Overeducation, wages and promotions within the firm

We analyse data from personnel records of a large firm producing energy and telecommunication and test for the effect of deviations between required and attained education of workers. Required education is measured as hiring standards set by the firm. We find the usual effects of over- and undereducation in a wage regression, thus rejecting the argument that such effects are exclusively due to firm fixed effects. Distinguishing, within the firm, between a sheltered internal labour market and an exposed external labour market, we find that at the internal labour market over- and undereducation significantly affect career development, in particular at younger ages, but that such effects are mostly absent at the firm's external labour market.     

Intra-metropolitan shifts in labor demand and the adjustment of local markets

I offer new evidence on the adjustment of local labor markets to geographic shifts in labor demand within US metropolitan areas using a unique data set in which metropolitan subregions are geographically matched across the 1970–1980 and 1980–1990 decades. The evidence uncovered paints the following picture. Workers, especially those with less education, make incomplete adjustments within metropolitan areas in response to intra-metropolitan demand shifts. Although blacks may not make especially limited adjustments, they have disproportionately suffered deleterious effects from job movements because the demand shifts have tended to be away from their places of residence.     

The impact of equity markets and corporate governance on labour market flexibility

Drawing from various literatures, this article explores links between equity markets and labour market flexibility. Various data sources are used to test relationships for a set of OECD countries, controlling for other likely influences on flexibility such as government and industrial relations institutions. The results are generally supportive as regards employment flexibility: equity market trading activity is associated with shorter job tenure, higher activity rates, and greater employment change over the cycle. However, the relationship between equity markets and pay flexibility is less statistically robust to the addition of controls.     

Vacancy transfers and job restructuring in regional labor markets

Transformation of and adjustments in a regional labor market system are analyzed through a Markov model of job vacancy transfers. Adjustments in response to a labor demand shock are examined for disequilibrium and time characteristics for closed and open labor systems with inmigration absorbing job vacancies. The regional labor market is specified for active employer recruitment of workers which introduces planning and control over labor demand and vacancy dynamics.     

Modeling regional economic dynamics: Spatial dependence,spatial heterogeneity and nonlinearities

Spatial modeling of economic phenomena requires the adoption of complex econometric tools, which allow us to deal with important methodological issues, such as spatial dependence, spatial unobserved heterogeneity and nonlinearities. In this paper we describe some recently developed econometric approaches (i.e. Spatial Autoregressive Semiparametric Geoadditive Models), which address the three issues simultaneously. We also illustrate the relative performance of these methods with an application to the case of house prices in the Lucas County.     

The impact of enterprise systems on process flexibility and organisational flexibility

In light of the current dynamic business environment, companies nowadays need to respond rapidly to changes. Companies often invest heavily in enterprise systems in the hope that these can improve their flexibility in coping with such changes. However, previous studies have shown that the impact of enterprise systems on flexibility can be either positive or negative. To resolve this inconsistency in the existing research, this paper suggests that a company's flexibility should be distinguished between process level and organisational level. Specifically, this paper proposes that enterprise systems will affect process flexibility negatively but affect organisational flexibility positively. The analysis results show that enterprise systems have different effects on process and organisational flexibility. Furthermore, industry clockspeed sets a boundary for the effect on process flexibility but not for that on organisational flexibility. Research and practical implications of this study are discussed.     

Contraction flexibility,operating leverage,and financial leverage

This study investigates the impacts of contraction flexibility and operating leverage on financial leverage from the perspective of the agency conflict between shareholders and debtholders. In a continuous-time real option framework, we demonstrate that shareholders’ contraction flexibility may have an adverse effect on financial leverage, and that the substitution relation between operating leverage and financial leverage is persistent or pronounced in the presence of contraction flexibility. The evidence from Chinese listed firms not only supports our theoretical predictions well, but also offers a method to examine the agency conflict hypothesis. We suggest that the high proportion of bank loans or long-term debt in total liabilities can help levered firms alleviate the agency problem arising from contraction decisions.     

Seniority, external labor markets, and faculty pay

We estimate the returns to seniority (the wage-tenure profile) for university faculty, and the degree to which these returns respond to entry-level salaries (or opportunity wages)—a relationship unexplored in work to date. Using data on faculty at a Big Ten university (ours), we estimate elasticities of senior-faculty salaries with respect to entry-level salaries, and find that these elasticities decline with seniority. The evidence provides an explanation of faculty salary compression and suggests the importance of controlling for entry-level salaries in obtaining estimates of the returns to seniority.     

Financial openness and Chinese regional growth imbalance: New insight from spatial spillovers

This paper uses spatial panel methods and Chinese provincial data from 2003 to 2017 to study the spatial spillovers of financial openness on economic growth. The results show, first, a positive direct effect and an overall negative spatial spillover of financial openness on provincial growth. Second, there are two spatial spillover channels: a positive growth externality and a harmful resource competition among provinces. Third, we estimate the state dependence and dynamics of spatial spillover, and find that the negative spatial spillover is smaller in provinces with high levels of financial openness and in the long term; thus, the negative spatial spillover declined over time. These results are robust to the choice of SDM and GNS spatial econometrics methods and under different spatial weight matrices.     

Institutional barriers in labor markets: Examples, impacts, and policies

This paper examines the institutional biases that impede the competitive functioning of labor markets. Two contexts are considered. The first relates to Moroccan labor migrants in The Netherlands, where institutional bias distorts the competitive functioning of the labor market by downgrading the educational returns to migrant workers and acting as a disincentive for further investment in human capital. The second relates to labor markets in Indonesia and Pakistan. Institutional bias in these two countries leads to an exaggeration of labor returns to certified education, and to over-investment in university education. We argue that such biases are fed by misinformed beliefs and group interests, and stand in the way of achieving higher growth and equity.     

Improving spatial accessibility to regional health systems through facility capacity management

In austerity times, the general interest to reduce costs and improve efficiency levels often resulted into local cuts to public expenditure and profound reorganizations of existing service networks, especially in sectors like healthcare. In Italy, a recent reform prescribed the reconfiguration of time-dependent (i.e. emergency) hospital networks with the aim of improving patients’ accessibility conditions. In order to evaluate the impacts determined by this reorganization, we perform a spatial analysis in which we consider the distance from the closest facility as an accessibility measure. Results obtained from the spatial analysis confirm that users effectively benefit from the reorganization process but also that further improvements are possible, especially for the worst served ones. To this end, we also propose solving a mathematical programming model aiming at redistributing the capacities, i.e. the supply of beds, among the hospitals of the network seeking to maximize users’ accessibility. The realized computational experiments show that averagely better and even more equitable accessibility conditions could be obtained by containing the deriving reorganization costs.     

Job and vacancy competition in empirical matching functions

We investigate job competition among job seekers and vacancy competition among firms extending the job competition model proposed by Anderson and Burgess (Anderson, P.M., Burgess, S.M., 2000. Empirical matching functions: Estimation and interpretation using state level data. Review of Economics and Statistics 82, p. 90–102). Our results for data from West Germany provide evidence for both phenomena, thereby extending and qualifying previous insights.     

论发展我国金融工程的必要性与可行性

已加入WTO的中国要应对竞争获得长足发展,要深化改革开放,需大力发展金融工程。尽管在我国发展金融工程还有多方面的制约,但几十年的改革开放为发展我国的金融工程也创造了一些有利条件。     

A simultaneous model for regional labor supply, incorporating labor force participation, commuting and migration

Simultaneous relations between various components of the regional supply of labor and the situation on the regional labor market are developed. There is a distinction between migration, participation and commuting. Conventional research only devotes attention towards the partial relation between one of these components and the regional labor market situation. However, many decisions people make, involve a simultaneous approach towards participation, commuting and migration. This approach is operationalized at a macro-level by constructing a simultaneous supply model. For the specifications we go back to standard literature. In each of the equations, apart from variables that are specific for the particular function, special attention is given to the interrelation between the three supply variables. An overall simultaneity is described by a fourth endogenous variable: unemployment; this variable is explained by employment, participation, netmigration and netcommuting. A combined time-series/cross-section-analysis is used to estimate the model.

Surprisingly it appears that in comparison with OLS parameter- and t-values of the supply-equations are not affected by the use of simultaneous estimation techniques. Only for the unemployment-equation there are significant changes.     

Environmental dynamism,human resource flexibility,and firm performance: analysis of a multi-level causal model

While strategic HRM scholars have conceptualized HR flexibility as an important source of sustainable superior firm performance in dynamic environments, the process through which HR flexibility creates value for the firm has not been empirically investigated. Based on a study of 98 manufacturing and 103 service firms from a wide array of industries in India, this paper attempts to illuminate the black box of causal linkages between environmental dynamism, flexibility of human assets, and firm level human-, operational-, and financial-outcomes by developing and testing a multi-level causal model. Evidence indicates that HR flexibility mediates the influence of environmental dynamism on firm performance and that irrespective of the nature of the industry and the degree of environmental turbulence, superior firm performance ensues when HR flexibility as actually possessed by the firm matches the environmental demands for such flexibility as perceived by the firm managers. The results also support the notion of HR value chain that postulates that HR system has direct impact on firm-level HR outcomes which are most proximal, and its effects on increasingly more distal operational- and financial-outcomes are mediated by HR outcomes. The findings of the study suggest that HR practices as a system have both direct and indirect (mediated by behavioral flexibility) effects on firm-level HR outcomes. Existence of significant direct effects signifies that HR practices play an important role as a structural mechanism in achieving superior firm performance.     

Gender,careers and flexibility in consultancies in the UK and the USA: a multi-level relational analysis

Management consultants are a core group of knowledge workers, and interest in their work and the organisational environment in which they operate has intensified. However, the role of policies at a national and organisational level in influencing gender regimes in this field of work remains unclear. This paper examines the organisation of careers and flexibility from the perspective of management consultants from the UK and US offices of two case study firms. The findings cast light on the role of macro- and meso-level policies together with the characteristics of the occupation and its client-focus in gendering careers and flexibility. These outcomes point to the need for the structures and policies supporting women and flexible working in these types of firms to be modified accordingly, particularly given that these firms make recommendations to clients nationally and internationally.     

Employee recruitment and job search: Towards a multi-level integration

This study describes an attempt to develop an integrative model of job search and employee recruitment. Inevitably multi-level in nature, the model demonstrates the interplay between organizational-level factors and individual-level factors in influencing the outcomes of employee recruitment and job search activities. According to the model, influenced by job seeker and organizational characteristics, job search and recruitment activities jointly create job awareness, which is the first step in organizational attraction. Next, depending on the job seeker's current job situation, this attraction leads to job pursuit intention and behavior. The model also emphasizes the longitudinal nature of the process by which individuals gain employment. Finally, since each organization's applicant pool consists of job seekers with some common characteristics attracted to the same position, the model proposes that recruitment and job search can be examined by utilizing a multilevel framework.     

City size and urban labor productivity in China: New evidence from spatial city-level panel data analysis

The previous literature has generally found that most Chinese cities were undersized in the 1990s. However, little is known about how urban agglomeration in China has evolved since the country began to experience much faster urbanization and deep marketization after 2000. Based on panel data of 281 cities between 2000 and 2013, our spatial panel data regression results show that the scale impact of city size on urban productivity appears to have an inverted U shape, and its effect will grow when the cities’ industrial structure becomes more dominated by the service sector. There are also significant spatial interactions and spatial heterogeneity of urban agglomeration among Chinese cities. Furthermore, we compute the optimal size for each city and find that most Chinese cities are still undersized in recent years. Based on our findings, we argue that the Chinese government should focus on promoting sufficient growth of medium sized cities in its new urbanization strategy.     

Off-farm labor supply and labor markets in rapidly changing circumstances: Bulgaria during transition

This study examines off-farm labor supply in the rapidly changing conditions of Bulgaria during the 1990s. In doing so, we make use of three different waves of the Bulgarian Integrated Household Survey, each reflecting remarkably different environmental conditions. The results suggest that standard theories of off-farm labor supply provide little guidance in situations characterized by chronic excess supply in the off-farm labor market and/or rapidly changing circumstances. In particular, the results show (1) that off-farm employment throughout the transition was predominantly determined by demand rather than by supply, and (2) that the magnitude and statistical significance of the various determinants are very sensitive to changing environmental conditions. As such, the results can be extremely relevant for both theory and policy for the many countries which may still need to go through privatization and painful restructuring as a result of financial crises and globalization.