Michael Peneder | Austrian Institute of Economic Research (original) (raw)
Papers by Michael Peneder
Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship, 2020
Klapper LF, Parker SC. Gender and the business environment for new firm creation. World Bank Res ... more Klapper LF, Parker SC. Gender and the business environment for new firm creation. World Bank Res Obs. 2011;26(2):237-57. Lewis P. The quest for invisibility: female entrepreneurs and the masculine norm of entrepreneurship. Gend Work Organ. 2006;13(5):453-69. Mazzeo TJ. The widow Clicquotthe story of a champagne empire and the women who ruled it. New York: Collins; 2008. Menzies TV, Diochon M, Gasse I, Elgie S. A longitudinal study of the characteristics, business creation process and outcome differences of Canadian female vs. male nascent entrepreneurs. Entrep Manag. 2006;2:441-53. Pare S, Therasme K. Entrepreneurs in the new economy: immigration and sex effects in the montreal metropolitan area.
Schumpeter's Venture Money
The three chapters of Part III focus on Schumpeter's own financial ventures. To begin with, C... more The three chapters of Part III focus on Schumpeter's own financial ventures. To begin with, Chapter 8 is dedicated to the history of the Biedermann Joint Stock Bank, whose president Schumpeter was from its foundation in 1921 until 1924. Since credit played an outstanding role in his development theories, the Biedermann project must be considered the most essential part of Schumpeter's practical venture finance projects. While his banking activities have so far mainly been perceived as a speculative episode, here they are examined as a serious attempt to put his theoretical considerations of credit-based entrepreneurial development into practice. Despite his efforts, the project encountered severe economic turbulence in the spring of 1924. Its failure was due to unfavourable economic conditions, contradictory strategic orientations amongst the shareholder groups, and mistakes made by those in charge (including Schumpeter). New insights are revealed based on previously inacces...
Schumpeter's Venture Money
A brief epilogue summarises the main threads of analysis and portrays Schumpeter’s monetary theor... more A brief epilogue summarises the main threads of analysis and portrays Schumpeter’s monetary theory of economic development as an old and often unattended variety, which, however, is exceptionally rich in substance. It concludes that Schumpeter’s unique and comprehensive vision has endured particularly well, offering no less than an endogenous explanation of innovation, growth and development, business cycles and crises within a monetary economy that deliberately connects finance and real production. Moreover, the longer history unfolds, the more it seems to accord with his vision.
To address the relationship between innovation and competition we jointly estimate the opportunit... more To address the relationship between innovation and competition we jointly estimate the opportunity, production, and impact functions of innovation in a simultaneous system. Based on Swiss micro-data, we apply a 3-SLS system estimation. The findings confirm a robust inverted-U relationship, in which a rise in the number of competitors at low levels of initial competition increases the firm's research effort, but at a diminishing rate, and the research effort ultimately decreases at high levels of competition. When we split the sample by firm types, the inverted-U shape is steeper for creative firms than for adaptive ones. The numerical solution indicates three particular configurations of interest: 1. an uncontested mo-nopoly with low innovation, 2. low competition with high innovation, and 3. a "no innovation trap " at very high levels of competition. The distinction between solution 1. and 2. corresponds to Arrow's positive effect of competition on innovation, w...
Economic Systems Research, 2007
This article may be used for research, teaching, and private study purposes. Any substantial or s... more This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date. The accuracy of any instructions, formulae, and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand, or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material.
WIFO Monatsberichte (monthly reports), 2020
Monographien, 2016
We investigate the causes of de-industrialisation and potential for re-industrialisation. Using W... more We investigate the causes of de-industrialisation and potential for re-industrialisation. Using WIOD data and introducing new measures of "induced value added chains", we directly relate a sector's income share to the net value added flows as induced by domestic and foreign final demand. This method identifies the declining share of manufacturing in domestic expenditures on final demand to be the main cause of de-industrialisation. International trade has a limited impact, though differences in comparative advantage between countries do matter. In addition, the strong decline of relative prices in manufacturing points to an interesting policy paradox: precisely if successful in raising competitiveness and hence productivity growth of manufacturing, they also further its global decline of relative prices. Contrary to the stated objective of re-industrialisation, meaningful industrial policies will accelerate deindustrialisation in the global economy. To raise the income share of manufacturing, policies must target, e.g., competition and productivity growth in services.
Research Papers in Economics, Jan 29, 2019
Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekt... more Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekte durch eine Senkung der Produktionskosten und die Schaffung einer Vielzahl neuer Produkte gegenüber. Aufgrund der Komplexität dieser teils gegenläufigen Effekte sind theoretische Vorhersagen der Nettoeffekte des Einsatzes digitaler Technologien auf die Beschäftigung a priori kaum möglich. Ein strukturierter Survey der internationalen Literatur zeigt bisher überwiegend positive Wirkungen. Auch für Österreich liefern die im Rahmen der Studie durchgeführten Analysen vorwiegend positive Befunde: Die Beschäftigung wuchs in hoch digitalisierten Branchen in allen Bundesländern seit 2010 stärker als die Gesamtbeschäftigung. Insgesamt weisen urbane Regionen für hoch digitalisierte Branchen-bei beträchtlicher Heterogenität zwischen unterschiedlichen Indikatoren zur Messung des Digitalisierungsgrades-Standortvorteile gegenüber anderen Regionen auf, die sich in der Vergangenheit auch kaum verringerten. Die Nettoeffekte eines höheren Digitalisierungsgrades der lokalen Wirtschaft auf die Gesamtbeschäftigung vor Ort sind ebenso mehrheitlich positiv, wobei Regionen außerhalb der Zentren-bei entsprechender Ausstattung mit Humankapital-sowie die stärker von der Industrie geprägten Bundesländer besonders von einer hoch digitalisierten lokalen Wirtschaft profitieren dürften. Eine Verbesserung der Breitbandinfrastruktur (Downloadgeschwindigkeit) hat ebenfalls positive Effekte für die Beschäftigungsentwicklung, insbesondere für bevölkerungsarme Gemeinden und für Gemeinden mit anfangs niedriger Bandbreite sowie für die Beschäftigung in wissensintensiven Dienstleistungen. Für die Bevölkerungsentwicklung der Gemeinden scheint die Breitbandqualität hingegen, trotz damit verbundener besserer Möglichkeiten für Teleworking, eine vernachlässigbare Rolle zu spielen.
Structural analyses of the Austrian economy show that structural change concentrated on within-in... more Structural analyses of the Austrian economy show that structural change concentrated on within-industry changes and has been driven by improvement in the quality of goods and services produced (upgrading). However, since the financial market and economic crisis a deceleration of growth in the Austrian manufacturing sector and in foreign trade can be observed. This raises questions relating to the future of Austria as a location for manufacturing industries. An exploratory enterprise survey provides indicators of past, current and future changes in value creation strategies (in particular product, sourcing and market strategies), changes in the positioning in global value chains and in the core competencies of Austrian companies. Implications for industrial policy are discussed.
In 2017, economic growth in Austria accelerated to 2.9 percent, reaching the highest rate in six ... more In 2017, economic growth in Austria accelerated to 2.9 percent, reaching the highest rate in six years. The recovery was broad-based: reflecting the international upswing, Austrian exports rose, with domestic demand providing the stable underpinning for growth. In 2017, most of the largest economies performed extraordinarily well. Starting out from the emerging market economies, the upturn spread to the industrialised countries. Manufacturing in Austria profited from the surge, achieving the highest growth in value added since 2011. The construction industry similarly reported notable growth, as did trade, tourism and the services sector in general. Prices went up and the inflation rate was 2.1 percent in terms of the CPI. With the cyclical upswing, the labour market situation eased, employment grew and the unemployment rate fell to 8.5 percent.
Beruhend auf einer Vielzahl von Indikatoren bietet die Untersuchung eine umfassende und gleichzei... more Beruhend auf einer Vielzahl von Indikatoren bietet die Untersuchung eine umfassende und gleichzeitig uberschaubare Bestandsaufnahme mit dem Ziel einer schlussigen Gesamtbewertung zum aktuellen Stand der Digitalisierung in Osterreich. Im internationalen Vergleich liegt Osterreich demnach gemessen an den meisten Kennzahlen zur Digitalisierung nur im Mittelfeld und manchmal auch weit zuruck. Dennoch zeigen die Daten keine allgemeine Investitionslucke, sondern vergleichsweise hohe Investitionen in Informations- und Kommunikationstechnologien. Diesen steht aber eine Nachfragelucke gegenuber, die sich vor allem an der relativ geringen privaten Nutzung moderner Breitbanddienste und Anwendungen zeigt. In den Unternehmen entspricht die Adoption neuer digitaler Dienste haufig dem internationalen Durchschnitt. Das Ziel einer aktiven und gestaltenden Rolle Osterreichs im digitalen Wandel erfordert ein breites Spektrum abgestimmter wirtschaftspolitischer Instrumente.
Die osterreichische Wirtschaft wuchs 2018 um 2,7% und damit etwas starker als im Jahr zuvor (+2,6... more Die osterreichische Wirtschaft wuchs 2018 um 2,7% und damit etwas starker als im Jahr zuvor (+2,6%). Der Wachstumshohepunkt wurde jedoch bereits zu Jahresbeginn 2018 uberschritten. Vor dem Hintergrund welthandelspolitischer Spannungen (zwischen den USA und China) sowie der Abschwachung der Expansion im Euro-Raum kuhlte sich die Dynamik in Osterreich in der zweiten Jahreshalfte 2018 ab. Neben der Konjunktureintrubung in Italien und Frankreich dampften in Deutschland Produktionsausfalle in der Autoindustrie das Wachstum. Osterreichs Ausenhandel entwickelte sich 2018 insgesamt gunstig, verlor allerdings zum Jahresende an Schwung. Auch die Binnennachfrage trug positiv zum BIP-Wachstum bei. Die Konsumnachfrage der privaten Haushalte war erneut kraftig, zugleich steigerten die Unternehmen ihre Nachfrage nach Investitionsgutern (Ausrustungs- und Bauinvestitionen). Die Bauwirtschaft verzeichnete das zweite Jahr in Folge eine sehr gunstige Konjunktur. Auch in der Sachgutererzeugung wurde die...
Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekt... more Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekte durch eine Senkung der Produktionskosten und die Schaffung einer Vielzahl neuer Produkte gegenuber. Aufgrund der Komplexitat dieser teils gegenlaufigen Effekte sind theoretische Vorhersagen der Nettoeffekte des Einsatzes digitaler Technologien auf die Beschaftigung a priori kaum moglich. Ein strukturierter Survey der internationalen Literatur zeigt bisher uberwiegend positive Wirkungen. Auch fur Osterreich liefern die im Rahmen der Studie durchgefuhrten Analysen vorwiegend positive Befunde: Die Beschaftigung wuchs in hoch digitalisierten Branchen in allen Bundeslandern seit 2010 starker als die Gesamtbeschaftigung. Insgesamt weisen urbane Regionen fur hoch digitalisierte Branchen – bei betrachtlicher Heterogenitat zwischen unterschiedlichen Indikatoren zur Messung des Digitalisierungsgrades – Standortvorteile gegenuber anderen Regionen auf, die sich in der Vergangenheit auch kaum verri...
SSRN Electronic Journal, 2016
Austrian manufacturing faced a situation of weak demand in 2002. According to WIFO estimates, pro... more Austrian manufacturing faced a situation of weak demand in 2002. According to WIFO estimates, production grew by only 0.5 percent. The WIFO surveys confirm the absence of growth prospects and report no substantial improvement of pessimistic expectations during 2002. The weak demand also affected the cash flow to sales ratio of the firms. Econometric estimates suggest that this indicator amounted to 9.8 percent in 2002, a significant reduction as compared to 2001.
SSRN Electronic Journal, 2016
Journal of Industry, Competition and Trade, 2003
Industry classifications select essential characteristics of technology and markets, condensating... more Industry classifications select essential characteristics of technology and markets, condensating the vast heterogeneity of competitive environments into a smaller number of salient types. Although frequently applied in empirical studies on industrial economics, technological development, international trade, and competitiveness, we still find little or no methodological discussion and a striking lack of awareness for the different approaches pursued. This interpretative survey
International Journal of Public Sector Performance Management, 2009
The paper examines the empirical evidence on economic impacts of venture capital. At the macro-le... more The paper examines the empirical evidence on economic impacts of venture capital. At the macro-level, the consistently positive and significant statistical associations with the share of knowledge intensive industries, higher education, participation in lifelong learning, R&D expenditures or patent applications reveal it to be an integral part of modern systems of innovation. A critical review of studies estimating the precise impact of venture capital, among others, on corporate growth, patent output, survival or technical efficiency illuminates a varied spectrum of particular transmission channels. However, the review also points at an imbalance in the analytical focus of most studies, targeting the presumed value added function of venture capital, while largely ignoring its specific financing and selection function.
Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship, 2020
Klapper LF, Parker SC. Gender and the business environment for new firm creation. World Bank Res ... more Klapper LF, Parker SC. Gender and the business environment for new firm creation. World Bank Res Obs. 2011;26(2):237-57. Lewis P. The quest for invisibility: female entrepreneurs and the masculine norm of entrepreneurship. Gend Work Organ. 2006;13(5):453-69. Mazzeo TJ. The widow Clicquotthe story of a champagne empire and the women who ruled it. New York: Collins; 2008. Menzies TV, Diochon M, Gasse I, Elgie S. A longitudinal study of the characteristics, business creation process and outcome differences of Canadian female vs. male nascent entrepreneurs. Entrep Manag. 2006;2:441-53. Pare S, Therasme K. Entrepreneurs in the new economy: immigration and sex effects in the montreal metropolitan area.
Schumpeter's Venture Money
The three chapters of Part III focus on Schumpeter's own financial ventures. To begin with, C... more The three chapters of Part III focus on Schumpeter's own financial ventures. To begin with, Chapter 8 is dedicated to the history of the Biedermann Joint Stock Bank, whose president Schumpeter was from its foundation in 1921 until 1924. Since credit played an outstanding role in his development theories, the Biedermann project must be considered the most essential part of Schumpeter's practical venture finance projects. While his banking activities have so far mainly been perceived as a speculative episode, here they are examined as a serious attempt to put his theoretical considerations of credit-based entrepreneurial development into practice. Despite his efforts, the project encountered severe economic turbulence in the spring of 1924. Its failure was due to unfavourable economic conditions, contradictory strategic orientations amongst the shareholder groups, and mistakes made by those in charge (including Schumpeter). New insights are revealed based on previously inacces...
Schumpeter's Venture Money
A brief epilogue summarises the main threads of analysis and portrays Schumpeter’s monetary theor... more A brief epilogue summarises the main threads of analysis and portrays Schumpeter’s monetary theory of economic development as an old and often unattended variety, which, however, is exceptionally rich in substance. It concludes that Schumpeter’s unique and comprehensive vision has endured particularly well, offering no less than an endogenous explanation of innovation, growth and development, business cycles and crises within a monetary economy that deliberately connects finance and real production. Moreover, the longer history unfolds, the more it seems to accord with his vision.
To address the relationship between innovation and competition we jointly estimate the opportunit... more To address the relationship between innovation and competition we jointly estimate the opportunity, production, and impact functions of innovation in a simultaneous system. Based on Swiss micro-data, we apply a 3-SLS system estimation. The findings confirm a robust inverted-U relationship, in which a rise in the number of competitors at low levels of initial competition increases the firm's research effort, but at a diminishing rate, and the research effort ultimately decreases at high levels of competition. When we split the sample by firm types, the inverted-U shape is steeper for creative firms than for adaptive ones. The numerical solution indicates three particular configurations of interest: 1. an uncontested mo-nopoly with low innovation, 2. low competition with high innovation, and 3. a "no innovation trap " at very high levels of competition. The distinction between solution 1. and 2. corresponds to Arrow's positive effect of competition on innovation, w...
Economic Systems Research, 2007
This article may be used for research, teaching, and private study purposes. Any substantial or s... more This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date. The accuracy of any instructions, formulae, and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand, or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material.
WIFO Monatsberichte (monthly reports), 2020
Monographien, 2016
We investigate the causes of de-industrialisation and potential for re-industrialisation. Using W... more We investigate the causes of de-industrialisation and potential for re-industrialisation. Using WIOD data and introducing new measures of "induced value added chains", we directly relate a sector's income share to the net value added flows as induced by domestic and foreign final demand. This method identifies the declining share of manufacturing in domestic expenditures on final demand to be the main cause of de-industrialisation. International trade has a limited impact, though differences in comparative advantage between countries do matter. In addition, the strong decline of relative prices in manufacturing points to an interesting policy paradox: precisely if successful in raising competitiveness and hence productivity growth of manufacturing, they also further its global decline of relative prices. Contrary to the stated objective of re-industrialisation, meaningful industrial policies will accelerate deindustrialisation in the global economy. To raise the income share of manufacturing, policies must target, e.g., competition and productivity growth in services.
Research Papers in Economics, Jan 29, 2019
Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekt... more Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekte durch eine Senkung der Produktionskosten und die Schaffung einer Vielzahl neuer Produkte gegenüber. Aufgrund der Komplexität dieser teils gegenläufigen Effekte sind theoretische Vorhersagen der Nettoeffekte des Einsatzes digitaler Technologien auf die Beschäftigung a priori kaum möglich. Ein strukturierter Survey der internationalen Literatur zeigt bisher überwiegend positive Wirkungen. Auch für Österreich liefern die im Rahmen der Studie durchgeführten Analysen vorwiegend positive Befunde: Die Beschäftigung wuchs in hoch digitalisierten Branchen in allen Bundesländern seit 2010 stärker als die Gesamtbeschäftigung. Insgesamt weisen urbane Regionen für hoch digitalisierte Branchen-bei beträchtlicher Heterogenität zwischen unterschiedlichen Indikatoren zur Messung des Digitalisierungsgrades-Standortvorteile gegenüber anderen Regionen auf, die sich in der Vergangenheit auch kaum verringerten. Die Nettoeffekte eines höheren Digitalisierungsgrades der lokalen Wirtschaft auf die Gesamtbeschäftigung vor Ort sind ebenso mehrheitlich positiv, wobei Regionen außerhalb der Zentren-bei entsprechender Ausstattung mit Humankapital-sowie die stärker von der Industrie geprägten Bundesländer besonders von einer hoch digitalisierten lokalen Wirtschaft profitieren dürften. Eine Verbesserung der Breitbandinfrastruktur (Downloadgeschwindigkeit) hat ebenfalls positive Effekte für die Beschäftigungsentwicklung, insbesondere für bevölkerungsarme Gemeinden und für Gemeinden mit anfangs niedriger Bandbreite sowie für die Beschäftigung in wissensintensiven Dienstleistungen. Für die Bevölkerungsentwicklung der Gemeinden scheint die Breitbandqualität hingegen, trotz damit verbundener besserer Möglichkeiten für Teleworking, eine vernachlässigbare Rolle zu spielen.
Structural analyses of the Austrian economy show that structural change concentrated on within-in... more Structural analyses of the Austrian economy show that structural change concentrated on within-industry changes and has been driven by improvement in the quality of goods and services produced (upgrading). However, since the financial market and economic crisis a deceleration of growth in the Austrian manufacturing sector and in foreign trade can be observed. This raises questions relating to the future of Austria as a location for manufacturing industries. An exploratory enterprise survey provides indicators of past, current and future changes in value creation strategies (in particular product, sourcing and market strategies), changes in the positioning in global value chains and in the core competencies of Austrian companies. Implications for industrial policy are discussed.
In 2017, economic growth in Austria accelerated to 2.9 percent, reaching the highest rate in six ... more In 2017, economic growth in Austria accelerated to 2.9 percent, reaching the highest rate in six years. The recovery was broad-based: reflecting the international upswing, Austrian exports rose, with domestic demand providing the stable underpinning for growth. In 2017, most of the largest economies performed extraordinarily well. Starting out from the emerging market economies, the upturn spread to the industrialised countries. Manufacturing in Austria profited from the surge, achieving the highest growth in value added since 2011. The construction industry similarly reported notable growth, as did trade, tourism and the services sector in general. Prices went up and the inflation rate was 2.1 percent in terms of the CPI. With the cyclical upswing, the labour market situation eased, employment grew and the unemployment rate fell to 8.5 percent.
Beruhend auf einer Vielzahl von Indikatoren bietet die Untersuchung eine umfassende und gleichzei... more Beruhend auf einer Vielzahl von Indikatoren bietet die Untersuchung eine umfassende und gleichzeitig uberschaubare Bestandsaufnahme mit dem Ziel einer schlussigen Gesamtbewertung zum aktuellen Stand der Digitalisierung in Osterreich. Im internationalen Vergleich liegt Osterreich demnach gemessen an den meisten Kennzahlen zur Digitalisierung nur im Mittelfeld und manchmal auch weit zuruck. Dennoch zeigen die Daten keine allgemeine Investitionslucke, sondern vergleichsweise hohe Investitionen in Informations- und Kommunikationstechnologien. Diesen steht aber eine Nachfragelucke gegenuber, die sich vor allem an der relativ geringen privaten Nutzung moderner Breitbanddienste und Anwendungen zeigt. In den Unternehmen entspricht die Adoption neuer digitaler Dienste haufig dem internationalen Durchschnitt. Das Ziel einer aktiven und gestaltenden Rolle Osterreichs im digitalen Wandel erfordert ein breites Spektrum abgestimmter wirtschaftspolitischer Instrumente.
Die osterreichische Wirtschaft wuchs 2018 um 2,7% und damit etwas starker als im Jahr zuvor (+2,6... more Die osterreichische Wirtschaft wuchs 2018 um 2,7% und damit etwas starker als im Jahr zuvor (+2,6%). Der Wachstumshohepunkt wurde jedoch bereits zu Jahresbeginn 2018 uberschritten. Vor dem Hintergrund welthandelspolitischer Spannungen (zwischen den USA und China) sowie der Abschwachung der Expansion im Euro-Raum kuhlte sich die Dynamik in Osterreich in der zweiten Jahreshalfte 2018 ab. Neben der Konjunktureintrubung in Italien und Frankreich dampften in Deutschland Produktionsausfalle in der Autoindustrie das Wachstum. Osterreichs Ausenhandel entwickelte sich 2018 insgesamt gunstig, verlor allerdings zum Jahresende an Schwung. Auch die Binnennachfrage trug positiv zum BIP-Wachstum bei. Die Konsumnachfrage der privaten Haushalte war erneut kraftig, zugleich steigerten die Unternehmen ihre Nachfrage nach Investitionsgutern (Ausrustungs- und Bauinvestitionen). Die Bauwirtschaft verzeichnete das zweite Jahr in Folge eine sehr gunstige Konjunktur. Auch in der Sachgutererzeugung wurde die...
Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekt... more Dem arbeitssparenden Element des Einsatzes digitaler Technologien stehen positive Nachfrageeffekte durch eine Senkung der Produktionskosten und die Schaffung einer Vielzahl neuer Produkte gegenuber. Aufgrund der Komplexitat dieser teils gegenlaufigen Effekte sind theoretische Vorhersagen der Nettoeffekte des Einsatzes digitaler Technologien auf die Beschaftigung a priori kaum moglich. Ein strukturierter Survey der internationalen Literatur zeigt bisher uberwiegend positive Wirkungen. Auch fur Osterreich liefern die im Rahmen der Studie durchgefuhrten Analysen vorwiegend positive Befunde: Die Beschaftigung wuchs in hoch digitalisierten Branchen in allen Bundeslandern seit 2010 starker als die Gesamtbeschaftigung. Insgesamt weisen urbane Regionen fur hoch digitalisierte Branchen – bei betrachtlicher Heterogenitat zwischen unterschiedlichen Indikatoren zur Messung des Digitalisierungsgrades – Standortvorteile gegenuber anderen Regionen auf, die sich in der Vergangenheit auch kaum verri...
SSRN Electronic Journal, 2016
Austrian manufacturing faced a situation of weak demand in 2002. According to WIFO estimates, pro... more Austrian manufacturing faced a situation of weak demand in 2002. According to WIFO estimates, production grew by only 0.5 percent. The WIFO surveys confirm the absence of growth prospects and report no substantial improvement of pessimistic expectations during 2002. The weak demand also affected the cash flow to sales ratio of the firms. Econometric estimates suggest that this indicator amounted to 9.8 percent in 2002, a significant reduction as compared to 2001.
SSRN Electronic Journal, 2016
Journal of Industry, Competition and Trade, 2003
Industry classifications select essential characteristics of technology and markets, condensating... more Industry classifications select essential characteristics of technology and markets, condensating the vast heterogeneity of competitive environments into a smaller number of salient types. Although frequently applied in empirical studies on industrial economics, technological development, international trade, and competitiveness, we still find little or no methodological discussion and a striking lack of awareness for the different approaches pursued. This interpretative survey
International Journal of Public Sector Performance Management, 2009
The paper examines the empirical evidence on economic impacts of venture capital. At the macro-le... more The paper examines the empirical evidence on economic impacts of venture capital. At the macro-level, the consistently positive and significant statistical associations with the share of knowledge intensive industries, higher education, participation in lifelong learning, R&D expenditures or patent applications reveal it to be an integral part of modern systems of innovation. A critical review of studies estimating the precise impact of venture capital, among others, on corporate growth, patent output, survival or technical efficiency illuminates a varied spectrum of particular transmission channels. However, the review also points at an imbalance in the analytical focus of most studies, targeting the presumed value added function of venture capital, while largely ignoring its specific financing and selection function.