nep-cse New Economics Papers
on Economics of Strategic Management
Issue of 2007‒03‒10
twenty-one papers chosen by
Joao Jose de Matos Ferreira
University of the Beira Interior

  1. The Regional Sales of Multinationals in the World Cosmetics Industry By Chang Hoon Oh; Alan M. Rugman
  3. Regional Multinationals and the Korean Comestics Industry By Chang Hoon Oh; Alan M. Rugman
  4. International Success of British Companies By George S. Yip; Alan M. Rugman; Alina Kudina
  5. Firm innovation in emerging markets : the roles of governance and finance By Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
  6. Migrants, Ethnicity and Strategic Assimilation By Gil S. Epstein; Ira N Gang
  7. Strategic Quality Competition and the Porter Hypothesis. By Francisco J. André; Paula González; Nicolás Porteiro
  8. Intra-regional Sales, Product Diversity, and Performance in Merchandising Multinationals By Nessara Sukpanich; Alan M. Rugman
  9. Ascending Auction: Uniqueness and Robustness to Strategic Uncertainty By Dirk Bergemann; Stephen Morris
  10. Global Value Chains and Technological Capabilities: A Framework to Study Industrial Innovation in Developing Countries. By Andrea Morrison; Carlo Pietrobelli; Roberta Rabellotti
  11. The Regional Focus of Asian Multinational Enterprises By Simon Collinson; Alan M. Rugman
  12. Firm-Specific Advantages Intra-Regional Sales and Performance of Multinational Enterprises By Alan M. Rugman; Nessara Sukpanich
  13. Innovation and skill upgrading: The role of external vs internal labour markets. By Luc Behaghel; Eve Caroli; Emmanuelle Walkowiak
  14. Globalisation of production and innovation: how outsourcing is reshaping an advanced manufacturing area. By Lucia Cusmano; Maria Luisa Mancusi; Andrea Morrison
  15. Entrepreneurial Structure of the Mercantile Company in Pre-industrial Catalonia By Lídia Torra
  16. Innovation policy in the European Union: instruments and objectives By Rossi, Federica
  17. Biotechnology as a Competitive Edge for the Finnish Forest Cluster By Terhi Hakala; Olli Haltia; Raine Hermans; Martti Kulvik; Hanna Nikinmaa; Albert Porcar-Castell; Tiina Pursula
  18. Strategic Merger Waves: A Theory of Musical Chairs By Toxvaerd, Flavio
  19. Entrepreneurship, State Economic Development Policy, and the Entrepreneurial University By David Audretsch; Ronnie J. Phillips
  20. Strategic Complementarities and Search Market Equilibrium By Michael T. Rauh
  21. Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis By David Jamieson Bolder; Tiago Rubin

  1. By: Chang Hoon Oh (Department of Business Economics and Public Policy, Indiana University Kelley School of Business); Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
    Abstract: This paper analyzes the regional characteristics and strategies of multinational enterprises (MNEs) in the world cosmetics and toiletries industry, based on the new work by Rugman on regional strategy. We test the proposition that MNEs may asymmetrically develop their upstream and downstream firm specific advantages (FSAs). We find that the upstream activities of the MNEs in cosmetics are home region based but that downstream activities are less so. Further, the asymmetry of FSAs in the world cosmetics industry is mainly due to the atypical Asian entry strategies of North American and West European cosmetics MNEs. Two case studies confirm how variations in FSAs can affect regional strategy.
    Keywords: regionalism, regional strategy, cosmetics industry, firm specific advantage, Avon, Gucci
    Date: 2006
  2. By: Marge Seppo
    Abstract: The awareness of business networks and skilled use of resources available through them make it possible to accelerate the process of internationalization and also increase the success from movement into a foreign market. The role of business networks in the internationalization of the firms is analyzed in this working paper on the example of Estonian small and medium-sized chemical industry enterprises. For studying the role of business networks in the internationalization of Estonian chemical industry enterprises seven Estonian chemical firms will be monitored using case study method. Research shows that business networks have an important role in the internationalization of Estonian small and medium-sized chemical firms. The main positive impact from a business network to a firm entering a foreign market is the provision of support and information about the target market. The negative impact comes from firms on a dominating position in a business network (mainly competitors and holding companies), who constrain firm’s internationalization.
    Date: 2007
  3. By: Chang Hoon Oh (Department of Business Economics and Public Policy, Indiana University Kelley School of Business); Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
    Abstract: This paper analyzes the market penetration and expansion strategy of cosmetics and toiletries multinational enterprises (MNEs) in South Korea from the perspective of regional strategy as developed recently by Rugman. We find that MNEs have different market entry and expansion strategies in the home region and in the foreign region. Home region MNEs (Japanese MNEs in this case), in general, utilize their firm-specific advantages (FSAs) better than foreign region MNEs (European and MNEs from the Americas in this case). Due to differences in transaction costs, home region MNEs exploit downstream FSAs while foreign region MNEs develop upstream FSAs. Market similarity also leads to a greater incentive to operate in the home region rather than in foreign regions. The home region effect significantly increases the likelihood of entry into foreign markets as the host country’s “diamond” significantly affects the market entry strategies of MNEs.
    Keywords: regional strategy, market penetration, cosmetics industry, double diamond, South Korea
    Date: 2007
  4. By: George S. Yip (London Business School); Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business); Alina Kudina (University College London)
    Abstract: This paper examines the international success of British companies in a matrix combining global market share and international revenues. We identify those industry segments in which British companies are most successful internationally, and also investigate whether these are attractive industries in terms of profitability and growth. We find that the industries with the largest global market shares for British companies are Mining, Casinos (and Gaming), Oil Companies (Major), Distillers & Brewers, and Water Utilities. Four of the top ten might be considered to be “sin” industries. The industries with the highest international revenues are Precious Metals, Pharmaceuticals, Industrial (Diversified), Oil Companies (Secondary), and Mining. We also find that virtually all of the largest British firms average over a 10% global market share, in the “British Winners” segment of our matrix. However, we find the second measure, the extent of internationalization, to be ambiguous. The manufacturing (product-based) firms tried to be highly internationalized, as they compete globally, but the largest British services firms (financials, retailers) tend to have low internationalization, and therefore appear to benefit from a still somewhat regulated home market. In addition, British companies have done a good job of building up global market shares in higher growth industries. We provide recommendations for managers as to how British companies with different combinations of global market share and extent of internationalisation can improve their positions. Our methodology can also be applied to analyzing companies from other nations.
    Date: 2006
  5. By: Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
    Abstract: The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks.
    Keywords: Education for Development (superceded),Microfinance,Small Scale Enterprise,Investment and Investment Climate,Innovation
    Date: 2007–03–01
  6. By: Gil S. Epstein (Bar-Ilan University); Ira N Gang (Rutgers University)
    Abstract: Ethnic networks are a way of overcoming informal barriers to trade such as information costs, risk, and uncertainty by building trust and by substituting for the difficulty of enforcing contracts internationally. We study networks which emerge from the interaction (i) between migrants and natives in the host country and (ii) between migrants and natives in their home country. The degree of assimilation and the strength of the networks do not “just happen”, but are the outcomes of strategic choices of subsets of the migrant population.
    Keywords: Assimilation, migration, ethnic networks, contracts
    JEL: D74 F23 I20
    Date: 2006–12–01
  7. By: Francisco J. André (Department of Economics, Universidad Pablo de Olavide); Paula González (Department of Economics, Universidad Pablo de Olavide); Nicolás Porteiro (Department of Economics, Universidad Pablo de Olavide)
    Abstract: In this paper we provide a theoretical foundation for the Porter hypothesis in a context of quality competition. We use a duopoly model of vertical product differentiation where firms simultaneously choose the environmental quality of the good they produce (which can be either high or low) and, afterwards, engage in price competition. In this simple setting, we show that a Nash equilibrium of the game with low quality could be Pareto dominated by another strategy profile in which both firms produce the high environmental quality good. We then show how, in this case, the introduction of a penalty to any firm that produces the low environmental quality can result in an increase in both firms' profits. The impact of the policy on consumers depends on the effect of a quality shift on the cost structure of firms.
    Keywords: environmental quality, vertical differentiation, prisoner's dilemma, environmental regulation, Porter hypothesis.
    JEL: L13 L51 Q55 Q58
    Date: 2007–02
  8. By: Nessara Sukpanich (Thammasat University); Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
    Abstract: This study examines the relationships between intra-regional sales, product diversity, and performance of 45 merchandising firms using data from 1997 - 2003. The interaction effects between product diversity and intra-regional sales on performance are explored, using a curvilinear relationship. The analysis integrates three main theories, namely the resource-based view, transaction costs, and organization learning theory. The models measuring a firm’s performance by return on assets (ROA) and return on sales (ROS) show that at high levels of intra-regional sales, small levels of product diversity can generate greater return to a firm but high levels of product diversity may hurt a firm’s performance. Higher levels of intra-regional sales tend to enhance the impact of product diversity on performance. The results are sensitive to the choice of performance measure.
    Keywords: intra-regional sales, multinationality and performance, product diversity, merchandising
    Date: 2007
  9. By: Dirk Bergemann; Stephen Morris
    Date: 2007–03–07
  10. By: Andrea Morrison (Department of Economics and Quantitative Methods, Università del Piemonte Orientale, Italy and CESPRI, Università Bocconi, Italy.); Carlo Pietrobelli (CREI, Università di Roma 3, Italy.); Roberta Rabellotti (Department of Economics and Quantitative Methods, Università del Piemonte Orientale, Italy.)
    Abstract: This paper presents a critical review of the Global Value Chain literature in light of the “Technological Capabilities” approach to innovation in LDCs. Participation in GVC is beneficial for firms in LDCs, which are bound to source technology internationally. However, the issues of learning and technological efforts at the firm-level remain largely uncovered by the GVC literature. We propose a shift in the empirical and theoretical agenda, arguing that research should focus on the endogenous process of technological capability development, on the specific firm-level efforts and on the mechanisms allowing knowledge to flow within and between different global value chains.
    Keywords: global value chains, technological capabilities, learning, innovation, LDCs.
    JEL: F23 L22 O31
    Date: 2007–03
  11. By: Simon Collinson (Warwick Business School, University of Warwick); Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
    Abstract: In recent issues of this journal a debate has raged concerning the appropriate nature of academic research in the Asia Pacific region. In keeping with the expressed desire for both rigor and regional relevance in this research, we wish to demonstrate a strong commonality between the performance of large Asian firms and others from Europe and North America. The large Asian firms mostly operate on an intra-regional basis. It has been assumed that the path to success for Asian firms is globalization, yet we show that the literature supporting this is confined to a handful of unrepresentative case studies.
    Keywords: Asian multinationals, regional strategy, internationalization, bibliometric analysis, firm-specific advantages
    Date: 2007
  12. By: Alan M. Rugman (Department of Business Economics and Public Policy, Indiana University Kelley School of Business); Nessara Sukpanich (Thammasat University)
    Abstract: This paper is an extension of recent work that has examined the intra-regional sales of large multinational enterprises (MNEs). First, we examine the interaction between the performance of MNEs and four proxies for their firm-specific advantages (FSAs). This includes: firm size, knowledge (as represented by R&D), marketing ability, and industry type. We find that FSAs in R&D and service sector type are best exploited within the home region. In contrast, the FSA firm size is better exploited by global and bi-regional firms. Second, we find that a service MNE tends to be more home-region oriented and has a higher proportion of intra-regional sales than a manufacturing firm.
    Keywords: firm-specific advantages, intra-regional sales, multinational enterprises, performance, geographic scope, and home region
    Date: 2006
  13. By: Luc Behaghel; Eve Caroli; Emmanuelle Walkowiak
    Abstract: Following technical and organisational changes, firms may react to increasing skill requirements either by training (on the internal labour market) or hiring the new skills, or a combination of the two. Using matched datasets with about 1,000 French plants, we assess the role of these external and internal labour market strategies. We show that skill upgrading following technological and organisational changes takes place mostly through internal labour markets adjustments, except for the adoption of the Internet which gives rise to both internal and external types of adjustments. We then consider the determinants of the strategies used by individual firms: do some firms mainly rely on one strategy while other firms prevalently choose another strategy, and why? We show that firms' size and localisation are critical in explaining such differences. Skill upgrading strategies relying on the external labour market seem to be prevalently adopted by small urban plants.
    Date: 2007
  14. By: Lucia Cusmano (CESPRI – Bocconi University, Milano, Italy and Insubria University, Varese, Italy); Maria Luisa Mancusi (Bocconi University, Milan, Italy.); Andrea Morrison (Università del Piemonte Orientale, Novara, Italy.)
    Abstract: Pervasive outsourcing is transforming business models and productive relations in advanced manufacturing areas. In particular, the international dimension of outsourcing, off-shoring, has been attracting great attention, as it leads to the emergence of global value chains and internationally distributed innovation processes, affecting the position of regions and countries in the international division of labour. The present paper investigates the diversified patterns of outsourcing and off-shoring across industries which have been characterising the recent dynamics of Lombardy, the Italian leading economic region. Based on a large firm-level survey, the work investigates extent, depth, regional embeddedness and degree of internationalisation of outsourcing processes, differentiating between stages of production, research and service activities. The evidence suggests that fragmentation is remarkably wide and interests all the industrial sectors to a similar extent. However, outsourcing has a clear regional dimension, concerning services at most, and taking the form of extended producer-driven chains, highly embedded in the regional system. Regionally confined fragmentation is driven by final producers of relatively small size, which nevertheless exhibit high skill intensity. Off-shoring is still, on the other hand, a limited phenomenon, encompassing only a minor fraction of the process of deverticalisation. The evidence depicts off-shoring as part of a wider process of internationalisation by mostly large firms or group subsidiaries at intermediate stages of the value chain, which increasingly rely on international intra-industry trade. The international outsourcing trend appears to be strongly driven by export-oriented firms, whereas foreign direct investment per se seems to play a minor role.
    Keywords: Outsourcing, Offshoring, R&D, Regional system.
    JEL: D21 F23 L22 L23 O32
    Date: 2007–03
  15. By: Lídia Torra
    Abstract: The mercantile company was the basic form of enterprise in pre-industrial Catalonia. The aim of this paper is to study the formation and development of the mercantile companies in Barcelona whose end was the wholesale and retail sale of textiles in the “botigues de teles” (textile retail shops) throughout the eighteenth century. These firms were officially registered before a notary and their deeds reveal how these establishments were administered and managed. The study covers a sample of 121 mercantile companies, and the articles and documentation that were put into effect by 32 notaries who were active in Barcelona in the 18th century have been consulted in their entirety. From an initial selection of documentation, a total of 228 deeds registering companies have been found, 107 of which (47%) relate to the creation of companies whose various activities were centred in taverns, textile manufacturing, braiding.... While the 121 companies, which make up our sample and which account for 53% of the deeds registered with the notaries mentioned above, focused exclusively on the management of textile retail shops located in the commercial heart of the city. Thus one point of interest that the documentation reveals is that the majority of the mercantile companies registered by Barcelona notaries throughout the 18th century were establishments which traded in textiles. The first part of the article focuses on the structural characteristics of these enterprises, the number and socio-professional status of the partners and the extent of each partner’s involvement in the administration and management. The second part of the article examines the capital investment made by each partner, their rights and obligations agreed on, the sharing out of profits and possible losses and the duration of the companies. The final aim of the paper is to highlight the evolution of these companies through one specific case.
    Keywords: Mercantile company, trade, textile retail shops, Catalonia
    JEL: N83
    Date: 2006–11
  16. By: Rossi, Federica
    Abstract: We provide an overview of the specific innovation policies that are implemented at European level, highlighting, where possibile, the connections between these policies and the guidance documents issued by the Community’s institutions. We describe the kinds of policy interventions that are implemented, providing at the same time some useful elements in order to understand the assumptions and theories that underpin them.
    Keywords: Innovation policy; European institutions; Lisbon strategy; Structural funds; European research policy; European enterprise policy
    JEL: O32 O38 O31
    Date: 2005–10–29
  17. By: Terhi Hakala; Olli Haltia; Raine Hermans; Martti Kulvik; Hanna Nikinmaa; Albert Porcar-Castell; Tiina Pursula
    Abstract: In this study we have collected information by interviewing all identified parties within the Finnish forest sector who might have a potential biotechnology connection : university research groups, research institutions, small and medium-sized biotechnology-companies and up to the largest forest companies. The ultimate goal was to assess how resources have been allocated and biotechnologies utilized within the value chain of the entire forest sector. This study aimed at providing answers to the following questions : • What are the current Finnish academic resources and projects related to forest industry biotechnology? • How much does the Finnish forest cluster invest in biotechnology R&D activity, and what are the key application areas in the value chain? • How well do the academic resources, company R&D investments and research needs converge to help secure the future competitiveness of the Finnish forest industries? In order to answer the questions above, the study approached the matter in consecutive steps. First, the existing forest industry related biotechnological knowledge base within the academia on one hand, and the resource base among firms on the other hand, were mapped. Following up on that, we evaluated the sales expectations of forestry related biotechnological applications within the domestic forestry cluster itself, other potential domestic industries and global export markets. The third step assessed whether the development of forestry related biotechnological applications is justifiable in the framework of comparative advantage. This was accomplished by comparing the relevant existing knowledge and other resource bases to their sales expectations. In order to evaluate the potential of biotechnology in the entire forest industry value chain, the study assessed four value chain modules. Module 1 represents the beginning of the value chain : forestry applications. Module 2 consists of the development of wood products, module 3 is related to the pulp and paper industry, and module 4 to utilization side streams for bioenergy, biochemicals and other food or pharmaceutical applications. The assessment of module 1 implies that there is a constant lack of resources. Basic research conducts some relatively long projects, which often seem too time-consuming in applied research and corporate R&D. There seems to be only few active links between the academic research projects and companies. Many new technologies already exist but since the individual forest owners hardly have incentives to invest in R&D due to e.g. the long breeding cycle, collaboration with companies seems as the only potential pathway to commercialization of forestry related biotechnologies. There were few biotechnology-based projects within the module 2. The research and product development seems to focus on physical modifications, and composite research is based on chemistry. Module 3, paper, pulp and board industry, seems to be the most active in research and product development activity. Their products generate positive cash flows, and research projects are abundantly funded. The companies are closely involved in the research projects as financiers and collaborators. This involvement impacts on the nature of the research, which seems highly applicable and linked closely to industrial applications. Consequently, biotechnology applications are already used in the pulp and paper industry. Some biotechnology applications are adopted rapidly. They, such as enzymes in reducing paper machine runnability problems, do not affect the quality of the fibers, intermediate or end products and are thus easier to take into use in production scale. We observed the research and product development within module 4 as a high priority for both the academia and industry. The research is anticipated to grow strongly and even more than in other modules. Biotechnologies are applied as substitutes to chemical and thermal technologies. However, all of these fields of technology are developed and applied by the industry. This provides some important implications for technology development and innovation policy. Due to the fuzziness between technology border-lines, it seems misleading to prioritize biotechnologies over some other technology; in contrast, the most efficient technology should be preferred. Accordingly, technology subsidies might be most efficient if the public technology programmes would be based on application segments instead of a specific technology. Our assessment of international patenting activity raised some interesting notions. Finland seemed to be comparatively most specialized in plant genetic engineering, food and food additive, and waste disposal and the environment applications. However, biotechnology based biofuels are not included as a source of comparative advantage, which also stresses the importance of parallel development of biotechnologies and other technology fields. A potential source of value creation could be the utilization of process side streams more efficiently, including refinement of by-products such as tall oil, to products with higher value added in other application areas.The paper and board making might also be strongly influenced by new packaging solutions, materials and methods; these utilize, however, only rarely or never biotechnologies as such. Finland has a good overall and mainly publicly maintained infrastructure. If the raw material’s high quality and some special features can compensate the relatively low growth rates, Finland should be able to attract the multinational pulp and paper industry also in the long term. We conclude that the development of biotechnologies should not contain any intrinsic value per se. The commercial value of the biotechnology could be benchmarked with the value of alternative technologies; and consequently, biotechnology could become part of the technology options for companies active in established and conventional industries. The Finnish forest cluster has financial resources to commercialize any new technology that can increase the process efficiency or provide other economic benefits in new application areas. This is a reason why we see this area exceptionally promising compared to any other high technology field without such a financial backbone.
    JEL: L69 O32 O34
    Date: 2007–03–05
  18. By: Toxvaerd, Flavio
    Abstract: This paper proposes an explanation of merger waves based on the interaction between competitive pressure and irreversibility of mergers in an uncertain environment. A set of acquirers compete over time for scarce targets. At each point in time, an acquirer can either postpone a takeover attempt, or raid immediately. By postponing the takeover attempt, an acquirer may gain from more favourable future market conditions, but runs the risk of being preempted by rivals. First, a complete information model is considered, and it is shown that the above tradeoff leads to a continuum of subgame perfect equilibria in monotone strategies that are strictly Pareto ranked. All these equilibria share the feature that all acquirers rush simultaneously in merger waves. The model is then extended to a dynamic global game by introducing slightly noisy private information about merger profitability. This game is shown to have a unique Markov perfect Bayesian equilibrium in monotone strategies, and the timing of the merger wave can thus be predicted. Last, the comparative dynamics predictions of the model are related to stylized facts.
    Keywords: dynamic global games; merger waves; preemption; real options games
    JEL: C73 D92 G34 L13
    Date: 2007–03
  19. By: David Audretsch; Ronnie J. Phillips
    Abstract: In this paper, we discuss the nature of the university-industry relationship and recommend specific policies to help achieve the goal of greater economic growth. We argue that state-supported research universities can be used to integrate entrepreneurship into state economic development and incubate entrepreneurial companies. Regional entrepreneurship policy is a new strategy that regards economic development as a process that goes from supporting research and development to creating and growing new businesses. Specifically, we believe that an entrepreneurial higher education system is a key to state-level economic policies. There is an opportunity at research universities to combine the human capital talent available on faculties with the needs and expertise of private industry to accelerate entrepreneurship and economic growth.
    Date: 2007–02
  20. By: Michael T. Rauh (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)
    Abstract: In this paper, we apply supermodular game theory to the equilibrium search literature with sequential search. We identify necessary and sufficient conditions for strategic complementarities and prove existence of search market equilibrium. When firms are identical, the Diamond Paradox obtains and is robust within the class of search cost densities that are small near zero and support strategic complementarities. Price dispersion is therefore inherently incompatible with strategic complementarities. Finally, we show that a major criticism of the literature, that agents act as if they know the distribution of prices, can be justified in the sense of convergent best response dynamics.
    Keywords: Diamond Paradox, price dispersion, search, strategic complementarities
    JEL: L0 D43 D83
    Date: 2006
  21. By: David Jamieson Bolder; Tiago Rubin
    Abstract: This paper provides an analysis of how a firm’s decision to serve a foreign market by exporting or by engaging in foreign direct investment (FDI) affects firm productivity, when productivity is endogeneous as a function of training. The main result of our paper is that, with endogeneous productivity, exporting results in lower productivity than does FDI, but exporting may result in higher or lower employment and output than does FDI. We also show that FDI has lower employment, higher training, higher wages and higher productivity than does production for the home market. A further interesting and unexpected result of our model is that exporting results in the same level of training and productivity as does production for the home market. However, under the same demand conditions, the exporting firm employs less labour for foreign production than for home production and, consequently, output for the foreign market is lower than output for the home market. In addition, we investigate the firm's decision to serve the foreign market by exporting or by engaging in FDI and determine parameter values for which either regime is chosen.
    Keywords: International topics; Labour markets; Productivity
    JEL: F22 F23
    Date: 2007

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