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Large Firms (large + firm)
Selected AbstractsBusiness Optimism for Small, Medium and Large Firms: Does It Explain Investment?,FISCAL STUDIES, Issue 2 2007Ciaran Driver We use UK survey data on variation in business optimism by manufacturing size group to estimate the determinants of optimism using OLS and SURE. There are similarities across the size groups but also some differences: the medium-size group seems to have been unusually affected by real interest rates in recent years. We also model investment authorisations, conditional on business optimism. Again, there are similarities across the size groups. However, the largest-size group, and possibly also the medium-size group, seem to be investing less in recent years in relation to reported optimism. By contrast, capital investment by smaller-sized firms has been stable in relation to business optimism. Some tentative explanations for these findings are explored. [source] Why Do Firms Raise Foreign Currency Denominated Debt?EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2001Evidence from Finland This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency,of,denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. This is consistent with the currency debt issue decision being affected by speculative motives. Large firms, with a wider access to the international capital markets, are more likely to borrow in foreign currencies than small firms. [source] Branding behavior in the Danish food industryAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2006Derek Baker Cross-sectional data from a survey of Danish firms are used to examine branding behavior in 2002 and its change between 1997 and 2002. Summary data from the survey are presented. Branding behavior is defined and relevant literature is reviewed. Based on hypotheses developed from this literature and supporting features of the Danish food marketing chain, six econometric models are specified. Specification accounts for dependent variables' characteristics (count and fractional data, and truncated samples). Missing values are replaced using Griliches' method (Griliches, 1986). Large firms are found to own and introduce the most brands, although few associations with the commodity sector are identified. Firms' use of retail brands is found to substitute for brand introduction in the long run and to increase with ownership by retail firms. Conclusions are drawn regarding the strategic stance of retailers in the Danish food system and its employment of retailers' own-label brands. [ECONLIT Classifications: Q120; Q130; L190]. © 2006 Wiley Periodicals, Inc. Agribusiness 22: 31,49, 2006. [source] The Effects of Race and Worker Productivity on Performance EvaluationsINDUSTRIAL RELATIONS, Issue 4 2001Marta Elvira Using personnel data from a large firm, we examine the role of race, supervisor's race, and worker productivity on performance ratings for a diverse employee population. Controlling for worker productivity and other demographic variables, black employees receive lower ratings than whites. These differences in performance evaluations are associated with the racial composition of the subordinate-supervisor pair. Racial differences between subordinate and supervisor lead to lower ratings for both black and white subordinates. [source] The Governance of Networks and Economic Power: The Nature and Impact of Subcontracting RelationshipsJOURNAL OF ECONOMIC SURVEYS, Issue 5 2003Silvia Sacchetti Abstract., Current debate on networking focuses on network structures and firm strategies. In this perspective, theoretical analysis has been concerned with allocative issues. This essay proposes a different interpretation. Starting from the existing theoretical framework, we emphasise the nature and the implications of different types of networks with respect to socio-economic development from a distributional point of view. Within this context, we develop the analysis of subcontracting starting from the concept of economic power. We then provide an analysis of governance in production by considering the attitudes and the nature of the actors involved. The externalisation of activities by large transnationals, which characterises current corporate restructuring, is often related to the search for greater flexibility, but also for greater power over governments, labour, and subcontractors. Differently, networks based on the mutual dependence of actors, which are not necessarily built around a large firm, could , under particular conditions , reach large production scales or more complex scopes without breaking the links with territorial systems, thus including local objectives in the strategic decision-making process. Our conclusion is that the impact of subcontracting networks varies enormously. This is crucial to an understanding of future trends and possibilities. Not least, firms and public policy agencies need to understand the implications of different forms of subcontracting network and how those forms actually differ in practice. [source] A Theory of Consumer Boycotts under Symmetric Information and Imperfect Competition,THE ECONOMIC JOURNAL, Issue 511 2006Robert Innes This article models strategic interactions between non-identical duopolistic firms and a public interest/environmental organisation (EO) that promotes ,green' production practices by threatening consumer boycotts against ,brown' producers. The article describes when boycotts are deterred by prior firm commitments to be ,green' and, also when a boycott arises in equilibrium, despite symmetric information. When a boycott arises, it is either a small persistent boycott against the ,small firm' in the industry, or a large transitory boycott against the ,large firm' in the industry that prompts the target firm to accede to the boycott demands quickly. [source] Labor productivity of small and large manufacturing firms: the case of TaiwanCONTEMPORARY ECONOMIC POLICY, Issue 3 2000M. Hsu This work studies the factors influencing the labor productivity of small and medium-sized enterprises (SMEs) and large firms using Taiwan as a case study. A special emphasis is placed on two possible international channels: exports and foreign direct investment (FDI). Different from conventional studies, we employ the two-stage switching regressions to correct the firm-size effect on labor productivity and estimate labor productivity for SMEs and large firms. The main findings are as follows. First, the estimates of the selectivity variable are statistically significant for both SMEs and large firms, supporting the hypothesis of correcting the effect of firm-size truncation. Second, while a larger trade intensity significantly increases the labor productivity of SMEs, it deteriorates significantly that of large firms. Third, FDI enhances the labor productivity of SMEs internally, whereas it has a negative spillover on that of other small and large firms in the industry. While the first outcome lends supports to the role of self-selection, the remaining stands in sharp contrast to conventional wisdom. [source] CSR in business start-ups: an application method for stakeholder engagementCORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, Issue 6 2009Jose Luis Retolaza Abstract In this paper, we propose a Corporate Social Responsibility (CSR) method to apply in business start-ups or newly created firms, whose main aim is the engagement of stakeholders. Several different CSR resources have been developed from various initiatives, both public and private. However, these initiatives do not highlight and consider the characteristics of newly created firms; moreover, most CSR theories and methods of applying social responsibility in firms are focused on medium and large firms, whose characteristics are so different, compared to start-ups and newly created firms. The method proposed in this paper shows the possibility, at least theoretically, to implement a CSR method to tackle all of the interests of future and potential stakeholders in business start-ups. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. [source] The 35-hour workweek in France: Straightjacket or welfare improvement?ECONOMIC POLICY, Issue 55 2008Marcello Estevão SUMMARY The 35-hour week Workweek reduction laws may be beneficial if market interactions do not fully take into account the preferences reflected in declining secular trends in working hours. The most recent law in France shortened the workweek from 39 to 35 hours in 2000 for large firms, and in 2002 for small firms. Analysing differences between large and small firm employees before and after the law, we find that aggregate employment was unaffected but labour turnover increased, as firms shed workers who became more expensive. Survey responses indicate that the welfare impact of the law was different across groups of workers: women but not men may have benefited from coordination to a shorter workweek, and there is also evidence of negative welfare effects for managers, possibly due to the law's administrative burden. ,Marcello Estevão and Filipa Sá [source] Some simple economics of GM foodECONOMIC POLICY, Issue 33 2001Dietmar Harhoff Public opposition to the genetic engineering of food crops (GM food) has not been based solely on concern about biological risks. Economic risks have been widely cited too: the fear that the world's food supply will be concentrated in the hands of a few large firms, the fear that such firms will engage or are already engaging in anti,competitive practices, and the fear of the transfer of ownership rights over genetic resources to the private sector. Are these fears justified? We argue that the GM food industry may be on course for further consolidation, and this could be anti,competitive. In fact, policymakers face a dilemma: a stringent regulatory approval process enhances food safety, but at the cost of increasing market concentration. We argue also that the integration of seed and agri,chemical manufacturers may bias the introduction of GM traits in undesirable directions. Some business practices (such as tie,in contracts between seeds and complementary products such as herbicides) may have an exclusionary motive that warrants scrutiny on anti,competitive grounds, while some other practices (such as the use of terminator genes) appear more benign. Finally, we argue against granting patents on genes or even on gene ,functions'. Doing so may delay the development of socially beneficial applications. [source] Corporate governance in Germany: the role of banks and ownership concentrationECONOMIC POLICY, Issue 31 2000Jeremy Edwards The German system of corporate governance is often thought to be effective at addressing problems arising in large firms. In addition to the usual emphasis on the role of German banks, it is increasingly recognized that the German system also involves a high concentration of the ownership of large firms. We analyse the relative significance of these two features of the German system and conclude that high ownership concentration is more important. Although banks may influence corporate governance via their control of proxy votes, positions on supervisory boards, and provision of loan finance, in practice they do not play a role in the governance of large German firms which is distinct from that of other types of large shareholders. Any case for the superiority of German corporate governance of large firms must therefore be based on high ownership concentration rather than a special role of banks, and must consider the costs of ownership concentration as well as the benefits. [source] SME Entry Mode Choice and Performance: A Transaction Cost PerspectiveENTREPRENEURSHIP THEORY AND PRACTICE, Issue 3 2004Keith D. Brouthers Although small and medium sized enterprises (SMEs) account for a significant portion of international trade, little is know about how they make international entry mode decisions. Transaction cost theory has been widely used to study entry mode selection for large firms. Here we apply the theory to SME mode choices. Further, we set out to determine if SME transaction cost mode choices provide superior performance to other mode choices. We found that transaction cost theory did a good job of explaining SME mode choice and that SMEs that used transaction cost,predicted mode choices performed significantly better than firms using other modes. [source] A survey into the use of derivatives by large non-financial firms operating in BelgiumEUROPEAN FINANCIAL MANAGEMENT, Issue 3 2000Marc J. K. De Ceuster Empirical evidence on the use of derivatives for risk management on the European continent is virtually non-existent. To fill this gap, our survey documents the usage of derivatives by non-financial large firms operating in Belgium. This paper provides descriptive evidence with respect to several questions that are raised in the literature. Why do firms hedge? Which financial risks are being managed? How widespread is the use of derivatives? Which derivatives are used for which purposes? How is a risk management policy implemented? How are performance measurement and reporting structured? [source] SCHIP's Impact on Dependent Coverage in the Small-Group Health Insurance MarketHEALTH SERVICES RESEARCH, Issue 1 2010Eric E. Seiber Objective. To estimate the impact of State Children's Health Insurance Program (SCHIP) expansions on public and private coverage of dependents at small firms compared with large firms. Data Sources. 1996,2007 Annual Demographic Survey of the Current Population Survey (CPS). Study Design. This study estimates a two-stage least squares (2SLS) model for four insurance outcomes that instruments for SCHIP and Medicaid eligibility. Separate models are estimated for small group markets (firms with fewer than 25 employees), small businesses (firms under 500 employees), and large firms (firms 500 employees and above). Data Collection/Extraction Methods. We extracted data from the 1996,2007 CPS for children in households with at least one worker. Principal Findings. The SCHIP expansions decreased the percentage of uninsured dependents in the small group market by 7.6 percentage points with negligible crowd-out in the small group and no significant effect on private coverage across the 11-year-period. Conclusions. The SCHIP expansions have increased coverage for households in the small group market with no significant crowd-out of private coverage. In contrast, the estimates for large firms are consistent with the substantial crowd-out observed in the literature. [source] Internet job hunting: A field study of applicant experiences with on-line recruitingHUMAN RESOURCE MANAGEMENT, Issue 2 2002Daniel C. Feldman This field study examines the experiences of managers and professionals searching for jobs via the Internet. Results suggest that facility with Internet navigation is significantly associated with the amount of general job searching, particularly for those who want to explore job options initially in private without fear of retribution from supervisors. The data also suggest that managers and professionals are more likely to use the Internet for job hunting when the geographical scope of the job hunt is wide, when a major salary increase is desired, and when both small and large firms are being considered as potential employers. Use of the Internet is perceived as a somewhat less effective job search strategy than personal networking, but far superior to searching for jobs through newspaper ads and "cold calling." Major issues found to impede the effectiveness of on-line recruiting are the degree and speed of follow-up on-line applications, lack of specific and relevant job descriptions on a company's Web site, concerns about the security of personal information, and difficulty in customizing, formatting, and downloading resumes to companies' specifications. The article concludes with recommendations for improving the effectiveness of on-line recruiting. © 2002 Wiley Periodicals, Inc. [source] The Weekend Effect, ,Reverse' Weekend Effect, and Firm SizeJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2000Jorge Brusa In this paper, we find a ,reverse%rsquo; weekend effect , whereby returns for Monday are positive and significantly greater than returns for the preceding Friday , in recent data for major stock indexes. We also find that, while a weak weekend effect exists in portfolios of smaller firms, the effect begins to diminish and weak ,reverse' weekend effect begins to appear in medium size firms. The ,reverse' weekend effect becomes strong and statistically significant in portfolios of large firms. The detection of a ,reverse' weekend effect in portfolios of large firms is a new finding in the literature. [source] Lawyers at Mid-Career: A 20-Year Longitudinal Study of Job and Life SatisfactionJOURNAL OF EMPIRICAL LEGAL STUDIES, Issue 3 2009John Monahan This study is the first to our knowledge to simultaneously measure the predictors of lawyers' satisfaction with their careers and the predictors of lawyers' satisfaction with their lives more broadly. One class of the University of Virginia School of Law was studied between their matriculation in 1987 and their graduation in 1990. All 360 living graduates of this class were contacted in 2007, with a response rate of 72.2 percent. Descriptive information was obtained and empirically validated measures of both career satisfaction and life satisfaction were administered. Respondents were found to have taken many diverse career paths, with most (85 percent) having changed jobs at least once, and half having changed jobs at least twice. Gender differences in the personal and professional lives of respondents were pervasive. Women graduates were far more likely than men to interrupt or forego full-time employment (39 percent vs. 1 percent), mainly in order to care for children, and were also more likely to have a spouse or partner employed full time outside the home (77 percent vs. 24 percent). Working conditions at large private law firms emerged as a significant problem for many respondents; half of those who started their careers in large firms left to go to a different type of employer. Finally, both career satisfaction and life satisfaction were found to be high, with 81 percent of the respondents satisfied with their decision to become a lawyer, and 86 percent satisfied with their lives more broadly. [source] A firm level analysis of trade, technology and employment in South AfricaJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 1 2004Lawrence Edwards This paper uses two firm level surveys, the National Enterprise (NE) survey and the Greater Johannesburg Metropolitan Area (GJMA) survey, to explore the implications of globalization for employment in South Africa. These relationships are explored using cross-tabulations and estimated labour demand functions. The paper finds that rising import penetration negatively affected employment in large firms, but not small firms. Relatively large declines in employment also occurred within export firms, despite improvements in export competitiveness and export growth through trade liberalization. Finally, the study finds that skill-biased and trade-induced technological change, as reflected in increased use of computers, foreign investment and the importation of raw material inputs, have raised the skill intensity of production. Copyright © 2004 John Wiley & Sons, Ltd. [source] Corporate Reputation and Social Performance: The Importance of FitJOURNAL OF MANAGEMENT STUDIES, Issue 3 2006Stephen J. Brammer abstract Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's social performance, financial performance, market risk, the extent of long-term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of social performance is found to vary both across sectors, and within sectors across the various types of social performance. Specifically, our results demonstrate the need to achieve a ,fit' among the types of corporate social performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental performance may enhance or damage reputation depending on whether the firm's activities ,fit' with environmental concerns in the eyes of stakeholders. [source] Born Global Firms and Informal Investors: Examining Investor CharacteristicsJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 4 2008Øystein Moen A "Born Global" is a new venture with a global niche market focus from day one. Many of these firms experience high growth rates, but also, a considerable need for funding. This study contrasts informal investors involved in born global firms ("Born Global Investors") with other informal investors. The underlying thesis is that the behavior of these investors reflects their investment philosophy, at least on a differential basis. The results suggest that born global investors differ from other informal investors in terms of deal origin, investment size, and exit preferences. Their experience as managers of large firms seems to be a particularly important factor, increasing investment capacity (income and fortune), while personal and professional networks influence the access to information about investment opportunities. The importance of these results for the development of born global firms is discussed. [source] Environment,Flexibility Coalignment and Performance: An Analysis in Large versus Small FirmsJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 3 2006Antonio J. Verdú-Jover This paper takes a wide-ranging transnational look, within the frame of he European Union, at the differences between large and small firms based on practices of flexibility. More specifically, the research aims to evaluate whether small firms form a homogeneous body in applying flexible practices as opposed to large firms, as well as observing the differential effects on performance when there are discrepancies in the coalignment levels between a firm's actual flexibility and that required by the environment. The hypotheses are tested using data from 417 European firms. The results reveal that (1) good coalignments between actual and required flexibility (flexibility fit) have a greater influence on business performance in the case of small firms; (2) there are significant differences between small and large firms as regards operative flexibility, strategic flexibility, financial flexibility (organizational slack), and performance. The large firms analyzed coalign their flexibility fit better in their various dimensions (structural, operative, and strategic); (3) the degree of metaflexibility can be greater among small firms, which represents a greater information processing capacity, thus enabling the flexibility fit to be constantly coaligned to changes in the environment. However, a greater metaflexibility is not immediately reflected in the flexibility fit; and (4) this greater flexibility fit among large firms can be favored by their greater financial flexibility. [source] The Characteristics and Features of SMEs: Favorable or Unfavorable to Logistics Integration?JOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 3 2004René Gélinas For small and medium-sized enterprises (SMEs), logistics integration is one of the most significant challenges of modern management. Growing numbers of SMEs are under pressure from large manufacturing enterprises (LMEs) to change their traditional management styles, both operationally and organizationally, replacing them with integrated systems that help increase the speed and fluidity of physical and information flows, help synchronize demand with supply, and help manage transactions more accurately. The recent literature discusses integrated logistics chain management quite extensively, but most studies address the issue from the standpoint of large firms. Given the importance of SMEs in the economies of industrialized countries, and given, too, that a constantly growing number of such firms will have to replace their management methods by logistically integrated practices, the authors of this study believe that it is important to examine the characteristics and features of SMEs in order to identify those favorable and unfavorable to logistics integration. [source] The Structure of Wages by Firm Size: A Comparison of Canada and the USALABOUR, Issue 2 2009Stéphanie Lluis Cross-country comparisons of the skill premium between USA and Canada show differences in the returns to higher education between the two countries since the 1980s. This paper analyses whether such differences could be related to differences in skill distribution and worker sorting across firm size between the two countries. Estimation of the wage structure by size for male non-unionized workers in the private sector reveals that selectivity effects on wages are present and similar in both countries. There are significant and substantial cross-country differences in the returns to education among large firms, especially for younger workers. [source] Technological opportunity and the relationship between innovation output and market structureMANAGERIAL AND DECISION ECONOMICS, Issue 3 2005C. Timothy Koeller This study examines influences of technological opportunity on the relationship between market structure and the innovation output of different-size firms. A simultaneous-equations model is specified and estimated separately for technologically progressive and technologically unprogressive industries. The study finds that innovation activities of small firms and large firms bear different relationships to market structure, in part resulting from interindustry differences in technological opportunity. In technologically progressive industries, innovation output (especially of small firms) is lower in the presence of high concentration and is increased substantially by high R&D intensity. Large-firm innovation output has a positive effect on industry concentration, but only in technologically unprogressive industries. Copyright © 2005 John Wiley & Sons, Ltd. [source] Penrose and the growth of multinational firmsMANAGERIAL AND DECISION ECONOMICS, Issue 2 2005Neil M. Kay In this paper, we look at the relationship of Penrose's theory of the growth of the firm to the multinational enterprise. We argue that one element in exploring the nature and evolution of the MNE may lie in asking the question; ,what was there before there was the MNE?' The answer to this may lie in examining corporate growth processes and the evolution of large firms through internal growth and external growth. By placing the MNE in the broader context of Penrosian growth processes, it may be possible to develop a fuller analysis of the globalisation of economic activity. We also argue that the potential benefits from pursuing such possible links may not just be limited to work in the international business field. By developing an approach to the multinational based on such foundations, it may be possible to contribute to understanding and analysis in areas (such as corporate growth) that have been traditionally regarded as the preserve of the industrial organisation theorists, but which have been relatively neglected by them in recent years. Copyright © 2005 John Wiley & Sons, Ltd. [source] Job Creation, Job Destruction and the Role of Small Firms: Firm-Level Evidence for the UK,OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 5 2010Alexander Hijzen Abstract Evidence on job creation and destruction for the United Kingdom is limited, dated, and refers almost entirely to the manufacturing sector. We use firm-level data from 1997 to 2008 for almost all sectors, including services, and show that firms in the service sector exhibit much higher rates of job creation, but almost exactly the same rates of job destruction as those in manufacturing. ,Small' firms account for a disproportionately large fraction of job creation and destruction relative to their share of employment. Jobs created by small firms are no less likely to persist than those created by large firms. [source] INVENTOR PRODUCTIVITY AND FIRM SIZE: EVIDENCE FROM PANEL DATA ON INVENTORSPACIFIC ECONOMIC REVIEW, Issue 4 2009Jinyoung Kim It has long been recognized that worker wages and productivity are higher in large firms. Moreover, economists have been interested in the efficiency of large firms in R&D enterprises. This paper uses inventor panel data to examine the relationship between inventor productivity and firm size in the pharmaceutical and semiconductor industries. In both industries, we find that inventors' productivity increases with firm size even after controlling for inventors' experience, education and other firm characteristics. We find evidence in the pharmaceutical industry that this is partly accounted for by differences in the way in which large and small firms organize R&D activities. [source] Buying in a Businesslike Fashion, And Paying More?PUBLIC ADMINISTRATION REVIEW, Issue 5 2000Joseph Besselman The government, particularly the Department of Defense (DoD), is undergoing yet another wave of acquisition reforms, which are intended to bring commercial buying practices to DoD's purchasing operations. This research shows that, prior to these reforms, the DoD's buying practices were superior to commercial practices in terms of prices paid for a large number of electronic and engine parts. The research compares DoD and purchasing of more than 676,000 identical items costing more than $60 million with commercial purchasing of the identical items. It finds that the DoD's purchasing superiority holds even when purchasing costs are considered. The DoD achieved these results because it was already using commercial practices commonly followed by large firms: aggregating purchases, using cost data, and negotiating aggressively in markets with few suppliers. Some of the recent reforms will undermine the DoD's ability to exploit these common commercial practices and will raise the government's costs. [source] Monetary Transmission and Inventory: Evidence from Japanese Balance-Sheet Data by Firm SizeTHE JAPANESE ECONOMIC REVIEW, Issue 4 2002Kazuo Ogawa I analyse the response of inventories and short-term debts to monetary policy using disaggregated data on Japanese manufacturing firms classified by firm size. I find that monetary contraction decreases the inventories of large firms; however, inventories of small and medium firms increase considerably for the first several quarters. This implies that in a subcontracting system small and medium subcontractors serve as a buffer and alleviate the monetary shocks felt by their large parent firms. Moreover, inventory build-ups are financed by increases in accounts payable. I also find that for small firms land asset is important in easing credit conditions and increasing inventories. JEL Classification Numbers: E22, E32, E44, E51. [source] THE ROLE OF SUNK COSTS IN THE DECISION TO INVEST IN R&D,THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 4 2009JUAN A. MÁÑEZ We present a dynamic empirical model of a firm's R&D decisions that is consistent with the existence of sunk R&D costs, taking into account that these costs may differ between small and large firms, and among different technological regimes. We estimate a multivariate dynamic discrete choice model using firm-level data of Spanish manufacturing for 1990,2000. Conditional on firm heterogeneity and serially correlated unobservable factors, we find that R&D history matters. This true state dependence allows inferring the existence of sunk R&D costs associated with performing R&D. Sunk R&D costs are found to be higher for large, high-tech firms. [source] | ||||||||||||||||||||||||||||||||||