The aim of this paper is to study the labor demand in the Italian manufacturing, using firm level data on pharmaceutical industry. The Italian pharmaceutical industry is characterized by the existence of long term labor contracts, and this fact suggests to consider labor as quasi-fixed input. In...

Das Investitionsklima in Deutschland hat sich abgekühlt. Durch die eingetrübten Absatzaussichten der exportorientierten Industrie wird die Investitionsneigung der betroffenen deutschen Unternehmen negativ beeinflusst und durch die seit Jahresanfang 2001 überwiegend verschlechterten...

We study four issues in R&D-productivity dynamics: does R&D Granger cause productivity, is there a lag between R&D and its productivity effects, does the potency of R&D vary in timing and magnitude, and what is the role of R&D spillovers and aggregate shocks. The results suggest that R&D causes...

This paper studies the persistence of innovation and the dynamics of innovation output in Dutch manufacturing using firm data from three waves of the Community Innovation Surveys (CIS), pertaining to the periods 1994-1996, 1996-1998, and 1998-2000. We estimate by maximum likelihood a dynamic...

This paper investigates the contribution of FDI to firms' technical efficiency based on a two-stage empirical method. Using panel data for 674 firms belonging to the Tunisian manufacturing sector and observed over the period 1997-2001, a bootstrap procedure is applied to correct for serial...

The purpose of this paper is to examine how the Solow residual relates to innovation at the firm level. We estimate two kinds of relationships. The first relationship explains innovation output from innovation inputs. The second relationship relates TFP growth to innovation output. We obtain two...

Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to...