Determinants of Capital Structure in Emerging European Economies: Evidence from Slovenian Firms

Although empirical research has shown that some capital structure differences can be explained by modern capital structure theory in mature market economies, the forces behind capital structure decisions in emerging European economies remain a puzzle. We assume that, in these countries, the change in economic system, and therefore corporate governance, has been only gradual; other forces must be at work when firms decide on their capital structures compared to those of mature market economies. After identifying possible relevant factors in Slovenian firms, we show that throughout the period from 1999 to 2006, these factors explained the greatest part of capital structure differences. However, the explanatory power of the proposed factors is changing, which implies changing corporate governance and financial behavior of Slovenian firms during transition.     

Corporate Taxation and Productivity Catch‐Up: Evidence from European Firms

In this paper, we explore whether higher corporate tax rates, because they lower the after‐tax returns to productivity‐enhancing investments, reduce the speed with which small firms converge to the productivity frontier. Using data for 11 European countries, we find evidence that their productivity catch‐up is slower when the statutory corporate tax rates are higher. In contrast, we find that large firms are instead affected by effective marginal rates. Using the reduced‐form model of productivity convergence of Griffith et al . (2009, Journal of Regional Science 49 , 689–720), our results are robust to a host of robustness checks and a natural experiment that exploits the 2001 German tax reforms.     

Bank Lending Standards and Access to Lines of Credit

This paper examines how changes in bank lending standards are related to the availability of bank lines of credit for private and comparable public firms. Overall, we find that access to lines of credit is more contingent on bank lending standards for private than for public firms. The impact of bank lending standards is however asymmetric: while private firms are less likely than public firms to gain access to new lines when credit market conditions are tight, we find no difference between public and private firms in terms of their use or retention of pre‐existing lines. We also find that private firms without lines of credit use more trade credit when bank lending standards are tight, which is suggestive of a supply effect. Overall, the evidence suggests that “credit crunches” are likely to have a disproportionate impact on private firms. However, pre‐existing banking relationships appear to mitigate the impact of these contractions on private firms.     

TOTAL FACTOR PRODUCTIVITY ESTIMATION: A PRACTICAL REVIEW

Abstract This paper aims to provide empirical researchers with an overview of the methodological issues that arise when estimating total factor productivity at the establishment level, as well as of the existing (parametric and semi‐parametric) techniques designed to overcome them. Apart from the well‐known simultaneity and selection bias, attention is given to methodological issues that have emerged more recently and that are related to the use of deflated values of inputs and outputs (as opposed to quantities) in estimating productivity at the firm level, as well as to the endogeneity of product choice. In discussing the estimation procedures applied in the literature, attention is given to recent developments in the field. Using data on single‐product firms active in the Belgian food and beverages sector, the most commonly applied estimators are illustrated, allowing for comparison of the obtained productivity estimates by way of a simple evaluation exercise.     

分类引导——新时期大学生思想引导的重要举措

新时期的大学生有着蓬勃向上的锐气和朝气,是未来社会主义现代化建设的生力军。但在经济体制重大改革的时代、经济背景下,社会生活的各个领域都产生了深刻变革,大学生的人生、道德、价值观也随之发生巨大的变化。大学生群体出现分化,呈现出不同的类型,这就给新时期高校教育工作提出了新的课题,即如何针对不同类型的大学生群体,采取积极措施进行正确的、有针对性的引导,帮助他们树立起正确的世界观、人生观和价值观。     

探析中欧能源合作政策、机制与方式

中欧能源合作始于20世纪80年代初期，1994年中欧能源合作大会的创设和2006年中欧高层能源对话的正式启动，从制度层面上有力地推动了中欧能源合作进程。迄今为止，能源合作成为加强和发展中欧经贸关系发展的重要因素，双方已在政策层面、双边合作、多边渠道等能源交流方面形成了各种有效、长期和战咯性的能源舍作网络化机制。依托这些机制，中欧能源合作从技术咨询、培训、人员交流向技术合作和联合研究方向发展，逐步推动了中欧能源政策对话和能源机构的制度化建设。     

Offshoring and jobs: The myriad channels of influence

Offshoring reallocates jobs inside firms, between firms, and across sectors, affecting the economy-wide unemployment rate. We study these channels in a model with labor market frictions and two sectors—a differentiated-good sector comprising heterogeneous firms that can offshore, and a homogeneous-good sector. A decline in offshoring costs affects intrafirm and intrasectoral reallocation of jobs in the differentiated-good sector through a selection effect, a productivity effect, and a job-relocation effect. The key parameters determining the impact of offshoring on jobs at various margins, as well as on the economy-wide unemployment rate, are the elasticity of substitution between inputs, the elasticity of substitution between varieties of differentiated goods, and the elasticity of demand for differentiated goods as a whole. Changes in search frictions affect unemployment both directly and through their interaction with offshoring.     

The Life Cycle Model as a Framework for Understanding Barriers to SME Growth in Hong Kong

There is limited research on turnaround in the Asian context, particularly from a contextual perspective. This article reports the findings of an exploratory study of turnaround strategies and management at the level of the firm in Malaysia using a case study approach. The contextual impact along dimensions such as different ethnic/cultural background, ownership types and role of government has been examined in seven case studies of Malaysian firms. The findings reveal some differences among the firms, as well as turnaround characteristics similar to those reported in recent literature on East Asian versus western turnaround. These findings are discussed and propositions for future research made.     

Offshoring,wages, and employment: Theory and evidence

This paper investigates the wage and employment effects of offshoring. I use firm-level data and two events in Mexico as a natural experiment to identify the effects of a fall in the marginal cost of offshoring to Mexico. I find that domestic wages actually rise at US firms likely to take advantage of this new offshoring opportunity. At the same time, domestic wages fall at US firms unlikely to take advantage of this opportunity. Furthermore, I find no evidence of greater domestic job loss at the former compared to the latter firms. These findings are consistent with productivity effects from offshoring. To explain the mechanism, I develop a theoretical framework that combines heterogeneous firms with imperfect labor markets and rent-sharing. Firms likely to take advantage of new offshoring opportunities increase their productivity and profitability at the expense of their competitors. Through rent-sharing, this channel leads to higher domestic wages at the former firms relative to the latter. Further, there is no empirical evidence of greater domestic job loss at the firms likely to expand their offshoring compared to their competitors that are unlikely to increase their offshoring.