Centres Titler
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Darškuviené, Valdoné; Hanisch, Stefan; Mygind, Niels (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: Participation of employees in decision-making in Lithuanian companies has its roots in trade union movement as well as in the practice of managing companies under Soviet rule. After Lithuania regained independence, employee ownership was used to facilitate privatization. A notable success was establishment of a number of employee-owned companies that were formerly state-owned enterprises during the first stage of privatization. However, no stronger tradition of employee participation has evolved. Current legal regulation of participation of employees - financial participation, as well as participation in decision-making - is not well developed and does not provide for stronger incentives. The solution of current employment and social problems by the Government, ruling parties as well as social partners is not associated with a higher level of participation of employees. Financial participation is viewed mainly as a way of employee motivation as initiated by managers and current owners of companies. URI: http://hdl.handle.net/10398/7110 Filer i denne post: 1
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Lessons from the UKMallin, Chris; Mullineux, Andy; Wihlborg, Clas (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wplefic062004.pdf (171.8Kb) -
Wihlborg, Clas (København, 2004)[Flere oplysninger][Færre oplysninger]
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Laursen, Keld; Vejrup-Hansen, Per (Frederiksberg, 1999)[Flere oplysninger][Færre oplysninger]
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Some Austrian InsightsFoss, Nicolai J. (Frederiksberg, 1998)[Flere oplysninger][Færre oplysninger]
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Glazer, Amihai; Kanniainen, Vesa; Poutvaara, Panu (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
dp 2008-08.pdf (225.8Kb) -
Foss, Nicolai J. (Frederiksberg, 1996)[Flere oplysninger][Færre oplysninger]
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A theoretical probe into the borderland of Business Studies and Development StudiesHansen, Michael W.; Schaumburg-Müller, Henrik (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wps-2007_no.5.pdf (500.0Kb) -
Koskela, Erkki; Poutvaara, Panu (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
dp 2008-15.pdf (183.1Kb) -
[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wplefic152003.pdf (426.7Kb) -
Meyer, Klaus E.; Jensen, Camilla (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
governmentincee_wp.pdf (84.33Kb) -
Searching for impact in Mali and South AfricaJeppesen, Soeren; Mainguy, Claire (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wps-2007_no.6.pdf (274.0Kb) -
A Case Study of PakistanAnwar, Amar; Mughal, Mazhar (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This study examines the differential response of various international financial flows to the post 9/11 episode of terrorism in the context of a South Asian country. Using monthly data for the period from January 2003 to December 2014, we analyze the impact of terrorism in Pakistan on the inflows of foreign direct investment (FDI), portfolio investments, and migrant remittances. We find that FDI decreases substantially as a result of terrorist activity, whereas portfolio investments show little change. In contrast, migrant remittances show a significant increase. These differences are also evident in financial flows from major source regions and top sending countries. The results are robust to the use of alternative definitions and indicators of terrorism as well as the inclusion of various macroeconomic variables. These findings indicate that foreign private capital flees an economy suffering from terrorism whereas migrant remittances are the only financial flows that increase during difficult times. URI: http://hdl.handle.net/10398/9291 Filer i denne post: 1
CDP-56.pdf (381.7Kb) -
Extending the UN Framework to connect Political CSR with Business Responsibilities for Human RightsJonsson, Jonas; Fisker, Mette; Buhmann, Karin (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: The literature on Political CSR (PCSR) outlines the political role of corporations, but fails to offer concrete suggestions for businesses to fill governance gaps through provision of public goods . Conversely, the political role of Multi - National Enterpris es (MN E s) plays a limited part in the UN Framework on Business and Human Rights , which was adopted by the UN in 2008 and forms the basis for the 2011 UN Guiding Principles on Business and Human Rights . Th is paper contributes to connecting the two approache s by drawing on insights from the PCSR literature to theorize on the extent of human rights responsibilities of MN E s , and combining this with the human rights focus of the UN Framework . Drawing on existing literature's coverage of MN E s operating in develop ing countries, we discuss how businesses can improve the respect and fulfilment of human rights. We propose an 'Extended UN Framework' to help attribute political responsibilities to MN E s that reflect their political power. The Extended Framework combines the original UN Framework’s ‘do no harm’ approach with a leverage - based approach for firms to contribute to delivering public goods that are human rights. URI: http://hdl.handle.net/10398/9432 Filer i denne post: 1
Jonsson_Fisker_Buhmann_CBDS WP 26.pdf (567.3Kb) -
New Challenges and Opportunities for RegulatorsGoldberg, Lawrence G.; Sweeney, Richard J.; Wihlborg, Clas (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
wplefic042005.pdf (209.7Kb) -
Inter-Ethnic Relations and Economic Development in Penang, MalaysiaJacobsen, Michael (, 2009)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
CDP 2009-030.pdf (164.5Kb) -
economic and scientific specialisation among OECD countriesLaursen, Keld; Salter, Ammon (København, 2002)[Flere oplysninger][Færre oplysninger]
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A Third-Generation Prediction MarketHallin, Carina Antonia; Juul Andersen, Torben; Tveterås, Sigbjørn (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: This article theorizes a new way to predict firm performance based on aggregation of sensing among frontline employees about changes in operational capabilities to update strategic action plans. We frame the approach in the context of first- and second-generation prediction markets and outline its unique features as a third-generation prediction market. It is argued that frontline employees gain deep insights when they execute operational activities on an ongoing basis in the organization. The experiential learning from close interaction with internal and external stakeholders provides unique insights not otherwise available to senior management. We outline a methodology to agglomerate these insights in a performance barometer as an important source for problem finding and innovation. URI: http://hdl.handle.net/10398/8815 Filer i denne post: 1
Hallin_Juul Andersen_Tveteraas.pdf (258.0Kb) -
Kaiser, Ulrich; Grimpe, Christoph (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1
dp 2008-02.pdf (227.6Kb) -
Folkeskolernes brug af internettetAndersen, Kim Normann; Medaglia, Rony (Frederiksberg, 2010)[Flere oplysninger][Færre oplysninger]
Resume: 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 Filer i denne post: 1