International Journal of the Economics of Business最新文献

{"title":"Hedonic Decomposition of Beer Prices: Consumer Ratings and Quantity Discounts","authors":"Antonis A. Michis","doi":"10.1080/13571516.2023.2286027","DOIUrl":"https://doi.org/10.1080/13571516.2023.2286027","url":null,"abstract":"A hedonic regression framework is proposed for evaluating the determinants of beer prices and consumer ratings. This study specifically addresses the endogeneity problem associated with the impact ...","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513894","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":"A Review of Edmund Phelps, My Journeys in Economic Theory New York: Columbia University Press, 2023","authors":"Peter Zweifel","doi":"10.1080/13571516.2023.2271274","DOIUrl":"https://doi.org/10.1080/13571516.2023.2271274","url":null,"abstract":"AbstractThis review argues that Edmund Phelps in fact undertook one journey, which led him to the theme of “flourishing,” meaning that workers derive satisfaction from their job. He sees flourishing people rather than scientists and entrepreneurs as the ultimate source of innovation and hence economic growth, a topic that has occupied his mind from the beginning of his brilliant career. The book makes for fascinating reading—and in passing traces the new Macroeconomics pioneered by its author.KEYWORDS: Microeconomic foundations of macroeconomicspersistence of unemployment and inflationisland parableflourishinginnovationJEL CLASSIFICATIONS: A13B22D21D63D82E24E63I30J28J64O11O12O31O41Y3 Disclosure statementNo potential conflict of interest was reported by the author(s).","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135679576","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":"Unpacking the Inverted U-shape between Regional AI and Business Performance","authors":"Ren Lu, Fei Zheng, Shan-Na Ma, Ruilin Yang","doi":"10.1080/13571516.2023.2271755","DOIUrl":"https://doi.org/10.1080/13571516.2023.2271755","url":null,"abstract":"AbstractThis study examines how regional artificial intelligence (AI) influences firms’ business performance from the viewpoint of economic geography. We employ the instrumental variable method to analyze 3633 American listed companies. We find the “regional AI and business performance” relationship appears in an inverted U-shape. By applying the plausible instrumental variable method, our robustness check suggests that our findings are reliable. Theoretically, our paper enriches current regional AI studies with firm-level evidence; practically, our paper sheds light on how to make firm location decisions in the AI era.Keywords: Artificial intelligencefirm performancereturn on equityAmericaJEL CLASSIFICATION CODES: R11L10 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 According to preliminary math using the equation: y = β0+β1X + β2X2, when β2 is significant, then the (inverted) U-shape exists. β0 and β1 can change the position of the (inverted) U-shape in the coordinate axis, but it is β2 that determines the (inverted) U-shape. Therefore, “β1 is insignificant but β2 is significant” never means that the (inverted) U-shape does NOT exist or means that it is an increasing (or decreasing) return.2 We would like to thank our two anonymous reviewers for bringing this to our attention.Additional informationFundingThis paper is financed by the Humanity and Social Science Foundation (grant number: 22YJCZH117), the National Social Science Funds of China (grant number: 22CJL013) and the Innovative Team Project of Guangdong Universities (grant number: 2019WCXTD008).","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136160273","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":"Half-Century of Stagnation: Labor Productivity in Ontario’s Gold Mining Industry","authors":"Robert J. Petrunia, Karl Skogstad","doi":"10.1080/13571516.2023.2260107","DOIUrl":"https://doi.org/10.1080/13571516.2023.2260107","url":null,"abstract":"AbstractThis paper explores labor productivity in Ontario’s gold mining industry from 1920 to 1970. The gold produced by a worker is nearly identical in 1920 and 1970, suggesting that the industry experiences no productivity gains over this period. Further, labor productivity in the intervening years was nearly 30% lower than these values, raising concerns about the ability of the industry to remain profitable given a fixed gold price. We look at over 180 different Ontario gold mines comprising nearly the entire industry to determine whether workers become less efficient over time, or whether other factors, such as entry and exit into the industry, declining ore quality, or changes in capital stock, are the primary drivers of this stagnation. This analysis considers the impact of events, such as a sudden 70% rise in the price of gold in 1934, World War II, and the post-war subsidization of the industry on productivity within the industry.Keywords: Productivitygold miningOntarioJEL CLASSIFICATION: D22D24L72N52Q3 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 See Times (Citation1933).2 See Skogstad (Citation2021) for a detailed description of the gold mining subsidy.3 Huynh and Petrunia (Citation2016) and Petrunia (Citation2007) find that there is a long-term dynamic development process following a firm’s entry.4 Grade refers to the amount of gold present in a ton of ore.5 In 1951, the formula was given by the following:S=0.5 (C−22) (2)where S is the subsidy per ounce, and C is the actual average operating cost per ounce of gold. For example, a mine producing 20,000 ounces of gold, of which half is eligible for the subsidy, at an average cost of $28 per ounce receives a total subsidy of $30,000.6 Knox (Citation1955).7 Kerekes (Citation2011) provides a STATA program to implement the method on our data. Shannon and Moazzami (Citation2014) and Shannon and Moazzami (Citation2015) apply the method to estimate structural breaks in unemployment rates for OECD countries and Canadian provinces, respectively.8 Aydin and Tilton (Citation2000) and Garcia, Knights, and Tilton (Citation2001).","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135093993","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":"What Motivates Mergers and Acquisitions in India?","authors":"Sonal Dua","doi":"10.1080/13571516.2023.2256037","DOIUrl":"https://doi.org/10.1080/13571516.2023.2256037","url":null,"abstract":"AbstractThis paper attempts to explore the motives behind merger and acquisition strategy of Indian corporates. Covering the domestic activity over two decades, 1998--2017, the firm-level determinants of acquiring and acquired firms are studied to analyze the merger motives. The results from Logit and discrete-time hazard model show that firms with higher technological and financial productivity are more likely to go for acquisitions. On the other hand, firms that have potential to grow in the future but are struggling at present owing to low profits or losses are more likely to be acquired. The managements of firms that are not actively involved in research activities are also likely to be replaced. The findings of the article, therefore, suggest that Indian firms are using mergers for expansionary and efficiency-enhancing motives.Keywords: Mergersacquisitionsfirm objectiveslogit and survival analysisIndiaJEL CLASSIFICATION: G34L2 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 This statistic has been calculated after excluding the financial services. Following the previous literature (Andrade and Stafford Citation2004; Ali-Yrkkö, Hyytinen, and Pajarinen Citation2005), the financial industry is excluded because of the huge differences in accounting and nature of the financial business.2 Right censoring means that subject has survived through the entire duration of the study. The firm has neither become an acquirer nor been acquired throughout the sample period and therefore, it has not been examined until the duration it becomes involved in a merger.3 The definition of control group here includes non-merging firms only and not the target firms.4 The USD value is based on the exchange rate that prevailed in March, 2023.5 Hüschelrath and Smuda (Citation2013) observed a significant and positive impact of cartels’ breakdown on merger activity, studying cartel cases decided by the European Commission between 2000 and 2011, and a detailed data set of worldwide merger activity.6 They argue that high-insider ownership is a classic feature of Indian businesses. Most Indian firms are largely organized as business groups or family firms, with promoters holding majority stake. This encourages more cash deals and discourages mergers driven by market mis-valuations.7 The likelihood of being an acquirer reaches its maximum for firms with sales growth of around 5%.8 The likelihood of being acquired reaches its maximum for firms with total assets of around Rs 7.3 million.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134968974","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":"Efficiency in Film Distribution","authors":"Yoong-Hon Lee","doi":"10.1080/13571516.2023.2232767","DOIUrl":"https://doi.org/10.1080/13571516.2023.2232767","url":null,"abstract":"Abstract The motion picture industry is indeed a risky sector. The difficulties in predicting success and the sheer amount of production budgets have led to spectacular failures and in some cases even bankruptcies as well. Despite the adverse nature of the industry, there are winners who not only are able to find success but are also capable of doing it consistently. Using data envelopment analysis and finance-related techniques on risk analysis, I compare the performances among a group of major film distributors/studios. I find that one studio, i.e. Disney, consistently operates on the efficient frontier and performed best when it comes to the risk and return analysis. Its strategies are distinct in that it focuses on fewer movies but bigger budgets per movie. It also restricts the genre of movies, with a significant weightage on PG- and PG-13 rated adventure films, with almost all of them, part of serialised franchises.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86087170","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":"Manufacturing Export Performance, Public Capital and Proximity to the Technological Frontier of Countries*","authors":"Rimvie Enoc Kaboré","doi":"10.1080/13571516.2023.2231176","DOIUrl":"https://doi.org/10.1080/13571516.2023.2231176","url":null,"abstract":"Abstract The paper seeks to understand the pattern of manufacturing exports in 35 developed and developing countries and 99 industrial sectors over the period 1999-2013 using a methodological approach that relies on propositions of the neoclassical trade theory. Next to the impact of traditional factors such as the endowment of public capital, we look at the importance of accounting for public capital heterogeneity, by distinguishing countries based on their proximity to the technology frontier. We consider public capital as a non-rival factor, which has a property of “creation of atmosphere” in a model that treats factor intensity as a mechanism of industrial development. We use the system GMM technique to estimate the elasticities of public capital. Our results show that public capital plays a differentiated role in the capacity to export industrial goods depending on whether countries are far or close to the technological frontier.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78207562","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 CEO Characteristics Matter in Product Recalls?","authors":"António Miguel Martins, C. Pires","doi":"10.1080/13571516.2023.2213127","DOIUrl":"https://doi.org/10.1080/13571516.2023.2213127","url":null,"abstract":"Abstract This study examines the effect of CEO characteristics such as gender, age, tenure, functional background, stock ownership, compensation scheme and dual role on the stock market returns of automobile companies, around the announcement of product recalls. Using an event study, for a sample of 2,576 product recalls in the US automobile industry, between January 2010 and June 2021, we observe that the stock market’s reaction to a product recall announcement is negative. However, the impacts on the cumulative abnormal returns around the announcement of product recalls of the company’s CEO being female, the CEO tenure, the CEO having an operations or marketing background, the ratio of CEO long-term compensation to total compensation and the CEO and Chairperson being the same person are all positive and statistically significant, showing that these CEO characteristics mitigate the negative effects on a company’s financial value caused by product recalls.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80271903","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":"Following the Talent in Entrepreneurial Firms","authors":"Steven C. Michael","doi":"10.1080/13571516.2023.2205340","DOIUrl":"https://doi.org/10.1080/13571516.2023.2205340","url":null,"abstract":"Abstract Entrepreneurial firms are often founded by uniquely talented individuals. Given that talent does not always beget talent, succession can be challenging. An analytical model is used to explore dynamic tradeoffs of competence in the choice between an insider and an outsider in the succession of a talented individual. The model is illustrated with an application to family business.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75652548","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":"A Final Report Card on the States’ Response to COVID-19¹","authors":"Phil Kerpen, Stephen Moore, Casey B. Mulligan","doi":"10.1080/13571516.2023.2176636","DOIUrl":"https://doi.org/10.1080/13571516.2023.2176636","url":null,"abstract":"Two and a half years ago COVID-19 spread to the United States. Following the federalism model (New State Ice Co. vs Liebmann; Cheng and Lee 2019 Cheng, Chen, and Christopher Lee. 2019. Laboratories of Democracy: Policy Experimentation under Decentralization. American Economic Journal: Microeconomics 11 (3): 125–154. doi:10.1257/mic.20160257.[Crossref], [Web of Science ®] , [Google Scholar]), the 50 states and their governors and legislators made many of their own pandemic policy choices to mitigate the damage from the virus. States learned from one another over time about what policies worked most and least effectively in terms of containing the virus while minimizing the negative effects of lockdown strategies on businesses and children.This study is an expanded and updated version of an October 2020 report card of how pandemic health, economy, and policy varied across the 50 states and the District of Columbia (Committee to Unleash Prosperity 2020 Committee to Unleash Prosperity. 2020. “Grading Our Governors: A Report Card on Reopening States’ Economies.” https://committeetounleashprosperity.com/wp-content/uploads/2020/10/Governors-Report-Card-Updated1.pdf [Google Scholar]). It examines three variables: health outcomes, economic performance throughout the pandemic, and impact on education. We find no relationship between reduced economic activity during the pandemic and mortality.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136146776","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}