Innovationsförmåga är viktigt för företags konkurrenskraft och är kopplad till ekonomisk tillväxt och ekologisk hållbarhet i samhället. Tidigare forskning har undersökt aktielikviditetens inverkan på innovationsförmågan hos amerikanska bolag men har kommit fram till motstridiga resultat. Vi utför multipla linjära regressionsanalyser på data från de 36 företag noterade på Stockholmsbörsens primära marknader som har varit noterade och haft FoU-kostnader 2004-2013. Vi kan inte finna ett statistiskt signifikant samband mellan aktielikviditet och innovationsförmåga. Indelning av företag efter storlek eller ägarstruktur påverkar inte det förhållandet. Vi tänker oss att kontrollen över svenska börsbolag är så pass koncentrerad att förändrad aktielikviditet inte påverkar makt-förhållandena till en sådan grad att företagsledningars incitament till innovativa satsningar förändras. Framtida forskning får utröna närmre varför det inte tycks finnas ett samband på den svenska marknaden trots att det eventuellt finns det på den amerikanska.

No description available.

本研究搜集研究期間為1989-2005年2月的購併樣本，將主併公司按市值區分大小後，發現大公司在事件窗口(-30,10)有顯著負向的累積異常報酬率(Cumulative Abcdrmal Return;CAR)，大公司在上市市場上，在金融證券業及其他產業下都有顯著負向的累積異常報酬率；大公司顯著有較高的現金比例、營運現金流量比例、Tobin’s Q和較低的帳面對市場價值比，在除去金融證券業樣本後，負債比率顯著小於小公司；集團購併、當被併公司為上市櫃、及以股票為支付方式時，大公司也都有顯著負向的累積異常報酬率；大公司購併時的相對規模顯著小於小公司。迴歸結果中，公司規模之替代變數皆顯著和累積異常報酬成負向關係。股票支付方式其累積異常報酬也顯著低於現金支付方式。Tobin’s Q的係數則顯著為正。在產業部份，金融證券業和其他產業相較之下，在宣佈購併時會得到市場較正面的反應。企業併購法的修訂實行對迴歸式並未造成結構性的改變。 / After collecting the acquisition samples of bidding firms from 1989 to February 2005 and differentiate their sizes, we found large firms have significant negative CAR (Cumulative Abcdrmal Return) in the windows of (-30,10). Large firms have significant negative CAR in public market, financial and security industry, and other industries. Large firms have higher ratio of cash/book assets, operating cash flow/book assets, Tobin’s Q and lower B/M ratio. They also have lower debt ratio after removing the samples in financial and security industry. Large firms also have significant negative CAR when they are conglomerates, the targets of theirs are public companies, or when they use equity as the method of payment. The relative size of large firms is much smaller than that of small firms. In the result of regression, the proxy of firm size has negative relation with CAR. Using equity as the method of payment has lower announcement return than cash. Tobin’s Q has a positive coefficient. Financial and security industry can get more positive responses from investors than other industries. Finally, the revised edition of Business Mergers and Acquisitions Act which has been brought into force on May, 5, 2004 does not cause structural changes in the regression models.

This thesis presents an examination of the importance of Small and Medium Enterprises (SMEs) for economic growth and examines how sensitive employment in SMEs is to business cycle fluctuations in Brazil. The thesis uses different empirical techniques to investigate the role of SMEs in the Brazilian regional economic growth, using a panel dataset from 1980 to 2004 for 508 Brazilian micro-regions. It first uses standard panel data estimators (OLS, LSDV, system and first differenced GMM) to analyse the (augmented) Solow growth model encompassing the importance of the relative size of the SME sector measured by the share of the SME employment in total formal employment and the level of human capital in SMEs measured by the average years of schooling of SME employees. The results show that the size of the SME sector is not significantly important for regional economic growth, but that human capital embodied in SMEs is more important in this process.

Em contabilidade, tamanho de empresa é comumente utilizado como proxy para caracterizar inúmeros conceitos teóricos. Muito se tem discutido sobre a validade e confiabilidade desta proxy devido a alta variância das medidas operacionais usadas para a mensuração de tamanho de empresa. Com o intuito de reduzir esta variância alguns procedimentos estatísticos são aplicados para ajustar os valores. Pesquisas internacionais evidenciam que a distribuição de probabilidade da variável tamanho de empresa segue uma lei de potência. Diante desse cenário esta pesquisa teve como objetivo investigar se é possível tratar e classificar as medidas operacionais para proxy de tamanho de empresas brasileiras, por meio de Leis de Potência. Foram utilizados dados do período de 1997 a 2006, relativos às medidas operacionais Receitas (REC), Ativo Total (AT), Patrimônio Líquido (PL) e de 1996 a 2004 para a medida Número de Empregados (NE), de bases diferentes, FIPECAFI, Economática® e IBGE. Observou-se a ocorrência da lei de potência, -m > P(v ) = c v , em toda a extensão da variável v = REC , com expoente m próximo de 1, como verificado em todas as pesquisas internacionais, enquanto que para as demais variáveis foi confirmada a lei de potência, apenas na cauda da distribuição. Na seqüência a formulação proposta, P(v> )*v , foi aplicada para a proxy em um estudo específico na área contábil. Observou-se que a ponderação de v pela probabilidade de ocorrência de valores superiores a v, utilizada como proxy, leva à significância estatística exigida nos modelos da área contábil. Os resultados obtidos são satisfatórios, pois, confirmam a natureza da lei de potência de P(v> ) para o cenário brasileiro e, com relação à proxy proposta, espera-se validá-la no cenário da pesquisa contábil, pois a mesma inclui informações sobre a natureza estatística de medidas operacionais para tamanho de empresa. / Firm size is frequently used, in accounting, as a proxy to characterize several theoretical concepts. It has been discussing a lot about the validity and reliability of this proxy due to the variance of the operational measures used for the firm size mensuration. With the intention of reducing this variance, statistical procedures are applied to adjust the values. International researches evidence that, statistically, the company size can be represented by power law distributions. The present research has the objective of investigate if it is possible to treat and classify the operational measures for proxy of Brazilian firm size as a power law. Using data from 1997 to 2006, relative to the measures of operational Incomes (REC), Total Assets (AT), Equity (PL) and from 1997 to 2004 for the measure Number of Employees (NE), of three different data bases, FIPECAFI, Economática® and IBGE. The power law, -m > P(v ) = c v , was verified for v = REC , with values of m equivalent to that obtained on international researches, while for the other variables, the power law was confirmed just in the tail of the distribution. In the sequence, the proposed formulation, P(v> )*v , was applied to a specific study in the accounting area. It was observed that this proxy alows for statistical significance required to validate researches into accounting area. The obtained results confirm the power law nature of P(v> ) for Brazilian firms and, related to the proxy suggested, the expectation is that it can be validate into the accounting research area, once it includes information on the statistical nature of operational measurements for firm size.

This thesis is about firm dynamics, and relates to the size and growth-rate distribution of firms. As such, it consists of an introductory and four separate chapters. The first chapter concerns the size distribution of firms, the two subsequent chapters deal more specically with high-growth firms (HGFs), and the last chapter covers a related topic in distributional estimation theory. The first three chapters are empirically oriented, whereas the fourth chapter develops a statistical concept. / <p>QC 20130215</p>

This dissertation investigates whether a statistically significant relationship exists between a company’s corporate characteristics and the quality of its integrated report. The JSE Top 100 companies are used as the study population, with the Ernst &amp; Young Excellence in Reporting ratings used as the framework for assessing integrated reporting quality. A multiple multivariate regression analysis was employed to assess the impact of ten company characteristics that were found to be prominent by other studies. The results show that firm size, board diversity, board independence and firms in the resource sector show a statistically significant positive association with components of integrated reporting quality as described in the Integrated Reporting Framework. The results suggest that firms with stronger adherence to good corporate practices, with firm board diversity and board independence as a possible indicator, are more responsive to the need for quality integrated reporting. Further, firms with greater accountability to stakeholders through their size of sector also appear to respond to this obligation through increased disclosures.

Consumer demand for organic products has increased due to growing awareness of climate change and sustainability. However, the higher price of organic products is a barrier for some consumers. Previous research has examined various factors that influence consumers’ perceptions of organic products, but little attention has been paid to the influence of small firm cues. Understanding how small firm cues affect consumer behaviour could fill this gap and help small wineries overcome resistance to the price premium.  This study aims to investigate how the perception of small firm cues influences consumers’ willingness to pay for organic products, using organic wine as an example. Understanding this relationship can help small wineries market their products effectively and encourage them to switch to organic farming.  To fulfil the purpose of this thesis, a quantitative study was conducted. An online survey was developed with an experimental design to answer the research question empirically. Respondents were randomly assigned to either the control group or the experimental group. The experimental group was shown an organic wine label with a small firm cue and the control group with no cue.  The analyses showed that signalling a company’s small size did not affect consumers’ willingness to pay. Factors such as trustworthiness, perceived quality, and made with love did not affect the relationship between small firm cues and consumers’ willingness to pay. However, presenting a small firm cue resulted in increased consumer perceptions that the product is made with love. Nevertheless, this perception did not correspond to a higher willingness to pay.

No description available.

The topic of this thesis is economic dynamism. The five articles contribute to the literature on firm entry and firm growth. Studies are based on a dataset covering all Swedish limited liability firms between 1997 and 2010. The first article investigates conditions for firm entry in Sweden, distinguishing regular entrants from entrants that survive for at least two years, modelling the firm entry decision using count data models. While high income and a well-educated population had a positive effect, the effect was more important for surviving entrants. The second article uses a similar method, but focuses on wholesale industries and distinguishes between regular entry and in migration of firms, i.e. when an incumbent firm relocates its operations. Access to a university, many educated workers and low local taxes had positive effects. Better access to infrastructure had a strong positive effect on entrants, but it was smaller for in-migrating firms. The third article investigates if the industry context matters for whether Gibrat’s law holds, i.e. whether firm growth is independent of firm size. The law is found more likely to be rejected in industries with a high minimum efficient scale and a large number of firms located in metropolitan areas, but more likely to hold in industries with high market concentration and more group ownership. The fourth and fifth article contribute to the high-growth firms (HGFs) literature. In the fourth article it is examined whether the way HGFs are defined matters for the policy implications. It is found that the economic contributions of HGFs differ significantly depending on definition. Young firms are however more likely to be HGFs irrespective of definition. The fifth article considers the frequent argument that policymakers should target high-tech firms, i.e., firms with high R&amp;D intensity, because such firms are thought more likely to become HGFs. We examine this assumption by studying the industry distribution of HGFs. Results indicate that industries with high R&amp;D intensity, ceteris paribus, can be expected to have a lower share of HGFs than can industries with lower R&amp;D intensity. By contrast, we find that HGFs are overrepresented in service industries with a high share of human capital.