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Corporate Culture, Societal Culture, and Institutions

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2015

While both cultural and legal norms (institutions) help foster cooperation, culture is the more primitive of the two and itself sustains formal institutions. Cultural changes are rarer and slower than changes in legal institutions, which makes it difficult to identify the role played by culture....

Persistent link: https://www.econbiz.de/10011168899

The Value of Corporate Culture

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013

We study which dimensions of corporate culture are related to a firm’s performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm’s performance is stronger. We then study how different governance...

Persistent link: https://www.econbiz.de/10011084023

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers

Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …

Persistent link: https://www.econbiz.de/10011083799

Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2002

We study the determinants of stock market development and the growing migration of capital raising, listing and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more...

Persistent link: https://www.econbiz.de/10005666902

Finance and Growth: When Does Credit Really Matter?

Coricelli, Fabrizio; Roland, Isabelle - C.E.P.R. Discussion Papers - 2008

The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline and output growth. When credit markets are underdeveloped and enterprise activity is financed outside the banking sector, exogenous shocks may induce a break-up of both credit...

Persistent link: https://www.econbiz.de/10005789097

A New Index of Currency Mismatch and Systemic Risk

Rancière, Romain; Tornell, Aaron; Vamvakidis, Athanasios - C.E.P.R. Discussion Papers - 2011

This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the...

Persistent link: https://www.econbiz.de/10008854496

Outsourcing, Offshoring and Innovation: Evidence from Firm-level Data for Emerging Economies

Fritsch, Ursula; Görg, Holger - C.E.P.R. Discussion Papers - 2013

It is striking that by far the lion's share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and innovation...

Persistent link: https://www.econbiz.de/10011084498

The Flattening Firm and Product Market Competition

Guadalupe, Maria; Wulf, Julie - C.E.P.R. Discussion Papers - 2009

This paper establishes a causal effect of product market competition on various characteristics of organizational design. Using a unique panel dataset on firm hierarchies of large U.S. firms (1986-1999) and a quasi-natural experiment (trade liberalization), we find that increasing competition...

Persistent link: https://www.econbiz.de/10005792092

Inequality of Earnings

Snower, Dennis J. - C.E.P.R. Discussion Papers - 1999

This paper surveys major empirical regularities concerning changes in earnings inequality in Europe and the US over the past 25 years. Next, it indicates which of these regularities can be explained within the competitive demand-supply framework of analysis and what is left unexplained. Finally,...

Persistent link: https://www.econbiz.de/10005792213

Technological Change, Organizational Change, and Job Turnover

Bauer, Thomas; Bender, Stefan - C.E.P.R. Discussion Papers - 2002

This Paper uses a German employer-employee matched panel dataset to investigate the effect of organizational and technological changes on gross job and worker flows. The empirical results indicate that organizational change is skill-biased because it reduces predominantly net employment growth...

Persistent link: https://www.econbiz.de/10005792471