This paper deals with a special type of voluntary approach to protect the environment, for example, that we would like to term voluntary commitment. Its major characteristic is that it represents a unilateral declaration without a decisively active role of regulators. In other words, voluntary...

The economic analysis of corporate governance is en vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, the structure of the board and the market for corporate control influence firm performance. This...

This paper compares technologies across space and time on the basis of factual and counterfactual substitution elasticities and argues that differences in estimated substitution elasticities should be decomposed into two counterfactual components. While the first component is designed to...