10.1093/icc/dtae020","DOIUrl":"https://doi.org/10.1093/icc/dtae020","url":null,"abstract":"This study investigates the dynamics of diversity within photovoltaic technology by considering the spatial information of technological change. We introduce a phylogenetic tree methodology using an evolutionary perspective for validation at the level of technology genes and functional modules. Our findings show that the photovoltaic technology phylogenetic tree fully describes the technological and industrial histories of photovoltaics. Furthermore, the results imply that diversity is necessary for the evolutionary mechanism to operate and technology integration is the correct direction to pursue.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"34 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141146523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
João Victor Machado, Fernando Sarti, Rodrigo Lanna Franco da Silveira
The debate over the impacts of shareholder value orientation on corporate management has been more intense with the increasing participation of institutional investors in companies’ ownership structures. In this context, the purpose of this study is to evaluate the influence of institutional investors’ shareholding on the payment of dividends in the oil industry. A regression model was used, estimated with the Generalized Method of Moments. The results indicated that the distribution of dividends is related to the profitability and the leverage of the companies, in addition to the history of distribution to shareholders. In general, the presence of institutional investors did not influence the dividend distribution. However, we observed a large participation of these investors in the ownership structure of companies in the oil and gas sector—the average control of these agents was around 25% in the companies of the sample. This study contributes to the literature regarding the influence of institutional investors on the corporate decisions of nonfinancial companies, being original in the context of the oil industry.
{"title":"Institutional investors and dividend payments: evidence in the oil industry","authors":"João Victor Machado, Fernando Sarti, Rodrigo Lanna Franco da Silveira","doi":"10.1093/icc/dtae019","DOIUrl":"https://doi.org/10.1093/icc/dtae019","url":null,"abstract":"The debate over the impacts of shareholder value orientation on corporate management has been more intense with the increasing participation of institutional investors in companies’ ownership structures. In this context, the purpose of this study is to evaluate the influence of institutional investors’ shareholding on the payment of dividends in the oil industry. A regression model was used, estimated with the Generalized Method of Moments. The results indicated that the distribution of dividends is related to the profitability and the leverage of the companies, in addition to the history of distribution to shareholders. In general, the presence of institutional investors did not influence the dividend distribution. However, we observed a large participation of these investors in the ownership structure of companies in the oil and gas sector—the average control of these agents was around 25% in the companies of the sample. This study contributes to the literature regarding the influence of institutional investors on the corporate decisions of nonfinancial companies, being original in the context of the oil industry.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"59 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140931431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates whether companies operating in industrial sectors characterized by a higher participation in global value chains (GVC) are more likely to be involved in cross-border mergers and acquisitions (M&A). We focus on firms acquired in the EU27 during the period 2008–2020 implementing a gravity model. Results show that cross-border investments are indeed associated with sectoral GVC participation, in particular the dependence on intermediates supplied by other countries (i.e., backward GVC participation) of the target country-sector, which is positively correlated with M&A flows. This evidence is confirmed when the acquired firm operates in high-tech sectors, and when the investor is based in OECD countries. In addition, we find that companies from non-OECD countries supplying inputs to other countries (i.e., higher forward GVC participation) are more likely to pursue a cross-border acquisition.
{"title":"Participation in global value chains and M&A flows","authors":"Andrea Ciani, Wildmer Daniel Gregori","doi":"10.1093/icc/dtae017","DOIUrl":"https://doi.org/10.1093/icc/dtae017","url":null,"abstract":"This study investigates whether companies operating in industrial sectors characterized by a higher participation in global value chains (GVC) are more likely to be involved in cross-border mergers and acquisitions (M&A). We focus on firms acquired in the EU27 during the period 2008–2020 implementing a gravity model. Results show that cross-border investments are indeed associated with sectoral GVC participation, in particular the dependence on intermediates supplied by other countries (i.e., backward GVC participation) of the target country-sector, which is positively correlated with M&A flows. This evidence is confirmed when the acquired firm operates in high-tech sectors, and when the investor is based in OECD countries. In addition, we find that companies from non-OECD countries supplying inputs to other countries (i.e., higher forward GVC participation) are more likely to pursue a cross-border acquisition.","PeriodicalId":48243,"journal":{"name":"Industrial and Corporate Change","volume":"23 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140931234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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