THE EMPIRICS OF THE MUNICIPAL FISCAL ADJUSTMENT

We summarize the literature that uses the vector error-correction model approach to analyze the dynamics of the municipal fiscal adjustment. The international comparison between samples collected from entire countries and specific regions reveals interesting similarities, but also remarkable differences. The main similarities are the fulfillment of the intertemporal budget constraint, the volatility of the budgetary components, and the importance of the intergovernmental transfers as an adjustment instrument. The most remarkable difference is the preponderant role of the own revenues in the USA, probably reflecting the larger fiscal autonomy of US municipalities. In most cases, the large municipalities seem to be more dependent on grants than their small counterparts, although this pattern is broken in Japan. Finally, partial evidence supporting the existence of moral hazard problems and the flypaper effect is provided.     

DOES GOVERNMENT SPENDING AFFECT INCOME INEQUALITY? A META-REGRESSION ANALYSIS

In this paper findings of a meta-regression analysis are presented exploring the effects of government spending on income inequality, with a particular focus on low- and middle-income countries. We identify a total of 84 separate studies containing over 900 estimates of the effect of one or more measures of spending on one or more measures of income inequality. The results show some evidence of a moderate negative relationship between government spending and income inequality, which is strongest for social welfare and other social spending, and when using the Gini coefficient or the top income share as the measure of inequality. However, both the size and direction of the estimated relationship between government spending and income inequality is affected by a range of other factors, including the control variables and estimation method used. We also find evidence of publication bias, in that negative estimates of the relationship appear to be under-reported in the literature.     

Leadership styles and corporate social responsibility management: Analysis from a gender perspective

Companies' perceptions of corporate social responsibility (CSR) have been only partially analyzed from an individual perspective that focuses on personal characteristics and professional backgrounds. However, a gap exists in the research on manager leadership styles and CSR perceptions from a gender perspective. Therefore, this article analyzes differences in attitudes toward various dimensions of CSR by focusing on the leadership styles—transformational, dominance, and dual perspectives—of male and female managers in Spain. A total of 391 respondents in top management positions in Spain were surveyed. The findings revealed similarities and differences between genders with respect to leadership styles and CSR perceptions by dimension using a univariate analysis. A causal model that employed structural equation modeling was also estimated. The findings suggest that for transformational and dual leadership styles, Spanish women may be more adaptable and effective at pursuing company sustainability than Spanish men. However, dominance leadership was found to be the worst leadership style for deploying a CSR strategy. A number of conclusions for business management can be drawn, and some directions for future research are provided.     

Child Marriage and Female Educational Attainment: A Complex Relationship

Atlantic Economic Journal -     

Asymptotic results for the Fourier estimator of the integrated quarticity

Decisions in Economics and Finance - In this paper, we prove a central limit theorem for an estimator of the integrated quarticity based on Fourier analysis, strictly related to the one proposed in...     

Environmental Policy in the Nordic Wood Product Industry: Insights Into Firms’ Strategies and Communication

The purpose of our study is to explore how companies operating in the Nordic wood products value chains currently use environmental performance measures in their environmental policy and communication with stakeholders. Apart from the regularly‐used environmental management certificates, the ability of wood material to store carbon and the use of sustainable forest management certificates open up interesting strategic options for firms in the implementation of their environmental policy. The primary was collected through thematic managerial interviews in 2011 from 37 companies in Finland, Sweden and Norway, of varying size, roles in the value chain, conditions for green business practices and exports. Forest certification and environmental management systems were frequently used, but managers did not always perceive them to be useful, particularly for raising environmental awareness at the final consumer level. Nevertheless, the general attitude towards using environmental performance measures was seen as positive. Companies with a business‐to‐business orientation were the most proactive in terms of environmental communication, whereas companies in consumer markets were more reactive. The key stakeholders targeted for environmental communication were value chain partners and the authorities, and only to a lesser degree employees and environmental non‐governmental organisations. The key strategic role of environmental management and communication appeared to be securing the firms against negative environmental claims. The Nordic wood industry could improve their communication if the strategic orientation is shifted from the forest certification to the use of generic eco‐labels, and most of all, to the adoption of quantitative measures like carbon footprints and environmental product declarations. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment.     

Typology of diaspora entrepreneurship: Case studies in Uzbekistan

The characteristics and importance of transnational diasporans as entrepreneurs for the economy and international business of emerging countries have remained underexplored. This paper addresses types of diaspora entrepreneurship (DE) theoretically and empirically in the context of Uzbekistan. Diaspora entrepreneurship is often seen as necessity-driven and less opportunity-driven. So far, emerging Central-Asian countries are considered countries of origin (COOs) of diasporans, but not yet as countries wherein diasporans want to invest and work, that is, countries of residence (CORs). Uzbekistan is also a post-Soviet economy with limited tradition on private entrepreneurship. Thus, the paper asks what makes people become entrepreneurs in emerging countries such as Uzbekistan when they have alternative opportunities in developed countries. It explores key drivers and socio-cultural reasons for the entry and establishment decision and introduces a typology of DE. This multiple case study presents implications and findings on culturally different entrepreneurs who have decided to enter Uzbek business elucidating their motivations and role in transition economies.