scholarly journals Home Values and Firm Behavior

2020 ◽  
Vol 110 (7) ◽  
pp. 2225-2270 ◽  
Author(s):  
Saleem Bahaj ◽  
Angus Foulis ◽  
Gabor Pinter
Keyword(s):  
Firm Behavior ◽  
Investment Demand ◽  
Aggregate Investment ◽  
Home Values ◽  
Firm Owners

The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a £1 increase in the value of the homes of a firm’s directors increases the firm’s investment by £0.03. This effect is concentrated among firms whose directors’ homes are valuable relative to the firm’s assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors’ homes are as important as corporate property for collateral driven fluctuations in aggregate investment demand. (JEL D22, D25, E22, G31, G34, R31)

scholarly journals Managerial Style and Attention

2021 ◽  
Vol 13 (3) ◽  
pp. 372-403
Author(s):  
Wouter Dessein ◽  
Tano Santos
Keyword(s):  
Fixed Effects ◽  
Cognitive Theory ◽  
Firm Behavior ◽  
Complex Environments ◽  
Managerial Style ◽  
Managerial Attention ◽  
Firm Owners

Is firm behavior mainly driven by its environment or rather by the characteristics of its managers? We develop a cognitive theory of manager fixed effects, where the allocation of managerial attention determines firm behavior. We show that in complex environments, the endogenous allocation of attention exacerbates manager fixed effects. Small differences in managerial expertise then may result in dramatically different firm behavior, as managers devote scarce attention in a way that amplifies initial differences. In contrast, in less complex environments, the endogenous allocation of attention mitigates manager fixed effects. Firm owners prefer “managers with style” only in complex environments. (JEL D21, D23, G34, M10, M31, M54)

Growing Russian Economy against Growing External Tension

2012 ◽  
pp. 4-32
Author(s):  
I. Borisova ◽  
B. Zamaraev ◽  
A. Kiyutsevskaya ◽  
A. Nazarova ◽  
E. Sukhanov
Keyword(s):  
Economic Growth ◽  
Stock Markets ◽  
Negative Effects ◽  
Russian Economy ◽  
Investment Demand ◽  
The World

Conditions and features of the Russian economy development in 2011 are considered in the article. Having caused unprecedented outflow of the capital abroad, rising tension and turbulence on the world financial and stock markets have not broken off recovery of the Russian economy. Crisis recession was overcome. Record-breaking low inflation, rapid credit restoration and active government adjustment neutralized negative effects of the external tension and supported economic growth, having encouraged consumer and investment demand.

The Importance of Knowledge Transfer to Industry

2016 ◽  
Vol 4 (1) ◽  
pp. 1-6
Author(s):  
Emília Madudová ◽  
Keyword(s):  
Literature Review ◽  
Competitive Advantage ◽  
Divergent Thinking ◽  
Business Environment ◽  
Point Of View ◽  
Creative Industry ◽  
Specific Knowledge ◽  
Creative People ◽  
Industry Needs ◽  
Firm Owners

The paper examines the specific knowledge universities transfer to industry, reflecting to creative industry needs. As results shows, the most asked alumni competences should be tacit knowledge and divergent thinking. Divergent thinking influence the creativity. Creativity is often defined as the ability to develop new and useful ideas, but in deep literature review, we can see few irregularities and different definitions of creativity. The paper also evaluates the importance of creativity from business environment point of view and from the creative industry perspective and creative firm owners. As point of view. Another key finding is, that to educate creative people will be one of the key competitive advantage, because mainly the ability to create and disseminate knowledge is often at the heart of the organization's competitive advantage not only in creative industry, but in transport industry as well.

Delegating Disclosure and Production Choices

2014 ◽  
Vol 90 (3) ◽  
pp. 835-857 ◽  
Author(s):  
Mark Bagnoli ◽  
Susan G. Watts
Keyword(s):  
Product Differentiation ◽  
Voluntary Disclosure ◽  
Information Environment ◽  
Firm Characteristics ◽  
Ex Ante ◽  
Firm Owners

ABSTRACT We study how joint delegation of production and disclosure choices alters the incentives that firm owners offer to their managers. Our first set of results shows how the incentive weights that owners place on revenues are affected by firm characteristics and by whether their manager chooses ex ante voluntary disclosure. This arises because the owners choose how sensitive the manager's compensation is to her production choice and, because this sensitivity is naturally greater if the manager opts to disclose, owners substitute disclosure for direct contractual incentives. Owners also substitute a rival firm's disclosures for direct incentives. Finally, we show that joint delegation alters the information environment for competing firms by creating incentives to provide more information about the less aggressive competitor and less information about the more aggressive competitor. All of these effects are exacerbated in industries with less product differentiation.

scholarly journals Who Really Benefits from Consumption Tax Cuts? Evidence from a Large VAT Reform in France

2019 ◽  
Vol 11 (1) ◽  
pp. 38-63 ◽  
Author(s):  
Youssef Benzarti ◽  
Dorian Carloni
Keyword(s):  
Value Added ◽  
Consumption Tax ◽  
Difference In Differences ◽  
Firm Level ◽  
Employment Effects ◽  
Level Data ◽  
Price Effects ◽  
Firm Level Data ◽  
Material Goods ◽  
Firm Owners

This paper evaluates the incidence of a large cut in value-added taxes (VATs) for French sit-down restaurants in 2009. In contrast to previous studies, which only focus on the price effects of VAT reforms, we estimate the effects of the VAT cut on four groups: workers, firm owners, consumers, and suppliers of material goods. Using a difference-in-differences strategy on firm-level data, we find that: firm owners pocketed more than 55 percent of the VAT cut; consumers, sellers of material goods, and employees shared the remaining windfall with consumers benefiting the least; and the employment effects were limited. (JEL H22, H25, L83)

scholarly journals The role of dyadic interactions between CEOs, chairs and owners in family firm governance

2021 ◽  
Author(s):  
Hanna Maria Sievinen ◽  
Tuuli Ikäheimonen ◽  
Timo Pihkala
Keyword(s):  
Decision Making ◽  
Cognitive Conflict ◽  
Family Firm ◽  
Dyadic Interaction ◽  
Dyadic Interactions ◽  
Board Processes ◽  
Governance Process ◽  
Back Stage ◽  
Firm Owners

AbstractThe objective of this case-based study is to understand how the dyadic interaction between the key governance actors can influence the decision-making aimed at directing and controlling a family firm. The study provides evidence that dyadic interaction at the back stage of the formal governance process can offer a privileged position for the family firm owners who serve on the board, and the non-family member Chair of the Board, to influence decision-making before, after and between board meetings. The cases studied suggest that dyadic interactions can serve as preparation for formal board processes and complement and clarify them, yet they also have the potential to conflict with them. Dyadic interaction is also shown to offer important relational and emotional benefits that may not necessarily be achieved through larger group interaction. The findings suggest that although the actors can self-regulate their behaviour through informal rules, the rules may imperfectly address one risk of dyadic interaction—the reduced cognitive conflict among the board.

scholarly journals Mandatory CSR and sustainability reporting: economic analysis and literature review

2021 ◽  
Author(s):  
Hans B. Christensen ◽  
Luzi Hail ◽  
Christian Leuz
Keyword(s):  
Firm Behavior ◽  
Sustainability Reporting ◽  
Economic Effects ◽  
Economic Consequences ◽  
Future Research ◽  
Current Debate ◽  
Reporting Standards ◽  
Csr Reporting ◽  
Key Features ◽  
Corporate Social

AbstractThis study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other than investors, and on firm behavior. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. It also points scholars to avenues for future research.

Land Erosion and Coastal Home Values

2015 ◽  
Vol 37 (4) ◽  
pp. 499-536 ◽  
Author(s):  
Scott Below ◽  
Eli Beracha ◽  
Hilla Skiba
Keyword(s):  
Home Values
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