Firm Growth and Legal Environment

Miroshnychenko, Ivan; Bozzi, Stefano; Barontini, Roberto

doi:10.1111/ecno.12116

Cited by 8 publications

(11 citation statements)

References 77 publications

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“…First, the two‐stage least squares (2SLS) estimator involving instrumental variables has been adopted to alleviate possible endogeneity bias between CFP and firm‐level green practice index (Stone & Rose, ). In this context, we rely on the set of instruments contained within a panel to instrument the GPI variable due to the absence of good external instrumental variables (Krafft, Qu, Quatraro, & Ravix, ; Miroshnychenko, Bozzi, & Barontini, ). Specifically, the third‐ and fourth‐year lagged values of GPI are used as instruments in all the models.…”

Section: Resultsmentioning

confidence: 99%

“…First, the two-stage least squares (2SLS) estimator involving instrumental variables has been adopted to alleviate possible endogeneity bias between CFP and firm-level green practice index (Stone & Rose, 2011). In this context, we rely on the set of instruments contained within a panel to instrument the GPI variable due to the absence of good external instrumental variables (Krafft, Qu, Quatraro, & Ravix, 2014;Miroshnychenko, Bozzi, & Barontini, 2018 This table presents the coefficients and t-statistics (in parentheses) using the 2SLS regressions with HAC standard errors. Q it is the ratio between (book value of total assets − book value of shareholder's equity + market value of shareholder's equity) and (book value of total assets).…”

Section: Resultsmentioning

confidence: 99%

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Does it pay to be a greenwasher or a brownwasher?

et al. 2018

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The growing attention to corporate green practices and the increased competition in global markets have pressed companies to disclose information about their environmental footprints. In doing so, some firms tend to either overstate or understate their environmental commitments by adopting so‐called “greenwashing” or “brownwashing” strategies, respectively. In this paper, we analyze the impact of different types of environmental communication strategies on firm value and operating performance using a panel of 3,490 publicly traded companies from 58 countries and 19 industries. Results show that it does not pay to be a greenwasher, whereas the decision to not properly communicate a firm's environmental commitment is associated with lower financial performance. Therefore, this study highlights the importance of having not only effective green practices, but also coherent communication of environmental strategies. This is the first attempt to empirically model the impact of greenwashing and brownwashing strategies on corporate financial performance in a longitudinal setting.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Does it pay to be a greenwasher or a brownwasher?

et al. 2018

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“…We also controlled for firm size (natural logarithm of the firm’s number of employees) and firm age (natural logarithm of the number of years the firm has existed; De Massis et al, 2012; Kotey & Folker, 2007). In addition, we included 28 industry dummies (see Supplemental Table S1 in the Supplementary Document) to capture differences in the technological trajectories between manufacturing and service firms (Miroshnychenko et al, 2019).…”

Section: Methodsmentioning

confidence: 99%

Family Influence and Digital Business Model Innovation: The Enabling Role of Dynamic Capabilities

Soluk

Miroshnychenko

Kammerlander

et al. 2021

Entrepreneurship Theory and Practice

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168

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New digital technologies have prompted many firms, including family firms, to innovate their business models. We study the role of dynamic capabilities as mediator in the relationship between family influence and digital business model innovation (BMI), and the moderating role of environmental dynamism. Based on unique survey data from 1,444 German firms with and without family influence, we reveal that knowledge exploitation, risk management, and marketing capabilities mediate the positive relationship between family influence and digital BMI. Surprisingly, and contrary to our assumption, we find that the positive relationship between family influence and dynamic capabilities is weakened rather than strengthened by environmental dynamism. Our findings hold important implications for family business innovation and digital BMI research, offering valuable insights into the role of dynamic capabilities and environmental dynamism in the digital economy.

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“…Sales growth, the dependent variable, is measured as the logarithmic difference in sales in two consecutive years in line with prior studies (e.g., Miroshnychenko et al, 2018). This indicator is considered a proxy for product/service acceptance in the market (Anton, 2019) and also the most suitable measure of growth as it captures both short-and long-term performance (Davidsson & Wiklund, 2006).…”

Section: Samplementioning

confidence: 99%

“…Several papers (Miroshnychenko et al, 2018) show that the macroeconomic environment affects sales growth. Annual GDP growth and GDP per capita are included to account for cross-country difference in economic growth and development.…”

Section: Samplementioning

confidence: 99%

The Effect of Discretionary Accruals on Firm Growth. Empirical Evidence for Smes From Emerging Europe

Anton

Carp

2020

Journal of Business Economics and Management

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The aim of the paper is to assess the effect of discretionary accruals on firm growth while controlling for firm characteristics and macroeconomic environment. Employing a large sample of 1.105 young and high-growth firms (gazelles) from 15 emerging European countries over the period 2006–2014, it has been found that the discretionary accruals negatively influence firm growth. The empirical results suggest that discretionary accruals are used as earnings management tools and this practice is more used over the high-growth period (2006–2009), with negative effects on future performance. Furthermore, the results of the quantile regression employed in the whole period suggest that the earnings management practices have a negative effect on firm growth. The results prove to be robust for different estimation approaches and different sub-samples of gazelles. The findings provide empirical evidence for the need for more detailed information provided by firms on the origin of the accruals, as well as for the use in the performance analysis of some indicators that eliminate the influence of accruals, such as cash flow based ratios.

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Firm Growth and Legal Environment

Cited by 8 publications

References 77 publications

Does it pay to be a greenwasher or a brownwasher?

Does it pay to be a greenwasher or a brownwasher?

Family Influence and Digital Business Model Innovation: The Enabling Role of Dynamic Capabilities

The Effect of Discretionary Accruals on Firm Growth. Empirical Evidence for Smes From Emerging Europe

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