06451oam 22013094 450 991096554270332120250426110843.0978661284180497814623416651462341667978145278338314527833819781451870879145187087697812828418021282841807(CKB)3170000000055115(EBL)1608026(SSID)ssj0000943979(PQKBManifestationID)11612508(PQKBTitleCode)TC0000943979(PQKBWorkID)10982642(PQKB)10067692(OCoLC)460974813(IMF)WPIEE2008229(MiAaPQ)EBC1608026(IMF)WPIEA2008229WPIEA2008229(EXLCZ)99317000000005511520020129d2008 uf 0engur|n|---|||||txtccrBanks and Labor as Stakeholders : Impact on Economic Performance /Kenichi Ueda, Stijn Claessens1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (41 p.)IMF Working PapersIMF working paper ;WP/08/229Description based upon print version of record.9781451915402 1451915403 Includes bibliographical references.Contents; I. Introduction; II. Related Literature; III. Data, Empirical Methodology and Regressions Results; A. Data; B. State-Level Regressions; C. State-Industry Level Benchmark Regressions; D. Robustness Checks; IV. Conclusions; Figures; 1a. The Adpotion of Financial Deregulation; 1b. The Adoption of Anti-Takeover Statutes; 1c. The Adpotion of Employment Protection; 2a. The Pattern of Financial Deregulation and Adoption of Employment Protection; 2b. The Pattern of Financial Deregulation and Adoption of Employment Protection; Tables; 1a. Correlations Among State-Level Institutional Change1b. Correlations Among Industry-Level Characteristics1c. Averages and Standard Deviations of Main Variables; 2a. State Level Regressions-Gross State Product; 2b. State Level Regressions-Non-Financial Sector Gross State Product; 3. State-Indistry Level Regressions-Benchmark (Schooling); 4. State-Industry Level Regressions-Intangible/Fixed Assets; 5. State-Industry Level Regressions-Sales/Fixed Assets; 6a. State-Indistry Level Regressions-Panel GMM for AR(1) Specification; 6b. State-Indistry Level Regressions- Panel GMM for AR(2) Specification; ReferencesTraditionally, 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.IMF Working Papers; Working Paper ;No. 2008/229Banks and bankingState supervisionUnited StatesWorking classUnited StatesCorporate governanceUnited StatesIndustrial productivityUnited StatesBankingimfBanks and BankingimfBanks and bankingimfBanksimfDepository InstitutionsimfEconomic theoryimfEmployment protectionimfIncome economicsimfLabor ContractsimfLabor economicsimfLabor Economics: GeneralimfLaborimfLabourimfMacroeconomicsimfMacroeconomics: ProductionimfManpower policyimfMicro Finance InstitutionsimfMinimum wageimfMinimum wagesimfMortgagesimfProduction growthimfProductionimfWages, Compensation, and Labor Costs: Public PolicyimfUnited StatesimfBanks and bankingState supervisionWorking classCorporate governanceIndustrial productivityBankingBanks and BankingBanks and bankingBanksDepository InstitutionsEconomic theoryEmployment protectionIncome economicsLabor ContractsLabor economicsLabor Economics: GeneralLaborLabourMacroeconomicsMacroeconomics: ProductionManpower policyMicro Finance InstitutionsMinimum wageMinimum wagesMortgagesProduction growthProductionWages, Compensation, and Labor Costs: Public Policy332.10973Ueda Kenichi1815625Claessens Stijn282431DcWaIMFBOOK9910965542703321Banks and Labor as Stakeholders4372439UNINA