nep-eur New Economics Papers
on Microeconomic European Issues
Issue of 2015‒11‒21
twenty papers chosen by
Giuseppe Marotta
Università degli Studi di Modena e Reggio Emilia

  1. Gradual retirement, financial incentives, and labour supply of older workers: Evidence from a stated preference analysis By Elsayed A.E.A.; Grip A. de; Fouarge D.; Montizaan R.M.
  2. The Employment Impact of Innovation: Evidence from European Patenting Companies By Vincent Van Roy; Daniel Vertesy; Marco Vivarelli
  3. Birth Order and Health of Newborns: What Can We Learn from Danish Registry Data? By Anne Ardila Brenøe; Ramona Molitor
  4. Change in the Gender Division of Domestic Work after Mummy or Daddy Took Leave: An Examination of Alternative Explanations By Pia S. Schober; Gundula Zoch
  5. SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK By Degryse, Hans; Matthews, Kent; Zhao, Tianshu
  6. Job Loss, Firm-Level Heterogeneity and Mortality: Evidence from Administrative Data By Hans Bloemen; Stefan Hochguertel; Jochem Zweerink
  7. Does one more or one less mobile operator affect prices? A comprehensive ex-post evaluation of entries and mergers in European mobile telecommunication markets By Gergely Csorba; Zoltan Papai
  8. UK and EU subsidies and private R&D investment: Is there input additionality? By Ugur, Mehmet; Trushin, Eshref; Solomon, Edna
  9. An Integrated Data Base to Measure Living Standards By Elena Dalla Chiara; Martina Menon; Federico Perali
  10. Effects of foreign acquisitions on R&D and high-skill activities By Eliasson, Kent; Hansson, Pär; Lindvert, Markus
  11. The impact of administrative transaction costs in the EU emissions trading system By Heindl, Peter
  12. Valuing Energy Performance Certificates in the Portuguese Residential By Ana Ramos; Alicia Pérez-Alonso; Susana Silva
  13. Consumption smoothing at retirement: average and quantile treatment effects in the regression discontinuity design By Daniel Burkhard
  14. Gender quotas or girls’ networks? Towards an understanding of recruitment in the research profession in Italy By Daniele Checchi; Simona Cicognani; Nevena Kulic
  15. Do exporting firms benefit from retail internationalization? Evidence from France By Angela Cheptea; Charlotte Emlinger; Karine Latouche
  16. Economic convergence and structural change in the new member states of the European Union Convergence in volumes, prices and the share of services, with implications for wage convergence: an expenditure-side analysis By Gábor Oblath; Eva Palocz; David Popper; Akos Valentinyi
  17. Bitterness in Life and Attitudes towards Immigration By Panu Poutvaara; Max Friedrich Steinhardt
  18. Have inflation targeting and EU labour immigration changed the system of wage formation in Norway? By Marit Linnea Gjelsvik; Ragnar Nymoen; Victoria Sparrman
  19. The weighting role of normalisation in a multidimensional analysis of Social Inclusion By Ludovico Carrino
  20. Efficiency of Female Leaders in Family and Non-Family Firms By Bjuggren, Per-Olof; Nordström, Louise; Palmberg, Johanna

  1. By: Elsayed A.E.A.; Grip A. de; Fouarge D.; Montizaan R.M. (GSBE)
    Abstract: Using data from a stated preferences experiment in the Netherlands, we find that replacing full-time pension schemes with schemes that offer gradual retirement opportunities induce workers to retire one year later on average. Total life-time labour supply, however, decreases with 3.4 months because the positive effect of delayed retirement on labour supply is cancelled out by the reduction in working hours before full retirement. The impact of gradual retirement schemes is, however, heterogeneous across groups of workers. Workers with non-routine job tasks retire at a later age when they can gradually retire. Financial incentives, either in terms of changing pension income or the price of leisure, also affect the expected retirement age, but the impact of these financial incentives does not differ with the possibility of gradual retirement. Finally, we find that gradual retirement is not a preferred option among workers as the large majority still prefers full retirement. This especially holds for workers with a lower wage and those with higher life expectancy.
    Keywords: Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination; Retirement; Retirement Policies;
    JEL: J14 J26
    Date: 2015
  2. By: Vincent Van Roy (European Commission, Joint Research Centre, Ispra, Varese, Italy); Daniel Vertesy (European Commission, Joint Research Centre, Ispra, Varese, Italy); Marco Vivarelli (DISCE, Università Cattolica - SPRU, University of Sussex - Institute for the Study of Labour (IZA), Bonn)
    Abstract: This paper explores the possible job creation effect of innovation activity. We analyze a unique panel dataset covering almost 20,000 patenting firms from Europe over the period 2003-2012. The main outcome from the proposed GMM-SYS estimations is the labour-friendly nature of innovation, which we measure in terms of forward-citation weighted patents. However, this positive impact of innovation is statistically significant only for firms in the high-tech manufacturing sectors, while not significant in low-tech manufacturing and services.
    Keywords: Technological change, innovation, patents, employment, GMM-SYS
    JEL: O31 O33
    Date: 2015–10
  3. By: Anne Ardila Brenøe (University of Copenhagen, Department of Economics, Økonomisk Institut); Ramona Molitor (University of Passau, Chair of Economic Policy)
    Abstract: Research has shown a strong negative correlation between birth order and cognitive test scores, IQ, and educational outcomes. We ask whether birth order differences in health are present at birth using matched administrative data for more than 1,000,000 children born in Denmark between 1981 and 2010. Using family fixed effects models, we find a positive and robust birth order effect; lower parity children are less healthy at birth. Looking at the potential mechanisms, we find that during earlier pregnancies women have higher labor market attachment, behave more risky in terms of smoking, receive more prenatal care, and are diagnosed with more medical pregnancy complications. Yet, none of these factors explain the birth order differences at birth. This positive birth order effect at birth stands in stark contrast to a negative birth order effect in educational performance. Once we control for health at birth, the negative birth order effect in educational performance further increases.
    Keywords: Birth order, parity, child health, fetal health, health at birth, education
    JEL: I10 I12 J12 J13
    Date: 2015–10
  4. By: Pia S. Schober; Gundula Zoch
    Abstract: This study investigates how the duration of child care leave taken by mothers and fathers relates to changes in couples’ division of housework and child care after postnatal labour market return in Germany. It explores whether take-up of child care related leave may impact the gender division of domestic work beyond the period of leave and examines three theoretical explanations: 1) development of domestic work skills, 2) bargaining power based on economic resources, and 3) adaptations in gender role or parenting identities. Using data from the German Socio-Economic Panel (1992-2012) on 797 and 762 couples with a first or second birth, respectively, we applied OLS regression models with lagged dependent variables in combination with Heckman selection correction. The results suggested that dual-earner couples where mothers took longer leaves experienced a greater shift towards a gender-traditional division of domestic labour after childbirth even in the medium-term after labour market return. The linear relationship and stronger effects on the division of child care than for housework lent support to identity-based explanations. Paternal leave take-up was associated with a more equal division of housework and child care after first births but not after second birth transitions. The relationship with the leave duration was less clear. In terms of explaining the mechanisms for fathers, the findings provided greatest support for explanations relating to domestic skills development possibly in combination with changes in fathering identities.
    Keywords: child care; gender division of labour; housework; parenthood; parental leave
    JEL: J13 J16 J18 J22 H31
    Date: 2015
  5. By: Degryse, Hans; Matthews, Kent (Cardiff Business School); Zhao, Tianshu
    Abstract: We study the sensitivity of banks’ credit supply to small and medium size enterprises (SMEs) in the UK to banks’ financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms’ access to bank credit to the financial condition (i.e., bank health and the use of core deposits) of all bank branches in the vicinity of the firm over the period 2004-2011. Before the crisis, banks’ local financial conditions did not influence credit availability irrespective of the functional distance (i.e., the distance between bank branch and bank headquarters). However, during the crisis, we find that SMEs with in their vicinity banks that have stronger financial condition face greater credit availability when the functional distance is low. Our results point to a “flight to headquarters” effect during the financial crisis.
    Keywords: financial crisis; credit supply; flight to headquarters; flight to quality; bank organization
    JEL: G21 G29 L14
    Date: 2015–08
  6. By: Hans Bloemen (VU University Amsterdam); Stefan Hochguertel (VU University Amsterdam, the Netherlands); Jochem Zweerink (Utrecht University, the Netherlands)
    Abstract: This paper estimates the effect of job loss on mortality for older male workers with strong labor force attachment. Using Dutch administrative data, we find that job loss due to sudden firm closure increased the probability to die within five years by a sizable 0.60 percentage points. Importantly, this effect is estimated using a model that controls for firm-level worker characteristics, such as firm-level average mortality rates for mortality during the four years prior to the year of observation. On the mechanism driving the effect of job loss on mortality, we provide evidence for an effect running through stress and changes in life style.
    Keywords: job loss; mortality; treatment effect
    JEL: C21 I10 J63
    Date: 2015–11–16
  7. By: Gergely Csorba (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences); Zoltan Papai (Infrapont Economic Consulting)
    Abstract: This paper estimates the impact of entries and mergers on the price of mobile voice services in a panel database of 27 European Member States between 2003 and 2010. Our difference-in-differences econometric methodology exploits the variance in different structural changes between countries to separate the respective effects. Our results show that the effect of entry crucially depends on the number of active operators and the type of entrant, and not controlling for these differences might lead to misleading conclusions. We find no robust evidence that entry has a price-decreasing effect on markets with originally 2 operators. However, the entry of a 4th operator does have a price-decreasing effect, but with different dynamics concerning the entrant's type. When we separate entry effects for the subsequent years, we show that the significant price-decreasing effects for local operators entering occur only in the first year after entry, while the price-decreasing effects for multinational entries are significantly larger on the long-run. Last, we find no price-increasing effects of 5-to-4 mergers, but a long run price-increasing effect of a 4-to-3 merger.
    Keywords: ex-post evaluation; mobile telecommunications; entry; merger; difference-in-differences estimations
    JEL: L11 L49 L59 L96
    Date: 2015–08
  8. By: Ugur, Mehmet; Trushin, Eshref; Solomon, Edna
    Abstract: This paper investigates the effects of UK and EU subsidies on privately-funded R&D intensity of a sample of 39,730 UK firms. The sample consists of R&D-active firms surveyed in at least one year from 1998-2012. The results are obtained from 4 different estimators, with different degrees of control for selection and time-constant fixed effects: (i) pooled OLS without selection correction; (ii) fixed-effect (within-group) estimation without selection correction; (iii) pooled OLS with selection correction; and (iv) fixed-effect estimation with selection correction. We report that UK subsidies are not associated with additionality in privately -funded R&D intensity in the full sample, and the additionality effect in manufacturing is too small to be conomically significant. In contrast, EU subsidy is associated with an additionality effect of 2% in both samples. Ordered-Heckman estimations of leverage indicate that an increase in UK subsidy intensity (subsidy/total R&D) is not likely to make a difference to private R&D effort in any of the subsidy intensity classes demarcated by 4 quartiles of the intensity distribution. However, an increase in EU subsidy intensity is associated with leverage in subsidy intensity class 3, which corresponds to subsidy intensity values within the 3rd quartile of the distribution.
    Keywords: Innovation, R&D, subsidies, additionality
    JEL: C41 D22 L1 O21 O3
    Date: 2015–11–04
  9. By: Elena Dalla Chiara (Department of Economics (University of Verona)); Martina Menon (Department of Economics (University of Verona)); Federico Perali (Department of Economics (University of Verona))
    Abstract: This study generates an integrated database to measure living standards in Italy using propensity score matching. We follow the recommendations of the Commission on the Measurement of Economic Performance and Social Progress proposing that income, consumption of market goods and non-market activities, and wealth, rather than production, should be evaluated jointly in order to appropriately measure material welfare. Our integrated database is similar in design to the one built for the US by the Levy Economics Institute to measure the multiple dimensions of well-being. In the United States, as is the case for Italy, the State does not maintain a unified database to measure household economic well-being and data sources about income and employment surveys and other surveys on wealth and the use of time have to be statistically matched. The measure of well-being is therefore the result of a multidimensional evaluation process no longer associated with a single indicator as is usually the case when measuring gross domestic product. The estimation of individual and social welfare, multidimensional poverty and inequality does require an integrated living standard database where information about consumption, income, time and subjective well-being are jointly available. With this objective in mind, we combine information available in four different surveys: the European Union Statistics on Income and Living Conditions Survey, the Household Budget Survey, the Time Use Survey, and the Household Conditions and Social Capital Survey. We perform three different statistical matching procedures to link the relevant dimensions of living standards contained in each survey and report on the statistical tests carried out to evaluate the quality of the procedure at a high level of detail.
    Keywords: propensity score, statistical matching, living standards, integrated data base
    JEL: C81 I31
    Date: 2015–11
  10. By: Eliasson, Kent (Growth Analysis and Department of Economics, Umeå University,); Hansson, Pär (Uppsala Center for Labor Studies); Lindvert, Markus (Growth Analysis)
    Abstract: Using Swedish micro data we find no evidence for the concerns circulating in the public debate that foreign acquisitions lead to reductions in R&D expenditures and high-skilled activities in targeted domestic firms, neither in MNEs nor in non-MNEs. Previous studies have only focused on larger firms. In this paper we are able to study the impact on smaller firms (less than 50 employees). This is important since 90 percent of the firms acquired by foreign enterprises have less than 50 employees. For this group of firms there is no information on R&D, but by using the register of educational attainment we have data on the share of high-skilled labor in all Swedish firms, irrespective of size. Interestingly, we find that among smaller firms foreign enterprises tend to acquire high-productive, skill-intensive firms (cherry-picking) and after the acquisitions skill upgrading appears in acquired smaller, non-MNE firms.
    Keywords: foreign acquisitions; skill upgrading; R&D intensity; propensity score matching
    JEL: F23 J24 O32 O33
    Date: 2015–11–17
  11. By: Heindl, Peter
    Abstract: This paper empirically investigates the impact of transaction costs for monitoring, reporting, and verification (MRV) of emissions on companies regulated by the EU Emissions Trading System (EU ETS) in Germany. Based on a unique panel dataset, we investigate if MRV costs are dependent on the amount of annual emissions of regulated companies and if there are differences in transaction costs between economic sectors. The results indicate that administrative costs are dependent on the amount of annual emissions for larger companies which has implications for the economic efficiency of the EU ETS. The most important finding, however, is that there are significant differences in MRV transaction costs dependent on the 'type' and 'size' of companies. This implies the existence of considerable economies of scale. Overall, the EU ETS could benefit from reforms by means of a push towards upstream regulation as this would likely increase administrative efficiency.
    Keywords: EU Emissions Trading System,Cap-and-Trade,Transaction Costs,Monitoring, Reporting, and Verification
    JEL: D22 D23 Q58
    Date: 2015
  12. By: Ana Ramos (Rede (Universidade de Vigo) and Economics for Energy); Alicia Pérez-Alonso (Universidade de Vigo and Economics for Energy); Susana Silva (Universidade Lusíada, CefUP and Economics for Energy)
    Abstract: Informational instruments such as energy performance certificates have been widely adopted by many governments during the last decade to promote energy efficiency in the residential sector. The objective of these instruments is to reduce the informational and behavioural failures that avoid consumers from taking efficient decisions regarding dwelling energy efficiency. The European Commission approved in 2012 the Energy Performance of Buildings Directive, which states that a certificate must be made available to buyers or tenants in the moment the dwelling is sold or rented out. Despite the rapid diffusion and interest this type of instruments have raised, little is known about its effectiveness. We provide the first analysis on consumersÕ willingness to pay for energy performance certificates in a Southern European Country: Portugal. Portugal is an interesting case study because this Directive is fully and properly implemented, and the level of consumerÕs awareness is high. We construct a database that contains a large number of dwelling attributes, including energy efficiency characteristics, such as heating or air conditioning systems, gas or solar energy sources. These characteristics allow us to isolate the effect of the certificate on the price. We use the two-step Heckman procedure to estimate a hedonic price function for dwellings. Our results show that Portuguese consumers have a high valuation for high rated dwellings.
    Keywords: Keywords: Energy Efficiency; Incomplete Information; Energy Performance Certificate; Residential Sector; Hedonic Price Model; Portugal.
    JEL: Q41 Q58 R21 C25
    Date: 2015–11
  13. By: Daniel Burkhard
    Abstract: Abstract Standard economic models predict that individuals smooth consumption over the life cycle. In contrast, there exists controversial empirical evidence showing that consumption declines at retirement. This paper investigates whether there is evidence for this so-called Retirement Consumption Puzzle in Switzerland. Baseline regression discontinuity estimates of average treatment effects are complemented by quantile treatment effects, where all estimates take the potential endogeneity of retirement into account. The findings suggest that disposable income significantly decreases after retirement, although there is substantial treatment effect heterogeneity. The reduction in income transmits to a negative but considerably less pronounced effect on overall consumption expenditures, indicating that households simultaneously adjust their savings. The results further show that food consumption at home is not or even positively affected by retirement, whereas expenditures in restaurants and hotels significantly decline.
    Keywords: Retirement Consumption Puzzle; Consumption Smoothing; Household Expenditure; Regression Discontinuity; Quantile Treatment Effect
    JEL: C21 J14 J26
    Date: 2015–11
  14. By: Daniele Checchi; Simona Cicognani; Nevena Kulic
    Abstract: This article investigates the role of the gender composition of selection committees and networks in promoting women in research activities. We exploit a novel data set on recruitment processes in a leading Italian research centre that mainly operates in hard science. Unlike previous studies that focus on qualifications for professorships (De Paola and Scoppa, 2015; Zinovyeva and Bagues, 2011; Bagues et al., 2014), this article examines entry-level research positions, where gender imbalance usually starts. We find some evidence of discrimination against women at non-tenured entry levels, which is attenuated (or even reversed) by the presence of a woman on the selecting committee. However, the most important predictor for recruitment seems to be previous connections with the research centre, which also serves as an important mechanism for women to enter the research profession. There are further differences in the results depending on the characteristics of the committees. While higher quality commissions tend to choose more productive candidates and their decisions are not influenced by gender and/or pre-existing ties with the institution, in all the remaining cases prior acquaintance with the candidate reveals as the most important factor of success. Analysis of the post-competition productivity of female and male candidates shows that applicants with prior ties are significantly more productive, suggesting a positive signalling by prior ties of candidates’ research quality. This is, however, different for men and women, as women exhibit lower productivity and more stable time patterns when compared to men, irrespective of whether or not they are hired with prior connections.
    Keywords: gender quotas, discrimination, research recruitment, connections
    JEL: J16 J71 J45
    Date: 2015–11
  15. By: Angela Cheptea; Charlotte Emlinger; Karine Latouche
    Abstract: This paper questions the impact of the globalization of the retail sector on the export activity of origin country agrifood firms. In a previous paper (Cheptea et al. 2015), we showed that the overseas expansion of a country's retailers fostered its exports to foreign markets. This effect can be explained by a reduction in trade costs for retailers' supplying firms in the origin country, or to a change in consumer preferences in the host country that benefits all origin country firms. In this paper, we evaluate which of the two mechanisms dominates. For that, we use an original firm-level database of French agri-food exports, identifying the domestic suppliers of French retailers through certification with the private IFS standard. We find that IFS certified French firms are more likely to export and export larger volumes than non-certified firms to markets where French retailers established outlets. We also show that when French retailers close down their activities in a market, IFS firms face a drop in exports to this market in the subsequent years. The results are robust to the use of different sets of firm- and country-specific fixed effects, are unaffected by possible selection and endogeneity biases, and by the presence in export markets of other retailers. The difference in behavior for certified and non-certified exporting firms on markets where French retailers operate confirms the trade cost advantage of retailers' suppliers, which is lost when French retailers exit from the destination country.
    Keywords: Multinational retailers;Firm-level exports;Private standards
    JEL: F12 F14 F23
    Date: 2015–11
  16. By: Gábor Oblath (Institute of Economics - Centre for Economic and Regional Studies - Hungarian Academy of Sciences); Eva Palocz (Kopint-Tárki Institute for Economic Research); David Popper (Central European University); Akos Valentinyi (Cardiff Business School and Institute of Economics - Centre for Economic and Regional Studies - Hungarian Academy of Sciences)
    Abstract: We analyze four interrelated aspects of economic convergence and their linkages over the period 1999-2013, drawing on the experiences of 26 member states of the European Union, with special focus on the ten Central and East-European new members (the EU10). These aspects are (1) real economic, (2) price level, (3) structural and (4) wage level convergence. Real economic and price level convergence, respectively, refer to the narrowing of the income (productivity) and the price level gap between the more and less affluent countries. Regarding structural convergence, we focus on the evolution of the share and the relative price of private and public services, measured from the expenditure side. As for wage convergence, we address the catching up of nominal and real labor costs, as well as net earnings of the poorer countries to the more developed ones. Our empirical analysis of convergence draws on both the cross-section and the dynamic relationships revealed by the data. Regarding real and price convergence, we show that there was a rapid catch-up in both per capita GDPs and general price levels of the less developed EU-countries until 2008, followed by a significant slow-down. We also show that there is a tendency for price levels to converge towards the trend implied by the longer-term relationship between real per capita GDPs and price levels. Our research affirms and amends the finding that positive/negative deviations from the trend (“over/undervaluations”) have a negative/positive effect on real economic convergence. Relying on cross-country price level indices (PLIs), we demonstrate that the relative price of services does, but their “real” share (measured at common prices of the EU) does not increase along with real income. We show that this is mainly due to the fact that non-market services (in particular government transfers in kind) have a relatively high, though slowly declining real share in the less developed EU countries, which also helps us understand, why net real wages are relatively low in these countries (as compared to their relative level of income/productivity). We construct a model, which is consistent with developments in the EU10. Our findings relate to factors affecting real economic convergence, the ambiguous relationship between economic development and the change in the real share of services, to real exchange rate misalignments within the EU26, and reflect to the notion of “excessively low wages” in the EU10 countries.
    Keywords: economic convergence, structural change, international comparison of productivity, prices and wages
    JEL: E01 O11 O47 O52 P27 J30
    Date: 2015–08
  17. By: Panu Poutvaara; Max Friedrich Steinhardt
    Abstract: Integration of immigrants is a two-way process, the success of which depends both on immigrants and on natives. We provide new evidence on the determinants of individual attitudes towards immigration, using data from the 2005 and 2010 waves of the German Socio-Economic Panel. In particular, we show that bitterness in life is strongly associated with worries about immigration. This effect cannot be explained just by concerns that immigrants are competing with oneself in thelabor market. Instead, it appears that people who feel that they have not got what they deserve in life oppose immigration for spiteful reasons.
    Keywords: Immigration, bitterness, native attitudes
    JEL: D72 F22 J61
    Date: 2015
  18. By: Marit Linnea Gjelsvik; Ragnar Nymoen; Victoria Sparrman (Statistics Norway)
    Abstract: Collective agreements have played a central role in the system of wage formation in Norway for more than fifty years. Although the degree of coordination achieved has been variable, pattern wage bargaining has been a mainstay of the system. We investigate the degree of invariance in wage formation in Norway with respect to two recent structural changes: the transition towards inflation targeting in monetary policy and an unprecedented surge in labour supply due to higher immigration rates. We report empirical results that support the view that a semi-permanent high immigration may affect wages negatively in a significant way. However, we do not find evidence that the stability of the arbitration system, and in particular the wage-bargaining pattern, has been changed by labour immigration or by inflation targeting monetary policy. An explanation of why we do not find evidence of structural changing effects of the transition of monetary policy, can be found in the fact that the wage arbitration system itself has syncronized the inflation expectations of the social partners. In that analysis, inflation targeting became a new layer of nominal stabilization, on top of the existing one.
    Keywords: IInflation modelling; pattern wage bargaining; inflation targeting; dynamic econometrics; cointegration; small open economy.
    JEL: C52 E24 E31 E37 J31
    Date: 2015–10
  19. By: Ludovico Carrino (Department of Economics, University Of Venice Cà Foscari)
    Abstract: In the context of the multidimensional measurement of complex phenomena, the major focus of the recent literature has been on the choice of the dimensions’ weights and the shape of the aggregation function, while few studies have concentrated on how normalisation influences the results. With the aim of building a measure of Social Inclusion for European regions between 2004 and 2012, we adopt a CES aggregation framework and compare two alternative normalisation strategies: a data-driven min-max function, where the parameters depends solely on the available data, and an expert-based function where parameters are elicited through a survey at the University of Venice Ca’ Foscari. Regardless of the adopted strategy, we show that normalisation plays a crucial part in defining variables’ weighting and trade-offs. The data-driven strategy produces trade-offs that are hard to interpret in economic terms and debatable from a social desirability perspective, thus generating an aggregate measure with a “positive” interpretation. Moreover, it softens the aftermaths of the recent economic crisis on Social Inclusion, by putting a consistent weight on the longevity variable. Conversely, the expert-based normalisation has strikingly different parameters and allows for a normative interpretation of the resulting index. Furthermore, it emphasizes the worsening trends in long- term unemployment and the relevance of early school leaving in the Social Inclusion measure. As a result, numerous rank-reversals occur between regions when switching the normalisation methods.
    Keywords: CES, normalisation, aggregation, weighting, experts, multidimensionality, Social Inclusion
    JEL: C43 C83 D63 I32
    Date: 2015
  20. By: Bjuggren, Per-Olof (The Ratio institute and Jönköping School of Economics.); Nordström, Louise (; Palmberg, Johanna (Entreprenörskapsforum and Royal School of Technology (KTH))
    Abstract: Female leadership is an expanding area of research. It is a popular topic discussed frequently in both academia and in the popular press. Despite this, comparative studies of the impact of female leadership on firm level performance between family and non-family firms are rare. The present study has the ambition to fill this gap. This paper investigates female leadership in family firms and how it affects firm profitability. A unique database of ownership and leadership in private Swedish firms makes it possible to analyze difference in firm performance due to female leadership in family and non-family firms. Even though much has been written regarding the role of women in family firms we do not know so much about how female leadership in family firms affect the profitability of the firm. The analysis indicates that female leadership makes much more of a positive difference for performance in family firms. The effect is negative in non-family firms.
    Keywords: Family firms; Female Representation; Financial Performance
    JEL: G34 J31 L25
    Date: 2015–11–10

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