Does affiliation with a business group enhance a firm's performance? What is the potential effect of this affiliation especially in declining economic periods? The literature provides contradictory results on this proposition. In this study, the authors explore the role of business group...

This paper examines the impact of foreign and domestic acquisitions on firm-level financial risk in Italy and Spain over the period 2002-2010. Our results indicate that foreign acquisition leads to a significant and steady reduction in financial risk. In contrast, the domestic acquisition...

The aim of this study is to undertake an up-to-date assessment of market power in Central and Eastern European banking markets and explore how the global financial crisis has affected market power and what has been the impact of foreign ownership. Three main results emerge. First, while there is...

The aim of this study is to undertake an up-to-date assessment of market power in Central and Eastern European banking markets and explore how the global financial crisis has affected market power and what has been the impact of foreign ownership. Three main results emerge. First, while there is...

This paper investigates the presence of political budget cycles (PBCs) in the European Union using data from all 27 member states over the period 1997–2008, and explores their variability across countries and over time. Three basic results emerge: First, incumbent governments across the EU...

This paper investigates how the timing of elections and government ideological motivations influence the dynamics of social and military expenditure in a panel of 22 OECD countries over the period 1988-2008. Three basic results emerge: First, governments tend to bias outlays towards social...

This paper examines the impact of financial stress on labour productivity in two broad sectors: production and market services. The results indicate that, while both sectors are affected by financial stress, the channels through which this happens differ.

This paper examines the presence of political cycles in a small open economy using data from Cyprus over the period 1978–2006, and explores their conditionality upon external economic constraints, such as globalization and European integration. Two basic results emerge. First, we find evidence...

How do the effects of financial constraints on innovation performance vary by sector and firm characteristics? This paper uses innovation survey data from eleven European countries to examine the heterogeneity of these effects. So far, there has been a lack of cross-country micro-level studies...

The aim of this paper is to investigate the role interlocking directorships play in the patenting activities of UK companies and provide further insights into the channels through which this relationship emerges. Our empirical analysis produces three main results: first, interlocking leads to a...