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  • 51. Geppert, Kurt
    et al.
    Gornig, Martin
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Productivity Differences in the European Union: National, Regional and Spatial Effects2003Report (Other (popular science, discussion, etc.))
  • 52. Geppert, Kurt
    et al.
    Gornig, Martin
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Regional Productivity Differences: Theoretical Predictions and Empirical Evidence from Western Europe2004In: Italian Journal of Regional Science, ISSN 1720-3929, no 1, p. 41-64Article in journal (Refereed)
  • 53. Geppert, Kurt
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Regional Disparities in the European Union: Convergence and Agglomeration2008In: Papers in regional science (Print), ISSN 1056-8190, E-ISSN 1435-5957, Vol. 87, no 2, p. 193-217Article in journal (Refereed)
    Abstract [en]

    Economic disparities between the regions of the European Union are of constant concern both for policy and economic research. In this paper, we examine whether there are overlapping trends of regional development in the EU: overall convergence, on the one hand, and persistent or even increasing spatial concentration (agglomeration), on the other. Kernel density estimation, Markov chain analysis and cross-sectional regressions provide evidence that convergence of regional per-capita income in the EU15 has become considerably stronger in the 1990s. The reduction of income disparities, however, is a phenomenon between nations but not between regions within the EU countries. European integration (and possibly European regional policy) fosters the catching-up of lagging countries but at the same time forces towards agglomeration of economic activities tend to increase disparities within the EU member states.

  • 54.
    Ghosal, Vivek
    et al.
    Georgia Institute of Technology, Atlanta.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Weiss, Jan
    Jönköping University, Jönköping International Business School.
    Decentralized Regulation, Environmental Efficiency and Productivity2014Report (Other academic)
    Abstract [en]

    Using a unique plant-level dataset we examine green productivity growth in Sweden’s heavily regulated pulp and paper industry, which has historically been a significant contributor to air and water pollution. Our exercise is interesting as Sweden has a unique regulatory structure where plants have to comply with national environmental regulatory standards and enforcement, along with decentralised plant-specific regulations. In our analysis, we use the sequential Malmquist-Luenberger productivity index which accounts for air and water pollutants as undesirable outputs. Some of our key findings are: (1) regulation has stimulated technical change related to pollution control, and has induced plants to catch up with the best-practice technology frontier with regard to effluent abatement; (2) large plants are more heavily regulated than small plants; (3) plants in environmentally less sensitive areas or those with local importance as employer face relatively lenient regulatory constraints; (4) environmental regulations trigger localized knowledge spillovers between nearby plants, boosting their green TFP growth.

  • 55.
    Ghosal, Vivek
    et al.
    Department of Economics, Rensselaer Polytechnic Institute, Troy, New York, USA.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Weiss, Jan F.
    Jönköping University, School of Engineering, JTH, Supply Chain and Operations Management.
    Decentralized environmental regulations and plant-level productivity2019In: Business Strategy and the Environment, ISSN 0964-4733, E-ISSN 1099-0836, Vol. 28, no 6, p. 998-1011Article in journal (Refereed)
    Abstract [en]

    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.

  • 56.
    Gustafsson, Anders
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. The Swedish Agency for Growth Policy Analysis and the Ratio Institute.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Does the countryside lack cash (funding)?: The impact of public bank loans on firm growth and its dependence on location2019Report (Other academic)
    Abstract [en]

    We investigate whether public policies that aim to reduce credit constraints for small and medium-sized enterprises (SMEs) have different impacts on firms located in different types of regions. Using loan data from the state-owned Swedish bank Almi and combining coarsened exact matching with difference-in-difference regressions, we find positive but heterogeneous effects of loans on firm growth. Firms in urban regions are found to be less credit-constrained compared to firms located in other regions. However, the impact from receiving a public loan on firm growth is stronger for SMEs residing in major cities compared to firms in other regions. These results have important implications, suggesting that an evaluation of policies that are targeted to reduce credit constraints should take firm location into account.

  • 57.
    Gustafsson, Anders
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. The Ratio Institute, 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). The Ratio Institute, Stockholm, Sweden.
    Hallman, Alice
    Stockholm School of Economics, Stockholm, Sweden.
    Karlsson, Nils
    The Ratio Institute, Stockholm, Sweden.
    The “sugar rush” from innovation subsidies: a robust political economy perspective2016In: Empirica, ISSN 0340-8744, E-ISSN 1573-6911, Vol. 43, no 4, p. 729-756Article in journal (Refereed)
    Abstract [en]

    The governments of most advanced countries offer some type of financial subsidy to encourage firm innovation and productivity. This paper analyzes the effects of innovation subsidies using a unique Swedish database that contains firm level data for the period 1997–2011, specifically informa tion on firm subsidies over a broad range of programs. Applying causal treatment effect analysis based on matching and a diff-in-diff approach combined with a qualitative case study of Swedish innovation subsidy programs, we test whether such subsidies have positive effects on firm performance. Our results indicate a lack of positive performance effects in the long run for the majority of firms, albeit there are positive short-run effects on human capital investments and also positive short-term productivity effects for the smallest firms. These findings are interpreted from a robust political economy perspective that reveals that the problems of acquiring correct information and designing appropriate incentives are so complex that the absence of significant positive long-run effects on firm performance for the majority of firms is not surprising.

  • 58. Görzig, Bernd
    et al.
    Fritsch, Michael
    Hennchen, Ottmar
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Cost Structure Surveys for Germany2004In: Schmollers Jahrbuch/ Journal of Applied Social Science Studies, ISSN 1439-121X, Vol. 124, no 4, p. 557-566Article in journal (Refereed)
  • 59. Görzig, Bernd
    et al.
    Hennchen, Ottmar
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Produktionsauslagerung und Unternehmenserfolg2003In: Wirtschaft und Statistik, ISSN 0043-6143, no 9, p. 702-707Article in journal (Other academic)
  • 60. Görzig, Bernd
    et al.
    Kaminiarz, Adrianna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Wie wirkt sich Outsourcing auf den Unternehmenserfolg aus?: Neue Evidenz2005In: Schmollers Jahrbuch (Journal of Applied Social Science Studies), ISSN 1439-121X, Vol. 125, no 4, p. 489-507Article in journal (Refereed)
  • 61. Görzig, Bernd
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Outsourcing and Firm-level Performance2002Report (Other (popular science, discussion, etc.))
  • 62. Heilemann, Franz
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Badunenko, Oleg
    Anreizregulierung mittels stochastischer Frontier Analyse - Potenzial fuer Fehleinschätzungen in Milliardenhöhe2009In: Energiewirtschaftliche Tagesfragen, ISSN 0720-6240, no 1/2, p. 66-71Article in journal (Other (popular science, discussion, etc.))
    Abstract [de]

    Die stochastische Frontier Analyse (SFA-Methode) ist entsprechend der Anreizregulierungsverordnung Bestandteil des Benchmarkingverfahrens zur Ermittlung der individuellen Effizienzwerte der deutschen Strom- und Gasverteilnetzbetreiber. Angesichts benchmarkrelevanter Netzkosten in Höhe von ca. 10 Mrd. € p. a. im Strom- und ca. 4 Mrd. € p. a. im Gasbereich sowie der enormen wirtschaftlichen Auswirkung der durch die Methode geschätzten Effizienzwerte, stellt sich die Frage nach der Nachvollziehbarkeit und Validität der Ergebnisse. Mittels einer Funktions- und Softwareanalyse zur SFA wird im Folgenden anhand systematisierter und nachprüfbarer Modellrechnungen gezeigt, dass unterschiedliche Rechenprogramme unterschiedliche Ergebnisse liefern und dabei häufig die realen Sachverhalte nicht wiedergeben.

  • 63.
    Hirte, Georg
    et al.
    Technische Universität Dresden.
    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).
    Regionale Beschäftigungswirkungen von öffentlichen Investitionen in Strassen- und Schieneninfrastruktur2014Report (Other academic)
    Abstract [en]

    Employment effects of infrastructure investment depend in particular on their effect on regional accessibility. Therefore, we examine the impact of accessibility via rail and road on regional employment in German counties (“Kreise”, NUTS3). According to economic theory an increase in accessibility raises productivity and output. While the first effect lowers employment the latter expands labor demand. It is an empirical question which of both is stronger. The base for the regressions is the employment dynamic approach of Combes et al. (2004) which we adjust to our purpose and extend by considering accessibility. We use new calculated accessiblity data of Spiekermann & Wegener as well as employment data of the IAB (Institute of Employment Research, Nuremberg) for our econometric study on German counties and on the sectors on the county level. We apply robust estimates, spa‐tial regressions and consider endogeneity, confounding and unobserved heterogeneity. The data show strong changes in road accessibility in East Germany as well as changes in rail accessibility mainly in West Germany between 1996 and 2011. The extension of the high speed rail network focused on West Germany, while investments in the road networks were predominately occurring in East Germany. In addition, investment in the high speed network in Western neighboring countries primarily affected rail accessibil‐ity in the border regions to France and Belgium. The increase in accessibility via roads did neither cause a significant effect on overall employment or county level employment nor on employment in agglomerations or rural regions. When we regress the change in the number of establishments against changes in road accessibility we find significantly positive accessibility coefficients for all kind of regional definitions. Further analysis indicates that these findings are primarily due to an increase in the number of establishments in East Germany. The sector analysis ac‐counts this to changes in the transport and logistics sector. The most surprising result is that the strong increase in road accessibility in East Ger‐many did not imply an increase in employment. We explain this through two contrasting effects. First, the decline in transport costs raises the attractiveness of the core regions and implies a loss in employment in the periphery (East Germany). Second, internal ac‐cessibility in East Germany increases, too. This might imply internal relocation and em‐ployment benefits from agglomeration effects in East German agglomerations. The core periphery effect seems to be weakened across time. The employment effects of a change in rail accessibility are concentrated in South‐West regions in Germany. These are due to the increase in accessibility of the western EU neighbors. We also see that only West German agglomerations and regions with urbani‐zation trends benefit from higher rail accessibility. We also examine effects on the sector level showing that only a few sectors are affected by changes in accessibilit

  • 64.
    Holgersson, T.
    et al.
    Linnæus University, Växjö, Sweden.
    Karlsson, P.
    Linnæus University, Växjö, 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 risk perspective of estimating portfolio weights of the global minimum-variance portfolio2019In: AStA Advances in Statistical Analysis, ISSN 1863-8171, E-ISSN 1863-818XArticle in journal (Refereed)
    Abstract [en]

    The problem of how to determine portfolio weights so that the variance of portfolio returns is minimized has been given considerable attention in the literature, and several methods have been proposed. Some properties of these estimators, however, remain unknown, and many of their relative strengths and weaknesses are therefore difficult to assess for users. This paper contributes to the field by comparing and contrasting the risk functions used to derive efficient portfolio weight estimators. It is argued that risk functions commonly used to derive and evaluate estimators may be inadequate and that alternative quality criteria should be considered instead. The theoretical discussions are supported by a Monte Carlo simulation and two empirical applications where particular focus is set on cases where the number of assets (p) is close to the number of observations (n). 

  • 65. Husmann, Sven
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    On Estimating an Asset's Implicit Beta2007In: Journal of futures markets, ISSN 0270-7314, E-ISSN 1096-9934, Vol. 27, no 10, p. 961-979Article in journal (Refereed)
  • 66. Höhne, Markus
    et al.
    Kampe, Carsten
    Lejpras, Anna
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Beschäftigungsprognosen auf Basis amtlicher Firmendaten als Instrument einer handlungsorientierten Politikberatung am Beispiel Brandenburg2007In: Quarterly Journal of Economic Research, ISSN 0340-1707, Vol. 76, no 3, p. 88-112Article in journal (Refereed)
  • 67.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    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).
    Corporate governance and information asymmetry in an informational environment context2012Conference paper (Other academic)
  • 68.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    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).
    Corporate governance and information asymmetry in an informational environment context2012Conference paper (Other academic)
  • 69.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.
    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).
    Corporate governance effectiveness and information asymmetry2012Conference paper (Refereed)
  • 70.
    Inwinkl, Petra
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    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).
    Piwonska, Anna
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Law.
    Information asymmetry and corporate governance effectiveness - A theoretical framework for comparative studies on corporate governance in EU2012Conference paper (Other academic)
  • 71. Kappeler, Andeas
    et al.
    Solé Ollé, Albert
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Valilä, Timo
    Fiskal-Föderalismus und regionale Infrastrukturinvestitionen2012Other (Other (popular science, discussion, etc.))
    Abstract [de]

    Öffentliche Investitionen bestehen zu einem Großteil aus Infrastrukturmaßnahmen. Die Finanzierung Infrastrukturinvestitionen wird zum Großteil von der öffentlichen Hand bereitgestellt: Der öffentliche Sektor spielt also nach wie vor eine zentrale Rolle bei der Bereitstellung von Infrastruktur.

    Allerdings sind die öffentlichen Investitionen in den letzten Jahrzehnten in nahezu allen Industrienationen kontinuierlich gesunken (von 5% am BIP in den 70ern auf weniger als 3% in der EU). Hält dieser Trend an, sind negative Auswirkungen auf Wettbewerbsfähigkeit und Wachstumschancen dieser Länder zu erwarten.

    Durch die gegenwärtige Finanz- und öffentliche Schuldenkrise wurde dieser Abwärtstrend noch weiter verstärkt. Trotz spektakulärer Konjunkturprogramme in vielen Mitgliedsstaaten zu Beginn der Krise, sind die öffentlichen Investitionen laut Eurostat bereits 2009 innerhalb der EU stagniert. Im Zuge des zunehmenden Konsolidierungsdrucks sind die öffentlichen Investitionen seit 2010 um mehr als 5% jährlich gesunken. Für 2012 wird eine ähnlich drastische Abnahme für die EU erwartet. In der Tat zeigen unsere eigenen Berechnungen, dass für das Jahr 2011 der Anteil der gesamten Infrastrukturinvestitionen in % am BIP auf den niedrigsten Stand seit 2005 gefallen ist.

    Auch die EU hat die zunehmende Divergenz zwischen sinkenden Infrastrukturinvestitionen und dem enormen Investitionsbedarf erkannt. So hat sie im Zuge der „Europe 2020 Initiative“ die „Connecting Europe Facility“ geschaffen, die Mittel in Höhe von 50 Mrd. EUR für Infrastruktur bereitstellt. Außerdem wird mit der „Project Bond Initiative“ ein Instrument geschaffen, die Finanzierung großer Infrastrukturprojekte zu erleichtern.

  • 72.
    Kappeler, Andreas
    et al.
    OECD, 2, rue André Pascal, 75775 Paris Cedex 16, France.
    Solé-Ollé, Albert
    Universitat de Barcelona and Institut d'Economia de Barcelona (IEB), 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).
    Välilä, Timo
    European Investment Bank, Luxembourg.
    Does fiscal decentralization foster regional investment in productive infrastructure?2013In: European Journal of Political Economy, ISSN 0176-2680, E-ISSN 1873-5703, Vol. 31, p. 15-25Article in journal (Refereed)
    Abstract [en]

    The aim of this paper is to analyze the effect of revenue decentralization on the provision of infrastructure at the sub-national level. We estimate the effects of revenue decentralization and earmarked grant financing on the level of sub-national infrastructure investment in 20 European countries over the period 1990-2009. The results are interpreted in light of the predictions of the theory on fiscal federalism. We find that it is sub-national infrastructure investment that increases after revenue decentralization and not investment in redistribution. However, the effect of revenue decentralization is lower the higher the use of earmarked grants to fund infrastructure investment.

  • 73.
    Kemmerling, Achim
    et al.
    Central European University.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Comparative political economy of regional transport infrastructure investment in Europe2015In: Journal of comparative economics (Print), ISSN 0147-5967, E-ISSN 1095-7227, Vol. 43, no 1, p. 227-239Article in journal (Refereed)
    Abstract [en]

    We study the role of political institutions in the regional allocation of public infrastructure investments in France, Germany, Italy, and Spain. We estimate the regional variation in the allocation for each country, controlling for the potential endogeneity of its impact on growth and distribution. We compare the importance of political institutions, federalism and the electoral system, with the normative criteria, efficiency, redistribution and equality. We find that on the macro-level there is some evidence that different national institutions do indeed shape political competition, but that partisan politics and, in particular, normative principles are overall more influential across all types of political systems.

  • 74. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Political Economy of Infrastructure Investment Allocation: Evidence from a Panel of Large German Cities2000Report (Other (popular science, discussion, etc.))
  • 75.
    Kemmerling, Achim
    et al.
    Wissenschaftszentrum Berlin für Sozialforschung.
    Stephan, Andreas
    Deutsches Institut für Wirtschaftsforschung.
    Political Economy of Infrastructure Investment Allocation: Evidence from a Panel of Large German Cities2000Report (Other academic)
    Abstract [en]

    This paper proposes a simultaneous-equation approach to the estimation of the contribution of infrastructure accumulation to private production. A political-economy model for the allocation of public infrastructure investment grants is formulated. Our empirical findings, using a panel of large German cities for the years 1980, 1986, and 1988, suggest that cities ruled by a council sharing the State (‘Bundesland’) government's current political affiliation were particularly successful in attracting infrastructure investment grants. With regard to the contribution of infrastructure accumulation to growth, we find that public capital is a significant factor for private production. Moreover, at least for the sample studied, we find that simultaneity between output and public capital is weak; thus, feedback effects from output to infrastructure are negligible.

  • 76. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Contribution of Local Public Infrastructure to Private Productivity and its Political Economy: Evidence from a Panel of Large German Cities2002In: Public Choice, ISSN 0048-5829, E-ISSN 1573-7101, Vol. 113, no 3-4, p. 403-424Article in journal (Refereed)
  • 77. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Determinants and Productivity of Regional Transport Investment in Europe2008Conference paper (Other academic)
  • 78. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance. Jönköping University, Jönköping International Business School, JIBS, Economics.
    The determinants of regional transport investment across Europe2010In: The Political Economy of Inter-Regional Fiscal Flows: Measurement, Determinants and Effects on Country Stability / [ed] Nuria Bosch / Marta Espasa / Albert Sole Olle, Cheltenham, UK: Edward Elgar , 2010, p. 276-296Chapter in book (Other (popular science, discussion, etc.))
  • 79. Kemmerling, Achim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    The politico-economic determinants and productivity effects of regional transport investment in Europe2008Report (Other academic)
    Abstract [en]

    We study the determinants and productivity effects of regional transportation infrastructure investment in France, Germany, Italy, and Spain. We estimate productivity effects with regional production functions for each country controlling for the potential endogeneity of public infrastructure investment. In analyzing the determinants of public infrastructure investment two broad categories are considered: First, the normative principles such as efficiency, equity, and redistribution; and second, political factors such as electoral competition and electoral rents. The evidence shows that road infrastructure positively contributes to regional production. As to the determinants, efficiency and redistribution are consistently found to be the dominant norms while equity considerations appear to be less important. However, we find remarkable differences across countries regarding the political determinants. Which political factors matter for infrastructure investment is related to the different political systems of the various countries.

  • 80.
    Kokert, Marius
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. 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). DIW Berlin.
    Low Base Interest Rates: An Opportunity in the Euro Debt Crisis2014In: DIW Economic Bulletin, ISSN 2192-7219, Vol. 4, no 5, p. 1-13Article in journal (Other academic)
    Abstract [en]

    Member states of the euro area have been struggling with the lega-cies of the severe financial and economic crisis for four years now. But debt ratios are still rising. The crisis countries of the euro area were able to “buy time” with bailout packages and low interest rates. But as long as the other influencing factors are not developing more positively, it remains uncertain whether the current stabilization of the euro debt crisis is sustainable. The ECB’s low interest rate policy undoubtedly offers some relief in this situation. First, the interest burden for most countries in the euro area has declined in recent years. This effect has tended to stifle increases in the debt ratio. Se-cond, low interest rates strengthen the economy. In turn, this increa-ses government tax revenue and improves the primary balance. Low interest rates also played an important role in driving down the debt ratio in the US. Between 1946 and 1953, the US was able to almost halve its debt with no haircuts. However, negative primary balances, low growth, and low inflation do not allow for a recovery similar to the one in the US after World War II. For this reason, low interest rates currently appear to be the only lever in the euro area which could be used to make euro area countries’ debt more sustainable. What is essential now is that they seize this opportunity.

  • 81.
    Kokert, Marius
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Niedriger Leitzins: eine Chance in der Euro-Schuldenkrise2014In: DIW Wochenbericht, Vol. 81, no 7, p. 115-126Article in journal (Other academic)
    Abstract [de]

    Seit vier Jahren kämpfen die Staaten des Euroraums gegen die Hinterlassenschaften der schweren Finanz- und Wirtschafts-krise an. Aber noch immer steigen die Schuldenquoten. Für die Krisenstaaten des Euroraums wurde zwar mit Rettungspaketen und Niedrigzinsen „Zeit erkauft“. Aber solange sich die anderen Einflussgrößen nicht positiver entwickeln, bleibt es ungewiss, ob die momentane Beruhigung der Euro-Verschuldungskrise nachhaltig ist. Zweifelsfrei stellt in dieser Situation die Niedrigzinspolitik der EZB eine Erleichterung dar. Zum einen ist die Zinslast für die meisten Eurostaaten in den letzten Jahren zurückgegangen. Dieser Effekt dämpft tendenziell das Wachstum der Schuldenquote. Zum anderen stärken die niedrigen Zinsen die Wirtschaft. Dies wiederum erhöht die Steuereinnahmen des Staates und verbessert den Primärsaldo. Niedrigzinsen haben auch bei der Rückführung der Schuldenquote in den USA eine große Rolle gespielt. Zwischen 1946 und 1953 konnten die USA ihren Schuldenstand ohne Schuldenschnitt fast halbieren. Negative Primärsalden, niedrige Wachstumsraten und die niedrige Inflationsrate lassen dies in der Euro-Schuldenkrise jedoch nicht zu. Deshalb scheinen Niedrigzinsen im Moment der einzige Hebel zu sein, mit dem die Schulden trag-fähiger gemacht werden können. Nun kommt es darauf an, dass die Eurostaaten die Chance auch ergreifen.

  • 82. Lejpras, Anna
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Locational Conditions, Cooperation, and Innovativeness: Evidence from Research and Company Spin-Offs2008Report (Other academic)
    Abstract [en]

    This paper has two goals. First, it analyzes the extent to which the innovativeness of spin-offs, either born from a research facility or from another company, is influenced by locational conditions. Second, it provides evidence on how important local cooperation links are in comparison to nonlocal ones. Using a sample of approximately 1,500 East German firms from knowledge-intensive sectors, we estimate a structural equation model applying the partial least squares method. We find that proximity to local research institutes and universities is the most influential factor for the cooperation intensity of spin-offs. Furthermore, the higher the cooperation intensity, the greater the innovativeness of a firm. Moreover, the results indicate that it is not the local but the nonlocal cooperation ties that are more conducive to innovativeness of research spin-offs. The findings also highlight that the innovativeness of research spin-offs with solely local links is strongly depends on support from various authorities and institutions.

  • 83. Lejpras, Anna
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Locational Conditions, Cooperation, and Innovativeness: Evidence from Research and Company Spin-Offs2011In: The annals of regional science, ISSN 0570-1864, E-ISSN 1432-0592, Vol. 46, no 3, p. 543-575Article in journal (Refereed)
    Abstract [en]

    This paper has two goals. First, it analyzes the extent to which the innovativeness of spin-offs, originating either in a research facility or from another company, is influenced by locational conditions. Second, it provides evidence on how important local cooperation links are in comparison to nonlocal ones. Using a sample of approximately 1,500 East German firms from knowledge-intensive sectors, we estimate a structural equation model applying the partial least squares method. We find that proximity to local research institutes and universities is the most influential factor for the cooperation intensity of spin-offs. Furthermore, the higher the cooperation intensity, the greater the innovativeness of a firm. Moreover, the results indicate that it is not the local but the nonlocal cooperation ties that are more conducive to innovativeness of research spin-offs. The findings also highlight that the innovativeness of research spin-offs with solely local links is strongly dependent on support from various authorities and institutions.

  • 84.
    Lejpras, Anna
    et al.
    DIW Berlin, department Innovation, Manufacturing, Service.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Bartkowiak, Igor
    Europa-Universität Viadrina, Frankfurt/Oder.
    Kampe, Carsten
    LASA Brandenburg GmbH.
    Höhne, Markus
    LASA Brandenburg GmbH.
    Weiss, Jan
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Innovationspotenzialanalyse: Stadt Luckenwalde2010Report (Other academic)
  • 85.
    Lööf, Hans
    et al.
    Royal Institute of Technology.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    The Impact of ESG on Stocks’ Downside Risk and Risk Adjusted Return2019Report (Other academic)
    Abstract [en]

    Investments considering corporate social responsibility continue to expand. Are companies pursuing a CSR agenda benefiting shareholders by reducing their financial downside risk? This paper investigates the relationship between a firm’s environmental, social and corporate governance (ESG) scores and its downside risk on the stock market. We study this link using a panel of 887 stocks listed in five European countries over the period 2005-2017. Our empirical results show that higher ESG scores are associated with reduced downside risk of stock returns. Based on the Fama-French three factor model, we found no systematic relationship between ESG and the level of risk-adjusted return.

  • 86.
    Lööf, Hans
    et al.
    KTH Royal Institute of Technology, Stockholm, 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. KTH Royal Institute of Technology, Stockholm, Sweden.
    Wulandari, Febi
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    New ventures in Cleantech: opportunities, capabilities and innovation outcomes2018Report (Other academic)
    Abstract [en]

    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 566 Cleantech startups is analyzed and compared with a control group of non-Cleantech startups. We find that startups in Cleantech have, on average, higher innovation capabilities compared with all startups. However, Cleantech startups are a heterogeneous group including ventures using common technology and those developing new technology. Our econometric evidence shows that, ceteris paribus, Cleantech startups are more likely to combine existing technology in a novel way. Finally, we find that Cleantech startups do, on average, develop more market novelties in later years compared to theirs peers

  • 87.
    Mitze, Timo
    et al.
    Department of Border Region Studies, University of Southern Denmark, Denmark.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Simultaneous-equations analysis in regional science and economic geography2015In: Handbook of research methods and applications in economic geography / [ed] Charlie Karlsson, Martin Andersson, Therese Norman, Cheltenham: Edward Elgar Publishing, 2015, p. 158-171Chapter in book (Refereed)
  • 88.
    Mutarindwa, Samuel
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    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).
    The impact of institutions and supervisory guidance on bank governance and stability: Evidence from African countriesManuscript (preprint) (Other academic)
    Abstract [en]

    This paper sheds new light on how African countries’ legal systems and institutions influence central banks’ provision of supervisory guidance on corporate governance, and via this channel, affect governance and stability of local banks. Specifically, we exploit the fact that there is considerable cross-country heterogeneity in providing supervisory guidance. Our recursive two-equation system is equivalent to an endogenous treatment effect model in which the treatment is the provision of supervisory guidance. We find that institutional factors, in particular the legal family of origin, political stability, contract enforcement and strength of investor protection promote provision of supervisory guidance. If a central bank has published supervisory guidance local banks show better internal governance and higher stability.

  • 89.
    Mutarindwa, Samuel
    et al.
    Jönköping University, Jönköping International Business School.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School. DIW Berlin, Germany and CERBE, Italy.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    The Impact of Institutions on Bank Governance and Stability: Evidence from African Countries2018Report (Other academic)
    Abstract [en]

    This paper sheds new light on how African countries’ legal systems and institutions influence the governance and stability of their banks. We find that institutional factors, in particular the legal family of origin, political stability, contract enforcement and strength of investor protection promote central corporate governance reforms. Using a difference-in-difference approach, we also reveal that those reforms mediate the impact of institutions on banks. If countries have a corporate governance reform in place their banks show better internal governance and higher stability.

  • 90.
    Mutarindwa, Samuel
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    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).
    The impact of liquidity and capital requirements on lending and stability of African banksManuscript (preprint) (Other academic)
    Abstract [en]

    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 liquidity threshold NSFR lend more than banks from the less liquid control group. However, complying with the capital threshold improves the Z-score-stability only for those banks with a stability level 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.

  • 91.
    Petreski, Aleksandar
    et al.
    Jönköping University, Jönköping International Business School.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics.
    Österlund, Urban
    Jönköping University, Jönköping International Business School.
    The impact of mandatory amortization of mortgage loans on the housing market2017Conference paper (Other academic)
    Abstract [en]

    Using transactions data on apartment sales in Sweden, and taking in consideration the decision made by Swedish Riksbank, we examined the effect of mandatory mortgage amortization on apartment prices. In addition, we examined the effect on apartment demand preferences. For this purpose, we created indices of apartment prices using traditional hedonic models. We applied the spatial model in estimating a zone level apartment price index. With the created indices, we studied the effect on apartment prices by using the traditional panel data method. The propensity score model was used to analyze the effect of the decision on the property prices. We applied different time periods as the event window (quarter, 2 quarters, 1 year, 2 years). Finally, we tested several cut-off time points. We found no effect of the Riksbank decision on apartment prices, however we found a change in apartment preferences.

  • 92. Pohlmann, Tim
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Forschung und Entwicklung in den Wirtschaftssektoren Großbritanniens und Deutschlands2006In: DIW Wochenbericht, ISSN 0012-1304, Vol. 79, no 9, p. 109-113Article in journal (Other (popular science, discussion, etc.))
  • 93. Rammer, Christian
    et al.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Penzkofer, Horst
    Grenzmann, Christoph
    FuE- und Innovationsverhalten von KMU und Grossunternehmen unter dem Einfluss der Konjunktur2004Report (Other (popular science, discussion, etc.))
  • 94.
    Reifner, Udo
    et al.
    Institut für Finanzdienstleistungen.
    Neuberger, Doris
    Institut für Finanzdienstleistungen.
    Clerc-Renaud, Sebastien
    Institut für Finanzdienstleistungen.
    Zakaria, Idlan
    University of Birmingham.
    Schwizer, Paola
    University of Parma.
    Nastansky, Andreas
    Ratio Institute.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Ratio Institute.
    Soana, Maria Gaia
    University of Parma.
    Ferri, Giovanni
    LUMSA.
    Schwartz, Saul
    Carleton University.
    Forbes, William
    Waterford Institute of Technology.
    Riefa, Christine
    Brunel University.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Rissi, Roger
    Lucerne University.
    Study on the remuneration provisions applicable to credit institutions and investment firms: Final Report2016Report (Other academic)
    Abstract [en]

    Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral of variable pay, malus arrangements and a maximum ratio for the variable pay of risk-taking personnel are seen to be effective incentives even at this early stage. Competitive disadvantages with regard to attracting and retaining staff from unregulated sectors could not be verified. Problems have been found with regard to clawback clauses in the context of national employment law. Other problems concern the need for rules that are better adapted to the business scale. The rules work well in the case of big and significant institutions. For small and non-complex institutions, which are less engaged in risky activities and which pay out low amounts of variable remuneration, the relatively high implementation cost of deferral and pay-out in instrument are of concern. Member States have made wide use of exclusions. Regulating the extent, process and identification of such exclusions at the EU-level would further harmonise remuneration policies in the member states.

  • 95.
    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.

  • 96.
    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.

  • 97.
    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. 

  • 98.
    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.

  • 99.
    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.

  • 100.
    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.

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