Traditionally, the institutional investment advisory industry in Pennsylvania has been concentrated in Philadelphia's Central Business District (CBD). However, analysis of the industry's organizational structure and spatial dynamics over the 1983–1993 study period indicates suburbanization and growth of the industry outside of the CBD. Maps and tables describe the institutional investment advisory industry's spatial organization at the intra‐metropolitan scale using the Money Market Directory of Pension Funds and their Investment Advisors (Money Market Directories 1983, 1993). This industry‐specific research contributes to the ongoing attempt to theorize financial services location and growth, and provides a basis for examining the impact of information technology (IT) on the spatial concentration of financial services activity at the intra‐metropolitan scale.
Abstract. This article examines the locational dynamics of the institutional investment advisory industry in the United States, 1983–1996, focusing on the factors and firm characteristics that account for institutional investment management firms' location. The institutional investment advisory industry, one of the fastest growing industries in the financial services sector, includes firms that manage the securities portfolios of institutional clients (e.g., corporate pension funds) for a fee. Descriptive and logit analyses are used to identify, compare and contrast those factors and firm characteristics associated with firm location outside (versus inside) the traditional investment management core. The findings presented in this article diminish the notion that access to a skilled financial services labor pool and a high‐quality and diversified transportation and communications infrastructure is only available in the traditional core.
This study's objective is to identify and understand the factors important to hardwood processors’ location decisions in the northern and central Appalachian region. Concepts from neoclassical and behavioral location theories were integrated to develop a general framework for analyzing these decisions. Logit regression analysis was used to determine those establishment characteristics related to the likelihood of location search. To a great extent, establishments locate based on personal ties and do not conduct searches. Most variables found to influence the likelihood of search are not controllable by state or local governments. The implications are that existing establishments should be targeted for retention and expansion, rather than focusing on recruitment.
There is growing federal, state, and local interest in forest-based economic development in the United States. Programs to encourage this development often focus on industry recruitment, implicitly assuming that firms search for new locations in other states. This study examines firms that conduct a location search and those that do not, and identifies factors related to their decisions. Concepts from neoclassical and behavioral location theory form the context for this analysis. The large majority of establishments did not conduct a multiple-site location search. To a great extent, establishments located based on personal ties. The majority of variables found to influence the likelihood of a search are not controllable by state or local government. The implication is that local development policy should focus on existing firms, rather than on recruitment.
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