Entrepreneurship & Economics eJournal最新文献

{"title":"Rethinking the role of human capital in growth models","authors":"Stephen G. Zimmer","doi":"10.1007/s11138-021-00561-w","DOIUrl":"https://doi.org/10.1007/s11138-021-00561-w","url":null,"abstract":"","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122647644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why Do Video Pitches Matter in Crowdfunding?","authors":"M. Kolbe, Sasan Mansouri, Paul P. Momtaz","doi":"10.2139/ssrn.3939751","DOIUrl":"https://doi.org/10.2139/ssrn.3939751","url":null,"abstract":"Recent research finds that whether or not ventures publish video pitches during crowdfunding campaigns affects the funding success. Little is known, however, about how and why video pitches help startups achieve higher valuations. To close this gap, we analyze metrics and content of video pitches published along blockchain-based crowdfunding campaigns (a.k.a. token offerings, initial coin offerings, or ICOs). We confirm that the publication of video pitches increases the funding amount, and present novel evidence on the mechanisms behind this finding. First, the longer the video, the larger its valuation effect. Second, it is the information content that matters in videos, while non-informational content (e.g., music) has no effect. Third, information conveyed in videos vis-à-vis other channels (e.g., whitepapers) act as informational substitutes. Fourth, investors react positively to buzz words in videos, and this effect is even more pronounced when there are many competing projects. Overall, our results suggest that videos are an important source of information for ICO investors, and investors’ limited attention makes videos (and their content, especially buzz words) more important in “hot” markets.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122972499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Endogenous Production Networks under Uncertainty","authors":"A. Kopytov, Bineet Mishra, Kristoffer P. Nimark, Mathieu Taschereau-Dumouchel","doi":"10.2139/ssrn.3936969","DOIUrl":"https://doi.org/10.2139/ssrn.3936969","url":null,"abstract":"Supply chain disturbances can lead to important increases in production costs. When looking for new suppliers, firms therefore worry about the risks associated with potential trading partners. We investigate the impact of beliefs and uncertainty on the structure of the production network and, through that channel, on the level and volatility of macroeconomic aggregates. To do so, we construct a model of endogenous network formation in which uncertainty about future outcomes affects the structure of the production network. In the model, when uncertainty rises producers prefer to purchase from more stable suppliers, even though they might sell at higher prices. The resulting reorganization of the network leads to less macroeconomic volatility, but at the cost of a decline in aggregate output. We calibrate the model on U.S. data and find that the mechanism can account for a sizable decline in expected GDP during periods of high uncertainty like the Great Recession.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132564060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Perception of Founders' Education and Gender in Startups","authors":"Dr Preet Deep Singh","doi":"10.2139/ssrn.3916424","DOIUrl":"https://doi.org/10.2139/ssrn.3916424","url":null,"abstract":"I look at the perception of educational background of startup founders. I find a difference between the estimated probability of success for startups driven by school educated female founders versus those driven by highly educated female founders(higher). The difference is driven more by female respondents. We dont find any statistically significant difference in the estimated probability of abandoning the startup between males and female founders. There is a difference in the estimated probability of school educated male founders abandoning the startup in case of female respondents vs male respondents(higher). This is also driven by female respondents. This research suggests specific steps for founders while pitching to customers/buyers.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121020269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Polarisation of Remote Work","authors":"Fabian Braesemann, F. Stephany, Ole Teutloff, Otto Kässi, Mark Graham, V. Lehdonvirta","doi":"10.2139/ssrn.3919655","DOIUrl":"https://doi.org/10.2139/ssrn.3919655","url":null,"abstract":"The Covid-19 pandemic has led to the rise of remote work with consequences for the global division of work. Remote work could connect labour markets, but it could also increase spatial polarisation. However, our understanding of the geographies of remote work is limited. Specifically, does remote work bring jobs to rural areas or is it concentrating in large cities, and how do skill requirements affect competition for jobs and wages? We use data from a fully remote labour market - an online labour platform - to show that remote work is polarised along three dimensions. First, countries are globally divided: North American, European, and South Asian remote workers attract most jobs, while many Global South countries participate only marginally. Secondly, remote jobs are pulled to urban regions; rural areas fall behind. Thirdly, remote work is polarised along the skill axis: workers with in-demand skills attract profitable jobs, while others face intense competition and obtain low wages.The findings suggest that remote work is shaped by agglomerative forces, which are deepening the gap between urban and rural areas. To make remote work an effective tool for rural development, it needs to be embedded in local skill-building and labour market programmes.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131875336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Workers Benefit from Wage Transparency Rules?","authors":"Oliver Gürtler, Lennart Struth","doi":"10.2139/ssrn.3888119","DOIUrl":"https://doi.org/10.2139/ssrn.3888119","url":null,"abstract":"Wage transparency rules arguably enable workers better to assess their contribution to firm value, allowing them to make wage demands that more accurately reflect their value for the employing firm. This paper contains a formal analysis of transparency rules and their effects on wages. We find that these rules induce firms to behave strategically with the aim of manipulating the information workers receive. We identify a large class of rules that yield an identical equilibrium outcome. For productivity distributions with decreasing (increasing) hazard rate, transparency rules increase (potentially decrease) workers’ payoff.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"172 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132290560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Innovation Strategy and Economic Development","authors":"M. Braun, L. Céspedes, Sebastián Bustos","doi":"10.2139/ssrn.3911534","DOIUrl":"https://doi.org/10.2139/ssrn.3911534","url":null,"abstract":"Productivity differentials have been documented as the main determinant of the variation of income per capita across countries. In this paper, we investigate whether the implementation of innovation-intensive or adoption-intensive business strategies by firms can explain differences in productivity levels and productivity growth across industries and countries. We compute a novel innovation-intensity strategy index for firms, based on textual analysis of financial reports issued in the US by firms from developed and developing countries and from a wide range of industries. We show that the index captures dimensions of the innovation process implemented by firms that go beyond R&D efforts. Our empirical results indicate that firms that pursue an innovation-based strategy exhibit higher productivity levels compared to firms that follow an adoption-based strategy. Nonetheless, the optimal business strategy depends on the distance to the world technology frontier. Firms far from the frontier grow faster when implementing an adoption-based strategy, but an innovation-based strategy better suits firms closer to the technological frontier. We provide evidence indicating that a country’s financial market sophistication, competition policy and innovation capabilities –such as educational level, availability of scientists and engineers, and intellectual property protection– are key determinants of the strategy implemented by firms. The empirical evidence suggests that middle-income traps may occur if competition policy, innovation capabilities and financial market sophistication are not enhanced as a country moves closer to the technology frontier.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125358643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Worker Classification Dilemma: The IRS Test and the Platform Economy","authors":"G. T. Pivateau","doi":"10.2139/ssrn.3900659","DOIUrl":"https://doi.org/10.2139/ssrn.3900659","url":null,"abstract":"The American workplace continues to evolve. The creation of the platform economy enabled employers to use independent contractors to perform work that employees traditionally performed. Proponents suggest that the platform economy offers the benefits of entrepreneurship to great numbers of people who would otherwise lack opportunity. Detractors argue that the platform economy robs workers of the benefits and protections provided to employees. Courts, states, and administrative agencies use a confusing array of classification tests to determine whether workers are employees or independent contractors. These tests share roots in the common law agency test, which grew out of the historic rules of the master-servant relationship. The common law agency test, created in a different time and for a different purpose, does not address the problems of the modern workplace. In search of a test better suited to dealing with issues created by the platform economy, many states have recently turned to the use of the ABC worker classification test, a test that begins with the rebuttable presumption of employee status. The Internal Revenue Service (IRS), an entity mindful of the consequences of proper classification, promulgated and revised its own classification test many years ago. In this article, we compare the ABC test to the IRS classification test. We conclude that the IRS test provides the best measure of employment status. Unlike the ABC test, the IRS test has been widely construed and interpreted. Moreover, the laws of many states already incorporate the factors that the IRS test utilizes. For the modern workforce, and specifically the platform economy, the IRS test is the best choice for determining worker classification. The ABC test’s rigid mandates will force the reclassification of many workers to employee status, changing the business models of platform economy businesses and pushing higher prices to consumers. In contrast, the IRS test classifies workers based on the relationship already in place, preserving the hiring party and worker’s freedom of choice in establishing the dynamics of their business relationship. Accordingly, when choosing the appropriate worker classification methodology, legislatures and state agencies should use the IRS test.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"617 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120940109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Learning Deterrence vs. Learning Encouragement: Optimal Pricing and Return Policy","authors":"Qianjun Lyu","doi":"10.2139/ssrn.3888040","DOIUrl":"https://doi.org/10.2139/ssrn.3888040","url":null,"abstract":"This paper studies the optimal selling mechanism when an uninformed buyer can sequentially and privately acquire costly information about his valuation of a product. The seller designs the mechanism to affect the buyer’s benefit from learning and thereby controls the learning process. Our main result shows that it is always sub-optimal to induce partial learning, and the optimal mechanism either encourages full learning or deters learning. Specifically, the seller optimally encourages full learning if the buyer is relatively uninformed and optimistic. Otherwise, the optimal mechanism prevents learning, which benefits both the buyer and the seller.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125689762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Policy Uncertainty and Land Conversion in China","authors":"He Kerun, Li Biao","doi":"10.2139/ssrn.3876084","DOIUrl":"https://doi.org/10.2139/ssrn.3876084","url":null,"abstract":"The area of rural land converted to residential, commercial and industrial uses in China has sharply risen and wildly fluctuated after the Global Financial Crisis, which puzzles the existing studies. In this paper, we provide an explanation of political economy and emphasize the role of overall economic policy uncertainty. The quantitative result shows that a standard deviation increase in economic policy uncertainty not only temporally expands the scale of land conversion by 17.12-25.21 percentage points but also intertemporally spreads for at least six years. Furthermore, we find that the EPU-induced land effect is particularly significant in the high investment-led economy and delivered by the channels of local governments’ fiscal pressure and economic growth target management. The results above suggest that the central government should consider the distorting effect of policy uncertainty on rural land conservation when sharply steering economic policies.","PeriodicalId":219127,"journal":{"name":"Entrepreneurship & Economics eJournal","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115752379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}