9 Work in progress
COMING SOON
UNDER REVIEW OR IN REVISION
Total factor productivity and tax avoidance: An asymmetric micro-data analysis for European oil and gas companies , Submitted to Economics of Energy and Environmental Policy.*
Abstract: This paper investigates the asymmetric relationship between corporate tax avoidance and total factor productivity (TFP) using firm-level data for 141 European oil and gas companies, covering the period 2007 to 2015. Firstly, we rely on the novel mechanism advanced by Rovigatti and Mollisi (2018) to compute firms’ TFP. Secondly, we resort to Canay’s (2011) panel data fixed-effect quantile approach to assess the nonlinear, asymmetric effect that tax avoidance has on a firm’s productivity. When investigating the tax avoidance phenomenon, we make the distinction between fiscal facilities provided by companies’ holding structures and tax haven location. We discover that the impact of tax avoidance on TFP is not straightforward. On the one hand, fiscal facilities provided by holding structures have a mixed effect on TFP. On the other hand, tax haven location enhances the productivity of oil and gas companies from the extractive industry. Finally, we show that the impact of tax avoidance on TFP is stronger at higher quantiles, that is, for higher levels of productivity. Our findings show that offshore profit transfers represent a quite common practice for European oil and gas firms, in particular for the large companies, which helps them to increase their productivity. In our analysis we control for the role of ownership structure, firm size, intangibles, indebtedness and energy price dynamics. To check the robustness we use different approaches to compute the TFP and resort to a bootstrap panel quantile regression.
Total factor productivity and firm size in the German energy industry: Evidence from a symbolic transfer entropy panel causality test (with N. Ajmi, S. Miclea and and L. Cernescu), Submitted to Journal of Applied Economics.*
Abstract: This paper applied a symbolic transfer entropy panel causality test, to investigate the non-parametric Granger-type causality between total factor productivity (TFP) and firm size. We drew on a dataset of 535 German electricity and gas firms, analysing the period 2007–2015, and used different approaches to compute the TFP. The symbolic transfer entropy test indicated, in general, a bidirectional causality between TFP to firm size, when the first and the second lags in the causal relationship were used. However, the causality was not significant at the level of the third lag. Moreover, the way TFP was computed categorically influenced the results. Further, the non-parametric symbolic transfer entropy test brought clarifications to the opposite results reported by classic panel causality tests. Our findings show that increasing firm’s productivity represents a precondition for German electricity and gas firm’s growth. At the same time, large firms in the energy industry are more efficient compared with small firms.
WORKING PAPERS
A case study using web tools to improve environmental management initiatives for medical waste (with A. Diaconescu, M. Tamasila,L. Cernescu)
Abstract: Currently, in most developing countries, the visionary environmental initiative on waste management attracts the need to integrate social responsibilities. These environmental actions are recognized by the local administration, as they have well-defined strategic directions regarding the implementation of waste legislation, which include not only the monitoring of the recycling operator or the refurbished materials of producers and consumers but also changing the attitude of citizens and encouraging community in active participation to protect the environment. This research advances a prototype app to increase awareness regarding the importance of medical waste sorting, for a sustainable environment. Thus, it is necessary to integrate an intelligent management system for monitoring hazardous waste from medical centres. The aim of this work is therefore to communicate in a modern way waste prevention actions and stimulate the community and key decision-makers involved using web tools. As the planet continues to warm, entrepreneurs are becoming increasingly interested in start-up concepts that address global warming. New potential services for the community are emerging, using innovative methods, and changing the way waste management practices are applied. In this framework, mobile products and applications can become valuable tools for authorities, companies, civilians, and other interested parties, integrating these technologies to fight for environmental protection, waste prevention, and recycling