business risk. Business risk is measured as variability in revenue, customer base, informal payments, and temporary firm … closure. The results show lower levels of business risk among certified firms, especially for firms in the middle deciles of … the risk distribution. Certification also correlates negatively with risk-reduction for technologically advanced firms, as …

. The second chapter provides a theory of offshoring under imitation risk that explains optimal dynamic adjustments of firms … estimate knowledge spillovers through outsourcing relationships between German firms, measured by the number of those firms …

to meet their financial obligations. It is based on classical financial-statement approach, a direct inclusion of risk …