Suchergebnisse

Die zunehmende Globalisierung der Märkte, unter anderem durch ansteigenden Handel von Güter und Dienstleisungen und damit einhergehenden Zunahme von ausländischen Investitionen ist eine der größten Triebkräfte der wirtschaftlichen Entwicklung. Dies gilt für Industrieländer als auch für Entwicklungs- und Schwellenländer. Diese voranschreitenden integrativen Entwicklungen bergen jedoch neben zahlreichen positiven Effekten Risiken für die beteiligten Länder. Erhöhte Arbeitsteilung und Konkurrenz sowie Verbreitung von ökonomischen Schocks über Ländergrenzen hinweg, können zu erhöhter Unsicherheit und veränderten Marktbedingungen führen. Diese Risiken können wiederum durch die zusätzlichen Instrumente der liberalisierten Kapitalmärkte zur Risikostreuung und -minderung abgefedert und vermindert werden. ; Globalisation consists of many small components and every component entails different effects. The main part of globalisation is international integration of goods, service, financial and factor markets. This integration is accompanied by international trade in goods, services and finance. According to the WTO Trade Report (2008), the increase in international trade exceeded the growth in global output in the year 2007 by 2 percentage points. A further prominent aspect of globalisation is the increase and composition of international capital flows. Foreign direct investment increased during the 1990s by more than 20 % and thereby exceeded international portfolio flows (WTO 2008). Both integration processes have lead to more efficient allocation of economic resources and greater levels of output. However, an additional result of the international trade integration is higher uncertainty due to intensified production specialization, increased competition and economic cross-country spillovers. Various groups of individuals such as workers, firm owners and political leaders are differently affected by these risks. Yet, financial integration offers the possibility to diversify these new arising risks. Again, the affected groups benefit differently from these diversification possibilities. Generally, the present work analyses the diverse impact of international integration on workers, firm owners and on country patterns. In particular, the consequences of proceeding international integration on risk sharing for the respective groups are emphasized.

The latest volume of Advances in entrepreneurship, firm emergence and growth examines many questions regarding growth. What decisions and designs of the entrepreneur lead to growth? What are the beginning stages of growth? Are there differences in what drives high growth entrepreneurship versus slower growth entrepreneurship? Are new firms adopting novel approaches to growth? How do growth rates and patterns change over the life of the firm? What policies, infrastructure, and capabilities are necessary to for entrepreneurial regional growth at the macro level? What are the foundational components necessary for growth across all levels of entrepreneurship?

AbstractIn this study we re‐examine the presence of random walk in stock prices in Brazil and Mexico. We employ variance ratio tests on weekly stock returns for indexes as well as individual firms. The results reveal mean aversion in Mexico at both the index level and the firm level. In contrast, the Brazil indexes show a greater tendency toward random walk; however, the results for the individual firms suggest mean reversion. The results cannot be attributed to a firm size effect. Evidence is presented in favor of a greater degree of nonsynchronous trading for Brazilian securities than for Mexican securities.

Following the dynamic capabilities perspective, we suggest that antecedents to innovation can be found at the individual, firm, and network levels. Thus, we challenge two assumptions common in prior research: (1) that significant variance exists at the focal level of analysis, whereas other levels of analysis are assumed to be homogeneous, and (2) that the focal level of analysis is independent from other levels of analysis. Accordingly, we advance a set of hypotheses to simultaneously assess the direct effects of antecedents at the individual, firm, and network levels on innovation output. We then investigate whether a firm's antecedents to innovation lie across different levels. To accomplish this, we propose two competing interaction hypotheses. We juxtapose the hypothesis that the individual-, firm-, and network-level antecedents to innovation are substitutes versus the proposition that these innovation mechanisms are complements. We test our multilevel theoretical model using an unusually comprehensive and detailed panel data set that documents the innovation attempts of global pharmaceutical companies within biotechnology over a 22-year time period (1980–2001). We find evidence that the antecedents to innovation lie across different levels of analysis and can have compensating or reinforcing effects on firm-level innovative output.