计量经济分析 = Econometric analysis

While the role of exports in promoting growth in general, and productivity in particular, has been investigated empirically using aggregate data for countries and industries for a long time, only recently have comprehensive longitudinal data at the firm level been used to look at the extent and causes of productivity differentials between exporters and their counterparts which sell on the domestic market only. This paper surveys the empirical strategies applied, and the results produced, in 45 microeconometric studies with data from 33 countries that were published between 1995 and 2004. Details aside, exporters are found to be more productive than non-exporters, and the more productive firms self-select into export markets, while exporting does not necessarily improve productivity.

/pdf/exports-and-productivity-a-survey-of-the-evidence-from-firm-1to9usucex.pdf

Exports and Productivity: A Survey of the Evidence from Firm Level Data

While the role of exports in promoting growth in general, and productivity in particular, has been investigated empirically using aggregate data for countries and industries for a long time, only recently have comprehensive longitudinal data at the firm level been used to look at the extent and causes of productivity differentials between exporters and their counterparts which sell on the domestic market only. This papers surveys the empirical strategies applied, and the results produced, in 45 microeconometric studies with data from 33 countries that were published between 1995 and 2004. Details aside, exporters are found to be more productive than non-exporters, and the more productive firms self-select into export markets, while exporting does not necessarily improve productivity.

/pdf/exports-and-productivity-a-survey-of-the-evidence-from-firm-15f3uvpfgz.pdf

Exports and Productivity: A Survey of the Evidence from Firm-level Data

Multinational enterprises and the global economy

Multinational enterprises (MNEs) play a pivotal role in the development of many emerging economies. In consequence, they became the focus of scholarly research by economists and policy analysts. In contrast, international business scholars have been comparatively uninterested in analysing this role of MNEs. Yet they could make important contributions to these debates. First, studies taking the individual firms as starting point would enhance understanding of the interaction between MNEs and the local environment. Second, theories and research methodologies developed in international business research could provide new insights into the dynamics of MNEs in emerging economies. The objective of this paper is to motivate more international business scholars to engage in research on positive and negative spillovers from foreign direct investment (FDI) in emerging economy societies. To advance this research agenda, scholars need to analyse the specific activities and capabilities of the firms involved, and the impact of FDI on the broader social and environmental context. For management, this agenda raises the ethical question: To what extent ought businesses to care about their local stakeholders?

Perspectives on multinational enterprises in emerging economies

Local firms may attract productivity spillovers from foreign investors, yet these vary with local firms' awareness, capability and motivation to react to foreign entry. In consequence, spillovers vary across countries at different levels of economic development. We apply competitive dynamics theory to analyze these contextual moderators of spillovers, and test hypotheses thus derived in a meta-analysis of the empirical literature on spillovers. Our analysis suggests a curvilinear relationship between spillovers and the host country's level of development in terms of income, institutional framework and human capital.

/pdf/when-and-where-does-foreign-direct-investment-generate-3per0a2omd.pdf

When and where does foreign direct investment generate positive spillovers? A meta-analysis

http://www.klausmeyer.co.uk/publications/2004_sinani_meyer_JCE.pdf

Spillovers of technology transfer from FDI: the case of Estonia

This article addresses the role of formal institutions and informal networks on corporate governance practices. The existing corporate governance literature has mostly examined the formal institutions, such as the effect of legal systems. Our contribution is to consider the effect of informal “small world” characteristics of ownership and board networks. We use the case of Scandinavia (Denmark, Norway and Sweden) to examine these effects. Our empirical results reveal large differences in formal board and ownership structures between the Scandinavian countries, but strong similarities in terms of law enforcement, political stability, government effectiveness, rule of law, control of corruption as well as voice and accountability. We find that all three countries can be characterized as “small worlds” in which trust, information diffusion and reputation mechanisms are active governance mechanisms. (Less)

/pdf/corporate-governance-in-scandinavia-comparing-networks-and-1wg86f2uhy.pdf

Corporate Governance in Scandinavia: Comparing Networks and Formal Institutions

In this article we investigate the importance of sunk costs, firm characteristics and spillovers from nearby exporters on a firm's decision to participate in exporting. The empirical analysis involves the estimation of a nonstructural, discrete choice, dynamic model with firm heterogeneity. By using panel data for Estonian companies from 1994 to 1999 we find that: (i) both sunk costs and observable firm characteristics are important determinants of export market participation; (ii) previous history matters, in that, if a firm has been exporting the previous period or the period before, it significantly increases the likelihood of the firm exporting in the current period; (iii) larger firms with high capital intensity and foreign ownership are more likely to be exporters; (iv) operating in an export-oriented industry increases a firm's likelihood of exporting.

/pdf/export-market-participation-with-sunk-costs-and-firm-3ighr3q7ro.pdf

Export market participation with sunk costs and firm heterogeneity

This paper investigates the relationship between ownership concentration and market value of European banks, and the role of the institutional environment in shaping this relationship. Using GMM dynamic estimator on a sample of European banks over a 13-year period (1993–2005) we find on average a negative effect of ownership concentration on bank value, measured by Tobin's Q. However, this effect varies across different institutional settings; while higher ownership concentration results in a lower bank value particularly in the countries belonging to German legal family, the impact of ownership concentration is positive in Scandinavia. We propose that, besides the legal protection of small investors, the differences in the impact of ownership concentration across the countries could be due to the identity of the predominant owners, i.e. financial institutions in Germany and trusts and foundations in Scandinavia. This in turn implies that restrictions of shareholdings in banks could alleviate governance problems in some countries, but lower bank valuation in others.

Evis Sinani

Papers

When and where does foreign direct investment generate positive spillovers? A meta-analysis

Spillovers of technology transfer from FDI: the case of Estonia

Corporate Governance in Scandinavia: Comparing Networks and Formal Institutions

Export market participation with sunk costs and firm heterogeneity

Ownership concentration and market value of European banks