Showing 1 - 10 of 439
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...
Persistent link: https://www.econbiz.de/10010743448
The industrial organization of developing countries is characterized by: (i) pervasive use of subcontracting arrangements among small firms, (ii) "missing middle" in the firm size distribution, and (iii) financially constrained firms.  This paper studies an incomplete contract model in which...
Persistent link: https://www.econbiz.de/10005047877
Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to …
Persistent link: https://www.econbiz.de/10004979421
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...
Persistent link: https://www.econbiz.de/10005000394
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10008799732
We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...
Persistent link: https://www.econbiz.de/10005051557
We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...
Persistent link: https://www.econbiz.de/10005181426
This paper analyses the impact of share ownership, creditorship and networking by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense...
Persistent link: https://www.econbiz.de/10005766022
possibilities single countries perceive in pursuing employment policies. In a setting where trade is driven by comparative … advantages, and thus wagecompetitiveness plays an important role for employment, it is shown that there is a tendency that a bias … arises in employmentpolicies. Policies expanding private employment tend to be used too little, while policies harming …
Persistent link: https://www.econbiz.de/10005406218
paper is to analyze the nature of employment being created in the different sub-sectors of services, relative to the … industrial sector.  The nature of employment is defined to include educational requirements and quality, where the latter …' employers.  Second, service sub-sectors with low educational requirements have low overall quality of employment, and vice …
Persistent link: https://www.econbiz.de/10008481991