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Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...
Persistent link: https://www.econbiz.de/10011410226
This paper describes the privatization program in Italy during the 1990s and puts that policy in the context of macroeconomic adjustment, general market deregulation, and promotion of private investment in the provision of public infrastructure. The wave of state divestitures reached Italy later...
Persistent link: https://www.econbiz.de/10011507688
determined endogenously. We find that there is a short run transitory productivity dynamic introduced when there is imperfect …
Persistent link: https://www.econbiz.de/10011409812
Using a unique plant-level dataset we examine total factor productivity (TFP) growth and its components, related to … literature on the Porter Hypothesis, which posits a positive relationship between environmental regulation and "green" TFP growth … and enforcement. Our key findings are: (1) prudential regulation limits expansion of plants with high initial pollution …
Persistent link: https://www.econbiz.de/10011906240
. More competition-friendly regulations, as measured by the OECDs' Product Market Regulation (PMR) indicator improve economic … businesses boost the capital stock and the employment rate. No robust link between labour market regulation and MFP and capital … deepening could be established. But looser labour market regulation is found to go hand in hand with higher employment rates …
Persistent link: https://www.econbiz.de/10011800715
effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as … observed changes in policies, the paper finds that product market regulation has the largest overall single policy impact five … market regulation. The paper also shows that policy impacts can differ at different horizons. The overall long-term effects …
Persistent link: https://www.econbiz.de/10011638280
decisions, increased productivity, and higher exit rates. Our empirical analysis, using a novel dataset and instrumental … annual productivity growth, and a 3.6% points higher probability of exit for firms with binding employment targets. Our …. Additionally, an alternative policy of productivity investment subsidies proved costly and less effective in the short term. …
Persistent link: https://www.econbiz.de/10014340125
This paper investigates the positive international spillover effects of non-discriminatory product regulations, such as quality standards. We incorporate regulations into a multi-country general equilibrium framework with firm heterogeneity and variable markups. We model regulations as a...
Persistent link: https://www.econbiz.de/10015048984
The new information and communication technology, ICT, induces households to take over tasks from firms and government agencies, using tools and systems provided by these very same organizations. The result is often joint production activities. We argue that the importance of ICT for the...
Persistent link: https://www.econbiz.de/10011514007
information. -- minimum wages ; unemployment ; asymmetric information ; labour market regulation …
Persistent link: https://www.econbiz.de/10003833327