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  • 101.
    Röös, Elin
    et al.
    Swedish University of Agricultural Sciences, Uppsala, Sweden.
    Carlsson, Georg
    Swedish University of Agricultural Sciences, Alnarp, Sweden.
    Ferawati, Ferawati
    Linnaeus University, Kalmar, Sweden.
    Hefni, Mohammed
    Linnaeus University, Kalmar, Sweden and Mansoura University, Mansoura, Egypt .
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Tidåker, Pernilla
    Swedish University of Agricultural Sciences, Uppsala, Sweden.
    Witthöft, Cornelia
    Linnaeus University, Kalmar, Sweden.
    Less meat, more legumes: prospects and challenges in the transition toward sustainable diets in Sweden2018In: Renewable Agriculture and Food Systems, ISSN 1742-1705, E-ISSN 1742-1713Article in journal (Refereed)
    Abstract [en]

    The Western diet is characterized by high meat consumption, which negatively affects the environment and human health. Transitioning toward eating more plant-based products in Western societies has been identified as a key instrument to tackle these problems. However, one potential concern is that radically reducing meat in the current diet might lead to deficiencies in nutritional intake. In this paper, we explore a scenario in which meat consumption in Sweden is reduced by 50% and replaced by domestically grown grain legumes. We quantify and discuss the implications for nutritional intake on population level, consequences for agricultural production systems and environmental performance. The reduction in meat consumption is assumed to come primarily from a decrease in imported meat. We use data representing current Swedish conditions including the Swedish dietary survey, the Swedish food composition database, Statistics Sweden and existing life cycle assessments for different food items. At population level, average daily intake of energy and most macro- and micro-nutrients would be maintained within the Nordic Nutrition Recommendations after the proposed transition (e.g., for protein, fat, zinc, vitamin B12 and total iron). The transition would also provide a considerable increase in dietary fiber and some increase in folate intake, which are currently below the recommended levels. The transition scenario would increase total area of grain legume cultivation from 2.2% (current level) to 3.2% of Swedish arable land and is considered technically feasible. The climate impact of the average Swedish diet would be reduced by 20% and the land use requirement by 23%. There would be a net surplus of approximately 21,500 ha that could be used for bioenergy production, crop production for export, nature conservation, etc. Implementation of this scenario faces challenges, such as lack of suitable varieties for varying conditions, lack of processing facilities to supply functional legume-based ingredients to food industries and low consumer awareness about the benefits of eating grain legumes. In sum, joint efforts from multiple actors are needed to stimulate a decrease in meat consumption and to increase cultivation and use of domestically grown grain legumes.

  • 102.
    Sahamkhadam, Maziar
    et al.
    Linnaeus University, Växjö, Sweden.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Östermark, Ralf
    Åbo Akademi, Turku, Finland.
    Portfolio optimization based on GARCH-EVT-Copula forecasting models2018In: International Journal of Forecasting, ISSN 0169-2070, E-ISSN 1872-8200, Vol. 34, no 3, p. 497-506Article in journal (Refereed)
    Abstract [en]

    This study uses GARCH-EVT-copula and ARMA-GARCH-EVT-copula models to perform out-of-sample forecasts and simulate one-day-ahead returns for ten stock indexes. We construct optimal portfolios based on the global minimum variance (GMV), minimum conditional value-at-risk (Min-CVaR) and certainty equivalence tangency (CET) criteria, and model the dependence structure between stock market returns by employing elliptical (Student- t and Gaussian) and Archimedean (Clayton, Frank and Gumbel) copulas. We analyze the performances of 288 risk modeling portfolio strategies using out-of-sample back-testing. Our main finding is that the CET portfolio, based on ARMA-GARCH-EVT-copula forecasts, outperforms the benchmark portfolio based on historical returns. The regression analyses show that GARCH-EVT forecasting models, which use Gaussian or Student- t copulas, are best at reducing the portfolio risk.

  • 103.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. German Institute for Economic Research (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).
    Innovation and investment funding in the post-crisis period: have financing patterns and financial constraints of German firms changed?2017In: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 86, no 1, p. 129-142Article in journal (Refereed)
    Abstract [en]

    This study examines the actual funding behavior of German innovative firms in the pre- and post-crisis period. Specifically, we investigate if and how the funding patterns and financial constraints of German small and medium enterprises (SME) changed during and since the financial crisis. The purpose of our analysis is to assess whether the aims of the European CMU action plan, funding innovation and investment activities, complements the behavior of German SMEs. We find fairly stable funding patterns over the years and there is no indication that financial constraints have become tighter in the post-crisis period. Consequently, realizing the CMU?s central goal of broadening the funding mix could leave the funding behavior of German SMEs largely unaffected. 

  • 104.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. German Institute for Economic Research DIW Berlin, 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). Linnæus University.
    Khanh, Trung Hoang
    DIW Berlin, Germany.
    The cost channel effect of monetary transmission: How effective is the ECB's low interest rate policy for increasing inflation?2017Report (Other academic)
    Abstract [en]

    We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential pass-through of changes in the monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second, we conduct time series analyses for Germany, Italy, and Spain. We find that when manufacturing firms’ interest costs drop, the changes in their respective industry’s price index are smaller one year later. This finding is consistent with the cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany.

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  • 105.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. CERBE Center for Relationship Banking and Economics, Roma, Italy.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Solórzano Mosquera, Jenniffer
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Family ownership: Does it matter for funding and success of corporate innovations?2017In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 48, no 4, p. 931-951Article in journal (Refereed)
    Abstract [en]

    Using the Mannheim innovation panel, we investigate whether family firms have higher financial need and how this affects both innovation input and innovation outcomes such as firm or market novelties, or process innovation. Applying the CDM framework, we find that family firms are more likely to have a latent financial need for innovation, which means that they have innovation ideas which they have not implemented yet. We find that family firms have a significantly lower marginal innovation productivity in particular for innovations with radical character, i.e., market novelties. We conclude from this evidence that family firms have a comparative disadvantage in innovation projects that imply high risk and require high innovation capability.

  • 106.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    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).
    Solórzano Mosquera, Jenniffer
    Innovation Capabilities and Financing Constraints of Family Firms2015Report (Other academic)
    Abstract [en]

    Using the 2007 Mannheim innovation survey, we investigate whether family firms are more financially constrained than other firms and how this affects both innovation input as well as innovation outcomes such as market and firm novelties or process innovations. Based on the CDM framework, estimation of the recursive system of equations shows that family businesses are more likely to be constrained and have, on average, lower innovation input. Surprisingly, however, this does not reduce their innovation outcomes as, on average, family firms have the same level of innovation outcomes as nonfamily firms.

  • 107. Soete, Birgit
    et al.
    Stephan, AndreasJönköping University, Jönköping International Business School, JIBS, Economics.
    Industry and Innovation Vol. 11 Issue 3: Entrepreneurship, Innovation and Growth2004Collection (editor) (Other academic)
  • 108. Soete, Birgit
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Introduction: Entrepreneurship, Innovation and Growth2004In: Industry and Innovation, ISSN 1366-2716, E-ISSN 1469-8390, Vol. 11, no 3, p. 161-165Article in journal (Refereed)
  • 109. Soete, Birgit
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Nachhaltiges Wachstum durch Innovationen: Die Rolle von kleineren und mittleren Unternehmen2003In: DIW Wochenbericht, ISSN 0012-1304, Vol. 70, no 38, p. 569-573Article in journal (Other (popular science, discussion, etc.))
  • 110.
    Solé-Ollé, Albert
    et al.
    IEB, Barcelona Institute of Economics, University of Barcelona, Barcelona, Spain.
    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).
    Valilä, Timo
    Department of Economics, EIB, European Investment Bank, Luxembourg.
    Productivity and Financing of Regional Transport Infrastructure2012In: Papers in regional science (Print), ISSN 1056-8190, E-ISSN 1435-5957, Vol. 91, no 3, p. 481-485Article in journal (Other academic)
  • 111.
    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).
    Are public research spin-offs more innovative?2014In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 43, no 2, p. 353-368Article in journal (Refereed)
    Abstract [en]

    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.

  • 112.
    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). DIW Berlin, Germany.
    Are Research Spin-Offs More Innovative? Evidence from a Matching Analysis2012Report (Other academic)
  • 113.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Assessing the Contribution of Public Capital to Private Production: Evidence from the German Manufacturing Sector2003In: International review of applied economics, ISSN 0269-2171, E-ISSN 1465-3486, Vol. 17, no 4, p. 399-418Article in journal (Refereed)
  • 114.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Der Nutzen von Firmendaten für die wirtschaftspolitische Beratung2007In: Quarterly Journal of Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), ISSN 0340-1707, Vol. 76, no 3, p. 5-7Article in journal (Other academic)
  • 115.
    Stephan, Andreas
    Humboldt-Universität zu Berlin.
    Essays on the Contribution of Public Infrastructure to Private Production and its Political Economy2001Doctoral thesis, monograph (Other academic)
  • 116.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Financial crises and industrial development: The new Swedish model2015In: A strong Europe - But only with a strong manufacturing sector: Policy concepts and instruments in ten EU member states / [ed] Frank Gerlach, Marc Schietinger, Astrid Ziegler, Duesseldorf: Schüren Verlag, 2015, p. 276-295Chapter in book (Other academic)
  • 117.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Firmendaten: Nuetzlich fuer die wissenschaftliche Politikberatung?2007Collection (editor) (Other academic)
  • 118.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Infrastruktur und Wachstum1998In: WZB Mitteilungen, ISSN 0174-3120, Vol. 79, p. 28-31Article in journal (Other (popular science, discussion, etc.))
  • 119.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Locational conditions and firm performance: introduction to the special issue2011In: The annals of regional science, ISSN 0570-1864, E-ISSN 1432-0592, Vol. 46, no 3, p. 487-494Article in journal (Other academic)
  • 120.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Regional Infrastructure Policy and its Impact on Productivity: A Comparison of Germany and France2000In: Applied Economics Quarterly, ISSN 1611-6607, Vol. 46, p. 327-356Article in journal (Refereed)
  • 121.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Special issue: Locational conditions and firm performance2011Collection (editor) (Refereed)
  • 122.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Contribution of Transport and Human Capital Infrastructure to Local Private Production: A Partial Adjustment Approach2001In: Review of Regional Research (Jahrbuch für Regionalwissenschaft), ISSN 0173-7600, Vol. 21, no 1, p. 91-108Article in journal (Refereed)
  • 123.
    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).
    The economics of transport: A theoretical and applied perspective – By Jonathan Cowie, with contributions from Stephen Ison, Tom Rye and Geoff Riddington2012In: Papers in regional science (Print), ISSN 1056-8190, E-ISSN 1435-5957, Vol. 91, no 3, p. 694-695Article, book review (Other academic)
  • 124.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Impact of Road Infrastructure on Productivity and Growth: Some Preliminary Results for the German Manufacturing Sector1997Report (Other (popular science, discussion, etc.))
  • 125.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Impact of Road Infrastructure on Productivity and Growth: Some Preliminary Results for the German Manufacturing Sector1997Report (Other (popular science, discussion, etc.))
    Abstract [en]

    Using time-series cross-section data from the manufacturing sector of the 11 Bundesländer from 1970 to 1993, we examine the impact of road infrastructure on private production applying three different approaches; i.e., a Cobb-Douglas production function, a translog production function and a growth accounting approach. Our econometric analysis explicitly takes into account four of the most frequent problems in the context of time-series cross-section analysis: serial correlation, groupwise heteroscedasticity, cross-sectional correlation and nonstationarity of data. For all approaches and tested specifications, we find that road infrastructure is significant for production in the manufacturing sector. Moreover, we find that variations between the Bundesländer are more important for explaining infrastructure's contribution to production than variations across years.

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  • 126.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The role of local milieu for innovations and internationalization of firms: Evidence from East Germany2009Conference paper (Refereed)
    Abstract [en]

    This paper analyses the impact of the local milieu on the innovation performance and internationalization of firms.  The local milieu is captured both by the assessment of location conditions by firms and by the settlement type of the firm location. Using firm data from East Germany, we find that the local milieu is significantly related to the innovation and internationalization performance of firms.

  • 127.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Zur Politischen Ökonomie öffentlicher Infrastrukturausgaben2007In: Perspektiven der Wirtschaftspolitik, ISSN 1465-6493, E-ISSN 1468-2516, Vol. 8, no suppl., p. 116-132Article in journal (Refereed)
  • 128.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Barasinska, Nataliya
    DIW Berlin.
    Schäfer, Dorothea
    DIW Berlin.
    Hohe Risikoaversion privater Haushalte bei Geldanlagen2008In: Wochenbericht, Vol. 75, no 45, p. 704-710Article in journal (Other (popular science, discussion, etc.))
    Abstract [de]

    Eine möglichst breite Streuung der Geldanlagengilt als eine wichtige Strategie der Risikominimierungbei Investitionsentscheidungen. Die Mehrzahlder Haushalte in Deutschland streut auch ihrGeldvermögen über mehrere Anlageformen. IhrAnlageverhalten stimmt jedoch nur bedingt mitder von Haushaltsvorständen bekundeten Risikobereitschaftüberein. Dies zeigt eine aktuelle empirischeStudie auf Basis des Sozio-oekonomischenPanels (SOEP). So steigt zwar die Wahrscheinlichkeit,seine Anlagen zu streuen tendenziell mit derRisikoaversion an, allerdings nur solange es sichnicht um einen „vollständig gestreuten Anlagekorb“handelt. Die Neigung, ein Portfolio mit allenAnlageformen zu halten, nimmt mit wachsenderScheu vor dem Risiko ab. Offenbar entscheidenHaushaltsvorstände nach dem bereits von Keynespropagierten Prinzip: Sicherheit und Liquiditätkommen zuerst. Die Bereitschaft in riskantere Anlagenzu investieren, steigt mit der Anzahl bereitsbestehender sicherer Anlagen im Portfolio.

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  • 129.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Petreski, Aleksandar
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Spatial dimension of the credit risk: spatial filter approach2017Conference paper (Refereed)
    Abstract [en]

    In this research it was shown that, in general, spatial filter enhance the fit and moderately improve the prediction of the logit credit risk model. It was observed that the fit and prediction results depend on the created weight matrix when using spatial filtering. With the increase of the neighbor links, the prediction by the spatial model increase and slightly outperform the base model. Detected positive autocorrelation indicate the existence of clusters of defaults within geographical area, which could confirm the need for use of spatial filter or other spatial techniques. Also, existence of positive spatial pattern in the credit risk assessment could be taken in consideration by the national banking regulators (central banks) and appropriately treated in the regulation, so that estimated credit risk parameters reflect the true risk condition of the companies and their microeconomic surrounding.

  • 130.
    Stephan, Andreas
    et al.
    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).
    Solé-Ollé, AlbertIEB, Barcelona Institute of Economics, University of Barcelona, Barcelona, Spain.Valilä, TimoDepartment of Economics, EIB, European Investment Bank, Luxembourg.
    Special issue of Papers in Regional Science: Productivity and Financing of Regional Transport Infrastructure2012Collection (editor) (Refereed)
  • 131.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Talavera, Oleksandr
    Tsapin, Andriy
    Corporate Debt Maturity Choice in Transition Financial Markets2008Report (Other academic)
    Abstract [en]

    This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the period 2000-2005. Our estimates confirm the importance of liquidity, signaling, maturity matching, and agency costs for the liability term structure of firm operating in a transition economy. In addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external funds are sensitive to signaling and they consider the variability of firm value an important determinant of their debt maturity choice. For less constrained companies that rely more on internal funding, asset maturity is an essential determinant of debt structure.

  • 132.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Persistence and Determinants of Firm Profit in Emerging Markets2008In: Applied Economics Quarterly, ISSN 1611-6607, Vol. 54, no 4, p. 231-253Article in journal (Refereed)
    Abstract [en]

    The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit persistence, as well as a relatively low speed of adjustment to the steady-state profit level, thus providing no support for the hypothesis that there is a lower persistence of profits in emerging markets due to more intense competition. Regarding thedeterminants of firm profit in an emerging market economy, the findings from alternative methods reveal that ownership structure and regional location of the firm have a significant impact.

  • 133.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
    Tsapin, Andriy
    Talavera, Oleksandr
    University of East Anglia, Andriy Tsapin National University of Ostroh Academy.
    Corporate Debt Maturity Choice in Emerging Financial Markets2011In: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 51, no 2, p. 141-151Article in journal (Refereed)
    Abstract [en]

    This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 Ukrainian firms during the period 2000-2006. Our estimates confirm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of firms operating in a transition economy. Firm creditworthiness and access to long-term nancing at bond markets are the key drivers of corporate debt structure. This study provides strong evidence that constrained and unconstrained companies react differently on liquidity risk and,hence, pursue different debt maturity strategies.

  • 134.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Talavera, Oleksandr
    Main bank power, switching costs, and firm performance2009Conference paper (Other academic)
  • 135.
    Stephan, Andreas
    et al.
    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).
    Tsapin, Andriy
    National University of Ostroh Academy, Ukraine.
    Talavera, Oleksandr
    Durham University.
    Main Bank Power, Switching Costs, and Firm Performance: Theory and Evidence from Ukraine2012In: Emerging markets finance & trade, ISSN 1540-496X, E-ISSN 1558-0938, Vol. 48, no 2, p. 76-93Article in journal (Refereed)
    Abstract [en]

    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.

  • 136.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    Tsapin, Andriy
    Talavera, Oleksandr
    Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine2009Report (Other (popular science, discussion, etc.))
    Abstract [en]

    We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main bank. Importantly, main bank power, measured by equity holdings, appears to be one of the main drivers of firm switching behavior. Furthermore, we find that firms have lower performance after changing their main bank as they have to contend with higher interest payments.

  • 137.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Weiss, Jan
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Regionale Innovationspolitik: Konzentration auf Hightech kann in die Irre führen2010In: Wochenbericht des DIW Berlin, ISSN 0012-1304, Vol. 77, no 29, p. 8-11Article in journal (Refereed)
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  • 138.
    Stephan, Andreas
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Zhang, Zhentang
    Cost Structure, Market Structure And Outsourcing2004Conference paper (Refereed)
  • 139. Stäglin, Rainer
    et al.
    Pfeiffer, Ingo
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Die Bedeutung der Belastung der Wirtschaft durch amtliche Statistiken2006Report (Other (popular science, discussion, etc.))
  • 140. Vecchi, Michaela
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Barrel, Ray
    Becker, Bettina
    Schmidt-Ehmcke, Jens
    The Determinants of Investment in Industrial Research and Development in the United Kingdom and in Germany2007Report (Other academic)
  • 141.
    Weiss, Jan Frederic
    et al.
    Jönköping University, School of Engineering, JTH, Supply Chain and Operations Management.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Anisimova, Tatiana
    Linnaeus University, Kalmar, Sweden.
    Well-designed environmental regulation and firm performance: Swedish evidence on the Porter hypothesis and the effect of regulatory time strategies2019In: Journal of Environmental Planning and Management, ISSN 0964-0568, E-ISSN 1360-0559, Vol. 62, no 2, p. 342-363Article in journal (Refereed)
    Abstract [en]

    Using recent data on a cross-section of Swedish chemical and pulp and paper firms, this paper provides novel empirical insights into the Porter hypothesis. Well-designed environmental regulation can stimulate firms’ innovative capabilities, while at the same time generating innovation offsets that may both offset net compliance costs and yield a competitive edge over those firms that are not affected by such regulations. In doing so, we also test the alleged effectiveness of regulatory time strategies in stimulating innovation activities of regulated firms. We find evidence for the effectiveness of such well-designed regulations: announced rather than existing regulation induces innovation and some innovation offsets. Our results imply that empirical tests of the Porter hypothesis that do not account for its dynamic nature, and that do not measure well-designed regulations, might provide misleading conclusions as to its validity.

  • 142.
    Wulandari, Febi
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School. German Institute for Economic Research DIW Berlin and CERBE.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). German Institute for Economic Research DIW Berlin and Ratio institute.
    Sun, Chen
    Jönköping University, Jönköping International Business School.
    Liquidity risk and yield spreads of green bonds2018Report (Other academic)
    Abstract [en]

    This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds.

    Download full text (pdf)
    fulltext
  • 143.
    Wulandari, Febi
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School. DIW Berlin, Germany.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics. DIW Berlin, Germany.
    Sun, Chen
    Jönköping University, Jönköping International Business School.
    The impact of liquidity risk on the yield spread of green bonds2018In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131, Vol. 27, p. 53-59Article in journal (Refereed)
    Abstract [en]

    This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds.

    Download full text (pdf)
    Fulltext
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