An Empirical Examination of the Determinants of Foreign Direct Investment: A Firm-Level Analysis for the Colombian Economy

We use a large firm level data set to investigate the determinants of foreign direct investment(FDI) in Colombia. We estimate econometric models for the determinants of the probabilitythat a firm receives FDI, as well as for the factors that help to explain the foreign share in afirm’s capital. The results show that firms listed on the stock market, involved in foreign tradeactivities, and operating in sectors with greater capital intensity are more likely to be recipientsof FDI. Also, the probability of a firm receiving FDI is directly related to its size.

Measuring sustained superior performance at the firm level

This paper proposes a two-dimensional Strategic Performance Measure (SPM) to evaluate the achievement of sustained superior performance. This proposal builds primarily on the fact that, under the strategic management perspective, a firm's prevalent objective is the pursuit of sustained superior performance. Three basic conceptual dimensions stem from this objective: relativity, sign dependence, and dynamism. These are the foundations of the SPM, which carries out a separate evaluation of the attained superior performance and of its sustainability over time. In contrast to existing measures of performance, the SPM provides: (i) a dynamic approach by considering the progress or regress in performance over time, and (ii) a cardinal measurement of performance differences and its changes over time. The paper also proposes an axiomatic framework that a measure of strategic performance should comply with to be theoretically and managerially sound. Finally, an empirical illustration of the Spanish banking sector during 1987-1999 is herein provided by discussing some relevant case

Breaking down the barriers to firm growth in Europe: The fourth EFIGE policy report. Bruegel Blueprint 18, 28 August 2012

Large firms contribute disproportionately to the economic performance of countries: they are more productive, pay higher wages, enjoy higher profits and are more successful in international markets. The differences between European countries in terms of the size of their firms are stark. Firms in Italy and Spain, for example, are on average 40 percent smaller than firms in Germany. The low average firm size translates into a chronic lack of large firms. In Italy and Spain, a mere 5 percent of manufacturing firms have more than 250 employees, compared to a much higher 11 percent in Germany. Understanding the roots of these differences is key to improving the economic performance of Europe’s lagging economies. So why is there so much variation in firm size in different European countries? What are the barriers that keep firms in some countries from growing? And which policies are likely to be most effective in breaking down those barriers? This policy report aims to answer these questions by developing a quantitative model of the seven European countries covered by the EFIGE survey (Austria, France, Germany, Hungary, Italy, Spain and the UK). The EFIGE survey asked 14,444 firms in those countries about their performance, their modes of internationalisation, their staffing decisions, their financing structure, and their competitive environment, among other topics.

Cue combination for 3D location judgements

Cue combination rules have often been applied to the perception of surface shape but not to judgements of object location. Here, we used immersive virtual reality to explore the relationship between different cues to distance. Participants viewed a virtual scene and judged the change in distance of an object presented in two intervals, where the scene changed in size between intervals (by a factor of between 0.25 and 4). We measured thresholds for detecting a change in object distance when there were only 'physical' (stereo and motion parallax) or 'texture-based' cues (independent of the scale of the scene) and used these to predict biases in a distance matching task. Under a range of conditions, in which the viewing distance and position of the tarte relative to other objects was varied, the ration of 'physical' to 'texture-based' thresholds was a good predictor of biases in the distance matching task. The cue combination approach, which successfully accounts for our data, relies on quite different principles from those underlying geometric reconstruction.

The Dubawnt Lake palaeo-ice stream: evidence for dynamic ics sheet behaviour on the Canadian Shield and insights regarding the controls on ice-stream location and vigour

We report evidence for a major ice stream that operated over the northwestern Canadian Shield in the Keewatin Sector of the Laurentide Ice Sheet during the last deglaciation 9000-8200 (uncalibrated) yr BP. It is reconstructed at 450 km in length, 140 km in width, and had an estimated catchment area of 190000 km. Mapping from satellite imagery reveals a suite of bedforms ('flow-set') characterized by a highly convergent onset zone, abrupt lateral margins, and where flow was presumed to have been fastest, a remarkably coherent pattern of mega-scale glacial lineations with lengths approaching 13 km and elongation ratios in excess of 40:1. Spatial variations in bedform elongation within the flow-set match the expected velocity field of a terrestrial ice stream. The flow pattern does not appear to be steered by topography and its location on the hard bedrock of the Canadian Shield is surprising. A soft sedimentary basin may have influenced ice-stream activity by lubricating the bed over the downstream crystalline bedrock, but it is unlikely that it operated over a pervasively deforming till layer. The location of the ice stream challenges the view that they only arise in deep bedrock troughs or over thick deposits of 'soft' fine-grained sediments. We speculate that fast ice flow may have been triggered when a steep ice sheet surface gradient with high driving stresses contacted a proglacial lake. An increase in velocity through calving could have propagated fast ice flow upstream (in the vicinity of the Keewatin Ice Divide) through a series of thermomechanical feedback mechanisms. It exerted a considerable impact on the Laurentide Ice Sheet, forcing the demise of one of the last major ice centres.

Evolution of late glacial ice-marginal lakes on the northwestern Canadian Shield and their influence on the location of the Dubawnt Lake palaeo-ice stream

During deglaciation of the North American Laurentide Ice Sheet large proglacial lakes developed in positions where proglacial drainage was impeded by the ice margin. For some of these lakes, it is known that subsequent drainage had an abrupt and widespread impact on North Atlantic Ocean circulation and climate, but less is known about the impact that the lakes exerted on ice sheet dynamics. This paper reports palaeogeographic reconstructions of the evolution of proglacial lakes during deglaciation across the northwestern Canadian Shield, covering an area in excess of 1,000,000 km(2) as the ice sheet retreated some 600 km. The interactions between proglacial lakes and ice sheet flow are explored, with a particular emphasis on whether the disposition of lakes may have influenced the location of the Dubawnt Lake ice stream. This ice stream falls outside the existing paradigm for ice streams in the Laurentide Ice Sheet because it did not operate over fined-grained till or lie in a topographic trough. Ice margin positions and a digital elevation model are utilised to predict the geometry and depth of proglacial takes impounded at the margin at 30-km increments during deglaciation. Palaeogeographic reconstructions match well with previous independent estimates of lake coverage inferred from field evidence, and results suggest that the development of a deep lake in the Thelon drainage basin may have been influential in initiating the ice stream by inducing calving, drawing down ice and triggering fast ice flow. This is the only location alongside this sector of the ice sheet where large (>3000 km(2)), deep lakes (similar to120 m) are impounded for a significant length of time and exactly matches the location of the ice stream. It is speculated that the commencement of calving at the ice sheet margin may have taken the system beyond a threshold and was sufficient to trigger rapid motion but that once initiated, calving processes and losses were insignificant to the functioning of the ice stream. It is thus concluded that proglacial lakes are likely to have been an important control on ice sheet dynamics during deglaciation of the Laurentide Ice Sheet. (C) 2004 Elsevier B.V. All rights reserved.

Overview: oxidant and particle photochemical processes above a south-east Asian tropical rain forest (the OP3 project); introduction, rationale, location, characteristics and tools

In April–July 2008, intensive measurements were made of atmospheric composition and chemistry in Sabah, Malaysia, as part of the "Oxidant and particle photochemical processes above a South-East Asian tropical rainforest" (OP3) project. Fluxes and concentrations of trace gases and particles were made from and above the rainforest canopy at the Bukit Atur Global Atmosphere Watch station and at the nearby Sabahmas oil palm plantation, using both ground-based and airborne measurements. Here, the measurement and modelling strategies used, the characteristics of the sites and an overview of data obtained are described. Composition measurements show that the rainforest site was not significantly impacted by anthropogenic pollution, and this is confirmed by satellite retrievals of NO2 and HCHO. The dominant modulators of atmospheric chemistry at the rainforest site were therefore emissions of BVOCs and soil emissions of reactive nitrogen oxides. At the observed BVOC:NOx volume mixing ratio (~100 pptv/pptv), current chemical models suggest that daytime maximum OH concentrations should be ca. 105 radicals cm−3, but observed OH concentrations were an order of magnitude greater than this. We confirm, therefore, previous measurements that suggest that an unexplained source of OH must exist above tropical rainforest and we continue to interrogate the data to find explanations for this.

Relating Agulhas leakage to the Agulhas Current retroflection location

The relation between the Agulhas Current retroflection location and the magnitude of Agulhas leakage, the transport of water from the Indian to the Atlantic Ocean, is investigated in a high-resolution numerical ocean model. Sudden eastward retreats of the Agulhas Current retroflection loop are linearly related to the shedding of Agulhas rings, where larger retreats generate larger rings. Using numerical Lagrangian floats a 37 year time series of the magnitude of Agulhas leakage in the model is constructed. The time series exhibits large amounts of variability, both on weekly and annual time scales. A linear relation is found between the magnitude of Agulhas leakage and the location of the Agulhas Current retroflection, both binned to three month averages. In the relation, a more westward location of the Agulhas Current retroflection corresponds to an increased transport from the Indian Ocean to the Atlantic Ocean. When this relation is used in a linear regression and applied to almost 20 years of altimetry data, it yields a best estimate of the mean magnitude of Agulhas leakage of 13.2 Sv. The early retroflection of 2000, when Agulhas leakage was probably halved, can be identified using the regression.

Autopoietic organization of firm: an illustration for the construction industry

Generally poor productivity, delays, low profitability and exceeded budgets are Common problems in modern construction management, however it seems that a basic obstacle lies far deeper in the understanding of a firm's fundamental mission, its existence. The main objective of this paper therefore is to examine the operational living of a construction firm and by doing that to reveal the key problem or the solution for a construction firm - its organization. A firm as a social system in which interactions between its constitutive components (employees) are surordinated to its maintenance (keeping a system alive) is an autopoietic social system. Two domains of external perturbations are uncovered to which a construction firm has to adapt (market driven and project driven perturbations). Constructed conceptual model of an autopoietic organization is based upon two necessary and sufficient operational domains that a firm has to create in order to become an autopoietic, adaptive social system. The first one is a domain of interactions between employees and other operationally external systems, which is representing an idea-generating domain of interactions. The second is employee's autonomous operational domain, which embodies employee's autonomy and individuality and represents a necessary condition for the establishment of an idea-generating domain. Finally, it is recognized that interactions within these four domains keep a construction firm alive.

A Bayesian approach to disease gene location using allelic association

A Bayesian approach to analysing data from family-based association studies is developed. This permits direct assessment of the range of possible values of model parameters, such as the recombination frequency and allelic associations, in the light of the data. In addition, sophisticated comparisons of different models may be handled easily, even when such models are not nested. The methodology is developed in such a way as to allow separate inferences to be made about linkage and association by including theta, the recombination fraction between the marker and disease susceptibility locus under study, explicitly in the model. The method is illustrated by application to a previously published data set. The data analysis raises some interesting issues, notably with regard to the weight of evidence necessary to convince us of linkage between a candidate locus and disease.