Does institutional quality affect firm performance? Insights from a semiparametric approach

Using a novel modeling approach, and cross-country firm level data for the textiles industry, we examine the impact of institutional quality on firm performance. Our methodology allows us to estimate the marginal impact of institutional quality on productivity of each firm. Our results bring into question conventional wisdom about the desirable characteristics of market institutions, which is based on empirical evidence about the impact of institutional quality on the average firm. We demonstrate, for example, that once both the direct impact of a change in institutional quality on total factor productivity and the indirect impact through changes in efficiency of use of factor inputs are taken into account, an increase in labor market rigidity may have a positive impact on firm output, at least for some firms. We also demonstrate that there are significant intra-country variations in the marginal impact of institutional quality, such that the characteristics of “winners” and “losers” will have to be taken into account before policy is introduced to change institutional quality in any direction.

Strategic marketing and business performance:a study in three European 'engineering countries'

In spite of its relevance, the effects of strategic marketing on business performance are sparingly studied, especially in particular business contexts. We address this gap in two ways. First, we examine the influence of four key strategic marketing concepts—market orientation, innovation orientation, and two marketing capability categories (outside-in and inside-out capabilities)—on company performance. Second, these relationships are studied in three European “engineering countries:” Austria, Finland and Germany. Their relative homogeneity enables testing the generality versus context-specificity of strategic marketing's performance impact. Using SEM analysis, surprisingly weak relationships between market orientation and outside-in capabilities, and business performance are identified, as opposed to the strong role of inside-out capabilities and innovation orientation. These results can be understood through the “engineering country” characteristics. Moreover, clear differences in results are identified among these relatively homogenous countries. This is a major finding as it challenges the widely assumed generality of the strategic marketing–performance relationship. Country-specific results have also considerable managerial relevance.

Time-resolved Q-factor measurement and its application in performance analysis of 42.6 Gbit/s packets generated by SGDBR lasers

We demonstrate a novel time-resolved Q-factor measurement technique and demonstrate its application in the analysis of optical packet switching systems with high information spectral density. For the first time, we report the time-resolved Q-factor measurement of 42.6 Gbit/s AM-PSK and DQPSK modulated packets, which were generated by a SGDBR laser under wavelength switching. The time dependent degradation of Q-factor performance during the switching transient was analyzed and was found to be correlated with different laser switching characteristics in each case.

Performance comparison of 2R and 3R optical regeneration schemes at 40 Gb/s for application to all-optical networks

This work numerically analyzes the performances of a 2R (reamplification and reshaping) regenerator based on a nonlinear optical loop mirror and a 3R (reamplification, reshaping, and retiming) regenerator using a nonlinearly enhanced amplitude modulator in 40-Gb/s standard single-mode fiber (SMF)-based optical networks with large amplifier spacing. The characteristics of one(600 km of SMF) and two-step regeneration are examined and the feasibility of wavelength-division multiplexing (WDM) operation is demonstrated.

Can production subsidies explain China's export performance? Evidence from firm-level data

This paper analyses the relationship between production subsidies and firms’ export performance using a very comprehensive and recent firm-level database and controlling for the endogeneity of subsidies. It documents robust evidence that production subsidies stimulate export activity at the intensive margin, although this effect is conditional on firm characteristics. In particular, the positive relationship between subsidies and the intensive margin of exports is strongest among profit-making firms, firms in capital-intensive industries, and those located in non-coastal regions. Compared to firm characteristics, the extent of heterogeneity across ownership structure (SOEs, collectives, and privately owned firms) proves to be relatively less important.

Multinationality-performance relationship:a meta-analysis

- We conduct a Meta-analysis of 54 papers that study the relationship between multinationality and firm performance. The aim is to understand if any systematic relationships exist between the characteristics of each study and the reported results of linear and curvilinear regressions to examine the multinationality-performance relationship. - Our main finding, robust to different specifications and to different weights for each observation, is that when analysis is based on non-US data, the reported return to multinationality is higher. However, this relationship for non-US firms is usually U-shaped rather than inverted U-shaped. This indicates that US firms face lower returns to internationalization than other firms but are less likely to incur losses in the early stages of internationalization. - The findings also highlight the differences that are reported when comparing regression and non-regression based techniques. Our results suggest that in this area regression based analysis is more reliable than say ANOVA or other related approaches. - Other characteristics that influence the estimated rate of return and its shape across different studies are: the measure of multinationality used; size distribution of the sample; and the use of market-based indicators to measure firm performance. Finally, we find no evidence of publication bias.

Export propensity, export intensity and firm performance:the role of the entrepreneurial founding team

We investigate how the characteristics and experience of the entrepreneurial founding team (EFT) affect the export orientation and subsequent performance of the businesses they establish, while allowing for the mutually reinforcing relationship between exporting and productivity. Using a sample of UK technology-based firms, we hypothesise and confirm that the set of EFT human capital needed for entering export markets is different from that required for succeeding in export markets. Commercial and managerial experience helps firms become exporters, but once over the exporting hurdle it is education, both general and specific, that has a substantially positive effect. The overall pattern of human capital effects on productivity is similar to those for export propensity. We also find evidence that productive firms are more likely both to enter export markets and to be export intensive, and that exporting boosts subsequent firm productivity.

How green is green? A framework for environmental performance assessment in operations

This paper presents a framework based upon a relationship between environmental benefits and the investments and costs needed to implement and run company operations. As the results of environmental management become more evident it is proposed that the benefits rather than the environmental impacts are measured in the analysis of environmental performance. Four categories, or stages, are defined in this paper: “creative-green”, “expensive-green”, “inefficient-green or beginner”, and finally, the “complacent” stage. The paper describes the characteristics of each category and provides examples of indicators that could be used to measure environmental benefits. Qualitative and quantitative methods are necessary to classify companies according to the framework. It is believed that this paper can assist companies and public organisations to assess operations and projects considering their level of sustainability. The proposed framework can impact FDI and environmental policies in the public arena, and foster innovation on environmental practices within the private sector.

Selectivity and timing performance of UK investment trusts

This study examines the selectivity and timing performance of 218 UK investment trusts over the period July 1981 to June 2009. We estimate the Treynor and Mazuy (1966) and Henriksson and Merton (1981) models augmented with the size, value, and momentum factors, either under the OLS method adjusted with the Newey-West procedure or under the GARCH(1,1)-in-mean method following the specification of Glosten et al. (1993; hereafter GJR-GARCH-M). We find that the OLS method provides little evidence in favour of the selectivity and timing ability, consistent with previous studies. Interestingly, the GJR-GARCH-M method reverses this result, showing some relatively strong evidence on favourable selectivity ability, particularly for international funds, as well as favourable timing ability, particularly for domestic funds. We conclude that the GJR-GARCH-M method performs better in evaluating fund performance compared with the OLS method and the non-parametric approach, as it essentially accounts for the time-varying characteristics of factor loadings and hence obtains more reliable results, in particular, when the high frequency data, such as the daily returns, are used in the analysis. Our results are robust to various in-sample and out-of-sample tests and have valuable implications for practitioners in making their asset allocation decisions across different fund styles. © 2012 Elsevier B.V.

Selection of simulation tools for improving supply chain performance

Simulation is an effective method for improving supply chain performance. However, there is limited advice available to assist practitioners in selecting the most appropriate method for a given problem. Much of the advice that does exist relies on custom and practice rather than a rigorous conceptual or empirical analysis. An analysis of the different modelling techniques applied in the supply chain domain was conducted, and the three main approaches to simulation used were identified; these are System Dynamics (SD), Discrete Event Simulation (DES) and Agent Based Modelling (ABM). This research has examined these approaches in two stages. Firstly, a first principles analysis was carried out in order to challenge the received wisdom about their strengths and weaknesses and a series of propositions were developed from this initial analysis. The second stage was to use the case study approach to test these propositions and to provide further empirical evidence to support their comparison. The contributions of this research are both in terms of knowledge and practice. In terms of knowledge, this research is the first holistic cross paradigm comparison of the three main approaches in the supply chain domain. Case studies have involved building ‘back to back’ models of the same supply chain problem using SD and a discrete approach (either DES or ABM). This has led to contributions concerning the limitations of applying SD to operational problem types. SD has also been found to have risks when applied to strategic and policy problems. Discrete methods have been found to have potential for exploring strategic problem types. It has been found that discrete simulation methods can model material and information feedback successfully. Further insights have been gained into the relationship between modelling purpose and modelling approach. In terms of practice, the findings have been summarised in the form of a framework linking modelling purpose, problem characteristics and simulation approach.

Correlations between optimal temporal width and spectral characteristics of an optical signal in a wavelength-paired CS-RZ transmission with high spectral efficiency

We examine the correlations between the parameters of ultra-narrow off-centred filtering and pulse width on the performance of a wavelength paired Nx40Gbit/s DWDM transmission, consisting of carrier suppressed return-to-zero signal with 0.64 bit/s/Hz (without polarization-division multiplexing) spectral efficiency.

Investigation into the performance and emissions of a stationary diesel engine fuelled by sewage sludge intermediate pyrolysis oil and biodiesel blends

This paper studies the characteristics of blends of biodiesel and a new type of SSPO (sewage sludge derived intermediate pyrolysis oil) in various ratios, and evaluates the application of such blends in an unmodified Lister diesel engine. The engine performance and exhaust emissions were investigated and compared to those of diesel and biodiesel. The engine injectors were inspected and tested after the experiment. The SSPO-biodiesel blends were found to have comparable heating values to biodiesel, but relatively high acidity and carbon residue. The diesel engine has operated with a 30/70 SSPO-biodiesel blend and a 50/50 blend for up to 10h and there was no apparent deterioration in operation observed. It is concluded that with 30% SSPO, the engine gives better overall performance and fuel consumption than with 50% SSPO. The exhaust temperatures of 30% SSPO and 50% SSPO are similar, but 30% SSPO gives relatively lower NO emission than 50% SSPO. The CO and smoke emissions are lower with 50% SSPO than with 30% SSPO. The injectors of the engine operated with SSPO blends were found to have heavy carbon deposition and noticeably reduced opening pressure, which may lead to deteriorated engine performance and exhaust emissions in extended operation. © 2013 Elsevier Ltd.

The study and measurements of the behaviour and characteristics of electromagnetic relays

The thesis presents a theoretical and practical study of the dynamic behaviour of electromagnetic relays. After discussing the problem of solving the dynamicc equations analytically and presenting a historical survey of the earlier works in the relay and its dynamics, the simulation of a relay on the analogue computer is discussed. It is shown that the simulation may be used to obtain specific solutions to the dynamic equations. The computer analysis provides the dynamic characteristics for design purposes and may be used in the study of bouncing, rebound oscillations and stability of the armature motion. An approximate analytical solution to the two dynamic equations is given based on the assumption that the dynamic variation of the pull with the position of the armature is linear. The assumption is supported by the Computer-aided analysis and experimental results. The solution is intended to provide a basis for a rational design. A rigorous method of analysing the dynamic performance by using Ahlberg's theory is also presented. This method may be justified to be the extension of Ahlberg's theory by taking the mass and frictional damping forces into account. While calculating the armature motion mathematically, Ahlberg considers the equilibrium of two kinds of forces, namely pull and load, and disregards the mass and friction forces, whereas the present method deals with the equilibrium of all four kinds of forces. It is shown how this can be utilised to calculate the dynamic characteristics for a specific design. The utility of this method also extends to the study of stability, contact bounce and armature rebound. The magnetic circuit and other related topics which are essential to the study of relay dynamics are discussed and some necessary experimental results are given.

Performance comparison of 2R and 3R optical regeneration schemes at 40 Gb/s for application to all-optical networks

This paper numerically analyzes the performances of a 2R (reamplification and reshaping) regenerator based on a nonlinear optical loop mirror and a 3R (reamplification, reshaping, and retiming) regenerator using a nonlinearly enhanced amplitude modulator in 40-Gb/s standard single-mode fiber (SMF)-based optical networks with large amplifier spacing. The characteristics of one- (600 km of SMF) and two-step regeneration are examined and the feasibility of wavelength-division multiplexing operation is demonstrated. © 2005 IEEE.

Generation and performance of localised surface plasmons utilising nano-scale structured multi-layered thin films deposited upon D-shaped optical fiber

A new generation of surface plasmonic optical fibre sensors is fabricated using multiple coatings deposited on a lapped section of a single mode fibre. Post-deposition UV laser irradiation using a phase mask produces a nano-scaled surface relief grating structure, resembling nano-wires. The overall length of the individual corrugations is approximately 14 μm with an average full width half maximum of 100 nm. Evidence is presented to show that these surface structures result from material compaction created by the silicon dioxide and germanium layers in the multi-layered coating and the surface topology is capable of supporting localised surface plasmons. The coating compaction induces a strain gradient into the D-shaped optical fibre that generates an asymmetric periodic refractive index profile which enhances the coupling of the light from the core of the fibre to plasmons on the surface of the coating. Experimental data are presented that show changes in spectral characteristics after UV processing and that the performance of the sensors increases from that of their pre-UV irradiation state. The enhanced performance is illustrated with regards to change in external refractive index and demonstrates high spectral sensitivities in gaseous and aqueous index regimes ranging up to 4000 nm/RIU for wavelength and 800 dB/RIU for intensity. The devices generate surface plasmons over a very large wavelength range, (visible to 2 μm) depending on the polarization state of the illuminating light. © 2013 SPIE.