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Bjørnskov, Christian; Foss, Nicolai J. (Frederiksberg, 2010)[More information][Less information]
Abstract: The economics of growth has shown that countries not only grow by deploying higher levels of inputs to production, but also by better allocating whatever resources are at their disposal and by introducing productivity-enhancing innovations. We proffer arguments as to why and how entrepreneurship as well institutions of liberty (i.e., economic freedom, including the rule of law, easy regulations, low taxes and limited government interference in the economy) positively impact total factor productivity (TFP): These institutions allow entrepreneurial experimentation with the combination of factors to take place at low transaction costs. We test these ideas on a unique panel data set derived from Compendia, World Bank data and the Fraser Institute’s economic freedom data. We find that while entrepreneurship positively impacts TFP, the marginal contribution of entrepreneurship to TFP is strongest in economies with substantial government activity. URI: http://hdl.handle.net/10398/8174 Files in this item: 1
CBS Forskningsindberetning SMG 263.pdf (373.1Kb) -
Evidence from Corporate DivestituresKlein, Peter G.; Klein, Sandra K. (København, 2001)[More information][Less information]
Abstract: We assess the argument that corporate acquisitions are driven mainly by agency considerations. This argument holds that certain kinds of mergers—mergers between firms in unrelated industries, mergers between firms with large differences in price-earnings ratios, and mergers financed with stock swaps, for example—will consistently fail, eventually being reversed in a divestiture. Appealing to Mises’s theory of entrepreneurship, we argue instead that divestitures of previously acquired assets usually result from experimentation and learning, healthy attributes of a market economy. We then describe empirical evidence that the long-term success or failure of corporate acquisitions cannot, in general, be predicted by measures of agency conflicts. We also show that mistaken acquisitions are more likely under certain circumstances, namely during periods of intense, industry-specific regulatory activity. This is consistent with the view, expressed repeatedly in the Austrian literature, that entrepreneurial error is associated with government intervention—in particular, with government ownership of property and interference with the price system. JEL Classifications: D84, G34, G38 Key words: acquisitions, divestitures, entrepreneurship, market process, experimentation URI: http://hdl.handle.net/10398/6905 Files in this item: 1
linkwp01-9.pdf (80.88Kb) -
Filges, Trine; Larsen, Birthe (København, 2000)[More information][Less information]
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Rose Skaksen, Jan; Malchow-Møller, Nikolaj; Aastrup Jensen, Claus (København, 2007)[More information][Less information]
Abstract: We set up a theoretical model to analyze the implications of coordination of immigration policies among destination countries. The model contains two types of spill-overs between destination countries: A terms of trade externality and a welfare policy externality. We show that while coordination unambiguously increases welfare of the destination countries, the effects on the level of immigration and on the income distribution of natives are ambiguous. Thus, coordination among destination countries does not necessarily solve the global coordination problem of inoptimally low levels of migration. Coordination, Externalities, Immigration Policy, Spill-overs, Terms of Trade, Welfare. URI: http://hdl.handle.net/10398/7698 Files in this item: 1
artikel 15.pdf (289.0Kb) -
An MNC Subsidiary Perspective on Knowledge OutflowsMahnke, Volker; Pedersen, Torben; Venzin, Markus (København, 2006)[More information][Less information]
Abstract: This empirical paper explores knowledge outflow from MNC subsidiaries and its impact on the MNC performance. We develop and test hypotheses derived from literature on MNC knowledge flows integrated with the perspective of knowledge-creating, self-interested MNC subsidiaries. The hypotheses are developed using a simultaneous equation model applied to a unique dataset encompassing a German MNC, HeidelbergCement. Enablers and impediments of knowledge outflows are assessed in order to explain why subsidiaries share their knowledge with other MNC units. Implications are examined by studying the link between knowledge outflows and subsidiary performance. Our findings suggest that knowledge outflows increase a subsidiary's performance only up to a certain point and that too much knowledge sharing may be detrimental to the contributing subsidiary's performance. URI: http://hdl.handle.net/10398/7464 Files in this item: 1
cbs forskningsindberetning smg 41.pdf (3.066Mb) -
evidence from changes in institutional and strategic investors´ equity holdingsNeumann, Robert; Voetmann, Torben (København, 1999)[More information][Less information]
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Kolm, Ann-Sofie; Larsen, Birthe (København, 2003)[More information][Less information]
Abstract: While examining the macroeconomic effects of government tax and punishment policies, this paper develops a three-sector general equilibrium model featuring matching frictions and worker-firm wage bargaining. Workers are assumed to differ in ability, and the choice of education is determined endogenously. Job opportunities in an informal sector are available only to workers who choose not to acquire higher education. We find that increased punishment of informal activities increases the number of educated workers and reduces the number of unemployed workers. Considering welfare, we show it is optimal to choose punishment rates so to more than fully counteract the distortion created by the government’s inability to tax the informal sector. JEL-codes: H26, I21, J64 Keywords: Tax evasion, underground economy, education, matching, unemployment. URI: http://hdl.handle.net/10398/7558 Files in this item: 1
wpec122003.pdf (356.0Kb) -
Lando, Henrik (København, 2004)[More information][Less information]
Abstract: Does wrongful conviction lower deterrence and can this explain society’s aversion to sanctioning the innocent? This paper argues that for some of the most important categories of crime such as murder, assault or robbery, the answer to both questions is no. For these categories of crime, a potential offender need not fear wrongful conviction for any particular criminal act he or she chooses not to commit. For example, if a potential offender decides not to murder another person, he or she should not fear being wrongfully convicted of it, since the person will not be dead, and there will therefore be no investigation and no trial. He of she may risk being wrongfully convicted of another crime, but that risk exists independently of his or her own actions. It may be argued that wrongful conviction lowers deterrence in more indirect ways. First, the possibility of being sanctioned for a crime one does not commit may lower the threat of being sanctioned for a crime one commits, if two sanctions are not twice as threatening as one. Second, if wrongful conviction halts further investigations that may lead to the true offender, and third, if a potential offender thinks that if he or she does not take advantage of a crime opportunity, he or she may be wrongly convicted in the event that some other person grasps the same opportunity. However, it will be argued that wrongful conviction may also increase deterrence, and the three indirect effects are in any event unlikely to be quantitatively important in the real world. An implication of the present analysis is that society’s aversion to sanctioning the innocent cannot be rationalized by or reduced to a concern for deterrence. URI: http://hdl.handle.net/10398/6803 Files in this item: 1
wplefic092004rev2.pdf (163.7Kb) -
Evidence From 19 OECD Countries, 1971-1991Laursen, Keld (København, 1998)[More information][Less information]
Abstract: Several researchers looking at the development of international export specialisation patterns have shown that there is a general tendency for OECD countries to de-specialise. This finding is in contrast to findings made by other authors, working on technological specialisation. These authors found increasing technological specialisation. The first aim of this paper is to investigate whether these contradictory findings are due to a !real world phenomenon, or whether the explanation is purely technical, by comparing the development of export specialisation to specialisation in terms of US patents, using the same methodology, and level of aggregation. The second aim is to analyse the extent to which countries and sectors display stable specialisation patterns over time, also both in terms of exports and in terms of technology. The paper confirms that the OECD countries did in general de-specialise in terms of export specialisation. The evidence is less conclusive with regard to technological specialisation, as the results are mixed in the sense that just about half of the countries tend to increase in terms of the level of specialisation, while the other half tend to engage in de-specialisation. In terms of country and sectoral stability of specialisation patterns, it can be concluded that both trade specialisation and technological specialisation patterns are path-dependent in the sense that all country and sectoral patterns are correlated between seven three year intervals, within the period in question. In comparison however, trade specialisation patters are more stable than are technological specialisation patterns. URI: http://hdl.handle.net/10398/8098 Files in this item: 1
8778730562.pdf (120.1Kb) -
Do Export and Technological Specialisation Patterns Co-evolve in Terms of Convergence or Divergence?Laursen, Keld (Frederiksberg, 1998)[More information][Less information]
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Dalgaard, Carl-Johan; Schultz, Esben Anton; Sørensen, Anders (Frederiksberg, 2012)[More information][Less information]
Abstract: Is the wage gap between majors in human arts and other fields caused by their education per se? If the educational choice is endogenous, the gap may instead be caused by selection. We document that individuals’ educational choice is correlated with that of older students, and argue that it should not influence wages directly. Exploiting this "cohort dependence" as an instrument for educational choice, our 2SLS estimates show that the hourly wage gap is attributable to selection. However, only half of the gap in annual earnings is explained by selection, whereas the other half is due to lower work hours. URI: http://hdl.handle.net/10398/8521 Files in this item: 1
dalgaard_schultz_sorensen_2012.pdf (476.2Kb) -
Dalgaard, Carl-Johan; Schultz, Esben Anton; Sørensen, Anders (Frederiksberg, 2009)[More information][Less information]
Abstract: Is the wage gap between majors in human arts and other fields caused by the education? If the educational choice is endogenous, the wage gap may instead be caused by selection. We document that individuals’ educational choice is correlated with that of older students and by the concentration of women in their high school. Conditional on high school fixed effects, these characteristics are unlikely to affect post-university wages and are plausible instruments for the educational choice. Our 2SLS estimates reveal that the gap in returns to education is negligible, implying that the wage gap is attributable to selection. URI: http://hdl.handle.net/10398/7989 Files in this item: 1
WP_Dalgaard_Schultz_Sorensen.pdf (417.8Kb) -
Munch, Jakob Roland; Rose Skaksen, Jan; Malchow-Møller, Nikolaj (København, 2008)[More information][Less information]
Abstract: In this paper, we propose and test a novel effect of immigration on the wages of native workers. Existing studies have focused on the wage effects that result from changes in the aggregate labour supply in a competitive labour market. We argue that if labour markets are not fully competitive, the use of immigrants may also affect wage formation at the most disaggregate level – the workplace. Using linked employeremployee data, we find that an increased use of workers from less developed countries has a significantly negative effect on the wages of native workers at the workplace – also when controlling for potential endogeneity of the immigrant share using both fixed effects and IV. Additional evidence suggests that this effect works at least partly through a general effect on the wage norm in the firm of hiring employees with poor outside options (the immigrants). URI: http://hdl.handle.net/10398/7665 Files in this item: 1
wp7-2008.pdf (243.0Kb) -
Meyer, Klaus E.; Tran, Yen Thi Thu; Nguyen, Hung Vo (København, 2005)[More information][Less information]
Abstract: Over the last thirty years, Vietnam evolved from "war after war" to an emerging economy with an attractive foreign investment policy and commitment to a liberalized economy. Although the GDP per capita is still considerably lower than in the Asian Tiger economies, and the institutional framework still reflects inheritances from the central plan system, Vietnam today has a vibrant economy with small businesses springing up at every street corner. Foreign investors have been flogging to Vietnam since the early 1990s, with a new peak of FDI inflow in 2004. This paper reviews the Vietnamese economy, society, culture, and policies towards foreign investment to inform those considering to invest in Vietnam, and to provide some practical advice. URI: http://hdl.handle.net/10398/7101 Files in this item: 1
wp58 doing business in vietnam.pdf (221.8Kb) -
Design, Access and Role of the ResearcherClausen, Lisbeth (København, 2004)[More information][Less information]
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Drejer, Ina; Laursen, Keld (Frederiksberg, 1997)[More information][Less information]
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Cross Functional Integration in the Process of Product InnovationBaunsgaard, Vibeke Vad (Frederiksberg, 2011)[More information][Less information]
Abstract: Integration across departments, functions, and knowledge areas is important for success in the process of product innovation. Research of organizations, whether private or public, demonstrates, however, that cross functional integration is difficult to achieve in praxis. This problem area: Why is cross functional integration – in SMEs – in the process of product innovation so difficult in praxis? – sets up the foundation for this PhD. By focusing on cross functional integration in small- to medium-sized enterprises (SMEs) and by utilizing a qualitative research design in studies of the micro politics of cross functional integration, the PhD makes a novel contribution within an area of research largely overlooked by previous literatures.... URI: http://hdl.handle.net/10398/8325 Files in this item: 1
Vibeke_Vad_Baunsgaard_Summary.pdf (891.8Kb) -
Christoffersen, Jeppe (Frederiksberg, 2011)[More information][Less information]
Abstract: In recent years, we have witnessed multinational enterprises (MNEs) changing strategies to exploit opportunities for division of labor on a global scale (Hansen et al. 2009). In consequence these have received growing interest among researchers and governments as ‘agents of host country economic development’ (Scott-Kennel and Enderwick 2005, p.105). A general consensus of this research is that ‘FDI [Foreign Direct Investment] offers an additional channel for introduction of technology, innovation, new ideas, different organizational practices and new skills to a host country’ (Scott-Kennel and Enderwick 2005, p.112). Another consensus is that these knowledge resources were introduced into the host country through linkages between the MNEs and a local firm and would in the longer term diffuse to other firms through e.g. demonstration effects and labor turnover (Giroud and Scott-Kennel 2009).... URI: http://hdl.handle.net/10398/8332 Files in this item: 1
Jeppe Christoffersen_SUMMARY.pdf (1.138Mb) -
Procedural Justice Constrains Harmful and Benefical Headquarters InterventionAsmussen, Christian Geisler; Foss, Nicolai J.; Nell, Phillip C. (Frederiksberg, 2013)[More information][Less information]
Abstract: Multi-business firms should design the task portfolio of their headquarters (HQ) and the way HQ tasks are carried out so that net value creation results. While the strategic management literature has emphasized such parenting benefits, less attention has been paid to the costs that may inadvertently be caused by HQ actions. Using a simple game theory model, we analyze the motivational costs that may result from HQ intervention in subunits. Along the lines of the procedural justice literature, we identify the conditions under which these costs may be influenced by the existence of fairness expectations among subunit managers. Our analysis of the dynamic game between HQ and subunits has novel and non-intuitive results. For example, we find that good parenting may involve forgoing opportunities for value-creation, and that procedural justice systems may sometimes be counterproductive. Our findings contribute to both the HQ and the procedural justice literatures. URI: http://hdl.handle.net/10398/8800 Files in this item: 1
Asmussen.pdf (470.1Kb) -
Preliminary Experimental Evidence from Matrilineal and Patriarchal SocietiesBulte, Erwin; List, John A.; Gneezy, Uri; Andersen, Steffen (København, 2008)[More information][Less information]