Impact of inter-firm cooperation on company's performance: a comparative analysis of European Union and Russia
The identification of the differences in the influence of company's participation in inter-firm relationships on financial performance between European and Russian companies. Inter-firm cooperation phenomenon. Case-study Analysis vs Econometric Modelling.
| Рубрика | Экономика и экономическая теория |
| Вид | дипломная работа |
| Язык | английский |
| Дата добавления | 05.07.2016 |
| Размер файла | 336,7 K |
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Appendix 1
Variables definitions
|
Indicators |
Description |
Type |
Measure |
||
|
Control Variables |
Company Age |
Number of years since firm starts its activities |
Quantitative |
Units |
|
|
Number of Employees |
Number of people working in the company |
Quantitative |
Units |
||
|
Current Assets |
Value of companies' current asset |
Quantitative |
million € |
||
|
Intangible Assets |
Value of companies' intangible assets |
Quantitative |
million € |
||
|
Patents |
Number of patents, licenses, trademarks registered in a year |
Quantitative |
Units |
||
|
Directors' qualification |
Reflects the quality of directors' board in terms of sufficient education and experience: If more than one third of directors have postgraduate level qualifications and more than 5-years experience - 2 points. If more than one third of directors have postgraduate level qualifications or more than 5-years experience - 1 point. Otherwise - 0. |
Categorical |
Categories from 0 to 2 |
||
|
Location in capital |
Variable which takes value of 1 if company is located in the capital city (center of a region), otherwise - 0 points |
Binary |
Categories 0 and 1 |
||
|
Location near university |
Variable which takes value of 1 if company is located in the same city that one of the top-20 country's universities is, otherwise - 0 points |
Binary |
Categories 0 and 1 |
||
|
Inter-firm cooperation classification |
Number of subsidiaries |
Number of companies which are completely or partly owned by a focal firm |
Quantitative |
Units |
|
|
Participation in business associations |
For those companies which are involved in associations such as trade unions, etc. it is given 1 point and otherwise 0 points |
Binary |
Categories 0 and 1 |
||
|
Web-site quality |
Rank of the companies web-site based on the following criteria: · Availability of information for investors (1 point) · Multi-lingual information (with English language) (1 point) · Amount of information (more than 10 pages) (1 point) · Design (using flash animation) (1 point) The Integral Index is the sum of points |
Categorical |
Categories from 0 to 4 |
||
|
EVA |
Companies' Economic Value Added |
Quantitative |
`000 € |
Appendix 2
Descriptive statistics for EU sub-panel
|
Variable |
Mean |
Std. Dev. |
Min |
Max |
Observations |
||||
|
EVA |
overall |
-52.79 |
392.20 |
-4727.39 |
4900.15 |
N |
= |
7080 |
|
|
between |
307.83 |
-2537.76 |
3213.18 |
n |
= |
885 |
|||
|
within |
243.20 |
-4216.66 |
2190.60 |
T |
= |
8 |
|||
|
Age |
overall |
47.79 |
42.32 |
0.00 |
206.00 |
N |
= |
7080 |
|
|
between |
42.28 |
3.50 |
202.50 |
n |
= |
885 |
|||
|
within |
2.29 |
44.29 |
51.29 |
T |
= |
8 |
|||
|
Current Assets |
overall |
1037.62 |
3360.11 |
0.08 |
68650.00 |
N |
= |
7080 |
|
|
between |
3250.27 |
0.30 |
59690.25 |
n |
= |
885 |
|||
|
within |
857.57 |
-24136.09 |
30593.91 |
T |
= |
8 |
|||
|
Directors' qualification |
overall |
1.21 |
0.75 |
0.00 |
2.00 |
N |
= |
6696 |
|
|
between |
0.75 |
0.00 |
2.00 |
n |
= |
837 |
|||
|
within |
0.00 |
1.21 |
1.21 |
T |
= |
8 |
|||
|
Number of employees |
overall |
10277.74 |
28241.52 |
2 |
297965.00 |
N |
= |
7080 |
|
|
between |
27894.74 |
7.75 |
269929.00 |
n |
= |
885 |
|||
|
within |
5509.63 |
-93163.14 |
133355.60 |
T |
= |
8 |
|||
|
Intangible Assets |
overall |
796.42 |
3372.58 |
-375.96 |
61718.00 |
N |
= |
7080 |
|
|
between |
3217.11 |
0.00 |
51706.63 |
n |
= |
885 |
|||
|
within |
1009.34 |
-21419.72 |
21845.28 |
T |
= |
8 |
|||
|
Patents |
overall |
268.66 |
2315.20 |
0.00 |
63340.00 |
N |
= |
7368 |
|
|
between |
2299.25 |
0.00 |
55285.13 |
n |
= |
824 |
|||
|
within |
280.39 |
-8812.47 |
12784.66 |
T |
= |
8 |
|||
|
Location in capital city |
overall |
0.42 |
0.49 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.49 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.42 |
0.42 |
T |
= |
8 |
|||
|
Location near university |
overall |
0.44 |
0.50 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.50 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.44 |
0.44 |
T |
= |
8 |
|||
|
France |
overall |
0.34 |
0.47 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.48 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.34 |
0.34 |
T |
= |
8 |
|||
|
Germ |
overall |
0.24 |
0.43 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.43 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.24 |
0.24 |
T |
= |
8 |
|||
|
Italy |
overall |
0.03 |
0.17 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.17 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.03 |
0.03 |
T |
= |
8 |
|||
|
Spain |
overall |
0.06 |
0.23 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.23 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.06 |
0.06 |
T |
= |
8 |
|||
|
UK |
overall |
0.33 |
0.47 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.47 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.33 |
0.33 |
T |
= |
8 |
|||
|
Inter-firm Cooperation |
overall |
0.64 |
0.48 |
0.00 |
1.00 |
N |
= |
7080 |
|
|
between |
0.48 |
0.00 |
1.00 |
n |
= |
885 |
|||
|
within |
0.00 |
0.64 |
0.64 |
T |
= |
8 |
Appendix 3
Descriptive statistics for Russian sub-panel
|
Variable |
Mean |
Std. Dev. |
Min |
Max |
Observations |
||||
|
EVA |
overall |
1.44 |
87.99 |
-3018.26 |
2131.69 |
N |
= |
4928 |
|
|
between |
46.01 |
-263.56 |
908.93 |
n |
= |
616 |
|||
|
within |
75.02 |
-2753.26 |
2183.41 |
T |
= |
8 |
|||
|
Age |
overall |
34.17 |
37.46 |
0.00 |
293.00 |
N |
= |
4928 |
|
|
between |
37.42 |
3.50 |
289.50 |
n |
= |
616 |
|||
|
within |
2.29 |
30.67 |
37.67 |
T |
= |
8 |
|||
|
Current Assets |
overall |
81.30 |
696.57 |
0.00 |
29485.48 |
N |
= |
4928 |
|
|
between |
516.07 |
0.01 |
11930.33 |
n |
= |
616 |
|||
|
within |
468.24 |
-5176.97 |
25726.71 |
T |
= |
8 |
|||
|
Directors' qualification |
overall |
0.92 |
0.68 |
0.00 |
2.00 |
N |
= |
4456 |
|
|
between |
0.68 |
0.00 |
2.00 |
n |
= |
557 |
|||
|
within |
0.00 |
0.92 |
0.92 |
T |
= |
8 |
|||
|
Number of employees |
overall |
1938.99 |
4277.11 |
1.00 |
99842.00 |
N |
= |
4928 |
|
|
between |
4192.15 |
2.86 |
89358.88 |
n |
= |
616 |
|||
|
within |
755.76 |
-5109.88 |
12392.12 |
T |
= |
8 |
|||
|
Intangible Assets |
overall |
0.26 |
3.16 |
0.00 |
163.43 |
N |
= |
4928 |
|
|
between |
1.90 |
0.00 |
29.21 |
n |
= |
616 |
|||
|
within |
2.53 |
-28.94 |
134.48 |
T |
= |
8 |
|||
|
Patents |
overall |
7.15 |
28.91 |
0.00 |
449.00 |
N |
= |
4928 |
|
|
between |
28.56 |
0.00 |
449.00 |
n |
= |
616 |
|||
|
within |
4.64 |
-104.48 |
121.65 |
T |
= |
8 |
|||
|
Location in capital city |
overall |
0.35 |
0.48 |
0.00 |
1.00 |
N |
= |
4928 |
|
|
between |
0.48 |
0.00 |
1.00 |
n |
= |
616 |
|||
|
within |
0.00 |
0.35 |
0.35 |
T |
= |
8 |
|||
|
Location near university |
overall |
0.31 |
0.46 |
0.00 |
1.00 |
N |
= |
4928 |
|
|
between |
0.46 |
0.00 |
1.00 |
n |
= |
616 |
|||
|
within |
0.00 |
0.31 |
0.31 |
T |
= |
8 |
|||
|
Inter-firm Cooperation |
overall |
0.32 |
0.47 |
0.00 |
1.00 |
N |
= |
4928 |
|
|
between |
0.47 |
0.00 |
1.00 |
n |
= |
616 |
|||
|
within |
0.00 |
0.32 |
0.32 |
T |
= |
8 |
Appendix 4
Poolability test. Beta's and SE's for regressions by country
|
Beta's and SE's |
France |
Germany |
Italy |
Spain |
UK |
|
|
Inter-firm cooperation |
1472.76 |
-16200.00 |
-1652.04 |
-17900.0 |
846.279 |
|
|
(1073.15) |
(17386.68) |
(1499.17) |
(23864.5) |
(454.74) |
||
|
Directors' qualification |
507.60 |
-1780.38 |
1234.35 |
-14100.0 |
2424.28 |
|
|
(471.09) |
(6467.80) |
(654.88) |
(15590.1) |
(1681.81) |
||
|
Current Assets |
0.013 |
0.102 |
0.195 |
0.012 |
0.021 |
|
|
(0.007) |
(0.008) |
(0.102) |
(0.062) |
(0.012) |
||
|
Number of employees |
-0.003 |
-0.014 |
-0.16 |
0.005 |
-0.007 |
|
|
(0.001) |
(0.001) |
(0.024) |
(0.007) |
(0.001) |
||
|
Age |
-1.852 |
-6.868 |
-20.336 |
-91.816 |
-1.582 |
|
|
(2.17) |
(2.367) |
(6.089) |
(9.491) |
(2.19) |
||
|
Patents |
-0.019 |
-0.016 |
4.854 |
8.019 |
0.424 |
|
|
(0.015) |
(0.015) |
(3.924) |
(3.991) |
(0.044) |
||
|
Intangible Assets |
-0.059 |
-0.048 |
-0.891 |
-0.192 |
-0.024 |
|
|
(0.005) |
(0.007) |
(0.076) |
(0.066) |
(0.008) |
||
|
Location in capital city |
47.47 |
337.97 |
-91.74 |
2229.01 |
-18.67 |
|
|
(152.17) |
(899.67) |
(672.636) |
(4794.1) |
(251.212) |
||
|
Location near university |
-849.04 |
-903.35 |
627.8 |
8376.15 |
-282.66 |
|
|
(427.93) |
(810.36) |
(890.58) |
(9534.44) |
(271.07) |
Appendix 5
Gross domestic product at market prices in Billions of Euro*
|
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
||
|
Germany |
2 195 |
2 224 |
2 313 |
2 428 |
2 473 |
2 374 |
2 495 |
2 609 |
|
|
Spain |
841 |
909 |
985 |
1 053 |
1 087 |
1 046 |
1 045 |
1 046 |
|
|
France |
1 655 |
1 718 |
1 798 |
1 886 |
1 933 |
1 885 |
1 936 |
2 001 |
|
|
Italy |
1 397 |
1 436 |
1 493 |
1 554 |
1 575 |
1 519 |
1 551 |
1 579 |
|
|
UK |
1 787 |
1 867 |
1 979 |
2 086 |
1 836 |
1 590 |
1 731 |
1 770 |
|
|
% in total GDP |
74% |
74% |
73% |
72% |
71% |
72% |
71% |
71% |
|
|
EU(27) |
10 625 |
11 092 |
11 724 |
12 430 |
12 501 |
11 770 |
12 292 |
12 667 |
*Source: European Statistic Agency "Eurostat" URL: epp.eurostat.ec.europa.eu
Appendix 6
Comparison of variances and means for Number of Patents Variable grouping by participation in cooperation
|
Group |
Observations |
Mean |
St. Error |
Std. Dev |
|
|
0 |
661 |
50.08 |
25.12 |
715.78 |
|
|
1 |
688 |
235.52 |
75.50 |
2101.26 |
|
|
Variance ratio test |
|||||
|
Ratio = sd(0) / sd (1) |
f =0.11 |
||||
|
H0: Ratio = 1 |
degrees of freedom =687, 660 |
||||
|
Ha: Ratio < 1 |
Ha: ratio = 1 |
Ha: ratio > 1 |
|||
|
Pr(F< f) = 0.00 |
2*Pr(F < f)=0.00 |
Pr(F > f)=1.00 |
|||
|
Two-sample t-test with unequal variances |
|||||
|
diff = mean(0) - mean(1) |
t = -2.32 |
||||
|
Ho: diff = 0 |
Satterthwaite's degrees of freedom = 965.427 |
||||
|
Ha: diff < 0 |
Ha: diff = 0 |
Ha: diff > 0 |
|||
|
Pr(T < t) = 0.01 |
Pr(|T| > |t|) = 0.02 |
Pr(T > t) = 0.99 |
Comparison of variances and means for Intangible Assets Variable grouping by participation in cooperation
|
Group |
Observations |
Mean |
St. Error |
Std. Dev |
|
|
0 |
661 |
81.79 |
23.99 |
673.73 |
|
|
1 |
688 |
495.36 |
101.34 |
2944.128 |
|
|
Variance ratio test |
|||||
|
Ratio = sd(0) / sd (1) |
f =0.05 |
||||
|
H0: Ratio = 1 |
degrees of freedom =687, 660 |
||||
|
Ha: Ratio < 1 |
Ha: ratio = 1 |
Ha: ratio > 1 |
|||
|
Pr(F< f) = 0.00 |
2*Pr(F < f)=0.00 |
Pr(F > f)=1.00 |
|||
|
Two-sample t-test with unequal variances |
|||||
|
diff = mean(0) - mean(1) |
t = -3.97 |
||||
|
Ho: diff = 0 |
Satterthwaite's degrees of freedom = 936.944 |
||||
|
Ha: diff < 0 |
Ha: diff = 0 |
Ha: diff > 0 |
|||
|
Pr(T < t) = 0.00 |
Pr(|T| > |t|) = 0.00 |
Pr(T > t) = 1.00 |
Appendix 7
Structural Profile of Enterprise Distribution by industry for EU economy and Sample
|
Industry (NACE classification) |
Whole economy* |
Sample |
Difference |
|
|
Agriculture, Forestry, Fishing and Hunting |
3.98% |
0.10% |
-3.88% |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
1.99% |
1.61% |
-0.38% |
|
|
Utilities (provision of electric power, natural gas, steam supply, water supply, and sewage removal) |
7.95% |
1.21% |
-6.75% |
|
|
Construction |
3.58% |
4.33% |
0.75% |
|
|
Manufacturing |
13.92% |
23.94% |
10.03% |
|
|
Wholesale Trade |
6.76% |
4.43% |
-2.33% |
|
|
Retail Trade |
11.53% |
2.62% |
-8.92% |
|
|
Transportation and Warehousing |
5.57% |
2.31% |
-3.25% |
|
|
Information |
3.58% |
3.82% |
0.24% |
|
|
Finance and Insurance |
3.18% |
2.72% |
-0.46% |
|
|
Real Estate and Rental and Leasing |
4.37% |
5.13% |
0.76% |
|
|
Professional, Scientific, and Technical Services |
5.96% |
10.06% |
4.10% |
|
|
Management of Companies and Enterprises |
17.89% |
30.68% |
12.79% |
|
|
Administrative and Support and Waste Management and Remediation Services |
3.58% |
3.12% |
-0.46% |
|
|
Educational Services |
0.40% |
0.20% |
-0.20% |
|
|
Health Care and Social Assistance |
0.80% |
0.50% |
-0.29% |
|
|
Arts, Entertainment, and Recreation |
1.19% |
0.60% |
-0.59% |
|
|
Accommodation and Food Services |
2.39% |
1.81% |
-0.57% |
|
|
Other Services (except Public Administration) |
0.99% |
0.70% |
-0.29% |
|
|
Public Administration |
0.40% |
0.10% |
-0.30% |
*Source: European Statistic Agency "Eurostat" URL: epp.eurostat.ec.europa.eu
Appendix 8
Structural Profile of Enterprise Distribution by industry for Russian economy and Sample
|
Industry (OKVED) |
Whole economy* |
Sample |
Difference |
|
|
Agriculture, Forestry and Hunting |
14.11% |
1.56% |
-12.54% |
|
|
Fishing |
0.32% |
0.00% |
-0.32% |
|
|
Minerals Extraction |
1.19% |
5.95% |
4.76% |
|
|
Processing Industry |
24.24% |
35.38% |
11.15% |
|
|
Provision of electric power, natural gas, water supply |
1.63% |
8.76% |
7.13% |
|
|
Construction |
11.55% |
17.84% |
6.29% |
|
|
Wholesale Trade and Retail Trade |
28.77% |
17.20% |
-11.57% |
|
|
Hotel and Restaurant Industry |
1.14% |
0.16% |
-0.98% |
|
|
Transportation and Communication |
4.32% |
4.54% |
0.22% |
|
|
Financial Sector |
1.79% |
0.31% |
-1.48% |
|
|
Real Estate, Rental and Other Services |
8.72% |
8.14% |
-0.58% |
|
|
Education |
0.33% |
0.00% |
-0.33% |
|
|
Healthcare |
0.84% |
0.16% |
-0.68% |
|
|
Other social and Personal Services |
1.05% |
0.00% |
-1.05% |
*Source: Russian Statistic Agency "Rosstat" URL:rosstat.ru
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