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Board conditioning factors of firm performance

Roda, Bruno Loïc
Fonte: Instituto Politécnico de Leiria Publicador: Instituto Politécnico de Leiria
Tipo: Dissertação de Mestrado
Publicado em 29/10/2013 Português
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Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.; The generous amount of recent empirical works attempting to find a relationship between corporate governance mechanisms and firm performance show that this research field continues to be a matter of interest. Our study analyses the impact of board size, the proportion of independent directors on the board, the presence of both women and foreign directors on the board, and meetings’ frequency, on firm performance, in a sample of 398 companies from eleven European countries, over the fiscal year of 2010. We carried out the statistical analysis through ordinary least squares regressions, where firm performance measure Tobin’s Q is the dependent variable. In all models, we controlled for firm performance, firm size and the level of debt. In order to test for the sensitivity of our results, we alternatively controlled for the industry, country and system effect. We find that our results are more robust when controlling for the system effect. Moreover, when testing for endogeneity, we find that our sample firms do not suffer from this problem for board size, but show suspicions regarding an endogenous relationship between board independence and firm performance. As for the results: our most outstanding outcome is that the presence of foreign directors on the board is significant and positively linked to Tobin’s Q. When controlling for the system effect...

Planejamento tributário e valor da firma no mercado de capitais brasileiro; Tax planning and firm value in the Brazilian capital markets

Santana, Silvio Luis Leite
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 16/10/2014 Português
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Este estudo investiga se o planejamento tributário efetuado pelas companhias abertas é uma prática de gestão que gera valor para o acionista. Embora se possa conjeturar que o aumento de lucros proporcionado pela economia de tributos contribua para elevar o valor da firma, uma avaliação incompleta de todos os custos do planejamento tributário possibilita o surgimento de quadros em que os custos superam os benefícios, reduzindo o retorno para os acionistas e afetando negativamente o valor da firma. Estudos desta questão efetuados em outros países apresentaram resultados variados. Para a verificação empírica, utilizou-se de análise de dados em painel, realizada sobre uma amostra de 1.432 observações do tipo empresa-ano, composta por 310 companhias abertas negociadas em bolsa nos anos de 2007 a 2012. O valor da firma foi estimado pelo Q de Tobin e o planejamento tributário por duas métricas distintas, alternadamente: Book-Tax Differences, controlada por accruals, e total de tributos distribuídos na DVA, ambas padronizadas pelo ativo. Visando obter resultados robustos, a amostra foi estratificada em função da agressividade histórica das firmas quanto ao planejamento tributário. Os resultados mostram que existe uma relação negativa entre planejamento tributário e valor da firma no estrato das firmas mais agressivas...

Drivers of firm performance: a holistic and multivariate panel data approach

Ipinnaiye, Olubunmi Alice
Fonte: University of Limerick Publicador: University of Limerick
Tipo: info:eu-repo/semantics/doctoralThesis; all_ul_research; ul_published_reviewed; ul_theses_dissertations
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peer-reviewed; Firm performance is important for a number of reasons related to job creation, firm survival, innovation, competiveness and overall economic performance; motivating a large body of research on its determining factors. It is essential to consider the macroeconomic environment in any firm performance analysis, as this determines the strategies employed by firms, as well as subsequent performance. Despite the imperative of such research, a lacuna exists in the literature. To address this gap, a holistic multivariate model is developed which relates firm performance to firm-level characteristics, firm strategy and key elements of the macroeconomic environment. This thesis, therefore, investigates the determinants of firm- level performance using descriptive analysis and System Generalised Method of Moments (SYS-GMM) regression models to analyse panel datasets from the Irish Census of Industrial Production and Annual Services Inquiry for 2,200 firms covering the manufacturing and services industries in Ireland over the period 1991-2007. This provides insights on the performance of firms during an export-led growth phase (1991-2000) and a credit-led domestic demand-driven growth phase (2001-2007) in the Irish economy. Results show that the performance of firms is strongly influenced by changes in the macroeconomic environment...

Measuring True Sales and Underreporting with Matched Firm-Level Survey and Tax-Office Data

Zhou, Fujin; Oostendorp, Remco
Fonte: Banco Mundial Publicador: Banco Mundial
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This paper uses firm-level survey data matched with official tax records to estimate the unobserved true sales of formal firms in Mongolia. Taking into account firm-level incentives to comply with taxes and a production function technology linking unobserved true sales with observable firm-level production characteristics, the authors derive a multiple-indicators, multiple-causes model predicting unobserved true sales. Comparing predicted true sales with sales reported to the tax office, the analysis finds that 38.6 percent of firm-level sales are underreported. It also finds evidence that firm-level survey data suffer from significant underreporting. Finally, the paper compares this approach with two alternative approaches to measuring underreporting by firms.

Trade Liberalization, Firm Heterogneity, and Wages : New Evidence from Matched Employer-Employee Data

Krishna, Pravin; Poole, Jennifer P.; Senses, Mine Zeynep
Fonte: Banco Mundial Publicador: Banco Mundial
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In this paper, the authors use a linked employer-employee database from Brazil to examine the impact of trade reform on the wages of workers employed at heterogeneous firms. The analysis of the data at the firm-level confirms earlier findings of a differential positive effect of trade liberalization on the average wages at exporting firms relative to non-exporting firms. However, this analysis of average firm-level wages is incomplete along several dimensions. First, it cannot fully account for the impact of a change in trade barriers on workforce composition especially in terms of unobservable (time-invariant) characteristics of workers (innate ability) and any additional productivity that obtains in the context of employment in the specific firm (match specific ability). Furthermore, the firm-level analysis is undertaken under the assumption that the assignment of workers to firms is random. This ignores the sorting of worker into firms and leads to a bias in estimates of the differential impact of trade on workers at exporting firms relative to non-exporting firms. Using detailed information on worker and firm characteristics to control for compositional effects and using firm-worker match specific effects to account for the endogenous mobility of workers...

Corruption and Productivity : Firm-level Evidence from the BEEPS Survey

De Rosa, Donato; Gooroochurn, Nishaal; Gorg, Holger
Fonte: Banco Mundial Publicador: Banco Mundial
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Using enterprise data for the economies of Central and Eastern Europe and the CIS, this study examines the effects of corruption on productivity. Corruption is narrowly defined as the occurrence of informal payments to government officials to ease the day-to-day operation of firms. The effects of this "bribe tax" on productivity are compared to the consequences of red tape, which may be understood as imposing a "time tax" on firms. When testing effects in the full sample, only the bribe tax appears to have a negative impact on firm-level productivity, while the effect of the time tax is insignificant. At the same time, unlike similar studies using country-level data, firm level analysis allows a direct test of the "efficient grease" hypothesis by investigating whether corruption may increase productivity by helping reduce the time tax on firms. Results provide no evidence of a trade-off between the time and the bribe taxes, implying that bribing does not emerge as a second-best option to achieve higher productivity by helping circumvent cumbersome bureaucratic requirements. When controlling for EU membership the effects of the bribe tax are more harmful in non-EU countries. This suggests that the surrounding environment influences the way in which firm behaviour affects firm performance. In particular...

Creative Destruction and Policy Reforms : Changing Productivity Effects of Firm Turnoverin Moroccan Manufacturing

Hallward-Driemeier, Mary; Thompson, Fraser
Fonte: Banco Mundial Publicador: Banco Mundial
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How important is firm turnover to national productivity growth? The literature points to the contribution of creative destruction being strongest in more developed countries or where market institutions are strongest. This paper looks at the case of Morocco, spanning 16 years, during which reform initiatives aiming to strengthen market forces were introduced. The paper argues that it is important to take into account i) the timing of how decompositions are structured (capturing the effects of high growth among young firms as part of the benefit of increased entry) and ii) the additional indirect impacts of firm dynamics on agglomeration externalities and competition. The paper shows there are striking differences in the productivity paths of entering and exiting firms compared with incumbents, and that restricting the time horizon of productivity decompositions to the actual year of entry or exit underestimates the productivity effects of turnover. Although it has been hypothesized that conducting decompositions over longer horizons would increase the positive contribution of net turnover...

Mind the Neighbors : The Impact of Productivity and Location on Firm Turnover

Hallward-Driemeier, Mary; Thompson, Fraser
Fonte: Banco Mundial Publicador: Banco Mundial
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This paper examines the impact of firm productivity and local industrial structure on firm entry and exit in Morocco between 1985 and 2001. There is strong evidence of productivity exerting a market-cleansing role. Less productive firms are found to be more likely to exit - and locations with more productive firms attract higher rates of new firm entry. The effect of productivity operates not only in an absolute sense; a firm s relative productivity or distance to the local sector frontier matters too. First, large productivity gaps are associated with higher rates of exit, while new firms are attracted to locations with small productivity gaps. Second, local competition increases the probability of exit, although it does not encourage entry. Third, there is evidence of scale or agglomeration effects that increase firm turnover. Fourth, measures of sector diversity are not associated with lower turnover. Fifth, the geographic level at which agglomeration and competition effects are defined matters differently for exit than entry. For exit...

The Microeconomics of Creating Productive Jobs : A Synthesis of Firm-Level Studies in Transition Economies

Brown, J. David; Earle, John S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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The challenge for labor market policy in the transition economies has been to redress the sharp drops in employment and rises in unemployment in a way that fosters the creation of productive jobs. The authors first document the magnitude and productivity of job and worker reallocation. Then they investigate the effects of privatization, product and labor market liberalization, and obstacles to growth in the new private sector on reallocation and its productivity in Hungary, Romania, Russia, and Ukraine. The authors find that market reform has resulted in a large increase in the pace of job reallocation, particularly that occurring between sectors and through firm turnover. Unlike under central planning, the job reallocation during the transition has contributed significantly to aggregate productivity growth. Privatization has not only stimulated intrasectoral job reallocation, but the reallocation is more productive than that among remaining state firms. The effect of privatization on firm productivity varies considerably across countries and is not always positive. The productivity gains from privatization have generally not come at the expense of workers but are rather associated with increased wages and employment.

Ghana : An Analysis of Firm Productivity

Teal, Francis; Habyarimana, James; Thiam, Papa; Turner, Ginger
Fonte: World, Washington, DC Publicador: World, Washington, DC
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The focus of this study is an analysis of firm productivity in Ghana, based on panel of firms surveyed between 1996 and 2002, as well as other information. The analysis focuses on identifying the drivers of productivity and the factors behind the increasing in formalization and the lack of expansion of firms in the Ghanaian private sector. Based on this analysis, the objective is to identify key hypotheses about the investment climate, to be tested in the forthcoming investment climate assessment for Ghana. This hypothesis testing will lead to the identification of priority areas of the investment climate that need to be reformed in order to achieve a higher rate of growth in the private sector and the economy as a whole. It will be argued in this study that more rapid increases in income require an increase both in the rate of investment and, of equal importance, in the returns on that investment. A key element in meeting both those objectives is a shift to private sector investment in export-oriented activities. As recent data for Ghanaian growth shows the growth rate of aggregate investment has been far higher than that for consumption or exports.

Exporter Dynamics, Firm Size and Growth, and Partial Year Effects

Bernard, Andrew B.; Massari, Renzo; Reyes, Jose-Daniel; Taglioni, Daria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Two otherwise identical firms that enter the same market in different months, one in January and one in December, will report dramatically different annual sales for the first calendar year of operations. This partial year effect in annual data leads to downward biased observations of the level of activity upon entry and upward biased growth rates between the year of entry and the following year. This paper examines the implications of partial year effects using Peruvian export data. The partial year bias is very large: the average level of first-year exports of new exporters is understated by 65 percent and the average growth rate between the first and second year of exporting is overstated by 112 percentage points. This paper re-examines a number of stylized facts about firm size and growth that have motivated rapidly expanding theoretical and empirical literatures on firm export dynamics. Correcting the partial year effect eliminates unusually high growth rates in the first year of exporting, raises initial export levels...

What Drives the Volatility of Firm Level Productivity in China?

Luo, Xubei; Zhu, Nong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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The enterprise reforms of the 1990s profoundly changed the structure of the economy in China. With the deepening of market economy, the share of the state-owned and collective enterprises declined. Expansion and contraction, as well as establishment and closure, of firms became a common phenomenon. The level and volatility of firm productivity have become increasingly important aspects of the micro performance of the economy. This paper uses a firm-level data set collected annually by the National Bureau of Statistics of China in 1998-2007 to examine the role of different firm characteristics in productivity volatility. The paper measures productivity volatility at the firm level as the standard deviation of the annual growth rate of productivity. The main objectives are twofold: first, it examines the variation of productivity volatility across firms of different characteristics and their evolution over time; second, it investigates the sources of productivity volatility at the firm level in China. The results suggest that in general...

Three Essays on Self-Employment Transitions, Organizational Capital, and Firm Formation

Deli, Fatma
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
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This dissertation explores how economic, organizational, and personal factors affect self-employment transitions, occupational decisions, and firm formation activities of individuals at different positions in the skill distribution. The first essay of my dissertation studies how local unemployment rates differentially affect entry into self-employment by individuals at different places in the skill distribution. The empirical results show a positive correlation between local unemployment rates and entry into self-employment for low-ability workers, but not for high-ability workers. Including employer size to eliminate possible distortions showed that the positive association between unemployment and self-employment among low-ability workers is in fact driven by the small firm effect. Controlling for firm size yields a negative association between unemployment and self-employment among high-ability workers. Effects of organizational capital, human capital and physical capital, on the firm formation activities of people at distinct skill levels depend on the type of the industry which is chosen for the new firm. Two types of industries, capital-intensive and ability-intensive, are utilized to explore this hypothesis in the second essay. A capital-intensive industry requires more physical investment...

Why do emitters trade carbon permits? : firm-level evidence from the European Emission Trading Scheme

ZAKLAN, Aleksandar
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
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The creation of the EU’s Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit trade. However, a combination of internal abatement, free permit allocation and flexibility to shift the use of their allocation across time creates opportunities to achieve compliance with the EU ETS without entering the permit trade. This paper aims to identify firm-level determinants of participation in and the extent of the permit trade while recognizing the possibility of zero trade flows leading to selection bias if unaccounted-for. We construct a firm-level dataset incorporating transaction-level information from both EU ETS operator and person holding accounts, thus representing the entire system-wide permit trade by CO2 emitters. We cover the supply and demand sides of the permit trade, both inter-firm and intra-firm, and account for a wide set of firm-level characteristics using firms’ balance sheet information. A detailed descriptive analysis documents salient features of the firm-level permit trade. We then jointly model firms’ participation and amount decisions while allowing for possible self-selection into trading. Our results suggest that participation in the permit trade is driven by a combination of firm-specific factors existing independently of the EU ETS...

Is there a firm-size effect in CEO stock option grants?

Rosser, B.; Canil, J.
Fonte: Virtus Interpress Publicador: Virtus Interpress
Tipo: Artigo de Revista Científica
Publicado em //2008 Português
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Schaefer (1998) and Baker and Hall (2004) posit a firm size effect for regular executive compensation but not specifically for executive stock option grants. They propose an inverse relation between pay-performance sensitivity and firm size along with a positive relation between the marginal productivity of executive effort and firm size. The product of pay-performance sensitivity and executive productivity is 'incentive strength'. They find a weakly positive association between incentive strength and firm size. We substitute Hall and Murphy's (2002) pay-performance sensitivity metric to detect a firm size effect in CEO stock option grants. After adjusting for small-firm risk aversion and private diversification 'clienteles', we document evidence of a residual small-firm effect impacting on incentive strength principally through grant size. Given lower small-firm deltas, grant size appears to have been increased by compensation committees to ensure small-firm CEOs are not under-compensated relative to their large-firm counterparts. We also find that firm complexity influences pay-performance sensitivity as well, but not labor productivity (proxying for CEO productivity). No evidence is found that firm smallness and complexity impact on labor productivity. However...

Stylized Facts on Productivity Growth : Evidence from Firm-level Data in Croatia

Iootty, Mariana; Correa, Paulo; Radas, Sonja; Skrinjaric, Bruno
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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Drawing on a representative sample of firms, this paper presents some microeconomic evidence on the productivity growth process in Croatia since the onset of recession (2008-12). Four types of results are highlighted. First, there is a persistent (and increasing) heterogeneity in the performance of Croatian firms along outcome measures. Second, Croatia lags behind regional peers in entrepreneurship measures, which suggests a comparatively lower economic dynamism. Third, the lack of dynamism displayed by the Croatian economy is confirmed when looking at the firm entry and exit process: the analytical results point to reduced firm dynamism compared with Croatia's peers in Europe and Central Asia. Fourth, the contribution of net entry to overall productivity growth in Croatia is surprisingly negative. This is contrary to what would be expected based on the literature and suggests that the process of "destructive creation" in Croatia has not been efficient, as the market might be eliminating firms that are potentially productive. Policies that foster market contestability should be pursued...

Ladies First? Firm-level Evidence on the Labor Impacts of the East Asian Crisis

Hallward-Driemeier, Mary; Rijkers, Bob; Waxman, Andrew
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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In a crisis, do employers place the burden of adjustment disproportionately on female employees? Relying on household and labor force data, existing studies of the distributional impact of crises have not been able to address this question. This paper uses Indonesia's census of manufacturing firms to analyze employer responses and to identify mechanisms by which gender differences in impact may arise, notably differential treatment of men and women within firms as well as gender sorting across firms that varied in their exposure to the crisis. On average, women experienced higher job losses than their male colleagues within the same firm. However, the aggregate adverse effect of such differential treatment was more than offset by women being disproportionately employed in firms hit relatively less hard by the crisis. The 0 hypothesis that there were no gender differences in wage adjustment is not rejected. Analyzing how employer characteristics impact labor market adjustment patterns contributes to the understanding of who is vulnerable in volatile times.

Determinants of Job Creation in Eleven New EU Member States : Evidence from Firm Level Data

Oberhofer, Harald; Vincelette, Gallina A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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This paper builds on the analysis of job creation developed in World Bank (2013) to provide an empirical investigation of the industry and firm-specific determinants of the job creation process in eleven new European Union (EU11) economies. It relies on the Amadeus dataset of firms during 2002-2009. The main results indicate that during the years prior to the global financial crisis, traditional industries were crucial for the net creation of jobs in EU11. However, traditional industries were the ones most severely affected by the financial crisis. By contrast, services firms were less vulnerable to the economic downturn. At the firm level, small and young firms registered the highest employment growth rates. The empirical results also indicate that more productive firms tended to be less vulnerable to economic downturns. Moreover, the results demonstrate that the perceived quality of the business climate by the EU11 enterprises is correlated with not only the firms' employment growth, but also their productivity. In the post-crisis period...

Drivers of Firm-Level Productivity in Russia's Manufacturing Sector

Bogetić, Željko; Olusi, Olasupo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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This note presents the results of an empirical analysis of firm-level productivity growth in Russia's manufacturing sector during the period 2003-08 using a rich Amadeus database as well as the recent EBRD/World Bank Business Enterprise and Performance surveys (BEEPs). The results show that productivity grew steadily between 2003 and 2008, with an annual growth rate averaging 4 percent over the period, showing no signs of a slowdown from the previous period after the 1998 crisis. Firm characteristics such as size, location, age, and the structure of firm ownership are important determinants of productivity, as evidenced by positive effects of scale economies (large firm effect), agglomeration (Moscow-city effect), private ownership, and a firm's industry dominance. Supplemental analysis of the quality of infrastructure -- water, electricity, transport, and the internet -- using BEEPS data show that infrastructure quality gaps reduce firm productivity with water supply gaps having the largest impact.

FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL; FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL; TAMANHO DA EMPRESA IMPORTA PARA RESTRIÇÕES FINANCEIRA: EVIDÊNCIAS DO BRASIL

Crisóstomo, Vicente Lima; Universidade Federal do Ceará; López Iturriaga, Félix Javier; Universidad de Valladolid; Vallelado, Eleuterio; Universidad de Valladolid
Fonte: Universidade Federal Fluminense - LATEC Publicador: Universidade Federal Fluminense - LATEC
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; Pesquisa Empírica de Campo Formato: application/pdf
Publicado em 15/11/2012 Português
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The purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be, effectively, an important determinant of it. Investment of smaller firms is more sensitive to cash flow than that of larger ones. At the firm level, our findings suggest the need for further developments on information disclosure as a way to mitigate asymmetric information problem. At the policy level, additional advance in the institutional environment might also be important for minimizing financial constraints for Brazilian firms.; The purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be...