Banks and Labor As Stakeholders: Impacton Economic Performance
Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and sta...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2008
|
| Series: | IMF Working Papers
Working Paper No. 08/229 |
| Subjects: | |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and state-industry level data, we investigate how output growth is affected by bank branch deregulation and employment protection occurring over 1972-1993. We find that financial liberalization positively impact overall state growth but greater workers'' rights affects it ambiguously. At the industry level, however, employment protection promotes those industries that are more knowledge intensive, while the effect of financial liberalization does not differ across industries that vary in external financing dependency. The results hold controlling for changes in shareholders'' rights, which itself is not significant. The findings suggest that financial liberalization operates mostly through an efficiency channel, better reallocating resources across sectors, while employment protection creates higher incentives and encourages more sector-specific, human capital investments. Overall, the results show that the strength of stakeholders'' protection affects performance through efficiency channels and provide support for a stakeholders'' view of corporate governance |
| Item Description: | Includes bibliographical references |
| Physical Description: | 1 Online-Ressource (39 p) |
| ISBN: | 1451870876 9781451870879 |
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| index_date | 2024-07-03T20:13:25Z |
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| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (39 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Ueda, Kenichi Verfasser aut Banks and Labor As Stakeholders Impacton Economic Performance Ueda, Kenichi Washington, D.C International Monetary Fund 2008 1 Online-Ressource (39 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/229 Includes bibliographical references Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and state-industry level data, we investigate how output growth is affected by bank branch deregulation and employment protection occurring over 1972-1993. We find that financial liberalization positively impact overall state growth but greater workers'' rights affects it ambiguously. At the industry level, however, employment protection promotes those industries that are more knowledge intensive, while the effect of financial liberalization does not differ across industries that vary in external financing dependency. The results hold controlling for changes in shareholders'' rights, which itself is not significant. The findings suggest that financial liberalization operates mostly through an efficiency channel, better reallocating resources across sectors, while employment protection creates higher incentives and encourages more sector-specific, human capital investments. Overall, the results show that the strength of stakeholders'' protection affects performance through efficiency channels and provide support for a stakeholders'' view of corporate governance Online-Ausg Banks and banking State supervision United States Corporate governance United States Industrial productivity United States Working class United States Electronic books Claessens, Stijn Sonstige oth http://elibrary.imf.org/view/IMF001/09594-9781451870879/09594-9781451870879/09594-9781451870879.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ueda, Kenichi Banks and Labor As Stakeholders Impacton Economic Performance Banks and banking State supervision United States Corporate governance United States Industrial productivity United States Working class United States |
| title | Banks and Labor As Stakeholders Impacton Economic Performance |
| title_auth | Banks and Labor As Stakeholders Impacton Economic Performance |
| title_exact_search | Banks and Labor As Stakeholders Impacton Economic Performance |
| title_exact_search_txtP | Banks and Labor As Stakeholders Impacton Economic Performance |
| title_full | Banks and Labor As Stakeholders Impacton Economic Performance Ueda, Kenichi |
| title_fullStr | Banks and Labor As Stakeholders Impacton Economic Performance Ueda, Kenichi |
| title_full_unstemmed | Banks and Labor As Stakeholders Impacton Economic Performance Ueda, Kenichi |
| title_short | Banks and Labor As Stakeholders |
| title_sort | banks and labor as stakeholders impacton economic performance |
| title_sub | Impacton Economic Performance |
| topic | Banks and banking State supervision United States Corporate governance United States Industrial productivity United States Working class United States |
| topic_facet | Banks and banking State supervision United States Corporate governance United States Industrial productivity United States Working class United States |
| url | http://elibrary.imf.org/view/IMF001/09594-9781451870879/09594-9781451870879/09594-9781451870879.xml |
| work_keys_str_mv | AT uedakenichi banksandlaborasstakeholdersimpactoneconomicperformance AT claessensstijn banksandlaborasstakeholdersimpactoneconomicperformance |