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Solving the risk of zombification of enterprises and relieving their business difficulties, as a key element of supply-side structural reform, is the pain point of the conversion of old and new dynamic energy and the difficulty of economic transformation and upgrading. In the Internet era, the impact on business operations is also expanding with the widening of investor attention channels. This paper selects Chinese listed companies from 2011-2020 as a research sample, and the empirical results show that, first, investor attention can effectively reduce the risk of transforming enterprises into zombie enterprises, i.e., the risk of corporate zombification decreases as the level of investor attention increases; second, there is heterogeneity in the role of investor attention in resolving the risk of corporate zombification; third, further mechanism tests find that along with Third, further mechanistic tests reveal that as the level of investor attention increases, the level of environmental uncertainty decreases and the annual market value of individual stocks increases, thereby reducing the risk of corporate zombification. The findings of this paper provide theoretical support and empirical evidence for further improving the risk mitigation of corporate zombification, promoting the “de-emphasis” of enterprises, and leading the high-quality and healthy development of enterprises. [ABSTRACT FROM AUTHOR]

Research background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation. Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999-2019. Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach. Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings. [ABSTRACT FROM AUTHOR]

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

The article determines the advancements surrounding the privatization process in the MEDA region using the new database monitoring system, PRIVMEDA. It has been noted that the process of privatization in MEDA countries contributes several similarities with other regions. In addition, private sector activity was concentrated in a small number of large firms that benefited from protective policies together with a number of micro-enterprises with little access to formal finance, markets or government support programs.

Copyright of Ad-minister is the property of Universidad EAFIT and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper uses knowledge base as an intermediary variable and takes Chinese A-share manufacturing listed companies from 2010 to 2018 as the research object to examine the impact of technological mergers and acquisitions on corporate innovation performance. The study found that: (1) Technology acquisition plays a significant role in promoting the innovation performance of enterprises, indicating that for every 1% increase, the technological innovation of manufacturing enterprises will increase significantly by about 0.44%. Using different core variable metrics, different regression samples, and different estimation methods, the results still exist, indicating that this finding is robust. (2) The nature of enterprise property rights, the level of economic development, and the level of technological development have led to the heterogeneity of technological mergers and acquisitions in driving enterprise innovation. (3) The scale of the knowledge base is the key intermediary variable. The findings of this paper are helpful to understand the internal dynamic mechanism of Chinese innovation-driven strategy, and pro-vide policy inspiration for the transformation of high-quality economic development. [ABSTRACT FROM AUTHOR]

An enormous amount of time and energy has been spent assessing the extent of transformation of ownership of the South African private sector. To date, the exercise has not moved much beyond squabbling over numbers. In doing so, the debate has ignored an estimated two thirds of the private sector. Business and government have talked past each other about the same set of regulatory compliance targets -- the former focused on arguments for maintaining or reducing the targets; the latter on reasons to extend them. One point of consensus is that in the 25 years since South Africa achieved democracy, the pace and extent of transformation of private sector ownership has been wholly inadequate. This paper seeks to examine how we should be thinking about listed equity, which has had more focus as a result of clearer metrics being available; the transformation of unlisted business sector; the impact on private sector ownership of government's range of goals since 1994; and proposed policy amendments intended to develop a view on equity ownership in South Africa shared by government, business, organised labour and other key stakeholders. [ABSTRACT FROM AUTHOR]

There is a relative dearth of empirical studies quantitatively analyzing the implementation effect of green finance reform and innovation pilot zones (GFRIs) on green innovation at the micro-enterprise level. Thus, this paper aims to construct the difference-in-difference-in-difference method to explore the influence of Chinese GFRIs on corporate green innovation of heavy-polluting enterprises based on green patent data. Results show that the pilot policy has significantly decreased green patents of heavy-polluting enterprises by approximately 42.64%, indicating that the policy has a significant innovation inhibition effect and fails to exert the Porter effect. Furthermore, establishing GFRIs has a more effective inhibition effect on the green invention patent than the green utility model patent. Moreover, although enterprises of different scales have different innovation capabilities, the negative impact of GFRIs on green innovation of heavy-polluting enterprises is widespread. Still, the negative impact is more pronounced for big-scale enterprises. The above empirical evidence is essential in formulating green finance development strategies and promoting green economic transformation. [ABSTRACT FROM AUTHOR]

Copyright of Innovar: Revista de Ciencias Administrativas y Sociales is the property of Universidad Nacional de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study aims to analyze the influence of price and packaging on purchase intention. Price is considered to be one of the most important attributes in consumer choice. On the other hand, consumer price knowledge tends to be not so precise. Therefore, this article aims to provide new information analyzing consumer perception or the effects that price and packaging design have on consumer behavior. Packaging design has recently become one of the most popular forms of business-to-consumer communication in terms of influencing consumer purchasing decisions. With this in mind, business organizations around the world continue to emphasize the importance of consumer opinions regarding packaging design, to obtain information that will then be used to determine the approach to use. With the growing importance of packaging design, the main purpose of this article is to provide information on the influence of packaging design on consumer purchasing decisions. One of the main findings of the study is that price and design play an important role in consumer choice, and design factors are important when deciding between two or more substitute product on the market. This research paper goes beyond and describes how numbers and illustrations are the most important element of packaging design that grabs people's attention and how price helps to change or influence people's buying behavior of certain products. [ABSTRACT FROM AUTHOR]

In order to further implement the goal of “dual carbon” proposed by China’s government, and promote energy enterprises to carry out low-carbon economic transformation, this paper takes listed companies in China’s A-share energy industry from 2014 to 2019 as samples to conduct descriptive statistics, correlation test and regression analysis, and empirically studies the impact of carbon performance and technological innovation on financial performance of China’s energy industry as well as their roles under different property rights. At the same time, the variables were delayed for one period to investigate the sustainability of carbon performance and technological innovation on financial performance and to weaken the endogeneity of the reverse causality between financial performance, carbon performance and technological innovation. The results show that good carbon performance and technological innovation in the energy industry can positively affect the financial performance of enterprises. During the research of interactive relationship, we find that carbon performance and technological innovation have synergistic effect on energy firm’s financial performance, which means technology innovation can significantly positive to adjust the action of carbon performance on financial performance, and carbon performance at the same time can also be positive to adjust the action of technology innovation on financial performance. They mutually promote energy enterprise’s financial performance. Further experimental research among different propertyrights-owned enterprises, we found that the synergistic effects of carbon performance and technological innovation on corporate financial performance is much more significant in non-state-owned enterprises, possibly due to private firms’ capital profit-seeking nature. The results will guide and inspire China’s energy enterprises’ low carbon development strategy formulation and implementation under the background of “dual carbon” goal. [ABSTRACT FROM AUTHOR]

We examine four antecedents of IT entrepreneurship success in Nigeria. Particularly, two of the investigated antecedents are general human capital factors (i.e., having experience with entrepreneurial parents and business training) and the other two (IT education and spirituality) are specific to IT entrepreneurship and the Nigerian context. In a quantitative study of 167 IT entrepreneurs in Nigeria, we found that the general factors are more important determinants of success among IT entrepreneurs in Nigeria than the specific ones. There is corroboration between our findings and the developed economy literature which provides ample evidence of a positive relationship between having experience with entrepreneurial parents and entrepreneurship success. Before our findings, limited knowledge existed on the complexity of this orthodoxy in developing markets such as Nigeria. Our result did not show any significant correlation between formal education in the IT field and IT entrepreneurial success. Our paper contributes to the discourse on the antecedents of entrepreneurship success by focusing on IT entrepreneurship from a developing country context. This is particularly critical when one considers the importance of IT entrepreneurship towards economic diversification in Nigeria. The unique theoretical contribution of our paper lies in its introduction of the specific antecedents (constructs), IT-education and spirituality, even though they were not found as significant determinants of entrepreneurship success in the Nigerian context. Our findings imply that national entrepreneurial policy should be tailored to exploit the inherent benefits of experience with entrepreneurial parents and effectively blend it with factors such as business school education and other forms of relevant training in the areas of social competence. [ABSTRACT FROM AUTHOR]

Innovation investment is crucial to enterprise development and economic growth. As peer enterprises face similar market environment and development prospects, they pay attention to the innovation activities of peer enterprises in the industry because of economic rationality or the idea of seeking advantages and avoiding disadvantages. This paper aims to investigate the interaction and channel of enterprise innovation behavior of peer effect based on the data of Chinese share-listed enterprises from 2010 to 2021. The results show that peer effect exists in the innovation behavior of enterprises. We also provide evidence that managerial ability is the mechanism of the peer effect of enterprise innovation. In addition, we find that small-scale enterprises are more likely to be affected by the innovation behavior of peer enterprises compared with large enterprises. More importantly, we reveal that economic policy uncertainty significantly negatively regulates the peer effect of enterprise innovation. [ABSTRACT FROM AUTHOR]

Entrepreneurship has been recognised as an important factor of development and has been playing a crucial role in capital creation and accelerating economic growth in India. Women entrepreneurs are also increasingly contributing towards the economic growth. By Women Entrepreneurs we mean, women who are engaged in an act of business and business creation that empowers women economically, builds financial stability as well as create a position for themselves in the society. Although incredible opportunities exist, few business challenges as inadequate funds, lack of ICT (Information and Communication Technology) knowledge etc. deter women entrepreneurs. This paper attempts to find the potential of ICT to support women entrepreneurs' in business ventures, and address certain problems peculiar to women, since ICT has helped expansion of many businesses and carry it to the international level too in quite a short span of time as compared to conventional business practices. This paper uses the qualitative research strategy and primary data collected from women entrepreneurs of northeast and eastern India. The result highlights, that there is limited use of ICT by these entrepreneurs in their business operation in such areas as purchasing system, website designing, internal communication etc. The present study may provide insight to existing and prospective entrepreneurs in considering use of ICT for business expansion and may help policy makers in getting relevant information to provide a sound support and information system to women. Conducive legal and institutional provisions will help future growth of women entrepreneurs and will also motivate more in creating new ventures with new hope in the future and a win-win situation for all. [ABSTRACT FROM AUTHOR]

This paper is an introduction to the second Global Entrepreneurship Research Conference. The conference focused on developing a better understanding of the relationships among entrepreneurship, economic growth and public policy, and variations according to the stage of economic development. The papers in this special issue conduct analysis with GEM micro-and-macro data, and offer several important policy recommendations. First, middle-income countries should focus on increasing human capital, upgrading technology availability and promoting enterprise development. It is important to start enterprise development policies early because the main drivers are perceptual variables that are difficult to change in the short run. Second, for developed economies, reducing entry regulations, in most cases, will not result in more high-potential startups. Both labor market reform and deregulation of financial markets may be needed to support growth of high-performance ventures. [ABSTRACT FROM AUTHOR]

Scholars and practitioners have investigated high growth firms because a small number of high growth firms contribute disproportionately to economic development. However, we find that the standard perception and support programs of high growth firms are heavily geared toward to firms in the high-tech sector that seek venture capital investment and hyper growth. The authors in this paper conducted multiple research projects of high growth firms in Kansas City, St Louis, Indianapolis, Columbus, and Montana, and came to conclude that many high growth firms are sector agonistic, locally rooted, grow organically based on market niche, and exist in every city. This alternative model of high growth firms leads to a completely different set of policy and support implications, which we synthesize in eight points. [ABSTRACT FROM AUTHOR]

One of the most debated issues in migration economics regards the effects of remittances in receiving countries. In this paper, we test whether the economic complexity of a country is relevant for understanding the impact of remittances on new firms' birth. We find evidence that the impact of real per capita remittances on new firms' creation is inversely mediated by economic complexity. More (less) complex economies generate opportunities to found new firms which need high (low) funding. Since economic complexity is positively correlated with economic development, remittances are more likely to facilitate the establishment of new firms in less developed economies rather than in more advanced ones. We also examine the link between remittances and new firm creation for Africa, Asia, Europe, and Latin America and the Caribbean countries, finding very heterogeneous patterns. Hence, policy implications aiming at attracting remittances to create new firms should respond to the challenges posed by specific countries and be tailored to their peculiar needs. Countries of origin should build institutions and facilitate the creation of networks to bridge the diaspora abroad with their home country to increase awareness of new business opportunities. Policy initiatives could spur investment in the formal economy by making regulations less stringent, discouraging the use of remittances for consumption purposes, reducing informality, improving competition, reducing remittance transfer costs, and giving incentives to new firms created through remittances. [ABSTRACT FROM AUTHOR]

Amid increasing interest in firm age and its effects on firm performance, this special issue offers an exhaustive review of the literature and a novel collection of evidence on the effects of firm age on performance, including a special focus of interest on innovation performance, financial performance, exports, survival and growth. This editorial positions the theme in the extant literature, and provides key definitions and challenges ahead in the field of evolutionary economics. It introduces the collection of articles composing the special issue. The papers offer a diversity of country contexts, as well as analytical approaches and methods. They include an exhaustive review of the literature on age and firms' performance, and present original empirical studies focusing on the effects of age on firms' economic outcomes on the one hand, and on innovation outcomes on the other hand. While most of the papers use econometric analysis, the level of analysis ranges from firm to individual. [ABSTRACT FROM AUTHOR]

The banking sector is a key driver of economic growth in Georgia. The sector has been resilient during the COVID-19 pandemic, with low levels of non-performing loans and strong capital buffers. However, the pandemic has had a negative impact on the local economy, leading to a decline in economic activity and a slowdown in credit growth. The post-pandemic period is expected to be challenging for the banking sector, as it will need to support the recovery of the local economy. The sector will need to focus on providing credit to businesses and households, as well as on developing new products and services to meet the needs of customers. This paper discusses the current trends in the development of the banking sector in Georgia in 2019-2022, in relation to the issues of economic growth and the problems and challenges that the pandemic and post-pandemic periods have shown us. [ABSTRACT FROM AUTHOR]

The relevance of the issue presented in the paper stems from the trends in current economic development. They pose multiple challenges to researchers when it comes to methods for assessing and analyzing competitiveness of business organizations. The aim of this paper is to present an approach to researching business organization's competitiveness based on highly versatile and adaptive competitiveness evaluation technology. Part of the methods on which the said approach is based are analysis, summary, logical approach, and includes quantitative assessment of indicators used to make comparisons with competitors. The results of the implementation of this approach by researches are associated with a more precise diagnosis of the causes leading to one level of business organizations' competitiveness or another. A conclusion can be drawn that the accuracy and effectiveness of any research depends on the preparation of a proper set of methods. When researching business organizations' competitiveness, it is crucial to take account of the extreme dynamics of the developing business environment. [ABSTRACT FROM AUTHOR]

Global attention toward environmental sustainability and economic green transformation is on the rise. Green technology innovation plays a crucial role in achieving green economic development, making the study of enterprises' sustainable green innovation highly valuable. This paper aims to examine the influence mechanism of green finance on enterprises' sustainable green innovation. To achieve this, panel data from A-share-listed enterprises in Shanghai and Shenzhen between 2012 and 2020 are utilized as the basis for analysis. The results show that: (1) Green finance plays an important role in encouraging enterprises' sustainable green innovation. (2) The test of the intermediary effect reveals that green finance can stimulate enterprises' sustainable green innovation by increasing continued R & D investment. (3) The moderating mechanism test reveals that enterprise financing restrictions and enterprise debt default risk moderate the influence of green finance on enterprises' sustainable green innovation. Furthermore, for enterprises with high financial constraints and a high risk of debt default, the development of green finance is particularly important in fostering their long-term green innovation. (4) The study concludes that all four types of sustainable green innovation, namely, strategic, substantive, independent and cooperative, exhibit the promotion effect of green financial development, the intermediary effect of continuous R & D investment and the moderating effect of financing constraints. Enterprises with a higher risk of defaulting on their debt are more likely to make significant, independent and sustainable green innovations. [ABSTRACT FROM AUTHOR]

This research aims to explain in more detail the enterprises and business organizations as business entities in the global market. Every enterprise or organization, to survive and achieve success in the global market, must rely on legal subjectivity. This review is not easy as it is based on comparative analysis of laws, however, this will not be an obstacle to trying to establish the most essential facts, which will provide us with valuable information about the subjectivity of the business organization. The paper also examines the national legislation based on which the form of business organization is determined and the conditions that organizations must meet to gain the legal-business capacity to operate or operate in both the local and global market. Also, in this paper is seen the division of business organizations and their meaning, where special emphasis is given to the part of corporations which together with their divisions and subdivisions are treated in more detail. [ABSTRACT FROM AUTHOR]

This paper aims to contribute to the analysis of informal institutions on entrepreneurship. In particular, we follow a regional perspective to explore the role of social trust as a determinant of new firm formation, enhancing the flow of information and knowledge exchange across spatially embedded relational structures that underpin entrepreneurial processes. Also, we argue this bridging effect of social trust may be subdued in regions with higher levels of economic development characterised by stronger quality of governance and more defined entrepreneurial ecosystems. Combining data from Eurostat and the European Social Survey for over 200 regions across nine EU countries, the paper provides novel empirical evidence that social trust plays a significant role in fostering the formation of new firms. At the same time, the results indicate that the strength of formal institutions and the regional economy exert a critical moderating effect as the importance of social trust on new firm formation progressively increases in regions characterised by decreasing levels of economic development. [ABSTRACT FROM AUTHOR]

Copyright of BH Economics Forum / BH Ekonomski Forum is the property of University of Zenica, Faculty of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article introduces a special issue of the periodical discussing the governance of cross-locality networks as a determinant of local economic development. Growing awareness of the potential for cross-locality networks of business enterprises has coincided with the relationship between European economic success and the capacity of particular localities to achieve 'competitiveness.' Openness in terms of knowledge and information exchange, innovation co-operation and production linkages are crucial for the sustainable development of business enterprises.

This paper aims to present the real situation of individual businesses in Kosovo, the way of establishment and operation according to the legislation in Kosovo, as well as how much these businesses affect the economic development of the country. In addition to the legal regulation of individual businesses, some statistical data, which will shed light on the real situation of this type of business and how negatively the Covid-19 pandemic has affected the way individual businesses operate in Kosovo, will be presented. The Covid-19 pandemics has negatively affected many businesses in the world, as well as in Kosovo in almost all types of business organisations in the country and abroad. Individual businesses, in terms of registration, are simpler and managed by a single owner and this makes them more interesting to be established as a type of business organisation. This type of business organisation, if it does not find support from the state at the time of the Covid-19 pandemic, will have it more difficult to survive in the market. Therefore, it is required that the executive body of the country create well-researched and easily feasible strategies so that, in this time of pandemics these businesses find support in various forms in order to stay in the market and operate according to the purpose established at the moment of registration. [ABSTRACT FROM AUTHOR]

Objectives: The principal aim of the paper is to analyse and assess the impact of the innovative activities of public sector enterprises on the change in GDP per capita in Poland. The object of the research turned out to be public sector enterprises, but the analysis was extended to include NUTS2 units. Therefore, 16 Polish Provinces were examined in this respect. The research period covered the years 2012-2021. Research Design & Methodology: In the theoretical part, a critical analysis of the literature on the subject was used, while in the empirical part, statistical analysis was provided. The empirical analysis included the characterisation of the selected features, an analysis of basic descriptive statistics, and an analysis of the obtained results. The collected data was prepared using descriptive statistics - mean values, median, minimum and maximum values, first and third quartiles, and distance from the average value, as well as changes in relation to the base year. Several predictors were identified and determined in an arbitrary manner, allowing research to be conducted and conclusions to be drawn. Pearson correlation analysis was also used, the results of which made it possible to determine the strength of the relationship between the examined measures in the field of innovative activities of public sector enterprises and Poland's economic growth. Findings: The main conclusions at the national level include, firstly, that in the analysed period in the Polish economy, on average 26% of public sector enterprises were innovative industrial entities.Secondly, the most frequently introduced type of innovation in the surveyed sector were new or improved processes; the average percentage of enterprises generating this type of activity was 24%. Thirdly, on average, 19.4% of public sector enterprises incurred expenditure on innovation activities, but in 2021, this percentage increased by slightly over 3 percentage points.However, at the regional level, the following regularities can be formulated. Firstly, both in terms of the highest average percentage of innovative industrial enterprises and the highest average expenditure on innovative activities, the Silesian Province was the leader, followed closely by the Masovian Province. A completely different situation concerned the regions for which the percentages of these predictors turned out to be the lowest, i.e. the Lubusz Province and the Warmian-Masurian Province. Secondly, the average share of net revenues from the sale of innovative products in total net revenues from sales in three Provinces, i.e. Pomeranian, Sub-Carpathian, and Łódź, turned out to be higher than the average share for Poland. Implications/Recommendations: The practical implication of the study may be the identification of several predictors of innovative activity of the public sector that influences Poland's economic growth (measured by the growth dynamics of GDP per capita); the obtained results provide some scope for applying a targeted policy aimed at developing the innovativeness of public sector enterprises in Poland on the one hand, and at improving the attractiveness and competitiveness of the economy on the international arena on the other. Contribution/Value Added: The practical implication of the study may be the identification of several predictors of innovative activity of the public sector that influences Poland's economic growth (measured by the growth dynamics of GDP per capita); the obtained results provide some scope for applying a targeted policy aimed at developing the innovativeness of public sector enterprises in Poland on the one hand, and at improving the attractiveness and competitiveness of the economy on the international arena on the other. [ABSTRACT FROM AUTHOR]

South Africa is currently suffering from high unemployment. As export activity is generally associated with higher economic growth, productivity, employment levels and wages, this papers investigates if increasing export activity is one of the solutions to the high unemployment levels in South Africa. By using newly made available administrative data on the population of South African firms, this paper aims to deepen the understanding of the wage premium, employment premium and employment growth of exporters relative to non-exporters (as well as within exporters). By following the methodology of Bernard and Jensen, the results show that South African manufacturing exporters do have an employment premium and wage premium. But advocating increased export activity is not enough, as exporting firms are heterogenous. Furthermore, employment growth of exporters (measured by estimating first-difference regressions) is faster than non-exporters, but growth in jobs is skewed towards higher skilled, more experience workers. [ABSTRACT FROM AUTHOR]

The evaluation of the level of spatial uncertainty builds theoretically on fuzzy set theory and the premise that the affinity of a basic spatial unit may assume values along a continuum between zero and full affinity. The paper briefly presents the motivation for the evaluation of fuzziness in functional regions based on daily travel-to-work flows. It discusses the existing measures of affinity and proposes a new approach to evaluate the fuzzy nature of functional regions. The proposed methodological innovations are tested using the example of the two-tier hierarchical system of functional regions in the Czech Republic. [ABSTRACT FROM AUTHOR]

Drawing on Harrod, Kalecki and Kaldor, this paper seeks to revive the view that ceteris paribus firms reduce investment if they have already built up high capacities relative to their assessment of the normal potential of their markets. This reaction introduces a fundamental stabilizing mechanism into the economy. The paper adapts the idea to a growth context and applies it to the neo‐Kaleckian baseline model with its Harrodian instability. It demonstrates that, in principle, a sufficiently strong feedback could stabilize the steady state. [ABSTRACT FROM AUTHOR]

This article aims at exploring the role of Local Economic Development (LED) in reshaping the economy of South Africa through the promotion of Small, Medium and Micro Enterprises (SMMEs) in local government. This paper is built on the post 1994 South African government concept of grassroots initiatives and community participation. With local government being viewed as a sphere of government, this meant that it is allocated a range of roles and responsibilities with respect to economic and social development. Therefore, the objective of the paper is to examine how the LED has contributed to reshape the grass root economy of South Africa. The research design used in this article was a mixed method approach. In the qualitative method, data were collected by means of an extensive review of government and public documents, academic books and articles. In terms of the quantitative method, SMME entrepreneurs in the Mbombela Local Municipality of the Mpumalanga Province, South Africa (SA) completed self-administered questionnaires. The findings point to the fact that South Africa needs to make the SMMEs environment conducive and favourable for business purposes. LED does contribute positively towards the growth of the economy of South Africa. [ABSTRACT FROM AUTHOR]

The level of development of industrial enterprises is related to a country's or region's overall competitiveness. It is critical to assess the green innovation efficiency of regional industrial enterprises scientifically and effectively in order to improve a country's overall green innovation capability. The green innovation system is divided into three sub-stages in this paper: technology development, economic transformation, and environmental protection. Based on the theory of innovation value chain, a three-stage super-efficiency DEA model of the cooperative game including shared inputs and undesirable outputs is constructed to calculate the overall efficiency, three sub-stages efficiency, and dynamic evolution of green innovation of industrial enterprises in China's provincial administrative regions and eight economic zones from 2015 to 2019 (divided by the time of ultimate output). The results indicate that (1) in terms of overall efficiency, the efficiency of green innovation is not high, and there are clear regional differences, as evidenced by the following states: the middle reaches of the Yangtze River economic zone > the eastern coastal economic zone > the southern coastal economic zone > the northern coastal economic zone > the northeastern economic zone > the northwestern economic zone > the middle reaches of the Yellow River economic zone, and the overall efficiency of the southwestern economic zone fluctuates around the average level of China; (2) from the standpoint of various stages, economic transformation stage efficiency > overall efficiency > technology development stage efficiency > environmental protection stage efficiency. The improvement of overall efficiency is largely dependent on the high efficiency of the economic transformation stage, but low efficiency in the environmental protection stage results in overall low efficiency; (3) from the perspective of the dynamic evolution trend, the overall efficiency and three sub-stages have been improved to varying degrees. However, due to the low efficiency of the environmental protection stage, there is still a long way to go to achieve the goal of innovation-driven development; (4) based on the classification analysis, it was determined that the green innovation efficiency of industrial enterprises in only a few regions belongs to the "three high innovation type," which must take targeted measures to improve the inefficient innovation process links. [ABSTRACT FROM AUTHOR]

From the perspective of economic cycle, this paper describes the failure mechanism of the associated credit risk contagion among enterprises by constructing a cascade effect model, and further simulates and analyses the anti-credit risk capability of the enterprise network. It is found that the anti-credit risk capability of the associated enterprise network is enhanced with the increase of enterprises redundant resources. In the process of the prosperity and development of the economic cycle, the credit risks encountered by large enterprises are more likely to cause cascade effect in the enterprise network. This paper expands the application scope of the cascade effect model, and provides a new perspective for enterprises to manage and control credit risk. [ABSTRACT FROM AUTHOR]

This paper applies the incomplete contracts model to study an optimal banking structure corresponding to different levels of technological development from the perspective of technological innovation. The findings indicate that, with the development of technology, there exists an optimal banking structure that matches the real economy and has a dynamic evolution in different stages of economic development. At the same time, an optimal banking structure depends on the level of technological development, which seems to render invalid the argument that one structure is absolutely better than the other. Finally, the paper empirically analyzes the impact of banking structure on technological innovation using the data of China's industrial enterprises from 2005 to 2009. The empirical results show firstly that, with economic development and technological progress, an optimal banking structure that promotes technological innovation is biased towards a monopoly structure. Secondly, from the perspective of the sub-regional level of technological progress, a competitive banking structure is more conductive to technological innovation in low-tech areas but, in medium- and high-tech areas, a monopolistic banking structure will further promote technological innovation. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to analyze the influence that the financial restrictions of Chinese enterprises exert on their green innovation abilities with their increased integration into the global supply chain (GSC).Design/methodology/approach This study uses customs, import, and export data for 222,773 Chinese enterprises and examined them by ownership type, capital density, and degree of pollution.Findings The results show that the deeper the integration into the GSC, the looser the financing environment would be, and the stronger the green innovation abilities of the enterprises.Practical implications The findings suggest that China should step up privatization of state-owned enterprises, increase government subsidies to private enterprises, and loosen their financing restrictions to address the recent economic decline in the country and ensure smooth and fast economic growth.Originality/value This paper is one of the first of its kind to develop and empirically analyze the relationship between the GSC and the financing restrictions and their determinant factors in China. It uniquely contributes to help the authors find approaches to constructing China’s green innovation and has far-reaching implications for other developing countries. [ABSTRACT FROM AUTHOR]

This paper evaluates privatization of public enterprises in Nigeria with a view to determining whether it is a mere recipe for sleaze or that it impacts positively on national development. The study examines the efforts made by both the federal and state governments in Nigeria to divest their interests in running businesses which are assumed to be better handled by private investors. The paper compares privatization in some other countries to assess how the programme is being handled and the kind of results they deliver with a view to replicating such measures in Nigeria. The research made use of a qualitative approach through intensive content analysis. Data for the study were obtained from books, journal articles, published materials from the internet and other public sources. Findings from the study reveal that privatization of public enterprises which is supposed to provide revenue to the government through the sale or concession of such corporations, improve operational efficiency as well as save costs from poor non-regenerative investments have neither helped to improve government revenues nor impact positively on the lives of Nigerians. [ABSTRACT FROM AUTHOR]

The paper deals with crucial areas of research potential in regional conditions of the 14 Czech self-governing regions in years 2015 and 2020. For the analysis 11 indicators of research and development (R&D) are applied by use of multivariate methods. The results showed internal similarities of the Czech regions by the three created R&D factors in 2020. We investigated the relationship in Czech regions between the created factors of research potential (in the public sector, the business enterprise sector, potential human resources) on one side and economic level of regions and total R&D expenditures as percentage of regional GDP on the other side. The achieved findings from self-governing Czech regions can be a valuable source for creators of regional R&D strategies in the Czech Republic. [ABSTRACT FROM AUTHOR]

The growth of new technology-based firms (NTBFs) is usually restricted by their limited ownership and management structures. This paper explores whether acquisition, particularly that by multinational enterprises (MNEs), promotes the growth of NTBFs. Based on Swedish micro-level longitudinal data, this study further distinguishes between Swedish MNEs and foreign MNEs as acquirers and disentangles their different acquisition effects on the growth of NTBFs. Based on a large sample of Swedish NTBFs entering from 1997 to 2002 and being followed until 2009, this paper uses fixed-effects model combined with inverse-probability-of-treatment weights to account for endogeneity of acquisition arising from both time-invariant and time-varying heterogeneity across firms. The findings show that acquisition by Swedish MNEs significantly improves the growth of NTBFs, but only when it comes to the growth in employees. In contrast, acquisition by both foreign MNEs and Swedish domestic enterprises is not found to have any significant effects on the growth in either employees or sales of NTBFs. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to assess a method that applies scientometric and patentometric indicators in the selection process of projects by seed capital funds. There is increasing interest in technology-based enterprises, for their capacity to contribute to economic and social development. Nevertheless, in practice, there is some difficulty in assessing non-financial criteria associated with technology for the purposes of choosing investment opportunities. Design/methodology/approach – The literature has presented various methods to instrumentalize the process of evaluation and selection of investment projects. This study focuses on an enterprise that received an investment by the largest seed capital fund in Brazil, to assess to what extent scientific and technological indicators can contribute to understanding the market potential of the firm’s technology. Findings – The results show that the use of scientometric and patentometric indicators favors the process of judging non-financial criteria, in particular those related to technology, market, divestment and team. Originality/value – The originality of this paper is in the evaluation of a patento-scientometric approach for the selection process of projects by seed capital funds. [ABSTRACT FROM AUTHOR]

This paper presents an overview of the establishment of the British Business Bank; a new government owned financial institution designed to change the structure of finance markets for smaller businesses, so that these markets work more effectively. The paper focuses on explaining the economic rationale for the Bank by identifying how business access to external finance can affect economic growth through facilitating increases in business investment and productivity. The paper provides an overview of recent cyclical trends in SME debt and equity markets, before identifying a number of specific structural market failures affecting different types of finance that prevents some viable SMEs from raising the finance they need. The paper then provides a description of how British Business Bank funding solutions can help to address these market failures. [ABSTRACT FROM PUBLISHER]

This paper examines behavioural and regional/geographic cultural antecedents of sustainability in SME contexts. The study identifies prevailing macro-representations of sustainability in the literature and highlights an over-focus on large firms constituting the predominant unit of analysis. Moreover, there is a propensity in the literature to view sustainability primarily in terms of 'environmental' – closely linked to a corporate strategic imperative narrative of economic competitiveness and profitability. Overall, this perspective tends to generate accounts which are acultural, apolitical and ahistorical in terms of innovative actions and sustainability practices. In response, using a conceptual framework of moral identity, the paper develops a more micro-foundational insight to sustainability (developing notions of 'tangible' and 'intangible') and examines regional economic development attitudes at individual owner-manager/managing director level in small-to-medium-sized firms. Methodologically, an inductively framed interview schedule was employed with owner-managers and managing directors (n = 30) of manufacturing SMEs in the Baden-Württemberg region (Germany). The study identified a range of micro-foundational behavioural antecedents operating in the sample companies. In particular, it underlined that many of the SME owner-managers/managing directors expressed views informed by a particular moral identity connected with a perspective rooted in regionally bound, longstanding and 'expected' behaviours of trust, fairness, honesty and community responsibility. [ABSTRACT FROM AUTHOR]

Small enterprises have an important role to play in one country's economic growth and development. Their role is even greater in the small economies, such as the case of Republic North Macedonia (RNM), where the strong small enterprise's sector contributes highly to the economy. The objective of this paper is to access marketing factors determining annual turnover as one indicator of short term enterprise attainment in RNM and also to determine the impact of the various factors on it. Findings of this research show that the good marketing research of a small enterprise was found to be important factor that contributes to the annual turnover of firms. The findings may be useful for the RNM entrepreneurs, start up centres, acceleration hubs and finally to the policy and decision makers. [ABSTRACT FROM AUTHOR]

The Economic Value-Added (EVA) considers the cost of equity investments and pays more attention to the long-term development of the company through a number of adjustments in net profit. EVA emphasizes the economic benefits, while the net profit emphasizes it in an accounting sense. When the accounting profit shows that the development of the company is sound, a negative value of EVA may also appear. This paper, considering the GEM listed companies as the sample, uses descriptive statistics and sensitivity analysis to find out the causes of discrepancies between EVA and net profit, showing that the cost of equity capital is an important cause. EVA can better reflect a company's created value, which reminds the managers to pay high attention to enhancing the efficiency of the use of capital in order to increase value creation for shareholders. Based on the findings, the establishment of an EVA management system is recommended to create a corporate culture regarding value creation as the core for achieving rapid and healthy development of the companies listed on GEM. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to examine the influence of the entrepreneurship factors on the innovation progress in Macedonia. The paper at first explores the innovation progress of Macedonia in comparison with other SEE countries and then it tries to find if the determinants of entrepreneurship such as: regulation & taxes, permits & licenses and access to finance, stimulates / underpins the level of innovation in the country. The data analysis is conducted based on the OECD indexes for measuring entrepreneurship and the indicators for measuring innovation according to the World Bank 'Doing Business' reports and databases. Descriptive and regression analysis together with multiple country analysis are used. Although comprehensive understanding is still lacking concerning the interface of entrepreneurship, innovation and growth, the findings show that there is a relationship among the entrepreneurial determinants that impact on the job creation and economic growth and innovation development in Macedonia. [ABSTRACT FROM AUTHOR]

Does institutional quality affect firms' decision to invest in R&D? This paper investigates the idea that well-functioning pro-market institutions spur firms' R&D propensity by reducing transaction costs and uncertainties related to research and innovation activities. Evidence from the World Bank Enterprise Surveys on a large sample of firms in 57 developing and transition economies between 2002 and 2017 corroborates this idea. Controlling for countries' level of economic development, industry fixed effects and a number of firm-level characteristics, the results show that firms' propensity to invest in R&D is higher in countries in which national institutions ensure socio-political stability and enforcement of law and contracts. [ABSTRACT FROM AUTHOR]

Purpose – This paper explores the paradigm of international development that has persisted for the past five decades, and asks whether a fresh approach is needed – one that builds on the developmental potential of the corporate sector, not just on donor aid.Design/methodology/approach – This article explores both how corporations contribute to development and also the challenges in incorporating them into the wider processes of international development. This is achieved through the examination of two key sets of literature. The first is that regarding the effectiveness of the existing approach to international development. The second, smaller but growing, explores the impact that the corporate sector has had on raising countries out of poverty.Findings – This paper finds that despite the cost and effort, most developing countries remain just that – developing. Where countries have developed, there is strong evidence to suggest that this has been the result, not of international aid, but of a thriving corporate sector. Yet companies remain outside the prevailing development paradigm, and their contribution to lifting countries out of poverty remains poorly understood. This paper makes a number of recommendations in relation to further research that is needed, and also policy approaches that need to be explored.Research limitations/implications – It is apparent from this paper that more and detailed scholarly work is needed to improve further our understanding of how companies contribute to development.Practical implications – For policy makers this paper demonstrates an urgent need to develop better and more thorough-going processes to engage with the corporate sector.Originality/value – The role that companies play in international development remains under-explored. This paper is therefore a novel contribution to this debate, and one that has significant implications for both the academic and policy communities. [ABSTRACT FROM AUTHOR]

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This paper studies the effects of China's one‐child policy on saving and foreign reserve accumulation. Fertility control increases the saving rate both by altering saving decisions at the household level, and by altering the demographic composition of the population at the aggregate level. I show that demographically induced changes in saving explain the build‐up of a large foreign surplus in China. As in Song, Storesletten, and Zilibtti (2011), the model features contractual and financial market imperfections. Government‐owned firms are less productive but have full access to the credit market. Entrepreneurial firms are more productive but face credit constraints. As labour switches from less productive to more productive firms, demand for domestic bank borrowing decreases. As saving increases while demand for loans decreases, domestic savings are invested abroad, generating a foreign surplus. The model predicts that China's foreign reserve accumulation will soon begin to slow down in response to recent relaxation of the one‐child policy. [ABSTRACT FROM AUTHOR]

Policy makers as well as entrepreneurs pay much attention to the success of firms. This is because the performance of firms can promote directly and indirectly the economic growth in a country. For instance, after financial crisis in 1997, the Korean economy experienced the rapid recovery. It is recognized that the improvement of firm performance has played a crucial role in such recovery. We focus on the determinants of improving the Korean firm total factor productivity (TFP) because TFP can explain performance not explained by inputs a firm employs. This paper suggests management practices as one of crucial factors to improve firm TFP. For empirical analysis, we use an instrumental variable approach by using a set of four firm-level instrumental variables including motivations for organizational change, large-scale organizational change, empowerment, and IT investment during the past organizational change. The results of the instrumental variable estimation show that better management practice leads to a higher level of firm TFP, statistically significantly; whereas the effect of management practices is statistically insignificant in the ordinary least square estimation. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of a country's natural resource endowment on the innovation propensity of firms in Africa. It was expected that firms in resource-rich countries have less incentive to innovate than firms in resource-poor countries due to the destructive effects of large resource rents on supportive institutions and political order. The data used for the empirical analysis were obtained from the World Bank's enterprise surveys global development indicators and the African Economic Outlook reports. The hierarchical nature of the analysis called for a multilevel mixed effect modelling strategy. Results suggest that firms in resource-rich countries are not necessarily less innovative than firms in resource-poor countries. High natural resource endowment appeared to reduce firm-level innovation only if associated with poor institutional and technological capabilities. The innovativeness of firms in resource-rich sub-Saharan Africa countries was found to be lower than that of firms in North African countries. The negative effect of poor institutional quality appeared to be dampened among firms with better innovation capabilities. The findings imply that building effective institutional environments and enhancing firm-level innovative efforts would help mitigate the 'resource curse' which, in turn, is dictated by the resulting types of political settlements in resource-rich African countries. [ABSTRACT FROM AUTHOR]