Search results

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

If banks solve an inter-temporal problem under adverse selection and moral hazard, then bank specific factors, regulatory and supervisory features, market structure, and macroeconomic factors can be expected to affect banks’ loan interest rates and their spread over deposit interest rates. To examine interest rate pass-through for Indian banks in a period following extensive financial reform, after controlling for all these factors, we estimate the determinants of commercial banks’ loan pricing decisions, using the dynamic panel data methodology with annual data for a sample of 33 banks over the period 1996–2012. Results show commercial banks consider several factors apart from the policy rate. This limits policy pass-through. More competition reduces policy pass-through by decreasing the loan rate as well as spreads. If managerial efficiency is high then an increase in competition increases the policy pass-through and the vice-versa. Reform has had mixed effects, while managerial inefficiency raised rates and spreads, product diversification reduced both. Costs of deposits are passed on to loan rates. Regulatory requirements raise loan rates and spreads.

This paper aims to examine the short-term structure of the impact of R&D investments on turnover growth, indicating differences between tangible and intangible investments. The main questions are whether R&D and capital investments accompany firms' growth in the subsequent periods and how this relationship depends on other characteristics of the firms, such as size and industry. In addition, the authors study the relationship between R&D investments and the autocorrelation dynamics of firm growth.

The paper uses the European Industrial R&D Investment Scoreboard as data source. This data source includes 1,000 European companies with information on employees, turnover, sector affiliation and details on capital expenditure and R&D expenditure.

The authors find that R&D activities have, on average, a positive effect on turnover growth, while capital investments show both, positive and negative, relationships with firm growth. The relationship and its temporal structure strongly depend on firm size and industry affiliation as well as whether investments are considered as one-time or permanent activities.

Usually, the impacts of firm characteristics on firm growth are studied without explicitly considering time. Firm characteristics and firm growth are usually measured and examined at the same point in time. In contrast, the study will focus on the short-term structure of the influence of firm characteristics on turnover growth, especially the impact of R&D investments.

The objective of this exploratory paper is to investigate the impact of R&D expenditures on company performance. R&D activities play an essential role in the future economic development and financial performance of firms.

The research design is based on an earnings equation associating earnings with recorded assets, R&D expenditures and selling, general and administrative expenses (proxying for advertising expenses). The paper determines a rate of return on R&D for each given sample of firms in six developed countries.

The results corroborate previous studies of American companies, which found that reported earnings, adjusted for expensing of R&D, reflect realized benefits from R&D. This study provides further evidence on the positive contribution of R&D activities to future company performance, although this contribution can vary from one country to another.

Being exploratory in nature, this paper suggests several areas for investigation.

With the exception of some American studies, the economic effectiveness of investment in R&D is seldom demonstrated explicitly by the literature, and to the best of our knowledge, there are no existing studies on R&D productivity taking an international approach.

This research surveys the recent surge of empirical studies on transfer pricing manipulation by multinational enterprises (MNEs), tax-motivated transfer pricing, particularly from the year 1990 to present. The review tackles transfer pricing income shifting behavior of MNEs from three different perspectives: taxation relationship with profitability, intrafirm trade, and foreign direct investment (FDI). There have been significant developments and contributions in this field, despite many limitations, mainly concerning the availability of micro-data in general, (specifically intrafirm trade data which allows capturing much of the heterogeneity which is dangling within inter-sectors), and the tax measurement issue. Yet, this area of study is still developing and promises more achievements.

The purpose of this paper is to propose a framework for describing and evaluating the representativeness of a small set of search results extracted from the original results: this is deemed desirable in information retrieval in enterprise information systems.

The paper proposes a combined measure, namely RF_β, to evaluate the extracted small set in terms of the notions of coverage and redundancy. Data experiments were conducted on three different extraction strategies to evaluate the representativeness, i.e. coverage and redundancy.

Both from intuitive and experimental perspectives, the proposed coverage measure, redundancy measure and RF_β measure could effectively evaluate the representativeness.

The search results, e.g. in the form of documents and texts, are modeled using a vector space model and cosine similarity. Semantic models and linguistic models could be further introduced into this research to improve the proposed measures.

With the rapidly growing need for information retrieval in enterprise information systems, the representativeness of search results become more desirable and important for search engine users. The well‐designed representativeness measures will help them achieve satisfactory results.

The originality of the paper lies in the definition of representativeness of a small set of search results extracted from the original results. This focuses on the two aspects of coverage rate and redundancy rate both from intuitive and experimental perspectives.

This paper aims to examine the relationship between research and development (R&D) intensity and innovative performance and R&D intensity as a moderating variable in the relationship between sources of information and innovative performance.

This is a quantitative, nonexperimental, cross-sectional study of the data collected from national surveys of innovation activities from Ecuador, Peru and Chile where the investigation was carried out. A bivariate probit regression was applied.

The results of the investigation pinpoint that R&D intensity is positively related to the innovation of products and processes in Ecuador and Peru. However, no relationship was found in Chile. As a moderating variable of the information sources (customers, suppliers and competitors), and the innovation of products and processes, it shows different results in the three countries examined.

This study contributes to the literature with evidence in countries with low rates of investment in R&D in the countries examined, this relationship does not always exist; this relationship is considered to be dependent on the complexity of the knowledge and internal capabilities of the company required to achieve innovation, and this complexity could vary according to the type of manufacturing and technology level of the companies. Thus, in manufacturing companies of less complexity to achieve the necessary knowledge for innovation, low rates of investment in R&D are sufficient for the relationship to exist.

By increasing their R&D intensity, companies acquire technology and develop internal skills and capabilities that boost their innovative potential. Nevertheless, it is not enough to increase R&D intensity to take advantage of external sources of information, it is also necessary to boost the absorptive capacity to assimilate and take advantage of external knowledge.

This study contributes to the scarce evidence that exists, on the literature in developing countries, on the effect of R&D intensity on innovative performance and provides evidence of R&D intensity as a moderating variable of the relationship between sources of information and innovative performance.

This paper examines the relationship between environmental uncertainty and tax avoidance at the firm level. We posit that managers faced with more uncertain environments are likely to engage in more tax avoidance activities. We find a significant and negative relationship between environmental uncertainty and effective tax rates, and our results persist through a battery of robust checks. We further find that managerial ability mitigates the above relationship. Moreover, we find that small, highly leveraged, and innovative firms operating in uncertain environments engage in more tax avoidance.

This study aims to explore the influence of corporate taxation on the performance of innovative companies under various research and development (R&D) tax incentive programs.

The empirical model is based on the data of 520 companies for period 2007-2016. This model includes return on assets as the main proxy for performance and effective tax rate as a main explanatory variable. Controlling for other known determinants, the authors divide the sample into the subsamples to control for the various R&D tax incentive programs. The fact that the model includes the lagged explanatory variable of performance the Blundell –Bond model was applied.

The authors found evidence that corporate taxation has a significant impact on performance, but the direction could be ambiguous. Impact of the corporate tax rate on performance in general sample is significantly negative, which is consistent with results obtained by authors for the non-innovative companies. However, for further examination, the authors use subsamples of companies with different R&D tax incentive programs. The effect of corporate tax becomes positive under the patent box program only. Moreover, under various R&D tax incentive program, the impact of main control variables has changed. Therefore, the authors conclude that not only corporate taxation but also R&D tax incentive programs significantly influence the performance of innovative companies.

The data are limited due to fragmented information disclosure about the R&D tax incentive program used. Thus, a different data set might reveal new information and correlation between variable on the same topic. Moreover, the authors do not cover all R&D tax incentive programs, which are specified for companies and countries. However, the study fills the gap between corporate taxation, performance and innovative companies. As the significant result was found the further research is important. The study contributes not only in the field of research but also a practical one. The choice of R&D tax incentive program influences main indicators of companies’ performance so it may change the behavior of the investors and decision-making managers of the companies.

Given the increasing interest in the topic of innovative companies, this study fills the gap between corporate taxation in innovative companies and performance. In addition, the importance of R&D tax incentive programs as a feature of innovative companies was found.