Investments, Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe

Männasoo, Kadri; Maripuu, Peeter; Hazak, Aaro

doi:10.1080/1540496x.2017.1300092

Cited by 15 publications

(11 citation statements)

References 45 publications

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“…There are other research approaches investigating this topic that are acknowledged but have not been considered in this study, such as the person-job-fit literature (Caldwell and O'Reilly 1990) and psychological contract theory (Scandura and Lankau 1997). This article is a small component of a larger project investigating the linkages between work arrangements, work outcomes, job satisfaction, sleep, and health (see Hazak et al 2016; and Virkebau 2017 for some of the initial results) as well as companies' sustainability and competitiveness in the European post-transition economic context at large (e.g., Männasoo, Maripuu, and Hazak 2017;Maripuu and Männasoo 2014;Avarmaa, Hazak, andMännasoo 2011, 2013;Hazak and Männasoo 2010;Männasoo 2008;Hazak 2008Hazak , 2009Männasoo and Maripuu 2015;Laidroo and Männasoo 2014). In that broader context, the results of this article help to better understand the existence and role of differences in working-time-related preferences and choices among different types of employees as well as the different effects that regulation can have in the context of different companies.…”

Section: Resultsmentioning

confidence: 99%

What Type of Research and Development Employees Use Flextime?

Virkebau¹,

Hazak²

2017

The International Journal of Organizational Diversity

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Numerous employers provide flexible working schedules in order to attract a more diverse range of potential employees. However, not all employees use the flextime option provided by their employer. This study seeks to understand what types of employees in creative research and development (R&D) jobs utilize the flexible working time option. We present probit estimates based on data from our original repeated survey of Estonian creative R&D employees on a sample of seventy-two individuals from eleven entities. We find age, residential status, and the number of young children in the family to be associated with the use of flexible working schedules. Those who have families opt for flextime use with a significantly higher probability than those who are living alone. The more under-school-age children the employee has, the less likely it is that he or she uses flexible schedules. Older employees appear to be more likely to use flexible schedules than their younger colleagues. Although the sample for our study is small, these pilot results may provide some background information for employers in the R&D business for making decisions about the arrangement of work in light of employee diversity in flextime use preferences.

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Section: Resultsmentioning

confidence: 99%

What Type of Research and Development Employees Use Flextime?

Virkebau¹,

Hazak²

2017

The International Journal of Organizational Diversity

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“…In addition, there are multiple channels through which institutions may impact inequality. For example, various social norms may propagate inequality among different population groups (e.g., some ethnic groups, minorities, and females), and rent-seeking opportunities may foster inequality and financial constraints (e.g., Männasoo, Maripuu, and Hazak 2018) that often have an institutional background that may affect different types of individuals and companies differently.…”

Section: B the Effect Of Institutional Quality On Inequalitymentioning

confidence: 99%

Government Intervention, Institutional Quality, and Income Inequality: Evidence from Asia and the Pacific, 1988–2014

Blancheton

Chhorn

2021

Asian Development Review

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We examine the linear and nonlinear long-run relationship between public expenditure and institutional quality, and income inequality in Asia and the Pacific. By applying panel cointegration methods using a dataset from 1988 to 2014, our main findings suggest that public expenditure and institutional quality have negative long-run, steady-state effects on income inequality in Asia and the Pacific. The effect of institutional quality has only a one-way Granger causality link to income inequality. The existence of a nonlinear relationship between public expenditure and institutional factors linked to income inequality is also found. It implies that, at the early stage of institutional development, a country whose economy has experienced higher public expenditure generates rising income inequality; then, in the long run, when the country improves its institutional quality, higher public expenditure results in lower income inequality.

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“…Knowledge work in the area of research and development (R&D), on which our study is focused, is a specific case given that high knowledge intensity in a business may be accompanied by increased credit constraints and difficulties in getting financing because of the high risks involved and the poor ability of the companies to provide collateral for the financing that is needed for R&D investment (Männasoo and Meriküll 2014). Difficulties in getting external financing may lead to low leverage and constraints on investment, and the reduced intensity of investment may in turn have adverse consequences for how productively the intellectual capital and labour can be utilised and for the overall financial performance of the company (see Kotšina and Hazak 2012;Hazak 2008;Männasoo, Maripuu, and Hazak 2018;Avarmaa, Hazak, and Männasoo 2014;among others). In parallel to these features, knowledge work is heavily reliant on the ability of the employee to produce creative outcomes.…”

Section: Literaturementioning

confidence: 99%

Disparities in Knowledge Employees’ Actual, Contractual, and Desired Working Schedules

Ruubel¹,

Hazak²

2018

Knowledge Management: An International Journal

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Our study on a sample of Estonian creative knowledge employees indicates considerable disparities between their actual, contractually agreed, and desired amounts of working time. Nearly two thirds of the employees studied exhibited a mismatch between their desired and contractual working schedules, reflecting the constraints that employment contracts set on preferred working time. Our study results reveal that even if the employees had access to flexible working time options, a majority of them still followed roughly the standard nine-to-five working schedule even though their desired timing of work may have been different. This may be driven by various social norms and family commitments that warrant further study. The actual duration of the working day is longer than contractually agreed for 90 percent of the employees studied, which may pose health risks to employees. Our ordinary least squares (OLS) regression estimates show that the more educated the employee is, the less overtime work they did, while the higher their salary level, the more hours of overtime the employee did. The OLS regression estimates for the time difference between the actual start and the contractual start of the working day show that women tended to start their working day later and men earlier than officially required. Interestingly, the larger the family the employee had, the more the actual start time of work shifted to being earlier than contractually required. The older the employee, the later the start of their working day was from the official schedule. Our study highlights potentially large inefficiencies in industrial relations and in the use of the potential of employees in creative knowledge work that may have considerable adverse effects on the financial results of companies and on socio-economic development in general.

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Investments, Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe

Cited by 15 publications

References 45 publications

What Type of Research and Development Employees Use Flextime?

What Type of Research and Development Employees Use Flextime?

Government Intervention, Institutional Quality, and Income Inequality: Evidence from Asia and the Pacific, 1988–2014

Disparities in Knowledge Employees’ Actual, Contractual, and Desired Working Schedules

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