Simulation Results on the Impact of Changes in the Main EU Policy Tools on Farm Investment Behaviour. Factor Markets Working Document No. 56, June 2013

This paper completes the comparative analysis of the investment demand behaviour, of a sample of specialised arable crop farms, for farm buildings and machinery and equipment, as a function of the different types and levels of Common Agricultural Policy support, in selected European Union Member States. This contribution focuses on their quantitative interdependence calculating the relevant elasticity measures. In turn, they constitute the methodological tool to simulate the percentage expected change in average net investment levels associated to the implementation of the, recently proposed and currently under discussion, reductions in the Pillar I Direct Payments disbursed under the Common Agricultural Policy. Evidence suggests a statistically significant elastic and inelastic relationship between both types of subsidies and the investment levels for both asset classes in Germany and Italy, respectively. An elastic dependence of investment in farm buildings on decoupled subsidies exists in Hungary while changes in the level of coupled payments appear to translate into less than proportional changes in the demand for both farm buildings and machinery and equipment in France. Coupled payments appear to influence the UK demand for both asset classes in an elastic manner while decoupled support seems to induce a similar effect on investment in machinery and equipment. Since the currently discussed Common Agricultural Policy reform options imply, almost exclusively, a reduction in the level of support granted through Direct Payments, simulated effects were expected to reveal a worsening of the farm investment prospects for both asset types (i.e., a larger negative investment or a smaller positive one). The actual evidence largely respects this expectation with the sole exception of investment in machinery and equipment in France and Italy reaching smaller negative or larger positive levels irrespectively of the magnitude of the implemented cuts in Direct Payments.

Individual and group level trajectories of behavioural development in Border collies.

In order to assess dogs’ personality changes during ontogeny, a cohort of 69 Border collies was followed up from six to 18–24 months. When the dogs were 6, 12, and 18–24 months old, their owners repeatedly filled in a dog personality questionnaire (DPQ), which yielded five personality factors divided into fifteen facets. All five DPQ factors were highly correlated between the three age classes, indicating that the dogs’ personality remained consistent relative to other individuals. Nonetheless, at the group level significant changes with age were found for four of the five DPQ factors. Fearfulness, Aggression towards People, Responsiveness to Training and Aggression towards Animals increased with age; only Activity/Excitability did not change significantly over time. These changes in DPQ factor scores occurred mainly between the ages of 6 and 12 months, although some facets changed beyond this age. No sex differences were found for any of the tested factors or facets, suggesting that individual variation in personality was greater than male/female differences. There were significant litter effects for the factors Fearfulness, Aggression towards People and Activity/Excitability, indicating either a strong genetic basis for these traits or a high influence of the shared early environment. To conclude, from the age of six months, consistency in personality relative to other individuals can be observed in Border collies. However, at the group level, increases in fearful and aggressive behaviours occur up to 12 months and for some traits up to two years, highlighting the need for early interventions. Follow-up studies are needed to assess trajectories of personality development prior to six months and after two years, and to include a wider variety of breeds.

The Effectiveness of Firms' Strategic Orientations: Investigating Multiple Theoretical Perspectives

The strategic orientation of firms can take on many forms. Researchers most commonly distinguish between entrepreneurial, market, and learning orientations. In combination, strategic orientations represent a firm's value proposition in terms of the markets in which it operates, where it deploys its resources, and which behavioral patterns are established. This thesis provides insights into the effectiveness of strategic orientations by adopting multiple theoretical perspectives. The strategic orientations of entrepreneurial, market, learning, and innovation orientations are investigated in an isolated as well as interrelated manner. The first research article concentrates on entrepreneurial orientation as its conceptualization and operationalization is subject to several debates in the literature. This conceptual study shows how the challenges of the entrepreneurial orientation construct can be overcome in future research to arrive at a higher level of construct clarity. Thereby, the theoretical perspectives of entrepreneurial dominant logic and the theory of planned behavior are employed. The literature has predominantly focused on investigating the effectiveness of particular strategic orientations. Recently, scholars have stressed their synergetic impact on firm performance and, as such, the relevance of considering their combined role in creating superior value for firms. However, empirical research on their interrelatedness remains scant and dispersed, making it necessary to conduct further research on strategic orientations in an integrative manner. As such, the second research article demonstrates which interrelated roles are played by entrepreneurial, market, and learning orientations in their relationship to firm performance. The rich body of existing knowledge is synthesized by means of meta-analysis under the perspective of strategic coalignment as well as the resource-based view of the firm.

The Family’s Financial Support as a “Poisoned Gift”: A Family Embeddedness Perspective on Entrepreneurial Intentions

We argue that greater availability of financial support by the family for creating a new venture entails stronger financial and non-financial obligations. Cognizant of these obligations, potential founders anticipate negative performance implications for the planned firm and threats to the family system in the case of their non-fulfillment. We thus postulate that the formation of actual entrepreneurial intentions is less likely the greater the available financial support. We confirm this by studying a sample of 23,304 respondents from 19 countries and find the negative relationship to be dependent on family cohesion and on individual entrepreneurial self-efficacy.

Putting Up a Big Front: Car Design and Size Affect Road-Crossing Behaviour

Previous research suggests that people tend to see faces in car fronts and that they attribute personality characteristics to car faces. In the present study we investigated whether car design influences pedestrian road-crossing behaviour. An immersive virtual reality environment with a zebra crossing scenario was used to determine a) whether the minimum accepted distance for crossing the street is larger for cars with a dominant appearance than for cars with a friendly appearance and b) whether the speed of dominant-looking cars is overestimated as compared to friendly-looking cars. Participants completed both tasks while either standing on the pavement or on the centre island. We found that people started to cross the road later in front of friendly-looking low-power cars compared to dominant-looking high-power cars, but only if the cars were relatively large in size. For small cars we found no effect of power. The speed of smaller cars was estimated to be higher compared to large cars (size-speed bias). Furthermore, there was an effect of starting position: From the centre island, participants entered the road significantly later (i. e. closer to the approaching car) and left the road later than when starting from the pavement. Similarly, the speed of the cars was estimated significantly lower when standing on the centre island compared to the pavement. To our knowledge, this is the first study to show that car fronts elicit responses on a behavioural level.

Intergenerational Transfer of Family Firm Control: Discount Expectations of Potential Successors

Building on institutional theory and family sociology literature we explore the logics that underlie the formation of transaction price expectations related to the intergenerational transfer of corporate ownership in private family firms. By probing a sample of 3'487 students with family business background from 20 countries we show that next generation family members expect to receive a 56.58% discount in comparison to some nonfamily buyer (i.e. the family discount) when taking over the parent's firm. We also show that the logic underlying the formation of family discount expectations is characterized by parental altruism, filial reciprocity, filial decency and parental inducement. These norms embrace both the family and market logics and accommodate the duties and demands of children and parents in determining a fair transfer price. These findings are important for institutional theory as well as for family business and entrepreneurial exit literatures.

How much and what kind of entrepreneurial orientation is needed for family business continuity?

The present paper examines to what degree the Entrepreneurial Orientation (EO) construct is prolific in explaining business activity of firms with a transgenerational outlook. In particular, we are challenging the fundamental claim by entrepreneurship scholars that the more entrepreneurial a firm is, hence the higher it scores in the five EO dimensions, the more successful it should be in the long-run.

How much Entrepreneurial Orientation (EO) is needed for Long-term Success?

According to the STEP research framework, entrepreneurial orientation (EO) is one key element of transgenerational value creation. EO refers to key entrepreneurial processes in a company, i.e. to the methods, practices and decision-making styles managers use to act entrepreneurially. 3 EO consists of five main dimensions and several sub dimensions. However, there is a puzzle. Many studies suggest that the higher EO, the more successful a company is. But this seems not always to be true. Just think of many of the dot.com firms at the end of the 1990s. Firm members could act very autonomously, the companies were very innovative, took high risks, were very proactive and very aggressive in the market. However, most of them were not able to survive for more than a few years. So how entrepreneurial has a firm to be in order to achieve long-term success?

Seasonal changes in the diel surfacing behaviour of the bimodally respiring turtle Rheodytes leukops

The purpose of this study was to determine whether a relationship existed between the diel surfacing trends of the bimodally respiring freshwater turtle Rheodytes leukops and daily fluctuations in specific biotic and abiotic factors: The, diel surfacing behaviour of adult R. leukops was recorded over four consecutive seasons (Austral autumn 2000 - summer 2001) within Marlborough Creek, central Queensland, Australia, using pressure-sensitive time-depth recorders. Additionally, diurnal variations in water temperature and aquatic Po-2 level, as well as the turtle's behavioural state (i.e., active versus resting), were monitored. In autumn and summer, surfacing frequency increased significantly during the daylight hours, with peak levels normally occurring around dawn (0500-0700) and. dusk (1700-1900). However, no consistent diel surfacing trend was recorded, for the turtles in winter or spring, owing to considerable variation among individual R. leukops. Diurnal surfacing trends recorded for R. leukops in, autumn and summer are attributed to periods of increased activity (possibly associated with foraging) during the daylight hours and not to daily variations in water temperature or aquatic Po-2 level. Turtles generally remained at a depth greater than 1 m throughout the day, where the effect of diel fluctuations in water temperature, (

Strength-ductility behaviour of Al-Si-Cu-Mg casting alloys in T6 temper

A comparative study of the mechanical properties of 20 experimental alloys has been carried out. The effect of different contents of Si, Cu, Mg, Fe and Mn, as well as solidification rate, has been assessed using a strength-ductility chart and a quality index-strength chart developed for the alloys. The charts show that the strength generally increases and the ductility decreases with an increasing content of Cu and Mg. Increased Fe (at Fe/Mn ratio 0.5) dramatically lowers the ductility and strength of low Si alloys. Increased Si content generally increases the strength and the ductility. The increase in ductility with increased Si is particularly significant when the Fe content is high. The charts are used to show that the cracking of second phase particles imposes a limit to the maximum achievable strength by limiting the ductility of strong alloys. The (Cu + Mg) content (at.%), which determines the precipitation strengthening and the volume fraction of Cu-rich and Mg-rich intermetallics, can be used to select the alloys for given strength and ductility, provided the Fe content stays below the Si-dependent critical level for the formation of pre-eutectic alpha-phase particles or beta-phase plates.

Modelling the behaviour of the new issue market

This paper analyses the time series behaviour of the initial public offering (IPO) market using an equilibrium model of demand and supply that incorporates the number of new issues, average underpricing, and general market conditions. Model predictions include the existence of serial correlation in both the number of new issues and the average level of underpricing, as well as interactions between these variables and the impact of general market conditions. The model is tested using 40 years of monthly IPO data. The empirical results are generally consistent with predictions.

Human behaviour modelled as a statistico-deterministic turing machine

'Free will' and its corollary, the concept of individual responsibility are keystones of the justice system. This paper shows that if we accept a physics that disallows time reversal, the concept of 'free will' is undermined by an integrated understanding of the influence of genetics and environment on human behavioural responses. Analysis is undertaken by modelling life as a novel statistico-deterministic version of a Turing machine, i.e. as a series of transitions between states at successive instants of time. Using this model it is proven by induction that the entire course of life is independent of the action of free will. Although determined by prior state, the probability of transitions between states in response to a standard environmental stimulus is not equal to 1 and the transitions may differ quantitatively at the molecular level and qualitatively at the level of the whole organism. Transitions between states correspond to behaviours. It is shown that the behaviour of identical twins (or clones), although determined, would be incompletely predictable and non-identical, creating an illusion of the operation of 'free will'. 'Free will' is a convenient construct for current judicial systems and social control because it allows rationalization of punishment for those whose behaviour falls outside socially defined norms. Indeed, it is conceivable that maintenance of ideas of free will has co-evolved with community morality to reinforce its operation. If the concept is free will is to be maintained it would require revision of our current physical theories.

Explaining variations in the knowledge economy in three small wealthy countries

At a broad level, it has been shown that different institutional contexts, policy regimes and business systems affect the kinds of activities in which a nation specialises. This paper is concerned with the way in which different national business systems affect the nature of participation of a nation in the knowledge economy. The paper seeks to explain cross-national variations in the knowledge economy in the Australia, Denmark and Sweden with reference to dominant characteristics of the business system. Although Australia, Denmark and Sweden are all small wealthy countries, they each have quite distinctive business systems. Australia has been regarded as a variant of the competitive business system and has generally been described as an entrepreneurial economy with a large small firm population. In contrast Sweden has a coordinated business system that has favoured large industrial firms. The Danish variant of the coordinated model, with its well-developed vocational training system, is distinguishable by its large population of networked small and medium size enterprises. The three countries also differ significantly on two dimensions of participation in the knowledge economy. First, there is cross-national variation in patterns of specialisation in knowledge intensive industries and services. Second, the institutional infrastructure of the knowledge economy (or the existing stock of knowledge and competence in the economy, the potential for generation and diffusion a new knowledge and the capacity for commercialisation of new ideas) differs across the three countries. This paper seeks to explain variations in these two dimensions of the knowledge economy with reference to characteristics of the business system in the three countries.

Communication in coral reef fish: the role of ultraviolet colour patterns in damselfish territorial behaviour

Many coral reef fish possess ultraviolet (UV) colour patterns. The behavioural significance of these patterns is poorly understood and experiments on this issue have not been reported for free-living reef fish in their natural environment. The damselfish Pomacentrus amboinensis has UV facial patterns, and spectroradiometric ocular media measurements show that it has the potential for UV vision. To test the potential behavioural significance of the UV patterns, I studied the response of males, in natural territories on the reef and in aquaria, to two conspecific intruders, one presented in a UV-transmitting (UV+) container and the other in a UV-absorbing (UV-) one. Territory owners attacked intruders viewed through UV+ filters significantly more often and for longer than intruders viewed through the UV- filter. In general, the results of the field experiment confirmed those of the laboratory experiment. The results support the hypothesis that P. amboinensis males are sensitive to UV light and that reflectance patterns, which appear in high contrast only in UV, modulate the level of aggressive behaviour. A recent survey showed that many predatory fish may not have UV vision and the use of UV colours in select species of reef fish may therefore serve as a 'private communication channel'. (C) 2004 The Association for the Study of Animal Behaviour. Published by Elsevier Ltd. All rights reserved.

Purchasing behaviour for non-prescription medicines

Background: The non-prescription medicine, market is constantly challenges. With changes to scheduling and market dynamics, a need for current Australian data on medicines purchasing behaviour was identified. Objectives: This survey aimed to report on the purchasing behaviour of non-prescription medicine customers, the medicines bought and influences on medicine sales. Methods: Researchers were stationed in 15 community pharmacies in southeast Queensland during mid-August 2004. Interview and observational data were collected for all eligible medicine purchases -over approximately 35 hours per pharmacy. Results: Data were collected for 3017 medicines purchased by 2583 customers. Most purchases were made by females (65%) and customers aged 26-35 years (25.8%). Pharmacy assistants alone provided advice in 58% of sales. Two thirds of purchases were for self use. In two thirds of cases, customers had a particular brand in mind; this was highly correlated with previous purchases. Pharmacy staff were highly influential in first time purchases. Conclusions: This study reports a high level of involvement and influence of pharmacy staff in medicine selection.