Technological diversification and new innovators in European regions:evidence from patent data

This paper assesses the impact of regional technological diversification on the emergence of new innovators across EU regions. Integrating analyses from regional economics, economic geography and technological change literatures, we explore the role that the regional embeddedness of actors characterised by diverse technological competencies may have in fostering novel and sustained interactions leading to new technological combinations. In particular, we test whether greater technological diversification improve regional ‘combinatorial’ opportunities leading to the emergence of new innovators. The analysis is based on panel data obtained merging regional economic data from Eurostat and patent data from the CRIOS-PATSTAT database over the period 1997–2006, covering 178 regions across 10 EU Countries. Accounting for different measures of economic and innovative activity at the NUTS2 level, our findings suggest that the regional co-location of diverse technological competencies contributes to the entry of new innovators, thereby shaping technological change and industry dynamics. Thus, this paper brings to the fore a better understanding of the relationship between regional diversity and technological change.

Challenging market conventions:supermarket diversification and consumer resistance in children's apparel purchases

Purpose – In the UK, while fashion apparel purchasing is available to the majority of consumers, the main supermarkets seem – rather against the odds and market conventions – to have created a new, socially-acceptable and legitimate, apparel market offer for young children. This study aims to explore parental purchasing decisions on apparel for young children (below ten years old) focusing on supermarket diversification into apparel and consumer resistance against other traditional brands. Design/methodology/approach – Data collection adopted a qualitative research mode: using semi-structured interviews in two locations (Cornwall Please correct and check againand Glasgow), each with a Tesco and ASDA located outside towns. A total of 59 parents participated in the study. Interviews took place in the stores, with parents seen buying children fashion apparel. Findings – The findings suggest that decisions are based not only on functionality (e.g. convenience, value for money, refund policy), but also on intuitive factors (e.g. style, image, quality) as well as broader processes of consumption from parental boundary setting (e.g. curbing premature adultness). Positive consumer resistance is leading to a re-drawing of the cultural boundaries of fashion. In some cases, concerns are expressed regarding items that seem too adult-like or otherwise not as children's apparel should be. Practical implications – The paper highlights the increasing importance of browsing as a modern choice practice (e.g. planned impulse buying, sanctuary of social activity). Particular attention is given to explaining why consumers positively resist buying from traditional label providers and voluntarily choose supermarket clothing ranges without any concerns over their children wearing such garments. Originality/value – The paper shows that supermarket shopping for children's apparel is now firmly part of UK consumption habits and choice. The findings provide theoretical insights into the significance of challenging market conventions, parental cultural boundary setting and positive resistance behaviour.

The influence of diversification and market structure on the R&D intensity of large Australian firms

This article empirically investigates the determinants of R&D intensity for large Australian firms (1994–1997). The results indicate that more focused firms have higher R&D intensities and that lower levels of industry competition are associated with lower R&D intensities.

The external dimension of EU justice and home affairs after the Lisbon Treaty::analysing the dynamics of expansion and diversification

The article introduces a research framework for analysing the external dimension of EU Justice and Home Affairs after the Lisbon Treaty. The dynamics of expansion and diversification, discernable for both the EU policy-making and the scholarly work dedicated to it, are at the centre of the article and constitute a common reference point for the present Special Issue. These dynamics have been triggered through deliberate decisions of involved policy-makers as well as through unintended spillover effects from other policy areas and/or decisions. The article also engages with the theoretically informed literature on the subject, which struggles with the definition of what this dimension actually constitutes, as well as how to best capture the practices of this field.We take stock of the scholarly debates by comparing the diverse approaches and discussing how much they complement each other and/or present different dimensions of a single ‘policy universe’.

Biztosítók kockázatdiverzifikációja (Risk diversification of insurers)

A biztosítók működését általában több homogén részállományból összetevődő heterogén biztosítási állomány jellemzi. A részállományok alkotta biztosítási portfólió esetében a kockázatdiverzifikáció vizsgálható a teljes állományra, illetve a részállományokra összesített kockázatok különbségeként, és elemezhető a kockázat és hozam kapcsolata alapján is. A biztosítók működésének főbb sajátosságait tartalmazó modellben azt mutatjuk meg, hogy a biztosítási portfólió esetében tapasztalható kockázatdiverzifikációs hatások milyen mértékben hasonlítanak a klasszikusnak számító, befektetésekkel foglalkozó Markowitz-féle portfólióelmélet által leírtakra. Modellünk alapján megállapítható: számos hasonlóságon túl a biztosító működési sajátosságai következtében a hatékony biztosítási portfóliók, illetve az optimális befektetési arányok meghatározása egyedi tulajdonságokkal jellemezhető. / === / Insurance is generally characterized by a heterogeneous insurance population made up of several (homogeneous) sub-populations. Risk diversification in the "insurance portfolio" containing these sub-populations can appear as a difference between the risk of the total population and the sum of the risks of the separate sub-populations, and it can also be analysed based on the relation of risk and return. Examining these aspects of risk diversification with a model covering the main features of insurance activity, the study analyses how far the risk diversification effects of the insurance portfolio resemble the results of classical Markowitz portfolio theory. Based on the results from the study's theoretical model, it appears that alongside several similarities, there are some individual features in the determination of "efficient insurance portfolios" and optimal investment weights.

Assessing the impact of business group diversification on the internationalization of their affiliates: The case of Latin American firms

This dissertation explored the capacity of business group diversification to generate value to their affiliates in an institutional environment characterized by the adoption of structural pro-market reforms. In particular, the three empirical essays explored the impact of business group diversification on the internationalization process of their affiliates. ^ The first essay examined the direct effect of business group diversification on firm performance and its moderating effect on the multinationality-performance relationship. It further explored whether such moderating effect varies depending upon whether the focal affiliate is a manufacturing or service firm. The findings suggested that the benefits of business group diversification on firm performance have a threshold, that those benefits are significant at earlier stages of internationalization and that these benefits are stronger for service firms. ^ The second essay studied the capacity of business group diversification to ameliorate the negative effects of the added complexity faced by its affiliates when they internationalized. The essay explored this capacity in different dimensions of international complexity. The results indicated that business group diversification effectively ameliorated the effects of the added international complexity. This positive effect is stronger in the institutional voids rather than the societal complexity dimension. In the former dimension, diversified business groups can use both their non-market resources and previous experience to ameliorate the effects of complexity on firm performance. ^ The last essay explored whether the benefits of business group diversification on the scope-performance relationship varies depending on the level of development of the network of subsidiaries and the region of operation of the focal firm. The results suggested that the benefits of business group diversification are location bound within the region but that they are not related to the level of development of the targeted countries. ^ The three essays use longitudinal analyses on a sample of Latin American firms to test the hypotheses. While the first essay used multilevel models and fix effects models, the last two essays used exclusively fix effects models to assess the impact of business group diversification. In conclusion, this dissertation aimed to explain the capacity of business group diversification to generate value under conditions of institutional change.^

Essays on risk aversion, diversification and non -participation

My dissertation consists of three essays. The central theme of these essays is the psychological factors and biases that affect the portfolio allocation decision. The first essay entitled, “Are women more risk-averse than men?” examines the gender difference in risk aversion as revealed by actual investment choices. Using a sample that controls for biases in the level of education and finance knowledge, there is evidence that when individuals have the same level of education, irrespective of their knowledge of finance, women are no more risk-averse than their male counterparts. However, the gender-risk aversion relation is also a function of age, income, wealth, marital status, race/ethnicity and the number of children in the household. The second essay entitled, “Can diversification be learned ?” investigates if investors who have superior investment knowledge are more likely to actively seek diversification benefits and are less prone to allocation biases. Results of cross-sectional analyses suggest that knowledge of finance increases the likelihood that an investor will efficiently allocate his direct investments across the major asset classes; invest in foreign assets; and hold a diversified equity portfolio. However, there is no evidence that investors who are more financially sophisticated make superior allocation decisions in their retirement savings. The final essay entitled, “The demographics of non-participation ”, examines the factors that affect the decision not to hold stocks. The results of probit regression models indicate that when individuals are highly educated, the decision to not participate in the stock market is less related to demographic factors. In particular, when individuals have attained at least a college degree and have advanced knowledge of finance, they are significantly more likely to invest in equities either directly or indirectly through mutual funds or their retirement savings. There is also evidence that the decision not to hold stocks is motivated by short-term market expectations and the most recent investment experience. The findings of these essays should increase the body of research that seeks to reconcile what investors actually do (positive theory) with what traditional theories of finance predict that investors should do (normative theory).

Regional diversification and performance: Conceptualization and competing strategic objectives

This dissertation comprised of three essays provides justification for the need to pursue research on multinationality and performance with a more fine-grained approach. Essay one is a conceptual response to an article written by Jean-Francois Hennart in 2011 which questions the need and approach toward future research in this domain. I argue that internalization theory does not render multinationality and performance research meaningless and identify key areas where methodological enhancements can be made to strengthen our research findings with regard to Hennart's call for more content validity. Essay two responds to the need for more-fine grained research on the consequences of multinationality by introducing non-traditional measures of performance such as social and environmental performance and adopting a more theoretically relevant construct of regionalization to capture international diversification levels of the firm. Using data from the world's largest 600 firms (based on sales) derived from Bloomberg and the Directory of Corporate Affiliates; I employ general estimating equation analysis to account for the auto-correlated nature of the panel data alongside multivariate regression techniques. Results indicate that regionalization has a positive relationship with economic performance while it has a negative relationship with environmental and social performance outcomes, often referred to as the "Triple Bottom-Line" performance. Essay three builds upon the work in the previous essays by linking the aforementioned performance variables and sample to corporate reputation which has been shown to be a beneficial strategic asset. Using Structural Equation Modeling I explore economic, environmental and social signals as mediators on relationship between regionalization and firm reputation. Results indicate that these variables partially mediate a positive relationship between regionalization and firm reputation. While regionalization positively affects the reputation building signal of economic performance, it aids in reputation building by reducing environmental and social disclosure effects which interestingly impact reputation negatively. In conclusion, the dissertation submits opportunities for future research and contributes to research by demonstrating that regionalization affects performance, but the effect varies in accordance with the performance criterion and context. In some cases, regional diversification may produce competing or conflicting outcomes among the potential strategic objectives of the firm.

Essays on Risk Aversion, Diversification and Non-Participation

My dissertation consists of three essays. The central theme of these essays is the psychological factors and biases that affect the portfolio allocation decision. The first essay entitled, “Are women more risk-averse than men?” examines the gender difference in risk aversion as revealed by actual investment choices. Using a sample that controls for biases in the level of education and finance knowledge, there is evidence that when individuals have the same level of education, irrespective of their knowledge of finance, women are no more risk-averse than their male counterparts. However, the gender-risk aversion relation is also a function of age, income, wealth, marital status, race/ethnicity and the number of children in the household. The second essay entitled, “Can diversification be learned?” investigates if investors who have superior investment knowledge are more likely to actively seek diversification benefits and are less prone to allocation biases. Results of cross-sectional analyses suggest that knowledge of finance increases the likelihood that an investor will efficiently allocate his direct investments across the major asset classes; invest in foreign assets; and hold a diversified equity portfolio. However, there is no evidence that investors who are more financially sophisticated make superior allocation decisions in their retirement savings. The final essay entitled, “The demographics of non-participation”, examines the factors that affect the decision not to hold stocks. The results of probit regression models indicate that when individuals are highly educated, the decision to not participate in the stock market is less related to demographic factors. In particular, when individuals have attained at least a college degree and have advanced knowledge of finance, they are significantly more likely to invest in equities either directly or indirectly through mutual funds or their retirement savings. There is also evidence that the decision not to hold stocks is motivated by short-term market expectations and the most recent investment experience. The findings of these essays should increase the body of research that seeks to reconcile what investors actually do (positive theory) with what traditional theories of finance predict that investors should do (normative theory).

Évolution des aptitudes physiques et motrices d’élèves-athlètes inscrits dans un programme de spécialisation sportive et d’élèves-athlètes inscrits dans un programme de diversification sportive.

Résumé : L’entrainement sportif est « un processus de perfectionnement de l’athlète dirigé selon des principes scientifiques et qui, par des influences planifiées et systématiques (charges) sur la capacité de performance, vise à mener le sportif vers des performances élevées et supérieures dans un sport ou une discipline sportive » (Harre, 1982). Un entrainement sportif approprié devrait commencer dès l’enfance. Ainsi, le jeune sportif pourrait progressivement et systématiquement développer son corps et son esprit afin d’atteindre l’excellence sportive (Bompa, 2000; Weineck, 1997). Or plusieurs entraineurs, dans leur tentative de parvenir à des résultats de haut niveau rapidement, exposent les jeunes athlètes à une formation sportive très spécifique et rigoureuse, sans prendre le temps de développer convenablement les aptitudes physiques et motrices et les habiletés motrices fondamentales sous-jacentes aux habiletés sportives spécifiques (Bompa, 2000), d’où l’appellation « spécialisation hâtive ». Afin de contrer les conséquences néfastes de la spécialisation hâtive, de nouvelles approches d’entrainement ont été proposées. Une des façons d’y arriver consisterait notamment à pratiquer différents sports en bas âge (Fraser-Thomas, Côté et Deakin, 2008; Gould et Carson, 2004; Judge et Gilreath, 2009; LeBlanc et Dickson, 1997; Mostafavifar, Best et Myer, 2013), d’où l’appellation « diversification sportive ». Plusieurs organisations sportives et professionnelles ont décidé de valoriser et de mettre en place des programmes basés sur la diversification sportive (Kaleth et Mikesky, 2010). C’est donc à la suite d’une prise de conscience des effets néfastes de la spécialisation hâtive que des professionnels de l’activité physique d’une école secondaire du Québec (éducateur physique, kinésiologue et agent de développement sportif) ont mis en place un programme multisports-études novateur au premier cycle du secondaire, inspiré des sciences du sport et des lignes directrices du modèle de développement à long terme de l’athlète (DLTA) (Balyi, Cardinal, Higgs, Norris et Way, 2005). Le présent projet de recherche porte sur le développement des aptitudes physiques et motrices chez de jeunes sportifs inscrits à un programme de spécialisation sportive et de jeunes sportifs inscrits à un programme de diversification sportive à l’étape « S’entrainer à s’entrainer » (12 à 16 ans) du modèle de développement à long terme de l’athlète (Balyi et al., 2005). L’objectif principal de cette étude est de rendre compte de l’évolution des aptitudes physiques et motrices de jeunes élèves-athlètes inscrits, d’une part, à un programme sport-études soccer (spécialisation) et, d’autre part, à un programme multisports-études (diversification). Plus spécifiquement, cette étude tente de (a) dresser un portrait détaillé de l’évolution des aptitudes physiques et motrices des élèves-athlètes de chaque programme et de faire un parallèle avec la planification annuelle de chaque programme sportif et (b) de rendre compte des différences d’aptitudes physiques et motrices observées entre les deux programmes. Le projet de recherche a été réalisé dans une école secondaire de la province de Québec. Au total, 53 élèves-athlètes de première secondaire ont été retenus pour le projet de recherche selon leur volonté de participer à l’étude, soit 23 élèves-athlètes de première secondaire inscrits au programme sport-études soccer et 30 élèves-athlètes de première secondaire inscrits au programme multisports-études. Les élèves-athlètes étaient tous âgés de 11 à 13 ans. Treize épreuves standardisées d’aptitudes physiques et motrices ont été administrées aux élèves-athlètes des deux programmes sportifs en début, en milieu et en fin d’année scolaire. Le traitement des données s’est effectué à l’aide de statistiques descriptives et d’une analyse de variance à mesures répétées. Les résultats révèlent que (a) l’ensemble des aptitudes physiques et motrices des élèves-athlètes des deux programmes sportifs se sont améliorées au cours de l’année scolaire, (b) il est relativement facile de faire un parallèle entre l’évolution des aptitudes physiques et motrices des élèves-athlètes et la planification annuelle de chaque programme sportif, (c) les élèves-athlètes du programme multisports-études ont, en général, des performances semblables à celles des élèves-athlètes du programme sport-études soccer et (d) les élèves-athlètes du programme sport-études soccer ont, au cours de l’année scolaire, amélioré davantage leur endurance cardiorespiratoire, alors que ceux du programme multisports-études ont amélioré davantage (a) leur vitesse segmentaire des bras, (b) leur agilité à l’épreuve de course en cercle et (c) leur puissance musculaire des membres inférieurs, confirmant ainsi que les aptitudes physiques et motrices développées chez de jeunes athlètes qui se spécialisent tôt sont plutôt spécifiques au sport pratiqué (Balyi et al., 2005; Bompa, 1999; Cloes, Delfosse, Ledent et Piéron, 1994; Mattson et Richards, 2010), alors que celles développées à travers la diversification sportive sont davantage diversifiées (Coakley, 2010; Gould et Carson, 2004; White et Oatman, 2009). Ces résultats peuvent s’expliquer par (a) la spécificité ou la diversité des tâches proposées durant les séances d’entrainement, (b) le temps consacré à chacune de ces tâches et (c) les exigences reliées à la pratique du soccer comparativement aux exigences reliées à la pratique de plusieurs disciplines sportives. Toutefois, les résultats obtenus restent complexes à interpréter en raison de différents biais : (a) la maturation physique, (b) le nombre d’heures d’entrainement effectué au cours de l’année scolaire précédente, (c) le nombre d’heures d’entrainement offert par les deux programmes sportifs à l’étude et (d) les activités physiques et sportives pratiquées à l’extérieur de l’école. De plus, cette étude ne permet pas d’évaluer la qualité des interventions et des exercices proposés lors des entrainements ni la motivation des élèves-athlètes à prendre part aux séances d’entrainement ou aux épreuves physiques et motrices. Finalement, il serait intéressant de reprendre la présente étude auprès de disciplines sportives différentes et de mettre en évidence les contributions particulières de chaque discipline sportive sur le développement des aptitudes physiques et motrices de jeunes athlètes.

Création de modèles multi-indices et impact sur l'efficacité du processus de diversification

La plus grande partie de la corrélation entre les rendements des titres individuels est bien entendu expliquée par le marché. Cependant, les chercheurs s'entendent aujourd'hui pour dire qu'il existe des sources de covariation importante en dehors du marché. Ces sources de covariation ont souvent été décrites comme des effets d'industries (Benjamin King); plus généralement, on parlera ici d'effets de groupes. On parlera d'effets de groupes pour signifier que, s'il est vrai que les titres peuvent se regrouper d'après leur covariation, nette de l'effet du marché, ils ne se regroupent pour autant pas forcément d'après la classe d'industrie dans laquelle ils sont rangés…

Understanding import diversification: an empirical analysis

This paper analyzes import diversification in an aggregated perspective -- Using a dataset for 60 countries covering the period 1995-2010, we study the main determinants of import diversification -- We expect to contribute to the current literature, taking into account that there have been few empirical studies addressing import diversification and more specifically, at the cross-country level -- We take into account variables classified into four categories: Structural factors, macroeconomic factors, international trade factors and political factors -- We find robust evidence that total factor productivity (TFP), capital stock, real Exchange rates and terms of trade are key drivers of import diversification -- On the other hand, domestic consumption and trade openness exert an effect leading to import concentration -- We interpret this finding, taking into account the theoretical framework provided by the international trade and growth theories