Browsing Centres by Title
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Lessons from the UKMallin, Chris; Mullineux, Andy; Wihlborg, Clas (København, 2004)[More information][Less information]
Abstract: In 1992 the Cadbury Committee report on the financial aspects of corporate governance was published. The Committee had been established following the failures of a number of high profile businesses in the UK which had shaken confidence in the market. Some nine years later, in 2001, the collapse of Enron sent shockwaves through the US market. As a result of the Enron collapse and various other high profile scandals in the years since its occurrence, the US is examining its own corporate governance structures and provisions to determine how these might be improved and help avoid another Enron. The EU similarly is developing principles and legislation to improve corporate governance, and scandals such as Royal Ahold and Parmalat have helped drive further governance reforms. In this paper we detail the development of corporate governance codes in the UK and the adaptation of similar codes in the EU. We discuss the role of the financial sector in corporate governance and how principles for regulation and supervision of the financial sector complement codes of conduct and legislation in the area of corporate governance. JEL Classification numbers: G34, G28, G22, G23 Keywords: corporate governance, financial sector; institutional investors. URI: http://hdl.handle.net/10398/6789 Files in this item: 1
wplefic062004.pdf (171.8Kb) -
Wihlborg, Clas (København, 2004)[More information][Less information]
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Laursen, Keld; Vejrup-Hansen, Per (Frederiksberg, 1999)[More information][Less information]
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Some Austrian InsightsFoss, Nicolai J. (Frederiksberg, 1998)[More information][Less information]
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Glazer, Amihai; Kanniainen, Vesa; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: This paper develops a theory of consumer boycotts. Some consumers care not only about the products they buy but also about whether the firm behaves ethically. Other consumers do not care about the behavior of the firm but yet may like to give the impression of being ethical consumers. Consequently, to affect a firm’s ethical behavior, moral consumers refuse to buy from an unethical firm. Consumers who do not care about ethical behavior may join the boycott to (falsely) signal that they do care. In the firm’s choice between ethical and unethical behavior, the optimality of mixed and pure strategies depends on the cost of behaving ethically. In particular, when the cost is (relatively) low, ethical behavior arises from a prisoners’ dilemma as the firm’s optimal strategy. URI: http://hdl.handle.net/10398/7706 Files in this item: 1
dp 2008-08.pdf (225.8Kb) -
Foss, Nicolai J. (Frederiksberg, 1996)[More information][Less information]
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A theoretical probe into the borderland of Business Studies and Development StudiesHansen, Michael W.; Schaumburg-Müller, Henrik (København, 2007)[More information][Less information]
Abstract: Business studies and development studies have evolved relatively independently of each other – business studies occupied with profit maximizing strategies and the activities of entrepreneurs, firms and value chains, and development studies with economic, social and political development strategies of countries and regions. However, as more and more of the world’s value-adding activities take place in developing countries and as MNCs increasingly incorporate developing countries’ markets and resources in their strategies, business studies has taken a growing interest in the particular conditions of local and foreign firms doing business in such environments. Simultaneously, as the limitations of state led development strategies have become apparent and as market ideology has become prevalent in a growing number of countries, development studies has directed growing attention towards the role of entrepreneurship, firm strategy, private sector development and foreign direct investment as vehicles for economic and social development. In other words, both fields approach business in development from different sides. This paper seeks to identify themes related to the firm in developing countries as taken up by both business and development studies. We suggest the themes of common interest and potential convergence to be those of market failures, institutions, entrepreneurship, clusters, and firm internationalization. The paper illustrates that there are substantial opportunities for cross-fertilization between the two bodies of academic enquiry, and indeed, that without a conversation between the two literatures in the era of globalization, the analytical and predictive power of both may be seriously impaired. URI: http://hdl.handle.net/10398/6756 Files in this item: 1
wps-2007_no.5.pdf (500.0Kb) -
Koskela, Erkki; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: In European Welfare States, low-skilled workers are typically unionized, while the wage formation of high-skilled workers is more competitive. To focus on this aspect, we analyze how flexible international outsourcing and labour taxation affect wage formation, employment and welfare in dual domestic labour markets. Higher productivity of outsourcing, lower cost of outsourcing and lower factor price of outsourcing increase wage dispersion between the high-skilled and low-skilled workers. Increasing wage tax progression of low-skilled workers decreases the wage rate and increases the labour demand of low-skilled workers. It decreases the welfare of lowskilled workers and increases both the welfare of high-skilled workers and the profit of firms. URI: http://hdl.handle.net/10398/7696 Files in this item: 1
dp 2008-15.pdf (183.1Kb) -
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Abstract: Artiklen indeholder en diskussion af Værdipapirhandelslovens forbud mod insider handel. Der redegøres for tesen om effektive markeder. Med udgangspunkt i økonomisk teori redegøres for argumenter for et forbud. Der argumenteres for at, at insiderforbudets økonomiske berettigelsen med fordel kan støttes på tesen om effektive markeder. Det er i modsætning hertil blevet gjort gældende i den nyeste børsretlige teori, at den økonomiske teori om effektive markeder ikke er et adækvat grundlag for insider reglerne, og at denne teori bør erstattes af den såkaldte Lemon-teori, formuleret af Akerlof. Artiklen gør gældende, at det ikke er uden problemer at overføre Akerlof’s teori til de finansielle markeder, eftersom der ikke tages hensyn til markedets selvregulerende mekanismer, som mindsker problemet med asymmetrisk information. Artiklen afsluttes med en diskussion af de reguleringsmæssige konsekvenser som følge af valg af det økonomiske grundlag for insiderforbudet. URI: http://hdl.handle.net/10398/6793 Files in this item: 1
wplefic152003.pdf (426.7Kb) -
Meyer, Klaus E.; Jensen, Camilla (København, 2004)[More information][Less information]
Abstract: The 1990s have been a period of extraordinary politics in Central and Eastern Europe (CEE). This chapter discusses how the transition from state to market has created bureaucratic barriers to entry, but also windows of opportunity for foreign direct investment (FDI). The high costs and high investment risks associated with FDI in CEE are a reflection the institutional development. Thus, inflows of FDI have been largest in those countries that made most progress in establishing a market-oriented institutional framework. After outlining trends of institutional change and their impact on FDI, this chapter discusses how aspects of the institutional framework and FDI policy affect diverse types of investment projects. Acquisition and Greenfield investors are concerned with different aspects of government policy: privatization and regulatory policies for acquirers and investment incentives, regional policy and special economic zones for Greenfield investors. The shifting policy priorities have thus changed the types of projects undertaken by foreign investors in the region. URI: http://hdl.handle.net/10398/7106 Files in this item: 1
governmentincee_wp.pdf (84.33Kb) -
Searching for impact in Mali and South AfricaJeppesen, Soeren; Mainguy, Claire (København, 2007)[More information][Less information]
Abstract: Little is known about impact of FDI on economic development in Africa compared to other developing countries, which the paper seeks to address by focusing on examples of impact in Mali and South Africa. The arugment put forward is that the impact has to be identified at the level of the industry or sector and the level of the firm with regard to employment effect, income generation and skills development. The mining and electricity and railway sectors in Mali are investigated and compared to the automobile industry in South Africa. The paper ends with suggestions for future investigations which can shed more light on the pertinent issues about impact of FDI in Africa. URI: http://hdl.handle.net/10398/6760 Files in this item: 1
wps-2007_no.6.pdf (274.0Kb) -
New Challenges and Opportunities for RegulatorsGoldberg, Lawrence G.; Sweeney, Richard J.; Wihlborg, Clas (København, 2005)[More information][Less information]
Abstract: Nordea is the first major international bank planning to operate important host country activities in branches as the Second European banking directive envisions rather than as subsidiaries. Nordea is the result of mergers of roughly equal-size universal banks in four Nordic countries with the intention to reap economies of scale and scope by providing services in an integrated organization. Nordea has so far operated under a legal structure with subsidiaries in the host countries. When the new branch organization is implemented, EU directives specify that the home country is responsible for supervision, regulation as well as deposit insurance. Supervisors in all involved countries are challenged by this prospect and they are negotiating to obtain an acceptable division of responsibilities. We argue that the Nordea case offers an opportunity to implement the EU's vision and to develop institutional foundations for substantial market discipline in banking. In particular, distress resolution and insolvency procedures for banks must be made rule based and credible for host country authorities to accept home country control. URI: http://hdl.handle.net/10398/6783 Files in this item: 1
wplefic042005.pdf (209.7Kb) -
Inter-Ethnic Relations and Economic Development in Penang, MalaysiaJacobsen, Michael (, 2009)[More information][Less information]
Abstract: Identity formation is probably one of the most discussed aspects of strategic positioning within anthropology, sociology and political science. In general notions of identity have been based on either an absolutist or primordial understanding of belonging or a constructionalist view in which social and political positioning in terms of identity formation are governed by a given societal context. This paper bases its understanding of identity formation on the latter approach. This means that depending of context individuals have several different although related identities to choose between when manoeuvring in a complex and dynamic social environment. Identity formation, achieved or ascribed, and its various forms of externalisation are thus negotiated and not absolute. The dynamic behind this notion of identity formation is individual agency strategically manipulating social, economic and political positioning in a given societal setup. To illustrate the complexities and in this case negative ramifications of social engineering the article focuses on inter-ethnic relations and industrial development in Penang, Malaysia. URI: http://hdl.handle.net/10398/7909 Files in this item: 1
CDP 2009-030.pdf (164.5Kb) -
economic and scientific specialisation among OECD countriesLaursen, Keld; Salter, Ammon (København, 2002)[More information][Less information]
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Kaiser, Ulrich; Grimpe, Christoph (København, 2008)[More information][Less information]
Abstract: Determining the research and development (R&D) boundaries of the firm as the choice between internal, collaborative and external technology acquisition has since long been a major challenge for firms to secure a continuous stream of innovative products or processes. While research on R&D cooperation or strategic alliances is abundant, little is known about the outsourcing of R&D activities to contract research organizations and its implications for innovation performance. This paper investigates the driving forces of external technology sourcing through contract research based on arguments from transaction cost theory and the resource-based view of the firm. Using a large and comprehensive data set of innovating firms from Germany our findings suggest that technological uncertainty, contractual experience and openness to external knowledge sources motivate the choice for engaging in contract research activities. Moreover, we show that internal and external R&D sourcing are complements: the marginal contribution of internal (external) R&D is the larger the more firms spend on external (internal) R&D. URI: http://hdl.handle.net/10398/7690 Files in this item: 1
dp 2008-02.pdf (227.6Kb) -
Folkeskolernes brug af internettetAndersen, Kim Normann; Medaglia, Rony (Frederiksberg, 2010)[More information][Less information]
Abstract: De danske folkeskolers indsats med anvendelse af internettet til at levere data om karakterer og trivselsmål halter ikke blot bagefter, men er endog meget langt fra målsætninger om åbenhed og gennemsigtighed. Det var ellers et meget klart formuleret krav i Lov om gennemsigtighed og åbenhed i uddannelserne m.v. (vedtaget tilbage i 2002) samt i 360 graders eftersynet af skolerne, der i den netop udkomne rapport bl.a. anbefalede langt stærkere fokus på resultater. En kortlægning af 200 folkeskoler jævnt fordelt på de fem regioner viser, at det stadig i langt overvejende er generel information om skolerne, der dominerer hjemmesiderne, og at folkeskolerne ikke har integreret eksempelvis karaktergennemsnit og andre forbrugerdata på hjemmesiderne. I stedet skal forældre og børn gå via andre informationskanaler for at få data om karakterer for den enkelte skole. Det kan eksempelvis ske via UNI-C eller CEPOS. Ud af de undersøgte 200 folkeskoler er det kun 15% af skolerne, der kommer op på et niveau, hvor de er på omdrejningshøjde med målsætninger om gennemsigtighed og sammenlignelighed via internettet. De øvrige 85% halter så meget bagefter, at undersøgelsen konkluderer, at det er vanskeligt at se loven er internaliseret i den digitale ledelse og kommunikation til brugerne. Der kan være to mulige årsager til dette. Enten er skolerne uvidende om hvordan man lægger informationer op på nettet eller de forsøger bevidst at undgå sammenlignelighed og tilgængelighed. Uanset om det skyldes manglende viden eller modvilje, er resultatet, at danske børn og forældre i praksis er ladt i stikken af skolerne. Der findes flere portaler og online databaser, hvor data for karaktergennemsnit fordelt på fag og klassetrin kan findes. Det er imidlertid kun en lille del af folkeskolerne, der benytter denne mulighed. Mange af de skoler, der linker til data, tager så betydelige forbehold for disse data, at det langt fra stimulerer brugerne til at hente, anvende og vurdere oplysninger om karakterer. URI: http://hdl.handle.net/10398/8158 Files in this item: 1
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A Rank-Size AnalysisLorenzen, Mark; Vaarst Andersen, Kristina (Frederiksberg, 2007)[More information][Less information]
Abstract: Using novel statistical data, the paper analyzes the geographical distribution of Richard Florida’s creative class among 445 European cities. The paper demonstrates that size matters, i.e. cities with a high proportion of creative class tend to get more creative through attraction of still more creative labor. More specifically, the distribution of the European creative class falls into three phases, each approximating a rank-size rule, with different exponents (i.e., inequality). The exponent for the smallest cities is profoundly more negative than for the middle-sized cities, and this tendency is stronger for the creative class than for the general population. Furthermore, the exponent of the largest cities is slightly less negative than the middle-sized cities, and this tendency is also stronger for the creative class. In order to explain this, the paper presents four propositions about how effects of large and small population sizes of cities may be more detrimental to attracting the creative class than attracting the population in general. Below a population size of approximately 70,000 inhabitants, there is a rapid drop of attractiveness to the creative class with decreasing city size. We propose that this may be because below this size, cities begin to drop below minimum efficient market sizes for particular creative services, below minimum labor market sizes for particular creative job types, and below minimum levels of political representation by the creative class. Above a European city population size of approximately 1,2 million inhabitants, the attractiveness of increasing city size for the creative class drops, and we propose that the creative class may respond particularly adversely to urban congestion. URI: http://hdl.handle.net/10398/7871 Files in this item: 1
DRUID_07_17.pdf (317.3Kb) -
Trade Unions in the Korean and Malaysian Auto IndustriesWad, Peter (København, 2005)[More information][Less information]
Abstract: The paper aims to address the question whether the dynamic of autoworker unionism in South Korea and Malaysia was conditioned by, and eventually also influenced the globalization processes in the local auto industry? The conclusion is a contextualized "yes", and the core argument is the following: The financial crisis in 1997 was the dramatic peak of financial globalization in East Asia in the 1990s, and it did accelerate the existing trend in Korea towards centralized unionism in the auto industry, while it suspended the trend in the Malaysian auto industry towards decentralized unionism. Although the Korean and Malaysian unions were affected by the financial crisis from different structural and strategic positions, and were exposed to different national policies and corporate strategies of crisis management, the Korean unions and Malaysian unions generally followed, respectively, a more radical and militant and a more pragmatic and moderate strategy. In the global-local perspective we face two paradoxes. The first paradox is that in spite of the difference in union ideology, the outcome in terms of industrial relations (IR) institutions was rather similar in the sense that the auto industry contained a mixture of industrial and enterprise unions and formal or informal federations of these unions, and that collective bargaining was by and large undertaken bilaterally at the enterprise level. This situation was generated by a dynamic, which took the Malaysian system down from a centralized IR system within the low technology assembly industry (the globally subordinated local OEMs) to a rather decentralized IR system within the SOE-MNC controlled industry. The Korean system became more centralized through the confrontations between radical enterprise unions and authoritarian employers and authorities within an auto industry, which over time become much more indigenized, technologically advanced, export-oriented and diversified into multiple auto manufacturers and an under-wood of component suppliers. Yet, in both auto industries the large enterprise unions resisted organizational centralization, which could impede their autonomy. Due to the strength of unions of the market leading firms a breakthrough did happen neither in Korea nor in Malaysia, although the Koreans were a step ahead of the Malaysians having established a federation of metalworkers unions, including the important autoworkers unions. The second paradox is that the radicalism of the Korean autoworker unions was maintained during 1990s globalization of the auto industry, while radicalism was abandoned by the Malaysian autoworker unions in favor of union pragmatism, when the indigenization of the Malaysian auto industry unfolded since the early 1980s and a local auto supplier industry had been formed. This cross-country difference is partly explained by the different position held by the Korean and Malaysian auto companies in the global and local auto value chain. The radicalism and effectiveness of Korean autoworker unions sustained the development of dynamic efficiency among Korean auto manufacturing firms. In the same way, the intra-industry differences in wages and working conditions among auto manufacturing firms and components supplier firms were also related to the stratification of the domestic auto value chain, and this uneven distribution of benefits created obstacles of centralized unionization and collective bargaining. The centralized IR system in Malaysia evolved in an auto industry composed primarily of firms assembling imported CKD kits of components. The inequality of employment conditions between auto manufacturers and component suppliers was a driver of the strategy of centralized unionism and collective bargaining in Korea, while the inequality was not perceived as that significant by the Malaysian industrial union, since they had been dealing with these problems by the early 1990s. Keywords: Globalisation, trade unions, automobile industry, global value chain theory, East Asia, Malaysia, South Korea. URI: http://hdl.handle.net/10398/7410 Files in this item: 1
cdp2005-03wad samlet.pdf (172.8Kb) -
Thompson, Grahame (København, 2008)[More information][Less information]
Abstract: Many formulations of contemporary globalization suggest that citizenship is being radically transformed by processes of transnationalism. And the business world is reacting to this sense of change by firms claiming to be ‘global corporate citizens’. But what exactly does global corporate citizenship mean and what are its implications? In this paper a preliminary response is made to these questions by situating corporate citizenship within the wider framework of constitutional debates about private economic law and the juridicalization of the international sphere more generally. The paper poses the issue of whether there is a quasi-constitutionalization of the international corporate sphere underway and the possible governance consequences of this process. URI: http://hdl.handle.net/10398/7379 Files in this item: 1
wp cbp 2008-50.pdf (136.0Kb) -
The Role of Multinational EnterprisesNarula, Rajneesh; Zanfei, Antonello (København, 2003)[More information][Less information]
Abstract: This paper undertakes a brief evaluation of the trends in the internationalization of innovative activities. We provide a taxonomy of R&D internationalization strategies, and discuss the main relevant theoretical and empirical issues, before discussing the centripetal and centrifugal forces underlying the nature and evolution of cross border innovation. We address the issue of international technology partnering as a key strategy that is complementary to the internationalisation of innovative activities through internal means, before raising important policy dimensions and directions for future research that derive from these debates. Key words: R&D internationalization, globalisation, multinationals, alliances, technology policy JEL Codes: F23, O32 URI: http://hdl.handle.net/10398/6628 Files in this item: 1
03-15.pdf (361.2Kb)