The Components of Talent: Company Size and Financial Centres in the European Investment Management Industry

Clark, Gordon L.

doi:10.1080/00343404.2015.1068932

Cited by 13 publications

(8 citation statements)

References 50 publications

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“…1019 phenomenon, there has been a distinction made in the economic geography literature between localized interactions among co-located firms and long-distance network ties connecting clusters (Bathelt, Malmberg, & Maskell, 2004). Clustering of financial services in the City of London is often cited as a prime example that underlines the relevance of both localized and long-distance interactions and owes its success to its ability to concentrate simultaneously key expertise and talent in space, allowing it to deliver a wide variety of complex services to clients worldwide (Clark, 2002(Clark, , 2016. Provided it is in fact the access to deal flow that motivates banks to design their networks strategically by spanning structural holes, as hypothesized by Shipilov (2006), it is plausible that inter-cluster network ties could convey benefits that intra-cluster ties do not.…”

Section: Literature and Hypothesesmentioning

confidence: 99%

“…Financial services firms also tend purposefully to co-locate with their close competitors to monitor their activities and offer the same degree of accessibility to their clients (Cook et al, 2007). Co-located firms typically serve more overlapping market segments in contrast to firms located in different FCs and, as a direct result, financial services firms tend to compete more directly with those firms located within the same FC (Clark, 2002(Clark, , 2016Wójcik et al, 2018a;Wójcik, Knight, O'Neill, & Pažitka, 2018b). Therefore, we expect that an increase in the network centrality of a focal firm would increase the competitive pressure on other proximate firms and reduce their growth prospects, ceteris paribus.…”

Section: Literature and Hypothesesmentioning

confidence: 99%

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Cluster dynamics of financial centres in the UK: do connected firms grow faster?

Pažitka

Wójcik

2018

Regional Studies

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This study investigates the connection between network centrality and firm growth on a sample of 3224 financial services firms located in the UK in the aftermath of the global financial crisis. The findings, based on a spatial econometric model of long-term firm growth, indicate that firms that span structural holes, engage in co-management appointments and have network connections to related companies in other financial centres grow faster. In contrast, such connections generate substantial negative indirect effects on proximate firms, leading to a divergence of growth rates between globally connected and locally embedded firms.

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Section: Literature and Hypothesesmentioning

confidence: 99%

Section: Literature and Hypothesesmentioning

confidence: 99%

Cluster dynamics of financial centres in the UK: do connected firms grow faster?

Pažitka

Wójcik

2018

Regional Studies

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“…Sound financial management will lead to an increase in local revenue and an increase in development efforts [1]. Regional Finance is all regional rights and obligations that can be valued in money and everything in money and goods used as regional property related to implementing these rights and obligations [2]. The administration of government affairs under regional authority is funded from and at the expense of the regional revenue and expenditure budget (APBD).…”

Section: B Theoretical Review 1 Regional Financial Managementmentioning

confidence: 99%

The Effect of Regional Original Income and general allocation funds on Regional Expenditures on South Bolaang Mongondow Regency

Ohy

Bogar

Mandagi

2021

TSSJ

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The purpose of this study was to determine how much influence revenue (PAD) and general allocation fund (DAU) to spending in South Bolaang Mongondow area, either partially or simultaneously. This research is quantitative by using secondary data from the Budget Realization Report Revenue and Expenditure in local government South Bolaang Mongondow. This study indicates that Regional Original Income and general allocation funds positive and significant effect on Regional Expenditures. With the results of the first t-test analysis of 0.003 <0.05 and the t-count value of 3.975 > t-table 2.262, the second t-test of 0.003 <0.05 and the t-count value of 4.103> t table 2,262, and there is a simultaneous influence of Regional Original Revenue and general allocation funds on Regional Expenditures with F test analysis of 0.008 < 0.05 and F arithmetic value 8.823 > F table 4.10. Thus, regional Original Revenue and general allocation funds simultaneously or together positively influenced Regional Expenditures for South Bolaang Mongondow Regency in 2009-2020, expected that government areas to continue to improve reception on local revenue sources to create local independence. Besides the local government, South Bolaang Mongondow must also manage allocation funds with the right target.

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“…Clustering of financial services firms in FCs has been linked to higher firm growth (Pažitka and Wójcik, 2019) and market entry (Pandit et al, 2001). FCs are generally located within large metropolitan areas, which offer a large and suitably qualified labour force (Clark, 2015) as well as the necessary physical and digital infrastructure necessary for operating in a global marketplace (Cook et al, 2007;Wójcik et al, 2018). Firms located in FCs enjoy positive as well as negative locational externalities and incur significant expenses.…”

Section: Localisation and Urbanisationmentioning

confidence: 99%

Connectivity and growth: Financial centres in investment banking networks

2021

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We investigate the effect of urban network connectivity on the growth of financial centres. While existing research recognises the importance of network connectivity to firms, clusters as well as city regions, large-sample empirical evidence is currently scarce, particularly in the context of financial services. We contribute to this debate by studying underwriting of equity and debt securities, which represent some of the core activities of financial centres. We operationalise our analysis using a proprietary dataset collated from Dealogic Equity Capital Market and Debt Capital Market databases covering over 1.7 million interactions of investment banks with issuers across 540 cities globally during the 1993–2016 period. We estimate our regression equations using the system generalised method of moments estimator, which allows us to obtain consistent coefficient estimates on potentially endogenous regressors, including network connectivity variables. We identify a clear pattern of a positive association between network centrality of financial centres and their growth. We distinguish between intracity and intercity network connectivity and find that financial centres with a larger number of intercity network ties and assortative intracity networks grow faster, while intracity network density does not appear to affect financial centre growth. Our results on intercity network ties are broadly consistent with established knowledge of cluster networks. In contrast, our findings on financial centres' intracity networks contradict previous research that suggests that dense and disassortative intracluster networks aid economic performance of clusters.

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The Components of Talent: Company Size and Financial Centres in the European Investment Management Industry

Cited by 13 publications

References 50 publications

Cluster dynamics of financial centres in the UK: do connected firms grow faster?

Cluster dynamics of financial centres in the UK: do connected firms grow faster?

The Effect of Regional Original Income and general allocation funds on Regional Expenditures on South Bolaang Mongondow Regency

Connectivity and growth: Financial centres in investment banking networks

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