Browsing by Author "Kongsted, Hans Christian"
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Bennedsen, Morten; Kongsted, Hans Christian; Meisner Nielsen, Kasper (København, 2004)[More information][Less information]
Abstract: Previous work on board size effects in closely held corporations has established a negative correlation between board size and firm performance. We argue that this work has been incomplete in analysing the causal relationship due to lack of ownership information and weak identification strategies in simultanous equation analysis. In the present paper we reexamine the causal relationship between board size and firm performance using a dataset of more than 5,000 small and medium sized closely held corporations with complete ownership information and detailed accounting data. We test the potential endogeneity of board size by using a new instrument given by the number of children of the founders of the firms. Our analysis shows that board size can be taken as exogenous in the performance equation. Furthermore, based on a flexible model specification we find that there is no empirical evidence of adverse board size effects in the typical range of three to six board members. Finally, we find a significantly negative board size effect in the minority of closely held firms which have comparatively large boards of seven or more members. URI: http://hdl.handle.net/10398/7566 Files in this item: 1
wpec092004.pdf (252.8Kb) -
Kongsted, Hans Christian; Meisner Nielsen, Kasper; Bennedsen, Morten (København, 2007)[More information][Less information]
Abstract: Boards are endogenously chosen institutions determined by observable and unobservable firm characteristics. Empirical studies of large publicly traded firms have successfully controlled for observable determinants of board size and shown a robust negative relationship between board size and firm performance. The evidence on smaller closely held firms is less clear; we argue that existing work has been incomplete in analyzing the causal relationship due to weak identification strategies. Using a rich data set of almost 6,000 small and medium-sized closely held corporations we provide a causal analysis of board size effects on firm performance using a novel instrument given by the number of children of the founders of the firms. First, we find no empirical evidence of adverse board size effects when the size of the board lies in the typical range for closely held corporations of three to six directors. Second, we find a significantly negative board size effect for the minority of closely held firms that are characterized by having comparatively large boards of seven or more members and non-complex operations. URI: http://hdl.handle.net/10398/7600 Files in this item: 1
wp14-2007.pdf (428.8Kb) -
Panel Data Evidence on EuropeDahl, Christian M.; Kongsted, Hans Christian; Sørensen, Anders (Frederiksberg, 2009)[More information][Less information]
Abstract: What has been the quantitative effect on productivity growth of information and communication technology (ICT) in Europe after 1995? Based on a multi-country sectoral panel data set, we provide econometric evidence of positive and significant productivity effects of ICT in Europe, mainly due to advances in total factor productivity. In contrast to the US, this impact of ICT has happened against a negative macro economic shock not related to ICT. Our main result is in contrast to the established consensus in the growth accounting literature that there has been no acceleration of productivity growth in Europe, mainly due to the performance of ICT-using sectors. One important advantage of using econometric methods is that we can distinguish between growth effects from ICT and macro economic shocks; a feature that growth accounting methods cannot handle. URI: http://hdl.handle.net/10398/7991 Files in this item: 1
2009_07_Productivity_growth_and_ICT.pdf (230.2Kb) -
Kaiser, Ulrich; Kongsted, Hans Christian; Rønde, Thomas (København, 2008)[More information][Less information]
Abstract: We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non-R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy. URI: http://hdl.handle.net/10398/7704 Files in this item: 1
dp 2008-16.pdf (363.9Kb)
Now showing items 1-4 of 4