Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2012-05-09T21:09:15Z No. of bitstreams: 1 Rodrigo_Leite.pdf: 595528 bytes, checksum: 2f96f8cf74f020649318903cf9f2f7cc (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-05-09T21:09:29Z (GMT) No. of bitstreams: 1 Rodrigo_Leite.pdf: 595528 bytes, checksum: 2f96f8cf74f020649318903cf9f2f7cc (MD5) / Made available in DSpace on 2012-05-09T21:09:36Z (GMT). No. of bitstreams: 1 Rodrigo_Leite.pdf: 595528 bytes, checksum: 2f96f8cf74f020649318903cf9f2f7cc (MD5) Previous issue date: 2011 / Diversos artigos analisam o ciclo de vida das empresas e identificam que, ao longo do tempo, o' desempenho tem um formato de U invertido, em que a empresa atinge um nível ótimo e, a partir daí, declina devido à rigidez e à dificuldade de acompanhar as mudanças de mercado. O objetivo desse trabalho é investigar a relação existente entre idade da firma, valor e desempenho das empresas brasileiras. Verificamos também se existe efeito da idade da firma em suas práticas de governança. Analisamos 250 empresas brasileiras listadas na BM&FBovespa durante o período de 2002 a 2009. Nossos resultados indicam que, no Brasil, a relação não tem forma de U invertido, e as firmas mais velhas possuem maior valor e melhor retorno. Mostramos também que empresas mais velhas possuem melhores práticas de governança. / Several articles analyze the life cycle of companies, having identified throughout time that performance is shaped as an inverted U. The firm achieves an optimum levei and, from that point on, it declines due to the rigidity and difficulties to cope with market changes. The objective of this study is to investigate whether there is a relationship between firm age, value and performance of Brazilian companies. We innovate in the sense that we also verify if firm age affects its governance practices. We analyze 250 Brazilian companies listed at BM&FBovespa from 2002 to 2009. Our results indicate that, in Brazil, the relation is not shaped as an inverted U, and that older firms show higher value and better returno We also report that older firms present better governance practices.

<p>The growth of the Swedish Computing and Communicationsindustry is studied in this thesis. Growth is seen as a dynamicprocess moved by the entry, expansion, contraction and exit offirms.</p><p>The analysis is founded on the theory of the ExperimentallyOrganised Economy, which views the economy as an experimentalprocess. The entire thesis is organised around the problem ofresource allocation and the issue of growth through theintroduction of new combinations into the economic system,using the terminology of Schumpeter (1911). Competence blocsdetermine the efficiency of the economic process, i.e., theextent to which it leads to sustained economic growth ratherthan stagnation. Change is a fundamental feature of theeconomic process, firms have to be flexible to survive and theeconomic system must promote flexibility to grow. Many trials,or experiments, are required to discover and select "winning"firms and technologies. Hence, the turnover (i.e., entry andexit) of firms is supposed to have positive effects on growth.Theory, furthermore, predicts that new and small firms are moreentrepreneurial and innovative and that they, therefore, willgrow faster than old and large firms.</p><p>The empirical results show that firm growth decreases withfirm age, decreases with firm size, increases with firmindependence, decreases with government ownership and thatindustry growth increases with firm turnover. Moreover, thesmallest firms have been the major job contributors during the1993-1998 period investigated empirically. It is also shownthat employment growth is facilitated by a sustained high entryof firms.</p><p>Lastly, many policies, several of which were introduced inthe late 1960s and early 1970s, have selectively supportedlarge firms in mature industries. Hence, they have exercised arelatively negative influence on exactly the types of firmsthat have been shown to contribute to growth. These policieshave also made the Swedish economy less flexible. It is arguedthat this partly explains the slow economic growth in Swedencompared to other OECD countries since the 1970s. Aninteresting question is where Sweden would have been today witha different policy orientation.</p><p><b>Keywords:</b>The Experimentally Organised Economy;Competence Blocs; Industrial dynamics; Industrialtransformation; Firm age, Small-firm growth; Turnover of firms;Computing and Communications industry; IT industry;Institutions.</p>

This paper offers an empirical analysis of net job creation patterns at the firm level for the Austrian economy between 1993 and 2013 focusing on the impact of firm size and age. We propose a new estimation strategy based on a two-part model. This allows to identify the structural parameters of interest and to decompose behavioral differences between exiting and surviving firms. Our findings suggest that conditional on survival, young Austrian firms experience the largest net job creation rates. Differences in firm size are not able to explain variation in net job creation rates among the group of continuing enterprises. Job destruction induced by market exit, however, is largest among the young and small firms with this effect being even more pronounced during the times of the Great Recession. In order to formulate sensible policy recommendations, a separate treatment of continuing versus exiting firms as proposed by the new two-part model estimation approach seems crucial.(authors' abstract) / Series: Department of Economics Working Paper Series

The growth of the Swedish Computing and Communicationsindustry is studied in this thesis. Growth is seen as a dynamicprocess moved by the entry, expansion, contraction and exit offirms. The analysis is founded on the theory of the ExperimentallyOrganised Economy, which views the economy as an experimentalprocess. The entire thesis is organised around the problem ofresource allocation and the issue of growth through theintroduction of new combinations into the economic system,using the terminology of Schumpeter (1911). Competence blocsdetermine the efficiency of the economic process, i.e., theextent to which it leads to sustained economic growth ratherthan stagnation. Change is a fundamental feature of theeconomic process, firms have to be flexible to survive and theeconomic system must promote flexibility to grow. Many trials,or experiments, are required to discover and select "winning"firms and technologies. Hence, the turnover (i.e., entry andexit) of firms is supposed to have positive effects on growth.Theory, furthermore, predicts that new and small firms are moreentrepreneurial and innovative and that they, therefore, willgrow faster than old and large firms. The empirical results show that firm growth decreases withfirm age, decreases with firm size, increases with firmindependence, decreases with government ownership and thatindustry growth increases with firm turnover. Moreover, thesmallest firms have been the major job contributors during the1993-1998 period investigated empirically. It is also shownthat employment growth is facilitated by a sustained high entryof firms. Lastly, many policies, several of which were introduced inthe late 1960s and early 1970s, have selectively supportedlarge firms in mature industries. Hence, they have exercised arelatively negative influence on exactly the types of firmsthat have been shown to contribute to growth. These policieshave also made the Swedish economy less flexible. It is arguedthat this partly explains the slow economic growth in Swedencompared to other OECD countries since the 1970s. Aninteresting question is where Sweden would have been today witha different policy orientation. Keywords:The Experimentally Organised Economy;Competence Blocs; Industrial dynamics; Industrialtransformation; Firm age, Small-firm growth; Turnover of firms;Computing and Communications industry; IT industry;Institutions.

The main purpose of this study is to enhance the analysis of the impact of R&amp;D expenditure on firms’ growth. This study adopts an OLS regression for a data sample of 46 firms listed on Nasdaq Stockholm for the 2006-2019 period. We present models with R&amp;D expenditure and R&amp;D intensity as the main mechanisms of firm growth, defined as sales growth in this study. Furthermore, firm size, firm age and sector belonging determining the R&amp;D and sales growth relationship are also investigated. We find that R&amp;D intensity has a statistically significant negative impact on firm growth, while R&amp;D expenditure does not show a statistically significant relationship to firm growth. Thus, the results of this paper suggest that devoting a higher proportion of your sales to R&amp;D activities does not translate into firm growth.

This research examines at the effect of corporate social responsibility (CSR) expenditure in two state commercial banks and few other financial institutions that are listed on the CSE in Sri Lanka. The independent variable in this analysis is CSR expenditure, whereas the dependent variable is financial performance. Market- and accounting-based performance metrics (ROA, ROE and EPS) are used to assess the financial performance of the financial institutions. The study's control variables were firm age, firm size, and GDP growth rate. For a duration of Eight years, the researchers gathered secondary data on the financial institutions from 2015 to 2022 by using audited annual reports, which included 13 financial institutions as a sample. The study findings reveal that CSR has a statistically significant impact on financial performance. The correlation analysis demonstrated a statistically significant relationship between CSR expenditure and ROA, ROE, and EPS. The correlation coefficient showed that all of the suggested hypotheses were significant and acceptable. The findings from the regression analysis revealed that CSR expenditure has an impact on the financial institution's ROA, ROE, and EPS. The results and implications can assist Sri Lankan financial institutions in designing their CSR projects to maximize value for the organization, resulting in a win-win situation. In addition, investing in CSR as a non-profit endeavor might help financial institutions meet their social responsibility obligations while also enhancing future intangible revenues and preparing them for market competitiveness. In contrast, CSR investments may improve community development, diversity promotion, and quality of life while treating social challenges including poverty, healthcare, education, and environmental sustainability.

Inledning: Historiskt sett har IPO:er ofta varit underprissatta vilket har resulterat i att de i genomsnitt haft en hög initial avkastning, det vill säga, hög avkastning den första handelsdagen. Detta har skapat en uppfattning om att nyintroduktioner är ett bra investeringsalternativ för de som vill ha en avkastning utöver det normala. Syfte: Syftet med uppsatsen är att studera huruvida aktiers utveckling på kort och lång sikt påverkas av variabler som bolagets storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen. Syftet är också att undersöka huruvida IPO:er är underprissatta och om de underpresterar på lång sikt. För att studera detta har aktier noterade på Stockholmsbörsen, Aktietorget och First North mellan år 2013 och 2014 analyserats. Metod: För att kunna genomföra denna studie har ett kvantitativt tillvägagångssätt tillämpats. Vidare har en deduktiv ansats använts då avsikten var att analysera det insamlade materialet utifrån tidigare forskning. Urvalet består av 56 bolag där sekundärdata inhämtats via Nasdaq OMX, Nordnets- och Avanzas webbsida samt Skatteverket. Teori: Den teoretiska referensramen som studien baseras på består av teorier som har skapats kring hur IPO:er presterar på kort och lång sikt och varför de presterar som de gör. Vidare presenteras tidigare forskning kring hur könsfördelning i bolagsstyrelser kan påverka bolagens utveckling. Resultat och slutats: Resultatet visade att IPO:er på kort sikt blir överprissatta då de haft en negativ initial utveckling. Resultatet visade vidare att IPO:er överpresterar på lång sikt samt att de mest underprissatta IPO:erna presterar bäst. För de oberoende variablerna storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen kunde inga signifikanta samband återfinnas. / Introduction: Historically, IPO’s have often been underpriced, which has resulted in a high initial return on average, i.e. high return on the first trading day. This has created the perception that new introduction is a good investment option for those who want an abnormal return. Purpose: The purpose of this study is to examine whether the short- and long-term performance of IPO’s are affected by variables as firm size, firm age, industry affiliation, issue period and gender diversity on board of directors. The purpose is also to determine whether IPO’s are underpriced and if they underperform in the long run. To study this, Initial Public Offerings on First North, Aktietorget and Stockholmsbörsen during the period of 2013 to 2014 have been analyzed. Methodology: To implement this study, a quantitative approach has been applied. Furthermore, a deductive approach was used since the purpose was to analyze the collected material based on previous research. The data selection consists of 56 firms were the secondary data has been obtained from Nasdaq OMX, Nordnet website, Avanza website and The Swedish Tax Agency. Theory: The theoretical frame that the study is based on consists of theories that were created regarding how IPO’s perform in short- and long-term and why they perform as they do. Furthermore, earlier research is presented which examine how gender diversity in board of directors affect corporate performance. Result and conclusions: The result in this study shows that in the short run, IPO's are overpriced due to a negative initial return. Further, the result show that IPO's outperform other companies, and the most underpriced shares perform better in the long run. For the dependent variables size, age, industry affiliation, listing period and gender diversity, no relationship of statistical significance could be found.

A la lumière du rôle de premier plan joué par les entreprises jeunes dans la définition du processus de destruction créatrice et dans la création globale d’emplois, cette thèse fournit de nouvelles preuves de la dynamique de ce segment du système de production. La thèse s’articule autour des thèmes suivants : i) le rôle joué par les activités d’innovation dans la promotion de la croissance de l’emploi dans les jeunes entreprises ; ii) l’impact de la récession économique sur les taux de croissance des jeunes entreprises par rapport aux petites entreprises ; iii) le rôle joué par les politiques publiques dans le soutien aux entreprises innovantes. Le chapitre 1 examine le lien sous-étudié entre les activités d’innovation et la croissance de l’emploi dans les entreprises nouvellement créées. Basés sur un ensemble de données représentatif d’une cohorte d’entreprises américaines créées en 2004, les résultats soulignent la pertinence de la recherche et du développement et des brevets pour favoriser la croissance et, en particulier, la performance à forte croissance des entreprises nouvellement créées. Le chapitre 2 fournit des éléments de preuve supplémentaires sur la relation entre innovation et croissance en utilisant des données chiliennes et se concentre sur les différences de rendement de l’innovation pour les entreprises jeunes et matures. Les résultats montrent que l’innovation profite aux entreprises à forte croissance. Cependant, ces résultats se concrétisent en particulier pour les entreprises matures et dans le cas d’innovation de procédé, alors que les activités innovantes ne semblent pas être une condition préalable à la performance à forte croissance des jeunes entreprises. Ces résultats mettent en évidence le fait que les rendements de l’innovation pourraient être spécifiques au contexte. Le chapitre 3 porte sur l’impact de la récession à double creux sur la performance de croissance des jeunes entreprises par rapport aux petites entreprises. En utilisant des données pour dix pays de la zone euro, les résultats montrent que les petites entreprises n’ont pas été particulièrement touchées, voire plus performantes, alors que les jeunes entreprises ont enregistré une nette diminution de leur taux de croissance. Dans l’analyse, nous constatons également que le canal de la contrainte financière semble être l’une des forces responsables des résultats susmentionnés. / In light of the prominent role played by young firms in shaping the creative destruction process and contributing to overall job creation, this thesis provides novel evidence on the dynamics of these segment of the productive system. In particular, the dissertation revolves around the following topics: i) the role played by innovation activities in fostering employment growth in young firms; ii) the impact of the economic recession of the growth rates of young vs. small firms; iii) the role played by public policies in supporting innovative entrants. In more detail, Chapter 1 examines the under-researched nexus between innovation activities and employment growth in newly born firms. Based on a representative dataset for a cohort of US firms born in 2004, the results highlight the relevance of R&D and patenting to foster growth and, especially, high-growth performance for newly-born firms. Chapter 2 provides additional evidence on the relationship between innovation and growth by using Chilean data and focus on how returns to innovation differ for young and mature firms. Results show that innovation benefits high-growth firms. However, these results materialize especially for mature firms and in the case of process innovation whereas innovative activities do not appear to be a prerequisite for high-growth performance in young businesses. These findings highlight how the returns to innovation might be context specific. Chapter 3 focuses on the impact of the double-dip recession on the growth performance of young vis-à-vis small firms. Using data for ten Eurozone countries, the findings show that small firms were not particularly affected - if anything they performed better - whereas young firms experienced a marked decrease in their growth rates. In the analysis we also find that the financial constraint channel appears to be one of the forces responsible for the above results. In Chapter 4 the main focus is the investigation of the role of public policy in providing support for the performance of innovative new firms. In particular, we investigate the impact of a recent policy implemented in Italy (i.e. the “Start-up Act”). The analysis indicates an overall positive effect of the program on a wide range of firm-level outcomes.