TY - JOUR T1 - Are Family Firms More Efficient? Revisiting the U-Shaped Curve of Firm Scale and Efficiency JF - Small Business Economics Y1 - 2023 A1 - Elston,Julie A1 - Zhang,Yingchao A1 - Chen,Ku-Hsieh A1 - Chen,Pei-Hwa KW - Finance KW - OSU-Cascades AB - This study applies a stochastic frontier model to examine the relationship between firm size and efficiency using a novel approach. The first novelty is that this study examines large and small firms separately to allow for heterogeneity between firm group sizes in terms of measuring the size-efficiency relationship. The second is that we use a modified frontier model which explicitly includes a family firm variable when measuring firm efficiency. Empirical results reveal that firms are in fact heterogeneous, with small-and-medium-sized enterprises (SMEs) exhibiting a U-shaped scale efficiency curve, while large enterprises (LE) exhibit an efficiency curve which is positive and linear. Robust results also confirm that family firms are relatively more efficient than non-family firms. In addition, while controlling for family firms does not appear to change the firm’s size-efficiency dynamics, failure to control for family firms leads to a bias in characterizing the nature of the firm’s production returns to scale. U2 - a U4 - 254543572992 ID - 254543572992 ER - TY - HEAR T1 - Chinese Capital Structure: Theory and Evidence Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - 35th Annual meeting of the Academy of Finance CY - Chicago U2 - c U4 - 254544160768 ID - 254544160768 ER - TY - HEAR T1 - Chinese Capital Structure: Theory and Evidence Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Meeting of the Academy of Finance CY - Chicago Il U2 - c U4 - 232941420544 ID - 232941420544 ER - TY - JOUR T1 - An Empirical Examination of Firm Growth in the MENA Region: Through the Lens of Gibrat's Law JF - Small Business Economics Y1 - 2022 A1 - Elston,Julie A1 - Weidinger,Alois Konrad KW - Finance KW - OSU-Cascades VL - 60 UR - https://www.springer.com/economics/microeconomics/journal/40812 CP - 1 U2 - a U4 - 254544275456 ID - 254544275456 ER - TY - HEAR T1 - Myths from Silicon Valley -Is Tech difference than Detroit? Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Recharging Austro-American Relations CY - Vienna, Austria. U2 - c U4 - 254544103424 ID - 254544103424 ER - TY - HEAR T1 - What Does Sustainable Growth look in the Technology Sector? Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - EUBA Conference “Sustainable Business Development Perspectives in 2022 CY - Slovakia U2 - c U4 - 254544123904 ID - 254544123904 ER - TY - HEAR T1 - Challenges and Opportunities of Research in Austria Y1 - 2021 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Realities of Life in Austria: U.S. Fulbright Scholars Orientation Program 2020-21 CY - Invited Online Webinar U2 - c U4 - 218336243712 ID - 218336243712 ER - TY - HEAR T1 - Fulbright in Austria Y1 - 2021 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - 70 Years of Bright Minds: 70th Anniversary Celebration CY - Webinar online U2 - c U4 - 232941268992 ID - 232941268992 ER - TY - HEAR T1 - Austria's Research Opportunities Y1 - 2020 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Spotlight on Austria: Fulbright U.S. Scholar Opportunities CY - Online Webinar U2 - c U4 - 218336321536 ID - 218336321536 ER - TY - JOUR T1 - Corporate Governance: What We Know And Don't Know JF - Journal of Industrial and Business Economics Y1 - 2019 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - The corporate governance literature provides a rich framework for examining the theoretical models and related mechanisms by which a firm is operated and controlled, but there are a number of challenges for future research that remain. This paper identifies some of the key studies and contributions of the existing corporate governance literature, while identifying several fruitful areas for research where our understanding of corporate governance is incomplete. For example, what is the relationship between corporate governance and corporate social responsibility, and how might this change in different institutional environments? Expanding standard models to include more nuanced factors within diverse and dynamic institutional environments is one challenge we face in modeling governance more comprehensively. In addition, as data becomes more easily available on smaller countries, transitional economies, and in frontier and emerging markets, we also need to expand our studies beyond the large Western country context. Future empirical work should undertake to better understand and examine the institutional structures, systems, mechanisms and incentives within understudied regions around the world. Beyond the notion of replication studies, careful cross-country studies would enable us to compare outcomes with existing studies and better inform us on fundamental differences (and similarities) between systems, contributing to our discussions on the limits of conversion between governance systems. UR - https://www.springer.com/economics/microeconomics/journal/40812 U2 - a U4 - 182875981824 ID - 182875981824 ER - TY - CHAP T1 - Dr. Audretsch: or How I Learned to Stop Worrying and Love Doing Small Business Research Y1 - 2019 A1 - Elston,Julie KW - Finance KW - OSU-Cascades U2 - d U4 - 202848339968 ID - 202848339968 ER - TY - JOUR T1 - Internationalization and Regional Entrepreneurship in China JF - Small Business Economics Y1 - 2019 A1 - Elston,Julie A1 - Weidinger,Alois KW - Accounting KW - Finance KW - OSU-Cascades AB - This study examines the importance of geographic location on the empirical link between internationalization and entrepreneurial intention. Integrating data from multiple sources to create a measure of internationalization intensity, this study directly contributes to the literature by revealing a significant and more complex relationship between internationalization and entrepreneurship than previously suggested in the literature. Specifically, while highly internationalized locations allow better access to resource markets they may also hinder entrepreneurship for several reasons, including the fact that these locations have higher competition for resources. Results provide direct empirical support to recent theories on the importance of within country comparative differences. U2 - a U4 - 50792673280 ID - 50792673280 ER - TY - HEAR T1 - Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China Y1 - 2018 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Corporate Governance CY - Copenhagen U2 - c U4 - 182878932992 ID - 182878932992 ER - TY - HEAR T1 - An Examination of the Relationship Between Size and Growth of Listed Firms in the United Arab Emirates Y1 - 2018 A1 - Elston,Julie A1 - Weidinger,Alois A1 - Widmer,Melanie KW - Accounting KW - Finance KW - OSU-Cascades JA - 7th International Conference on Restructuring of the Global Economy (ROGE) CY - Oxford, UK U2 - c U4 - 182878883840 ID - 182878883840 ER - TY - JOUR T1 - Business Cultural Intelligence Quotient: A Five-Country Study JF - Thunderbird International Business Review Y1 - 2016 A1 - Elston,Julie A1 - Alon,Ilan KW - Finance KW - OSU-Cascades AB - Cultural intelligence (CI) has often been linked to performance at the individual, team and firm levels as a key factor in international business success. Using a new measure of CI, the business cultural intelligence quotient (BCIQ), our study provides empirical evidence on several key antecedents of CI using data onbusiness professionals across five diverse countries (Austria, Colombia, Greece, Spain and USA). The findings suggest that the most important factors leading to cultural intelligence, in order of importance, are: the number of countries that business practitioners have lived in for more than six months, their level of education and the number of languages spoken. We find that cultural intelligence varies across countries, suggesting that some countries have a higher propensity for cross-cultural business interactions. By teasing out the common antecedents of BCIQ among professionals, our findings may help with screening and training professionals for international assignments. Future research may examine the environmental (country-specific) factors associated with a higher propensity for cultural intelligence (such as immigration, cultural diversity, languages spoken, and international trade) to explain the effect of country of origin on cultural intelligence in the professional community. U2 - a U4 - 87627952128 ID - 87627952128 ER - TY - JOUR T1 - Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China JF - International Journal of Corporate Governance Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 7 CP - 3 U2 - a U4 - 106814715904 ID - 106814715904 ER - TY - HEAR T1 - Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - International Workshop on Entrepreneurship in China CY - China U2 - c U4 - 143265462272 ID - 143265462272 ER - TY - HEAR T1 - Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China Y1 - 2016 A1 - Elston,Julie A1 - Weidinger,Alois KW - Finance KW - OSU-Cascades JA - 33rd Annual International Business Research Conference CY - Dubai U2 - c U4 - 126148700160 ID - 126148700160 ER - TY - HEAR T1 - Internationalization, Geographic Location and Entrepreneurial Intention Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of International Business Annual onference CY - New Orleans, LA U2 - c U4 - 143265439744 ID - 143265439744 ER - TY - JOUR T1 - The role of informal capital on new venture formation and growth in China JF - Small Business Economics Y1 - 2016 A1 - Elston,Julie A1 - Chen,Sandy A1 - Weidinger,Alois KW - Accounting KW - Finance KW - OSU-Cascades KW - OSU-Cascades Hospitality Mgt AB - This study examines the nature and role of informal capital used by micro-firms in the dynamic emerging market of China. Using a unique source of data for 260 urban entrepreneurs, this study provides empirical evidence that entrepreneurs’ personal savings and family funding are important sources of start-up capital. However, household income is the most important funding source in driving firm growth over time. This research directly addresses the lacuna of studies on entrepreneurship in emerging economies and contributes to our understanding of the critical role informal capital plays in the Chinese entrepreneurial process. Overall findings suggest that informal capital is still predominantly used over formal capital sources for financing firm start-up, underscoring the slow transition in China from an emerging to a modern economy. VL - 46 CP - 1 U2 - a U4 - 50792955904 ID - 50792955904 ER - TY - HEAR T1 - Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Academy of Management (EURAM) Conference CY - Warsaw, Poland U2 - c U4 - 106814851072 ID - 106814851072 ER - TY - HEAR T1 - A Hierarchy of Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Business (AIB) Bengaluru Conference CY - India U2 - c U4 - 106814861312 ID - 106814861312 ER - TY - HEAR T1 - A Hierarchy of Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Management Annual Meetings CY - Vancouver, BC, Canada U2 - c U4 - 106814875648 ID - 106814875648 ER - TY - HEAR T1 - Measuring Cultural Intelligence Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - Abu Dhabi, UAE U2 - c U4 - 106814824448 ID - 106814824448 ER - TY - HEAR T1 - The Role of Informal Capital in Growth in China Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - International Conference on Small Business (ICSB) World Conference on Entrepreneurship at a Global Crossroads CY - Dubai, UAE U2 - c U4 - 106814887936 ID - 106814887936 ER - TY - JOUR T1 - Executive Compensation and Agency Issues in Italy JF - International Journal of Corporate Governance Y1 - 2014 A1 - Elston,Julie A1 - Rondi,Laura A1 - Bhattacharyya,Nalanaksha KW - Finance KW - OSU-Cascades AB - From a theoretical perspective, we posit that that dividend policies may be relevant in resolving agency issues even in a governance environment dominated by family controlled firms. Earlier research has found that in more market based systems such as the US and Canada, dividends are in fact instrumental in solving agency issues. Prior empirical research has also found that dividends have a role in mitigating agency conflicts in a bank-dominated corporate environments like that in Germany (Elston and Goldberg, 2003). This paper extends the findings of earlier research by empirically investigating whether dividends retain their importance as the mechanism for resolving residual agency issues in a family controlled governance environment like Italy VL - 5 CP - 3/4 U2 - a U4 - 19827521537 ID - 19827521537 ER - TY - HEAR T1 - International Entrepreneurship Y1 - 2014 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - Vienna U2 - c U4 - 106814816256 ID - 106814816256 ER - TY - HEAR T1 - Business Cultural Intelligence Quotient (BCIQ) Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of Management CY - Orlando, FL U2 - c U4 - 87627702272 ID - 87627702272 ER - TY - JOUR T1 - Entrepreneurial motives and characteristics: An analysis of small restaurant owners JF - International Journal of Hospitality Management Y1 - 2013 A1 - Elston,Julie A1 - Chen,Sandy KW - Finance KW - OSU-Cascades KW - OSU-Cascades Hospitality Mgt VL - 35 U2 - a U4 - 172831225856 ID - 172831225856 ER - TY - CHAP T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Public Policy in the Entrepreneurial Society CY - London U2 - d U4 - 78753181696 ID - 78753181696 ER - TY - HEAR T1 - International Entrepreneurship Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - “Practical Problems in Economics” CY - Bratislava, Slovakia. U2 - c U4 - 78753425408 ID - 78753425408 ER - TY - HEAR T1 - Measuring Risk Attitudes of High-Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - University Lecture CY - Vienna Austria U2 - c U4 - 87627829248 ID - 87627829248 ER - TY - HEAR T1 - Measuring the Impacts of Risk Attitudes and Entrepreneurship of US High Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Fulbright Inter-Country invited lecture CY - Rome, Italy U2 - c U4 - 78753458176 ID - 78753458176 ER - TY - CHAP T1 - Risk Attitudes, Wealth and Sources of Entrepreneurial Start-Up Capital Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - London U2 - d U4 - 87643951104 ID - 87643951104 ER - TY - HEAR T1 - “Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China” Y1 - 2012 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business Conference CY - Washington DC U2 - c U4 - 50792708096 ID - 50792708096 ER - TY - HEAR T1 - “Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China” Y1 - 2012 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of Management Conference CY - Boston U2 - c U4 - 59340646400 ID - 59340646400 ER - TY - JOUR T1 - Dividends, Executive Compensation, and Agency Costs: Empirical Evidence From Germany JF - Journal of Accounting and Finance Y1 - 2011 A1 - Elston,Julie A1 - Bhattacharyya,Nalanaksha KW - Finance KW - OSU-Cascades VL - 11 CP - 1 U2 - a U4 - 33797423105 ID - 33797423105 ER - TY - HEAR T1 - Entrepreneurship in China Y1 - 2011 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business Conference -SE CY - Orlando, FL U2 - c U4 - 50792548352 ID - 50792548352 ER - TY - JOUR T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs JF - Small Business Economics Y1 - 2011 A1 - Elston,Julie A1 - Audretsch,David B. KW - Finance KW - OSU-Cascades AB - This paper empirically examines the role of risk attitudes and wealth on financing choices for successful US entrepreneurs. Our approach uses both survey data and data from economics based field experiments, which enables us control for the risk attitudes of entrepreneurs. Empirical findings suggest that lower levels of wealth increase the probability of using a Small Business Innovation Research (SBIR) grant, but lower levels of wealth also reduce the probability of using loan financing. In addition results show that higher levels of risk aversion, but not wealth, increase the probability of financing firm start-ups with earnings from a second job. Overall, findings suggest that both wealth and risk attitudes may play an important role in the financing choice of entrepreneurs. VL - 36 CP - 2 U2 - a U4 - 8489404417 ID - 8489404417 ER - TY - HEAR T1 - Agency Costs, Dividends and Executive Compensation: Empirical Evidence from Germany Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business- Southeast USA CY - Tampa, FL U2 - c U4 - 29656944641 ID - 29656944641 ER - TY - HEAR T1 - DIVIDENDS, EXECUTIVE COMPENSATION, AND AGENCY COSTS: Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Meetings of the Academy of Finance CY - Chicago Il, USA U2 - c U4 - 21424404481 ID - 21424404481 ER - TY - HEAR T1 - Financing Entrepreneurship and Innovation Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Meeting Global Challenges: US-German Innovation Policy CY - Washington DC U2 - c U4 - 29657047041 ID - 29657047041 ER - TY - HEAR T1 - Firm Growth and Gibrat’s Law Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Colloquium for Young Scientists on Understanding Firm Growth CY - Stockholm Sweden U2 - c U4 - 29654937601 ID - 29654937601 ER - TY - JOUR T1 - Risk Attitudes, Wealth and Sources of Entrepreneurial Start-up Capital JF - Journal of Economic Behavior and Organization Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper empirically examines the role of risk attitudes and wealth on financing choices for successful US entrepreneurs. Our approach uses both survey data and data from economics based field experiments, which enables us control for the risk attitudes of entrepreneurs. Empirical findings suggest that lower levels of wealth increase the probability of using a Small Business Innovation Research (SBIR) grant, but lower levels of wealth also reduce the probability of using loan financing. In addition results show that higher levels of risk aversion, but not wealth, increase the probability of financing firm start-ups with earnings from a second job. Overall, findings suggest that both wealth and risk attitudes may play an important role in the financing choice of entrepreneurs. VL - 76 UR - www.elsevier.com/locate/jebo CP - 1 U2 - a U4 - 19827433473 ID - 19827433473 ER - TY - JOUR T1 - Venture Capital, Ownership Structure, Accounting Standards and IPO Underpricing: Evidence from Germany JF - Journal of Economics and Business Y1 - 2010 A1 - Elston,Julie A1 - Yang,Jimmy KW - Finance KW - OSU-Cascades AB - This study investigates the impact of venture capital (VC), ownership structure, and accounting standards on initial public offering (IPO) underpricing in Germany. Using data from Germany's Neuer Markt (NM), we test two key hypotheses regarding IPO underpricing; first, whether VC ownership and higher levels of post-IPO insider ownership result in lower underpricing, and second, whether additional information disclosure results in lower underpricing. Besides the standard underpricing measure, we also use a modified underpricing measure to better assess true entrepreneurial wealth loss. Robust findings indicate that none of these factors are significant in lowering IPO underpricing, which suggests the importance of examining standard theories within alternative institutional environments. Results are consistent with the stylized fact that Germany's NM firms had relatively minimal use of VC financing, which may point to not only a weaker role for venture capitalists in Germany but fewer incentives to reduce information asymmetry arising from outside ownership.

VL - 62 CP - Special Issue U2 - a U4 - 11894646785 ID - 11894646785 ER - TY - JOUR T1 - Corporate Governance and Capital Accumulation: Firm Level Evidence from Italy JF - Scottish Journal of Political Economy Y1 - 2009 A1 - Elston,Julie A1 - Rondi,Laura KW - Finance KW - OSU-Cascades AB - This study investigates the impact of investor protection on firm ownership and investment decisions in a model where investor protection is allowed to vary across firms. Using firm panel data for Italy, we construct firm level variables to capture the degree of investor protection which is specific to the firm and observable by outside shareholders. Empirical evidence indicates that the stronger the investor protections the lower the fraction of equity that is owned by insiders. Results also suggest that higher insider equity ownership is linked to a larger risk premium and higher costs of capital for the firm. Finally, our findings indicate that the magnitude of capital stock distortions is important when shareholder protection is weak and ownership concentration is high. VL - 56 CP - 6 U2 - a U4 - 8489428993 ID - 8489428993 ER - TY - HEAR T1 - Dividends, Executive Compensation, and Agency Costs Y1 - 2009 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Financial Management Symposium 2009 CY - Milan, Italy U2 - c U4 - 14042884097 ID - 14042884097 ER - TY - HEAR T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs Y1 - 2009 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Ringberg Conference CY - Germany U2 - c U4 - 13017993217 ID - 13017993217 ER - TY - HEAR T1 - Dividends and Agency Issues: Empirical Evidence From Germany Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Atlantic Schools of Business Conference CY - St. John's Newfoundland U2 - c U4 - 11894775809 ID - 11894775809 ER - TY - HEAR T1 - Dividends and Agency Issues: Empirical Evidence From Germany Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Atlantic Schools of Business Conference CY - St. John's Newfoundland U2 - c U4 - 10095415297 ID - 10095415297 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - The Entrepreneurial Process CY - Jena Germany U2 - c U4 - 10095374337 ID - 10095374337 ER - TY - HEAR T1 - The impact of accounting standards and ownership structure on IPO underpricing: evidence from Germany’s Neuer Market Y1 - 2008 A1 - Yang,Jimmy A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Entrepreneurial Finance Conference CY - Las Vegas U2 - c U4 - 14184595457 ID - 14184595457 ER - TY - HEAR T1 - The Impact of Accounting Standards and Ownership Structure on IPO Underpricing: Evidence from Germany's Neuer Markt Y1 - 2008 A1 - Yang,Jimmy A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Entrepreneurial Finance CY - Las Vegas, NV U2 - c U4 - 10095396865 ID - 10095396865 ER - TY - HEAR T1 - Characterizing the Entrepreneur Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Central Oregon Busness Roundtable CY - Riverwalk Hotel U2 - c U4 - 2657712129 ID - 2657712129 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Ringberg Conference on Strategic Entrepreneurship CY - Tegernsee Germany U2 - c U4 - 2657716225 ID - 2657716225 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Research Brown Bag CY - OSU Cascades U2 - c U4 - 8487419905 ID - 8487419905 ER - TY - JOUR T1 - Shareholder Protection and the Cost of Capital: Evidence from German and Italian Firms JF - Statistica Applicata (Italian Journal of Applied Statistics) Y1 - 2007 A1 - Elston,Julie A1 - Rondi,Laura KW - Finance KW - OSU-Cascades AB - We investigate the interaction of investor protection, ownership concentration and firms’ financing and investment decisions in a model where investor protection is allowed to vary across firms. Using firm panel data for Italy, we construct firm level variables to capture the degree of investor protection which is specific to the firm and observable by outside shareholders. We find that the stronger the investor protections the lower the fraction of equity that is owned by insiders. We also find that the higher the insider equity ownership the higher the idiosyncratic risk premium in the cost of capital. Finally, our results indicate that the magnitude of capital stock distortions is quite important when shareholder protection is weak and ownership concentration is high. VL - 18 CP - 2 U2 - a U4 - 2477916161 ID - 2477916161 ER - TY - JOUR T1 - Can Institutional Change Impact High-Technology Firm Growth: Evidence from Germany's Neuer Markt JF - Journal of Productivity Analysis Y1 - 2006 A1 - Audretsch,David B. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - To facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 — the Neuer Markt. To examine whether the Neuer Markt was successful, we compare the relationship between firm size and growth for firms listed on the Neuer Markt and contrast the results with two benchmarks: (1) for German firms prior to the 1990s (to reflect the older traditional manufacturing sector) and (2) for the stylized results for the US. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt; but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy. VL - 25 CP - 1 U2 - a U4 - 650092544 ID - 650092544 ER - TY - JOUR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence JF - Journal of Economic Behavior and Organization Y1 - 2006 A1 - Chirinko,Robert S. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where powerful universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the advantages of a bank relation, empirical support is mixed. With a unique dataset and a focus on the fragility/sturdiness of inferences, this paper evaluates German bank influence in terms of three hypotheses: (1) do bank influenced firms enjoy lower finance costs? (No); (2) is bank influence a solution to control problems? (Yes); (3) do bank influenced firms have higher profitability? (No). VL - 59 CP - 1 U2 - a U4 - 650094592 ID - 650094592 ER - TY - HEAR T1 - Financing Entrpreneurship Y1 - 2006 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Max Planck Workshop on Entrepreneurship CY - Jena Germany U2 - c U4 - 2657728513 ID - 2657728513 ER - TY - JOUR T1 - Bank Influence, Firm Performance and Survival JF - Corporate Ownership and Control Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 1 CP - 2 U2 - a U4 - 650098688 ID - 650098688 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual meetings of the European Association for Research in Industrial Economics CY - Berlin, Germany U2 - c U4 - 650158080 ID - 650158080 ER - TY - HEAR T1 - Shareholder Protection and the Cost of Capital: Empirical Evidence from German and Italian Firms Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Summer Workshop Measurement Issues in Small Firm Performance CY - Jena Germany U2 - c U4 - 650168320 ID - 650168320 ER - TY - HEAR T1 - Valuation Differences under 3 Accounting Standards: Empirical Evidence from Germany's Neuer Markt Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Accounting and Economics at the European Institute for Advanced Studies in Management CY - Frankfurt, Germany U2 - c U4 - 650156032 ID - 650156032 ER - TY - HEAR T1 - Valuation Differences under 3 Accounting Standards: Empirical Evidence from Germany's Neuer Markt Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Summer Workshop Measurement Issues in Assessing Small Firm Performance CY - Jena, Germany U2 - c U4 - 650160128 ID - 650160128 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership in Germany Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Florida Macro Users Group annual meetings CY - Tampa FL U2 - c U4 - 650170368 ID - 650170368 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership in Germany Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Finance Association meetings U2 - c U4 - 650188800 ID - 650188800 ER - TY - JOUR T1 - Executive Compensation and Agency Costs in Germany JF - Journal of Banking & Finance Y1 - 2003 A1 - Elston,Julie A1 - Goldberg,Larry KW - Finance KW - OSU-Cascades AB - With the growth of international mergers like DaimlerChrysler, interest in executive compensation practices abroad, particularly in Germany, has increased. Using unique data sources for Germany, we find that similar to US firms, German firms also have agency problems caused by the separation of ownership from control, with ownership dispersion leading to higher compensation. In addition, there is evidence that bank influence has a negative impact on compensation. VL - 27 CP - 7 U2 - a U4 - 650104832 ID - 650104832 ER - TY - HEAR T1 - Finance, Profitability and Control: An Evaluation of German Bank Influence Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the University of San Diego CY - San Diego, CA U2 - c U4 - 650162176 ID - 650162176 ER - TY - JOUR T1 - Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data JF - Review of Economics and Statistics Y1 - 2003 A1 - Bond,Stephen A1 - Elston,Julie A1 - Mairesse,Jacques A1 - Mulkay,Benoit KW - Finance KW - OSU-Cascades AB - We construct company panel data sets for manufacturing firms in Belgium, France, Germany, and the United Kingdom, covering the period 1978-1989. These data sets are used to estimate empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow and profits terms appear to be both statistically and quantitatively more significant in the United Kingdom than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented U.K. financial system. VL - 85 CP - 1 U2 - a U4 - 650096640 ID - 650096640 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Can Policy Make a Difference? Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at Geoge Mason University CY - Fairfax, VA U2 - c U4 - 650182656 ID - 650182656 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at Rensselaer Polytechnic Institute CY - Albany, NY U2 - c U4 - 650174464 ID - 650174464 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at San Jose State University CY - TX U2 - c U4 - 650153984 ID - 650153984 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at California State University - Fullerton CY - Fullerton, CA U2 - c U4 - 650186752 ID - 650186752 ER - TY - HEAR T1 - Untitled Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades U2 - c U4 - 27370983424 ID - 27370983424 ER - TY - HEAR T1 - Changing Policies and New Economic Growth: Germany in Transition Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the School of Public Policy, Pepperdine University CY - Malibu CA U2 - c U4 - 650172416 ID - 650172416 ER - TY - HEAR T1 - Changing Policies and New Economic Growth: Germany in Transition Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the School for Policy and Environmental Economics, Institute for European Studies, Indiana University, CY - Bloomington IN U2 - c U4 - 650149888 ID - 650149888 ER - TY - HEAR T1 - The Digital Economy? Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Orlando Technology Forum on the Digital Economy CY - Orlando FL U2 - c U4 - 650184704 ID - 650184704 ER - TY - HEAR T1 - A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the American Economic Association CY - Atlanta, GA U2 - c U4 - 650180608 ID - 650180608 ER - TY - HEAR T1 - A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Meetings of the Western Economic Association CY - Seattle WA U2 - c U4 - 650164224 ID - 650164224 ER - TY - HEAR T1 - What's New About the New Economy? Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Business Women's Association Annual Awards Dinner CY - Winter Park FL U2 - c U4 - 650166272 ID - 650166272 ER - TY - JOUR T1 - Bank-firm relationships, financing and firm performance in Germany JF - Economic Letters Y1 - 2001 A1 - Agarwal,Rajshree A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Close bank”firm relationships that characterize the financial systems in Germany and Japan are often credited for reducing agency costs and increasing access to capital, thus improving the performance of firms. Critics of these banking systems cite the alternative possibility that conflicts of interests may also arise from both the banks' multiple roles with the firm, and the opportunity the banks have to use private information to shift risk or to otherwise participate in rent-seeking activities. We extend the empirical literature by systematically investigating the impact of bank-influence on the financing choices and performance of the firm. We find that bank-influenced firms in Germany do benefit from increased access to capital. There is, however, no evidence to support the hypothesis of either higher profitability or growth for bank-influenced firms. Results suggest that the interest payments to debt ratio is significantly higher for bank-influenced firms, which supports the hypothesis that German universal banks may engage in rent-seeking activities and provides evidence of a conflicting interests between creditors and shareholders. VL - 72 CP - 2 U2 - a U4 - 650100736 ID - 650100736 ER - TY - JOUR T1 - Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany JF - International Journal of Industrial Organization Y1 - 2001 A1 - Audretsch,David B. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the study, suggesting that the unique German infrastructure designed to assist the small firm has indeed succeeded in alleviating, to some degree, such liquidity constraints. Findings also support the hypothesis that the emerging competition and internationalism which characterized the German financial markets in the 1980s, have been improving access to capital for some groups of firms. VL - 20 CP - 1 U2 - a U4 - 650102784 ID - 650102784 ER - TY - HEAR T1 - Executive Compensation and Agency Costs in Germany Y1 - 2001 A1 - Elston,Julie A1 - Goldberg,Larry KW - Finance KW - OSU-Cascades JA - European Association for Research in Industrial Economics annual meeting CY - Dublin Ireland U2 - c U4 - 650190848 ID - 650190848 ER - TY - HEAR T1 - Growth of Neuer Markt Firms Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Financing the New Economy: A German-US Comparison CY - Washington DC U2 - c U4 - 650178560 ID - 650178560 ER - TY - HEAR T1 - The Neuer Markt: Real and Financial Factors, Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Joint seminar with the Wolfgang Goethe University and the Deutsche Bundesbank CY - Frankfurt, Germany U2 - c U4 - 650176512 ID - 650176512 ER - TY - HEAR T1 - What's New About the New Economy Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Financing the New Economy in Germany CY - Washington DC U2 - c U4 - 650151936 ID - 650151936 ER - TY - HEAR T1 - Executive Compensation and Agency Costs Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Western Economic Association annual meeting CY - San Diego CA U2 - c U4 - 650192896 ID - 650192896 ER - TY - HEAR T1 - Funding Gaps in Germany Industry Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Funding Gap Controversies Conference Plenary Session CY - Warwick, England U2 - c U4 - 650194944 ID - 650194944 ER - TY - JOUR T1 - Market Linkages Between the US and Japan: An Application to the Fisheries Industry JF - Japan and the World Economy Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Recent trends in globalization of Pacific Basin commodity markets raises important questions concerning the nature of market integration and price linkages. This paper examines this issue by testing for price linkages between the United States and Japan for two species whose exports from the U.S. to Japan have risen considerably over the past decade. Empirical results indicate segmentation of price linkages for sablefish but probable price linkages for some thornyhead markets. Findings suggest that markets for these species may be less sensitive to price changes in Japan than would be expected based on commodity flows. VL - 11 CP - 4 U2 - a U4 - 650117120 ID - 650117120 ER - TY - JOUR T1 - Financing the German Mittelstand JF - Small Business Economics Y1 - 1997 A1 - Audretsch,David A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper describes how the German Mittelstand, or small- and medium-sized enterprises, are financed in Germany. The role of the German Mittelstand, both in a static and in a dynamic framework, is described and contrasted with that of the same size group in other leading industrialised countries. We find that in general, the Mittelstand has played a mmore important role in Germany than in other industrialised nations, such as the United States or the United Kingdom. The traditional success of the German Mittelstand is partly attributable to a system of finance that is richly layered by complementary institutions designed to meet the financial needs of both large and smaller enterprises. However, we find evidence that even under the German system of finance liquidity constraints exist and are greater for smaller firms. The German system of finance moreover seems particularly deficient in the channeling of funds to new firm startups in the newer industries. VL - 9 CP - 2 U2 - a U4 - 650119168 ID - 650119168 ER - TY - JOUR T1 - Dividend policy and investment: Theory and evidence from US panel data JF - Managerial and Decision Economics Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper examines the importance of dividend policy and liquidity constraints in the context of the firm's investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm's dividend payment, liquidity constraints remain an important determinant of firm investment behavior. VL - 17 CP - 3 U2 - a U4 - 650121216 ID - 650121216 ER - TY - HEAR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Financial Institutions Workshop CY - Pasadena CA U2 - c U4 - 650196992 ID - 650196992 ER - TY - HEAR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Economic Association Meetings CY - San Francisco CA U2 - c U4 - 650199040 ID - 650199040 ER - TY - JOUR T1 - Le Financement de la Mittelstand Allemande JF - Revue Internationale : Petite et Moyenne Enterprise (PME) Y1 - 1996 A1 - Audretsch,David A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 8 CP - 3-4 U2 - a U4 - 650123264 ID - 650123264 ER - TY - JOUR T1 - Banks, Finance and Investment in German: A Review Article JF - Small Business Economics Y1 - 1995 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 7 CP - 6 U2 - a U4 - 650125312 ID - 650125312 ER - TY - JOUR T1 - Bank Affiliations and Firm Capital Investment in Germany JF - IFO Studien: Zeitschrift fur Empirische Wirtschaftsforschung Y1 - 1994 A1 - Elston,Julie A1 - Albach,Horst KW - Finance KW - OSU-Cascades VL - 1 U2 - a U4 - 650127360 ID - 650127360 ER - TY - HEAR T1 - Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on firm Investment Behavior in Germany Y1 - 1994 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Association for Research in Industrial Economics Conference annual meetings CY - Chania, Greece U2 - c U4 - 650201088 ID - 650201088 ER -