This paper explores the relationship between self-declared risk aversion of private investors and their willingness to hold diversified portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of...

Using network approaches to subsidiary theory, this paper investigates the impact on performance of interactions between the factors of autonomy, intra and inter-organizational network relationships. The paper analyzes both direct and indirect interactions between these factors. This study...

The worldwide telecommunications equipment industry has experienced an enormous number of mergers and acquisitions (M&A). This paper examines the innovation determinants of M&A activity and the consequences of M&A on technological potential and innovation performance. We extend the...

We examine firms’ motivation to change their main bank and how this switch affects loans, interest payments, and firm performance. Applying treatment effect analysis to unique firm-bank matched Ukrainian data, we find that larger and more highly leveraged companies are more likely to switch...

This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 Ukrainian rms during the period 2000-2006. Our estimates conrm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of rms operating...

This article analyzes the heterogeneity of firms within industries in regard to their level of technical efficiency. The data is taken from the cost structure census of manufacturing industries in Germany. We estimate the technical efficiency as a firm-specific fixed effect within a translog...

The econometric model described in this paper presents an innovative approach of the firm level data (micro data) usage, compiled from official statistics for the projection of the demand for labour differentiated at the sectoral and/or regional level. The aim of our dynamic model is to...

This paper employs Porter’s diamond model to examine the relationships between a firm’s locational environment, its innovation capabilities, and competitive advantage assessed in terms of various performance indicators. This study implements a structural equation model that is estimated with...

Since the second half of the 1990s, three major financial crises occurred, each with a significant involvement of rating agencies (RAs). Their rather poor performance palpably shows that they did not live up to their promises. RAs have proven to be fallible and overburdened. Given the task to...