This study evaluates the impact of provision of credit guarantee in Korea at the firm level. The data is assembled from two public funds providing credit guarantees covering the period 2000 to 2003. The sample firms consist of SMEs mainly. To measure the effects of credit guarantee, the...

The paper introduces a dynamic, flexible partial-adjustment model and uses it to analyze the diffusion of Internet connectivity. It specifies and estimates desired levels of Internet diffusion and the speed at which countries achieve the target levels. The target levels and speed of adjustment...

The purpose of this paper is to provide empirical analysis of the two-way causal relationship between some important investment and performance indicators at the firm level, in particular controlling for differences in these relationships between two cohorts of small and middle-sized firms and...

In general there is agreement about the positive impacts of R&D on performance of firms measured as productivity, profitability and growth. However, the opposite relationship is less obvious and very little attention has been paid on examining the feedback from performance on investment. This...

The common approach in empirical capital structure research has been to study the determinants of optimal leverage by studying the association between observed leverage and a set of explanatory variables. This approach has two major shortcomings. First, the observed leverage need not necessarily...

This paper presents a dynamic adjustment model of employment. The model is applied to a panel of ten Zimbabwean manufacturing industries observed over the period 1970-1993. The adjustment process is industry and time specific. The adjustment parameter is specified in terms of factors affecting...

This paper investigates the time-path of efficiency and productivity change in the case of the Romanian cement industry 1966-1989. The analysis is based on different specifications of stochastic frontier models. The efficiency scores and the time paths of efficiency and technical change are...