Julie Ann Elston

Julie Ann Elston
Oregon State University | OSU · College of Business

Ph.D., University of Washington

About

70
Publications
24,036
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
2,361
Citations
Introduction
Julie Ann Elston currently works at the College of Business, Oregon State University. Julie does research in Entrepreneurship, Financial Economics and Corporate Governance.
Additional affiliations
June 2016 - present
Oregon State University
Position
  • Professor (Full)
August 2010 - June 2015
Oregon State University
Position
  • Professor (Associate)
August 2005 - June 2010
Oregon State University
Position
  • Professor (Assistant)

Publications

Publications (70)
Article
Full-text available
This study investigates firm growth in the Middle East and North Africa (MENA), a region which is relatively under studied. Our data consists of firms listed on the regional United Arab Emirates (UAE) stock exchanges, which constitute an emerging market with smaller and less developed exchanges than most Western countries. Empirical results reveal...
Article
Full-text available
This study uses a novel approach to examine the link between regional internationalization and entrepreneurial intention in China. Robust findings suggest that higher degrees of internationalization in locations like Shenzhen and Hong Kong lead to lower levels of entrepreneurial intention, while lower degrees of internationalization in Mainland Chi...
Chapter
Chapter author Julie Ann Elston describes how she met David in Germany as a young researcher herself. Throughout her narrative, she tells how David fought to establish the study of entrepreneurship and small business as legitimate fields of academic inquiry. This chapter clearly depicts David as an academic pioneer – an entrepreneur in his own righ...
Article
Full-text available
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, w...
Conference Paper
The purpose of this study is to examine the relationship between firm size and growth as shaped by the context of country-specific context of the United Arab Emirates (UAE). The UAE constitutes an emerging market, with smaller less developed stock exchanges than most Western countries, which may limit access to capital. Empirical results reveal a s...
Article
Full-text available
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 on business professionals across...
Article
Full-text available
This paper investigates the dynamic link between executive compensation and corporate governance of listed Chinese firms from 2003 to 2012. Empirical evidence supports agency theory predictions of a positive relationship between firm performance and executive compensation over the period of the study. Findings also indicate a dramatic shift in the...
Article
Full-text available
This paper investigates the dynamic link between executive compensation and corporate governance of listed Chinese firms from 2003-2012. Empirical evidence supports agency theory predictions of a positive relationship between firm performance and executive compensation over the period of the study. Findings also indicate a dramatic shift in the rel...
Article
Full-text available
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 was fo...
Conference Paper
Full-text available
This study examines the importance of regional internationalization on entrepreneurial intention. Empirical results indicate that location significantly impacts entrepreneurial intention, with rural China outpacing highly internationalized Shenzhen and Hong Kong. Integrating data from multiple sources to create an operational measure of internation...
Article
Full-text available
This paper examines whether dividends are an important mechanism for mitigating agency costs in Italy. Corporate governance in Italy is distinguished by the fact that large numbers of firms are family controlled. Examining a panel of listed Italian firms from 2000–2007, we find that dividends play a significant role in mitigating agency costs,...
Article
Full-text available
We extend the empirical literature by systematically investigating the impact of bank-influence on the firm performance and survival. Close bank-firm relationships which characterize the Japanese and German financial systems are often credited with reducing agency problems and improving monitoring of firm activities, thus improving firm performance...
Article
This study provides empirical evidence on the relationship between dividend payout ratios, executive compensation and agency costs in Italy. Corporate governance in Italy is distinguished by the fact that a large number of Italian firms are family-controlled, which may theoretically reduce asymmetry of information and associated agency costs. Using...
Article
Full-text available
This paper empirically examines the role of personal capital in the entry decision for US high-technology entrepreneurs. Our innovative approach utilizes both survey data and data from economics-based field experiments, which enables us to elicit and control for the risk attitudes of individual entrepreneurs in the study. Empirical findings suggest...
Article
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 l...
Article
Venture capital, ownership structure, accounting standards and IPO underpricing: Evidence from Germany
Article
This study investigates the impact of investor protection on firm ownership and capital growth in a model where investor protection is allowed to vary between firms. Using panel data for Italy, we construct firm-level variables to capture the degree of investor protection, which is observable to all shareholders. Empirical evidence indicates that t...
Article
While researchers have found that dividend payout ratios are negatively related to executive compensation in North America, a relevant question remains as to whether such relationships hold in other institutional environments. Evidence from this study suggests that, as in North America, there is a negative relationship between dividend payout ratio...
Article
We investigate implications for the cost of capital in a model with agency conflicts between inside and outside shareholders, where agency costs depend on investor protection. Using firm-level data for Italy and Germany we find significant differences in shareholder protection and its implications for the firm’s ownership structure and the cost of...
Article
Full-text available
We investigate implications for the cost of capital in a model with agency conflicts between inside and outside shareholders, where agency costs depend on investor protection. Using firm-level data for Italy and Germany we find significant differences in shareholder protection and its implications for the firm’s ownership structure and the cost of...
Chapter
Full-text available
Opportunity recognition and the willingness to take on risk The fields of management, psychology, and more recently economics, have provided many insights into the complex decision making process leading individuals to start a new firm. This research has primarily focused on the emergence and evolution of entrepreneurial cognition as it assumes, fo...
Article
Full-text available
Do entrepreneurs exhibit more over-confidence in their own skills, leading to excess market entry? Building on previous laboratory experiments we propose experimental tasks to identify and test the hypothesized characteristic of over-confidence and its alleged impact on the entry decision. Taking these tasks into the field we identify and find stri...
Article
Full-text available
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...
Article
Full-text available
To facilitate the transformation of the Ger-man economy from the traditional manufacturing indus-tries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 — the Neuer Markt. To examine whether the Neu-er Markt was successful, we compare the relationship between firm size and growth for firms listed on t...
Article
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 dat...
Article
Full-text available
We investigate implications for the cost of capital in a model with agency conflicts between inside and outside shareholders, where the severity of agency costs depends on a parameter representing investor protection. Using firm-level data for Italy and Germany we find significant differences in shareholder protection and its implications for the f...
Article
Full-text available
We use field experiments to provide operationally meaningful measures of several important characteristics of entrepreneurs. We examine four characteristics of entrepreneurs that have been variously alleged: that they are risk loving, that they have a joy of winning that is independent of expected profit, that they suffer from judgmental errors tha...
Article
Full-text available
This study investigates the relationship between institutional ownership and dividend payout behavior of the firm in Germany. Using a propensity scoring method estimator to control for endogeneity problems, we find evidence that neither institutional ownership nor bank control is statistically significant in determining dividend payouts. These find...
Article
Full-text available
This paper systematically investigates the impact of bank- influence on firm performance and survival in Germany. Close bank- firm relationships and concentrated ownership which characterize the Japanese and German financial and governance systems are often credited with reducing agency problems and improving monitoring of firm activities, thus imp...
Article
Full-text available
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 lead...
Article
Full-text available
This study investigates the sources and extent of valuation differences in firm performance measures between the German Commercial Code (Handelsgesetzbuch or HGB), International Accounting Standards (IAS) and US Generally Accepted Accounting Principles (US GAAP). Results of paired sample means tests reveal that net income and total assets were sign...
Article
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 dat...
Article
Full-text available
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...
Article
Full-text available
This study investigates dividend payout behavior of the firm, controlling for the endogenous nature of the firm's institutional ownership and bank control in Germany. Using the propensity score matching (PSM) method to compare means, we find evidence that neither institutional ownership nor bank control is statistically significant in determining d...
Article
Full-text available
This paper uses a skill-neutral stochastic dynamic general equilibrium frame-work to investigate the causes of the unemployment gap observed between east and west Germany in the 1990's. By modifying a traditional matching model of unemployment to include a delay in the investment in capital equipment, we are able to identify and assess the relative...
Article
Full-text available
With the increasing competitive importance of scientific innovations associated with the new economy it has become critical to understand the dynamics of its’ firm growth during this early and potentially critical stage of development. This study analyses the relationship between firm size and growth for Neuer Markt firms from its inception in 1997...
Article
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 infrastructu...
Technical Report
Full-text available
The American Institute of Contemporary German Studies (AICGS) assembled a group of researchers and policy makers in Germany and the United States to identify research and policy issues posed by the transformation we have come to call the new economy. This paper, which is the product of their collaboration, focuses on three issues. The first relates...
Technical Report
Full-text available
It is a commonly accepted assumption in policy circles today that the western countries are in the midst of a fundamental economic transformation in which the “old economy,” triggered by the industrial revolution, is giving way to the “new economy” of the electronic revolution. Competing “e” policy agendas – promising either to promote a new era of...
Article
Full-text available
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...
Article
Full-text available
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 infrastructu...
Article
Full-text available
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...
Article
Full-text available
We develop an endogenous growth model with R&D spillovers to study the long-run consequences of offshoring with firm heterogeneity and incomplete contracts. In so doing, we model offshoring as the geographical fragmentation of a firm's production chain between a home upstream division and a foreign downstream division. While there is always a posit...
Article
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 decad...
Article
Full-text available
We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow or profits terms appear to be both...
Article
Full-text available
This paper presents evidence supporting the theory that informational and incentive problems in the capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German firms.
Article
Full-text available
Banks have been cited frequently as an efficient institution for channelling funds from lenders to firms. Germany is the prototypical economy where universal banks, which offer a wide-range of financial services, allegedly exert substantial influence over firms. This paper presents a systematic evaluation of German bank influence.
Article
Full-text available
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...
Article
Full-text available
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...
Article
Full-text available
This paper presents evidence supporting the theory that informational and incentive problems in capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German manufacturing firms. The first group of firms are those with bank ownership, suggesting lower costs to banks of obtaining inform...
Article
Full-text available
This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection a...
Article
Full-text available
Dans cet article, les auteurs cherchent à décrire comment la Mittelstand, c’est-à- dire les petites et moyennes entreprises, est financée en Allemagne. La première section rend compte du rôle de la Mittelstand allemande d’un point de vue statique et dynamique et établit des comparaisons avec les situations observables dans les principaux pays indus...
Article
This paper examines the link between liquidity constraints and investment behaviour on the one hand, and firm size on the other for a large sample of German firms over the time period 1968-85. The results indicate that smaller firms tend to have investment functions which are more sensitive to liquidity constraints than do the larger enterprises. T...
Article
Full-text available
This paper presents evidence supporting the theory that informational and incentive problems in the capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German manufacturing firms. The first group of firms are those with bank ownership, suggesting lower costs to banks of obtaining in...
Article
Full-text available
Thesis (Ph. D.)--University of Washington, 1992 This research employs a Q theory of investment framework to examine the effects of U.S. tax reform on corporate investment in the 1980's. The Miller-Modigliani theorem suggests that a firm's real decisions regarding capital, labor, and investment will be independent of its financial decisions such as...
Article
Full-text available
This paper examines the importance of dividend policy on firm investment and liquidity constraints in Germany. Findings indicate that firms that pay no dividends are more likely to have investment functions that are liquidity constrained than dividend paying firms.
Article
Full-text available
ABSTRACT Germany is the prototypical economy where universal banks, which offer a wide range of financial services, allegedly exert substantial influence over firms. Despite frequent assertions about the influence of German banks, empirical support for the German Bank Influence Model (GBIM) is largely lacking, an omission,that,is particularly,cruci...

Network

Cited By

Projects

Projects (3)
Project
Develop a better understanding of cultural intelligence, its impact on people, organizations and society, its causes and effects, how to measure it, and how to train for it. The Business Cultural Intelligence Quotient (BCIQ) is given along with related data one can use.