| 31. |
- Lööf, Hans, et al.
(författare)
-
Investment and Performance of Firms : Correlation or Causality?
- 2006
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The purpose of this paper is to provide empirical analysis of the two-way causalrelationship between some important investment and performance indicators at the firmlevel, in particular controlling for differences in these relationships between twocohorts of small and middle-sized firms and large firms respectively. Investigatedperformance variables include sales, value added, profit, cash flow, capital structureand employment. A multivariate vector autoregressive approach is applied to a panel ofSwedish firms observed between 1992 and 2000. In particular, an attempt is made toinvestigate whether causal relationships between R&D and firm performance are of atransitory nature and whether the causal relationships are similar for small andmedium-sized and large firms. Results show evidence of some two way causalrelationships, which are mainly transitory in character. Significant heterogeneity isobserved in the firms’ investment and performance behavior by their size.
|
|
| 32. |
- Lööf, Hans, 1956-, et al.
(författare)
-
Investment and Performance of Firms : Correlation or causality?
- 2008
-
Ingår i: Corporate Ownership & Control. - : Virtus InterPress. - 1727-9232 .- 1810-3057. ; 6:2, s. 268-282
-
Tidskriftsartikel (refereegranskat)abstract
- This paper provides an empirical analysis of the two-way causal relationship between investment and performance indicators at the firm level. The performance variables include sales, value added, profit, cash flow, capital structure and employment. The investment variables are research and development and physical capital. A multivariate vector autoregressive approach is applied to a panel of Swedish firms observed between 1992 and 2000. Results show evidence of some two-way causal relationships, which are mainly transitory in character. Significant heterogeneity is observed in the firms’ investment and performance behavior by their size.
|
|
| 33. |
- Lööf, Hans, 1956-, et al.
(författare)
-
Technical Change and Total Factor Productivity Growth for Swedish Manufacturing and Service Industries
- 2009
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper presents alternative specifications of the production functions of a large panel of Swedish firms for the period 1992-2000. The period can be characterized as a transition when long-run productivity growth in the Swedish economy improved from being among the weakest to one of the strongest within the OECD. In order to present a detailed exploration of this dramatic change, the time trend and general index models are applied to estimate total factor productivity (TFP) growth, rate of technical change and returns to scale. The models are extended to allow for firm-specific as well as time-varying technical change. The parametric TFP measures are also compared with the non-parametric Solow residual, and several hypotheses are tested to explain the growth patterns in the Swedish economy. It is found that the improved growth rate, initially starting in large exporting manufacturing firms, after a deep economic crisis at the beginning of the 1990s, spilled over to the rest of the economy, both manufacturing and services.
|
|
| 34. |
- Lööf, Hans, 1956-, et al.
(författare)
-
The Icelandic Economy : a victim of the financial crisis or simply inefficient?
- 2009
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Iceland, one of the smallest European economies, was hit severely by the 2008-financial crisis. This paper uses a firm-level Community Innovation Survey (CIS) data set to consider the economy in the period preceding the collapse of its financial system. We examine the linkage between the crisis and innovativeness from the perspective of technical efficiency by means of the Data Envelopment Analysis of 204 randomly selected firms. The results suggest that a substantial fraction of the Icelandic firms can be classified as non-efficient in their production process. The production scale of many manufacturing firms is too small to be considered technically efficient, while services firms typically use excessive resources in their production process. A remarkably weak performance in transforming R&D and labor efforts into successful innovations is observed. Based on the empirical results, suitable policy implications are suggested to remedy the inoptimal production structure and help economic recovery.
|
|
| 35. |
- Lööf, Hans, 1956-, et al.
(författare)
-
Total Factor Productivity of Korean Manufacturing Industries : Comparison of Competing Models with Firm-Level Data
- 2009
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper presents the parametric estimation of the rates of technical change and total factor productivity (TFP) growth of 7,462 Korean manufacturing firms for the period 1987 to 2007. Two alternative formulations of technical change measured by the time trend and the general index approaches are estimated with panel data models assuming flexible functional forms. Several extensions of each approach are also considered and their benefits and limitations are discussed. In addition to making estimates of the TFP growth and its decomposition, the paper compares the parametric TFP growth measure with the non-parametric Solow residual serving as a benchmark. Several hypotheses related to technology level, firm sizes, industrial sectors, skill biased technological change and macroeconomic and industrial policies are tested to explain the growth patterns and heterogeneity in technical change, input biases and TFP growth rates. Using second regression analysis, the paper explores the determinants of TFP growth and their policy implications.
|
|
| 36. |
|
|
| 37. |
- Oh, I., et al.
(författare)
-
Comparative analysis of plant dynamics by size : Korean manufacturing
- 2009
-
Ingår i: Japanese Economic Review. - : Springer Science and Business Media LLC. - 1352-4739 .- 1468-5876. ; 60:4, s. 512-538
-
Tidskriftsartikel (refereegranskat)abstract
- A comparative analysis on Korean manufacturing plants is performed by size of plants and sources of TFP growth are decomposed into entry, exit, and survival effects of plants, focusing on the pre- and post-crisis periods. Additional survival analyses investigate internal and external determinants of the survival of plants. The results indicate that the exit of small- and medium-sized establishments (SMEs) with higher productivity is becoming problematic in the post-crisis period. The improvements in large-scale establishments (LSEs) after the crisis appeared to occur generally in high-technology industrial sectors; SMEs in low-technology industries are suffering from a sluggish market selection process. ©2009 The Authors. Journal compilation ©2009 Japanese Economic Association.
|
|
| 38. |
- Oh, I., et al.
(författare)
-
Evaluation of credit guarantee policy using propensity score matching
- 2009
-
Ingår i: Small Business Economics. - : Springer Science and Business Media LLC. - 0921-898X .- 1573-0913. ; 33:3, s. 335-351
-
Tidskriftsartikel (refereegranskat)abstract
- In this article, we evaluate the effect of the credit guarantee policy by comparing a large sample of guaranteed firms and matched non-guaranteed firms from 2000 to 2003. The sample firms are compared with respect to growth rates of different performance indicators including: productivity, sales, employment, investment, R&D, wage level, and the survival of firms in the post crisis period. In order to avoid the selectivity problem, propensity score matching methodologies are adopted. Results suggest that credit guarantees influenced significantly firms’ ability to maintain their size, and increase their survival rate, but not to increase their R&D and investment and hence, their growth in productivity. Moreover, due to the adverse selection problem, firms with lower productivity were receiving guarantees. ©Springer Science+Business Media, LLC. 2008.
|
|
| 39. |
- Oh, I., et al.
(författare)
-
Total factor productivity in Korean manufacturing industries
- 2008
-
Ingår i: Global Economic Review. - : Informa UK Limited. - 1226-508X .- 1744-3873. ; 37:1, s. 23-50
-
Tidskriftsartikel (refereegranskat)abstract
- In this study, parametric and non-parametric methods are employed to measure the total factor productivity (TFP) growth in the Korean manufacturing industry from 1993 to 2003. The analysis period contains both periods before and after the Asian financial crisis. The TFP growth rate is decomposed into different components. Also different elasticities are reported. By classifying the results by period and classifying a number of time invariant firm characteristics, such as sector, size, and location of firms, we observe systematic heterogeneity for each characteristic. We discuss the underlying causal factors. The results from a non-parametric approach are also compared with those of a parametric approach. ©2008 Institute of East and West Studies, Yonsei University, Seoul.
|
|
| 40. |
|
|
