State Implementation of Federal Environmental Policy: Explaining Leveraging in the Clean Water State Revolving Fund

The Clean Water State Revolving fund (CWSRF) program provides states with significant discretion to design, implement, and administer the program to meet their water quality needs. An important aspect of the program is the decision whether to leverage existing funds to generate additional capital for loans. This article seeks to explain the leveraging decision process, using three models as explanators. We conceive leveraging as a two-stage process—(1) the decision to leverage and (2) the decision of how much to leverage. By employing regression techniques, we find that the Environmental Protection Agency's (EPA's) stated reasons for leveraging—environmental needs and demand for loans—are not significant in the decision to leverage, although needs are significant at the second stage. Likewise, there is limited support for Lester's (1994 ) "capacity/commitment" model of environmental implementation. A third model employing a larger range of independent variables is the best predictor of both the decision to leverage and the amount of leveraging. Furthermore, the factors important at each stage of the decision process differ substantially, reinforcing our conception of a two-stage decision process.     

Company Growth,Acquisitions and Access to Complementary Assets in Israel's Data Security Sector

This article analyses aspects of high-tech cluster emergence in Israel during the 1990s with focuses on the data security software industry and on strategies of very successful companies dominating such an industry. Most of the industry is concentrated in Tel Aviv and close-by Hertzliya and to a lesser extent Haifa and Jerusalem. It starts by characterizing the industry as a whole and the universe of 19 companies comprising it. It then proceeds with an in-depth analysis of the growth trajectories of very successful companies, some of which are listed in NASDAQ or have been acquired by large multinational corporations. A fast 'IPO' and a 'fast M&A' track have been identified and characterized. The analysis suggests that while globalization could be beneficial to skill intensive peripheral economies like Israel, a significant economic impact may require an appropriate balance between start-up activity and downstream production and marketing activities.