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Agarwal, N., Lodefalk, M., Tang, A., Tano, S. & Wang, Z. (2019). Guaranteed Success?: The Effects of Export Credit Guarantees on Firm Performance. In: : . Paper presented at 16th Annual Ljubljana Empirical Trade Conference (LETC 2019), Izola, Slovenia, June 7-9, 2019.
Open this publication in new window or tab >>Guaranteed Success?: The Effects of Export Credit Guarantees on Firm Performance
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2019 (English)Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

Many countries offer government-backed export credit guarantees to domestic firms. We investigate the effects of such guarantees on firm exports, jobs and value added. Using uniquely detailed and exhaustive transaction-level panel data on guarantees and granular information on trade, exporters and foreign buyers, we perform difference-indifferences matching estimations. We find that guarantees improve firm performance. However, the effects are strikingly heterogeneous across firm size and response variables. Using guarantees increases the firm-destination probability of exporting and the value of exports by 18 and 172 percent, respectively, but does not generally increase jobs or value added. Smaller firms benefit the most in terms of exports. Overall, the evidence suggests a causal link from guarantees to firm export performance.

Keywords
Export credit guarantees, Credit constraints, Trade, Firm performance
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-74664 (URN)
Conference
16th Annual Ljubljana Empirical Trade Conference (LETC 2019), Izola, Slovenia, June 7-9, 2019
Projects
Insatser för utrikeshandelns finansering
Funder
Torsten Söderbergs stiftelse, E38/16
Available from: 2019-06-12 Created: 2019-06-12 Last updated: 2019-06-28Bibliographically approved
Kyvik Nordås, H., Lodefalk, M. & Tang, A. (2019). Trade and jobs: a description of Swedish labor market dynamics. Örebro: Örebro University, School of Business
Open this publication in new window or tab >>Trade and jobs: a description of Swedish labor market dynamics
2019 (English)Report (Other academic)
Place, publisher, year, edition, pages
Örebro: Örebro University, School of Business, 2019. p. 27
Series
Working Papers, School of Business, ISSN 1403-0586 ; 2/2019
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-76016 (URN)
Available from: 2019-09-02 Created: 2019-09-02 Last updated: 2019-09-03Bibliographically approved
Tang, A. (2018). Firm dynamics and competition in the electricity market. (Doctoral dissertation). Örebro: Örebro University
Open this publication in new window or tab >>Firm dynamics and competition in the electricity market
2018 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis consists of four independent essays that deal with the firm dynamics and competition in the electricity market. Specifically, it addresses two important facets of firm dynamics, namely, firm performance (growth and profitability) and the change in competition intensity that Swedish electricity firms face, brought by the process of deregulation in Swedish electricity market.

Essay 1 investigates whether Gibrat’s law holds for individual firms. The results support the claim that Gibrat’s law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has “cleaned” the original population of firms or when the analysis treats more disaggregated data.

Essay 2 examines the determinants of firm growth in the Swedish electricity sector. The results indicate that large firms do not grow faster than do other firms in the sector, and that electricity firms’ internal resources are indeed the key determinants of firm growth in the Swedish electricity industry.

Essay 3 shows that although multi-plant firms are more prevalent than single-plants firms in industries characterized by scale economies and imperfect competition, multi-plant electricity firms on average have a one percentage-point lower return on total asset than their single-plant counterparts as they reach a ‘steady state’ firm size when an optimal size is identified. The potential reasons could be loss of control across hierarchical levels within multi-plant firms or the adaption to technological changes lag behind in comparison to single–plant firms.

Essay 4 compare competition intensity before and after the launch of Internet electricity price comparison sites (IEPCS). The heterogeneous effects on competition intensity are found, with the largest effect on competition found in parts of the market that were already characterized by high levels of competition before the launch of IEPCS.

Place, publisher, year, edition, pages
Örebro: Örebro University, 2018. p. 24
Series
Örebro Studies in Economics, ISSN 1651-8896 ; 39
Keywords
Firm growth, profitability, steady-state, market power, competition, Boone indicator
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-66033 (URN)978-91-7529-244-1 (ISBN)
Public defence
2018-05-25, Örebro universitet, Hörsalen, Musikhögskolan, Fakultetsgatan 1, Örebro, 13:00 (English)
Opponent
Supervisors
Available from: 2018-03-23 Created: 2018-03-23 Last updated: 2018-04-27Bibliographically approved
Lodefalk, M. & Tang, A. (2018). The impact of hiring top workers on productivity: What is the role of absorptive capacity?. Applied Economics Letters, 25(20), 1402-1406
Open this publication in new window or tab >>The impact of hiring top workers on productivity: What is the role of absorptive capacity?
2018 (English)In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 25, no 20, p. 1402-1406Article in journal (Refereed) Published
Abstract [en]

We examine the heterogeneous productivity impacts of hiring top workers on small and medium-sized enterprises, exploiting matched employer–employee panel data and employing within-firm as well as matching and difference-in-difference estimators. The results provide robust evidence that the productivity impact is stronger for firms with higher absorptive capacity. Technological laggards within an industry benefit more strongly from hiring top workers if their workforce is more well-educated.

Place, publisher, year, edition, pages
Routledge, 2018
Keywords
Recruitment, knowledge spillover, productivity, SME, absorptive capacity
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:oru:diva-64112 (URN)10.1080/13504851.2017.1422594 (DOI)000443839000001 ()2-s2.0-85040997692 (Scopus ID)
Projects
Snabbväxande företag och kunskapsöverföring
Funder
The Jan Wallander and Tom Hedelius Foundation, W2013-0425:1
Available from: 2018-01-12 Created: 2018-01-12 Last updated: 2018-09-24Bibliographically approved
Tang, A. (2015). Does Gibrat’s Law hold for Swedish energy firms?. Empirical Economics, 49(2), 659-674
Open this publication in new window or tab >>Does Gibrat’s Law hold for Swedish energy firms?
2015 (English)In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 49, no 2, p. 659-674Article in journal (Refereed) Published
Abstract [en]

Gibrat's law predicts that firm growth is purely random and should be independent of firm size. We use a random effects-random coefficient model to test whether Gibrat's law holds on average in the studied sample as well as at the individual firm level in the Swedish energy market. No study has yet investigated whether Gibrat's law holds for individual firms, previous studies having instead estimated whether the law holds on average in the samples studied. The present results support the claim that Gibrat's law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has "cleaned" the original population of firms or when the analysis treats more disaggregated data. From a theoretical perspective, the results are consistent with models based on passive and active learning, indicating a steady state in the firm expansion process and that Gibrat's law is violated in the short term but holds in the long term once firms have reached a steady state. These results indicate that approximately 70 % of firms in the Swedish energy sector are in steady state, with only random fluctuations in size around that level over the 15 studied years.

Place, publisher, year, edition, pages
Springer Berlin/Heidelberg, 2015
Keywords
Firm size; Firm growth; Random coefficient; Energy sector
National Category
Economics
Research subject
Complex Systems – Microdata Analysis
Identifiers
urn:nbn:se:oru:diva-62323 (URN)10.1007/s00181-014-0883-x (DOI)000358935300012 ()2-s2.0-84938553585 (Scopus ID)
Available from: 2017-11-13 Created: 2017-11-13 Last updated: 2018-04-25Bibliographically approved
Macuchova, Z., Rudholm, N. & Tang, A. (2014). Firm growth in the Swedish energy sector: Will large firms become even more dominant?. International Journal of Energy and Statistics, 2(4), 247-267
Open this publication in new window or tab >>Firm growth in the Swedish energy sector: Will large firms become even more dominant?
2014 (English)In: International Journal of Energy and Statistics, ISSN 2335-6804, Vol. 2, no 4, p. 247-267Article in journal (Refereed) Published
Abstract [en]

This paper examines the determinants of firm growth in the Swedish energy sector using a sample of 200 energy firms active from 2000 to 2010. The article has two aims. First, we seek to investigate whether there is reason to believe that the Swedish energy market will become more concentrated in the future, dominated by a few firms. That would be the result if, for example, large firms systematically and over time grew faster than the smaller firms in the Swedish market. Second, we investigate whether firm growth can mainly be explained by firm-specific variables, supporting Penrose's [1] suggestion that internal resources are the key determinants of firm growth rates. To this end, quantile regression is used in addition to ordinary least squares regression, to provide a more complete estimation of the growth distribution of firms conditional on different attributes. The results indicate that large firms do not grow faster than other firms in the sector, and that energy firms' internal resources are indeed the key determinants of firm growth in the Swedish energy industry.

Place, publisher, year, edition, pages
World Scientific, 2014
Keywords
Market power, energy market regulation, energy market competetion, quantile regresssion, competetion policy
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-62322 (URN)10.1142/S2335680414500173 (DOI)
Available from: 2015-12-18 Created: 2017-11-13 Last updated: 2018-04-25Bibliographically approved
Tang, A. & Macuchova, Z.Are multi-plant firms more or less profitable?: Evidence from Swedish electricity firms.
Open this publication in new window or tab >>Are multi-plant firms more or less profitable?: Evidence from Swedish electricity firms
(English)Manuscript (preprint) (Other academic)
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-66773 (URN)
Available from: 2018-04-25 Created: 2018-04-25 Last updated: 2018-04-25Bibliographically approved
Tang, A. & Macuchova, Z.Do Internet price comparison sites make markets more competitive?: An analysis using Swedish electricity firms.
Open this publication in new window or tab >>Do Internet price comparison sites make markets more competitive?: An analysis using Swedish electricity firms
(English)Manuscript (preprint) (Other academic)
National Category
Economics
Identifiers
urn:nbn:se:oru:diva-66774 (URN)
Available from: 2018-04-25 Created: 2018-04-25 Last updated: 2018-04-25Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0003-3724-2399

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