LEADER 06232oam 22012134 450 001 9910788345703321 005 20230721045625.0 010 $a1-4623-4166-7 010 $a1-4527-8338-1 010 $a1-4518-7087-6 010 $a9786612841804 010 $a1-282-84180-7 035 $a(CKB)3170000000055115 035 $a(EBL)1608026 035 $a(SSID)ssj0000943979 035 $a(PQKBManifestationID)11612508 035 $a(PQKBTitleCode)TC0000943979 035 $a(PQKBWorkID)10982642 035 $a(PQKB)10067692 035 $a(OCoLC)460974813 035 $a(MiAaPQ)EBC1608026 035 $a(IMF)WPIEE2008229 035 $a(EXLCZ)993170000000055115 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBanks and Labor as Stakeholders : $eImpact on Economic Performance /$fKenichi Ueda, Stijn Claessens 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (41 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/229 300 $aDescription based upon print version of record. 311 $a1-4519-1540-3 320 $aIncludes bibliographical references. 327 $aContents; 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 Change 327 $a1b. 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; References 330 3 $aTraditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and state-industry level data, we investigate how output growth is affected by bank branch deregulation and employment protection occurring over 1972-1993. We find that financial liberalization positively impact overall state growth but greater workers' rights affects it ambiguously. At the industry level, however, employment protection promotes those industries that are more knowledge intensive, while the effect of financial liberalization does not differ across industries that vary in external financing dependency. The results hold controlling for changes in shareholders' rights, which itself is not significant. The findings suggest that financial liberalization operates mostly through an efficiency channel, better reallocating resources across sectors, while employment protection creates higher incentives and encourages more sector-specific, human capital investments. Overall, the results show that the strength of stakeholders' protection affects performance through efficiency channels and provide support for a stakeholders' view of corporate governance. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/229 606 $aBanks and banking$xState supervision$zUnited States 606 $aWorking class$zUnited States 606 $aCorporate governance$zUnited States 606 $aIndustrial productivity$zUnited States 606 $aBanks and Banking$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aLabor Contracts$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aWages, Compensation, and Labor Costs: Public Policy$2imf 606 $aLabor Economics: General$2imf 606 $aMacroeconomics: Production$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aBanking$2imf 606 $aEmployment protection$2imf 606 $aMinimum wages$2imf 606 $aProduction growth$2imf 606 $aManpower policy$2imf 606 $aBanks and banking$2imf 606 $aMinimum wage$2imf 606 $aLabor economics$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 607 $aUnited States$2imf 615 0$aBanks and banking$xState supervision 615 0$aWorking class 615 0$aCorporate governance 615 0$aIndustrial productivity 615 7$aBanks and Banking 615 7$aLabor 615 7$aMacroeconomics 615 7$aLabor Contracts 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aWages, Compensation, and Labor Costs: Public Policy 615 7$aLabor Economics: General 615 7$aMacroeconomics: Production 615 7$aLabour 615 7$aincome economics 615 7$aBanking 615 7$aEmployment protection 615 7$aMinimum wages 615 7$aProduction growth 615 7$aManpower policy 615 7$aBanks and banking 615 7$aMinimum wage 615 7$aLabor economics 615 7$aProduction 615 7$aEconomic theory 676 $a332.10973 700 $aUeda$b Kenichi$01485191 701 $aClaessens$b Stijn$0282431 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788345703321 996 $aBanks and Labor as Stakeholders$93716508 997 $aUNINA