How does finance affect labor market institutions? An empirical analysis in 16 OECD countries

Darcillon, Thibault

doi:10.1093/ser/mwu038

Cited by 65 publications

(52 citation statements)

References 33 publications

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“…For instance, Schiehll and Martins' (2016) review shows that the two main explanatory variables from the LFS, 'legal origin' and the quality of law in terms of 'investor protection,' are by far the most common country-level factors used as independent variables in cross-country governance research in political economy, management, economics, and finance. Specifically, these two explanatory variables are widely used in empirical studies in various fields not only to explain patterns of corporate finance, ownership, and control structures (Volmer et al 2007;Bedu and Montalban 2013;Colli 2013;Callaghan 2015;Lehrer and Celo 2016), but also public administration regimes (Tepe et al 2010), features of national labour markets (Schneider and Karcher 2010;Emmenegger and Marx 2011;Darcillon 2015; all citing Botero et al 2004), the nature and size of the informal sector (Adriaenssen and Hendrickx 2015), and more generally institutionalised trust (Witt and Redding 2013;Huo 2014; citing La Porta et al 1998 and2000). Thus, the LFS has become the dominant legal approach not only in comparative economics, but also in comparative management, international business and corporate governance research (for overviews see Jackson and Deeg 2008;Aguilera and Jackson 2010;Schiehll and Martins 2016).…”

Section: Introductionmentioning

confidence: 99%

Twenty years of ‘Law and Finance’: time to take law seriously

Schnyder

Siems

Aguilera

2018

Socio-Economic Review

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This 'state of the art' essay provides a comprehensive discussion of the Law and Finance School (LFS) literature. We show that the first two decades of the LFS have focused on empirically investigating the question 'does law matter?' Yet, despite the centrality of law to the LFS, it is based on an incoherent theory of law, which leads to shortcomings in the conceptualisation and empirical testing of its hypotheses. We also observe that, rather than addressing this deficiency, the LFS has moved its focus to the contentious concept of 'legal origin.' We argue that the LFS needs to take law more seriously by returning to its initial focus on the substance of legal rules and by addressing the theoretical question 'how does law matter?' We propose venues for future research to develop a solid theoretical framework that would put the empirical investigation of law's impact on economic outcomes on a more solid footing.

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Section: Introductionmentioning

confidence: 99%

Twenty years of ‘Law and Finance’: time to take law seriously

Schnyder

Siems

Aguilera

2018

Socio-Economic Review

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“…It has been argued that entire nations, such as the United Kingdom, explicitly abandoned industries in the primary and secondary sectors to specialize in finance (Arrighi 2010). Among non-financial corporations, it has been observed that increased financialization has caused a reduction in workers' bargaining power and employment protection (Alvarez 2015;Darcillon 2015).…”

Section: Finance At Organizational Levelmentioning

confidence: 99%

What is organizational inequality? Why is it increasing as macroeconomic inequality increases?

Bernardi

Tridico

2020

Capital & Class

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Inequality has been increasing for decades in both rich and developing countries and the academic literature addressing it struggles to provide explanations, let alone solutions. This article is concerned with a relatively underexplored area, the relationship between macro-level inequality and organizational inequality. The core focus of the article is the recognition that the two phenomena are closely bound up one with the other. This is made possible by adopting Rousseau’s notion of inequality as hierarchy and willingness to accept subordination to authority and disparity of treatment. In doing so, we highlight similarities and dissimilarities between Rousseau and Marx. Inequality remains an issue of hierarchy at both the macro and organizational levels. As it was for Rousseau, so it is today but it is much more layered than in Rousseau’s day: inequality in society is the accepted degree of hierarchy among its members, inequality in the economy and at work is the extent to which, accepted or not, there is an imbalance of power, financial resources, remuneration of work and access to opportunities and services. The increase in inequality is due to a radical change in the socio-economic model of advanced economies. This change involves a shift towards financialization, a pressure on labour through flexibility, the decline of trade unions’ power and the retrenchment of public social spending.

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“…Finansallaşma olgusu, çeşitli mekanizmalarla işsizlik oranını etkileyebilme potansiyeline sahiptir. Finansallaşmanın sonuçlarına odaklanan literatüre bakıldığında kavramın daha çok sabit sermaye yatırımları ve büyüme (Stockhammer, 2004;Orhangazi, 2008b), krizler (Akyüz ve Boratav;2003;Lee ve Cheng, 2011) ve gelir dağılımıyla (Van Arnum ve Naples, 2013;Flaherty, 2015;Darcillon, 2015;Tunalı ve Özdemir, 2017;Stockhammer, 2017, Dünhaupt, 2017 ilişkilendirildiği görülmektedir. Bu çerçevede politik ekonomi perspektifinden ele alınan finansallaşma çalışmalarının işsizlik üzerindeki etkisi arka planda kalmış ve sistematik bir çerçevede çok az analiz edilmiştir.…”

Section: Kapsam Veri Ve Metodolojiunclassified

Kapitalizmin Finansallaşma Sürecinde Önemli Bir Sorun Olarak İşsizlik: Tartışma ve Analiz

Üzar¹

2019

siyasal

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Bu çalışmanın amacı, 1980'li yıllarla birlikte etkisini önemli ölçüde artıran finansallaşma olgusu ve işsizlik arasındaki ilişkinin belirlenmesidir. Bu çerçevede öncelikle finansallaşmanın hangi kanallar üzerinden işsizliği etkileyebileceği tartışmasına yer verilmiş ve iki değişken arasındaki potansiyel bağlantılar aydınlatılmaya çalışılmıştır. Bu bağlamda verisi elde edilen 9 gelişmiş OECD ülkesinin 1980-2015 dönemine ait yıllık verileri kullanılarak ampirik analiz gerçekleştirilmiştir. Ampirik analiz çerçevesinde öncelikle delta testi ile değişkenlerin eğim katsayısının homojenliği test edilmiş, sonrasında yatay kesit bağımlılık sınaması gerçekleştirilmiştir. Uygun birim kök testi ile serilerin durağanlık mertebesinin belirlenmesinin ardından Westerlund eşbütünleşme ve Dumitrescu ve Hurlin nedensellik analizleriyle değişkenler arasındaki uzun dönemli ilişki ve nedensellik araştırılmıştır. Elde edilen bulgulara göre, finansallaşma ve işsizlik oranı arasında uzun dönemli bir eşbütünleşme ilişkisi ve çift yönlü bir nedenselliğin olduğu tespit edilmiştir. Böylece finansal faaliyetlerin boyutu işsizliği, işsizlikteki değişimler de finansal kanallara olan bağımlılığı etkilemektedir.

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How does finance affect labor market institutions? An empirical analysis in 16 OECD countries

Cited by 65 publications

References 33 publications

Twenty years of ‘Law and Finance’: time to take law seriously

Twenty years of ‘Law and Finance’: time to take law seriously

What is organizational inequality? Why is it increasing as macroeconomic inequality increases?

Kapitalizmin Finansallaşma Sürecinde Önemli Bir Sorun Olarak İşsizlik: Tartışma ve Analiz

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