Centres Titler
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Jakobsen, Michael (Frederiksberg, 2015)[Flere oplysninger][Færre oplysninger]
Resume: The main aim of this article is to identify key external and internal factors that are capable of impacting and thus influencing directly or indirectly state performance in Southeast Asia with special emphasis on Myanmar, Vietnam and Singapore. The theoretical aim is to develop a framework for partly being able to delineate some external boundaries for state manoeuvring and partly delineate the internal size of the space or ‘room’ that conditions state performance in an international cum national context respectively. On the basis of the above this article thus argues that the state is sandwiched between external and internal factors as the two respectively define the outer boundaries and internal size of the room in which the state has to perform. URI: http://hdl.handle.net/10398/9142 Filer i denne post: 1
2015-48.pdf (886.1Kb) -
Fosse, Henrik Barslund (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade ows bring us closer to the transaction level where rm decisions are actually made. I nd that the utilization of monthly data does add new information about the average level of pricing-to-market, and the di¤erences between long-run pricing-to-market and short-run pricing-to-market. Furthermore, I nd industry di¤erences in pricing-to-market in terms of the magnitude (zero to complete pricing-to-market) and the timing (when do rms changes prices), and that pricing-to-market is stronger on high-income markets. As discussed in detail in the paper, all results are in-line with predictions of several theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through. URI: http://hdl.handle.net/10398/8539 Filer i denne post: 1
Fosse_2012_1.pdf (303.2Kb) -
Entrepreneuring in Africa’s Emerging Fashion IndustryLangevang, Thilde (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: A vibrant fashion scene is emerging in Africa, spearheaded by a new generation of young fashion designers. Drawing on a multi - sited study of Ghanaian, Ugandan and Zambian female designers, this article examines the emerging fashi on industry as a site for entrepreneuring where people’s aspirations to bring about personal, cu ltural and socio - economic development converge. The paper reveals how fashion designers envision their endeavours as pathways for pursuing their passion, for changing the associations ascribed to ‘Africanness’, and for revitalising failing clothing industries. The paper proposes that while th e emerging character of the industry creates uncertainty and many obstacles for running viable businesses, fashion designers remain enthused by narratives about the industry’s future prospects. URI: http://hdl.handle.net/10398/9333 Filer i denne post: 1
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Ghosh, Maitri; Roy, Saikat Sinha (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: Using firm-level data, this paper investigates whether Foreign Direct Investment (FDI), and hence Multinational Enterprise (MNE) presence, explains India’s improved export performance during post-reforms. The recent literature stresses that firm heterogeneity gives some firms an edge over others to self select into export market. Apart from ownership, this paper takes into account firm heterogeneity and various other firm-specific factors while understanding firm-level export performance. Hausman-Taylor estimation results show that foreign ownership does not have significantly different impact on export performance over domestic firms across sectors in Indian manufacturing. Rather firms acquire internationally competitiveness from imported raw materials, foreign technical know-how and local R&D. Further, firm heterogeneity measured in terms of sunk costs significantly impacts on firm-level export intensity. The study further reveals that there are ownership specific factors that determine firm-level exports. The results have significant implications for policy in order to attain international competitiveness of firms in India. URI: http://hdl.handle.net/10398/9292 Filer i denne post: 1
CDP-57.pdf (475.2Kb) -
Substitutes or Complements? Exploring the Indian Experience NanditaDasgupta, Nandita (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: The recent phenomenon of rising outward foreign direct investment (OFDI) flows has raised serious policy concerns about its effects on the domestic investment and capital formation in the countries of origin of such FDI flows. Does OFDI stimulate domestic investment or does it crowd it out? The concern arises because OFDI activities could shift not only some of the production activities from home to foreign destinations but also could possibly threaten the availability of scarce financial resources at home by allocating resources abroad. All this have the potential to reduce domestic investment, thus lowering the long run sustainable economic growth and employment of the home economies. The central goal of this paper is to empirically explore the evidence of the macroeconomic relationship between OFDI and levels of domestic capital formation in India. Our study reveals that OFDI has long run strong positive causality with domestic investment and thus figures out to be a significant factor affecting domestic investment in India. It becomes imperative therefore that the nation make special effort to promote its OFDI through the designing of appropriate OFDI policies that would help stimulate its domestic investment now and in the future so as to sustain economic growth and development in the long run. URI: http://hdl.handle.net/10398/9294 Filer i denne post: 1
CPD-59.pdf (437.8Kb) -
Some Lessons from United States Constitutional HistorySweeney, Richard J. (København, 2003)[Flere oplysninger][Færre oplysninger]
Resume: A constitution is more likely to be accepted if it federalizes those issues that are widely seen as needing complete harmonization. A constitution is more likely to endure if the federal government does not have powers that are not vital to it but which may alienate some member states to the point that the federal government loses legitimacy. It appears vital to have trade policy at the European Union level; for euro countries, monetary policy is already federalized. It is not clear that common foreign and defense policies are needed; insisting on common foreign and defense policies may lead to conflicts within and across member states that severely weaken the Union, conceivably contributing to eventual collapse. Insisting on harmonization of commercial codes does not have the destructive potential of attempting completely to harmonize defense and foreign policies; it may, however, lead to needless conflict that helps drain the reservoir of goodwill that the European Union will need for dealing with other conflicts amongst member states. URI: http://hdl.handle.net/10398/6787 Filer i denne post: 1
wplefic092003.pdf (442.7Kb) -
Eamets, Raul; Mygind, Niels; Spitsa, Natalia (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: Presently, legal regulation of participation of employees – financial participation as well as participation in decision-making – is not well developed in Estonia. On the one hand, it is due to the fact that no tradition of employee participation could have been formed after Estonia became independent because different, contrary political aims, e.g. development of the free-market economy and promotion of national elites, were given priority. Although employee ownership emerged during the early stage of privatization, it was a temporary phenomenon. Earlier experience with employee participation in decision-making was considered to be a relict from the time under Soviet rule and, therefore, to be discredited and not worth following. On the other hand, the solution of current employment and social problems is not associated with a higher level of participation of employees. URI: http://hdl.handle.net/10398/7112 Filer i denne post: 1
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Klauberg, Theis; Muravska, Tatyana; Mygind, Niels; Rezepina, Irina (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: This report outlines main trends in employees' financial participation in Latvia including historical, socioeconomic and legal background. A special emphasis is placed on privatization during the transition period which shaped an environment for employees’ financial participation and influenced the current state of employee share ownership and profit-sharing. Attitudes of social partners and the government will be addressed. The report will show why the transition process lead to a low level of employees’ financial participation and the indifference and ignorance of policy makers concerning the development of financial participation. URI: http://hdl.handle.net/10398/7114 Filer i denne post: 1
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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)