In this paper, we analyze effectiveness of\ud public intervention for fostering private venturecapital\ud market in Spain. We use a sample obtained\ud from VentureXpert database, consisting of 755\ud investments made by 83 Spanish public and private\ud venture capitalists that closed at least one fund\ud between 1997 and 2008. We compare the investments\ud undertaken by private and public investors before and\ud after public venture capital programs were started.\ud We found that Spanish venture-capital market has\ud rapidly developed in the last 10 years and that this\ud development coincides with the establishment of\ud public policies for encouraging technology entrepreneurship.\ud We also found that other factors, such as\ud previous experience of investors and size, have also\ud contributed to fostering more high-risk investments.\ud These results may encourage governments in other countries to start or keep working to promote private\ud venture-capital investments.Postprint (published version
Research Summary This article tests real options theory predictions that uncertainty and flexibility are key value drivers for offshore outsourcing moderated by switching costs. Examining firm‐specific and market data for outsourcing cases by U.S. firms, we find that the impact of market and environmental uncertainty and flexibility on outsourcing value is net positive and that it is greater for offshore than for domestic outsourcing. Outsourcing benefits are related to flexibility arising from growth options and moderated by switching costs underlying outsourcing activities, including loss of innovative capability and economic, institutional, and cross‐country cultural differences. Managerial Summary In the popular business literature, the “footloose” nature of outsourcing strategy characterized by an outsourcing firm's flexibility, as well as the ability in finding appropriate suppliers on a global basis, has often been touted as an important means of dealing with market uncertainty. However, the academic literature has not offered direct empirical support for the inherent value of such outsourcing strategies. Our study shows that firms tend to perform better financially when they have such outsourcing flexibility under uncertain market and environmental conditions, although this relationship may be somewhat weakened by potential loss of innovative capability and cultural and other differences in dealing with foreign suppliers.
We investigate whether female executives influence corporate environmental management (green management). Based on a difference-in-difference approach, our study provides evidence that female CFOs conduct more environmentally responsible activities, and the effects are more prominent when firms are of high risks. Female CFOs are more likely to involve in environmental management voluntarily. Further, environmental management improves firm performance such as debt cost saving. This research advances the gender diversity literature and suggests that female executives play an important role in corporate decisions and firm performance.
It is determined that inclusive green growth comprises processes of economic development and inclusiveness as a system of inclusions, taking into account the anthropogenic burden on the ecosystem, as well as the relational nature of socio-economic transformations. This article is an evaluation of this issue in the context of a contemporary Chinese society beset by regional inequalities that uses the Yangtze River basin as a case study. An index system has been constructed for inclusive green growth measurement, and kernel density and the Dagum Gini coefficient are used to analyze and describe characteristics regarding the distribution and spatial disparities within and between city clusters. The article then concludes that all city clusters are developing towards an inclusive green economy. There are still significant inequalities in inclusive growth among city clusters. Most city clusters are converging so slow that it will take a long time for weaker cites to catch up with stronger cites. City clusters also suffer major inner imbalances and gaps are widening. This paper argues that the profession needs to be more proactive in promoting strategic and targeted policies within such an unequal growth context.
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