Decomposing the GDP growth from 1981 to 2004, this paper finds that innovation capacity has contributed significantly to the economic growth of China and India, especially in the 1990 s. Outputs of the national innovation system, measured by patents and high-tech/service exports, demonstrate the considerable progress China and India have made in innovation capacity. The enhanced innovation capacity of China and India is primarily due to their heavy investment in the inputs of innovation system, i.e., R&D expenditure and R&D personnel, in recent decades. This paper emphasizes the role that the governments have played in promoting innovation capacity and their contribution to economic development. Both governments have transformed their national innovation systems through linking the science sector with the business sector, providing incentives for innovation activities, and balancing import of technology and indigenous R&D effort. Using case studies of domestic biotech firms in China and India, this paper also offers micro-level insights on innovation capacity and economic development: (1) innovation capacity has become essential for domestic firms’ market success and (2) global institutional factors and national government policies on innovation have considerable influence on the choice of innovation at the firm level, i.e., to conduct indigenous R&D or to import foreign technology.

/pdf/innovation-capacity-and-economic-development-china-and-india-3700ojqa79.pdf

Innovation capacity and economic development: China and India

We study the effect of ownership structure and regulatory independence on the interaction between capital structure and regulated prices using a comprehensive panel data of publicly traded European utilities. We find that firms in our sample tend to have a higher leverage if they are privately controlled and regulated by an independent regulatory agency. Moreover, the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa. Our results are consistent with the theory that privately controlled regulated firms use leverage strategically to obtain better regulatory outcomes.

/pdf/capital-structure-and-regulation-do-ownership-and-regulatory-26fy5c9l7z.pdf

Capital structure and regulation: do ownership and regulatory independence matter?

The influence of regulations on the efficiency of telecommunications operators: A meta-frontier analysis

Purpose




The purpose of this paper is to analyse the performance of the Indian non-life (general) insurance sector in terms of efficiency, productivity and returns-to-scale economies. In addition to this, it identifies the determinants of efficiency.




Design/methodology/approach




This study employs a two-stage data envelopment analysis (DEA) bootstrap approach to estimate the level and determinants of efficiency. In the first stage, the DEA bootstrap approach is employed to estimate bias-corrected efficiency scores. In the second stage, the truncated bootstrapped regression is used to identify the effect of firm-level characteristics on the efficiency of insurers. Moreover, the bootstrapped Malmquist index is used to examine the productivity growth over the observation period 2005–2016.




Findings




The bootstrapped DEA results show that the Indian non-life insurance sector is moderately technical, scale, cost and allocative efficient, and there is a large opportunity for improvement. Moreover, the results reveal that the public insurers are more cost efficient than the private insurers. It is also evident that all the insurers irrespective of size and ownership type are operating under increasing returns to scale. Malmquist index results divulge an improvement in productivity of insurers, which is attributable to the employment of the best available technology. Bootstrapped DEA and bootstrapped Malmquist index results also show that the global financial crisis of 2008 has not severely affected the efficiency and productivity of the Indian non-life insurance sector. The truncated regression results spell that size and reinsurance have a statistically significant negative relationship with efficiency. It also shows a statistically significant positive age–efficiency relationship.




Practical implications




The results hold practical implications for the regulators, policy makers, practitioners and decision makers of the Indian non-life insurance companies.




Originality/value




This study is the first of its kind that comprehensively investigates different types of robust efficiency measures, determinants of efficiency, productivity growth and returns-to-scale economies in the Indian non-life insurance market for an extended time period.

An empirical investigation of efficiency and productivity in the Indian non-life insurance market

This paper analyses and empirically investigates the impact of "modern" regulatory governance - i.e. the inception of Independent Regulatory Agencies (IRAs) - on the investment decisions of a large sample of European publicly traded regulated firms from 1994 to 2004. Because these firms provide essential services, governments are highly sensitive to regulatory decisions and outcomes. We therefore also investigate the impact of governments' political influence, controlling for residual state ownership and market liberalization. To account for potential endogeneity of the key institutional variables, we draw our identification strategy from the political economy literature. Our results show that regulatory independence has a positive impact on firm investment. We also find that government interference generates instability and uncertainty in the regulatory framework, thus undermining investment incentives

Regulatory Independence, Investment and Political Interference: Evidence from the European Union

This study examines the efficiency and TFP of 22 mobile carriers from 7 countries over the time period 1995-2007 using both DEA and SFA approaches. A second-stage panel-data econometric analysis is conducted to explore further the relationship between the regulatory reform (including competition, privatization and independent regulator) and the estimated efficiency and TFP change. The results suggest that the measures of efficiency and TFP change are fairly sensitive to the choice of methodology. Nevertheless, the second-stage econometric analysis provides robust results, suggesting that mobile sector reforms, in general, improve firms’ efficiency and TFP growth, with competition and independent industry regulator making particularly important contributions. The results also imply that it is not necessary for firms to be privatized to be more technically efficient, but a privatized firm is more capable of enhancing its TFP growth, efficiency catch-up and technological innovation in the production process in a shorter time period. May 2009 JEL Classification Codes: L00, L10, L50, L51, L96, K23, B41

/pdf/a-firm-level-panel-data-approach-to-efficiency-total-factor-2h3huqkviu.pdf

A firm-level panel data approach to efficiency, total factor productivity, catch-up and innovation and mobile telecommunications reform (1995-2007)

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A firm-level panel data approach to efficiency, total factor productivity, catch-up and innovation and mobile telecommunications reform (1995-2007)