Pub Date : 2023-01-02DOI: 10.1080/02692171.2023.2167629
J. Michie
When companies get into such financial difficulties that they cannot meet interest payments out of profits, they’re referred to as ‘zombie firms’. During recessions, many firms will find themselves in this predicament. Any subsequent recovery may be weakened if large numbers of such firms are still clinging on, possibly by meeting interest payments through further borrowing – perhaps combined with slashing their investments in training and R&D. In ‘Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019’, Nicolás Águila & Juan M. Graña develop a taxonomy of firms that is more sophisticated than just ‘zombie’ or ‘non-zombie’ (according to the above description of being able to meet interest payments out of current profits). They look also at firms’ actual levels of profitability, and at leverage ratios. Their aim is to look beyond the financial characteristic – of being able to meet interest from profits – to consider productive characteristics as well. Their main finding is that the principal problem of U.S. firms is productive, not financial – as there is a high share of firms with increasingly negative profitability even before the payment of interest and despite having relatively low leverage. In other words, even taking the financial issue of needing to repay loans out of the equation, these firms aren’t productive enough to make any profit at all. Hence, they argue:
当公司陷入财务困境，无法用利润支付利息时，就被称为“僵尸公司”。在经济衰退期间，许多公司会发现自己处于这种困境。如果大量这样的公司仍在坚持下去，可能会通过进一步借款来支付利息——或许还会削减他们在培训和研发方面的投资，那么随后的复苏可能会受到削弱。并不是所有的僵尸都生而平等。马克思-明斯基企业分类法:美国，1950-2019”，Nicolás Águila和Juan M. Graña开发了一种比“僵尸”或“非僵尸”(根据上文对能够用当前利润支付利息的描述)更复杂的企业分类法。他们还关注公司的实际盈利水平和杠杆率。他们的目标是超越财务特征——能够从利润中获得利益——考虑生产特征。他们的主要发现是，美国公司的主要问题是生产问题，而不是财务问题——因为在支付利息之前，尽管杠杆率相对较低，但有很大一部分公司的盈利能力越来越负。换句话说，即使不考虑需要偿还贷款的财务问题，这些公司的生产力也不足以产生任何利润。因此，他们认为:
{"title":"Zombie firms, financial inclusion and women’s bargaining power, and other issues","authors":"J. Michie","doi":"10.1080/02692171.2023.2167629","DOIUrl":"https://doi.org/10.1080/02692171.2023.2167629","url":null,"abstract":"When companies get into such financial difficulties that they cannot meet interest payments out of profits, they’re referred to as ‘zombie firms’. During recessions, many firms will find themselves in this predicament. Any subsequent recovery may be weakened if large numbers of such firms are still clinging on, possibly by meeting interest payments through further borrowing – perhaps combined with slashing their investments in training and R&D. In ‘Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019’, Nicolás Águila & Juan M. Graña develop a taxonomy of firms that is more sophisticated than just ‘zombie’ or ‘non-zombie’ (according to the above description of being able to meet interest payments out of current profits). They look also at firms’ actual levels of profitability, and at leverage ratios. Their aim is to look beyond the financial characteristic – of being able to meet interest from profits – to consider productive characteristics as well. Their main finding is that the principal problem of U.S. firms is productive, not financial – as there is a high share of firms with increasingly negative profitability even before the payment of interest and despite having relatively low leverage. In other words, even taking the financial issue of needing to repay loans out of the equation, these firms aren’t productive enough to make any profit at all. Hence, they argue:","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59406018","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 : 2022-12-22DOI: 10.1080/02692171.2022.2154917
M. Joffe
Profit rate convergence is an important feature of standard theory. However, its evidence base is weak. Its key propositions were tested for US manufacturing, 1985-2016. The findings demonstrate strong evidence of convergence, but weak inter-sectoral capital flows, and no diminishing returns. Considerable dispersion remained even after three decades of strong convergence, and this was symmetrical; macro shocks, such as the financial crisis, had only a transient impact. Four of the existing theories in the literature are found to be compatible with these findings, and a hypothesis is suggested that synthesizes them in a realistic manner.
{"title":"Profit rate dynamics in US manufacturing","authors":"M. Joffe","doi":"10.1080/02692171.2022.2154917","DOIUrl":"https://doi.org/10.1080/02692171.2022.2154917","url":null,"abstract":"Profit rate convergence is an important feature of standard theory. However, its evidence base is weak. Its key propositions were tested for US manufacturing, 1985-2016. The findings demonstrate strong evidence of convergence, but weak inter-sectoral capital flows, and no diminishing returns. Considerable dispersion remained even after three decades of strong convergence, and this was symmetrical; macro shocks, such as the financial crisis, had only a transient impact. Four of the existing theories in the literature are found to be compatible with these findings, and a hypothesis is suggested that synthesizes them in a realistic manner.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41891808","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 : 2022-11-15DOI: 10.1080/02692171.2022.2144149
M. Mazzucato
{"title":"Collective value creation: a new approach to stakeholder value","authors":"M. Mazzucato","doi":"10.1080/02692171.2022.2144149","DOIUrl":"https://doi.org/10.1080/02692171.2022.2144149","url":null,"abstract":"","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46970068","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 : 2022-10-31DOI: 10.1080/02692171.2022.2138836
Kerry Liu
ABSTRACT Shanghai’s lockdown from April to May 2022 attracted worldwide attention. While the rest of the world has generally chosen to live with Covid-19, China still sticks to its elimination strategy, i.e. the dynamic Covid-zero policy. This paper considers this policy and its economic implications. First, this study describes the policy and provides a quantitative description of its development based on Google Trends data and the Baidu index. Second, we explore the economic impacts of the March – May 2022 lockdown and concludes that they were less severe – and the policy responses were also smaller – than those in early 2020. However, one major difference is that Chinese household and corporate sectors have much weaker expectations than in early 2020, and as a consequence, policy responses may also be less effective. Third, from the perspective of stock markets, which can be seen as an expected value of all possible scenarios in the future, this study finds that China’s Covid-zero policy is considered to be detrimental to the economy.
{"title":"China’s dynamic covid-zero policy and the Chinese economy: a preliminary analysis","authors":"Kerry Liu","doi":"10.1080/02692171.2022.2138836","DOIUrl":"https://doi.org/10.1080/02692171.2022.2138836","url":null,"abstract":"ABSTRACT Shanghai’s lockdown from April to May 2022 attracted worldwide attention. While the rest of the world has generally chosen to live with Covid-19, China still sticks to its elimination strategy, i.e. the dynamic Covid-zero policy. This paper considers this policy and its economic implications. First, this study describes the policy and provides a quantitative description of its development based on Google Trends data and the Baidu index. Second, we explore the economic impacts of the March – May 2022 lockdown and concludes that they were less severe – and the policy responses were also smaller – than those in early 2020. However, one major difference is that Chinese household and corporate sectors have much weaker expectations than in early 2020, and as a consequence, policy responses may also be less effective. Third, from the perspective of stock markets, which can be seen as an expected value of all possible scenarios in the future, this study finds that China’s Covid-zero policy is considered to be detrimental to the economy.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48567767","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 : 2022-10-26DOI: 10.1080/02692171.2022.2138835
Pål Børing, M. Mark
ABSTRACT We examine how the amount of public R&D support to enterprises in different R&D sectors is related to the mix of types of aid and policy agencies. The question we ask is whether this amount increases or decreases with the number of types of aid and policy agencies in each sector. We use panel data on the amount of support received by Norwegian enterprises in the following four R&D sectors: the higher education sector, the institute sector, the health trusts, and the industrial sector. GMM regressions show that the amount of support is positively related to the number of policy agencies in all four sectors, and positively related to the number of types of aid in the industrial sector (the relationship is non-significant in each of the other three sectors). The estimation results therefore indicate that the amount of public R&D support increases in one of the R&D sectors (the industrial sector) when enterprises benefit from an increasing number of different types of aid, and increases in all sectors when enterprises benefit from an increasing number of different policy agencies.
{"title":"Public R&D support to enterprises in four R&D sectors: the mix of types of aid and policy agencies","authors":"Pål Børing, M. Mark","doi":"10.1080/02692171.2022.2138835","DOIUrl":"https://doi.org/10.1080/02692171.2022.2138835","url":null,"abstract":"ABSTRACT We examine how the amount of public R&D support to enterprises in different R&D sectors is related to the mix of types of aid and policy agencies. The question we ask is whether this amount increases or decreases with the number of types of aid and policy agencies in each sector. We use panel data on the amount of support received by Norwegian enterprises in the following four R&D sectors: the higher education sector, the institute sector, the health trusts, and the industrial sector. GMM regressions show that the amount of support is positively related to the number of policy agencies in all four sectors, and positively related to the number of types of aid in the industrial sector (the relationship is non-significant in each of the other three sectors). The estimation results therefore indicate that the amount of public R&D support increases in one of the R&D sectors (the industrial sector) when enterprises benefit from an increasing number of different types of aid, and increases in all sectors when enterprises benefit from an increasing number of different policy agencies.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41243365","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 : 2022-10-10DOI: 10.1080/02692171.2022.2130187
Amrita Saha, M. Carreras, E. Quak
ABSTRACT We conduct a review of different support measures adopted by 59 countries as an immediate response to the COVID-19 pandemic using an inclusive development lens across five key areas – health and safety, welfare, finance and credit, taxes and fees and structural measures. Using the information that a policy response was announced or implemented immediately, we propose and provide proxy measures for ‘access’, ‘short-term cover’ and ‘medium- to long-term adequacy’ using secondary data. Then, we construct a COVID-19 Response Inclusiveness (CRI) score – to capture the extent of ‘inclusiveness’ inherent in the support across populations, particularly for the marginalised and more vulnerable. We define and capture inclusion as the equitable distribution of social and economic gains, enhanced well-being and capabilities, with social and political empowerment. Finally, using simple cross-country regressions, we find the initial COVID-19 cases, changes in mobility and Gross Domestic Product (GDP) per capita as key characteristics that were significantly associated with our measured extent of inclusiveness in countries’ response packages in the immediate aftermath of the crisis.
{"title":"Investigating initial policy responses to COVID-19: evidence across 59 countries","authors":"Amrita Saha, M. Carreras, E. Quak","doi":"10.1080/02692171.2022.2130187","DOIUrl":"https://doi.org/10.1080/02692171.2022.2130187","url":null,"abstract":"ABSTRACT We conduct a review of different support measures adopted by 59 countries as an immediate response to the COVID-19 pandemic using an inclusive development lens across five key areas – health and safety, welfare, finance and credit, taxes and fees and structural measures. Using the information that a policy response was announced or implemented immediately, we propose and provide proxy measures for ‘access’, ‘short-term cover’ and ‘medium- to long-term adequacy’ using secondary data. Then, we construct a COVID-19 Response Inclusiveness (CRI) score – to capture the extent of ‘inclusiveness’ inherent in the support across populations, particularly for the marginalised and more vulnerable. We define and capture inclusion as the equitable distribution of social and economic gains, enhanced well-being and capabilities, with social and political empowerment. Finally, using simple cross-country regressions, we find the initial COVID-19 cases, changes in mobility and Gross Domestic Product (GDP) per capita as key characteristics that were significantly associated with our measured extent of inclusiveness in countries’ response packages in the immediate aftermath of the crisis.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45897198","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 : 2022-10-03DOI: 10.1080/02692171.2022.2040960
Eduardo Gilberto Loría Díaz de Guzmán, Arely Paola Medina González
ABSTRACT Using eight cross-section econometric models applied to a sample of 31 countries, we find that, although the Case Fatality Ratio (CFR) of COVID-19 is explained by ‘structural’ variables that were given prior to the pandemic (healthcare infrastructure, comorbidities, poverty and the HDI), the ’response’ variables to the crisis (fiscal support, health policy, and, above all, government narrative) have been determinant in the evolution of the pandemic. We show that the dummy variable representing populist countries is significant, demonstrating that, as Shiller (2017) stated, narrative plays a major role in shaping behavior and economic outcomes.
{"title":"Mexico: the populism/COVID-19 syndemic","authors":"Eduardo Gilberto Loría Díaz de Guzmán, Arely Paola Medina González","doi":"10.1080/02692171.2022.2040960","DOIUrl":"https://doi.org/10.1080/02692171.2022.2040960","url":null,"abstract":"ABSTRACT Using eight cross-section econometric models applied to a sample of 31 countries, we find that, although the Case Fatality Ratio (CFR) of COVID-19 is explained by ‘structural’ variables that were given prior to the pandemic (healthcare infrastructure, comorbidities, poverty and the HDI), the ’response’ variables to the crisis (fiscal support, health policy, and, above all, government narrative) have been determinant in the evolution of the pandemic. We show that the dummy variable representing populist countries is significant, demonstrating that, as Shiller (2017) stated, narrative plays a major role in shaping behavior and economic outcomes.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48401356","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 : 2022-09-28DOI: 10.1080/02692171.2022.2117284
Chia Huay Lau, J. Michie
{"title":"Penrose’s theory of the firm in an era of globalisation","authors":"Chia Huay Lau, J. Michie","doi":"10.1080/02692171.2022.2117284","DOIUrl":"https://doi.org/10.1080/02692171.2022.2117284","url":null,"abstract":"","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44339631","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 : 2022-09-26DOI: 10.1080/02692171.2022.2123459
Lenore M. Palladino, William Lazonick
{"title":"Regulating stock buybacks: the $6.3 trillion question","authors":"Lenore M. Palladino, William Lazonick","doi":"10.1080/02692171.2022.2123459","DOIUrl":"https://doi.org/10.1080/02692171.2022.2123459","url":null,"abstract":"","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2022-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44913621","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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