This paper investigates the impact of different types of successful start-up exits on the development of entrepreneurial ecosystems (EEs). With a panel data analysis covering 45 European cities over 20 years, the study examines how acquisitions and IPOs influence subsequent individual investment activity and new venture creation. The results reveal that acquisitions significantly and positively influence

Entrepreneurial ecosystems (EEs) are regarded as ideal breeding ground for knowledge-intensive entrepreneurs (KIEs). Yet, as EEs are mostly considered isolated from each other and their connectedness is neglected, there is a lack of research on their capacity to attract KIEs rather than to locally nurturing them. Inadequate data has been a major obstacle to this line of work as well. Aiming to address

Incumbent large businesses play a crucial role in fostering resilient entrepreneurial ecosystems. However, many regions lack the presence of such firms. Early research suggests that an entrepreneurial ecosystem can compensate for this absence through positive spillovers from foreign direct investment. While the role of multinational enterprises in entrepreneurial ecosystems remains underexplored, our

We develop a new methodology to estimate subjective beliefs from hypothetical choice data. Our identification approach is based on the novel insight that by varying the amount of information on future realizations of stochastic variables, discrete choice experiments can identify not only preferences, but also subjective beliefs. We formally prove this result in a general setting and apply it to design

Amid escalating global geopolitical risks (GPR) and intensifying energy transition competition, strategic rivalry in the energy sector has shifted from traditional resource contention to dominance over renewable energy technologies. While renewable energy technology products (RETP) are recognized as critical to global green transformation, the inhibitory effects of GPR on their international trade

The global energy transition is crucial for sustainable development, but is vulnerable to geopolitical risks, leading to market turbulence, rising uncertainty and impeding policy implementation. Previous studies have mostly focused on energy security and geopolitical instability, but their systemic impact on energy transition remains unexplored. This study analyzes this relationship through fixed-effects

Journal of Political Economy, Ahead of Print.

Moral Foundations Theory is an influential empirical description of moral perception. According to this theory, individuals make moral judgments based on five distinct “moral foundations:” Care, Fairness, Loyalty, Authority and Sanctity. We provide a theory that explores the claimed evolutionary basis for these moral foundations. The theory conceptualizes these five moral foundations as specific modifications

AbstractThis paper contributes to a better understanding of how place matters for the development of nascent Information and Communication Technology (ICT) entrepreneurial ecosystems (EEs). This qualitative study adopts a lens of neo-institutional theory, looking at EEs as organisational fields, and focuses on two comparative cases in Japan—Osaka-Kyoto and Fukuoka, which are developing “in the shadow”

Journal of Political Economy, Ahead of Print.

Due to the global energy supply and demand conflicts, climate change, and geopolitical disputes, there is a growing focus on the vulnerability of energy system. Practically, the potential of artificial intelligence (AI) in mitigating energy vulnerability has been noticed. This paper employs panel data spanning 20 years (2000–2019) from 52 countries to examine the relationship and mechanisms between

We measured the social acceptability of biogas units by estimating the effect of their location on real estate prices. This study was conducted in France between 2014 and 2021 and included a sample of more than 110,000 real estate transactions near 620 new biogas units. The methodology of difference-in-differences models enabled us to limit the bias of the results for units installed over several periods

This study introduces a minimum distance non-radial model, derived from Weighted Russell Directional Distance Model (WRDDM), to assess inefficiency across 40 countries representing 90 % of global energy consumption in 2019. We analyze energy consumption per capita (input), GDP per capita (desirable output), and CO2 emissions per capita (undesirable output) for 2007 and 2019. The countries are divided

We develop a novel methodology for linking a detailed sector model with a computable general equilibrium (CGE) model to estimate the economy-wide social costs and distributional impacts of a complex environmental regulation when an iterative linkage between models is not possible. We demonstrate the linking approach using stylized compliance choices and costs that are consistent with the types of model

The goal of this work is to improve the spatial representation of the Regional Dynamic Integrated model of Climate and the Economy (RICE), focusing on the Mediterranean countries, as this area is considered as an hot-spot for climate change. The model is updated with a 2015 base year calibration, providing projections till the end of the century We evaluate the impact of climate damages and temperature

What explains cross-sectional dispersion in stock valuation ratios? We find that 75% of dispersion in price–earnings ratios is reflected in differences in future returns, while only 25% is reflected in differences in future earnings growth. This holds at both the portfolio-level and the firm-level. We reconcile these conclusions with previous literature which has found a strong relation between prices

A growing number of contributions in the literature have identified a puzzle in the European carbon allowance (EUA) market. Specifically, a persistent cost-of-carry spread (C-spread) over the risk-free rate has been observed. We are the first to explain the anomalous C-spread with the credit spread of the corporates involved in the emission trading scheme. We obtain statistical evidence that the C-spread

This paper explores the relationship between decarbonization processes and energy-economic growth coupling dynamics in less developed regions of Sub-Saharan Africa. Using comprehensive analytics, this study illuminates the twin effects of energy use on economic growth vis-à-vis sustainability through theoretical frameworks typified by the load capacity curve and environmental Kuznets curve hypotheses

Following the sudden increase in the energy price in the second quarter of 2022 caused by the Russia-Ukraine war, inelastic demand generated significant changes in household expenditure shares for energy (particularly in electricity, gas, and other fuels and in fuels and lubricants). These produced a significant downward bias in the official CPI inflation rate for energy and in the official CPI inflation

At high penetration levels, the ratio of the marginal: average curtailment of an extra MW of wind is typically 3+ times its average. For a portfolio of on- and off-shore wind and solar PV, the ratio is considerably higher. With increasing methods of using potentially surplus VRE (exports, storage) average curtailment falls but the ratio of the marginal: average curtailment rises. The marginal levelised

We investigate the impact of cap-and-trade on firm selection and emission intensity in an economy with heterogeneous firms. A cap-and-trade system with free allowances may worsen firm composition by acting as a subsidy and reallocating production resources across sectors, allowing less productive firms to remain operative. This effect can distort the allocation of emission permits, leading to a higher

Houses with higher value uncertainty receive less mortgage credit: mortgages backed by these houses are more likely to be rejected, have higher interest rates, and have lower loan-to-price ratios. The relationship between house value uncertainty and credit availability is driven partly by a classic channel in which uncertainty lowers debt recovery rates, and partly by a novel channel where more uncertain

Sustainable entrepreneurs introduce new sustainable technologies and business models to the market. They thereby can help with tackling grand environmental challenges. Regional governments are increasingly implementing policies to develop a supportive ecosystem for sustainable entrepreneurship in their region. For these policies to be effective, policy makers need to understand which regional factors

Shortages of skilled labor present a critical challenge for economies worldwide. We surveyed over 1100 SME managers in Germany, revealing that most expect skill shortages to worsen and adversely affect their operations. Providing expert forecasts on future shortages to a randomly chosen subgroup of respondents barely affects the expected impacts of skill shortages on their firm, planned mitigation

Building on disadvantage theory and the capabilities framework, the research explores how two critical aspects of the poverty experience, experienced scarcity, and a limited opportunity horizon, can result in the creation of ventures that struggle to achieve marketplace success, which in turn detracts from the entrepreneur’s perceived well-being. These business struggles are traced to a commodity trap

This study examines the performance of Special Purpose Acquisition Companies (SPAC) operating in the energy sector. Existing since 2003 and labeled as a new asset class, SPACs brought structural changes in the IPO market and outnumbered traditional IPOs in the last few years. A significant proportion of SPACs entering the market are energy-related. This paper analyzes a sample from 2003 to 2023 and

We propose a model of lending, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell goods online, they reveal information to their lender. Cash guarantees anonymity, but limits distribution to less efficient offline venues. In equilibrium, merchants trade off the efficiency gains from online distribution (with digital payments) and the informational rents

We explore indicators of market power in a data market. Markups cannot measure competition, because most data products’ marginal cost is zero, making the markup infinite. Yet, data monopolists may not exert monopoly power because they cannot commit to restricting data sales to future customers. This limited commitment and strategic substitutability of data undermine sellers’ monopoly power. But data

Attention is now increasingly being drawn to the interconnectedness of different entrepreneurial ecosystems (EEs). Consequently, from a theoretical viewpoint EEs are increasingly being viewed from a multi-scaler rather than a mono-scaler perspective. This paper examines the spatial financial interlinkages between places and different forms and stages of entrepreneurial finance. Using a unique real-time

To stimulate entrepreneurship, many universities have established academic makerspaces. So far, we know little about this phenomenon. Specifically, we lack insights into the entrepreneurial motivations of academic makers and the types of opportunities they find appealing. Drawing on a conjoint experiment and a survey of 144 academic makers, we analyze their entrepreneurial motivations and identify

While research and development (R&D) spillovers have long been a central argument for the public support of private R&D activities, less is known about the existence and magnitude of innovation policy-induced spillovers. This paper presents a quasi-experimental analysis of the spillover effects of Eurostars R&D subsidies granted to small- and medium-sized firms (SMEs) from 2008 to 2019. We measure

This study examines the interconnectedness of entrepreneurial ecosystems (EEs) through a comprehensive geospatial network analysis of global investment flows. Addressing the critical need to explore EEs beyond their local boundaries, we investigate how EEs interact across regional, national, and international levels. Utilizing data from Crunchbase, which details 556,612 investment interactions among

This study investigates the impact of climate change on saving rates. Using a geographic gridded data set, we develop a population-weighted high temperature shocks intensity index. We find that an additional percentage point increase in the share of a country’s population exposed to high temperature shocks will increase its saving rate by 0.03 percentage points. This effect is persistent. Additionally

We study capital regulation in a dynamic model for bank deposits. Capital regulation addresses banks’ incentive for excessive leverage that dilutes depositors, but preserves some dilution to reduce bank defaults. We show theoretically that capital regulation is subject to a time inconsistency problem. In a model with non-maturing deposits where optimal withdrawals make deposits endogenously long-term

Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships.

Journal of Political Economy, Ahead of Print.

Journal of Political Economy, Ahead of Print.

The urgency of coal phase-out has intensified as countries strive to mitigate climate change and achieve carbon neutrality. However, various conflicts may arise during policy implementation, and public acceptance can vary significantly depending on how policies are designed to address these challenges. This study investigates public preferences for coal phase-out policies in South Korea using a discrete

The study examines the impact of the supply chain, renewable energy consumption, environmental technology innovation, inflation, the digital population, and economic development on Indonesia's greenhouse (GHG) emissions from 2000 to 2022. Utilized non-linear ARDL (NARDL) model and quantile regression, this study offers a differentiated insight into GHG emissions, promotion of renewable energy, green

The intricate relationship between the prices of oil and key energy minerals is vital for understanding the dynamics of energy markets and guiding future energy-related policies. In this study, we examine the influence of oil prices on key clean energy mineral prices by employing quantile and wavelet approaches. The main empirical results are as follows. First, the quantile cointegration test reveals

Policies addressing climate change have undergone extensive research; however, the existing literature lacks a comprehensive evaluation of climate policy packages. The “curse of dimensionality” renders it challenging for researchers to concurrently scrutinize policies across multiple dimensions and diverse government preferences. This study introduces a comprehensive assessment framework to address

By exploiting the stochastic volatility in oil production, we identify a novel source of instability in the global oil market: oil supply uncertainty. Our measure provides additional insights to standard measures in the literature, such as the geopolitical risk index and oil supply surprises. In particular, we demonstrate that unexpected increases in oil supply uncertainty lead to higher real oil prices

We model the competition between digital forms of fiat money and private digital money. Countries digitize their currencies–by upgrading existing or launching new payment systems (including CBDCs)–to compete with foreign fiat currencies and private digital money. A pecking order emerges: less dominant currencies digitize earlier, reflecting a first-mover advantage; dominant currencies delay digitization

National venture capitalist (VC) ecosystems are not isolated from each other, and foreign VC species may cross borders when pursuing valuable investment opportunities. The present research demonstrates that VC investments inside or outside VCs’ domestic ecosystems play a significant role in the target ventures’ valuation. VCs trade off familiarity of their domestic ecosystem for valuation. Our results

We document that the reallocation of central bank reserves towards banks with higher liquidity needs fosters credit supply. Exploiting the ECB's tiered reserve remuneration system for identification, we show that this system encouraged banks with low reserve holdings to obtain more reserves through the money market. Concomitantly, these banks reduced their securities holdings and extended more credit

The literature has documented “reaching for yield”—the phenomenon of investing more in risky assets when interest rates drop—among institutional investors. We analyze detailed transaction data from a large brokerage firm to provide direct field evidence that individual investors also exhibit this behavior. Consistent with models of portfolio choice with labor income, reaching for yield is more pronounced

We attribute variation in the strength of the U.S. dollar and its covariance with other currencies to economic primitives using a global asset demand system. We take global investor savings, asset supply, and monetary policy as exogenous primitives, and show how these variables explain dollar exchange rate behavior. Prior to the global financial crisis, global savings and demand shifts explain dollar

We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to

Entrepreneurial ecosystem measures should combine archival civic and self-reported entrepreneur data. This combination helps to overcome the limitations of aggregated archival data that affect our collective capacity to derive actionable insights for research and policy. Previous measurement approaches lack consistency with entrepreneurial ecosystem theory because they do not capture data at a sufficiently

This study presents a replication and critical assessment of Jawadi et al. (2023), which explores the relationship between oil prices and the macroeconomy of the Eurozone. A key conclusion of their study is that monetary policy has limited effectiveness in mitigating the effects of energy inflation, leading to a recommendation for additional fiscal measures. Our replication identifies several methodological

Unlike the fragmented global division of labor in manufacturing, the globalization of services has continued to proceed apace. While the literature has extensively investigated the economic effects of service liberalization, it has not paid enough attention to its environmental performance. Based on input-output tables that distinguish different types of firm ownership, this paper analyzes the link

What happens to the merit order of electricity markets when all electricity is supplied by intermittent renewable energy sources coupled with large-scale electricity storage? With near-zero marginal cost of production, will there still be a role for an energy-only electricity market? We answer these questions both analytically and empirically for electricity markets in Texas and Germany. What emerges

The energy sector is a cornerstone of societal progress and quality of life. Yet, the energy landscape's dynamic nature brings significant opportunities and pressing challenges. Rising energy demands, environmental imperatives, and economic disruptions underscore the need for innovative approaches. Digital transformation offers promising solutions to address these challenges, enhancing the resilience

There is mixed evidence about the pricing of climate transition risk on financial markets. I contribute to this debate methodologically by measuring firms' climate transition risk with a sector/technology classification. Thereby, I complement approaches relying on contested ESG and incomplete CO2 data. Moreover, I contribute empirically by comparing the pricing of brown and green pure-play companies

We adopt a pluralistic view of productive entrepreneurship to examine how various elements of entrepreneurial ecosystems (EEs) affect both performance-based (high-growth entrepreneurship) and non-performance-based (proprietorship rate and new venture creation) outcomes. Our theoretical framework is guided by the recently developed three-step configurational approach, and our analysis employs fuzzy-set

Entrepreneurial support organizations can play an important role in nascent entrepreneurial ecosystems by enabling productive and sustainable entrepreneurship. However, in such ecosystems, entrepreneurial support organizations may struggle to access the resources they need to activate their support. Drawing upon inductive qualitative research with 31 entrepreneurial support organizations and 40 interviews

Journal of Political Economy, Ahead of Print.