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Knowledge transfer from reverse innovation in global value chains: A signaling theory perspective 全球价值链中反向创新的知识转移：信号传递理论视角
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-04 DOI: 10.1016/j.econmod.2024.106883
{"title":"Knowledge transfer from reverse innovation in global value chains: A signaling theory perspective","authors":"","doi":"10.1016/j.econmod.2024.106883","DOIUrl":"10.1016/j.econmod.2024.106883","url":null,"abstract":"<div><p>Reverse innovation, originating in developing countries, is critical to global value chains (GVCs) of multinational corporations (MNCs). However, the impact of knowledge transfer from reverse innovation (KTRI) on MNC returns in the GVCs receives scant attention. Using survey data from 121 subsidiaries in China and applying signaling theory, we examine how knowledge transfer through reverse innovation creates value for the MNCs while inducing perceived adaptation risk, which in turn affects parent company's benefits. We find that KTRI has a positive effect on the perceived value and perceived adaptation risk of reverse innovation. Perceived value increases the benefits to the parent company, while perceived adaptation risk has no significant effect on these benefits. Our study also finds parent company involvement and subsidiary heterogeneity moderate knowledge transfer mechanisms.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142173624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Knowledge-intensive business services and new venture growth: A sub-national analysis based on complexity theory 知识密集型商业服务与新创企业的成长：基于复杂性理论的次国家分析
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-09-02 DOI: 10.1016/j.econmod.2024.106884
{"title":"Knowledge-intensive business services and new venture growth: A sub-national analysis based on complexity theory","authors":"","doi":"10.1016/j.econmod.2024.106884","DOIUrl":"10.1016/j.econmod.2024.106884","url":null,"abstract":"<div><p>The significance of economic complexity in fostering extensive entrepreneurship is increasingly recognized. However, previous research has largely overlooked how economic complexity impacts intensive entrepreneurship, particularly the role of knowledge-intensive business services (KIBS) in this process. This study addresses this gap by analyzing over 12,000 observations from all 47 regions of Japan between 2006 and 2017. Our findings reveal that KIBS complexity significantly promotes new venture growth through three key mechanisms: improved financial access, enhanced professional services, and increased innovation opportunities. Furthermore, we find that the positive effects of KIBS complexity are especially strong in industries with high complexity and in urbanized regions. This study makes several contributions: it refines the analysis of economic complexity to the sub-national level, introduces a micro-level perspective to the literature on economic complexity, and connects KIBS with the intensive margin of entrepreneurship through the complexity lens.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142149789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sustainable economics and finance: Is the sky bluer than before? 可持续经济与金融：天空是否比以前更蓝？
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2024-08-30 DOI: 10.1016/j.econmod.2024.106875
Sabri Boubaker
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引用次数: 0
Understanding dynamic return connectedness and portfolio strategies among international sustainable exchange-traded funds 了解国际可持续交易所交易基金的动态回报关联性和投资组合策略
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-30 DOI: 10.1016/j.econmod.2024.106864
{"title":"Understanding dynamic return connectedness and portfolio strategies among international sustainable exchange-traded funds","authors":"","doi":"10.1016/j.econmod.2024.106864","DOIUrl":"10.1016/j.econmod.2024.106864","url":null,"abstract":"<div><p>The rapid growth of sustainable investing has led to the global expansion of environmental, social, and governance (ESG) investment products. Existing literature on sustainable investing focuses primarily on corporate social responsibility theory and risk assessment, with relatively little research on ESG investment value and portfolio strategies. Using data from six worldwide ESG exchange-traded funds (ETFs) between 2020 and 2023, we examine return connectedness and portfolio performance by employing a time-varying parameter vector autoregressive (TVP-VAR) and portfolio approaches. The findings reveal that European ETF plays a dominant role in the worldwide ESG system due to the market size and market maturity. Specifically, the European ETF can substantially reduce portfolio volatility. Moreover, the results show that minimum variance and risk-parity portfolios outperform the other portfolio strategies during periods of geopolitical turmoil. These results provide valuable insights for improving the resilience of ESG markets and enhancing sustainable investment strategies.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0264999324002219/pdfft?md5=80c20ab36cfd42cd045710152fcb4ce9&pid=1-s2.0-S0264999324002219-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142128986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effect of minimum wages on self-reported physical and mental health in China 中国最低工资对自我报告身心健康的影响
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-30 DOI: 10.1016/j.econmod.2024.106865
{"title":"The effect of minimum wages on self-reported physical and mental health in China","authors":"","doi":"10.1016/j.econmod.2024.106865","DOIUrl":"10.1016/j.econmod.2024.106865","url":null,"abstract":"<div><p>We exploit provincial variation in minimum wages allowed by the 2004 Chinese regulation to study the impact of minimum wages on the health of workers. We use data from Wave 1 of the World Health Organization's Study on Global Aging and Adult Health (SAGE) conducted in 2007–2010. We consider measures of self-reported health in ten domains and a measure of general health obtained from a factor analysis as dependent variables when estimating ordered probit models and linear models, respectively. We find that real minimum wages have a small, but not negligible, negative effect on most of the health outcomes and general health. The result is robust to several controls, including reporting heterogeneity. The negative effect on health is driven by the deterioration of working conditions, due to the increase in the number of days worked per week for public and private employees.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Disentangling demand and supply inflation shocks from electronic payments data 从电子支付数据中析出需求和供应对通货膨胀的冲击
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-28 DOI: 10.1016/j.econmod.2024.106871
{"title":"Disentangling demand and supply inflation shocks from electronic payments data","authors":"","doi":"10.1016/j.econmod.2024.106871","DOIUrl":"10.1016/j.econmod.2024.106871","url":null,"abstract":"<div><p>We propose a novel way to track inflation dynamics by identifying supply and demand shocks at a highly disaggregated level using electronic payments data. We estimate SVAR models and group historical decompositions at the product level into categories of the CPI. Our approach differs from others by explicitly estimating the shocks and retrieving their time-series dynamics. This information is valuable for monetary policy design, as it allows us to assess: (i) the type of shock driving any inflation category, (ii) whether shocks are generalized or driven by large shocks to specific items, and (iii) how the shocks evolve over time. An application to Chile suggests three distinct phases of inflation dynamics since COVID-19. In 2020, negative supply and demand shocks nearly offset each other. In 2021, demand shocks were boosted by massive liquidity injections. In 2022, global supply shocks introduced additional pressures on top of already elevated inflation.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142117727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Household spending diversity, aggregation, and the value of product variety 家庭支出的多样性、总量和产品种类的价值
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-28 DOI: 10.1016/j.econmod.2024.106857
{"title":"Household spending diversity, aggregation, and the value of product variety","authors":"","doi":"10.1016/j.econmod.2024.106857","DOIUrl":"10.1016/j.econmod.2024.106857","url":null,"abstract":"<div><p>This paper studies the diversity of household consumption spending, i.e. how widely households distribute their spending across different types of goods. Using detailed UK expenditure data (1990–2015), we show that the diversity of household spending rises in income up to a certain level and then declines as richer households increasingly concentrate their spending on specific expenditure categories. As these categories differ across households, spending diversity on the aggregate level can keep rising in income while spending diversity on the household level falls. We build a model with heterogeneous nonhomothetic preferences that can explain the observed patterns, highlighting the role of aggregation. Our model shows that ignoring preference heterogeneity and assuming representative households leads to a (potentially very large) underestimation of the value of product variety. Estimating the welfare effects of trade or innovation policies therefore requires to appropriately account for the empirically observed heterogeneity and nonhomotheticity of preferences.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0264999324002141/pdfft?md5=367c2b76d9c227e4b89b978df7d9b207&pid=1-s2.0-S0264999324002141-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142162517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do corporate managers glean information from their stock prices? New evidence from China's strategic emerging industries 企业管理者会从股价中获取信息吗？来自中国战略性新兴产业的新证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-27 DOI: 10.1016/j.econmod.2024.106874
{"title":"Do corporate managers glean information from their stock prices? New evidence from China's strategic emerging industries","authors":"","doi":"10.1016/j.econmod.2024.106874","DOIUrl":"10.1016/j.econmod.2024.106874","url":null,"abstract":"<div><p>Strategic emerging industries (SEIs) have become the pillar industries in China. However, prior studies argue that the Chinese stock market fails to adequately support the development of SEIs by primarily considering its financing function while ignoring its market feedback role. Based on data from 2007 to 2020, our study fills this gap by examining whether managers of Chinese SEI firms glean information from stock prices to guide their investment decisions. We find a significantly positive relationship between stock price informativeness (proxied by the volume-synchronized probability of informed trading) and investment-to-price sensitivity in the SEI firms only, indicating that managers of the SEI firms exhibit prominent learning behaviors. We further reveal that high growth prospects and high sensitivity of corporate fundamentals to macroeconomic factors contribute to the learning behaviors in China's SEIs. Our study sheds light on the role of the Chinese stock market in supporting the SEIs' evolution.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142117781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Disclosure policies in all-pay auctions with affiliated values 有关联价值的全付费拍卖中的披露政策
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-26 DOI: 10.1016/j.econmod.2024.106870
{"title":"Disclosure policies in all-pay auctions with affiliated values","authors":"","doi":"10.1016/j.econmod.2024.106870","DOIUrl":"10.1016/j.econmod.2024.106870","url":null,"abstract":"<div><p>We consider all-pay auctions with private and affiliated binary values. The organizer commits ex ante to fully disclosing or concealing bidders’ valuations. We examine the effects of full disclosure on bidders’ welfare and the organizer’s revenue (i.e., expected aggregate bid). We find that full disclosure, as opposed to full concealment, always yields a higher welfare for bidders. On the other hand, full concealment yields a higher revenue if the affiliation in bidders’ valuations is low or if there are only two bidders. Conversely, if the affiliation is high and there are sufficiently many bidders, full disclosure tends to increase revenue.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142117782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intergenerational income mobility and returns to education in Southern Brazil 巴西南部代际收入流动与教育回报
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2024-08-26 DOI: 10.1016/j.econmod.2024.106862
{"title":"Intergenerational income mobility and returns to education in Southern Brazil","authors":"","doi":"10.1016/j.econmod.2024.106862","DOIUrl":"10.1016/j.econmod.2024.106862","url":null,"abstract":"<div><p>This study analyzes intergenerational income mobility in Southern Brazil. Previous research has demonstrated that Brazil continues to be one of the least mobile countries in the world; however, the country has experienced strong socioeconomic advances in recent decades that may have affected mobility. The use of data from the 1982 birth cohort in the city of Pelotas, in the extreme south of Brazil, makes this one of the first studies to estimate mobility using direct observations of parental and filial income in Brazil. Using various estimation techniques, the results reveal relatively high income mobility compared with past Brazilian standards. Mobility is higher for nonwhites, extremely similar across genders, and higher among the poor. The findings indicate that increased government investment in education and reduced returns to education in recent decades are possible channels.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142117780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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