Julie Ann Elston is a Professor of Business at Oregon State University and holds the 2021-2022 Fulbright Hall Distinguished Chair of Entrepreneurship in Central Europe at the Wirtschaftsuniversität Wien. She has published over 60 scholarly articles, papers and books in the fields of corporate finance, international business, and entrepreneurship, and is currently an editor of Small Business Economics: An Entrepreneurship Journal.
The authors are indebted to Bob Chirinko for his insightful comments and suggestions as well as t... more The authors are indebted to Bob Chirinko for his insightful comments and suggestions as well as to an anonymous referee for a detailed report and substantial advice. Helpful comments were
The views expressed in this publication are those of the authors alone. They do not necessarily r... more The views expressed in this publication are those of the authors alone. They do not necessarily reflect views of the
NOTICE: The project that is the subject of this report was approved by the Governing Board of the... more NOTICE: The project that is the subject of this report was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine. The members of the committee responsible for the report were chosen for their special competences and with regard for appropriate balance.0221736 between the National Academy of Sciences and the National Science Foundation. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the views of the organizations or agencies that provided support for the project. [Availability from program office as desired.] iii The National Academy of Sciences is a private, nonprofit, self-perpetuating society of distinguished scholars engaged in scientific and engineering research, dedicated to the furtherance of science and technology and to thei...
AbstractThe corporate governance literature provides a rich framework for examining the theoretic... more AbstractThe corporate governance literature provides a rich framework for examining the theoretical models and related mechanisms by which a firm is operated and controlled, but there are a number of challenges for future research that remain. This paper identifies some of the key studies and contributions of the existing corporate governance literature, while identifying several fruitful areas for research where our understanding of corporate governance is incomplete. For example, what is the relationship between and corporate social responsibilities, and how might this change in different institutional environments? Expanding standard models to include more nuanced factors within diverse and dynamic institutional environments is one challenge we face in modeling governance more comprehensively. In addition, as data becomes more easily available on smaller countries, transitional economies, and in frontier and emerging markets, we also need to expand our studies beyond the large Western country context. Future empirical work should undertake to better understand and examine the institutional structures, systems, mechanisms and incentives within understudied regions around the world. Beyond the notion of replication studies, careful cross-country studies would enable us to compare outcomes with existing studies and better inform us on fundamental difference (and similarities) between systems, contributing to our discussions on the limits of conversation between governance systems.
This study uses a novel approach to examine the link between regional internationalization and en... more This study uses a novel approach to examine the link between regional internationalization and entrepreneurial intention in China. Robust findings suggest that higher degrees of internationalization in locations like Shenzhen and Hong Kong lead to lower levels of entrepreneurial intention, while lower degrees of internationalization in Mainland China lead to higher levels of entrepreneurial intention. This striking result underscores the significance of doing a regional-level analysis rather than countrywide studies for large diverse markets like China, where regional differences in internationalization policies, economic reforms, and institutions tend to vary significantly between locations compared to smaller or more developed economies. We conclude that the relatively higher levels of necessity-based entrepreneurship in China may help explain some of the regional differences observed in total entrepreneurial activity. Our findings also contribute to the literature by revealing significant complexity in the relationship between internationalization and entrepreneurship and support findings of previous studies regarding the importance of location for entrepreneurial intentions in emerging markets like China (as reported by Pan and Yang (Small Business Economics, 2018); Zhu, Lui, He, & Lu et al. (Small Business Economics, 2018b); and Liu et al. (Small Business Economics, 2018)).
This paper systematically investigates the impact of bank-influence on firm performance and survi... more This paper systematically investigates the impact of bank-influence on firm performance and survival in Germany. Close bank-firm relationships and concentrated ownership which characterize the Japanese and German financial and governance systems are often credited with reducing agency problems and improving monitoring of firm activities, thus improving firm performance and the chances of survival. Empirical results reveal that bank influenced firms have higher survival rates than independent firms. However, firm growth appears to be independent of bank influence and negatively related to firm size.
A mud separator monitoring system utilizing electronic transducers positioned in various location... more A mud separator monitoring system utilizing electronic transducers positioned in various locations in the mud separator and the lines leading from the mud separator to the mud return pit and gas discharge flare for obtaining data during drilling operations to calculate the volume of gas retained in the drilling fluid, the hydrostatic head of the drilling fluid and gas pressure in the separator on a continuing basis and informing field personnel of conditions in the mud separator indicating potential hazard. The system further monitors continuously the volume of injected gases and hydrocarbon gases circulated during drilling operations for making adjustments to the volume of injected gases required to sustain the drilling operations.
This paper presents evidence supporting the theory that informational and incentive problems in t... more This paper presents evidence supporting the theory that informational and incentive problems in the capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German firms.
This study investigates the sources and extent of valuation differences in firm performance measu... more This study investigates the sources and extent of valuation differences in firm performance measures between the German Commercial Code (Handelsgesetzbuch or HGB), International Accounting Standards (IAS) and US Generally Accepted Accounting Principles (US GAAP). Results of paired sample means tests reveal that net income and total assets were significantly lower when reported under HGB than when reported under IAS or US GAAP. Further, all performance variables were significantly lower when reported under HGB than IAS. Evidence from underpricing estimates supports the theory that when firms additionally report under one of the international accounting standards it reduces asymmetrical information problems between the underwriter and the firm, resulting in lower costs of certification and higher underpricing.
... will be answered in the following sections. As Petersen and Rajan (1992, p. 1) point out, ...... more ... will be answered in the following sections. As Petersen and Rajan (1992, p. 1) point out, ... Agarwal,Rajshree and David Audretsch (2001) Does Entry-Size Matter?: The Impact of the Life Cycle and Technology on Firm Survival, Journal of Industrial Economics, 69(1), 21-45. ...
Dans cet article, les auteurs cherchent a decrire comment la Mittelstand, c'est-a-dire les pe... more Dans cet article, les auteurs cherchent a decrire comment la Mittelstand, c'est-a-dire les petites et moyennes entreprises, est financee en Allemagne. La premiere section rend compte du role de la Mittelstand allemande d'un point de vue statique et dynamique et etablit des comparaisons avec les situations observables dans les principaux pays industriels developpes. De maniere generale, on s'apercoit que la Mittelstand a joue un role plus important en Allemagne que dans des pays comme les Etats-Unis ou le Royaume-Uni. Le succes recurrent de la Mittelstand peut etre explique par reference au systeme financier allemand qui se revele largement relaye par des institutions connexes installees afin de satisfaire aux besoins specifiques des grandes entreprises et des PME. Parallelement, il est possible de prouver que malgre l'existence d'un tel systeme de financement, il existe une relation negative entre la taille des entreprises et la contrainte de liquidite qu'elles subissent. Il apparait, enfin, que le systeme financier allemand se revele particulierement peu performant en ce qui concerne sa capacite a affecter des fonds aux entreprises naissantes dans les nouveaux secteurs d'activite.
The authors are indebted to Bob Chirinko for his insightful comments and suggestions as well as t... more The authors are indebted to Bob Chirinko for his insightful comments and suggestions as well as to an anonymous referee for a detailed report and substantial advice. Helpful comments were
The views expressed in this publication are those of the authors alone. They do not necessarily r... more The views expressed in this publication are those of the authors alone. They do not necessarily reflect views of the
NOTICE: The project that is the subject of this report was approved by the Governing Board of the... more NOTICE: The project that is the subject of this report was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine. The members of the committee responsible for the report were chosen for their special competences and with regard for appropriate balance.0221736 between the National Academy of Sciences and the National Science Foundation. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the views of the organizations or agencies that provided support for the project. [Availability from program office as desired.] iii The National Academy of Sciences is a private, nonprofit, self-perpetuating society of distinguished scholars engaged in scientific and engineering research, dedicated to the furtherance of science and technology and to thei...
AbstractThe corporate governance literature provides a rich framework for examining the theoretic... more AbstractThe corporate governance literature provides a rich framework for examining the theoretical models and related mechanisms by which a firm is operated and controlled, but there are a number of challenges for future research that remain. This paper identifies some of the key studies and contributions of the existing corporate governance literature, while identifying several fruitful areas for research where our understanding of corporate governance is incomplete. For example, what is the relationship between and corporate social responsibilities, and how might this change in different institutional environments? Expanding standard models to include more nuanced factors within diverse and dynamic institutional environments is one challenge we face in modeling governance more comprehensively. In addition, as data becomes more easily available on smaller countries, transitional economies, and in frontier and emerging markets, we also need to expand our studies beyond the large Western country context. Future empirical work should undertake to better understand and examine the institutional structures, systems, mechanisms and incentives within understudied regions around the world. Beyond the notion of replication studies, careful cross-country studies would enable us to compare outcomes with existing studies and better inform us on fundamental difference (and similarities) between systems, contributing to our discussions on the limits of conversation between governance systems.
This study uses a novel approach to examine the link between regional internationalization and en... more This study uses a novel approach to examine the link between regional internationalization and entrepreneurial intention in China. Robust findings suggest that higher degrees of internationalization in locations like Shenzhen and Hong Kong lead to lower levels of entrepreneurial intention, while lower degrees of internationalization in Mainland China lead to higher levels of entrepreneurial intention. This striking result underscores the significance of doing a regional-level analysis rather than countrywide studies for large diverse markets like China, where regional differences in internationalization policies, economic reforms, and institutions tend to vary significantly between locations compared to smaller or more developed economies. We conclude that the relatively higher levels of necessity-based entrepreneurship in China may help explain some of the regional differences observed in total entrepreneurial activity. Our findings also contribute to the literature by revealing significant complexity in the relationship between internationalization and entrepreneurship and support findings of previous studies regarding the importance of location for entrepreneurial intentions in emerging markets like China (as reported by Pan and Yang (Small Business Economics, 2018); Zhu, Lui, He, & Lu et al. (Small Business Economics, 2018b); and Liu et al. (Small Business Economics, 2018)).
This paper systematically investigates the impact of bank-influence on firm performance and survi... more This paper systematically investigates the impact of bank-influence on firm performance and survival in Germany. Close bank-firm relationships and concentrated ownership which characterize the Japanese and German financial and governance systems are often credited with reducing agency problems and improving monitoring of firm activities, thus improving firm performance and the chances of survival. Empirical results reveal that bank influenced firms have higher survival rates than independent firms. However, firm growth appears to be independent of bank influence and negatively related to firm size.
A mud separator monitoring system utilizing electronic transducers positioned in various location... more A mud separator monitoring system utilizing electronic transducers positioned in various locations in the mud separator and the lines leading from the mud separator to the mud return pit and gas discharge flare for obtaining data during drilling operations to calculate the volume of gas retained in the drilling fluid, the hydrostatic head of the drilling fluid and gas pressure in the separator on a continuing basis and informing field personnel of conditions in the mud separator indicating potential hazard. The system further monitors continuously the volume of injected gases and hydrocarbon gases circulated during drilling operations for making adjustments to the volume of injected gases required to sustain the drilling operations.
This paper presents evidence supporting the theory that informational and incentive problems in t... more This paper presents evidence supporting the theory that informational and incentive problems in the capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German firms.
This study investigates the sources and extent of valuation differences in firm performance measu... more This study investigates the sources and extent of valuation differences in firm performance measures between the German Commercial Code (Handelsgesetzbuch or HGB), International Accounting Standards (IAS) and US Generally Accepted Accounting Principles (US GAAP). Results of paired sample means tests reveal that net income and total assets were significantly lower when reported under HGB than when reported under IAS or US GAAP. Further, all performance variables were significantly lower when reported under HGB than IAS. Evidence from underpricing estimates supports the theory that when firms additionally report under one of the international accounting standards it reduces asymmetrical information problems between the underwriter and the firm, resulting in lower costs of certification and higher underpricing.
... will be answered in the following sections. As Petersen and Rajan (1992, p. 1) point out, ...... more ... will be answered in the following sections. As Petersen and Rajan (1992, p. 1) point out, ... Agarwal,Rajshree and David Audretsch (2001) Does Entry-Size Matter?: The Impact of the Life Cycle and Technology on Firm Survival, Journal of Industrial Economics, 69(1), 21-45. ...
Dans cet article, les auteurs cherchent a decrire comment la Mittelstand, c'est-a-dire les pe... more Dans cet article, les auteurs cherchent a decrire comment la Mittelstand, c'est-a-dire les petites et moyennes entreprises, est financee en Allemagne. La premiere section rend compte du role de la Mittelstand allemande d'un point de vue statique et dynamique et etablit des comparaisons avec les situations observables dans les principaux pays industriels developpes. De maniere generale, on s'apercoit que la Mittelstand a joue un role plus important en Allemagne que dans des pays comme les Etats-Unis ou le Royaume-Uni. Le succes recurrent de la Mittelstand peut etre explique par reference au systeme financier allemand qui se revele largement relaye par des institutions connexes installees afin de satisfaire aux besoins specifiques des grandes entreprises et des PME. Parallelement, il est possible de prouver que malgre l'existence d'un tel systeme de financement, il existe une relation negative entre la taille des entreprises et la contrainte de liquidite qu'elles subissent. Il apparait, enfin, que le systeme financier allemand se revele particulierement peu performant en ce qui concerne sa capacite a affecter des fonds aux entreprises naissantes dans les nouveaux secteurs d'activite.
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