Conventional wisdom depicts corruption as a tax on incumbent firms. This paper challenges this view in two ways. First, by arguing that corruption matters not so much because of the value of the bribe ("tax"), but because of another less studied feature of corruption, namely bribe...

A detailed longitudinal dataset is assembled containing annual performance and biographical data for every player over the entire history of professional major league baseball. The data are then aggregated to the team level for the period 1920-2009 in order to test whether teams built on a more...

The impact of innovation on firm performance has been a matter of significant interest to economists and policy makers for decades. Although innovation is generally regarded as a means of improving the competitiveness of firms and their performance on domestic and foreign markets, this...

A detailed longitudinal dataset is assembled containing annual performance and biographical data for every player over the entire history of professional major league baseball. The data are then aggregated to the team level for the period 1920-2009 in order to test whether teams built on a more...

As firms grow older, their profitability seems to decline. We first document this phenomenon and show that it is very robust. Then we offer two non-exclusive explanations of why firms may age. First, corporate aging could reflect a cementation of organizational rigidities over time. Consistent...

In 2002, the German Corporate Governance Code (GCGC) was established to improve corporate governance of German listed firms and to make the German corporate governance system and firm-specific corporate governance more transparent for (international) investors. With regard to the empirical...

Several previous research studies have reported mixed results concerning the direct relationship between corporate governance and firm performance. Actually, the presence of innovation as a mediating variable within this relationship has not yet been fully established. Hence, this article's...

This paper investigates the relationship between pay disparity and innovation. In an empirical examination of S&P 4, 5, and 600 firms, it was found that difference in pay between CEO and the remaining top management is positively associated with higher research and development, patents and...

This paper empirically explores, through the detailed study of a sample of Ellenic cases of international technology transfer arrangements, the relationship between firm economic performance and firm technological accumulation efforts. The logistic regression model used indicates that from the...