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Repository of the University of Hasselt containing publications in the fields of statistics, computer science, information strategies and material from the Institute for behavioural sciences.

Quantitative Methods - Econometrics

Mostrando recursos 1 - 20 de 38

  1. Gravity and spatial structure: the case of interstate migration in Mexico

    PEETERS, Ludo
    The estimation of gravity models of internal (aggregate) place-to-place migration is plagued with endogeneity (omitted-variable) biases if the unobserved effects of spatial structure are not accounted for. To address this econometric problem, this paper presents a more general specification of the gravity model, which allows for (bilateral) parameter heterogeneity across individual migration pathsalong with (unilateral) origin- and destination-specific effects. The resultant three-way fixed-effects (3FE) model is applied for an analysis of interstate migration in Mexico based on cross-sectional data. To overcome parameter-dimensionality problems (due to limited or incomplete information), the 3FE model is estimated using the Generalized Maximum Entropy (GME)...

  2. The Role of EU Harmonization in Explaining the Export-Productivity Premium of Food Processing Firms

    Vancauteren, Mark
    Recent literature on firm-level heterogeneity and trade has emphasized a self-selection mechanism: only the most productive firms can recover the transaction (sunk) costs for serving foreign markets and become exporters. The role of trade integration is that a productivity gap between exporters and non-exporters becomes lower when the market becomes more integrated due to a fall in trade costs. The focus of this chapter is the role of EU harmonization of food regulations in explaining the intra-EU export-productivity premium. The food industry is an interesting case to examine because many directives and regulations of the Single Market Program concern this...

  3. The ownership-performance relationship: agency issues in private family firms

    Voordeckers, Wim; Steijvers, Tensie; Peeters, Ludo
    Using a cross sectional sample of 2863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze, et al., 2003). Our results also suggest that the zero agency-cost base case as described by...

  4. Risk balancing at the household level: Implications for policy and risk management

    de Mey, Yann; Wauters, Erwin; van Winsen, Frankwin; Van Passel, Steven; Vancauteren, Mark; Lauwers, Ludwig
    Traditionally, agricultural economists employ farm level modeling for a variety of purposes. Central to these modeling techniques is the behavioral assumption of farm profit maximization, or, when risk preferences are put into play (risk aversion), utility maximization. However, there is abundant literature, from different (sub)disciplines such as farming systems research, rural sociology, rural development and rural economic geography that views farm household activities in the wider economic context (e.g. Gasson et al., 1988, Dries et al., 2011, Bessant, 2006). In such view, farm households are considered pluriactive and may distribute assets between agricultural and non-agricultural purposes to accomplish their goals....

  5. Firm level productivity under imperfect competition in output and labor markets

    Amoroso, Sara; Melenberg, Bertrand; Plasmans, Joseph; Vancauteren, Mark
    This article examines the role of the interaction between product market and labor market imperfections in determining total factor productivity growth (TFPG). Embedding Dobbelaere and Mairesse’s (2009) generalization of Hall’s (1990) approach, allowing for the possibility that wages are determined according to an efficient bargaining process between employers and employees, we correct estimated TFPG for possible biases arising from labor market imperfections. Our analysis contributes to the literature in a number of ways. First, we propose a new empirical measure of TFPG which takes into account possible biases coming from imperfect competition on both labor and output markets, whereas Dobbelaere...

  6. Innovation and Productivity of Dutch Firms: A Panel data Analysis

    Vancauteren, Mark; Melenberg, Bertrand; Plasmans, Joseph; Bongard, René
    This paper revisits, at the firm level, the innovation-productivity relationship based on the empirical research initiated by Crépon, Duguet and Mairesse (1998). We estimate a structural, dynamic panel data model that disentangles the impact of R&D expenditure on (European) patents and the impact of patents on Total Factor Productivity growth. We match the entire population of patents issued by the European Patent Office to roughly 3000 firms (group enterprizes), located in the Netherlands, for the 2000-2006 period. We allow for the possibility that a firm does not report its R&D. We find evidence that R&D affects the output innovation positively and significantly which in turn has a positive...

  7. Multifactor Productivity Growth, Imperfect Competition and Economies of Scale

    Amoroso, Sara; Melenberg, Bertrand; Plasmans, Joseph; Vancauteren, Mark
    In this paper, we explore both theoretically and empirically a framework where we integrate possible labour market rigidities and imperfect output market behaviour into the analysis and measurement of multifactor productivity growth (MFPG). Embedding Hall's(1990) efficient bargaining model, which introduces a substantial degree of labour market imperfections, we show that rigidities and frictions in the labour market might be crucial for understanding the firms' marginal costs and their price setting behaviour. We apply this analysis to 22 industries in Dutch manufacturing for the period 1989-2005.

  8. E-Commerce

    Vancauteren, Mark
    International e-commerce, which involves cross-border transactions over the internet, shows every sign of continuing to expand rapidly. The potential savings of transaction costs from e-commerce are substantial. The most important cost-saving aspect of e-commerce is the reduction in travel, administration, communication and search costs. One consequence of such cost advantages is that many small cross-border transactions have now become economic. In addition, e-commerce has also made possible new kinds of trade in services. While the growth of cross-border e-commerce is widely acknowledged, it imposes measurement challenges for international trade statistics. This chapter begins with definitional and conceptual issues related to e-commerce,...

  9. EU harmonization of regulations and mark-ups in the Dutch food industry

    Vancauteren, Mark
    This paper studies the effect of EU harmonization of food regulations on time-varying, firm-heterogeneous mark-ups using data on Dutch food processing firms during 1992-2005. EU product standard harmonization is measured using data at the 8-digit Combined Nomenclature product level. EU harmonization generates short and long-run pro-competitive effects: on average, an increase of 50 per cent in the sales-weighted coverage ratio of EU harmonization leads to a decrease in mark-ups of 7 per cent after one year and by 11.5 per cent in the long-run. By taking account of firm heterogeneity, I show that this pro-competitive effect is more pronounced for...

  10. Input-output concepts, profits and productivity growth: An application using Flemish farm level data

    de Mey, Y.; Vancauteren, M.; Van Passel, S.; van Winsen, F; Wauters, E; Lauwers, L
    Productivity growth, generally defined as output quantity change relative to input quantity change, can be constructed from a number of input-output concepts. Aside from the distinction between partial and multifactor productivity (MFP) measures, different levels of output can also be considered. Following the framework by Balk (2010), we consider productivity at three levels, namely gross output, value added and cash flow. Each of these outputs relate to variant sets of the following input components: capital, labour, land and intermediate inputs. Every input-output concept has its corresponding MFP growth measure with an alternative economic interpretation. The first objective of this paper is comparing these various measures MFP growth....

  11. From total farm to household risk: Implication for risk management

    de Mey, Yann; Wauters, Erwin; van Winsen, Frankwin; Vancauteren, Mark; Van Passel, Steven; Lauwers, Ludwig
    Modeling the farm level impact of risk management programs, policies and instruments is traditionally been done on a farm-level basis. Hence, farm-simulation models typically use the behavioural assumption of profit or utility maximization is risk aversion taken into account. However, abundant - albeit indirect - evidence from different literature sources suggest that minimization of household risk - being the chance of falling below a certain treshold level of household cash flow - might be more realistic behavioural assumption. In this paper, we present concepts of operational, financial, total farm and household risk. Further, using a stochastic simulation model on two...

  12. Combining risk perception and risk attitude: A comprehensive individual risk behaviour model

    van Winsen, Frankwin; Wauters, Erwin; Lauwers, Ludwig; de Mey, Yann; Van Passel, Steven; Vancauteren, Mark
    Although risk management in farming is a well-documented subject in scientific literature, this same literature is usually used only by other scientist and is not aiding individual farmers in their management. Risk perception and risk attitude are well described determinants of risk behaviour but rarely combined in an integrated approach for risk behaviour research. Furthermore in most literature risk attitude is taken as a given stable personality trait on which the optimal behaviour should be based. We argue that risk attitude can be manageable in order to derive optimal risk behaviour. Based on these findings we develop a comprehensive theoretical...

  13. Van bedrijfsrisico naar sociaaleconomisch risico bij landbouwgezinnen

    Wauters, Erwin; de Mey, Yann; van Winsen, Frankwin; Van Passel, Steven; Vancauteren, Mark; Lauwers, Ludwig
    Aanhoudende lage prijzen voor landbouwproducten en toenemende prijzen voor grondstoffen wereldwijd en in België zetten het landbouwinkomen onder druk. Uit een in 1999 verschenen rapport bleek dat 22% van de landbouwers in Vlaanderen moesten rondkomen met een inkomen dat lager was dan het bestaansminimum van 10 000 euro per jaar (Van Hecke et al., 1999). Het twijfelachtig “succes” van een organisatie als Boeren Op Een Kruispunt geeft aan dat ruim 10 jaar later opnieuw veel landbouwers in Vlaanderen aan de alarmbel trekken. Ook in Wallonië ondervindt de vzw AgriCall dat er veel landbouwers in moeilijkheden zijn. De betogende melkveehouders in...

  14. Nonfinancial goals, governance and dividend payout in private family firms

    VANDEMAELE, Sigrid; VANCAUTEREN, Mark
    This article uses insights from behavioral economics to explain dividend policy in private family firms. Based on a sample of 501 Belgian firms, our results indicate that dividend payout is low when a family CEO leads the business and in the presence of a family dominated board. The tendency of a family CEO or family dominated board to retain earnings appears to be stronger in earlier generational stages compared to later generational stages. The findings are consistent with (i) socioemotional objectives being important drivers of funding decisions in private firms where families possess important decision and control power and (ii)...

  15. Increase in milk price volatility experienced by Flemish dairy farmers: A change in risk

    van Winsen, Frankwin; Wauters, Erwin; Lauwers, Ludwig; de Mey, Yann; Van Passel, Steven; Vancauteren, Mark
    This paper reports on the increased volatility in the milk price received by Flemish dairy farmers and its consequence on the risk profile of selected Flemish dairy farms. The volatility of the milk price has doubled since January 2007. It is suggested that this increasing volatility could have a significant impact on the risk profile of dairy farms. Indeed our results show that the risk profile is changing depending on the volatility and average price for milk. However this change is not very substantial compared to some other subsectors. Also we show that in our case study of selected farms...

  16. The board demography – firm performance relationship revisited: opening the ‘black box’ using Bayesian analysis

    Huybrechts, Jolien; Voordeckers, Wim; D'Espallier, Bert; Lybaert, Nadine; Vandemaele, Sigrid; Van Gils, Anita
    Boards of directors have enjoyed an increased attention in recent management research. Because of scant and conflicting empirical evidence on the relationships between board demographic variables and firm performance, recent research has shown special interest for the antecedents of board performance in an effort to open the black box of the board of directors. We build on this research by testing a model that incorporates not only these board-level outcomes but also includes the preceding board demographics and subsequent firm performance. Moreover, building on behavioral theory, we argue that in order to study board behavior, focusing merely on actual board...

  17. From Armani to Zara: Impression formation based on fashion store patronage

    Willems, Kim; Janssens, Wim; Swinnen, Gilbert; Brengman, Malaika; Streukens, Sandra; Vancauteren, Mark
    Fine fashion and fast fashion are ever converging. Just as consumers buy luxury fashion brands to express or enhance their self-image, so also can they patronize fashion stores with a self-congruent personality positioning. This article addresses the following research question: Do people use store personality traits to infer store patron personality traits? Two studies based on the continuum model of impression formation examined this question. The findings of a consumer survey (study 1) demonstrate that people do indeed associate particular stereotypes with a store’s patrons. The experiment in study 2 shows that the impression formed of others may substantially differ...

  18. Analyzing firm-varying investment-cash flow sensitivities and cash-cash flow sensitivities: A Bayesian approach

    D'Espallier, Bert; Huybrechts, Jolien; Lopez Iturriaga, Felix Javier
    We employ a Bayesian estimator to construct firm-varying investment–cash flow sensitivities (ICFS) for a sample of 90 Spanish listed firms over a 10-year period (1999-2008). We then analyze which variables are associated with the firm-level ICFS estimates. The results indicate that firms with high ICFS are capital-intensive firms with high growth rates that have exhausted much of their debt capacity. Furthermore, high-ICFS firms have lower liquidity, lower profitability and lower stock market valuation than their counterparts. These results provide evidence that high-ICFS firms have higher external financing needs while faced with fewer available external financing sources. Our analysis suggests that,...

  19. The impact of fiscal rules on public finances in the Euro Area

    Marneffe, Wim; Van Aarle, Bas; Vereeck, Lode; Van der Wielen, Wouter
    Due to the 2008–09 financial crisis and ensuing economic downturn, budgetary problems are on the policymakers’ agenda once again. Fiscal deficits incurred as a result of the financial crisis and economic downturn have caused public debt to rise steeply once again. Moreover, the public debt of some EU countries was already at a high level before the crisis. At a high level of public debt, public finances become susceptible to adverse interest rate and economic growth fluctuations. If interest rates increase, advantageous government programs may be postponed, a debt trap may arise, and crowding out may reduce private investments. Interest...

  20. Role of dysfunctional maternal venous hemodynamics in the pathophysiology of pre-eclampsia: a review

    GYSELAERS, Wilfried; MULLENS, Wilfried; TOMSIN, Kathleen; Mesens, T.; PEETERS, Ludo
    The venous compartment has an important function in regulation and control of cardiac output. Abnormalities of cardiac output have been found in early gestational stages of both early-and late-onset pre-eclampsia. The venous compartment also maintains the balance between circulating and non-circulating blood volumes and regulates the amount of reserve blood stored in the splanchnic venous bed. It is well known that adaptive regulation of maternal blood volume is disturbed in pre-eclampsia. Abnormal venous hemodynamics and venous congestion are responsible for secondary dysfunction of several organs, such as the kidneys in cardiorenal syndrome and the liver in cardiac cirrhosis. Renal and...

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