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  • 1. Baczko, Tadeusz
    et al.
    Eickelpasch, Alexander
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Location Conditions in East Germany and in Poland from the Point of View of the Companies2008In: DIW: Weekly Report, ISSN 1860-3343, Vol. 4, no 3, p. 14-20Article in journal (Other (popular science, discussion, etc.))
    Abstract [en]

    A joint research project at the European University Viadrina, DIW Berlin and the Polish Academy of Science has investigated how companies assess their locational conditions and whether there is a relationship between location attributes and the company performance. In both countries the majority of companies assessed the same location attributes as being important or unimportant for the company's performance. Some remarkable differences were found in the evaluation of locational quality. In both countries, the supply of skilled employees is deemed to be the most important quality criterion of a location, and the current situation regarding this location factor is assessed as satisfactory. The companies in Poland more often evaluate the supply of training and qualification facilities as important compared to companies in East Germany, and the availability is assessed as good in both regions. Less important are traffic conditions. This is-not unexpectedly-assessed worse by Polish companies compared to the East German ones. The support by chambers of commerce is more often important for the Polish companies compared to East German ones. This potentially reflects the different importance of commercial authorities in both countries. Local administration is on average rated worse by the East German companies compared to Polish counterparts.

  • 2. Baczko, Tadeusz
    et al.
    Eickelpasch, Alexander
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Standortbedingungen in Ostdeutschland und Polen aus Sicht der Unternehmen2008In: DIW Wochenbericht, ISSN 0012-1304, Vol. 75, no 9, p. 91-98Article in journal (Other (popular science, discussion, etc.))
  • 3. Badunenko, Oleg
    et al.
    Fritsch, Michael
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Allocative Efficiency Measurement Revisited: Do We Really Need Input Prices?2008In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 25, no 5, p. 1093-1109Article in journal (Refereed)
  • 4. Badunenko, Oleg
    et al.
    Fritsch, Michael
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    What Drives the Productive Efficiency of a Firm?: the importance of industry, location, R&D, and size2008Report (Other academic)
    Abstract [en]

    This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the efficiencies of the firms and relate them to firm-specific and environmental factors. We find that (1) about half the model's explanatory power is due to industry effects, (2) firm size accounts for another 20 percent, and (3) location of headquarters explains approximately 15 percent. Interestingly, most other firm characteristics, such as R&D intensity, outsourcing activities, or the number of owners, have extremely little explanatory power. Surprisingly, our findings suggest that higher R&D intensity is associated with being less efficient, though higher R&D spending increases a firm's efficiency over time.

  • 5. Badunenko, Oleg
    et al.
    Fritsch, Michael
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    What Drives the Productive Efficiency of a Firm?: the importance of industry, location, R&D, and size2008Report (Other academic)
    Abstract [en]

    This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the efficiencies of the firms and relate them to firm-specific and environmental factors. We find that (1) about half the model’s explanatory power is due to industry effects, (2) firm size accounts for another 20 percent, and (3) location of headquarters explains approximately 15 percent. Interestingly, most other firm characteristics, such as R&D intensity, outsourcing activities, or the number of owners, have extremely little explanatory power. Surprisingly, our findings suggest that higher R&D intensity is associated with being less efficient, though higher R&D spending increases a firm’s efficiency over time.

  • 6. Barasinska, Nataliya
    et al.
    Schäfer, Dorothea
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Financial Risk Aversion and Household Asset Diversification2008Report (Other academic)
    Abstract [en]

    This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed diversification patterns. Based on the German Socioeconomic Panel which provides unique measures of individual propensity for taking risk, the results of the regression analysis show that, along with some socioeconomic characteristics, the propensity for taking investment risk is an important predictor of a household's diversification strategy. However, some of our findings are strongly at odds with what the concept of mean-variance utility suggests.

  • 7.
    Barasinska, Nataliya
    et al.
    DIW Berlin and Freie Universität Berlin, Germany.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Individual risk attitudes and the composition of financial portfolios: Evidence from German household portfolios2012In: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 52, no 1, p. 1-14Article in journal (Refereed)
    Abstract [en]

    This paper explores the relationship between the self-declared risk aversion of private investors and theirpropensity to hold incomplete portfolios of financial assets. The analysis is based on household surveydata from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudestoward financial risk. Our findings suggest that more risk averse households tend to hold incompleteportfolios consisting mainly of a few risk-free assets. We also find that the propensity to acquire additionalassets is highly dependent on whether liquidity and safety needs are met.

  • 8. Barasinska, Nataliya
    et al.
    Schäfer, Dorothea
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Private Households Display Strong Aversion to Investment Risk2009In: DIW Berlin Weekly Report, Vol. 5, no 2, p. 13-18Article in journal (Other (popular science, discussion, etc.))
    Abstract [en]

    The broadest possible diversification of investments is considered an important strategy for minimizing investment risk. Most households in Germany do distribute their financial assets over several types of investment. However, investment behavior is only partially consistent with the overall readiness for risk-taking reported by heads of households. This is demonstrated by a current empirical study based on data from the Socio-Economic Panel Study (SOEP). The probability of diversification does tend to rise according to the degree of risk aversion, yet not when it comes to a "fully diversified investment basket." With a higher fear of risk, the tendency to fill a portfolio with every kind of investment falls. Clearly, households make decisions in keeping with a principle propagated by Keynes: security and liquidity come first. The readiness to invest in riskier assets rises with the number of secure investments already in place in the portfolio.

  • 9. Bartkowiak, Igor
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Innovationspolitik in Grossbritannien2007In: Innovationspolitik: Wie kann Deutschland von anderen lernen?, Marburg: Schüren Verlag , 2007, p. 103-119Chapter in book (Other (popular science, discussion, etc.))
  • 10.
    Baum, Christoffer
    et al.
    Department of Economics, Boston College, 140 Commonwealth Avenue, Chestnut Hill MA 02135 USA.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency downgrades and the Eurozone sovereign debt crises2014Report (Other academic)
  • 11. Baum, Christopher F.
    et al.
    Caglayan, Mustafa
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Talavera, Oleksandr
    Uncertainty Determinants of Corporate Liquidity2008In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 25, no 5, p. 833-849Article in journal (Refereed)
    Abstract [en]

    This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or idiosyncratic uncertainty. We test this hypothesis using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1993–2002. The results indicate that firms increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases.

  • 12.
    Baum, Christopher F.
    et al.
    Boston College.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency announcements and the Eurozone sovereign debt crisis2013Report (Other academic)
    Abstract [en]

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.

  • 13.
    Baum, Christopher F.
    et al.
    Boston College.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics. DIW Berlin.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises2014Report (Other academic)
    Abstract [en]

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011–2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond’s yields, although Germany’s rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states’ debt into more stable borrowers’ securities.

  • 14.
    Baum, Christopher F.
    et al.
    Boston College and DIW Berlin.
    Lööf, Hans
    KTH Royal Institute of Technology.
    Perez, Luis
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Offshoring and Innovation Capabilities: Evidence from Swedish Manufacturing2018Report (Other academic)
    Abstract [en]

    This paper examines the impact of global value chains on firms’ innovation capabilities. Using the United Nations Broad Economic Categories (BEC) system to identify offshoring-related intermediate imports, we study contracting out production over the period 2001–2014 from about 7,000 mainly small Swedish manufacturing firms to six different destinations and test hypotheses on improvements and outcomes of innovation capabilities. Our empirical findings show that the strategy to participate in global value chains increases firms’ innovative capability regardless of firms’ technology intensity. The results are robust to a wide set of controls and in line with predictions in recent models of directed technical change.

  • 15.
    Baum, Christopher F.
    et al.
    Boston College and DIW Berlin.
    Lööf, Hans
    KTH Royal Institute of Technology.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Viklund-Ros, Ingrid
    KTH Royal Institute of Technology.
    Outside Board Directors and Start-Up Firms’ Innovation2018Report (Other academic)
    Abstract [en]

    We exploit increased access to detailed employer-employee data to assess whether outside board members affect innovation performance among start-up firms. Using data for all new limited companies in Sweden born during 1999–2013 which have no more then 10 employees when formed, we provide structural equation estimates that deal with the endogenous selection of board directors. Our empirical findings show that an increase in the board’s expertise, measured by the relative productivity of the firms where outsiders are employed, has a significant and positive impact on the new firm’s propensity to apply for both patents and trademarks.

  • 16. Baum, Christopher F.
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Talavera, Oleksandr
    The Effects of Uncertainty on the Leverage of Non-Financial Firms2009In: Economic Inquiry, ISSN 0095-2583, E-ISSN 1465-7295, Vol. 47, no 2, p. 216-225Article in journal (Refereed)
  • 17.
    Baum, Christopher
    et al.
    Department of Economics, Boston College and Department of Macroeconomics, DIW Berlin, Germany.
    Lööf, Hans
    Department of Industrial Economics and Management, Royal Institute of Technology, Stockholm, Sweden.
    Nabavi, Pardis
    Department of Industrial Economics and Management, Royal Institute of Technology, Stockholm, Sweden .
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    A new approach to estimation of the R&D–innovation–productivity relationship2017In: Economics of Innovation and New Technology, ISSN 1043-8599, E-ISSN 1476-8364, Vol. 26, no 1-2, p. 121-133Article in journal (Refereed)
    Abstract [en]

    We apply a generalized structural equation model approach to the estimation of the relationship between R&D, innovation and productivity that focuses on the potentially crucial heterogeneity across sectors. The model accounts for selectivity and handles the endogeneity of this relationship in a recursive framework which allows for feedback effects from productivity to future R&D investment. Our approach enables the estimation of the different equations as one system, allowing the coefficients to differ across sectors, and also permits us to take cross-equation correlation of the errors into account. Employing a panel of Swedish manufacturing and service firms observed in three consecutive Community Innovation Surveys in the period 2008–2012, our full-information maximum likelihood estimates show that many key channels of influence among the model's components vary meaningfully in their statistical significance and magnitude across six different sectors based on the OECD classification on technological and knowledge intensity. These results cast doubt on earlier research which does not allow for sectoral heterogeneity.

  • 18.
    Baum, Christopher
    et al.
    Department of Economics, Boston College and Department of Macroeconomics, DIW Berlin.
    Lööf, Hans
    CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Stockholm.
    Nabavi, Pardis
    CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Stockholm.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    A New Approach to Estimation of the R&D-Innovation-Productivity Relationship2015Report (Other academic)
    Abstract [en]

    We evaluate a Generalized Structural Equation Model (GSEM) approach to the estimation of the relationship between R&D, innovation and productivity that focuses on the potentially crucial heterogeneity across technology and knowledge levels. The model accounts for selectivity and handles the endogeneity of this relationship in a recursive framework. Employing a panel of Swedish firms observed in three consecutive Community Innovation Surveys, our maximum likelihood estimates show that many key channels of influence among the model's components differ meaningfully in their statistical significance and magnitude across sectors defined by different technology levels.

  • 19.
    Baum, Christopher
    et al.
    Department of Economics, Boston College, USA.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency downgrades and the Eurozone sovereign debt crises2016In: Journal of Financial Stability, ISSN 1572-3089, E-ISSN 1878-0962, Vol. 24, p. 117-131Article in journal (Refereed)
    Abstract [en]

    This paper studies the reaction of the Euro's value againstmajor currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010--2012 based on eventstudy methodology combined with GARCH models. We also analyze how theyields of French, Italian, German and Spanish government long-term bondswere affected by CRA announcements. Our results reveal that CRA downgrades, watchlist and outlook announcements had no impact on the value of the Euro currency but increased exchange rate volatility. At the same time, downgrades as well as negative outlook announcements increased the yields of French, Italian, and Spanish bonds and evenaffected the German bond's yields. This shows that the monetary union hasled to a breakdown of the consequences of the rating shocks between currency value and sovereign bond yields. The reason is that part of the rating shock is absorbed by an internal repricing of sovereign bonds.

  • 20. Belitz, Heike
    et al.
    Fleischer, Frank
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Staatliche Förderung von Forschung und Entwicklung in der ostdeutschen Wirtschaft: eine Bilanz2001In: DIW Wochenbericht, ISSN 0012-1304, Vol. 68, p. 537-544Article in journal (Other (popular science, discussion, etc.))
  • 21. Bitzer, Juergen
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks2007In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 39, no 2, p. 179-189Article in journal (Refereed)
  • 22. Brueck, Tilman
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Do Eurozone Countries Cheat with their Budget Deficit Forecasts?2006In: Kyklos (Basel), ISSN 0023-5962, E-ISSN 1467-6435, Vol. 59, no 1, p. 17-29Article in journal (Refereed)
  • 23. Cadot, Olivier
    et al.
    Röller, Lars-Hendrik
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    A Political Economy Model of Infrastructure Allocation: An Empirical Assessment1999Report (Other (popular science, discussion, etc.))
  • 24. Cadot, Olivier
    et al.
    Röller, Lars-Hendrik
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Contribution to Productivity or Pork Barrel?: The Two Faces of Infrastructure Investment2006In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 90, no 6-7, p. 1133-1153Article in journal (Refereed)
  • 25.
    Carlsson, Georg
    et al.
    Sveriges lantbruksuniversitet.
    Röös, Elin
    Sveriges lantbruksuniversitet.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Tidåker, Pernilla
    Sveriges lantbruksuniversitet.
    Witthöft, Cornelia
    Linnéuniversitetet.
    ”Ät hälften så mycket kött och mer ärtor och bönor”2018In: Dagens Nyheter 2018-10-13, ISSN 1101-2447Article in journal (Other (popular science, discussion, etc.))
  • 26.
    Eickelpasch, Alexander
    et al.
    DIW Berlin.
    Hirte, Georg
    Technische Universität Dresden, Germany.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Firms' evaluation of location quality: Evidence from East Germany2016In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 236, no 2, p. 241-273Article in journal (Refereed)
    Abstract [en]

    Our study provides evidence for firms' evaluation of location quality. We use a 2004 survey of 6,000 East German firms that contained questions on the importance and assessment of 15 different location factors ranging from closeness to customers and suppliers, transport infrastructure, and proximity to research institutions and universities, as well as questions about the local financial institutions and region's "image". The results show (1) a great dealof heterogeneity in terms of which firm- or regional-level characteristics are important in the evaluation of a specic location factor, (2) that the model's explanatory power is, overall, low and thus neither location characteristics nor internal factors are fully reected in the perceptions, (3) that a firm's business situation and whether a location factor is considered important have explanatory power for perception. One policy-relevant conclusion that we derive from these findings is that location policy should consider firms' perception of a specific location in addition to improving the actual attributes of that location.

  • 27.
    Eickelpasch, Alexander
    et al.
    DIW Berlin.
    Hirte, Georg
    TU Dresden.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Firms' evaluation of location quality: Evidence from East Germany2015Report (Refereed)
    Abstract [en]

    Our study provides evidence for firms' evaluation of location quality. We use a 2004 survey of 6,000 East German firms that contained questions on the importance and assessment of 15 different location factors ranging from closeness to customers and suppliers, transport infrastructure, and proximity to research institutions and universities, as well as questions about the local financial institutions and  region's "image'". The results show (1) a great deal of heterogeneity in terms of which firm- or regional-level characteristics are important in the evaluation of a specific location factor, (2) that the model's explanatory power is, overall, low and thus neither location characteristics nor internal factors are fully reflected in the perceptions, (3) that a firm's business situation and whether a location factor is considered important have explanatory power for perception. One policy-relevant conclusion that we derive from these findings is that location policy should consider firms' perception of a specific location in addition to improving the actual attributes of that location.

  • 28. Eickelpasch, Alexander
    et al.
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Hard and Soft Locational Factors, Innovativeness and Firm Performance: An Empirical Test of Porter's Diamond Model at the Micro-Level2007Report (Other academic)
  • 29. Eickelpasch, Alexander
    et al.
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Locational and Internal Sources of Firm Competitive Advantage: Applying Porter’s Diamond Model at the Firm Level2010Report (Other academic)
    Abstract [en]

    This paper employs Porter’s diamond model to examine the relationships between a firm’s locational environment, its innovation capabilities, and competitive advantage assessed in terms of various performance indicators. This study implements a structural equation model that is estimated with the partial least squares (PLS) approach using a sample of 2,345 East German firms. This investigation shows that a high frequency of cooperation spurs firm innovativeness and performance, but that a strong focus on local demand impedes both. Various types of governmental support as well as the quality of locational factors tend to be more important for less innovative companies compared to the more innovative ones. The results indicate that strong local competition is an impediment to firm innovativeness and performance with conflicts which Porter’s prediction.

  • 30. Eickelpasch, Alexander
    et al.
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
    Locational and Internal Sources of Firm Competitive Advantage: Applying Porter’s Diamond Model at the Firm Level2011In: Journal of Strategic Management Education, ISSN 1649-3877, Vol. 7, no 2, p. 1-25Article in journal (Refereed)
    Abstract [en]

    This paper employs Porter’s diamond model to examine the relationships between afirm’s locational environment, its innovation capabilities, and competitive advantage assessed interms of various performance indicators. The study implements a structural equation modelestimated with the partial least squares (PLS) approach and reveals that frequent cooperation spurs innovation and performance but that, in contrast to Porter’s prediction, a strong focus on local demand impedes both. Interestingly, various types of governmental support, as well as the qualityof locational factors, are more important for less innovative companies than they are for moreinnovative ones. We also find that strong local competition is an impediment to firm innovativeness and performance, which is in conflict with Porter’s model.

  • 31.
    Finger, Robert
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Nichtparametrische 2-Stichproben Dispersionstests2010In: Wirtschaftswissenschaftliches Studium, ISSN 0340-1650, Vol. 39, no 5, p. 254-256Article in journal (Other (popular science, discussion, etc.))
    Abstract [en]

    Beim Vergleich zweier Stichproben werden häufig Unterschiede hinsichtlich von Lagemaβen wie auch hinsichtlich von Streuungsmaβen getestet. Letztere Analyse findet zum Beispiel im Bereich der Qualitätskontrolle Anwendung, in welcher die Verlässlichkeit der Produktion (ausgedrückt durch die Streuung) über die Zeit konstant bleiben soll. Während einige nichtparametrische Methoden wie der Rangkorrelationskoeffizient oder der Mann-Whitney-U Test mittlerweile zum Standardrepertoire der Lehre gehören, werden andere nichtparametrische Methoden nur selten behandelt (Sprent und Smeeton, 2007). McGrath und Yeh (2005) weisen darauf hin, dass insbesondere für die hier vorgestellten Dispersionstests viele einführende Statistiklehrbücher nicht auf die Schwächen des sehr häufig dargestellten F-Testes verweisen und auch keine Alternativen zu diesem Test präsentieren. Der vorliegende Beitrag versucht den Kenntnisstand über alternative nicht-parametrische Dispersionstests zu verbessern.

  • 32. Finger, Robert
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Robuste Methoden in der linearen Regressionsanalyse2008In: Wirtschaftswissenschaftliches Studium (WiSt), ISSN 0340-3084, Vol. Oktober, no 10, p. 555-557Article in journal (Other (popular science, discussion, etc.))
  • 33. Frank, Björn
    et al.
    Kemfert, Claudia
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Die Bedeutung der Juniorprofessur für den Wissenschaftsstandort Deutschland2004In: DIW Wochenbericht, ISSN 0012-1304, Vol. 71, no 39, p. 567-574Article in journal (Other (popular science, discussion, etc.))
  • 34. Fritsch, Andreas
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Distribution and Heterogeneity of Technical Efficiency within Industries: An Empirical Assessment2004Report (Other (popular science, discussion, etc.))
  • 35. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Die Heterogenität der Effizienz innerhalb von Branchen: eine Auswertung von Unternehmensdaten der Kostenstrukturerhebung im Verarbeitenden Gewerbe2007In: Quarterly Journal of Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), ISSN 0340-1707, Vol. 76, no 3, p. 59-75Article in journal (Refereed)
    Abstract [en]

    This article analyzes the heterogeneity of firms within industries in regard to their level of technical efficiency. The data is taken from the cost structure census of manufacturing industries in Germany. We estimate the technical efficiency as a firm-specific fixed effect within a translog production function framework. We find great differences between technical efficiencies of firms within industries. A graphical tool is applied to display this heterogeneity. Smaller firms tend to be more efficient than larger ones, which might have various reasons. Finally, we discuss the potential of the cost structure census for empirical research and policy advice.

  • 36. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Die Heterogenität der technischen Effizienzen innerhalb von Wirtschaftszweigen: Auswertung auf Grundlage der Kostenstrukturerhebung des Statistischen Bundesamts2003In: Analysen zur regionalen Industrieentwicklung: Sonderauswertung einzelbetrieblicher Daten der amtlichen Statistik, Berlin: FHTW , 2003Chapter in book (Other (popular science, discussion, etc.))
  • 37. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Measuring Performance Heterogeneity Within Groups: A Two-Dimensional Approach2006In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 13, no 1, p. 17-20Article in journal (Refereed)
  • 38. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Regionalization of Innovation Policy: Introduction to the special issue2005In: Research Policy, ISSN 0048-7333, E-ISSN 1873-7625, Vol. 34, no 8, p. 1123-1127Article in journal (Other (popular science, discussion, etc.))
  • 39. Fritsch, Michael
    et al.
    Stephan, AndreasJönköping University, Jönköping International Business School, JIBS, Economics.
    Research Policy Vol. 34 Issue 8: Regionalization of Innovation Policy2005Collection (editor) (Other academic)
  • 40. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    What Causes Cross-Industry Differences of Technical Efficiency?: An Empirical Investigation2004Report (Other (popular science, discussion, etc.))
  • 41. Fritsch, Michael
    et al.
    Stephan, AndreasJönköping University, Jönköping International Business School, JIBS, Economics.Werwatz, Axel
    European Planning Studies Vol. 13 Issue 4: Regional Innovation Policy2005Collection (editor) (Other academic)
  • 42. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Werwatz, Axel
    Regional Innovation Policy (Editorial)2005In: European Planning Studies, ISSN 0965-4313, E-ISSN 1469-5944, Vol. 13, no 4, p. 1123-Article in journal (Other (popular science, discussion, etc.))
  • 43. Fritsch, Michael
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Werwatz, Axel
    Regionalisierte Innovationspolitik sinnvoll2005In: DIW Wochenbericht, ISSN 0012-1304, Vol. 71, no 27, p. 383-386Article in journal (Other (popular science, discussion, etc.))
  • 44.
    Gammelgaard, Jens
    et al.
    Copenhagen Business School.
    McDonald, Frank
    Bradford University School of Management.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Tüselmann, Heinz
    Manchester Metropolitan University.
    Dörrenbächer, Christoper
    Berlin School of Economics and Law.
    The impact of increases in subsidiary autonomy and network relationships on performance2012In: International Business Review, ISSN 0969-5931, E-ISSN 1873-6149, Vol. 21, no 6, p. 1158-1172Article in journal (Refereed)
    Abstract [en]

    This paper uses network approaches to subsidiary theory to investigate the performance impacts of interactions among the factors of autonomy, intra-organizational network relationships, and inter-organizational network relationships. The paper offers an analysis of both direct and indirect interactions among these factors. This study develops and extends existing research that uses network-based approaches in studies of subsidiary performance by considering the roles of autonomy and network relationships. In addition, the study examines changes in terms of increases in the interactions between the main factors rather than the levels of these factors. The examination of the interactions between increases in autonomy and networks and the subsequent impact of this change on performance contributes to a better understanding of subsidiary evolution. The results, which are based on data gathered from a survey of 350 foreign-owned subsidiaries in the UK, Germany, and Denmark, reveal complex interactions between increases in autonomy and network relationships, and the subsequent impact of these changes on performance. The results also highlight the central role of inter-organizational network relationships in the interaction between the factors, which produce significant and positive effects.

  • 45. Gammelgaard, Jens
    et al.
    McDonald, Frank
    Tüselmann, Heinz
    Dörrenbächer, Christoph
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Subsidiary Role and Skilled Labour Effects in Small Developed Countries2009In: Management International Review, ISSN 0025-181X, Vol. 49, p. 27-42Article in journal (Refereed)
    Abstract [en]

    This paper considers the proportion of skilled labour employed by subsidiaries in small countries in the context of the strategic role of subsidiaries. Strategic role is connected to autonomy and intra-organisational relationships and the mandates given to the subsidiary. In the paper, we draw on the literature on the strategic development of multinational corporations, and insights from inward foreign direct investments in small developed countries. This ispresented in a unifying framework in order to predict diverse categorizations of the impact of subsidiary role on the proportion of their employment of skilled labour. The paper derives two propositions that postulate interactions between three roles containing different levels of autonomy and intra-organisational relationships in small developed countries that lead to different proportions of skilled labour in subsidiaries. We predict the highest proportion of skilled labour by subsidiaries located in small developed countries in the case of world mandates when autonomous-based operations are emphasized. When there is an emphasis on intra-organizational relationships, measured by product flowsand integrated international value-chain configurations, we predict the proportion of skilled labour to be highest in the cases of specialized contributors. We propose the proportion of skilled labour to be lowest in the case of local implementers.

  • 46.
    Gammelgard, Jens
    et al.
    Copenhagen Business School.
    McDonald, Frank
    Bradford University School of Management.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Tüselmann, Heinz
    Manchester Metropolitan University.
    Dörrenbächer, Christoph
    Berlin School of Economics and Law.
    Characteristics of Low-Autonomy Foreign Subsidiaries: Value Chains, Staffing, and Intra-Organizational Relationships2012In: Journal of International Business and Economics, ISSN 1544-8037, E-ISSN 2378-9174, Vol. 13, no 1, p. 65-95Article in journal (Refereed)
    Abstract [en]

    This paper examines several characteristics of foreign subsidiaries with low autonomy. Data derived from a survey of 381 MNC subsidiaries located in Denmark, Germany and the UK demonstrate that low-autonomy subsidiaries are highly embedded in their respective MNC networks and that they establish a high number of intra-organizational relationships. Furthermore, such subsidiaries are typically managed by nationals of the MNC’s headquarters home country. Despite the fact that such subsidiaries have low autonomy, they employ a high proportion of professional staff members. We find a negative relationship between lower autonomy and the production activities carried out by the subsidiary. In fact, low-autonomy subsidiaries appear to be specialized in that they focus on a few value-chain activities and they typically serve as marketing outlets.

  • 47. Gammelgard, Jens
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    McDonald, Frank
    Tueselmann, Heinz
    Doerrenbacher, Christoph
    The impact of changes in subsidiary autonomy and network relationships on performance2009Conference paper (Other academic)
  • 48. Gantumur, Tseveen
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Do External Technology Acquisitions Matter For Innovative Efficiency and Productivity?2010Report (Other (popular science, discussion, etc.))
    Abstract [en]

    To quickly adapt to technological change and developments, and thus remain competitive, firms increasingly resort to the use of external technology. This paper investigates whether and to what extent the acquisition of external disembodied technology affects the efficiency and productivity in innovation of technology acquiring firms. Using the stochastic frontier analysis combined with a difference-in-difference matching approach and firm-level panel from the German Innovation Survey for the period 1992-2004, we find that manufacturing firms that acquire disembodied technology experience more growth in innovative productivity than nonacquiring firms do. Thus, this study provides evidence on complementarity between internal and external R&D in innovation production, which is attributed by increasing returns to R&D scale and increasing technical efficiency. Moreover, we find that firm size significantly contributes to innovative efficiency and productivity of external technology acquirers.

  • 49. Gantumur, Tseveen
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Mergers & Acquisitions and Innovation Performance in the Telecommunications Equipment Industry2007Report (Other academic)
  • 50.
    Gantumur, Tseveen
    et al.
    DIW Berlin, Germany.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Mergers & acquisitions and innovation performance in the telecommunications equipment industry2012In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 21, no 2, p. 277-314Article in journal (Refereed)
    Abstract [en]

    The worldwide telecommunications equipment industry has experienced an enormous number of mergers and acquisitions (M&A). This article examines the innovation determinants of M&A activity and the consequences of M&A on technological potential and innovation performance. We extend the resource-based theory in elucidating external technology sourcing and provide empirical evidence on the keen reliance of the equipment firms on M&A as a technology sourcing strategy for the period 1988–2004. Employing the matching propensity score approach, this study provides evidence that mergers realize a significant growth in the innovation performance of firms. The postmerger innovation performance, in turn, is driven by both the prior success of in-house R&D commitment and the deterioration of internal technological capabilities at acquiring firms.

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