%0 Journal Article
%J Small Business Economics
%D 2023
%T Are Family Firms More Efficient? Revisiting the U-Shaped Curve of Firm Scale and Efficiency
%A Elston,Julie
%A Zhang,Yingchao
%A Chen,Ku-Hsieh
%A Chen,Pei-Hwa
%K Finance
%K OSU-Cascades
%X 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.
%B Small Business Economics
%8 2023
%G eng
%2 a
%4 254543572992
%$ 254543572992

%0 Generic
%D 2022
%T Chinese Capital Structure: Theory and Evidence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B 35th Annual meeting of the Academy of Finance
%C Chicago
%8 2022
%G eng
%2 c
%4 254544160768
%$ 254544160768

%0 Generic
%D 2022
%T Chinese Capital Structure: Theory and Evidence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Meeting of the Academy of Finance
%C Chicago Il
%8 2022
%G eng
%2 c
%4 232941420544
%$ 232941420544

%0 Journal Article
%J Small Business Economics
%D 2022
%T An Empirical Examination of Firm Growth in the MENA Region: Through the Lens of Gibrat's Law
%A Elston,Julie
%A Weidinger,Alois Konrad
%K Finance
%K OSU-Cascades
%B Small Business Economics
%V 60
%P 121-131
%8 2022
%G eng
%U https://www.springer.com/economics/microeconomics/journal/40812
%N 1
%2 a
%4 254544275456
%$ 254544275456

%0 Generic
%D 2022
%T Myths from Silicon Valley -Is Tech difference than Detroit?
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Recharging Austro-American Relations
%C Vienna, Austria.
%8 2022
%G eng
%2 c
%4 254544103424
%$ 254544103424

%0 Generic
%D 2022
%T What Does Sustainable Growth look in the Technology Sector?
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B EUBA Conference “Sustainable Business Development Perspectives in 2022
%C Slovakia
%8 2022
%G eng
%2 c
%4 254544123904
%$ 254544123904

%0 Generic
%D 2021
%T Challenges and Opportunities of Research in Austria
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Realities of Life in Austria: U.S. Fulbright Scholars Orientation Program 2020-21
%C Invited Online Webinar
%8 2021
%G eng
%2 c
%4 218336243712
%$ 218336243712

%0 Generic
%D 2021
%T Fulbright in Austria
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B 70 Years of Bright Minds: 70th Anniversary Celebration
%C Webinar online
%8 2021
%G eng
%2 c
%4 232941268992
%$ 232941268992

%0 Generic
%D 2020
%T Austria's Research Opportunities
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Spotlight on Austria: Fulbright U.S. Scholar Opportunities
%C Online Webinar
%8 2020
%G eng
%2 c
%4 218336321536
%$ 218336321536

%0 Journal Article
%J Journal of Industrial and Business Economics
%D 2019
%T Corporate Governance: What We Know And Don't Know
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Journal of Industrial and Business Economics
%8 2019
%G eng
%U https://www.springer.com/economics/microeconomics/journal/40812
%2 a
%4 182875981824
%$ 182875981824

%0 Book Section
%D 2019
%T Dr. Audretsch: or How I Learned to Stop Worrying and Love Doing Small Business Research
%A Elston,Julie
%K Finance
%K OSU-Cascades
%8 2019
%G eng
%2 d
%4 202848339968
%$ 202848339968

%0 Journal Article
%J Small Business Economics
%D 2019
%T Internationalization and Regional Entrepreneurship in China
%A Elston,Julie
%A Weidinger,Alois
%K Accounting
%K Finance
%K OSU-Cascades
%X 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.
%B Small Business Economics
%8 2019
%G eng
%2 a
%4 50792673280
%$ 50792673280

%0 Generic
%D 2018
%T Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Corporate Governance
%C Copenhagen
%8 2018
%G eng
%2 c
%4 182878932992
%$ 182878932992

%0 Generic
%D 2018
%T An Examination of the Relationship Between Size and Growth of Listed Firms in the United Arab Emirates
%A Elston,Julie
%A Weidinger,Alois
%A Widmer,Melanie
%K Accounting
%K Finance
%K OSU-Cascades
%B 7th International Conference on Restructuring of the Global Economy (ROGE)
%C Oxford, UK
%8 2018
%G eng
%2 c
%4 182878883840
%$ 182878883840

%0 Journal Article
%J Thunderbird International Business Review
%D 2016
%T Business Cultural Intelligence Quotient: A Five-Country Study
%A Elston,Julie
%A Alon,Ilan
%K Finance
%K OSU-Cascades
%X 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.
%B Thunderbird International Business Review
%8 2016
%G eng
%2 a
%4 87627952128
%$ 87627952128

%0 Journal Article
%J International Journal of Corporate Governance
%D 2016
%T Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B International Journal of Corporate Governance
%V 7
%8 2016
%G eng
%N 3
%2 a
%4 106814715904
%$ 106814715904

%0 Generic
%D 2016
%T Internationalization and Regional Entrepreneurship:  Empirical Evidence on the Formation of New Ventures in China
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B International Workshop on Entrepreneurship in China
%C China
%8 2016
%G eng
%2 c
%4 143265462272
%$ 143265462272

%0 Generic
%D 2016
%T Internationalization and Regional Entrepreneurship:  Empirical Evidence on the Formation of New Ventures in China
%A Elston,Julie
%A Weidinger,Alois
%K Finance
%K OSU-Cascades
%B 33rd Annual International Business Research Conference
%C Dubai
%8 2016
%G eng
%2 c
%4 126148700160
%$ 126148700160

%0 Generic
%D 2016
%T Internationalization, Geographic Location and Entrepreneurial Intention
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Academy of International Business Annual onference
%C New Orleans, LA
%8 2016
%G eng
%2 c
%4 143265439744
%$ 143265439744

%0 Journal Article
%J Small Business Economics
%D 2016
%T The role of informal capital on new venture formation and growth in China
%A Elston,Julie
%A Chen,Sandy
%A Weidinger,Alois
%K Accounting
%K Finance
%K OSU-Cascades
%K OSU-Cascades Hospitality Mgt
%X 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.
%B Small Business Economics
%V 46
%P 79-91
%8 2016
%G eng
%N 1
%2 a
%4 50792955904
%$ 50792955904

%0 Generic
%D 2015
%T Cultural Intelligence Antecedents
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B European Academy of Management (EURAM) Conference
%C Warsaw, Poland
%8 2015
%G eng
%2 c
%4 106814851072
%$ 106814851072

%0 Generic
%D 2015
%T A Hierarchy of Cultural Intelligence Antecedents
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Academy of Business (AIB) Bengaluru Conference
%C India
%8 2015
%G eng
%2 c
%4 106814861312
%$ 106814861312

%0 Generic
%D 2015
%T A Hierarchy of Cultural Intelligence Antecedents
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Academy of Management Annual Meetings
%C Vancouver, BC, Canada
%8 2015
%G eng
%2 c
%4 106814875648
%$ 106814875648

%0 Generic
%D 2015
%T Measuring Cultural Intelligence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%C Abu Dhabi, UAE
%8 2015
%G eng
%2 c
%4 106814824448
%$ 106814824448

%0 Generic
%D 2015
%T The Role of Informal Capital in Growth in China
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B International Conference on Small Business (ICSB) World Conference on Entrepreneurship at a Global Crossroads
%C Dubai, UAE
%8 2015
%G eng
%2 c
%4 106814887936
%$ 106814887936

%0 Journal Article
%J International Journal of Corporate Governance
%D 2014
%T Executive Compensation and Agency Issues in Italy
%A Elston,Julie
%A Rondi,Laura
%A Bhattacharyya,Nalanaksha
%K Finance
%K OSU-Cascades
%X 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
%B International Journal of Corporate Governance
%V 5
%8 2014
%G eng
%N 3/4
%2 a
%4 19827521537
%$ 19827521537

%0 Generic
%D 2014
%T International Entrepreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%C Vienna
%8 2014
%G eng
%2 c
%4 106814816256
%$ 106814816256

%0 Generic
%D 2013
%T Business Cultural Intelligence Quotient (BCIQ)
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Academy of Management
%C Orlando, FL
%8 2013
%G eng
%2 c
%4 87627702272
%$ 87627702272

%0 Journal Article
%J International Journal of Hospitality Management
%D 2013
%T Entrepreneurial motives and characteristics: An analysis of small restaurant owners
%A Elston,Julie
%A Chen,Sandy
%K Finance
%K OSU-Cascades
%K OSU-Cascades Hospitality Mgt
%B International Journal of Hospitality Management
%V 35
%P 294-305
%8 2013
%G eng
%2 a
%4 172831225856
%$ 172831225856

%0 Book Section
%D 2013
%T Financing the Entrepreneurial Decision:  An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X Public Policy in the Entrepreneurial Society
%C London
%8 2013
%G eng
%2 d
%4 78753181696
%$ 78753181696

%0 Generic
%D 2013
%T International Entrepreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B “Practical Problems in Economics”
%C Bratislava, Slovakia.
%8 2013
%G eng
%2 c
%4 78753425408
%$ 78753425408

%0 Generic
%D 2013
%T Measuring Risk Attitudes of High-Technology Entrepreneurs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B University Lecture
%C Vienna Austria
%8 2013
%G eng
%2 c
%4 87627829248
%$ 87627829248

%0 Generic
%D 2013
%T Measuring the Impacts of Risk Attitudes and Entrepreneurship of US High Technology Entrepreneurs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Fulbright Inter-Country invited lecture
%C Rome, Italy
%8 2013
%G eng
%2 c
%4 78753458176
%$ 78753458176

%0 Book Section
%D 2013
%T Risk Attitudes, Wealth and Sources of Entrepreneurial Start-Up Capital
%A Elston,Julie
%K Finance
%K OSU-Cascades
%C London
%8 2013
%G eng
%2 d
%4 87643951104
%$ 87643951104

%0 Generic
%D 2012
%T “Internationalization and Regional  Entrepreneurship:  Empirical Evidence on the Formation of New Ventures in China”
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Academy of International Business Conference
%C Washington DC
%8 2012
%G eng
%2 c
%4 50792708096
%$ 50792708096

%0 Generic
%D 2012
%T “Regional  Entrepreneurship:  Empirical Evidence on the Formation of New Ventures in China”
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Academy of Management Conference
%C Boston
%8 2012
%G eng
%2 c
%4 59340646400
%$ 59340646400

%0 Journal Article
%J Journal of Accounting and Finance
%D 2011
%T Dividends, Executive Compensation, and Agency Costs: Empirical Evidence From Germany
%A Elston,Julie
%A Bhattacharyya,Nalanaksha
%K Finance
%K OSU-Cascades
%B Journal of Accounting and Finance
%V 11
%P 11-20
%8 2011
%G eng
%N 1
%2 a
%4 33797423105
%$ 33797423105

%0 Generic
%D 2011
%T Entrepreneurship in China
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Academy of International Business Conference -SE
%C Orlando, FL
%8 2011
%G eng
%2 c
%4 50792548352
%$ 50792548352

%0 Journal Article
%J Small Business Economics
%D 2011
%T Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs
%A Elston,Julie
%A Audretsch,David B.
%K Finance
%K OSU-Cascades
%X 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.
%B Small Business Economics
%V 36
%P 209-222
%8 2011
%G eng
%N 2
%2 a
%4 8489404417
%$ 8489404417

%0 Generic
%D 2010
%T Agency Costs, Dividends and Executive Compensation: Empirical Evidence from Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Academy of International Business- Southeast USA
%C Tampa, FL
%8 2010
%G eng
%2 c
%4 29656944641
%$ 29656944641

%0 Generic
%D 2010
%T DIVIDENDS, EXECUTIVE COMPENSATION, AND AGENCY COSTS:
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Meetings of the Academy of Finance
%C Chicago Il, USA
%8 2010
%G eng
%2 c
%4 21424404481
%$ 21424404481

%0 Generic
%D 2010
%T Financing Entrepreneurship and Innovation
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Meeting Global Challenges:  US-German Innovation Policy
%C Washington DC
%8 2010
%G eng
%2 c
%4 29657047041
%$ 29657047041

%0 Generic
%D 2010
%T Firm Growth and Gibrat’s Law
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Colloquium for Young Scientists on Understanding Firm Growth
%C Stockholm Sweden
%8 2010
%G eng
%2 c
%4 29654937601
%$ 29654937601

%0 Journal Article
%J Journal of Economic Behavior and Organization
%D 2010
%T Risk Attitudes, Wealth and Sources of Entrepreneurial Start-up Capital
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Journal of Economic Behavior and Organization
%V 76
%P 82-89
%8 2010
%G eng
%U www.elsevier.com/locate/jebo
%N 1
%2 a
%4 19827433473
%$ 19827433473

%0 Journal Article
%J Journal of Economics and Business
%D 2010
%T Venture Capital, Ownership Structure, Accounting Standards and IPO Underpricing: Evidence from Germany
%A Elston,Julie
%A Yang,Jimmy
%K Finance
%K OSU-Cascades
%X 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.<br><br>
%B Journal of Economics and Business
%V 62
%P 517-536
%8 2010
%G eng
%N Special Issue
%2 a
%4 11894646785
%$ 11894646785

%0 Journal Article
%J Scottish Journal of Political Economy
%D 2009
%T Corporate Governance and Capital Accumulation: Firm Level Evidence from Italy
%A Elston,Julie
%A Rondi,Laura
%K Finance
%K OSU-Cascades
%X 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.
%B Scottish Journal of Political Economy
%V 56
%P 634-661
%8 2009
%G eng
%N 6
%2 a
%4 8489428993
%$ 8489428993

%0 Generic
%D 2009
%T Dividends, Executive Compensation, and Agency Costs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B European Financial Management Symposium 2009
%C Milan, Italy
%8 2009
%G eng
%2 c
%4 14042884097
%$ 14042884097

%0 Generic
%D 2009
%T Financing the Entrepreneurial Decision:  An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual Ringberg Conference
%C Germany
%8 2009
%G eng
%2 c
%4 13017993217
%$ 13017993217

%0 Generic
%D 2008
%T Dividends and Agency Issues: Empirical Evidence From Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Atlantic Schools of Business Conference
%C St. John's Newfoundland
%8 2008
%G eng
%2 c
%4 11894775809
%$ 11894775809

%0 Generic
%D 2008
%T Dividends and Agency Issues: Empirical Evidence From Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Atlantic Schools of Business Conference
%C St. John's Newfoundland
%8 2008
%G eng
%2 c
%4 10095415297
%$ 10095415297

%0 Generic
%D 2008
%T Financing Entrepreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B The Entrepreneurial Process
%C Jena Germany
%8 2008
%G eng
%2 c
%4 10095374337
%$ 10095374337

%0 Generic
%D 2008
%T The impact of accounting standards and ownership structure on IPO underpricing: evidence from Germany’s Neuer Market
%A Yang,Jimmy
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Academy of Entrepreneurial Finance Conference
%C Las Vegas
%8 2008
%G eng
%2 c
%4 14184595457
%$ 14184595457

%0 Generic
%D 2008
%T The Impact of Accounting Standards and Ownership Structure on IPO Underpricing: Evidence from Germany's Neuer Markt
%A Yang,Jimmy
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Academy of Entrepreneurial Finance
%C Las Vegas, NV
%8 2008
%G eng
%2 c
%4 10095396865
%$ 10095396865

%0 Generic
%D 2007
%T Characterizing the Entrepreneur
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Central 91���� Busness Roundtable
%C Riverwalk Hotel
%8 2007
%G eng
%2 c
%4 2657712129
%$ 2657712129

%0 Generic
%D 2007
%T Financing Entrepreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Ringberg Conference on Strategic Entrepreneurship
%C Tegernsee Germany
%8 2007
%G eng
%2 c
%4 2657716225
%$ 2657716225

%0 Generic
%D 2007
%T Financing Entrepreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Research Brown Bag
%C OSU Cascades
%8 2007
%G eng
%2 c
%4 8487419905
%$ 8487419905

%0 Journal Article
%J Statistica Applicata (Italian Journal of Applied Statistics)
%D 2007
%T Shareholder Protection and the Cost of Capital: Evidence from German and Italian Firms
%A Elston,Julie
%A Rondi,Laura
%K Finance
%K OSU-Cascades
%X 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.
%B Statistica Applicata (Italian Journal of Applied Statistics)
%V 18
%P 153-172
%8 2007
%G eng
%N 2
%2 a
%4 2477916161
%$ 2477916161

%0 Journal Article
%J Journal of Productivity Analysis
%D 2006
%T Can Institutional Change Impact High-Technology Firm Growth:  Evidence from Germany's Neuer Markt
%A Audretsch,David  B.
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Journal of Productivity Analysis
%V 25
%P 9-23
%8 2006
%G eng
%N 1
%2 a
%4 650092544
%$ 650092544

%0 Journal Article
%J Journal of Economic Behavior and Organization
%D 2006
%T Finance, Control and Profitability:  An Evaluation of German Bank Influence
%A Chirinko,Robert S.
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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).
%B Journal of Economic Behavior and Organization
%V 59
%P 69-88
%8 2006
%G eng
%N 1
%2 a
%4 650094592
%$ 650094592

%0 Generic
%D 2006
%T Financing Entrpreneurship
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Max Planck Workshop on Entrepreneurship
%C Jena Germany
%8 2006
%G eng
%2 c
%4 2657728513
%$ 2657728513

%0 Journal Article
%J Corporate Ownership and Control
%D 2004
%T Bank Influence, Firm Performance and Survival
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Corporate Ownership and Control
%V 1
%P 65-71
%8 2004
%G eng
%N 2
%2 a
%4 650098688
%$ 650098688

%0 Generic
%D 2004
%T Dividend Policy, Agency Costs and Institutional Ownership
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Annual meetings of the European Association for Research in Industrial Economics
%C Berlin, Germany
%8 2004
%G eng
%2 c
%4 650158080
%$ 650158080

%0 Generic
%D 2004
%T Shareholder Protection and the Cost of Capital:  Empirical Evidence from German and Italian Firms
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Summer Workshop Measurement Issues in Small Firm Performance
%C Jena Germany
%8 2004
%G eng
%2 c
%4 650168320
%$ 650168320

%0 Generic
%D 2004
%T Valuation Differences under 3 Accounting Standards:  Empirical Evidence from Germany's Neuer Markt
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Workshop on Accounting and Economics at the European Institute for Advanced Studies in Management
%C Frankfurt, Germany
%8 2004
%G eng
%2 c
%4 650156032
%$ 650156032

%0 Generic
%D 2004
%T Valuation Differences under 3 Accounting Standards:  Empirical Evidence from Germany's Neuer Markt
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Summer Workshop Measurement Issues in Assessing Small Firm Performance
%C Jena, Germany
%8 2004
%G eng
%2 c
%4 650160128
%$ 650160128

%0 Generic
%D 2003
%T Dividend Policy, Agency Costs and Institutional Ownership in Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Florida Macro Users Group annual meetings
%C Tampa FL
%8 2003
%G eng
%2 c
%4 650170368
%$ 650170368

%0 Generic
%D 2003
%T Dividend Policy, Agency Costs and Institutional Ownership in Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B American Finance Association meetings
%8 2003
%G eng
%2 c
%4 650188800
%$ 650188800

%0 Journal Article
%J Journal of Banking & Finance
%D 2003
%T Executive Compensation and Agency Costs in Germany
%A Elston,Julie
%A Goldberg,Larry
%K Finance
%K OSU-Cascades
%X 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.
%B Journal of Banking & Finance
%V 27
%P 1391-1410
%8 2003
%G eng
%N 7
%2 a
%4 650104832
%$ 650104832

%0 Generic
%D 2003
%T Finance, Profitability and Control:  An Evaluation of German Bank Influence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at the University of San Diego
%C San Diego, CA
%8 2003
%G eng
%2 c
%4 650162176
%$ 650162176

%0 Journal Article
%J Review of Economics and Statistics
%D 2003
%T Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data
%A Bond,Stephen
%A Elston,Julie
%A Mairesse,Jacques
%A Mulkay,Benoit
%K Finance
%K OSU-Cascades
%X 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.
%B Review of Economics and Statistics
%V 85
%P 153-165
%8 2003
%G eng
%N 1
%2 a
%4 650096640
%$ 650096640

%0 Generic
%D 2003
%T Financing Technology Growth in the 21st Century:  Can Policy Make a Difference?
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at Geoge Mason University
%C Fairfax, VA
%8 2003
%G eng
%2 c
%4 650182656
%$ 650182656

%0 Generic
%D 2003
%T Financing Technology Growth in the 21st Century:  Germany in Transition
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at Rensselaer Polytechnic Institute
%C Albany, NY
%8 2003
%G eng
%2 c
%4 650174464
%$ 650174464

%0 Generic
%D 2003
%T Financing Technology Growth in the 21st Century:  Germany in Transition
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at San Jose State University
%C TX
%8 2003
%G eng
%2 c
%4 650153984
%$ 650153984

%0 Generic
%D 2003
%T Financing Technology Growth in the 21st Century:  Germany in Transition
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at California State University - Fullerton
%C Fullerton, CA
%8 2003
%G eng
%2 c
%4 650186752
%$ 650186752

%0 Generic
%D 2003
%T Untitled
%A Elston,Julie
%K Finance
%K OSU-Cascades
%8 2003
%G eng
%2 c
%4 27370983424
%$ 27370983424

%0 Generic
%D 2002
%T Changing Policies and New Economic Growth:  Germany in Transition
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at the School of Public Policy, Pepperdine University
%C Malibu CA
%8 2002
%G eng
%2 c
%4 650172416
%$ 650172416

%0 Generic
%D 2002
%T Changing Policies and New Economic Growth:  Germany in Transition
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at the School for Policy and Environmental Economics, Institute for European Studies, Indiana University,
%C Bloomington IN
%8 2002
%G eng
%2 c
%4 650149888
%$ 650149888

%0 Generic
%D 2002
%T The Digital Economy?
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Orlando Technology Forum on the Digital Economy
%C Orlando FL
%8 2002
%G eng
%2 c
%4 650184704
%$ 650184704

%0 Generic
%D 2002
%T A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Presentation at the American Economic Association
%C Atlanta, GA
%8 2002
%G eng
%2 c
%4 650180608
%$ 650180608

%0 Generic
%D 2002
%T A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Meetings of the Western Economic Association
%C Seattle WA
%8 2002
%G eng
%2 c
%4 650164224
%$ 650164224

%0 Generic
%D 2002
%T What's New About the New Economy?
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B American Business Women's Association Annual Awards Dinner
%C Winter Park FL
%8 2002
%G eng
%2 c
%4 650166272
%$ 650166272

%0 Journal Article
%J Economic Letters
%D 2001
%T Bank-firm relationships, financing and firm performance in Germany
%A Agarwal,Rajshree
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Economic Letters
%V 72
%P 225-232
%8 2001
%G eng
%N 2
%2 a
%4 650100736
%$ 650100736

%0 Journal Article
%J International Journal of Industrial Organization
%D 2001
%T Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany
%A Audretsch,David  B.
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B International Journal of Industrial Organization
%V 20
%P 1-17
%8 2001
%G eng
%N 1
%2 a
%4 650102784
%$ 650102784

%0 Generic
%D 2001
%T Executive Compensation and Agency Costs in Germany
%A Elston,Julie
%A Goldberg,Larry
%K Finance
%K OSU-Cascades
%B European Association for Research in Industrial Economics annual meeting
%C Dublin Ireland
%8 2001
%G eng
%2 c
%4 650190848
%$ 650190848

%0 Generic
%D 2001
%T Growth of Neuer Markt Firms
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Workshop on Financing the New Economy: A German-US Comparison
%C Washington DC
%8 2001
%G eng
%2 c
%4 650178560
%$ 650178560

%0 Generic
%D 2001
%T The Neuer Markt: Real and Financial Factors,
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Joint seminar with the Wolfgang Goethe University and the Deutsche Bundesbank
%C Frankfurt, Germany
%8 2001
%G eng
%2 c
%4 650176512
%$ 650176512

%0 Generic
%D 2001
%T What's New About the New Economy
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Workshop on Financing the New Economy in Germany
%C Washington DC
%8 2001
%G eng
%2 c
%4 650151936
%$ 650151936

%0 Generic
%D 1999
%T Executive Compensation and Agency Costs
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Western Economic Association annual meeting
%C San Diego CA
%8 1999
%G eng
%2 c
%4 650192896
%$ 650192896

%0 Generic
%D 1999
%T Funding Gaps in Germany Industry
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Funding Gap Controversies Conference Plenary Session
%C Warwick, England
%8 1999
%G eng
%2 c
%4 650194944
%$ 650194944

%0 Journal Article
%J Japan and the World Economy
%D 1999
%T Market Linkages Between the US and Japan: An Application to the Fisheries Industry
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Japan and the World Economy
%V 11
%P 517-530
%8 1999
%G eng
%N 4
%2 a
%4 650117120
%$ 650117120

%0 Journal Article
%J Small Business Economics
%D 1997
%T Financing the German Mittelstand
%A Audretsch,David
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Small Business Economics
%V 9
%P 97-110
%8 1997
%G eng
%N 2
%2 a
%4 650119168
%$ 650119168

%0 Journal Article
%J Managerial and Decision Economics
%D 1996
%T Dividend policy and investment: Theory and evidence from US panel data
%A Elston,Julie
%K Finance
%K OSU-Cascades
%X 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.
%B Managerial and Decision Economics
%V 17
%P 267-275
%8 1996
%G eng
%N 3
%2 a
%4 650121216
%$ 650121216

%0 Generic
%D 1996
%T Finance, Control and Profitability: An Evaluation of German Bank Influence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Financial Institutions Workshop
%C Pasadena CA
%8 1996
%G eng
%2 c
%4 650196992
%$ 650196992

%0 Generic
%D 1996
%T Finance, Control and Profitability: An Evaluation of German Bank Influence
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B American Economic Association Meetings
%C San Francisco CA
%8 1996
%G eng
%2 c
%4 650199040
%$ 650199040

%0 Journal Article
%J Revue Internationale : Petite et Moyenne Enterprise (PME)
%D 1996
%T Le Financement de la Mittelstand Allemande
%A Audretsch,David
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Revue Internationale : Petite et Moyenne Enterprise (PME)
%V 8
%P 121-147
%8 1996
%G eng
%N 3-4
%2 a
%4 650123264
%$ 650123264

%0 Journal Article
%J Small Business Economics
%D 1995
%T Banks, Finance and Investment in German: A Review Article
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B Small Business Economics
%V 7
%P 475-479
%8 1995
%G eng
%N 6
%2 a
%4 650125312
%$ 650125312

%0 Journal Article
%J IFO Studien: Zeitschrift fur Empirische Wirtschaftsforschung
%D 1994
%T Bank Affiliations and Firm Capital Investment in Germany
%A Elston,Julie
%A Albach,Horst
%K Finance
%K OSU-Cascades
%B IFO Studien: Zeitschrift fur Empirische Wirtschaftsforschung
%V 1
%P 1-15
%8 1994
%G eng
%2 a
%4 650127360
%$ 650127360

%0 Generic
%D 1994
%T Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on firm Investment Behavior in Germany
%A Elston,Julie
%K Finance
%K OSU-Cascades
%B European Association for Research in Industrial Economics Conference annual meetings
%C Chania, Greece
%8 1994
%G eng
%2 c
%4 650201088
%$ 650201088