The generation and exploitation of technological change: market value and total factor productivity

In this paper we articulate and test the hypothesis that TFP is a reliable and relevant measure of firm’s innovation capabilities, and, as such, accounts for Tobin’s q indicator. With this aim, we investigate empirically the relationship between firm level total factor productivity and the Tobin’s q. Measuring Tobin’s q allows inferring the actual value of knowledge capital from stock market valuation. We use a panel of companies listed on UK and the main continental Europe financial markets (Germany, France and Italy) for the period 1995–2005. Our results confirm that TFP is a reliable indicator of firm’s innovative capabilities. When we control for firm’s R&D investments and intangible assets, the effects of TFP on market value remain highly significant. This suggests that TFP is a broader measure of innovation capability than R&D is. The validation of the Tobin’s q and TFP relationship has important implications concerning firm’s technological innovation measurement.     

The Transformation of organic regulation: The ambiguous effects of publicization

The regulatory regime for organic products is different from other non‐state‐market driven (NSMD) regimes because it is the only one that evolved from a purely private into a regime where the establishment of minimum standards has become the monopoly of public powers. This article is the first to study the effects of the process of publicization, a term coined to characterize the transformation of private into public standards. The central hypothesis studied is that the process of publicization has empowerment and containment effects at the same time. To test the hypothesis the article analyses the effects of publicization on regulatory capabilities of private regulators as well as on the quality of the standards. The effects of publicization are further explored by comparing the legal and institutional architecture that shapes the coexistence of private and public regimes in the EU and the US, showing important differences between the two systems. The article offers a new perspective to look at the dynamic interaction between private and public regulation and its findings are of general relevance for the debate on the desirability of governmental intervention on private regulatory schemes.     

Eurasian integration: elite perspectives before and after the Ukraine crisis

A European scholar explores the changing dynamics of integration processes within the Eurasian Customs/Economic Union in the new context created by the Ukraine crisis. The article examines positions adopted by member states Russia, Kazakhstan, and Belarus before and after onset of the crisis in Ukraine. Several rationales for justifying the Union are derived from international relations theory and documented in the rhetoric of actors from these three countries. The evolution of conflicting rhetorical postures mirrors a slowdown of the Eurasian integration process and growth in the bargaining leverage of Belarus and Kazakhstan vis-à-vis Moscow.     

Older adults in secure mental health care: health,social wellbeing and security needs measured with HoNOS-secure across different age groups

The number of older offenders is rapidly increasing in the United Kingdom and some older adults with mental health issues are referred to secure care services. It is therefore important to understand their unique characteristics in order to develop services based on their individual needs rather than chronological age. This study explored wellbeing and security needs of younger and older patients admitted to a secure psychiatric hospital. HoNOS-secure assessment at admission and discharge was extracted and used to build an anonymous data-set. Group comparison and score change during admission were conducted for six age groups: 18–24, 25–34, 35–44, 45–54, 55–64 and 65+. Younger patients improved on most measures whereas older patients aged 55–65+ showed little improvement or deterioration over time. This finding suggests that the subscales are sensitive to age difference although the needs measured by HoNOS-secure are less likely to inform the decision to discharge.