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Contents Guest Editorial JBNST - Vol. 234/6 - 2014, pp. 660-661.
Original Papers Siedschlag, Iulia, Ville Kaitila, John Mc Quinn, Xiaoheng Zhang: International Investment and Firm Performance: Empirical Evidence from Small Open Economies JBNST - Vol. 234/6 - 2014, pp. 662-687.
+ show abstract- hide abstractThe global financial and economic crisis has severely affected foreign direct investment, particularly
the cross-border mergers and acquisitions in advanced economies. This paper examines
the effects of foreign mergers and acquisitions on labour productivity and employment growth
over the period 2001–2009 in six small open economies in the European Union: Austria, Belgium,
Denmark, Finland, the Netherlands and Sweden. We show that the severity of the crisis
has been uneven across these six economies. Taken together, our estimates suggest that foreign
direct investment had stronger effects on firm performance in services than in manufacturing.
Kokko, Ari, Bengt Söderlund, Patrik Gustavsson Tingvall: Redirecting International Trade: Contracts, Conflicts, and Institutions JBNST - Vol. 234/6 - 2014, pp. 688-721.
+ show abstract- hide abstractThe global financial crisis has contributed to the redirection of trade towards new markets
outside the OECD area, where both demand patterns and the institutional environment differ
from those in the OECD. This study provides an empirical examination of the consequences of
this shift, based on Swedish firm-level trade data. Results suggest that weak institutions hamper
trade and reduce the length of trade relations, especially for small firms. Trade in industries that
are characterized by a high frequency of trade conflicts and where transactions require extensive
relationship-specific investments are particularly difficult to redirect towards markets with weak
institutions.
Hundt, Christian, Rolf Sternberg: How Did the Economic Crisis Influence New Firm Creation? JBNST - Vol. 234/6 - 2014, pp. 722-756.
+ show abstract- hide abstractThere is a broad consensus that the likelihood of becoming an entrepreneur is not only influenced
by individual characteristics but also by spatial context conditions. However, context factors
are not per se stable; they tend to vary over time which is particularly relevant during economic
cycles. In Germany, for instance, the rapid economic downturn of 2008/2009 was preceded by a
period of growth and followed by an economic upswing in many regions. However, the impact
of this crisis on entrepreneurship has not been empirically studied comprehensively. Using data
from the Global Entrepreneurship Monitor (GEM), we analyse entrepreneurial activities in the
39 German NUTS2 regions covering a 13-year period before, during and after the Great Recession
of 2008/2009. Applying multilevel regression techniques, we hypothesize that both space
and time matter for individual entrepreneurial behaviour. Our results show, first, that space and
time can be regarded as two interrelated dimensions that jointly impact entrepreneurial activities.
Second, similar individual attributes are associated with diverging likelihoods of becoming
an entrepreneur in case individuals are nested in different regions or different time periods and
are thus exposed to dissimilar context conditions. Third, the type and number of individual, context
and interaction effects are motive-related, i.e. they depend on whether the entrepreneurial
action is either opportunity-driven or necessity-driven. Wagner, Joachim, John P. Weche Gelübcke: Risk or Resilience? The Role of Trade Integration and Foreign Ownership for the Survival of German Enterprises During the Crisis 2008–2010 JBNST - Vol. 234/6 - 2014, pp. 757-774.
+ show abstract- hide abstractThis is the first study of the link between internationalization and firm survival during the
2008/2009 crisis in Germany, a country which was hit relatively lightly compared to other
countries. Moreover, it is the first study which looks at the role of importing, exporting and
FDI simultaneously in the context of a global economic recession. We use a tailor-made representative
dataset that covers all enterprises from the manufacturing sector with at least 20
employees. Our most striking result is to demonstrate the disadvantage of exporting for the
chances of survival of a firm during the crisis in western Germany. Importing instead reveals a
positive correlation with survival and firms that both export and import do not show a different
exit risk relative to non-traders. A plausible explanation is that in a global recession, deteriorating
markets abroad cause demand losses for exporters and improved conditions on factor
markets which result in an advantage for firms sourcing from factor markets abroad. Two-way
traders do not show a link with exit risk, supporting the idea that they were able to outweigh
their losses from exporting with their gains from importing, in what could be called an exportimport
hedge. Furthermore, we cannot support the hypothesis that foreign multinationals are
more volatile during times of economic crisis. Driffield, Nigel, Yama Temouri: Inward Investment and the Drivers of Post Recession Recovery in Germany JBNST - Vol. 234/6 - 2014, pp. 775-799.
+ show abstract- hide abstractThis paper examines changes in the drivers of productivity in Germany over the period
1997–2012. We start by comparing the performance of German firms and inward investors
before and during the recovery from the recent global financial crisis of 2008 across a range
of sectors, and subsequently examine the channels through which different firms are able to
generate productivity. Our results show that foreign investors are more productive than German
MNEs and purely domestic firms, with the gap narrowing in the manufacturing sector,
but growing in the service sector during the recovery period. We also contrast those firms for
whom productivity growth is related to greater use of intangible assets, compared with those
for whom productivity is linked to cash flow. Productivity of inward investors is driven by cash
flow rather than intangible assets, these being limited to high-technology investors from the EU
and the USA. Bellmann, Lutz, Olaf Hübler: The Skill Shortage in German Establishments. Before, During and After the Great Recession JBNST - Vol. 234/6 - 2014, pp. 800-828.
+ show abstract- hide abstractThis paper investigates the development of skill shortages during the period 2007-2012. Using
the German Establishment Panel of the Institute for Employment Research (IAB), we find differences
across the years before, during and after the Great Recession. Furthermore, we analyze
the importance of firm characteristics and that of certain, specific measures with respect to the
skill shortage.
The empirical analysis reveals that the relative skill shortage in the service sector during the Great
Recession was more substantial than before and after 2009. The opposite pattern is observed for
working time accounts. Firms with a high share of female workers typically experience usually
less difficulty in finding qualified employees to fill jobs. However, during the Great Recession,
the opposite was observed. Young firms facing competitive pressure, high wages, and without
working time accounts that did not hoard skilled workers in the past tend to skill shortage.
The estimations confirm that apprenticeship and further training serve to reduce the number of
unfilled, high-skill jobs. It is also helpful when the firm has developed a plan for its personnel
requirements. Other measures such as retaining older workers or hiring foreign workers were
not successful. Ultimately, a skill shortage within a firm is often only a short-term phenomenon
and less often observed over a longer period.
Book Reviews Haucap, Justus, Carolin Klein, Jürgen Kühling: Die Marktintegration der Stromerzeugung aus erneuerbaren Energien JBNST - Vol. 234/6 - 2014, pp. 829-830.
Nell, Edward J., Karim Errouaki: Rational Econometric Man: Transforming Structural Econometrics JBNST - Vol. 234/6 - 2014, pp. 831-833.
Rumpf, Dominik: Zinsbereinigung bei der Dualen Einkommensteuer JBNST - Vol. 234/6 - 2014, pp. 834-836.
Sylvers, Malcolm, Brigitte Domurath-Sylvers: Mythen und Kritik der Ideengeschichte der USA: 25 Portraits JBNST - Vol. 234/6 - 2014, pp. 837-837.
Contents of Volume 234 of the Journal of Economics and Statistics |