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Journal articles on the topic 'Heterogeneous firm'

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Published: 9 March 2023

Last updated: 10 March 2023

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1

Stavropoulos, S., F. G. van Oort, and M. J. Burger. "Heterogeneous relatedness and firm productivity." Annals of Regional Science 65, no. 2 (March 12, 2020): 403–37. http://dx.doi.org/10.1007/s00168-020-00988-2.

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Abstract In this manuscript, we relate regional structural composition—related and unrelated variety—to firm-level productivity in European regions, applying a Cobb–Douglas production function framework and using firm-, industry- and regional-level mixed hierarchical (multilevel) models. Our analyses indicate that regional-related variety has a positive impact on firm productivity in European regions, especially for firms in high-tech and medium-tech regions. These outcomes have implications for European policies on competitiveness as firms embedded in regions without these technological and institutional circumstances are systematically worse off in terms of productivity, and catching-up is not obvious for such regional economies.

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2

Nhung Nguyen, Thi Hong. "Evaluating the Heterogeneous Effect of Firm Risk on Firm Value." SEISENSE Journal of Management 3, no. 5 (September 4, 2020): 24–32. http://dx.doi.org/10.33215/sjom.v3i5.430.

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Purpose- This paper aims to investigate the effect of firm risk on the firm value to see how the firm value is changing when the risk level is changed. Our result indicates that a higher level of risk can reduce firm value. Design/Methodology- We apply a Bayesian causal technique for a sample data set of US public firms. The causal approach helps us to focus on the reliable and unbiased results instead of the association-based findings. Findings- The results show a negative effect of risk on the firms’ value for the sample data. However, we investigate the potential effect of the risk across the distribution of the firm value. We witness the more substantial effect of risk on firms with a higher value. Practical Implications- Helps firms to evaluate their risk and its effect, so they can adjust their decisions and take actions to reduce the undesired effects of firm risk.

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3

Peters, Michael. "Heterogeneous Markups, Growth, and Endogenous Misallocation." Econometrica 88, no. 5 (2020): 2037–73. http://dx.doi.org/10.3982/ecta15565.

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Markups vary systematically across firms and are a source of misallocation. This paper develops a tractable model of firm dynamics where firms' market power is endogenous and the distribution of markups emerges as an equilibrium outcome. Monopoly power is the result of a process of forward‐looking, risky accumulation: firms invest in productivity growth to increase markups in their existing products but are stochastically replaced by more efficient competitors. Creative destruction therefore has pro‐competitive effects because faster churn gives firms less time to accumulate market power. In an application to firm‐level data from Indonesia, the model predicts that, relative to the United States, misallocation is more severe and firms are substantially smaller. To explain these patterns, the model suggests an important role for frictions that prevent existing firms from entering new markets. Differences in entry costs for new firms are less important.

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LEHR, BRANDON. "EFFICIENCY WAGES WITH HETEROGENEOUS AGENTS." International Game Theory Review 16, no. 03 (May 6, 2014): 1450007. http://dx.doi.org/10.1142/s0219198914500078.

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This paper builds a model of efficiency wages with heterogeneous workers in the economy who differ with respect to their disutility of labor effort. In such an economy, two types of pure strategy symmetric Nash equilibria in firm wage offers can exist: a no-shirking equilibrium in which all workers exert effort while employed and a shirking equilibrium in which within each firm some workers exert effort while others shirk. The type of equilibrium that prevails in the economy depends crucially on the extent of heterogeneity among the workers and the equilibrium rate at which workers join firms from the unemployment pool.

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5

Marti, Josep. "Location decisions of heterogeneous European firms." Economics and Business Letters 9, no. 3 (December 8, 2020): 265–69. http://dx.doi.org/10.17811/ebl.9.3.2020.265-269.

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We analyze empirically how firms’ characteristics affect the foreign affiliates location decisions of heterogeneous firms in different markets. Using a European firm-level data and estimating the marginal effects for the multinomial logit model, the results corroborate the relevance of firms’ characteristics in their investment decisions, particularly the productivity level.

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LONG, TRINH QUANG, PETER JOHN MORGAN, and MINH BINH TRAN. "HETEROGENEOUS EFFECTS OF CREDIT ACCESS ON FORMAL AND INFORMAL FIRM GROWTH: EMPIRICAL EVIDENCE FROM VIETNAM." Singapore Economic Review 65, no. 05 (February 19, 2020): 1185–211. http://dx.doi.org/10.1142/s0217590819500723.

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This paper examines the causal effect of credit access on firm growth (measured by employment growth), using a unique micro-, small-, and medium-sized firm-level data collected every two years in Vietnam from 2005 to 2013. The results obtained from fixed-effects (FE) and FE with instrumental variable estimators show that firms with credit access experience a higher growth than firms without credit access. We also find that access to credit is positively associated with both formal and informal firm growth, but the results for formal firms seem to be driven by some high growth firms (and rapidly shrinking firms). The effect of credit access on firm growth is also heterogeneous by firm size and firm age in both types of firms.

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Hewa Dulige, Jayasinghe, Muhammad Jahangir Ali, Paul Mather, and Suzanne Young. "Independent directors: Exploring the heterogeneous nature of multiple directorships." Corporate Ownership and Control 17, no. 4 (2020): 18–34. http://dx.doi.org/10.22495/cocv17i4art2.

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We examine the effect of independent directors’ (IDs’) heterogeneous directorships on performance and diversification of high growth firms in a sample of 1152 firm-year Australian listed company observations over the period 2007 to 2010. We find a positive association between some measures of IDs’ heterogeneous directorships and the firm performance of high-growth firms as measured by return on assets. We also find a positive association between IDs’ heterogeneous board ties and firm diversification. This study highlights that decisions concerning the appointment of IDs to corporate boards should be based on the strategic context of their other directorships. We extend the literature on multiple directorships by showing that it is not a narrow focus on the number of directorships as a proxy for reputation or busyness that matters. Instead, it is the precise nature of these directorships.

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Adam, Klaus, and Henning Weber. "Optimal Trend Inflation." American Economic Review 109, no. 2 (February 1, 2019): 702–37. http://dx.doi.org/10.1257/aer.20171066.

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Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (i) the optimal steady-state inflation rate generically differs from zero and (ii) inflation optimally responds to productivity disturbances. We show this by aggregating a heterogeneous-firm model with sticky prices in closed form. Using firm-level data from the US Census Bureau, we estimate the historically optimal inflation path for the US economy: the optimal inflation rate ranges between 1 percent and 3 percent per year and displays a downward trend over the period 1977–2015. (JEL C51, D24, D25, E31, E52)

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9

Chen, Cheng. "Management Quality and Firm Hierarchy in Industry Equilibrium." American Economic Journal: Microeconomics 9, no. 4 (November 1, 2017): 203–44. http://dx.doi.org/10.1257/mic.20160305.

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I incorporate a monitoring-based firm hierarchy into an industry equilibrium model with heterogeneous firms. I then use the theory to study aggregate impacts of an economy-wide improvement in monitoring efficiency. This shock generates a selection effect, which favors more hierarchical (i.e., more layers) firms. Interestingly, these implications depend on firms' heterogeneous choices about their hierarchy and completely disappear when firms are homogeneous in terms of the number of layers inside the hierarchy. (JEL D21, L23, L25, M12, M54)

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10

Zeng, Zheng. "CREDIT FRICTIONS AND FIRM DYNAMICS." Macroeconomic Dynamics 17, no. 7 (September 28, 2012): 1467–95. http://dx.doi.org/10.1017/s1365100512000193.

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In this paper I develop a dynamic stochastic general equilibrium model of credit frictions in which the production technology provides a U-shaped average cost curve, enabling endogenous solutions for firm size and quantity. Firms weigh the present value of future net revenues against the opportunity cost of staying in business in their entry or exit decisions. I find that credit frictions increase variable investment costs and result in a larger firm size and a smaller number of firms in the steady state. As the economy deviates from the steady state, however, the presence of credit frictions increases fluctuation in the number of firms, raising market entry during an economic upturn and market exit during a downturn. Also, I find that allowing free entry mitigates some of the effects of credit frictions due to macroeconomic fluctuations. In addition to the homogeneous-firm model, I examine the model when firms have heterogeneous access to credit and find that different credit access gives rise to different firm sizes in the steady state. Firms with easier access to credit become larger than those with less access to credit. Heterogeneous credit access also means that these two types of firms will respond differently to a common technology shock.

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Feng, Mingming, Xiaodan Wang, and Jerry Glenn Kreuze. "Corporate social responsibility and firm financial performance." American Journal of Business 32, no. 3-4 (August 8, 2017): 106–33. http://dx.doi.org/10.1108/ajb-05-2016-0015.

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Purpose Despite the intensive research on corporate social responsibility (CSR) and firm financial performance, little is known about how the linkage between CSR and firm financial performance is heterogeneous across industries and how the performance implications are differentiated among specific categories of CSR activities. The purpose of this paper is to explore how the association between a firm’s engagement in CSR and firm financial performance is heterogeneous across industries and CSR categories. Design/methodology/approach Using a sample of 17,083 firm-year observations representing 1,877 firms from the largest 3,000 US companies during years 1991 and 2011, the authors compare the association between CSR and firm financial performance across ten industry sectors defined by Global Industry Classification Standard and across the four CSR categories classified by Mandl and Dorr (2007). Findings The authors find that the association between the overall CSR activities and firm performance is heterogeneous across industries. CSR has significant positive implications for firms from most, but not all, industries. Comparing the performance implication of CSR practices targeting different stakeholder groups, the empirical results indicate that different types of CSR have different influences on financial performance of firms from different industry sectors. Research limitations/implications This study provides new angles for managers in maximizing firm performance through CSR activities and suggests an important and interesting direction for researchers who engage in CSR research. Due to its heterogeneous nature, the CSR-performance relationship needs to be examined more specifically – across industries and different CSR categories. Findings from studies incorporating both company industrial sector and CSR categories would provide more meaningful and practical implications for managers. Practical implications This study provides important managerial implications. First, to maximize firm performance through CSR activities, managers must interpret the linkage between CSR and firm financial performance from the perspective of a specific industrial sector and acknowledge the importance of CSR practices across different CSR categories. Second, the findings suggest that CSR practices aiming at different stakeholder groups generate different financial returns in different industries. Firms engage in CSR to satisfy different stakeholder groups. When budgets are tight, managers may give higher priority to the CSR practices that have stronger effects on firm financial performance. Originality/value This study advances our understanding of the CSR-financial performance relationship by exploring its heterogeneous nature across industry sectors and across specific categories. To obtain the biggest gain from CSR spending, managers must have a good understanding how a specific CSR category can contribute to the financial performance of their particular company in their particular industry.

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Hall, Joshua D., and Christopher A. Laincz. "OPTIMAL R&D SUBSIDIES WITH HETEROGENEOUS FIRMS IN A DYNAMIC SETTING." Macroeconomic Dynamics 24, no. 7 (July 16, 2019): 1815–49. http://dx.doi.org/10.1017/s1365100519000026.

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When observably heterogeneous firms engage in R&D and policy can be conditioned on the heterogeneity, what is the optimal policy? This paper starts with a static duopoly model of R&D competition with uncertainty and finds it welfare enhancing to subsidize the larger firms with no subsidies for the smaller firm, extending existing results. This result follows because the policymaker’s goal is to minimize the average cost of production. Our paper demonstrates that these results are not robust to a dynamic setting. The optimal policy depends on the equilibrium type of competition that emerges without intervention—an insight that cannot be found in a static setting. In a dynamic setting, the degree of competition becomes an endogenous variable. Interestingly, although the optimal policy in some cases provides a slightly larger subsidy for the larger firm, it is the smaller firm that benefits most in terms of firm value.

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Chen, Jiawen, and Linlin Liu. "Eco-Efficiency and Private Firms’ Relationships with Heterogeneous Public Stakeholders in China." International Journal of Environmental Research and Public Health 17, no. 19 (September 24, 2020): 6983. http://dx.doi.org/10.3390/ijerph17196983.

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Private firms have been struggling to simultaneously achieve both environmental and economic goals. The concept of eco-efficiency captures the extent to which firms gain competitiveness through environmental management. Based on stakeholder salience theory and organizational learning theory, this study proposes that relationship with public stakeholders can hinder or promote private firms’ eco-efficiency. Our findings showed that firm eco-efficiency is reduced by a relationship with the government but is enhanced by relationships with non-governmental organizations (NGOs). This study also found that the effects on eco-efficiency of a firm’s relationship with public stakeholders are contingent on firm size. The findings of this study shed light on the organizational learning perspective of eco-efficiency and multi-stakeholder management by theoretically and empirically differentiating the effects on firm eco-efficiency of relationships with the government and NGOs.

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14

Katan, Hamidon, and Fauzias Mat Nor. "Institutional Ownership Heterogeneity and Firm Performance: Evidence from Malaysia." International Journal of Economics and Finance 7, no. 12 (November 24, 2015): 176. http://dx.doi.org/10.5539/ijef.v7n12p176.

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<p>The roles of institutional owners in alleviating agency problem and its effect on firms have been studied extensively in corporate finance. However, these researches have mixed results because most have treated institutional owners as a homogenous group. Drawing on previous research, this study differentiates institutional owners as transient or dedicated owners. These two groups of institutional owners differ significantly in terms of size of holdings, purposes, goals as well as monitoring efforts. The objective of this study is to determine how the institutional ownership structure i.e. transient or dedicated ownership affect firm performance within the context of agency theory. To determine whether treating the sample homogenously or heterogeneously has different effects on firm performance, this study also examine the effect of total ownership (whereby the sample is treated homogeneously) on firm performance. Using panel data that span from 2002 to 2006, several hypotheses are tested based on data of firms listed on Bursa Malaysia’s Kuala Lumpur Composite Index (KLCI) using hierarchical regression analysis methodology. The empirical results indicate that total institutional ownership and dedicated ownership have no significant effect towards firm performance. Transient ownership, however, has statistically significant effect on firm performance. These results show that institutional ownership is heterogeneous with transient ownership structure monitor the management themselves. The establishment of the differing effect of institutional ownership due to the heterogeneous nature of ownership suggests that future research in this area must take into account the heterogeneity.</p><p><span style="font-size: 10px;"> </span></p>

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15

Halac, Marina, Ilan Kremer, and Eyal Winter. "Raising Capital from Heterogeneous Investors." American Economic Review 110, no. 3 (March 1, 2020): 889–921. http://dx.doi.org/10.1257/aer.20190234.

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A firm raises capital from multiple investors to fund a project. The project succeeds only if the capital raised exceeds a stochastic threshold, and the firm offers payments contingent on success. We study the firm’s optimal unique-implementation scheme, namely the scheme that guarantees the firm the maximum payoff. This scheme treats investors differently based on size. We show that if the distribution of the investment threshold is log-concave, larger investors receive higher net returns than smaller investors. Moreover, higher dispersion in investor size increases the firm’s payoff. Our analysis highlights strategic risk as an important potential driver of inequality. (JEL D21, D86, G24, G32)

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16

Langenmayr, Dominika. "Limiting Profit Shifting in a Model with Heterogeneous Firm Productivity." B.E. Journal of Economic Analysis & Policy 15, no. 4 (October 1, 2015): 1657–77. http://dx.doi.org/10.1515/bejeap-2014-0058.

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Abstract This paper analyzes measures that limit firms’ profit shifting activities in a model that incorporates heterogeneous firm productivity and monopolistic competition. Such measures, e.g. thin capitalization rules, have become increasingly widespread as governments have reacted to growing profit shifting activities of multinational companies. However, besides limiting profit shifting, such rules entail costs. As the regulations can only focus on the means to shift profits, not on profit shifting itself, they impose costs on all firms, no matter whether these firms shift profits abroad or not. In the model, these costs force some firms to exit the market. Thus, as the resulting lower competition makes the remaining firms more profitable, regulations to limit profit shifting may even increase the aggregate amount of profits shifted abroad. From a welfare point of view, it can be optimal not to limit profit shifting by such rules.

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17

Friesen, Geoffrey C., Yi Zhang, and Thomas S. Zorn. "Heterogeneous Beliefs and Risk-Neutral Skewness." Journal of Financial and Quantitative Analysis 47, no. 4 (April 19, 2012): 851–72. http://dx.doi.org/10.1017/s0022109012000269.

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AbstractThis study tests whether belief differences affect the cross-sectional variation of risk-neutral skewness using data on firm-level stock options traded on the Chicago Board Options Exchange from 2003 to 2006. We find that stocks with greater belief differences have more negative skews, even after controlling for systematic risk and other firm-level variables known to affect skewness. Factor analysis identifies latent variables linked to risk and belief differences. The belief factor explains more variation in the risk-neutral skewness than the risk-based factor. Our results suggest that belief differences may be one of the unexplained firm-specific components affecting skewness.

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Butt, Muhammad Saqib Bashir, and Hasniza Mohd Taib. "Economic Forces and Firm Stock Returns Volatility: Role of Firm Features." Pakistan Journal of Humanities and Social Sciences 7, no. 3 (September 30, 2019): 281–302. http://dx.doi.org/10.52131/pjhss.2019.0703.0087.

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Stock market volatility is always been a major concern for investors, regulators, policy makers and academicians. Unfortunately, firm level volatility has not been given the due attention. The studies dealing with the firm level volatility are scarce. Moreover, a common assumption of homogenous nature of firms is used in the aggregate stock market analysis, sectoral level analysis and even in a firm level analysis. This homogenous assumption was objected by several researchers and suggested that firms are heterogeneous even in a narrowly defined sector. Furthermore, firms are different from each other because of possessing different characteristics. Based on that firm’s response to macroeconomic changes would not be the same. Hence, the hypothesis testing ignoring this fact could be spurious. This study proposes five categories in which firms can be classified, such as firm age, firm size, firm nature of business, firm trading nature and the sectoral location of the firm. This study proposes to examine the linkages between the macro economic factors and the firm level stock returns volatility considering the given firm features. It is expected from the empirical testing that the macroeconomic factors effect firm stock returns volatility belonging to different firm features differently, both in terms of magnitude and sign.

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19

Gaubert, Cecile. "Firm Sorting and Agglomeration." American Economic Review 108, no. 11 (November 1, 2018): 3117–53. http://dx.doi.org/10.1257/aer.20150361.

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To account for the uneven distribution of economic activity in space, I propose a theory of the location choices of heterogeneous firms in a variety of sectors across cities. In equilibrium, the distribution of city sizes and the sorting patterns of firms are uniquely determined and affect aggregate TFP and welfare. I estimate the model using French firm-level data and find that nearly half of the productivity advantage of large cities is due to firm sorting, the rest coming from agglomeration economies. I quantify the general equilibrium effects of place-based policies: policies that subsidize smaller cities have negative aggregate effects. (JEL D22, D24, R11, R32)

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Sampson, Thomas. "Selection into Trade and Wage Inequality." American Economic Journal: Microeconomics 6, no. 3 (August 1, 2014): 157–202. http://dx.doi.org/10.1257/mic.6.3.157.

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This paper analyzes how intra-industry trade affects the wage distribution when both workers and firms are heterogeneous. Positive assortative matching between worker skill and firm technology generates an employer size-wage premium and an exporter wage premium. Fixed export costs cause the selection of advanced technology, high-skill firms into exporting, and trade shifts the firm technology distribution upwards. Consequently, trade increases skill demand and wage inequality in all countries, both on aggregate and within the upper tail of the wage distribution. This holds when firms receive random technology draws and when technology depends on firm-level R&D. (JEL F16, J23, J24, J31)

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21

Nunez, Enrique. "The differing impact of household income on firm emergence by heterogeneous start-up configuration." New England Journal of Entrepreneurship 18, no. 2 (March 1, 2015): 31–46. http://dx.doi.org/10.1108/neje-18-02-2015-b003.

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Using the Panel Study of Entrepreneurial Dynamics II dataset, we examine the role that household income plays in the emergence of consumer-oriented start-ups by individual (solo), family-based (family), and non-family based start-ups (team). In particular, we address the research question: Does household income impact firm emergence, and if so, is emergence impacted differently based on start-up configuration? Our results indicate that household income does have a significant impact on average firm emergence, as well as on emergence growth rates for solo and family firms, playing an especially significant role for family firms. Furthermore, we found that household income is not a significant predictor of start-up activity completion for teams. Results from our study reinforce the extant literature on the benefits of starting a firm with teams, and suggests that these enterprise types may provide a more stable platform on which to launch a start-up. Implications of these findings and opportunities for future research are offered.

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Hottman, Colin J., Stephen J. Redding, and David E. Weinstein. "Quantifying the Sources of Firm Heterogeneity *." Quarterly Journal of Economics 131, no. 3 (March 3, 2016): 1291–364. http://dx.doi.org/10.1093/qje/qjw012.

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Abstract We develop and structurally estimate a model of heterogeneous multiproduct firms that can be used to decompose the firm-size distribution into the contributions of costs, “appeal” (quality or taste), markups, and product scope. Using Nielsen barcode data on prices and sales, we find that variation in firm appeal and product scope explains at least four fifths of the variation in firm sales. We show that the imperfect substitutability of products within firms, and the fact that larger firms supply more products than smaller firms, implies that standard productivity measures are highly dependent on implicit demand system assumptions and probably dramatically understate the relative productivity of the largest firms. Although most firms are well approximated by the monopolistic competition benchmark of constant markups, we find that the largest firms that account for most of aggregate sales depart substantially from this benchmark, and exhibit both variable markups and substantial cannibalization effects.

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Hyslop, Dean R., David C. Maré, Steven Stillman, and Jason Timmins. "Heterogeneous Firm Responses to Rising Teenage Wages." LABOUR 26, no. 4 (November 16, 2012): 436–54. http://dx.doi.org/10.1111/labr.12000.

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Egger, Peter H., Katharina Erhardt, and Christian Keuschnigg. "Heterogeneous tax sensitivity of firm-level investments." Journal of Economic Behavior & Organization 176 (August 2020): 512–38. http://dx.doi.org/10.1016/j.jebo.2020.05.008.

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TERRY, STEPHEN J. "Alternative Methods for Solving Heterogeneous Firm Models." Journal of Money, Credit and Banking 49, no. 6 (August 14, 2017): 1081–111. http://dx.doi.org/10.1111/jmcb.12414.

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Kancs, d’Artis, and Pavel Ciaian. "The Factor Content of Heterogeneous Firm Trade." World Economy 35, no. 3 (November 11, 2011): 373–93. http://dx.doi.org/10.1111/j.1467-9701.2011.01361.x.

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27

Gifford, Sharon. "Heterogeneous ability, career choice and firm size." Small Business Economics 5, no. 4 (December 1993): 249–59. http://dx.doi.org/10.1007/bf01516246.

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Kim, Harim. "Heterogeneous Impacts of Cost Shocks, Strategic Bidding, and Pass-Through: Evidence from the New England Electricity Market." American Economic Journal: Microeconomics 14, no. 2 (May 1, 2022): 370–407. http://dx.doi.org/10.1257/mic.20190367.

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Industry-wide shocks can have heterogeneous impacts on firms’ costs due to different firm characteristics. The heterogeneity of these impacts is crucial for understanding the pass-through of the shock because of its implications for strategic competition. In the context of the gas price shock in the electricity market, I develop a method to identify the heterogeneous impacts of the shock and show, with a structural analysis, that the heterogeneous feature of the shock induces markup adjustments in firms. Pass-through that is estimated without incorporating the existing heterogeneous impacts fails to reflect the change in competition arising from the shock and is, on average, underestimated. (JEL D24, L11, L94. L95, L98, Q35)

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Kim, Harim. "Heterogeneous Impacts of Cost Shocks, Strategic Bidding, and Pass-Through: Evidence from the New England Electricity Market." American Economic Journal: Microeconomics 14, no. 2 (May 1, 2022): 370–407. http://dx.doi.org/10.1257/mic.20190367.

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Industry-wide shocks can have heterogeneous impacts on firms’ costs due to different firm characteristics. The heterogeneity of these impacts is crucial for understanding the pass-through of the shock because of its implications for strategic competition. In the context of the gas price shock in the electricity market, I develop a method to identify the heterogeneous impacts of the shock and show, with a structural analysis, that the heterogeneous feature of the shock induces markup adjustments in firms. Pass-through that is estimated without incorporating the existing heterogeneous impacts fails to reflect the change in competition arising from the shock and is, on average, underestimated. (JEL D24, L11, L94. L95, L98, Q35)

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30

Qi, Ji, Xin Tang, and Xican Xi. "The Size Distribution of Firms and Industrial Water Pollution: A Quantitative Analysis of China." American Economic Journal: Macroeconomics 13, no. 1 (January 1, 2021): 151–83. http://dx.doi.org/10.1257/mac.20180227.

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We argue that misallocation across firms amplifies industrial water pollution by distorting the firm size distribution in China. Firm-level data indicate that larger firms are more likely to use clean technology but face higher distortions. In a heterogeneous firms model with an endogenous choice of pollution treatment technologies, we show that distortions that increase with firm-level TFP lower the adoption of clean technology, amplify aggregate pollution intensity, and lower aggregate output. Quantitatively, eliminating these correlated distortions would increase output by 30 percent and decrease pollution by 20 percent. Meanwhile, environmental regulations have sizable impact on pollution but limited effects on aggregate output. (JEL O13, O14, P28, P31, Q52, Q53, Q58)

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Zheng, Kairui, Yijie Li, and Xiaohui Xin. "The Influencing Mechanism of High-Speed Rail on Innovation: Firm-Level Evidence from China." Sustainability 14, no. 24 (December 11, 2022): 16592. http://dx.doi.org/10.3390/su142416592.

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There is an urgent need to change the economic development mode from “resources driven” to “innovation driven” with the stagnation of the economy in China. Most existing research on the effect of high-speed rail (HSR) on firm innovation has lacked theoretical support and empirical evidence of firm innovation through knowledge spillover. This study introduces HSR as a cost coefficient to the classical heterogeneous firm model to construct a theoretical framework to determine the impact of HSR on firms’ innovation output. By matching the data of listed firms with the data of prefecture-level cities, the general difference-in-differences (DID) method is used to explore the impact of HSR on firm innovation and its mechanism. The research shows that the construction of HSR has a significant effect on the number of applied patent and authorized patents of firms and that there is a marginal increasing trend relating to the density and timing of HSR. The study found that in peripheral cities, firms in industries with rapid technological advances and highly innovative behaviors benefit more from HSR. HSR is associated with knowledge spillover within and between central and peripheral cities. It also has a heterogeneous sorting effect bounded by city size that promotes highly educated talent and the innovative output of firms that becomes significant only after the population size of a city reaches a certain threshold. HSR stimulates firm innovation mainly by improving the effect of firm resource allocation, promoting the spillover effect of innovation due to the flow and aggregation of resources, and increasing the scale effect of market expansion. Therefore, when designing innovation policies, the role of improving the construction of transportation to increase the frequency of face-to-face communication should be included, thus promoting the flow of knowledge and research collaboration.

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Suárez Serrato, Juan Carlos, and Owen Zidar. "Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms." American Economic Review 106, no. 9 (September 1, 2016): 2582–624. http://dx.doi.org/10.1257/aer.20141702.

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This paper estimates the incidence of state corporate taxes on the welfare of workers, landowners, and firm owners using variation in state corporate tax rates and apportionment rules. We develop a spatial equilibrium model with imperfectly mobile firms and workers. Firm owners may earn profits and be inframarginal in their location choices due to differences in location-specific productivities. We use the reduced-form effects of tax changes to identify and estimate incidence as well as the structural parameters governing these impacts. In contrast to standard open economy models, firm owners bear roughly 40 percent of the incidence, while workers and landowners bear 30–35 percent and 25–30 percent, respectively. (JEL H22, H25, H32, H71, R23, R51)

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Gao, Xing. "Open Source or Closed Source? A Competitive Analysis with Software Security." Decision Analysis 17, no. 1 (March 2020): 56–73. http://dx.doi.org/10.1287/deca.2019.0390.

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Software security is an increasingly serious concern for users and ultimately impacts software firms’ choice of open source or closed source business models. However, the studies in this area are scarce, if not absent. This paper examines whether a software firm chooses open source or closed source in a competitive market when software security is taken into account. I construct a game-theoretic model in which two competitive firms first formulate their business models and then charge their prices for software products. I find that due to security concerns, two symmetric firms may choose a heterogeneous business model, in which one firm chooses open source and the other chooses closed source when the return of open source remains moderate. The two symmetric firms may be trapped in a prisoner’s dilemma with a moderate-high return of open source in which their equilibrium choices of business model, open source, lead to lower profits than when they switch to closed source. For two asymmetric firms in which only one has security concerns in its software products, I reveal that with a moderate return of open source, this firm follows closed source and the other without security concern employs open source. Interestingly, there never exists the other heterogeneous business model in equilibrium.

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Tello-Trillo, Cristina. "The Impact of Trade Competition on Managerial Incentives and Productivity." Journal of International Business Research and Marketing 7, no. 2 (January 2022): 18–26. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.72.3002.

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We study a model of monopolistic competition with firm heterogeneity –in terms of productivity- in which firms provide incentives to managers to reduce marginal cost. In our model managerial incentives are endogenously determined by firm’s productivity and the intensity of competition. We show how tougher competition, generated by large market size or trade, induces stronger incentives to reduce marginal cost for the more-productive firms while the opposite holds for the less-productive firms; this further affects the selection of heterogeneous producers into the domestic and foreign markets. Aggregate productivity growth is decomposed in two sources, within-firm growth and between-firm growth, a decomposition that has not been theoretically analyzed before. We provide a useful theoretical model to analyze how exposure to competition leads to firm productivity growth and how this further affects aggregate performance measures and selection.

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Hasan, Syed, Alessandra Faggian, H. Allen Klaiber, and Ian Sheldon. "Agglomeration Economies or Selection? An Analysis of Taiwanese Science Parks." International Regional Science Review 41, no. 3 (April 21, 2016): 335–63. http://dx.doi.org/10.1177/0160017616642822.

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Agglomeration spillovers are a major driver of policy creating science parks across the world. However, agglomeration benefits may be offset by competition arising out of spatial proximity of firms. Analysis of Taiwanese firms’ total factor productivity distribution shows that, depending on location choice, the impact of agglomeration and selection is heterogeneous across firm types. Spatial analysis is applied to evaluate the regional innovation policy of establishing science parks. A sectoral analysis of productivity distributions reveals that there is a positive relationship between technology intensity of the production process and firm productivity levels when firms are located in science parks.

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Ngo, Quang-Thanh, Quang-Van Tran, Tien-Dung Nguyen, and Trung-Thanh Nguyen. "How Heterogeneous Are the Determinants of Total Factor Productivity in Manufacturing Sectors? Panel-Data Evidence from Vietnam." Economies 8, no. 3 (July 6, 2020): 57. http://dx.doi.org/10.3390/economies8030057.

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One of the remaining challenges in explaining differences in total factor productivity is heterogeneity between sectors and within a specific sector in terms of labor and capital. This paper employs the generalized method of moments (GMM) to identify factors that affect total factor productivity across 21 manufacturing sectors and to clarify the heterogeneous determinants of total factor productivity within manufacturing sectors for the period 2010–2015. Our estimations show that large firms have significantly greater total factor productivity levels than small firms in some fragmentations of firms in terms of both labor and total capital and in some manufacturing sectors. It is suggested that firm characteristics should be considered by the government in establishing relevant policies for enhancing firm productivity.

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Eeckhout, Jan. "Sorting in the Labor Market." Annual Review of Economics 10, no. 1 (August 2, 2018): 1–29. http://dx.doi.org/10.1146/annurev-economics-080217-053526.

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This review surveys the literature on sorting in the labor market. There are inherent differences in worker ability and across-firm productivity. Two fundamental questions are whether the exact composition of skills of workers and productivity of firms affects output and how this composition determines the equilibrium allocation of workers within a firm and between firms. There has been a surge of research investigating the causes and consequences of the process of allocation of heterogeneous workers to firms. The focus in this review is on theory that sheds light on open questions in macroeconomics, labor, and industrial organization, with a particular emphasis on the role of firm size. Those models allow us to infer from the observed sorting patterns (who matches with whom) what the underlying technological determinants are and how they have evolved in recent decades. Furthermore, they help us understand the technological origins of important labor market trends, such as the increase in wage inequality and the change in labor market and firm dynamics.

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Li, Bin, and Chun-Yu Ho. "Heterogeneous effects of internet channel on firm innovation." Applied Economics Letters 27, no. 12 (August 28, 2019): 1022–27. http://dx.doi.org/10.1080/13504851.2019.1659483.

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39

Jovanovic, Boyan. "Firm formation with heterogeneous management and labor skills." Small Business Economics 6, no. 3 (June 1994): 185–91. http://dx.doi.org/10.1007/bf01108287.

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40

Bernard, Andrew B., J. Bradford Jensen, Stephen J. Redding, and Peter K. Schott. "Global Firms." Journal of Economic Literature 56, no. 2 (June 1, 2018): 565–619. http://dx.doi.org/10.1257/jel.20160792.

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Research in international trade has changed dramatically over the last twenty years, as attention has shifted from countries and industries towards the firms actually engaged in international trade. The now-standard heterogeneous firm model posits measure-zero firms that compete under monopolistic competition and decide whether to export to foreign markets. However, much of international trade is dominated by a few “global firms,” which participate in the international economy along multiple margins and account for substantial shares of aggregate trade. We develop a new theoretical framework that allows firms to have large market shares and decide simultaneously on the set of production locations, export markets, input sources, products to export, and inputs to import. Using US firm and trade transactions data, we provide strong evidence in support of this framework's main predictions of interdependencies and complementarities between these margins of firm international participation. Global firms participate more intensively along each margin, magnifying the impact of underlying differences in firm characteristics and increasing their shares of aggregate trade. (JEL D22, F14, F23, L60, R32)

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Rehman, Ajid Ur, Tanveer Ahmad, Shahzad Hussain, and Shoaib Hassan. "Corporate cash holdings and firm life cycle: evidence from China." Journal of Asia Business Studies 15, no. 4 (May 26, 2021): 625–42. http://dx.doi.org/10.1108/jabs-07-2020-0272.

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Purpose The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Design/methodology/approach This study uses an extensive data set of 2,994 Chinese A-listed firms. The authors use generalized method of moments (GMM) and Fisher Panel unit root testing to investigate the targeting behavior of Chinese firms. Findings The uni-variate investigation reveals that firms in the growth stage exhibits the highest cash levels and firms in the decline stage report the lowest cash levels. As growth firms have high investment needs, they may require raising external capital to meet investment needs. To avoid the costly external financing, firms in growth stage tend to hold more cash. The GMM estimation reveals that along all the phases of firm life cycle there are evidences of trade-off behavior of corporate cash holdings. The authors report that adjustment rate increases as firms enters into the growth stage. Practical implications The findings provide both theoretical and practical insight to align cash policies with the available strategic choices along firm life cycle in an emerging market characterized by market imperfections. Originality/value The study is unique from the context that it is applying robust methodology to one of rarely investigated area in corporate cash policy. The peculiar Chinese study setting characterized by higher information asymmetry, high cost of external financing and heterogeneous access to financing sources provide theoretical and empirical underpinnings to investigate and gain insight about how corporate cash policy can be aligned with strategic choices available across different stages of life cycle.

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Almunia, Miguel, Pol Antràs, David Lopez-Rodriguez, and Eduardo Morales. "Venting Out: Exports during a Domestic Slump." American Economic Review 111, no. 11 (November 1, 2021): 3611–62. http://dx.doi.org/10.1257/aer.20181853.

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We study the relationship between domestic-demand shocks and exports using data for Spanish manufacturing firms in 2002–2013. Exploiting plausibly exogenous geographical variation caused by the Great Recession, we find that firms whose domestic sales declined by more experienced a larger increase in export flows, controlling for firms’ supply determinants. This result illustrates the capacity of export markets to counteract the negative impact of local demand shocks. By structurally estimating a heterogeneous-firm model of exporting with nonconstant marginal costs of production, we conclude that these firm-level responses accounted for half of the spectacular increase in Spanish goods exports over the period 2009–2013. (JEL D22, E32, F14, L60)

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Ottonello, Pablo, and Thomas Winberry. "Financial Heterogeneity and the Investment Channel of Monetary Policy." Econometrica 88, no. 6 (2020): 2473–502. http://dx.doi.org/10.3982/ecta15949.

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We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk—those with low debt burdens and high “distance to default”— are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low‐risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financing investment. The aggregate effect of monetary policy may therefore depend on the distribution of default risk, which varies over time.

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Hau, Harald, Yi Huang, and Gewei Wang. "Firm Response to Competitive Shocks: Evidence from China’s Minimum Wage Policy." Review of Economic Studies 87, no. 6 (January 6, 2020): 2639–71. http://dx.doi.org/10.1093/restud/rdz058.

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Abstract The large regional variation in minimum wage levels during the period 2002–8 in China implies that Chinese manufacturing firms experienced competitive shocks as a function of firm location and their low-wage employment share. We find that minimum wage hikes accelerate the input substitution from labour to capital, reduce employment growth and accelerate total factor productivity growth—particularly among the less productive firms under private Chinese or foreign ownership, but not among state-owned enterprises. The heterogeneous firm response to labour cost shocks can be explained by differences in management practices and suggests that management quality and competitive pressure are complementary.

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Blaum, Joaquin, Claire Lelarge, and Michael Peters. "The Gains from Input Trade with Heterogeneous Importers." American Economic Journal: Macroeconomics 10, no. 4 (October 1, 2018): 77–127. http://dx.doi.org/10.1257/mac.20160426.

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Firms differ substantially in their participation in foreign input markets. We develop a methodology to measure the aggregate effects of input trade that takes such heterogeneity into account. We provide a theoretical result that holds in a variety of settings: the firm-level data on value added and domestic expenditure shares in material spending is sufficient to compute the change in consumer prices due to a shock to the import environment. We characterize the bias of approaches that rely on aggregate statistics. In an application to French data, input trade reduces the prices of manufacturing products by 27 percent. (JEL D24, E31, F12, F14, L11, L25, L60)

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Landini, Fabio, Alessandro Arrighetti, and Eleonora Bartoloni. "The sources of heterogeneity in firm performance: lessons from Italy1." Cambridge Journal of Economics 44, no. 3 (February 19, 2020): 527–58. http://dx.doi.org/10.1093/cje/beaa001.

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Abstract An extensive body of literature documents large and persistent within-industry heterogeneity of firm performance. While some authors explain such evidence in terms of input misallocation, we provide an alternative analytical framework that integrates insights from resource-based and institutional approaches. We interpret firms’ behaviour as the result of the interaction among exogenous and endogenous factors. Exogenous factors, both supply and demand related, define the opportunity set that is available to firms. Endogenous factors reflect instead firm-specific interpretations of such set, which, combined with the available resources and capabilities, determine a firm’s strategic responses, which can be markedly heterogeneous. Whenever the diversity of firm conducts is associated with relatively small profit differentials, firm heterogeneity can persist. Evidence based on the evolution of labour productivity and profit dispersion in the Italian manufacturing sector between the 1990s and early 2000s provides support for our interpretative framework.

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Kang, Hyo. ""Employee Mobility, Firm Self-sorting, and Job Creation: Heterogeneous Effects by Firm Size"." Academy of Management Proceedings 2016, no. 1 (January 2016): 13483. http://dx.doi.org/10.5465/ambpp.2016.13483abstract.

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Braun, Sebastian. "Unionisation structures, productivity and firm performance: New insights from a heterogeneous firm model." Labour Economics 18, no. 1 (January 2011): 120–29. http://dx.doi.org/10.1016/j.labeco.2010.08.004.

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MOORS, ELLEN H. M., and PHILIP J. VERGRAGT. "TECHNOLOGY CHOICES FOR SUSTAINABLE INDUSTRIAL PRODUCTION: TRANSITIONS IN METAL MAKING." International Journal of Innovation Management 06, no. 03 (September 2002): 277–99. http://dx.doi.org/10.1142/s1363919602000616.

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Many firms have been taking up the environmental challenge, primarily by implementing incremental technological changes in their production systems. We believe that incremental innovations are no longer enough. Instead, radical innovations in industrial production are necessary for achieving high-level sustainability goals. Accordingly, the aim of this paper is to assess how industrial production can be managed towards sustainability goals, by focusing on technological innovations of large-scale, process-oriented firms. We focus on technology choice processes at the micro level that lead to innovations in the metals production industry. Insights into these choice processes could inform policy for promoting more sustainable industrial production. We first conceptualise "incremental" and "radical" innovations according to a technological criterion. Next, a systems-network conceptual framework is presented and applied to the analysis of technology choice processes within two steel producing firms. We argue that the awareness of a crisis, due to increased external pressures upon the production system, is a necessary (but not sufficient) condition for radical innovations to be developed and implemented. Furthermore, the availability of a mature firm-internal technology network is a necessary (but not always sufficient) condition for the development of radical innovations. Heterogeneous, informal interactions with firm-external actors are also important. A high degree of technical or organisational embeddedness of the industrial production system seems to complicate the implementation of radical innovations. These options are often implemented when firms are growing. The empirical studies and conceptual framework generate conclusions about policy interventions aimed at transition to radical innovations. These interventions should be focused on the sensitivity of large firms to external pressure. In addition, more outsiders should be enrolled in the technology networks within firms. Further, the firm management should reinforce existing, firm-internal technology networks by including a high density of heterogeneous specialists. Finally, governments should tune their technology policy on business expanding programs.

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Kaas, Leo, and Philipp Kircher. "Efficient Firm Dynamics in a Frictional Labor Market." American Economic Review 105, no. 10 (October 1, 2015): 3030–60. http://dx.doi.org/10.1257/aer.20131702.

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We develop and analyze a labor market model in which heterogeneous firms operate under decreasing returns and compete for labor by posting long-term contracts. Firms achieve faster growth by offering higher lifetime wages, which allows them to fill vacancies with higher probability, consistent with recent empirical findings. The model also captures several other regularities about firm size, job flows, and pay, and generates sluggish aggregate dynamics of labor market variables. In contrast to existing bargaining models with large firms, efficiency obtains and the model allows a tractable characterization over the business cycle. (JEL E24, J64, L11)

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