Varieties of capitalism and investments in human capital

This paper explores the relationship between national institutional archetypes and investments in training and development. A recent trend within the literature on comparative capitalism has been to explore the nature and extent of heterogeneity within the coordinated market economies (CMEs) of Europe. Based on a review of the existing comparative literature on training and development, and comparative firm-level survey evidence of differences in training and development practices, we both support and critique existing country clusters and argue for a more nuanced and flexible categorization.

Outward investments and productivity: evidence from European regions

Outward investments and productivity: evidence from European regions, Regional Studies. Using a novel data set on international investment projects, this paper builds measures of outward foreign direct investments (FDIs) for 262 regions of the European Union. This allows as estimation to be made of regressions of productivity growth over the 2007–11 period as a function of the number of FDIs. The number of outward FDIs in manufacturing activities is negatively associated with productivity growth in the home region, but investments in sales, distribution and marketing are associated with a boost in local productivity. This is driven especially by investments towards non-European Union locations. This evidence qualifies the fear of hollowing-out as a consequence of outward investments

Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk.

The impact of outward investments on parent company's employment and skill composition

This paper investigates the impact of outward foreign direct investment (FDI) by Italian multinationals on their total employment and skill composition. Specifically, by comparing data on 108 Italian manufacturing firms that became multinational (for the first time) in the period 1998–2004 with a counterfactual group of 2500 national firms that remained national in the same period, we provide descriptive and econometric evidence that the internationalisation of production activities did not reduce domestic employment in the parent companies neither for investments in developed or developing countries. As far as the skill composition is concerned, results reveal that only firms investing in Central and Eastern European countries experience some skill upgrading relative to firms that remained national.

Unions and tangible investments: a review and new evidence in France

A number of conflicting theoretical hypotheses have been advanced regarding the impact of unions on investment behaviour. The net impact of unions on investment is thus an empirical issue. In this article, the available empirical literature is reviewed. In addition, new evidence of the impact of unions on investment is presented using French data. In contrast to previous studies, both aggregate and disaggregate measures of union activity are used. The results indicate that French unions, in general, have not had a negative impact on investment behaviour. However, there is some evidence that the more militant unions have a negative impact on investment.

The effect of store name investments on perceived store quality

This study is about store names as brand signals. It focuses on the effects of store name investments on store name credibility and perceived store quality. Using the theoretical framework of Erdem and Swait (1998), hypotheses are developed vis-à-vis the effects of store name investments on consumers’ perceived store quality. The proposed hypotheses are empirically tested on data collected from a sample of students. The study is part of a project that looks at how store name and brand name credibility affect consumers’ expected utility.

The propagation of technology management taxonomies for evaluating investments in information systems

To provide managers with a critical insight into the management of new technology, this paper uses a case study research strategy to examine the technology management experiences of a leading UK manufacturing organization during its adoption of a vendor-supplied Manufacturing Resource Planning information system.

Justifying investments in electronic commerce

This paper explores why organizations invest in eCommerce applications and highlights some of the expected returns. A Delphi study was used to determine the underlying benefits of eCommerce investments and several formal financial and non-financial approaches to justification are identified and discussed. A framework is outlined which can be used to select a justification approach based on the aims of the project and the type of values and benefits expected. Attaining competitive advantage and developing new business opportunities were identified as factors that could be best justified using strategic or analytical approaches rather than financial justification.

Geared equity investments : a case study of tax arbitrage down under

Geared Equity Investment (GEI) contracts are an over-the-counter financial derivative product offered by Macquarie Bank, Ltd. to individual investors in Australia and New Zealand as a managed-risk investment in local shares carrying significant tax shield benefits. Upon issuance, a geared equity contract has three stakeholders: (1) the investor; (2) the issuer; and (3) the national tax authority. We assess the value of these contracts to each stakeholder and their support for tax arbitrage. We find that the national tax authority provides a significant subsidy to GEI contracts via tax shield benefits. These benefits support investor tax arbitrage in certain cases and issuer tax arbitrage in all cases examined.

Do public investments crowd out private investments? Fresh evidence from Fiji

In this paper, we investigate whether government investment crowds out or crowds in private investment for Fiji over the period 1950–2001. We begin by searching endogenously for break points in the data series using the Zivot and Andrews [J. Business Economic Stat. 10 (1992) 251–270] test. Upon finding that 1975 is the statistically significant break date, we divide the sample into two. Using the error correction mechanism test, we find that government and private investments are cointegrated over the period 1950–1975, but not for the period 1976–2001. We also find that in the former period government investment has crowded in private investment, while in the latter period the relationship between government and private investments has been statistically weak.