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Document Server@UHasselt (59.068 recursos)

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.


Mostrando recursos 1 - 20 de 41

  1. Why do firms save cash from cash flows? Evidence from firm-level estimation of cash-cash flow sensitivities

    D'ESPALLIER, Bert; HUYBRECHTS, Jolien; Schoubben, Frederiek
    We construct firm-level estimates for the cash flow sensitivity of cash (CCFS) by modelling heterogeneous slopes in reduced-form cash equations. This approach allows identifying firms with a high, low or even negative savings propensity. We find that high CCFS firms have higher income variation, suggesting cash buffering is triggered by income shocks. High CCFS firms do not suffer from financing constraints measured by a wide selection of indicators. Our results suggest that the CCFS is not an adequate indicator to capture financing constraints. Rather, a higher CCFS indicates smoothing of income fluctuations by installing a cash buffer that successfully prevents...

  2. Innovation, competition and firm performance: An econometric analysis on the Dutch pharmaceutical sector

    Sanyal, Shreosi
    This study mainly deals with the contemporaneous relation between innovation, competition and firm performance, conditioned by various firm-level determinants, for the Dutch pharmaceutical industry. Our analysis encompasses R&D investment and patents as the essential indicators of innovation; and investigates on their plausible linkage with competition, firm size, firm age, capital intensity and other variables, that eventually affect the productivity and growth in this knowledgeintensive industry. In addition to a comprehensive theoretical exploration, a number of empirical investigations are performed on a firm-level panel database for the Netherlands’ pharmaceuticals. In this PhD dissertation, chapter 1 deals with the theoretical overview and...

  3. Ruimtelijke specialisatie en clustering van industriegroepen en de productiviteitsgroei in sectoren in Limburg in kaart gebracht


  4. Identifying local determinants of destination choices of international immigrants to the Madrid metropolitan area

    Peeters, Ludo; Chasco, Coro
    We examine the local determinants of destination choices of foreign immigrants to the Madrid metro area using data for 2005 and 2009 from the Spanish annual municipal-level registers of inhabitants. Taking advantage of the equivalence relation between conditional logit and Poisson, we estimate a location-choice model using the Poisson fixed-effects estimator. Origin-destination fixed effects are incorporated to account for the persistent spatial structure of the immigrants’ settlement patterns and to control for potential violations of the independence of irrelevant alternatives (IIA) assumption. The Poisson regression model is estimated for seven different groups of immigrants according to world regions or countries...

  5. Farm household risk balancing: empirical evidence from Switzerland

    de Mey, Yann; Wauters, E.; Smid, D.; Lips, M.; Vancauteren, M.; Van Passel, S.
    This paper presents empirical evidence on household risk balancing behavior, i.e. farm households making strategic off-farm decisions in response to changes in expected business risk. Using Swiss FADN data, we estimate a fixed effects seemingly unrelated regression model to analyse how farm households jointly alter their levels of debt, off-farm income and consumption. The evidence suggests that farm households not only make strategic changes in debt levels (original risk balancing), but also strategic off-farm decisions (household risk balancing). Our results demonstrate that part of the behavioral risk response of farm households is ignored when focusing solely on farm-level analyses.

  6. R&D and its determinants: A study of the pharmaceutical firms in the Netherlands

    Sanyal, Shreosi; Vancauteren, Mark

  7. Measuring and explaining the productivity and profitability premium of family firms versus non-family firms: an empirical analysis of SMEs in the Western Euroregion


  8. Using innovation in explaining the performance premium of family firms: an empirical analysis of SMEs


  9. Analyzing the impacts of soil contamination and urban development pressure on farmland values: uncondidtional quantile regression estimation


  10. Does reducing administrative burdens lead to economic development?: An empirical analysis for the EU.

    Poel Kevin; Marneffe, Wim; BIELEN, Samantha; VAN AARLE, Bas; Vereeck, Lode
    Administrative burdens stemming from regulations are a worldwide cause of concern for policy-makers. Reducing administrative burdens has become an important policy objective in economic growth strategies for many governments. The European Commission set out a policy goal of reducing administrative burdens by 25% by 2012, although the literature provides limited evidence of its impact. Therefore, this paper examines the impact of administrative burdens on growth by using 6 business regulation variables for a panel of 182 countries. The results from the fixed effect regression analysis suggest that reducing administrative burdens in certain policy areas spurs economic growth. In particular, reducing...

  11. Innovation and Productivity of Dutch Firms: A Panel Data Analysis

    Vancauteren, Mark; Melenberg, B.; Plasmans, J.
    This paper revisits the empirical innovation-productivity relationship based on the research initiated by Cr??pon, Duguet, and Mairesse (1998). We use a dataset including (almost) all firms (group enterprises), located in the Netherlands, that applied for one or more patents issued by the European Patent Office during the period 2000-2006. We estimate a structural, dynamic panel data model that disentangles the impact of R&D expenditure on (European) patent applications and the impact of patent applications on Multi-Factor Productivity (Growth). We also allow for the possibility that a firm with patent applications does not report its R&D. We find evidence that the output innovation affects...

  12. Competition and innovation: An empirical investigation of the pharmaceutical sector in the Netherlands

    Sanyal, Shreosi; Vancauteren, Mark

  13. Farm-level evidence on risk balancing behavior in the EU-15

    DE MEY, Yann; van Winsen, Frankwin; Wauters, Erwin; VANCAUTEREN, Mark; Lauwers, Ludwig; VAN PASSEL, Steven
    Purpose ??? The purpose of this paper is to present empirical evidence of risk balancing behavior by European farmers. More specifically, the authors investigate strategic adjustments in the level of financial risk (FR) in response to changes in the level of business risk (BR). Design/methodology/approach ??? The authors conducted a correlation relationship analysis and run several linear fixed effects regression models using the European Union (EU)-15 FADN panel data set for the period 1995-2008. Findings ??? Overall, the paper finds EU evidence of risk balancing. The correlation relationship analysis suggests that just over half of the farm observations are risk balancers whereas...

  14. Risicoperceptie, attitude ten opzichte van risico en risicomanagement in de Vlaamse landbouw: resultaten op basis van het landbouwmonitoringsnetwerk

    Wauters, Erwin; van Winsen, Frankwin; de Mey, Yann; Van Passel, Steven; Vancauteren, Mark; Lauwers, Ludwig; Deuninck, Joeri
    Risico-analyse in de landbouw roept vragen op over welke risico???s er van belang zijn en hoe met risico omgegaan kan worden. Op basis van een sequenti??le mixed-methode, met diepte-interviews in de eerste fase (n = 35), gevolgd door een enqu??te bij landbouwers van het LandbouwMonitoringsNetwerk (n = 614) in de tweede, onderzochten we de risicoperceptie, de houding ten opzichte van risico en het gepercipieerde nut van risicobeheerstrategie??n. De resultaten tonen aan dat, in plaats van korte termijn volatiliteit van de prijzen, de langere termijn marge tussen de uitgaven versus inkomsten een grote zorg is voor de boeren, naast de beschikbaarheid...

  15. Measuring productivity change using alternative input-output concepts: A farm level application using FADN data.

    de Mey, Yann; Vancauteren, Mark; van Winsen, Frankwin; Wauters, Erwin; Lauwers, Ludwig; Van Passel, Steven
    Multifactor productivity growth measures can be constructed using different input???output concepts. We estimate three distinct productivity growth measures respectively based on gross output, value added, and cash flow and discuss their economic interpretation. By making use of an index theory based decomposition model, we deviate from making neo-classical assumptions and acknowledge the role of profits. Applying the productivity growth index framework to farm level Flemish FADN data (1990???2003), we show that the estimated percentage growth of productivity is sensitive to the input???output concept under consideration. The empirical practicability of these complementary productivity growth measures depends on the purpose of measurement.

  16. Cognitive mapping: A method to elucidate and present farmers' risk perception

    van Winsen, Frankwin; DE MEY, Yann; Lauwers, Ludwig; VAN PASSEL, Steven; VANCAUTEREN, Mark; Wauters, Erwin
    Assumptions on the perceptions of risks, made in agricultural economics literature, are recognized to be over-simplistic. For example most studies assume that risks are independent and static, while in reality most risks are interlinked and dynamic. We propose an alternative method to identify and present risk perception, closer to the actual comprehension of risk by farmers. Grounded theory is used to investigate the perceptions of risk by farmers while avoiding prior assumptions. Main findings are: (i) farmers have difficulty to rank or score probability and impact of risks in a (semi)quantitative manner; (ii) farmers attach different meanings to risk, when...

  17. Structural reforms and fiscal adjustments: policy options for the euro area

    VAN AARLE, Bas
    This paper analyses the effects of structural reform and fiscal consolidation policies in the Euro Area using a stylized new-Keynesian model. A number of issues are focused upon: (i) the modelling and effects of fiscal consolidation and structural reforms, and (ii) evaluation of alternative reform and consolidation scenarios, including their joint implementation.

  18. Determinants of farmland values in the Campine region (Belgium): conditional and unconditional quantile regression estimates


  19. Determinants of farmland values in the Campine region (Belgium): Conditional and unconditional quantile regression estimates

    In this paper, our aim was to go beyond conventional OLS estimation, and use quantile regression (QR) to estimate major determinants of farmland values in the Campine region, situated in the north of Belgium. The QR framework provides a pragmatic approach to examine the impacts of transaction characteristics along the entire price distribution. Our specific contributions were (i) the focus on soil pollution, and (ii) the use of (non-standard) unconditional QR (UQR) proposed by Firpo et al. (2009). The UQR approach is better suited to address policy issues and welfare implications of, for example, bioremediation (i.e., the use of any...

  20. De economische impact van de sluiting van Ford Genk

    Dit artikel bevat een samenvatting van de resultaten van een recente studie van de economische impact van de sluiting van Ford Genk. De bevindingen van de studie zijn, zoals verwacht, erg verontrustend. Met de sluiting van Ford Genk wordt de grootste economische motor van de provincie Limburg plots weggerukt. Door het wegvallen van Ford Genk gaan in Limburg in totaal zowat 8 200 arbeidsplaatsen verloren (ongeveer 4% van het aantal loontrekkers in de Limburgse priv??sector)???en bijna 12 000 jobs als de rest van Vlaanderen meegerekend wordt. De Limburgse werkloosheidsgraad neemt hierdoor toe met 2%-punten, wat betekent dat het aantal werklozen...

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