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Receivers and intermediary establishments typical to urban areas have unique freight behaviour and are understudied, particularly in developing countries. This paper uses establishment-based freight survey data to examine their freight generation patterns in the Chennai metropolitan area, India. Three sets of Simple Linear Regression (SLR) models, three single predictor proportional odds logit models, one multiple linear regression model, and one multiple predictor proportional odds logit model with business size (employment, area, and operational age) and indicators of establishment category as regressors are developed each for both freight production and freight attraction. Partial proportional odds logit models are developed in a few cases to overcome the limitations of proportional odds logit models. The best SLR model varied with the establishment category for freight production and attraction. The establishment area model is the best among single predictor proportional odds logit models. The multiple predictor proportional odds logit models marginally improved the fit over single predictor models. The proportional odds logit model results show that the establishment category has a greater impact on freight generation levels than business size variables. Since earlier studies rarely focused on receivers and intermediary establishments, policymakers may benefit from the developed models and study insights while estimating freight demand and developing freight policies. • Receivers and intermediary establishments' freight generation is studied. • Partial Proportional Odds (PO) logit models are developed for freight attraction. • Area model is the best single predictor PO logit model for freight generation. • Establishment type affects freight generation more than business size variables. [ABSTRACT FROM AUTHOR]

Forced degradation, also known as stress testing, is used throughout pharmaceutical development for many purposes including assessing the comparability of biopharmaceutical products according to ICH Guideline Q5E. These formal comparability studies, the results of which are submitted to health authorities, investigate potential impacts of manufacturing process changes on the quality, safety, and efficacy of the drug. Despite the wide use of forced degradation in comparability assessments, detailed guidance on the design and interpretation of such studies is scarce. The BioPhorum Development Group is an industry-wide consortium enabling networking and sharing of common practices for the development of biopharmaceuticals. The BioPhorum Development Group Forced Degradation Workstream recently conducted several group discussions and a benchmarking survey to understand current industry approaches for the use of forced degradation studies to assess comparability of protein-based biopharmaceuticals. The results provide insight into the design of forced degradation studies, analytical characterization and testing strategies, data evaluation criteria, as well as some considerations and differences for non-platform modalities (e.g., non-traditional mAbs). This article presents survey responses from several global companies of various sizes and provides an industry perspective and experience regarding the practicalities of using forced degradation to assess comparability. [ABSTRACT FROM AUTHOR]

Focusing on the sharp declines in exports during the global financial crisis and consumption during the COVID-19 pandemic, we empirically estimate the propagation of demand shocks from customers to their suppliers through firm-level input-output linkages in Japan. We find economically significant propagation of demand shocks and show that the strength of the propagation depends on firm sizes. During the global financial crisis, negative demand shocks hitting large exporters propagate to their large suppliers but not to their small suppliers. In contrast, during the pandemic, most of the firms damaged by the pandemic are small, and the negative demand shocks hitting these small firms also propagate to their small suppliers. Our results highlight the heterogeneous nature of demand shock propagation across firms, suggesting the existence of a specific route in an input-output network through which demand shocks easily propagate. [ABSTRACT FROM AUTHOR]

We explore the nexus of market power, innovation and financial fragility by means of a macroeconomic agent based model whose core is the Dixit-Greenwald-Stiglitz (DGS) theory of firm behaviour, which nests the Greenwald-Stiglitz characterization of the firm as a borrower that runs the risk of bankruptcy in the Dixit-Stiglitz monopolistic competition setting. The optimal firm's size is increasing with net worth and productivity. Net worth increases with profits while productivity increases through R&D and innovation. Simulations show that in the presence of market power firms are more innovative and financially robust and less prone to bankruptcy. These features have not surfaced so far in standard characterizations of monopolistic competition. [ABSTRACT FROM AUTHOR]

This paper examines the antecedents of cashless payment systems among businesses in Malaysia. The adoption of cashless payment systems by businesses has the potential to reduce the costs related to handling huge amounts of cash in the market and enhance transaction speed. Unfortunately, its current adoption in Malaysia is still small and very little is known about the factors. A seven-factor model based on the TOE framework was developed and tested. The partial least square (PLS) statistical approach was employed to analyze data collected from 200 business entities in Malaysia. The results reveal that compatibility and technology competence have higher significant relationships with the adoption of cashless payment systems. Management support, firm critical mass, competitive pressure, and information intensity are significantly related to the adoption of cashless payment systems, while firm size is not associated with it. The findings of this study provide significant practical implications for Malaysian stakeholders and technology vendors to recognize factors that affect a firm's adoption of cashless payment systems to support business transactions. By investigating the phenomenon through the TOE framework, this study presents an integrated model of cashless payment systems by businesses. Our findings also offer guidance for future application of the PLS method in cashless payment and related research. The paper provides a more holistic understanding of the factors influencing cashless payment systems among businesses. [ABSTRACT FROM AUTHOR]

Digital transformation has profoundly influenced various socio-economic fields and induced retailing firms to utilize digital innovations to maximize business effectiveness in the digital era. The study aims to pinpoint the motivations for online retailing (ORE) adoption and business performance among Vietnamese businesses in the formative digital transformation stage within an extended technology-organization-environment (TOE) framework. The questionnaire-based data are accumulated for this study. Firm respondents are those who have used and increased their familiarity with ORE in Vietnam. All analysis is performed using structural equation modeling (SEM). The results posit that important factors of technological context (i.e., relative advantage, compatibility, and observability), organizational context (i.e., top management support, entrepreneurial orientation, and technological orientation), and the environmental context (i.e., perceived trend, government support, and legal framework) substantially boost ORE adoption. Additionally, firm age is an essential control variable that strongly influences firms' engagement in ORE. Unexpectedly, firm size, competitive pressure, and control variable (i.e., number of employees) do not significantly affect ORE adoption. Besides, ORE adoption serves as an underlying motivation for business performance. Ultimately, theoretical and practical implications are discussed. [ABSTRACT FROM AUTHOR]

• Firm size and technological change are closely related. • The concentration of the market structure explains most disparities in cross-country productivity. • The shift from small to large size classes has a strong role for enhancing productivity in developed countries. • 71% of Germany and Turkey's productivity differential are explained by misallocation. This paper investigates the extent to which the distribution of firm sizes affects growth and productivity. The empirical analysis is underpinned by a multilevel database comprising information on manufacturing sectors of 35 countries disaggregated in five firm size classes. Three complementary strategies to assess the relationship are implemented. The first, a country-level counterfactual analysis, measures the hypothetical impact of a firm reallocation to reflect a benchmark market structure. It is followed by a decomposition exercise that illustrates the impact of both the structural and technological components on the annual productivity growth between 1991 and 2007. Finally, different econometric models are estimated to assess the statistical significance of changes in the firm size distribution on growth and the role of the concentration of the market structure in explaining the cross-country productivity discrepancies. The results suggest that the firm size is a key driver the development process. [ABSTRACT FROM AUTHOR]

• Between 2014 and 2017, the Pound depreciated against the Dollar due to monetary and institutional factors. • The effects of exchange-rate depreciation on the trade balance are heterogeneous among the UK's industries. • Following the currency depreciation, science-based industries tend to show a long-run negative effect. • The ARDL methodology is suitable for investigating the dynamics of exchange rates and the trade balance in the short and long runs. Between May 2014 and April 2017, the Pound Sterling depreciated substantially against the Dollar. The objectives of this paper are: 1) to investigate how that depreciation affected the main British industries; 2) to verify whether the trade asymmetries following the currency depreciation can be explained by considering the technological features of the industries as represented in the Pavitt Taxonomy. Using an ARDL methodology, our study analyses the effects of this depreciation for the UK with respect to the USA. We employ industry-level data at monthly frequency for the period 2010–2019. In detail, our estimation suggests that only in four industries out of thirty did the Trade Balance improve in the long run, while it worsened in eight. Moreover, our analysis shows that the Pound Sterling's depreciation against the Dollar had a long-run negative effect on the science-based UK industries. Finally, the size of industries does not seem to give clear indications as to long-term dynamics. [ABSTRACT FROM AUTHOR]

• We model research and development (R and D) decisions in an investment model. • The model predicts higher investments in both R and D for larger firms. • Research intensity, i.e. the R-share in R&D, declines with firm size. • Results from firm-level panel data confirm these predictions. • Specialization of small firms in R benefits their productivity. Corporate research and development constitutes one of the main sources of innovation. Recent research, however, discusses a decline in corporate research and its implications for technological progress. The contribution of this study is to model research & development (R&D) decisions in an R&D investment model that allows the analysis of firms' engagement in research (R) as compared to development (D) activities. The model predicts higher investments in both activities for larger firms, but it also shows that research intensity, i.e. the R-share in R&D, declines with firm size. We test these propositions using data of R&D-active firms over the period from 2000 to 2015. While larger firms invest indeed more in both research and development, results from panel model estimations that account for unobserved heterogeneity across firms show that the relative focus on research decreases with firm size. In addition, the empirical results suggest that, since the returns to research in terms of productivity gains decline with firm size, specialization maximizes overall returns to R and D. [ABSTRACT FROM AUTHOR]

Although a conventional wisdom claims that larger firms perform better than smaller ones, the conclusions drawn by the literature are ambiguous. This study examines the effect of firm size on productivity, using a dataset on European electricity generators from 2012 to 2020. European electricity generation sectors are particularly interesting given the substantial liberalisations in the past decades and strong subsidisation of electricity generated from renewables. Next to estimating productivity of electricity generators and establishing a link between firm size and performance in this industry, the analysis allows for heterogeneity of impacts of firm size on productivity across various dimensions (e.g., regulation scheme, state ownership), as firm size may attenuate or fuel associated problems and benefits. Besides, it adds to the literature by investigating whether and how renewable subsidies impact reallocation from the technically less efficient to the more productive firms, since they often favour smaller generators in European countries that might be less productive. The overall results highlight that firm size significantly boosts firm performance. Effects, however, diminish with size. Last, renewable subsidies deteriorate allocative efficiency. Hence, renewable subsidies favouring smaller generators are at the cost of allocative efficiency. • The study estimates production functions for electricity generation companies. • It also analyses the firm size-performance relationship in this sector. • It allows for heterogeneity of impacts across various dimensions (e.g., state ownership). • Firm size is measured continuously, allowing to control for unobserved heterogeneity. • I examine the effect of renewable subsidies on reallocation from less to more productive companies. [ABSTRACT FROM AUTHOR]

Nowadays, there is an increasing recognition of the value of eco-innovation in both academic and practical spheres. Establishing the connection between eco-innovation and corporate performance is highly important. This paper aimed to analyze the correlation between eco-innovation, corporate performance, and company size. To accomplish this goal, the paper collected unique data from 383 global non-financial companies using the Refinitiv Eikon database from 2013 to 2022. This paper uses fixed effect and (generalized method of moment) GMM techniques to overcome possible endogeneity concerns. The strong empirical results display a positive relationship between eco-innovation and corporate performance. Importantly, this paper discovered that the size of companies significantly magnifies the effect of eco-innovation on corporate performance. Our findings are still robust to endogeneity concerns. The results confirm that prioritizing eco-innovation can benefit larger companies in multiple ways, including boosting productivity, avoiding penalties, expanding into new markets, improving green image, and gaining a competitive edge, all of which ultimately enhance corporate performance. Additionally, the extensive evaluation by stakeholders enables these larger corporations to generate increased profits. This paper aims to contribute the innovation literature by exploring an under-explored topic using extensive panel data and offering practical guidance for non-financial firm stakeholders. The implications of the findings have various impacts on future research and policy development. Furthermore, this paper aims to assist policymakers in establishing impactful mechanisms and guidelines that foster ecologically conscious attitudes. The conclusion assists managers in grasping the importance of context-based eco-innovation. [ABSTRACT FROM AUTHOR]

The benefits of research and development (R&D) investment extend beyond the undertaking firms and may impact the wider economy through spillovers. This study examines the effect of Multinational Companies (MNCs)' R&D intra-industrial spillovers on total factor productivity (TFP) using firm-level data from Indonesia between 2017 and 2019. To address the cross-sectional dependence, we employed a fixed-effects estimator with Driscoll and Kraay's (1998) standard errors. We also incorporate a cost-based approach with a weighting matrix that integrates human resources into R&D activities to capture the R&D intra-industrial spillover from foreign companies. The findings indicate that intra-industrial R&D spillovers from MNCs negatively impact TFP, suggesting product-market rivalry in the domestic market. Foreign and domestic firms operating in a subsector that relies on similar technologies compete to enhance productivity, resulting in business theft. Increasing firms' capability in human resource absorption, access to foreign inputs, firm size, and market concentration can improve TFP in manufacturing firms. This finding has policy implications for the proportions of R&D spending. The results also support the need to foster open innovation by creating an environment that encourages collaboration, skill development, and local innovation. [ABSTRACT FROM AUTHOR]

Hospital size distribution, i.e., the uneven allocation of healthcare resources between hospitals of different size classes, significantly impacts healthcare equality and efficiency and challenges healthcare governance. Yet, its variation is inadequately explained by two prevalent approaches to size distribution – the statistical approach merely works on statistical patterns, while the economic approach has difficulties in calculating hospital cost-returns. This study provides an alternative – a geographical approach – to demystify hospital size distribution. Incorporating the distinctiveness of healthcare into George Stigler's (1958) classic survivor analysis of firm size distribution, we conceptualize hospital size distribution as the result of hospitals' interactions with their socio-economic-technical environment in a defined area, and thus its pattern and variation could be understood through its coevolution with geographical contexts. We substantiate this idea with a study on China's provincial hospital size distributions between 2002 and 2019. During this period, hospitals with 0–99 beds maintained a stable proportion, while the size class of 800+ beds grew significantly, in contrast to the reduction in the size class of 100–799 beds. Cluster analysis identifies four clusters of provinces dominated by different hospital size classes after healthcare delivery reform in 2012. Cross-sectional time-series regression models find evolving impacts from market power, government intervention, and advancement of medical technology. We also offer a novel approach to understanding healthcare resource distribution by examining the structure rather than merely the number of healthcare resources. • Hospital size distribution significantly impacts healthcare equality and efficiency. • A geographical approach is developed to detect hospital size distribution. • This approach overcomes deficiencies in the statistical and economic approaches. • The evolution and variation of China's provincial hospital size distribution are examined. • Introducing a novel way to study healthcare resource distribution by examining healthcare delivery structure. [ABSTRACT FROM AUTHOR]

Firms compete for clients, creating distributions of market shares ranging from domination by a few giant companies to markets in which there are many small firms. These market structures evolve in time, and may remain stable for many years before a new firm emerges and rapidly obtains a large market share. We seek the simplest realistic model giving rise to such diverse market structures and dynamics. We focus on markets in which every client adopts a single firm, and can, from time to time, switch to a different firm. Examples include markets of cell phone and Internet service providers, and of consumer products with strong brand identification. In the model, the size of a particular firm, labelled i , is equal to its current number of clients, n i. In every step of the simulation, a client is chosen at random, and then selects a firm from among the full set of firms with probability p i = (n i α + β) / K , where K is the normalization factor. Our model thus has two parameters: α represents the degree to which firm size is an advantage (α > 1) or disadvantage (α < 1), relative to strict proportionality to size (α = 1), and β represents the degree to which small firms are viable despite their small size. We postulate that α and β are determined by the regulatory, technology, business culture and social environments. The model exhibits a phase diagram in the parameter space, with different regions of behaviour. At the large α extreme of the phase diagram, a single dominant firm emerges, whose market share depends on the value of β. At the small α extreme, many firms with small market shares coexist, and no dominant firm emerges. In the intermediate region, markets are divided among a relatively small number of firms, each with sizeable market share but with distinct rankings, which can persist for long times before changing. We compare the model results to previously published empirical data from a broad range of Japanese industries, and find good agreement with a central statistical result relating the standard deviation of market share changes to the value of the market share before the change. • Two-parameter model of market structure evolution based on client switching. • Each individual client has a single firm, and can change firms from time to time. • Produces full range of market concentrations, from monopoly to many small firms. • Model results are consistent with empirical data from range of Japanese markets. [ABSTRACT FROM AUTHOR]

• The construction sector has different realities regarding the size of companies. • In Portugal, around 95% are micro and small construction companies. • There are CDW determining factors influencing differently micro and small companies. • Environmental knowledge is a major and relevant determining factor for CDW management. • Strategies for CDW management at local scales must be adapted. Due to the relevance of construction and demolition waste (CDW) generation for circular economy and reduction of environmental impacts, it is important to evaluate the factors leading to constraints regarding waste. Previous researchers have assessed construction company attitudes and behaviors toward CDW management, but factors such as the presence of environmental technicians, registration of the CDW generated, commitment to the legal framework, the subcontracting regime, and construction works' oversight were rarely addressed in terms of the differences existing within the construction sector. Thus, the objective of this research is to evaluate the relationship of these factors with construction company size. A questionnaire was sent to Portuguese construction companies, and 652 responded. The sample was divided into three groups: micro, small, and medium/large companies. Statistical data treatment was carried out to assess whether there were statistically significant differences in the mentioned factors between groups. The main conclusions highlight: the prevalence of environmental technicians working in larger companies; the registration on waste platforms being only performed consistently by medium/large companies; a considerable proportion of micro and small companies having knowledge gaps about the practices adopted; the responsibility for CDW management within the subcontracting regime being mainly from subcontractors; and the presence of a gap regarding onsite construction works oversight. These differences lead to the need to reevaluate the strategies for CDW management and adapt the strategies to the specific conditions of the construction sector, including the size of construction companies. [ABSTRACT FROM AUTHOR]

Investor-owned utilities in the U.S. are not guaranteed to earn the amount approved by regulators, and actual returns are not trued up against regulated levels. This paper develops a simple metric for firms' actual returns (their "realized" return on investment) that parallels the parameter set in cost-of-service regulation. Based on financial data for 177 major investor-owned utilities over 27 years, the analysis documents a downward trend in companies' realized returns over the last two decades, from a high of 12.6% in 2002 to 6.1% in 2020, on average (a decrease of over 51%). The decline appears to hold across company size and region of the country and is driven by a stagnation in revenue coupled with a nearly two-fold increase in investment. As a result, changes to utility practices or regulatory policy may be warranted. • The actual returns of electric utilities can differ from authorized amounts. • The analysis indicates a decline in the actual returns of major utilities over time. • The fall reflects an increase in utility investment and a flattening of revenue. • Further research is needed to understand the implications of utility rate base growth. [ABSTRACT FROM AUTHOR]

The largest companies in salmon aquaculture are rapidly getting bigger due to organic growth as well as mergers and acquisitions, and the largest are now multi-national companies. There are two main explanations for this growth: 1) An attempt to become large enough to exploit market power, or 2) Size is necessary to adopt new technologies that increase the efficient scale. In this paper, we investigate the degree of concentration in each of the main producer countries for Atlantic salmon, as well as globally for Atlantic salmon, all farmed salmon, and all salmon to account for the global nature of the market using Herfindahl-Hirschman Indexes. The results indicate a high degree of concentration in the smaller producer nations but not in Chile and Norway. Globally, the Atlantic salmon industry can be characterized as unconcentrated, and it becomes even more so when the supply of other farmed salmon and wild salmon is accounted for. Hence, the main motivation for the increased company size appears to be capacity to adopt new knowledge and technology. • Farmed salmon produciton is rapidly increasing, as is company size. • We computed industry concentration using Herfindahl-Hirschman indexes. • Concentration is high in some of the smaller production countries. • Globally, the industry is unconcentrated. [ABSTRACT FROM AUTHOR]

Global businesses are facing increasingly significant climate risks. Firms with ESG controversies will likely suffer from higher financing costs and inadequate investment capability, leading to investment inefficiency. We use a newly introduced ESG Controversy Score database to investigate the relationship between ESG controversies and corporate investment efficiency. The results show that ESG controversies significantly reduces firms' overall investment efficiency, and such adverse impact is manifest in underinvestment inefficiency. Further analysis indicates that such a negative effect is more pronounced in firms with larger size and higher analyst coverage. Our findings highlight the significant role of ESG misbehaviour in corporate sustainable development. [ABSTRACT FROM AUTHOR]

The Italian water and sanitation services regulator, ARERA, has adopted a parametric model for assessing operators' efficiency and set efficiency improvement targets accordingly. This approach is based on a Stochastic Frontier Approach; deviations of actual costs from the estimated standard cost are interpreted as signals of inefficiency and determine how demanding the efficiency improvement target will be in the next regulatory period. We critically assess the approach adopted by ARERA, exploiting an original dataset fed by the original data of regulatory accounts that water operators transmit to ARERA for biennial tariff reviews. This data is not publicly available and represents a novel contribution since it allows statistically significant estimates (more than 200 observations) from a detailed breakdown of information concerning costs and performance levels. Our analysis applies various alternative estimation models, completing the more traditional SFA based on the Pitt-Lee approach adopted by ARERA, with more sophisticated models aimed at overcoming the problems caused by multicollinearity and data heterogeneity. Finally, we estimate a non-parametric model based on Data Envelopment Analysis (DEA). This comparison leads to some surprising results: different models generate similar overall results, but the resulting ranking is different, and the explanatory potential is limited to dimensional variables, while quality indicators and contextual elements seem more challenging to capture. We conclude that parametric models still seem far from the possibility of supporting the regulatory process, primarily when the industry is characterised by high heterogeneity of company size and operational environments. At the same time, the DEA is a promising, more flexible, and informative approach, but still unable to support regulatory decisions. • We exploit an original and unique dataset based on regulatory accounts of water companies. • We estimate multiple models, either parametric and non parametric. • We use innovative techniques for coping with data heterogeneity and multicollinearity. • We discuss critically the approach to efficiency benchmarking applied by the Italian regulatory authority. • We demonstrate that alternative estimation techniques may lead to rather different results in terms of efficiency valuation and ranking. • We criticize the use of stochastic frontiers for assessing utilities' efficiency when variability of observation is high. • We criticize the approach adopted by the Italian regulator and raise doubts about the use of SFA for regulatory purposes, especially when heterogeneity is high. [ABSTRACT FROM AUTHOR]

• Only 35% of SME waste is recycled in England – it is not mandatory to recycle. • Globally 27 of 42 cities evaluated have no requirement for businesses to recycle. • 15 cities had full or partial mandatory requirements for SMEs to recycle. • 8 scenarios were modelled based on global policy approaches. • Mandated recycling would lead to 67% additional recycling across 62 SMEs modelled. The Commercial and Industrial (C&I) waste stream is complex due to the diversity of material generated and variation in businesses by activity and size. Businesses in England generate more waste than households but despite this the C&I waste stream has historically been overlooked in waste policy. Many Small and Medium Enterprises (SMEs) do not segregate dry recyclable materials and biowaste for separate collection leading to resources being wasted. Implementing smarter systems for managing waste from SMEs will be a key component of developing circular cities. In England the government has pledged to improve the management of waste from businesses – however it is uncertain what interventions, if any, it will make. This paper evaluates the mandatory requirement for businesses to separate out dry recyclable materials and biowaste in 42 global cities. The results highlight the patchwork of legislation towards C&I waste with 27 cities having no mandatory requirement for businesses to segregate material. Where the requirement was mandatory, the approach varied from being fully mandated to having exemptions based on the type and size of business, and levels of waste generated. From the legislation in these cities eight scenarios were modelled to assess what impact these interventions could have in England based on waste data collected from 62 SMEs. Mandatory separation of dry recyclable materials and biowaste for all SMEs based on the approach in San Francisco would have the biggest impact leading to 67.2% additional waste being separated – an average of 31.1 kg/week for the SMEs sampled. [ABSTRACT FROM AUTHOR]

In times of crisis, innovation and entrepreneurship can be considered as a path out of valuation uncertainty of firms. All types of innovation output, however, may not have a similar impact across different firm size and sectors during bad times. Specifically, financially less-constrained (high leverage) innovative firms could be valued higher or experience less uncertainty in their performance. By considering the innovation intensity and leverage in pre- and post-2008 financial crisis periods, and using firm-level quarterly data from listed firms in the UK during 2000–2014, we find that leveraged firms can achieve greater valuation and mitigate any valuation uncertainty in the post-crisis period if they are knowledge- or high-technology intensive. In terms of size effect, although leverage distorts market valuation of large UK firms, the impact is positive for SMEs that are innovation intensive. Finally, in terms of sectoral effect, firms within manufacturing and services with leverage have benefitted from R&D and patenting activities during the post-crisis period, but not in the pre-crisis period. This also gets revealed when we classify all firms into high-tech and low-tech sectors, implying that firms in the high-tech sectors with debt dependence have benefitted favorably in terms of higher valuation and lower uncertainty in the post-crisis period, not firms in the low-technology sectors, reflecting further the role of technological intensity in firm valuation. [ABSTRACT FROM AUTHOR]

• This study examined the impact of the Foundations for Safety Leadership (FSL) training by size of business. • The FSL training improves safety leadership outcomes regardless of the size company for which the leader worked. • However, those from small and medium sized companies reported the greatest improvement in their use of safety leadership skills. Introduction: The majority of construction companies are small businesses and small business often lack the resources needed to ensure that their supervisors have the safety leadership skills to build and maintain a strong jobsite safety climate. The Foundations for Safety Leadership (FSL) training program was designed to provide frontline leaders in all sized companies with safety leadership skills. This paper examines the impact of the FSL training by size of business. Methods: Leaders, defined as foremen or other frontline supervisors, from small, medium, and large construction companies were recruited to participate in a study to evaluate the degree to which the FSL changed their understanding and use of the leadership skills, safety practices and crew reporting of safety-related conditions. We used linear mixed modeling methods to analyze pre-post training survey data. Results: Prior to the training, leaders from small and medium sized companies reported using safety leadership skills less frequently than those from large ones. After the training, regardless of business size, we observed that the FSL training improved leaders understanding of safety leadership skills from immediately before to immediately after the training. Additionally, leaders reported greater use of safety leadership skills, safety practices, and crew reporting of safety-related conditions from before to two-weeks after the training. However, those from small and medium sized companies reported the greatest improvement in their use of safety leadership skills. Conclusions: The FSL training improves safety leadership outcomes regardless of the size company for which the leader worked. However, the FSL may be even more effective at improving the safety leadership skills of leaders working for smaller sized construction companies or those with lower baseline levels of safety leadership skills. Practical applications: The majority of construction companies employ a small number of employees and therefore may not have the resources to provide their frontline leaders with the leadership training they need to be effective leaders who can create a strong jobsite safety climate. The Foundations for Safety Leadership (FSL) training can help fill this gap. [ABSTRACT FROM AUTHOR]

• The size of the business and the peculiarities of the Cypriot context impact on the perception and management of psychosocial risks. • Difficulties in identifying psychosocial risks are related to the lack of training and awareness within micro-enterprises in Cyprus. • The participation of smaller enterprises in our sample comparing to ESENER's has fueled significant differences. • Additional research is required for the case of micro SMEs. Micro and small enterprises (MSEs) constitute the cornerstone of the economy in each country, especially in the European Union, where they are perceived as main components for economic development, innovation, employment and social integration. Effective management of occupational safety and health (OSH) in MSEs' working environment contributes in sustaining corporate longevity and protects workers' well-being and productivity. This may become essential, especially for economies that are struggling to recover from economic recession. One essential aspect of OSH involves the identification and management of psychosocial risks. EU-OSHA (2010) has launched two significant surveys related to psychosocial risks; named ESENER 1 and ESENER 2. Since micro-enterprises (employing 1–5 employees) were not included in ESENER 2 (EU-OSHA, 2015), an important part of the picture has been left unattended on a European level. This paper aims to address this gap by focussing on the case of Cyprus, since insufficient amount of micro enterprises from Cyprus participated in ESENER 2. A survey utilising ESENER-2 questions was adapted for exploring micro-enterprises' employees' perceptions and awareness about psychosocial risks and their management in the work setting. The main differences and some similarities that were spotted between the results of this study and ESENER-2 results regarding Cyprus are highlighted. The differences indicate that the size of the business and the peculiarities of the Cypriot context impact on the perception and management of psychosocial risks. Further research is required in the field of microenterprises that employ from 1 to 5 people, on an EU and international level with a special focus on psychosocial risk issues in micro-enterprises at the service sector and family businesses. [ABSTRACT FROM AUTHOR]

Mathematical modelling plays an important role in food engineering having various mathematical models tailored for different food topics. However, mathematical models are followed by limited information on their application in food companies. This paper aims to discuss the extent and the conditions surrounding the usage of mathematical models in the context of European food and drinks industry. It investigates the knowledge, nature and current use of modelling approaches in relation to the industry main characteristics. A total of 203 food companies from 12 European countries were included in this research. Results reveal that the country where the company operates, and size of the company, are more important predictors on the usage of mathematical models followed by the type of food sector. The more developed countries are positioned at the higher level of knowledge and use of available models. Similar pattern was observed at the micro level showing that small or medium sized companies exhibit lack of knowledge, resources and limiting usage of models. • 203 food companies from 12 European countries were included in this research. • Use of mathematical models in food companies is on a low level. • Most food models are not "user-friendly" for food companies. • Higher level of knowledge and use of models is in developed countries. • Lower level of knowledge and use of models is in small and medium sized companies. [ABSTRACT FROM AUTHOR]

• Identical doing business reforms influence firms of different size differently (1). • Firm size distributions (FSDs) across the globe are stable and different (2). • Because of (1) and (2), identical reforms produce a variety of reforms outcomes. • We build a tractable general equilibrium model to study the above effects. • We merge the Doing Business and the Enterprise Surveys data to test the predictions. Post-crisis policy making increasingly focuses on doing business reforms. We argue that the effects of those reforms will be different across countries. To understand the reasons for the reform outcome divergence, we advance a novel firm-size distribution (FSDs) argument. At the center of the argument is the fact that FSDs are different across countries and stable over time. Then, if a given doing business reform induces firms of different size to grow differently, this will produce a variety of reform outcomes across countries. To advance the argument, we set up a tractable general equilibrium (GE) model and study how firms of different size grow after a doing business reform. The model predicts that larger firms will grow faster than smaller firms after the reform. The model predictions are tested on the Enterprise Surveys (ES) data, merged with the Doing Business indicators. We confirm that firms of different size grow differently after a Doing Business reform. Thus, based on the notable differences of firm size distributions across countries, identical reforms to start, operate and close a business will produce a variety of reform outcomes across countries. [ABSTRACT FROM AUTHOR]

Small and medium industries (SMEs) savings analysis can help to reduce energy consumptions and greenhouse gas emissions (GHG) and support the individual company to make a better decision to improve facility energy performance. The main idea was to get enough data to recreate simple Excel-based tool so that SMEs could conduct quick energy and GHG emission benchmarking and to come up with potential savings by using their utility bills and plant specifications. Having such knowledge will help these industries to promote energy efficiency, sustainability, and competitiveness in their operation. Energy consumption data of eleven companies have been collected and analyzed. The methodology involves energy benchmarking, separation of process and seasonal energy consumptions, heating degree days estimation, normalized annual energy consumption, and normalized process and seasonal energy consumptions. The leading performance indicator was identified energy intensity of oven. It was estimated, the energy intensity of bake ovens varies from 24 m3/ft3 to 30 m3/ft3, while the energy intensities of ovens with finishing process varies from 8 m3/ft3 to 36 m3/ft3. Potential savings can be realized from retrofits such as the addition of a VFD controller (exhaust loss), insulation (shell loss). Depending on the investment and the type of estimated retrofits, the return on investment can be realized in less than a year or up to ten years. It was also noted that by optimizing production scheduling; 8%–69% of energy consumption could be saved by proper shut-down and scheduling the non-production hours. Flow diagram of research program to investigate energy-saving opportunities of SMEs in the GTA. Image 1092 • Small and Medium Enterprises energy analysis, performance indicators, and savings potential. • Methodology involves heating degree days, normalized annual process and energy consumptions. • The observed energy intensity of ovens varies from 24 m3/ft3 to 30 m3/ft3 (and 8 m3/ft3 to 36 m3/ft3). • Savings can be realized from retrofits of a VFD controller (exhaust loss), insulation (shell loss). • Natural gas savings from the facilities processing varies from 19% to 53%. [ABSTRACT FROM AUTHOR]

In the past few years, there has been increasing awareness regarding the significance of the Green Innovation Strategy (GIS) in the academic and practical fields. Hence, it becomes important to determine the correlation between the GIS and the Corporate Financial Performance (CFP). This study attempted to determine the dynamic correlation between the GIS and the CFP, with regards to the firm size. For this purpose, this study has collected data for 163 international automotive firms, from the CSRHub database, for the period ranging between 2011 and 2017. Furthermore, we also used the dynamic panel data system, i.e., the Generalised Method of Moment (GMM) method, for estimating this relationship. The empirical results indicated that the GIS positively affected the CFP. Interestingly, we also uncovered that the firm size moderated the negative correlation between the GIS and the CFP. The small-sized firms showed higher green innovation investments return than the larger-sized firms, which indicated that these smaller firms were more prone to seek variation and visibility, for accessing better resources. Furthermore, due to the extensive scrutiny of the stakeholders, these small firms could generate higher profits. The implications for managers and the theories in this regard are then discussed. • The relationship between firm-level green innovation strategy and corporate financial performance is investigated. • Green innovation strategy interacts with firm size to affect organisational performance. • The paper controlled for endogeneity that emerges from unobservable heterogeneity of firms using the dynamic method of moments estimator. • Green innovation strategy shows significant positive effect on corporate financial performance. • The small-sized firms shown GIS than the larger-sized firms, which more inclined to pursue variation and visibility, for accessing better resources. [ABSTRACT FROM AUTHOR]

Biomass ash results from the combustion of agricultural residues, which, in many developing countries, are a primary source of power generation for small and medium size industries. This study focuses on the performance of a binder synthesized from an Indian biomass ash, Indo-Gangetic clay, hydrated lime, and aqueous 1M NaOH solution. To measure the extent of leaching and its impact on physicochemical properties, the biomass ash binder in powder form (<45 μm size) was exposed to two different leaching media: deionized water and 0.1M HNO 3 at two different solution-to-sample ratios (by wt.) of 10 and 100. Sodium leaching was found to be prominent in the biomass ash binder irrespective of leaching medium and solution-to-sample ratio. However, calcium leaching was significantly higher in 0.1M HNO 3 than in deionized water. Calcium silicate hydrate present in the biomass ash binder was found to be less chemically stable in 0.1M HNO 3 , exhibiting complete calcium leaching at a solution-to-sample ratio of 100. Furthermore, significant leaching of calcium in 0.1M HNO 3 solution resulted in phase modification of calcium silicate hydrate, the main reaction product of the biomass ash binder. [ABSTRACT FROM AUTHOR]

This study tests the impact of carbon neutrality initiatives on shareholder value and explores how equity returns achieved as a result of carbon neutrality vary across operating environments. Based on 226 carbon neutrality announcements made between 2017 and 2021, we conducted an event study to estimate the impact of carbon neutrality initiatives on Chinese firms' shareholder value. Under the opportunity-motivation-ability (OMA) framework, we further analyzed the heterogeneous effects of distinctive firm characteristics (social rating and firm size), in which carbon neutrality announcements represented opportunity, social rating represented motivation, and firm size represented ability. We further demonstrated how the announcement characteristics and industry differences affected stock market responses. The results indicate that carbon neutrality initiatives have a significant average abnormal return of 0.99% on the announcement date and a positive long-term impact on shareholder value. This equity return is more pronounced for smaller firms with higher social ratings, and the stock market reacts less positively to firms that announce carbon neutrality initiatives in social responsibility reports. The stock market does not react strongly to manufacturing firms' carbon neutrality initiatives. The study provides some important insights toward the CSR-firm performance debate by providing a new measurement of CSR (i.e. carbon neutrality initiative) and examining the relation from an OMA perspective and looking into some contingency factors. [ABSTRACT FROM AUTHOR]

Forest certification, originally introduced to promote sustainable forest management and protect forests from threats such as deforestation, has become a large-scale market tool. There is no consensus in the literature on the impact of forest certification on exports. Few studies have analyzed the impact of forest management certification on exports, and none have analyzed this effect at the firm level, taking into account firm heterogeneity. The current paper aims to fill this gap by analyzing the impact of the difference in the level of forest management certification between an exporting country and importing or destination countries. In particular, we determine how this impact differs by firm size. Our study focuses on the Programme for the Endorsement of Forest Certification (PEFC). We use a panel of exports of wood and wood products at the level of French firms. We find that when the level of forest management certification in the exporting country increases relative to that of the importing countries, exports increase; but this occurs to a lesser extent as firm size increases. This result is robust to the various additional analyses. For example, an increase in the difference in the share of PEFC-certified forests by 0.15 is associated with a 90% increase in the value of exports. We also find heterogeneity by product category, geographic area, and income level of destination countries. Our study highlights the role played by forest certification on exports and the need to develop forest certification in a market-driven manner. [Display omitted] • We analyze the impact of forest management certification on exports. • We use a panel of wood and wood product exports at the level of French firms. • We conduct an empirical analysis and find heterogeneous effects. • Exports are increasing with a higher share of certified forests. • Forest certification must be developed with market requirements in mind. [ABSTRACT FROM AUTHOR]

E-commerce is a strategy that can be used by micro and small industries (MSIs) to boost business performance in the current digital era. Using the resource-based view (RBV) perspective, this study aims to examines the effect of e-commerce on MSI performance and the moderating role of firm size in this relationship. This study used secondary data from 1084 MSIs located in Karanganyar Regency, Central Java Province, Indonesia, and the multiple linear regression (OLS) method as an analytical tool. The results show that e-commerce significantly and positively affects the financial performance of MSIs, as measured by turnover, profit, and return on asset (ROA). Business size, proxied by the number of workers, is found to moderate the effect of e-commerce on the financial performance with a weakening effect. It means that smaller MSIs gain a higher financial performance increase than larger MSIs from e-commerce adoption as a resource to improve their customer base, brand recognition, and advertising. This study expands the RBV theory through the role of e-commerce as a resource of MSIs in improving firm performance. The findings also demonstrate to the government and micro and small enterprises (MSEs) the value of the e-commerce method in improving MSE performance and encourage them to utilize it as effectively as feasible. [ABSTRACT FROM AUTHOR]

The increasing importance of corporate social responsibility over recent decades has led research on its drivers to grow exponentially. However, the mystery of different levels of commitment despite comparable firm characteristics related to size, such as financial resources and similar external pressures, has still not been completely unravelled. Given that corporate engagement in social responsibility is not only shaped by firm characteristics but also – and even especially – by the preferences and motivations of its leaders, this study explores how CEOs' reputational ambitions moderate the relationship between firm size and corporate social responsibility. We argue that CEOs who actively manage their reputation are more aware of the reputation-enhancing potential of corporate social responsibility. We test our ideas with a cross-sectional sample of 128 listed companies from seven Western European countries, operationalising CEOs' reputation management with a novel measure based on their self-presentation and posting behaviour on LinkedIn. Our results show support for a weakening influence of CEOs' reputation management on the positive relationship between firm size and corporate social responsibility controversies, but we do not find support for a strengthening effect on corporate social responsibility performance. In light of the fact that adequate corporate social responsibility performance involves more than just staying away from scandals, our findings indicate that CEOs who actively present themselves as environmentally and socially committed are more likely to do so in response to the pressure and current trend of being green and social than out of a real commitment. [Display omitted] • Firm size is positively related to CSR performance as well as CSR controversies. • CEO reputation management weakens the influence of firm size on CSR controversies. • CEO reputation management is not found to moderate the impact of firm size on CSR. • CEOs seem to prevent damage from CSR scandals rather than improve CSR performance. • We introduce a new reputation management measure based on CEOs' LinkedIn profiles. [ABSTRACT FROM AUTHOR]

• The selection and focus on regions and therapeutic areas. • Large companies achieved higher performance due to their regional focus. • Small/mid-sized companies achieved higher performance due to therapeutic area focus. • A key strategic point for large companies is to define their geographical focus. Pharmaceutical companies face challenges in business continuity resulting from declining research and development productivity. This study examines the relationship between two strategic pillars: region and therapeutic area, while considering company size. The results indicate that a therapeutic area focus is an effective strategy for small/medium-sized companies, whereas a regional focus is effective for larger companies. These findings highlight the limitations of the traditional global pharmaceutical model from 2004 to 2018 and aim to contribute to the future corporate strategic planning of these companies. [ABSTRACT FROM AUTHOR]

• Freight carriers can take multiple reactions to toll increases. • The willingness to take the following four reactions were investigated: pass on the costs to receivers; reduce delivery frequency; reduce travel distance; and change the time of day. • The four reactions were positively correlated so that they are complementary to each other. • The type of commodity and market power matter when determining which reactions to take. Freight carriers' behavior greatly varies given the number of parties involved in the process from the origin end to the destination end and the heterogeneity of commodities. Accordingly, their reaction to transportation policies including road pricing is composed of multidimensional choices, e.g., they can take a series of actions in multiple stages in response to policies, which have been overlooked in the literature. To better understand carriers' behavior, this paper investigated freight carriers' behavior in reaction to toll increases in New York State using a stated preference survey. The following four reactions in response to hypothetical toll increase scenarios were jointly investigated: (a) passing on the costs to receivers; (b) reducing delivery frequency; (c) reducing travel distance on toll roads; and (d) changing time of day of travel. The descriptive analysis showed that reducing mileage on toll roads and passing on the costs are the two most preferred reactions while changing delivery time to avoid high toll is the least favorable reaction. A multivariate Probit model was also developed to quantitatively explore factors affecting the willingness to take the reactions. As a result, all the four reactions were positively correlated, suggesting that the reactions selected by carriers are complementary to each other. Factors (including commodity type and company size) affecting each reaction were investigated. Implications for planning and policymaking based on the results were also discussed. [ABSTRACT FROM AUTHOR]

Highlights • Women had a longer duration of lost work time. This difference increased with age. • The duration of sick leave was higher among older workers. • The highest average length of injury-related time off in firms with fewer than 5 workers. • The duration of sick leave increased throughout the week from Monday to Friday. Abstract Objective We report the relationship between duration of sick leave due to occupational injury and worker gender. We also examine the relationship between certain independent variables and duration of sick leave, including age, type of work, place of work, company size, day of the week and time of day. Data and method We analyzed accident records (N = 4,188,714) that resulted in lost time from work in Spain during 2008 through 2014. Statistical differences were determined using Student's t -test for independent samples. Results Women were involved in accidents more often than men and had a longer duration of lost work time. The magnitude of this difference increased with age, and the duration of sick leave was higher among older workers. Regarding company size, the highest average length of injury-related time off from work occurred in firms with fewer than 5 workers. The duration of sick leave gradually increased throughout the week from Monday to Sunday among men and from Monday to Friday among women. The duration of injury-related sick leave was higher when traveling and while at venues other than the usual place of work. Moreover, the duration of injury-related sick leave was higher when workers were performing non-routine tasks. Conclusion Emerging factors related to the duration of injury-related sick leave included gender, age, firm size, the day of the week, and the type and place of work. Knowledge of these factors may help to reduce lost time from work and its associated costs. [ABSTRACT FROM AUTHOR]

Abstract In this study, an interpretable machine learning algorithm is proposed for the issues of intelligent decision through predicting the firms' efficiency of innovation. Based on the unbalanced panel data collected in Zhongguancun Science Parks from year 2005 to 2015, the efficiency of over 10,000 firms have been analysed in this study, and the change and growth of these firms have been captured over time. The linear regression, decision tree, random forests, neural network and XGBoost models are applied to figure out the impact factors of innovation. After comparing the results of different models, it has been found that the accuracy of XGBoost for R&D efficiency labelled, commercial efficiency labelled and overall efficiency labelled classification problems are 73.65%, 70.02% and 70.09%, which outperform the other four models. Moreover, the interpretability of XGBoost is also better than other models. Thus, the XGBoost model makes it possible for managers to predict the firm's future innovation performance derived from their innovation strategies in the current stage. Furthermore, it helps firms to build an intelligent decision support system, which is of great importance for them to deal with complex decision environments, and to increase their efficiency of innovation in the long-term dynamic competition with other firms. [ABSTRACT FROM AUTHOR]

Highlights • The management of NERs by Spanish SMEs has been studied using a sample of more than three thousand Spanish SMEs, extracted from the ESENER-2 datasets. • The results obtained in this study confirm that the size of the enterprise is one of the factors conditioning the management of occupational risks, and that SMEs tend to identify NERs to a lesser extent than large enterprises. • It can be stated that there is a lack of consensus in the literature on the concept of NERs. Abstract Background There are not many studies in the literature related to New and Emerging Risks (NERs) management in Small and Medium Sized enterprises (SMEs). This study aims to address this gap by focusing on the case of Spain. The objectives are to explore whether Spanish SMEs have procedures related to the management of NERs and whether there are differences in the management of NERs depending on the size of the enterprise. Methods An exploratory study was carried out by extracting the sample from the European Survey of Enterprises on New and Emerging Risks (ESENER-2, 2014). Data were collected though computer assisted telephone interviewing. The whole sample was finally composed by 3.162 enterprises. In order to carry out the statistical analysis, the SPSS 23.0 package has been used. Results Statistically significant differences have been found in some aspects related to the management of NERs depending on the size of the enterprise. However, no differences have been found in the deficiencies that the companies claim to find. Conclusion The study of NERs is a relatively new field of research that requires a greater consensus on the definition of the concept itself as well as on the measures to be implemented for its management. Easy-to-implement measures for SMEs would need to be designed. [ABSTRACT FROM AUTHOR]

Abstract This study explores asymmetric effects of monetary policy on firm scale at different firm size levels. We find that Chinese firms respond to raising benchmark lending interest rates and deposit reserve requirements by decreasing their scales. Our quantile regression results also indicate that larger firms respond more strongly to both policy instruments by adjusting their scales to a greater degree than smaller firms. Moreover, SOEs react less strongly to policy changes than non-SOEs at all firm size distribution. The impact of monetary policy on firm scale is also stronger after commercial banks having greater leeway in setting interest rates. Highlights • Explore asymmetric effects of monetary policy on firm scale at different firm size levels. • Chinese firms respond to raising benchmark interest rates and deposit reserve ratios by decreasing their scales. • Larger firms respond more strongly to both policy instruments by adjusting their scales to a greater degree. • SOEs react less strongly to monetary policy changes than privately controlled listed firms at all firm size distribution. • The impact of monetary policy on firm scale is stronger when banks having greater leeway in setting interest rates. [ABSTRACT FROM AUTHOR]

Highlights • Buyer's reputation is negatively impacted from a supplier's EM concerns. • Relationship criticality enhances the negative impact from a supplier's EM concerns. • Firm size provides slack and visibility resulting in opposing moderation effects. Abstract This study analyzes the impact of a supplier's environmental management concerns (SEMC) on a buyer's environmental reputation. Data is drawn from Newsweek US 500 Green Rankings, Bloomberg's Supply Chain Analysis (SPLC) database, and the Kinder, Lydenberg, and Domini (KLD) dataset. A significant negative impact on a buyer's reputation from higher levels of SEMC is found. Greater relationship criticality with a supplier enhances this impact, while the impact is reduced for firms with greater size. In sum, the study contributes to the transportation and logistics literature regarding the key managerial issue of green supply chain. [ABSTRACT FROM AUTHOR]

Identity and access management (IAM) has become one main challenge for companies over the last decade. Most of the medium-sized and large organizations operate standardized IAM infrastructures in order to comply with regulations and improve the level of IAM automation. A recent trend is the application of attribute-based access control (ABAC) for automatically assigning permissions to employees. The success of ABAC, however, heavily relies on the availability of high-quality attribute definitions and values. Up to now, no structured attribute quality management approach for IAM environments exists. Within this paper, we propose TAQM, a comprehensive approach building on a tool-supported structured process for measuring and improvement of IAM data quality. During the evaluation of three real-life use cases within large industrial companies we underline the applicability of TAQM for the identification and cleansing of attribute errors by IT and non-IT experts as well as the general introduction of quality management processes for IAM. [ABSTRACT FROM AUTHOR]

Highlights • The paper employs newly constructed structural reform indexes that focus on reforms "genuinely" implemented. • Reforms under consideration increase productivity growth, with real sector reforms having the most sizeable effects. • The pace of reforms matters since being a "strong reformer" is associated with clear productivity dividends. • The relationship between reforms and productivity is nonlinear and shaped by certain firms' characteristics. • There are complementary effects between reforms except for trade and financial reforms. Abstract This paper assesses the effects of selected structural reforms on labor productivity growth for 37 developing countries over the 2006–14 period. It combines newly constructed reform indexes using the IMF Monitoring of Fund Arrangements dataset and firm-level productivity from the World Bank Enterprise Surveys. The paper highlights the following results. Structural reforms under consideration in this study, i.e., financial, fiscal, real sector, and trade reforms, significantly improve productivity at the firm level. Interestingly, real sector reforms have the most sizeable effects on firms' productivity. The relationship between reforms and productivity is nonlinear and shaped by certain firms' characteristics, including financial access, a distortionary environment, and firms' size. The pace of reforms matters since being a "strong reformer" is associated with a clear productivity dividend for firms. Finally, except for financial and trade reforms, all macroeconomic reforms considered are bilaterally complementary in improving firms' productivity. The findings are robust to several sensitivity checks including alternatives measure of productivity, and a counterfactual experiment based on unsuccessful reforms. [ABSTRACT FROM AUTHOR]

We test firm-size distributions in 10 emerging economies in Europe, using data on total assets of 1 884 006 firms. On the economy level, power-law firm size distribution is plausible for 8 countries with scaling parameter α ≈ 2 . At the industry level, power-law firm size distribution is not rejected for 53% of all cases. However, an alternative log-normal distribution that might follow from Gibrat’s law also appears to be likely as at the economy level it was not ruled out for 9 countries and 74% of industry-level cases. [ABSTRACT FROM AUTHOR]

This study examines whether Chief Executive Officer (CEO) temporal focus—the extent to which CEOs devote their attention to the past, present, and future—is related to firms' identification and interpretation of grand challenges. Using the exemplary grand challenge of water scarcity, we adapt mechanisms of the temporal focus literature to the particularities of grand challenges and propose that CEO temporal focus is related to whether firms identify water scarcity as an issue and whether they interpret the identified issue as an opportunity. In our empirical analysis of 727 firm-year observations for the years 2002–2012, we find no support for the hypothesis that firms' identification of water scarcity is related to CEO temporal focus. However, we show that having a CEO high in future focus is positively, and a CEO high in past or high in present focus is negatively related to interpreting water scarcity as an opportunity. • We investigate differences in firms' responses to water scarcity. • Managers' temporal focus matters for firms' interpretation of water scarcity. • Industry, time, and firm size matter in identifying water scarcity as an issue. • Results are based on German firms from 2002 to 2012, resulting in 727 observations. [ABSTRACT FROM AUTHOR]

This article examines the motivations for firms in India to participate in voluntary environmental programs (VEPs) using a unique data set of cement, power and steel industry for the year 2012. It examines the effects of regulatory, societal, market and internal factors in influencing voluntary environmental behavior. To this objective we estimate both, ordinal (Ordered Probit) and cardinal (Poisson) models. We find that the firm size, its location, export orientation, and intangible valuation have a positive and significant relationship with the number of VEPs undertaken by the firm. The MNC status of the firm has no impact while the debt equity ratio and average age of the firm has negative impact on the adoption of VEPs. [ABSTRACT FROM AUTHOR]

Construction industries have significant impacts on the economy, society and environment. To transform construction industry towards sustainability, construction enterprises' perceptions and performance on sustainability needs to be understood and evaluated, which has not be fully explored by existing studies. This paper holistically examines the Chinese construction enterprises’ attitude towards and performance on various aspects of sustainability (e.g. the economic, social and environmental aspects) in order to identify those aspects the firms perceive to be the most and least important and those aspects the firms perform best and worst on. The associations among the sustainability attitude, sustainability performance, and firm size are also explored. The findings show that quality management and customer service are perceived as the most important as well as the best-performed aspects by the firms while supporting community development is the least important and worst-performed aspect. Sustainability attitude is positively correlated with performance, and larger firms tend to have better sustainability performance than that of small ones. However, larger construction firms do not necessarily perceive sustainability more important. This study provides a useful reference for policy makers and researchers to understand how sustainability is perceived and implemented by the Chinese construction firms. [ABSTRACT FROM AUTHOR]

The enforcement of environmental regulation relies on the willingness and capacity of the regulator. The willingness could be disabled by regulatory capture which is widespread, and that how many public resources should be invested in environmental regulation is always debatable. We develop a 3-stage game to analyze the nonlinear effects and mechanism of regulatory capture and regulatory capacity on environmental regulatory welfare. Our model suggests that the importance of the regional economy to government, the firm size, and the customer’s disutility on pollution emissions will influence the possibility of regulatory capture. Furthermore, the dynamic research suggests that when the regulatory capture is controlled, with the improvement of governmental regulatory capacity, the regulator’s and customer’s welfare continues to grow until the capacity achieves a threshold. Beyond the threshold, the regulatory capacity will be redundant. [ABSTRACT FROM AUTHOR]

In this article, we propose a new methodology based on a (log) semi-nonparametric (log-SNP) distribution that nests the lognormal and enables better fits in the upper tail of the distribution through the introduction of new parameters. We test the performance of the lognormal and log-SNP distributions capturing firm size, measured through a sample of US firms in 2004–2015. Taking different levels of aggregation by type of economic activity, our study shows that the log-SNP provides a better fit of the firm size distribution. We also formally introduce the multivariate log-SNP distribution, which encompasses the multivariate lognormal, to analyze the estimation of the joint distribution of the value of the firm’s assets and sales. The results suggest that sales are a better firm size measure, as indicated by other studies in the literature. [ABSTRACT FROM AUTHOR]

The size and number of firms in a region represent key characteristics of that regional economic ecosystem, but few studies have linked such characteristics with the stringency of local environmental regulation. In this study, we discuss the effects of local firm scale on environmental regulation and its mechanism, and the optimal strategic choices theoretically and empirically for environmental regulation in regions with different firm scale. We find that when government capacity is insufficient, regional environmental regulation will be relatively more stringent when dealing with fewer but larger firms because of the government scale effect. When government capacity is sufficient, firm size has no influence on environmental regulation. Our results are robust and offer insights for government decision makers to improve local environmental regulation efficiency. [ABSTRACT FROM AUTHOR]

We study the firm value determinants for domestic acquisitions within BRICS countries considering both acquirer and target shareholders. Targets earn significant positive announcement returns of 1.45% on average. Acquirers lose slightly. We employ a comprehensive set of explanatory variables and test for cross-sectional return drivers. Target returns are negatively related to pre-announcement returns and firm size, while they are positively related to GDP growth. Our results are consistent with insider trading capturing some of the target excess returns, which are highest for small targets based in countries with high recent GPD growth. [ABSTRACT FROM AUTHOR]

The proper characterization of the size distribution and growth of firms represents an important issue in economics and business. We use the Maximum Entropy approach to assess the plausibility of the assumption that firm size follows Lognormal or Pareto distributions, which underlies most recent works on the subject. A comprehensive dataset covering the universe of French firms allows us to draw two major conclusions. First, the Pareto hypothesis for the whole distribution should be rejected. Second, by discriminating across firms based on the number of products sold and markets served, we find that, within the class of multi-product companies active in multiple markets, the distribution converges to a Zipf’s law. Conversely, Lognormal distribution is a good benchmark for small single-product firms. The size distribution of firms largely depends on firms’ diversification patterns. [ABSTRACT FROM AUTHOR]