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  1. Investors' perception of business group membership during an economic crisis
    evidence from the COVID-19 pandemic
    Autor*in: Ducret, Romain
    Erschienen: 2021
    Verlag:  University of Fribourg, Switzerland, Faculty of Economics and Social Sciences, Fribourg

    This paper examines how investors perceive business group membership in Korea during the COVID-19 pandemic. Stock price performance analysis reveals evidence of a time-varying and heterogeneous value of affiliation: investors discount business group... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 263
    Fernleihe:
    keine Fernleihe

     

    This paper examines how investors perceive business group membership in Korea during the COVID-19 pandemic. Stock price performance analysis reveals evidence of a time-varying and heterogeneous value of affiliation: investors discount business group affiliation during a market collapse, but are willing to pay a premium for affiliation during market recovery. Overall, this pattern is more pronounced for financially weak affiliates and large business groups. The results further show that business group membership alleviates investors' concerns regarding financial flexibility, highlighting the role of internal capital markets as a substitute for external finance.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: September 7, 2021
    Schriftenreihe: Working papers SES / Université de Fribourg, Faculté des sciences economiques et sociales ; n. 524 (X.2021)
    Schlagworte: Business groups; financial crisis; COVID-19; internal capital market; Korea
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. How does the position in business group hierarchies affect workers' wages?
    Autor*in: Egger, Hartmut; Jahn, Elke J.; Kornitzky, Stefan
    Erschienen: December 2021
    Verlag:  BGPE, Bavarian Graduate Program in Economics, Erlangen-Nuremberg

    We merge firm-level data on ownership linkages with administrative data on German workers to analyze how the position in a business group hierarchy affects workers' wages. To acknowledge that ownership linkages are not onedirectional, we propose an... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 400
    Fernleihe:
    keine Fernleihe

     

    We merge firm-level data on ownership linkages with administrative data on German workers to analyze how the position in a business group hierarchy affects workers' wages. To acknowledge that ownership linkages are not onedirectional, we propose an index of hierarchical distance to the ultimate owner that accounts for the complex network structure of business groups. After controlling for unobserved heterogeneity, we find a positive effect of larger hierarchical distance to the ultimate owner of a business group on workers' wages. To explain this finding, we develop a monitoring-based theory of business groups. Our model predicts higher wages to prevent shirking by workers if a larger hierarchical distance to the ultimate owner is associated with lower monitoring efficiency.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/272341
    Schriftenreihe: BGPE discussion paper ; no. 213
    Schlagworte: Business groups; ownership networks; workers wages; differencein-difference; hierarchical distance
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Gender differences in investments and risk preferences
    Autor*in: Holden, Stein Terje; Tilahun, Mesfin
    Erschienen: [2022]
    Verlag:  Norwegian University of Life Sciences, Centre for Land Tenure Studies, [Ås, Norway]

    We analyze individual investment behavior among 822 young men and women that are members of 111 formal business groups in northern Ethiopia. We collected baseline data and investment data one year later combined with incentivized field experiments to... mehr

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    DS 771
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    We analyze individual investment behavior among 822 young men and women that are members of 111 formal business groups in northern Ethiopia. We collected baseline data and investment data one year later combined with incentivized field experiments to obtain dis-aggregated risk preference data. We find that business women on average invest significantly less at individual level than business men but Cohen’s d values for the gender difference are moderate in size. Women are found to have higher Constant Relative Risk Aversion coefficients, to be more loss averse, but also to be more optimistic in their expectations than men. Women were also poorer in non-land assets, came from more land-poor parents and had lower incomes. The gender differences in risk attitudes and baseline endowments could explain some of but not all of the gender differences in investments.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788274902992
    Weitere Identifier:
    hdl: 10419/262024
    Schriftenreihe: Centre for Land Tenure Studies working paper ; 22, 02
    Schlagworte: Gender difference; Individual investment; Risk preferences; Prospect theory; Cohen's d; Business groups; Northern Ethiopia
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  4. Does the position in business group hierarchies affect workers' wages?
    Autor*in: Egger, Hartmut; Jahn, Elke J.; Kornitzky, Stefan
    Erschienen: February 16, 2021
    Verlag:  Verein für Socialpolitik, [Köln]

    We merge firm-level data on ownership linkages with administrative data on German workers to analyze how the position in a business group hierarchy affects workers' wages. To acknowledge that ownership linkages are not onedirectional, we propose an... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DSM 13
    Fernleihe:
    keine Fernleihe

     

    We merge firm-level data on ownership linkages with administrative data on German workers to analyze how the position in a business group hierarchy affects workers' wages. To acknowledge that ownership linkages are not onedirectional, we propose an index to measure hierarchical distance to the ultimate owner. After controlling for unobserved heterogeneity and selection into the business group hierarchy, we find a positive effect of larger hierarchical distance to the ultimate owner of a business group on workers' wages. This result is in line with a monitoring-based theory of business group hierarchies, in which larger hierarchical distance to the ultimate owner is associated with lower monitoring efficiency and thus higher wage payments to incentivize workers

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/242374
    Schriftenreihe: Jahrestagung 2021 / Verein für Socialpolitik ; 73
    Schlagworte: Business groups; ownership networks; workers wages; differencein-difference; hierarchical distance
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  5. Business group heterogeneity and firm outcomes
    evidence from Korean chaebols
    Autor*in: Ducret, Romain; Isakov, Dušan
    Erschienen: [2023]
    Verlag:  University of Fribourg, Switzerland, Faculty of Management, Economics and Social Sciences, Fribourg

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 263
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: March 29, 2023
    Schriftenreihe: Working papers SES / Université de Fribourg, Faculté des sciences économiques et sociales et du management ; n. 531 (III. 2023)
    Schlagworte: Business groups; performance; corporate policies; financing policies; investment; Korea
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  6. Ownership networks and earnings inequality
    Autor*in: Huneeus, Federico; Larrain, Borja; Larraín, Mauricio; Prem, Mounu
    Erschienen: May 2022
    Verlag:  Inter-American Development Bank, Department of Research and Chief Economist, [Washington, DC]

    We use matched employer-employee data together with data on the ownership networks of Chilean firms to document a novel relationship between inequality in labor income and ownership structures. Exploiting transitions of firms in and out of networks,... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 144
    Fernleihe:
    keine Fernleihe

     

    We use matched employer-employee data together with data on the ownership networks of Chilean firms to document a novel relationship between inequality in labor income and ownership structures. Exploiting transitions of firms in and out of networks, we show that network affiliation is associated with higher inequality along two dimensions. First, network firms pay higher average wages than standalone firms, increasing between-firm inequality. Second, the dispersion of wages within a network firm is higher than within a stand-alone firm, increasing withinfirm inequality. The effects are driven by increases in the wages of top workers, and by the entry of new top workers. Our findings shed light on the relationship between ownership structures and the distribution of labor income in the economy.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/290050
    Schriftenreihe: IDB working paper series ; no IDB-WP-1340
    Schlagworte: Earnings premium; Earnings inequality; Business groups; Ownership
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen