1,721,017 research outputs found
Sectoral digital capabilities and complementarities in shaping young firms’ growth: evidence from Europe
Get PDFWe explore how digitalization impacts young firms’ growth. A longitudinal
panel analysis of the EU’s new ventures during 2010–2018 reveals that
digital sectoral capabilities affect young firms’ growth autonomously and
via interaction with other sectoral capabilities. Digital sectoral capabilities
play an important complementary role in facilitating the upscaling of young
firms operating in R&D-intensive contexts as they mature and within environments
rich in tangible capital investments. In business contexts characterized
by high digital but low human capabilities, young firms struggle to
grow, flagging a mismatch of skills’ composition. The effects of digitalization
vary depending on the level of competition within each sector. The
results on complementarities of sectoral capabilities suggest that horizontal
policy solutions favouring specific capabilities in isolation may have limited
or counterproductive effects. Instead, policy should target a portfolio of
capabilities and consider their complementarities under competitive market
structures. Our analysis shows that effective innovation policy should be
broadly defined and closely integrated with competition policy
Minimum global tax: winners and losers in the race for mergers and acquisitions
No full textIn the context of the OECD’s reform of international taxation, the paper quantifies
the impact of the global minimum corporate tax rate on large multinational crossborder
mergers and acquisitions. Within a gravity model specification, it examines
how differences in capital taxation may drive bilateral cross-border mergers and
acquisitions, taking into account both the direct and indirect distortionary effects
of taxes. The empirical exercise exploits a large purpose-built dataset comprising
13,562 investor-firm M&As data points from 2001 to 2020, in (at the 516 4-digit
level) industries times 109 “source” countries, matched with 559 (also at the 4-digit)
industries times 161 “target” countries. In line with a simple theoretical model
underpinning the mechanisms of transmission, the empirical results suggest that
M&As flows are higher when the source and target countries have closer tax rates.
Next, whenever the target country’s corporate tax rate is lower than 15%, the gravity
model estimates the impact of the 15% global minimum tax rate on cross-border
investments by firms whose revenue exceeds the €750 millions threshold. The simulation
shows that the overall effect of the global minimum corporate tax on M&As
flows would be negative, but small in magnitude. Less developed economies would
be comparatively the most affected area. As a percentage of expected flows, developing
countries would experience the largest decrease. In absolute terms, the biggest
decrease in outflow investments would be among OECD countries, while the biggest
drop in inflow investments would be among high-income non-OECD countries
Labour Market Policies and Outcomes in the Enlarged EU
No full textWe document and compare labor market institutions, policies and outcomes in the EU member countries, for the period between 1999 and 2006. Higher employment rates are in general positively associated with measures of policy generosity, especially with the use of Active Labor Market Policies, and negatively with institutions and policies which induce rigidity in the labor market. We also find evidence that the relation between ALMP and employment levels is non-monotonic and that it is conditional on the informal institutions prevailing in different countries
Minimum global tax: winners and losers in the race for mergers and acquisitions
No full textIn the context of the OECD’s reform of international taxation, the paper quantifies the impact of the global minimum corporate tax rate on large multinational crossborder mergers and acquisitions. Within a gravity model specification, it examines how differences in capital taxation may drive bilateral cross-border mergers and acquisitions, taking into account both the direct and indirect distortionary effects of taxes. The empirical exercise exploits a large purpose-built dataset comprising 13,562 investor-firm M&As data points from 2001 to 2020, in (at the 516 4-digit level) industries times 109 “source” countries, matched with 559 (also at the 4-digit) industries times 161 “target” countries. In line with a simple theoretical model underpinning the mechanisms of transmission, the empirical results suggest that M&As flows are higher when the source and target countries have closer tax rates. Next, whenever the target country’s corporate tax rate is lower than 15%, the gravity model estimates the impact of the 15% global minimum tax rate on cross-border
investments by firms whose revenue exceeds the €750 millions threshold. The simulation shows that the overall effect of the global minimum corporate tax on M&As flows would be negative, but small in magnitude. Less developed economies would be comparatively the most affected area. As a percentage of expected flows, developing countries would experience the largest decrease. In absolute terms, the biggest decrease in outflow investments would be among OECD countries, while the biggest drop in inflow investments would be among high-income non-OECD countries
Optimal speed of transition with a shrinking labour force and under uncertainty
No full textIn the 1990s - during the restructuring of large state enterprises - Central European economies experienced high unemployment. Social policy expenditures, particularly targeted to the non-employed, grew faster than expected due to the need to finance the out-of-the-labour categories. In 1992, after the Passive Labour Market Policies' reforms, the pace of transition decelerated. Unemployment dynamics, speed of transition and non-employment policies are modelled based on the assumption that the labour force is shrinking over time. Dismissed workers have the opportunity to choose an outside-option alternative to labour force participation. Individual uncertainty is assumed in a first phase of transition, while aggregate uncertainty - generating opposition to restructuring - is modelled in a second phase. The model predicts a slowdown in the speed of transition. © The European Bank for Reconstruction and Development, 2006
Tax enforcement, tax compliance and tax morale in transition economies: A theoretical model
No full textThe focus of this paper is the analysis of the relationship between tax enforcement, tax compliance and tax morale within countries characterised by rapid introduction of market institutions and slow evolution of political regimes, such as transition economies. The paper investigates a coordination game in which the government is ex-ante committed to tax enforcement and can observe the proportion of tax-compliant agents in the economy. In turn, two groups of agents (third-party reporting and self-reported income) are keen to evade taxes unlawfully but have limited information on how many others evade taxes; their tax morale is therefore an endogenous function of agents’ perception on tax compliance. The model predicts that the lower the quality of political institutions and the weaker tax morale, the less tax compliance can be achieved. The third-party reporting group will also be bearing higher tax burden than the self-reported income group. The model entails that having political institutions of good quality is not a sufficient condition to conduce to tax enforcement or tax compliance. Due to the endogenous role of tax morale, the government could be pushed ex-post towards poor or no tax enforcement. If good political institutions are not accompanied by good information about the enforcement of tax collection, there is scope for co-existence of poor tax enforcement, low tax compliance and weak tax morale. As such, this model well describes the tax evasion behaviour observed since the outset of transition from planned to market economy
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
A meta-analysis of the indirect impact of foreign direct investment in old and new EU member states: Understanding productivity spillovers
No full textIn this paper, we summarise, combine and explain recent findings from firm-level empirical literature focusing on the indirect impact of foreign direct investment (FDI) on economic performance, measured as productivity, in the Enlarged Europe. We have reviewed 52 quantitative studies, released between 2000 and 2015 and codified 1,133 estimates. We run a regression of regressions which measures the strength of the FDI–productivity relationship. Taking advantage of large number of high-quality studies on FDI and its role in explaining the growth in firms’ productivity in Europe, we adopt recent meta-regression analysis methods—funnel asymmetry and precision estimate tests and precision-effect estimate with standard errors—to explain the heterogeneous impact of FDI. This paper assesses the country-specific impact of FDI on firms’ performance, after taking publication selection bias, econometric modelling and the individual studies’ characteristics fully into account. Our results show that on average FDI has a positive indirect impact on productivity. The impact is especially significant in selected European countries, and we interpret this as a sign of better absorptive capacities in those countries
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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