| 1. |
- Jensen, Febi, et al.
(author)
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New ventures in Cleantech : Opportunities, capabilities and innovation outcomes
- 2020
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In: Business Strategy and the Environment. - : John Wiley & Sons. - 0964-4733 .- 1099-0836. ; 9:3, s. 902-917
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Journal article (peer-reviewed)abstract
- Facing the challenge of climate change, innovations that imply environmental benefits create business opportunities for entrepreneurs. This paper analyzes innovation capabilities of startups in Cleantech and how the innovation outcomes of those startups develop over time. Based on the Mannheim Foundation Panel and applying propensity score matching, a cohort of 567 Cleantech startups is analyzed and compared with a control cohort of non‐Cleantech startups. We find that startups in Cleantech have, on average, higher technological capabilities compared with all other startups. Our econometric evidence shows that Cleantech startups are more likely to combine existing technology in a novel way. Finally, we find that Cleantech startups develop more market novelties in subsequent years when compared with their control group peers.
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| 2. |
- D’Orazio, Paola, et al.
(author)
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Macro-financial policy at the crossroad : addressing climate change, biodiversity loss, and environmental degradation - introduction to the special issue
- 2024
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In: Eurasian Economic Review. - : Springer. - 1309-422X. ; 14:1, s. 1-11
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Journal article (other academic/artistic)abstract
- This special issue of the Eurasian Economic Review delves into the critical relationships between macro-financial policy frameworks and environmental sustainability, emphasizing the urgent challenges posed by climate change, biodiversity loss, and environmental degradation. These environmental crises pose significant threats to global economic and financial stability, underscoring the necessity of integrating environmental considerations into macro-financial policies to foster sustainability and resilience in economic policymaking. Through a collection of research papers, this issue explores innovative strategies for developing comprehensive policy frameworks that harmonize monetary, financial, and fiscal policies with environmental objectives. It emphasizes the need for advanced methods to assess and manage the financial risks of climate change and environmental degradation. Underscoring the need for a multidisciplinary approach, the research advocates for the collaboration of economists, environmental scientists, policymakers, and stakeholders to develop effective macro-financial policies. These policies aim to mitigate environmental risks, enhance environmental sustainability, and preserve biodiversity. The issue calls for further research to refine models that accurately predict the macro-financial impacts of environmental risks and assess the effectiveness of policy measures, paving the way for a sustainable future in the face of escalating environmental challenges.
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| 3. |
- Lööf, Hans, 1961-, et al.
(author)
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Incorporating ESG into Optimal Stock Portfolios for the Global Timber & Forestry Industry
- 2023
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In: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 38:2, s. 133-157
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Journal article (peer-reviewed)abstract
- This paper investigates how optimal portfolios of timber & forestry stocks perform relative to the global S&P timber & forestry index when corporate social responsibility (CSR) is considered. We incorporate CSR in the construction of optimal portfolios by utilizing combined environmental, social, and governance (ESG) scores. Historical as well as copula-augmented predictive models and ESG-constrained optimization are used to analyze out-of-sample performance of various portfolio strategies over the period 2018–2021. The results of copula-based portfolio strategies are better than of the historical models. Another insight gained by this study is that socially responsible investments in forestry stocks are feasible without sacrificing risk-adjusted returns.
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| 4. |
- Lööf, Hans, 1961-, et al.
(author)
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Is Corporate Social Responsibility investing a free lunch? : The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis
- 2022
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In: Finance Research Letters. - : Elsevier BV. - 1544-6123 .- 1544-6131. ; 46, s. 102499-
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Journal article (peer-reviewed)abstract
- Did Corporate Social Responsibility investing benefit shareholders during the COVID-19 pandemic crisis? Distinguishing between downside tail risk and upside reward potential of stock returns, we provide evidence from 5,073 stocks listed on stock markets in ten countries. The findings suggest that better ESG ratings are associated with lower downside risk, but also with lower upside return potential. Thus, ESG ratings helped investors to reduce their risk exposure to the market turmoil caused by the pandemic, while maintaining the fundamental trade-off between risk and reward.
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| 5. |
- Mutarindwa, Samuel, et al.
(author)
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The impact of liquidity and capital requirements on lending and stability of African banks
- 2020
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In: Journal of international financial markets, institutions, and money. - : Elsevier. - 1042-4431 .- 1873-0612. ; 67, s. 1-20
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Journal article (peer-reviewed)abstract
- We assess whether compliance with Basel III's main requirements, the Net Stable Funding Ratio (NSFR) and the risk-weighted Total Capital Ratio (TCR), matters for lending and stability of African banks. Banks with an NSFR or a TCR of at least the required minimum are defined as treatment group in the endogenous treatment estimations. Our results reveal that African banks complying with the capital threshold TCR lend more than banks from the less capitalized control group, while banks complying with the NSFR threshold lend less than their peers. A detailed analysis with sample splits reveals that complying with the capital threshold improves the Z-score and the ratio of non-performing loans (NPL ratio) only for those banks with stability levels above the median. The likelihood of African banks to comply with the Basel III thresholds is overall strongly dependent on the strengths of regulatory institutions in the home country and, in case of the capital ratio, also on the legal origin. (C) 2020 Elsevier B.V. All rights reserved.
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| 6. |
- Stephan, Andreas
(author)
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Are public research spin-offs more innovative?
- 2014
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In: Small Business Economics. - : Springer. - 0921-898X .- 1573-0913. ; 43:2, s. 353-368
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Journal article (peer-reviewed)abstract
- The main purpose of this paper is to analyse whether research spin-offs, that is, spinoffsfrom either public research institutes or universities, have greater innovation capabilitiesthan comparable knowledge-intensive firms created in other ways. Using a sampleof about 2,800 firms from highly innovative sectors, propensity score matching is used tocreate a sample group of control firms that is comparable to the group of spin-offs. Thepaper provides evidence that the 121 research spin-offs investigated have more patent applicationsand more radical product innovations, on average, compared to similar firms.The results also show that research spin-offs’ superior innovation performance can be explainedby their high level of research cooperation and by location factors. An urban regionlocation and proximity to the parent institution are found to be conducive to innovationproductivity. The paper also finds evidence that research spin-offs are more successful inattracting support from public innovation support programs in comparison to their peers.
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| 7. |
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| 8. |
- Stephan, Andreas, et al.
(author)
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Main Bank Power, Switching Costs, and Firm Performance : Theory and Evidence from Ukraine
- 2012
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In: Emerging markets finance & trade. - : Routledge. - 1540-496X .- 1558-0938. ; 48:2, s. 76-93
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Journal article (peer-reviewed)abstract
- We examine firms’ motivation to change their main bank and how this switch affects loans, interest payments, and firm performance. Applying treatment effect analysis to unique firm-bank matched Ukrainian data, we find that larger and more highly leveraged companies are more likely to switch their main bank. Importantly, firms tend to switch to a new main bank that holds a higher share of equity in the firm and thus has stronger power. The results also suggest that after switching, firms obtain additional access to bank loans but, on average, have lower profits due to bigger interest payments.
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| 9. |
- Baum, Christopher F., et al.
(author)
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"Löneskillnader finns - men inte inom låglönesektorn"
- 2020
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In: Dagens Nyheter. - 1101-2447.
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Journal article (pop. science, debate, etc.)abstract
- Ingress: Flertalet studier av löneskillnader mellan flyktinginvandrare och - inödda svenskar tar inte hänsyn till yrkestillhörighet. På nästan halva den svenska arbetsmarknaden tjänar personer med flyktingbakgrund som etablerat sig på arbetsmarknaden lika mycket eller mer än kontrollgruppen.
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| 10. |
- Ghosal, Vivek, et al.
(author)
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Decentralized environmental regulations and plant-level productivity
- 2019
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In: Business Strategy and the Environment. - : John Wiley & Sons. - 0964-4733 .- 1099-0836. ; 28:6, s. 998-1011
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Journal article (peer-reviewed)abstract
- Using the framework provided by the Porter hypothesis, we study the impact of environmental regulations and enforcement policies on plant-level green total factor productivity (TFP) growth and its components related to efficiency change and technical change. The detailed microdata we use are from Sweden and for the pulp and paper industry. This industry is the source of significant amounts of water and air pollution and is one of the most heavily environmentally regulated manufacturing industries. Sweden has a unique decentralized regulatory structure where the manufacturing plants have to comply with plant-specific regulatory standards stipulated at the national level, as well as decentralized local supervision and enforcement. Our empirical results point to beneficial impacts of the environmental policies on plants' green TFP growth and sustainable production practices. We also find that political economy considerations are important, as the presence of the Green Party and aspects like plant size (with corresponding local and regional economic effects) matter in enforcement of the standards.
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