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Digitale Medien

Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: do too many cooks spoil the goulash? (2005)

Earle, John S. ; Kucsera, Csaba ; Telegdy, Álmos

Oxford, UK : Blackwell Publishing Ltd.

Corporate governance 13 (2005), S. 0

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ISSN: 1467-8683

Quelle: Blackwell Publishing Journal Backfiles 1879-2005

Thema: Politikwissenschaft , Wirtschaftswissenschaften

Notizen: We examine the impact of ownership concentration on firm performance using panel data for firms listed on the Budapest Stock Exchange, where ownership tends to be highly concentrated and frequently involves multiple blocks. Fixed-effects estimates imply that the size of the largest block increases profitability and efficiency strongly and monotonically, but the effects of total blockholdings are much smaller and statistically insignificant. Controlling for the size of the largest block, point estimates of the marginal effects of additional blocks are negative. The results suggest that the marginal costs of concentration may outweigh the benefits when the increased concentration involves “too many cooks”.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1111/j.1467-8683.2005.00420.x

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Digitale Medien

Long-term unemployment, social assistance and labor market policies in Romania (1998)

Earle, John S. ; Pauna, Catalin

Springer

Empirical economics 23 (1998), S. 203-235

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ISSN: 1435-8921

Schlagwort(e): Key words: Long-term unemployment ; social assistance ; labor market policies in Romania ; JEL classification: J4 ; J6

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract. Long-term unemployment in Romania has grown in both absolute and relative terms in the last few years, leading to increased expenditures, both absolutely and in relation to unemployment benefits, for the support allowance and social assistance programs and for pensions to labor force drop-outs. The paper uses a variety of data sources, including registration information, labor force surveys, and our own survey of registered unemployed (SRU) to describe these trends in the characteristics of Romanian unemployment and to examine differences across unemployment benefit (UB), short-term and long-term support allowance (SA) recipients. We employ the data to estimate the transition flow probability from the UB to the SA program; discuss the work incentives, income maintenance effects, and public costliness of the labor market and social insurance (including pension and disability) policies; and investigate the effects of the policies and of other characteristics of the unemployed and the areas where they live on the hazard for the escape rate from unemployment for UB and SA recipients separately.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF01205685

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Digitale Medien

Incentive contracts, corporate governance, and privatization funds in Romania (1994)

Earle, John S. ; Sapatoru, Dana

Springer

Atlantic economic journal 22 (1994), S. 61-79

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ISSN: 1573-9678

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract This paper analyzes the governance problems of the Romanian Private Ownership Funds (POFs), critical institutions both in the privatization process and in the future ownership and control structure of the Romanian economy. Although the POFs share similar problems with mass privatization intermediaries elsewhere, the satisfactory performance of Romanian funds faces additional obstacles due to the bureaucratic character of their initial organization, the continuing involvement of the state in their governance and operation, and the complexity of the tasks that they are supposed to accomplish. The POFs are charged not only with governing companies and managing their portfolios, but with part of the task of selling the remaining state shareholdings. We review instruments of corporate governance that could potentially induce them to perform these tasks, and conclude that the standard practices are likely to be seriously deficient in the case of the Romanian POFs. One possibility which has not yet been adopted is an incentive payment scheme for POF executives. We analyze the difficulties of implementing such a scheme with a multi-task principal-agent model, and propose a practical solution to the incentive design problem. We argue that, while some such method is certainly necessary to induce the POFs to perform their assigned tasks even approximately, it is by no means sufficient to enliven the Romanian privatization process.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF02310195

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Digitale Medien

Long-term unemployment, social assistance and labor market policies in Romania (1998)

Earle, John S. ; Pauna, Catalin

Springer

Empirical economics 23 (1998), S. 203-235

zur Merkliste hinzufügen auf der Merkliste

Details

ISSN: 1435-8921

Schlagwort(e): Long-term unemployment ; social assistance ; labor market policies in Romania ; J4 ; J6

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract Long-term unemployment in Romania has grown in both absolute and relative terms in the last few years, leading to increased expenditures, both absolutely and in relation to unemployment benefits, for the support allowance and social assistance programs and for pensions to labor force drop-outs. The paper uses a variety of data sources, including registration information, labor force surveys, and our own survey of registered unemployed (SRU) to describe these trends in the characteristics of Romanian unemployment and to examine differences across unemployment benefit (UB), short-term and long-term support allowance (SA) recipients. We employ the data to estimate the transition flow probability from the UB to the SA program; discuss the work incentives, income maintenance effects, and public costliness of the labor market and social insurance (including pension and disability) policies; and investigate the effects of the policies and of other characteristics of the unemployed and the areas where they live on the hazard for the escape rate from unemployment for UB and SA recipients separately.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF01205685

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