The Economic Effects of Firm-Level Uncertainty: Evidence Using Subjective Expectations

2021 ◽  
Author(s):  
Giuseppe Fiori ◽  
Filippo Scoccianti
Keyword(s):  
Economic Effects ◽  
Firm Level ◽  
Subjective Expectations

scholarly journals The Economic Effects of Firm-Level Uncertainty: Evidence Using Subjective Expectations

2021 ◽  
Vol 2021 (1320) ◽  
pp. 1-48
Author(s):  
Giuseppe Fiori ◽  
◽  
Filippo Scoccianti ◽  
Keyword(s):  
Survey Data ◽  
Demographic Characteristics ◽  
Adverse Outcomes ◽  
Economic Effects ◽  
Business Managers ◽  
Firm Level ◽  
Subjective Expectations ◽  
Financial Variables ◽  
Italian Survey ◽  
Broad Array

This paper uses over two decades of Italian survey data on business managers' expectations to measure subjective firm-level uncertainty and quantify its economic effects. We document that firm-level uncertainty persists for a few years and varies across firms' demographic characteristics. Uncertainty induces long-lasting economic effects over a broad array of real and financial variables. The source of uncertainty matters with firms responding only to downside uncertainty, that is, uncertainty about future adverse outcomes. Economy-wide uncertainty, constructed aggregating firm-level uncertainty, is countercyclical but uncorrelated with typical proxies in the literature, and accounts for a sizable amount of GDP variation during crises.

Transport Infrastructure and Economic Growth: From Diminishing Returns to International Trade

2019 ◽  
Vol 17 (3) ◽  
pp. 513-533
Author(s):  
Sonja Šlander ◽  
Marko Ogorevc
Keyword(s):  
Economic Growth ◽  
Public Investment ◽  
Developed Countries ◽  
Economic Effects ◽  
Transport Infrastructure ◽  
Economic Research ◽  
Average Output ◽  
Firm Level ◽  
The Usa ◽  
Marginal Returns

The economic effects of transport infrastructure have been at the forefront of economic research and development policies for the last three decades, after the estimates in the early studies uncovered transport investment as one of the main drivers of economic growth.  This is still widely accepted, and the aim of this paper is to challenge this view by analyzing 657 estimates from 48 production function studies. Our results confirm a positive yet small average output elasticity of transport network, but further add to the literature by showing that the marginal returns of transport infrastructure have been falling since 1950s, especially in the USA and China, while the output elasticities in Europe have been stable but low throughout the entire period. Furthermore, the paper reviews studies on the effeets of new roads on firm-level performance, and concludes, based on the evidence of small marginal returns of transport infrastructure on both macro- and micro-economic level, that a a much more targeted approach to public investment in transport infrastructure is needed, at least in the developed countries.

Firm-level economic effects of HABS: A tool for business loss assessment

Harmful Algae ◽  
2009 ◽  
Vol 8 (2) ◽  
pp. 212-218 ◽  
Author(s):  
Kimberly L. Morgan ◽  
Sherry L. Larkin ◽  
Charles M. Adams
Keyword(s):  
Economic Effects ◽  
Loss Assessment ◽  
Firm Level

Developmental State and Corporate Governance in China

2007 ◽  
Vol 3 (1) ◽  
pp. 19-53 ◽  
Author(s):  
Victor Nee ◽  
Sonja Opper ◽  
Sonia Wong
Keyword(s):  
Corporate Governance ◽  
Developmental State ◽  
Economic Effects ◽  
Positive Contribution ◽  
Firm Level ◽  
Role Of Government ◽  
Economic Miracle ◽  
State Involvement ◽  
Rapid Economic Growth

China's state-guided economic miracle has revitalized a long-standing and unsettled debate about the role of government in transformative economic development. In a firm-level study of corporate governance we examine whether direct state involvement actually makes a positive contribution to the economic performance of newly incorporated firms in China's urban economy. We show that direct intervention into the governance of firms is likely to yield negative economic effects at the firm level. We infer from our findings that it must be other types of government intervention external to the firm that explain the success of China's developmental state in promoting rapid economic growth.

scholarly journals Firm-Level Automation: Evidence from the Netherlands

2020 ◽  
Vol 110 ◽  
pp. 389-393
Author(s):  
James Bessen ◽  
Maarten Goos ◽  
Anna Salomons ◽  
Wiljan van den Berge
Keyword(s):  
The Netherlands ◽  
Employment Growth ◽  
Manufacturing Sector ◽  
Manufacturing Firms ◽  
Economic Effects ◽  
Firm Level ◽  
Revenue Growth ◽  
Automation Technology

Studying firm-level adjustments is important for understanding the economic effects of workplace automation. So far, emerging firm-level evidence is focused on robotics and the manufacturing sector. In this paper, we document that the adoption of automation technologies extends beyond manufacturing firms. We identify firm-level automation events and show that automating firms experience faster employment and revenue growth than do nonautomating firms. However, around automation events themselves, employment growth slows markedly. Notably, we find that these effects are similar for manufacturing and nonmanufacturing firms, suggesting that an increasing diffusion of automation technology has important consequences for firms and their workers.

Corporate Governance and Employment Relations

2015 ◽  
Author(s):  
Zoe Adams ◽  
Simon Deakin
Keyword(s):  
Job Security ◽  
Corporate Law ◽  
Economic Effects ◽  
Employment Protection ◽  
Employment Relations ◽  
Firm Level ◽  
Contractual Arrangements ◽  
The World ◽  
Rent Sharing ◽  
Data Points

Rent-sharing between employees and shareholders is a necessity if the societal value of the firm is to be maximized. This is reflected in laws across the world which, in different ways, underpin job security and worker voice. Where employees have no role in firm-level governance and are weakly protected by regulation, contractual arrangements intended to align investor and worker interests often fail. A growing body of empirical evidence, drawing in part on leximetric data, points to the beneficial economic effects of employment protection and codetermination laws for innovation and productivity. These laws also promote equality, in contrast to laws mandating additional protections for shareholders to those provided by basic corporate law, which are distributionally regressive as well as being of questionable value for efficiency.

Eurasian Economic union: Prospects and challenges for Development

2015 ◽  
pp. 87-108 ◽  
Author(s):  
A. Knobel
Keyword(s):  
Oil And Gas ◽  
Economic Effects ◽  
Necessary Condition ◽  
Gas Transfer ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
Food Imports ◽  
Cis Countries ◽  
Integration Problems ◽  
Integration Challenge

The paper is devoted to the analysis of development prospects and problems of Eurasian Economic Union (EAEU) of Russia, Kazakhstan, Belarus and Armenia. It considers integration problems inside EAEU, interactions of EAEU with other CIS countries and with countries from the rest of the world. The paper shows that the major integration challenge inside EAEU is the domination of the redistributive motive over the creative one. It estimates the value of the oil and gas transfer from Russia to other EAEU members and the influence of the Russian tax maneuver on this transfer. The paper shows the need in redistribution mechanism inside EAEU as a necessary condition for getting the potential positive economic effects of free trade with other countries. It also assesses the risks for EAEU due to Russian embargo for food imports from countries of the sanctions list and possible application of tariff in the trade with Ukraine.

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