Ein Anstieg der Korruption um einen Punkt (auf einer Skala von 0 bis 10) verringert die Produktivität um 4% und die Nettokapitalzuflüsse um 0,5 % des Bruttoinlandsprodukts. Entscheidend für den negativen Einfluss auf die Produktivität ist der Zusammenhang zwischen Korruption und mangelnder Qualität der Bürokratie, also das Problem korrupter Staatsangestellter. Entscheidend für den Einfluss auf Nettokapitalimporte ...
This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non{financial US firms drawn from the COM-PUSTAT quarterly ...
While there has been a large empirical literature on productivity spillovers from multinationals this literature treats the channels through which these spillover effects work as a black box. The innovation of this paper is to investigate whether spillovers occur via worker mobility. We use data on whether or not the owner of a domestic firm has previous experience in a multinational, and relate this ...
This paper examines how different unionisation structures affect firms' innovation incentives and industry employment. We distinguish three modes of unionisation with increasing degree of centralisation: (1) "Decentralisation" where wages are determined independently at the firm-level, (2) "coordination" where one industry union sets individual wages for all firms, and (3) "centralisation" where an ...
This paper examines how different unionisation structures affect firms' innovation incentives and industry employment. We distinguish three modes of unionisation with increasing degree of centralisation: (1) 'decentralisation' where wages are determined independently at the firm-level, (2) 'coordination' where one industry union sets individual wages for all firms and (3) 'centralisation' where an ...
