Debt Maturity and the Threat of Human Capital Departure — Evidence from CEOs near Retirement Age

2020 ◽  
Author(s):  
Shan Ge
2018 ◽  
Vol 16 (1) ◽  
pp. 29-41
Author(s):  
André Berardo Coelho ◽  
Nelson Leitão Paes

This paper uses the Zon and Muysken (2001) model to investigate the effect of increasing the retirement age on health care production, human capital accumulation, and economic growth. All three sectors are interrelated, since the overall level of health affects both workers and the accumulation of human capital, while a higher level of human capital is related to better quality of health. And, finally, health and human capital affect the output of the economy. From the economic growth point of view the results seem to be positive. Increasing labor availability raises productivity in the health sector, which ultimately improves labor productivity, resulting in increased capital accumulation and economic growth. On the other hand, it is estimated a reduction in the propensity to consume and a smaller portion of the labor force allocated in the health sector.


2018 ◽  
pp. 146-163
Author(s):  
Martha C. Nussbaum

The category of age is the only category of discrimination that includes all human beings—if they live long enough. With other categories—racial, caste-based, ethno-religious, gender-based, sexual, and disability-based, the dominant group can view itself as immune from the traits it imputes to the group targeted for discrimination. Because age and its signs are associated with death, this condition is regarded with particular fear and with a disgust closely linked to fear. It is thus no surprise that one of the most tenacious types of prejudice in all societies is prejudice against people who are aging. They are stigmatized in popular culture and discourse, and very often law gives sanction to those forms of stigma. The bodies of aging people remind younger people of their own frailty and mortality, and popular discourse portrays those bodies as incompetent, unattractive, even revolting. Moreover, even ageing people themselves often come to feel disgust with their own bodies, as new research proposes. This stigma is itself a social problem, producing much unhappiness, and it leads to various forms of injustice, such as discrimination against aging people in employment and in informal social interactions, not to mention the huge social evil of compulsory retirement. Age may well be the new issue for our time, since discrimination on the basis of age deprives all societies of valuable human capital. After situating this case in the context of my theory of disgust and stigma, I focus on the special aspects of this case.


2020 ◽  
pp. 147-159
Author(s):  
Elena Vasileva ◽  
◽  
Nataliya Nikolenko ◽  

This review discusses stratification models and empirical studies of the social status of people of retirement age in modern Russia. Our goal is to identify the social markings of the group and its status features, as well as the differences in managerial and scientific discourses of its assessment. The pension reform that began in 2019 significantly changes the group of pre-retirees: its number is increasing, it is getting older and differented by the age and generational cohorts. Moreover, the time of change is reflected in constructs "yuothful retired persons", "a working old-age pensioners", "youngest-old retirees" and "new pre-retirees". Differences approaches to status stratification, based on differences in managerial and scientific discourses are evident. The management approach is largely situational and related to the category of "pre-retirement time" as the period prior to the retirement of old age. This approach is focused, first, on the labor productivity, and, secondly, on the formal-legal definition of the status. The research approach is formed under the influence of global strategic discourse and differentiates the macro-social and organizational-social levels of social stratification. Within this framework, the social status of people of pre-retirement age is associated with socio-economic activity and human capital, employment and professional career. This group is related primarily to the category of "older workers", which combines employed pre-retirees and post-retirees and indicates the characteristics of the status associated with social attitudes to elderly. Publications on the social status of pre-retirees over the past five years indicate that the research tradition is dominated by a macro-economic rather than organizational approach. In addition, stratification models use mainly employment and human capital indicators as differentiating features, but not indicators of labor force and career potential. The research results revealed the following features of the status of pre-retirees: the growth of economic activity of older workers; the growth of employment of highly qualified workers in market and high-tech sectors of the economy; the significant impact of informal employment; the presence of age discrimination in wages and employment; insignificant representation in new institutional forms of economic activity and social entrepreneurship.


2014 ◽  
Vol 43 (3) ◽  
pp. 464-482 ◽  
Author(s):  
Yehuda Baruch ◽  
Susan Sayce ◽  
Andros Gregoriou

Purpose – The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age. Design/methodology/approach – A human capital and labour market perspective provide theoretical lenses for exploring the potential implications for individuals, organizations and societies. The paper employs financial costing analysis to demonstrate. Findings – The paper uses the UK case to illustrate anticipated managerial and societal outcomes. The main finding from the discussion and the financial analysis is that indeed the current system is unsustainable. Originality/value – The paper offers areas where lessons about age management can be learnt from other experiences of flexible retirement strategies such as enhancing older workers ' human capital. The idea is of global nature and relevance and forms a “wake-up call” for decision makers at national level.


2019 ◽  
Vol 20 (2) ◽  
pp. 129-170 ◽  
Author(s):  
Thomas Gries ◽  
Stefan Jungblut ◽  
Henning Meyer ◽  
Tim Krieger

Abstract The employability of an aging population in a world of continuous and biased technical change is top of the political agenda. Due to endogenous human capital depreciation the effective retirement age is often below statutory retirement age resulting in permanent non-employability of older workers. We analyze this phenomenon in a putty-putty human capital vintage model and focus on education and the speed of human capital depreciation. Introducing a two-stage education system with initial schooling and lifelong learning, not even lifelong learning turns out to be capable of aligning economic and statutory retirement. However, well-designed education programs will keep more workers in highly productive activities at the end of their working life, and hence will substitute for simple social transfers, or for an early switch towards very low paid jobs.


2009 ◽  
Vol 13 (3) ◽  
pp. 327-348 ◽  
Author(s):  
Jie Zhang ◽  
Junsen Zhang

This paper explores how retirement timing, together with life-cycle saving and human capital investment in children, responds to rising longevity in a recursive model with altruistic agents. We find that rising longevity raises the retirement age. If initial life expectancy is not too high, rising longevity also raises human capital investment in children and the saving rate. Through these channels, rising longevity can be conducive to long-run economic growth. A binding mandatory retirement age reduces human capital investment and the growth rate, raises the saving rate, and reduces welfare.


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