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The authors estimate the multiplier effect of government public infrastructure investment in Spain. This paper aims to use annual data of the 17 Spanish autonomous communities for the 1980–2016 period.

The authors use dynamic acyclic graphs and the heterogeneous panel structural vector autoregressive (P-SVAR) method of Pedroni (2013). This method is robust to cross-sectional heterogeneity and dependence, which are present in the data.

The findings suggest that an increase in the level of government public infrastructure investment generates a positive and persistent effect on the level of output. Five years after the fiscal expansion, the multiplier effects of government public infrastructure investment reach values above one. This confirms that government public infrastructure investment expansions have Keynesian effects. The authors also find that the multiplier effects differ between autonomous communities with above-average and below-average GDP per capita.

To the best of the authors’ knowledge, no research uses dynamic acyclic graphs and heterogeneous P-SVAR techniques to estimate fiscal multipliers of government public investment in Spain by using subnational data.

In the present fast-paced and globalized age of war, special operations forces have a comparative advantage over conventional forces because of their small, highly-skilled units. Largely because of these characteristics, special operations forces spend a disproportionate amount of time deployed. The amount of time spent deployed affects service member’s quality of life and their level of preparedness for the full spectrum of military operations. In this paper, the authors ask the following question: How many force packages are required to sustain a deployed force package, while maintaining predetermined combat-readiness and quality-of-life standards?

The authors begin by developing standardized deployment-to-dwell metrics to assess the effects of deployments on service members’ quality of life and combat readiness. Next, they model deployment cycles using continuous time Markov chains and derive closed-form equations that relate the amount of time spent deployed versus at home station, rotation length, transition time and the total force size.

The expressions yield the total force size required to sustain a deployed capability.

Finally, the authors apply the method to the US Air Force Special Operations Command. This research has important implications for the force-structure logistics of any military force.

This paper aims to study the inter-sectoral linkages in the Egyptian economy, to increase the efficiency of allocating L.E 100bn fiscal stimulus package (FSP) to tackle the economic fallout from COVID-19 based on the strength of the backward and forward linkages of various sectors, and the values of both employment and value-added multipliers. The paper also measures the impact of the new FSP on the capability of various sectors in creating job opportunities and increasing economic growth.

The paper studies the intersectoral linkages by calculating backward and forward linkages index based on the latest input and output tables available for the Egyptian economy published in 2018. It also depends on a bivariate optimization model to distribute new investments allocated through the FSP based on the values of both employment and value-added multiplier for those sectors. The paper calculated both employment and value-added coefficients to measure the impact of the FSP on creating job opportunities and increasing growth rates.

Based on the results of the empirical analysis, both key sectors (with strong backward and forward linkages) and sectors with strong backward linkages have the highest impact on creating job opportunities and increasing growth rates in the Egyptian economy, which means that allocating FSPs in a way which targets those sectors, especially during economic crisis, could help in increasing the positive impacts of those packages.

The paper is based on the unbalanced growth theory of Hirschman and uses the empirical analysis to study the intersectoral linkages and allocate new investments through FSP through different sectors. The main policy implication of the empirical results of this paper suggests targeting the key sectors and the sectors with strong backward linkages during tough economic times related to COVID-19, to increase the positive impact of the package on the whole economy.

This study examines put-call-futures parity in KOSPI 200 index futures and options markets for the sampling period between January of 2011 and December of 2013 in order to investigate whether option multiplier increasing affects on the arbitragee efficiency of an index option market and permanent relationship between futures and options markets by analyzing minute by minute historical index option and future intraday trading data.

What we find is that the arbitrage opportunities associated with put-call-futures parity increase to 5.16% from 1.75% after increasing option multiplier. Although there is no significant change of discrepancies in ATM options, a slight decrease of mispricing is found in the moneyness where call option is OTM. It turns out, however, that the arbitrage opportunities increase by 3.4 times in the moneyness below 0.97 or above 1.03, after increasing multiplier. Also ex-ante analysis shows that most of arbitrage opportunities disappear within one minute, but the speed of dissipation becomes to decrease in the moneyness where the liquidity of ITM options declines to be a very low level. Overall our results suggest that the arbitrage efficiency in the KOSPI 200 index option markets might be deteriorated after an increasing of option multiplier.

The present paper aims to evaluate the structural impact of exogenously induced fiscal shocks on the Moroccan economy. This entails an analysis of the effect on the GDP of COVID-19-induced fiscal shocks manifesting in terms of budgetary revenues and expenditures. A key aspect of this analysis addresses the size of the tax and fiscal multipliers.

The study examines the structural relationship between five variables during the period between Q1 2009 and Q2 2020 using an SVAR approach that allows for a dynamic interaction between ordinary expenditures and revenues on a quarterly basis.

Positive structural shocks on public spending are likely to negatively impact economic growth. Negative economic growth, in turn, will damage price levels and interest rates, mainly over the long term. However, public-revenue-multiplier-associated shocks exceed these price- and interest-rate multiplier-associated shocks. Indeed, a structural shock to ordinary revenues can have a positive but insignificant impact on the GDP stemming from the ensuing decrease in the government budget deficit that proceeds from the increase in government revenues.

This is one of the first studies in the Moroccan context to assess the impact of the current worldwide pandemic on public finances. In addition, this study highlights the importance of boosting economic recovery through public spending.

The study seeks to find the effect of financial leverage on the firm performance of non-financial companies listed in the Tokyo stock market.

The study collected data from 263 companies in the automobile and industrial producer sectors listed on the Tokyo stock exchange between 2001 and 2021. The generalized method of moments was used to estimate the effect of leverage on financial performance due to its ability to overcome the problems of endogeneity and autocorrelation.

The study found that the equity multiplier has a positive and statistically significant effect on return on assets (ROA), return on equity (ROE) and earning per share (EPS). The study discovered that the interest coverage ratio has a positive and statistically significant effect on ROA, ROE, EPS and Tobin’s Q. The results revealed that the degree of financial leverage and debt to earnings before interest, taxes, depreciation and amortization (EBITDA) have a negative and statistically significant effect on ROE, EPS and Tobin’s Q. The study also found that the capitalization ratios of the firms have a negative and statistically significant effect on ROA, ROE, EPS and Tobin’s Q.

The use of debt financing, which presents financial leverage, indicates that the companies can make enough earnings to pay off the interest and principal (debt service obligations), which were shown by the interest coverage ratio, as well as to pay all the long-term fixed expenses, which were shown by the fixed charge coverage ratio. Interest and fixed charge coverage have a positive statistically significant effect on the financial performance of automobile and industrial producer companies.

The study focused on the effect of financial leverage on financial performance by relying on pecking and trade-off theories to contribute to the existing body of literature in finance.

This paper analyses how firm births and deaths are influenced by previous firm births and deaths in related and unrelated sectors. Competition and multiplier effects are used as the theoretical lens for this analysis.

This paper uses 2008–2016 Irish business demography data pertaining to 568 NACE 4-digit sectors within 20 NACE 1-digit industries across 34 Irish county and sub-county regions within 8 NUTS3 regions. A three-stage least squares (3SLS) estimation is used to analyse the impact of past firm deaths (births) on future firm births (deaths). The effect of relatedness on firm interrelationships is explicitly modelled and captured.

Findings indicate that the multiplier effect operates mostly through related sectors, while the competition effect operates mostly through unrelated sectors.

This paper's findings show that firm interrelationships are significantly influenced by the degree of relatedness between firms. The raw data used to calculate firm birth and death rates in this analysis are count data. Each new firm is measured the same as another regardless of differing features like size. Some research has shown that smaller firms have a greater propensity to create entrepreneurs (Parker, 2009). Thus, it is possible that the death of differently sized firms may contribute differently to multiplier effects where births induce further births. Future research could seek to examine this.

These findings have implications for policy initiatives concerned with increasing entrepreneurship. Some express concerns that public investment into entrepreneurship can lead to “crowding out” effects (Cumming and Johan, 2019), meaning that public investment into entrepreneurship could displace or reduce private investment into entrepreneurship (Audretsch and Fiedler, 2023; Zikou et al., 2017). This study’s findings indicate that using public investment to increase firm births could increase future firm births in related and unrelated sectors. However, more negative “crowding out” effects may also occur in unrelated sectors, meaning that public investment which stimulates firm births in a certain sector could induce firm deaths and crowd out entrepreneurship in unrelated sectors.

This paper is the first in the literature to explicitly account for the role of relatedness in firm interrelationships.

Empresa Brasileira de Pesquisa Agropecuária (Embrapa, the Brazilian Agricultural Research Corporation), owned by the Brazilian Government, is one of the most efficient agencies for promoting sustainable tropical agriculture in the world. However, although information is available, farmers do not always put the technologies and knowledge into practice. There is a large difference between the average productivity of farmers and crop or herd potential. Thus, this paper aims to describe and analyze the process of technology transfer of the Embrapa Agrobiology Unit.

The study reviewed the classical and diffusionist models of technology transfer (TT) in Brazilian agriculture and the role of the government in innovation. This was based on documentary research and structured interviews with four employees, supported by a structured roadmap composed of four categories for analysis: the role of TT; the organizational structure of the area; the TT strategies; and the ways of delivery, methods and tools of TT. By a qualitative approach, the results were treated through content analysis.

The results indicated that the area of TT at Embrapa went through a recent restructuring, which included the interchange and collective construction of knowledge (ICC) in its TT process, to turn entrepreneurship into reality. The company is dedicated to bringing knowledge to the most important people: farmers. This has been done through a participatory TT model, which has involved multiplier agents from the research stage to the transfer stage.

Some limitations were found, among them, the fact that only internal members of Embrapa were interviewed, limiting the view of the TTICC staff and without knowing the multiplier agents’ opinion and other actors involved in the process. In addition, it is a qualitative research that is subject to the interpretation of the researcher.

This study contributed to reflections about the TT process and how it can be used by different actors, along with the role of the State in innovation.

In addition to contributing to the development of products, processes and technologies for the economic, social and environmental development of Brazil, Embrapa has been outstanding in generating knowledge for the advancement of science. Its results have had impacts not only nationally but also worldwide. Embrapa has played a key role in Brazilian agriculture as well as in livestock, mainly, in supporting governmental projects and in the implementation of public policies.

The aim of this study was achieved, as there was a possibility of describing and analyzing the technology transfer process at Embrapa Agrobiology Unit, located in the city of Seropédica, Rio de Janeiro. It is concluded that Embrapa has been committed to involving the farmer in the process of interchange, collective construction of knowledge and technology transfer. The farmer has become the focus of this process, reducing the development of “shelf” researches and increasing the participation of the farmer or of the multiplier agent. The importance of studying and knowing the process of technology and knowledge transfer to the public of interest should be highlighted, and especially the reasons why this technology or knowledge are often not adopted by the public. It was possible to identify that Embrapa has noticed the difficulties of farmers and realized that the best way the best way of transforming technological solutions and knowledge into innovation is by involving the farmer in the process of construction and of transfer. Thus, the farmer gives greater credibility to the technology or generated knowledge because this is something that he himself helped build. In the sphere of contemporary institutional knowledge management, Embrapa has had as its main point of departure the demand and the needs of society. For this, it has created means to ensure the participation of different actors because they signal the construction of technological solutions and of innovation and they are the ones who know the real situation. However, this is a recent progress within Embrapa that has evolved and generated results. Thus, research, science and technology institutions must go beyond technology transfer and must ensure the involvement, participation and interaction of the public of interest to promote significant change, social, economic and environmental development and transformation. Embrapa observed this from the referential framework that included technology transfer, interchange and the collective construction of knowledge.

The purpose of this paper is to analyze whether companies that contracted loans from the Brazilian National Bank for Economic and Social Development (BNDES) between 2002 and 2014 were able to invest more than companies that did not. The literature on financial constraints, particularly that based on the investment-cash flow sensitivity model, is among the most studied and controversial in the area of finance, and the discussion on the role of development banks is equally controversial.

The main econometric model of this study was based on the investment-cash flow sensitivity model, with the incorporation of a binary variable that captures the role of the BNDES. This model is applied to a sample of companies listed on the B3 from 2002 to 2014.

This study shows that loans from the BNDES amplify the effects of cash flow on investments, generating a kind of credit multiplier. An important role of development banks is to reduce the financial constraints typical of developing countries.

The use of the cash flow sensitivity model in companies that contracted loans from the BNDES is a relevant instrument to test the effect of the BNDES on companies with financial constraints.

The contracting of BNDES loans by companies can affect both capital structure and cash generation, particularly in companies or years in which there was financial constraint.

Due to the nature of the BNDES as a development bank, there are ramifications in terms of the generation of employment and income inherent to the mission of this type of institution. Knowing the multiplier effect on the cash flow potential of companies has a direct impact on their preservation, enabling them to maintain and expand the supply of jobs.

This study is the first to integrate two important areas of study. From the theoretical perspective, this study provides evidence on the relationship between the BNDES and company financial constraints that open new avenues of research. From the managerial point of view, the evidence of the multiplier effect is highly important for the management of the capital structure and cash flow of companies.

Higher productivity in the potato value chain in Rwanda requires good quality seed potatoes. The article analyzes how innovations were introduced in the framework of a development project resulting in a partnership between a firm and two educational institutions to produce better seed potatoes, using the Triple Helix approach.

In the Triple Helix model government, academia and the private sector work together to develop and introduce innovations. This led to producing and introducing improved seed potatoes at an affordable price through a public private partnership (PPP). Interviews with experts and a survey of local producers were carried out to identify factors influencing the success of the partnership.

A Service, Training and Innovation Center (STIC) has been created to produce the first clean potato seeds in Africa on a commercial scale, based on cultivation of in vitro potato plantlets and aeroponics to produce mini-tubers. It is called Seed Potato Advancement Centre, an education–enterprise partnership, using these plantlets to produce mini-tubers through aeroponics. Seed multipliers are responsible for the next three stages of seed multiplication. The final product is the certified potato, sold to ware potato farmers. The availability of disease-free seed potatoes in Rwanda gives a boost to the potato value chains and contributes to food security. The partnership was successful because of the support from the government and donors, with the private sector and the extension services helping to implement the innovations effectively.

The limitation is that the number of experts interviewed is limited and the survey did not only deal with potato-related activities. The focus is on one region only, but the most important potato growing area in Rwanda.

STICs function as a tool for cooperation between government, private sector and the knowledge sector to achieve commercial and development goals. They function as a channel for technology transfer. They allow applied research, including agronomic research; information collection; and dissemination, networking, training, organization of outreach activities. The model can be repeated in other sectors and countries.

The paper looks at a PPP in agriculture with educational institutions. Second, the Triple Helix and value chain literature is used to study the introduction and implementation of appropriate innovations, while factors determining the success of the partnership were identified. This concerns the first production of clean seed potatoes in Africa on a commercial scale.