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2022 ◽  
Vol 10 (1) ◽  
pp. 12-42
Author(s):  
Michael Tannen

Based upon the highly innovative Project TALENT Longitudinal Database, this study tracks the starting earnings and subsequent early earnings growth of young males who began their work careers at either a smaller (<100 employees) or larger private firm more than a generation ago.  Prior evidence based upon less rich databases found that earnings were systematically higher in larger firms but did not have access to many other variables that could affect projected earnings which are available in the TALENT database. Earnings regressions are estimated here including not only usual explanatory variables of years of schooling and labor market experience, but also adding other variables pertaining to prior job experience, military service, IQ, socioeconomic background and some other factors.  The findings indicate that while starting earnings of those in this database were indeed higher in larger firms, the gap evaporated fairly quickly with projected earnings of those in smaller firms featuring a small earnings premium. The results here suggest guidance based upon the body of prior evidence may have been less reliable than thought, and that evidence itself may not provide as useful a baseline as desired for subsequent research addressing whether this pattern continues for recent cohorts.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mahnoor Sattar ◽  
Pallab Kumar Biswas ◽  
Helen Roberts

Purpose This paper aims to examine the relationship between board gender diversity and private firm performance. Design/methodology/approach The authors test the association between board gender diversity and private firm performance by estimating pooled multivariate regressions using an unbalanced panel data set of 115,253 firm-year observations. Findings The authors find that younger, less busy and local women directors enhance private firm performance. Firms with 40% or more women directors report triple the economic benefits compared to boards with at least 20% women directors. Considering firm size, women directors significantly increase small firm profitability, and the effect is more pronounced for high-risk firms. Greater board gender diversity enhances small firm performance as the monitoring role of women directors benefits the firm even in the presence of busy men directors. Consistent with the agency theory framework, the authors find that women directors improve small firm profitability in the presence of agency costs. Research limitations/implications Due to the lack of availability of data about private firms, many factors are not directly observable. The analysis uses accounting-based performance measures that may be subject to managerial discretion. Nevertheless, the authors report highly significant results using cash-based performance measures that substantiate the overall findings. Practical implications The results of the present study point to the need for private firms to increase board gender diversity and consider women director busyness, age, nationality and firm size when making board director appointments. Originality/value This study adds to the scarce existent literature investigating private firms. The results contribute to the understanding of gender-diverse boards as well as the attributes of women directors that enhance private firm performance.


Author(s):  
Christof Beuselinck ◽  
Ferdinand Elfers ◽  
Joachim Gassen ◽  
Jochen Pierk

2021 ◽  
pp. 147612702110181
Author(s):  
Timothy J. Quigley ◽  
Francesco Chirico ◽  
Massimo Baù

Scholars have long debated the effect CEOs have on firm performance, including a focus on how their effect shifts across industries, national settings, and time. Unexplored, however, is the possibility that the CEO effect might differ in publicly traded versus privately held firms. Drawing on a unique longitudinal sample of both publicly traded and large, privately held Swedish firms from 1997 to 2013, we replicate and build upon prior CEO effects studies and find that private-firm CEOs have a greater effect on firm performance, for good or for ill, than do their public firm counterparts. Our results are strengthened after controlling for industry, firm profitability, and size in a matched-pair sample. We discuss the implications and potential future research stemming from these findings.


2021 ◽  
Vol 38 (1) ◽  
pp. 119-141
Author(s):  
Tanthaka Vivatsurakit ◽  
Jessica Vechbanyongratana

Abstract This study examines the incidence of vertical mismatch among formal and informal workers in Thailand. Using the 2011, 2013, and 2015 Thailand Household Socio-economic Surveys, the study analyzes the relationship between vertical mismatch and wage penalties and premiums across four types of workers: formal government, formal private firm, informal private firm, and informal own-account workers. The incidence of overeducation is modest among the oldest cohort (8.7%) but prevalent among the youngest cohort (29.3%). Government employees face the highest overeducation wage penalties (28.2%) compared to matched workers, while in private firms, informal workers have consistently higher overeducation wage penalties than formal workers. Educated young workers are increasingly absorbed into low-skill informal work in private firms and face large overeducation wage penalties. The inability of many young workers to capitalize on their educational investments in Thailand's formal labor market is a concern for future education and employment policy development in Thailand.


2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Bin Shang ◽  
Qiang Sun ◽  
Hao Feng ◽  
Jiancong Chang

After the BOT road operation contract expires, generally, the road will be transferred to the government, and then the government operates the road independently without charging costs from its users. Facing the huge amount of the operation cost, Chinese government tends to continue to charge the road users to guarantee the high quality of road operation. Then, the government will have to decide whether a private firm or government itself would be suitable to operate the road. A model is presented for decision-making through balancing interests between the government and the private firm with an introduction of an intermediate variable, i.e., bidding price. Three scenarios are investigated in the model, including the optimization of government operation, the optimization of private firm operation, and government operation with an improper decision of the intermediate variable. Improper intermediate variable will result in a higher toll charged by the government than by a private firm. The method of avoiding an improper decision is investigated. The result shows that the intermediate variable should be determined to be the government operation cost, based on which the private operator could be chosen, if available. With consideration of the private operator’s profit to be guaranteed by the government, the maximum subsidy should be equal to the minimum private operator’s profit to be disclosed when the contract is signed.


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