Financing constraints and fixed-term employment contracts

This paper studies the interactions between financing constraints and theemployment decisions of firms when both fixed-term and permanent employmentcontracts are available. We first develop a dynamic model that shows theeffects of financing constraints and firing costs on employment decisions. Oncecalibrated, the model shows that financially constrained firms tend to use moreintensely fixed term workers, and to make them absorb a larger fraction of thetotal employment volatility than financially unconstrained firms do. We testand confirm the predictions of the model on a unique panel data of Italian manufacturingfirms with detailed information about the type of workers employedby the firms and about firm financing constraints.

Informal care and labour force participation among middle-aged women in Spain

Informal care is today the form of support most commonly used by those who need other peoplein order to carry out certain activities that are considered basic (eating, dressing, taking a shower,etc.), in Spain and in most other countries in the region. The possible labour opportunity costsincurred by these informal carers, the vast majority of whom are middle-aged women, have not asyet been properly quantified in Spain. It is, however, crucially important to know these quantities ata time when public authorities appear to be determined to extend the coverage offered up to nowas regards long-term care.In this context, we use the Spanish subsample of the European Community Household Panel (1994-2001) to estimate a dynamic ordered probit and so attempt to examine the effects of various typesof informal care on labour behaviour. The results obtained indicate the existence of labouropportunity costs for those women who live with the dependent person they care for, but not forthose who care for someone outside the household. Furthermore, whereas caregiving for morethan a year has negative effects on labour force participation, the same cannot be said of those who start caregiving and stop caregiving .

Ownership structure, customer satisfaction and brand equity

This paper studies the interaction between ownership structure, taken as a proxy for shareholders commitment, and customer satisfaction - the main driver of consumer loyalty - and their impact on a firm s brand equity. The results show that customer satisfaction has a positive direct effect on brand equity but an indirect negative one because of reductions in ownership concentration. This latter effect emerges when managers are mainly customer-oriented. Such result gives out a warning signal that highlights the perverse effect of implementing policies, focused excessively on satisfying customers at the expense of shareholders, on a firm s brand equity. The empirical analysis uses an incomplete panel data comprising 69 firms from 11 nations, for the period 2002-2005.

The determinants of football match attendance revisited: Empirical evidence from the Spanish Football League

An attendance equation is estimated using data on individual games playedin the Spanish First Division Football League. The specification includesas explanatory factors: economic variables, quality, uncertainty andopportunity costs. We concentrate the analysis on some specificationissues such as controlling the effect of unobservables given the paneldata structure of the data set, the type of functional form and thepotential endogeneity of prices. We obtain the expected effects onattendance for all the variables. The estimated price elasticities aresmaller than one in absolute value as usually occurs in this literaturebut are sensitive to the specification issues.

Generating global brand equity through corporate social responsibility to key stakeholders

In this paper we argue that corporate social responsibility (CSR) to various stakeholders(customers, shareholders, employees, suppliers, and community) has a positive effect on globalbrand equity (BE). In addition, policies aimed at satisfying community interests help reinforcecredibility to social responsible polices with other stakeholders. We test these theoreticalcontentions using panel data comprised of 57 global brands originating from 10 countries (USA,Japan, South Korea, France, UK, Italy, Germany, Finland, Switzerland and the Netherlands) forthe period 2002 to 2008. Our findings show that CSR to each of the stakeholder groups has apositive impact on global BE. In addition, global brands that follow local social responsibilitypolicies over communities obtain strong positive benefits in terms of the generation of BE, as itenhances the positive effects of CSR to other stakeholders, particularly to customers. Therefore,for managers of global brands it is particularly productive for generating brand value to combineglobal strategies with the satisfaction of the interests of local communities.

Strike outcomes and wage settlements in Spain

This paper analyzes collective bargaining using Spanish firm level data. Centralto the analysis are the joint determination of wage and strike outcomes in adynamic framework and the possibility of segregate wage equation for strike andnon-strike outcomes. Conditional to strikes taking place, we confirm a negativerelationship between strike duration and wage changes in a dynamic context.Furthermore, we find selection in wage equations induced by the strike outcome.In this sense, the possibility of wage determination processes being differentin strike and non-strike samples is not rejected by the data. In particular,wage dynamics are of opposite sing in both strike and non-strike equations.Finally, we find evidence of a 0.33 percentage points wage change strike premium.

Fixed and random effects in Classical and Bayesian regression

This paper proposes a common and tractable framework for analyzingdifferent definitions of fixed and random effects in a contant-slopevariable-intercept model. It is shown that, regardless of whethereffects (i) are treated as parameters or as an error term, (ii) areestimated in different stages of a hierarchical model, or whether (iii)correlation between effects and regressors is allowed, when the sameinformation on effects is introduced into all estimation methods, theresulting slope estimator is also the same across methods. If differentmethods produce different results, it is ultimately because differentinformation is being used for each methods.

Assessing the wellbeing of the Spanish elderly

In this paper we use a variety of data sources, both micro and macro, time series, crosssection, and panel data to provide an empirical evaluation of the current level of economicwellbeing of the Spanish elderly, and of its determinants. We focus, in particular on the role played by the pension system and its generosity in terms of minimum pension supplements and non-contributive pensions. In an IV context, we find that actual Social Security benefits contribute substantially to explain income and consumption poverty levels and trends of low income and consumption percentiles. Thus we offer support to previous evidence for Spain emphasizing the role of minimum benefit policies.

Breaking the panels: an application to the GDP per capita

This paper proposes a test statistic for the null hypothesis of panel stationarity that allows for the presence of multiple structural breaks. Two different speci¿cations are considered depending on the structural breaks affecting the individual effects and/or the time trend. The model is ¿exible enough to allow the number of breaks and their position to differ across individuals. The test is shown to have an exact limit distribution with a good ¿nite sample performance. Its application to a typical panel data set of real per capita GDP gives support to the trend stationarity of these series

El desempleo español : factores estructurales

El paro es uno de los problemas más importantes de la economía española y del resto de economías europeas. Un posible análisis, ampliamente extendido en la literatura reciente, considera el desajuste existente entre la oferta y la demanda de trabajo como posible causante de esta situación. En este sentido, la relación empírica entre la tasa de paro y la tasa de vacantes, la denominada curva UV o de Beveridge, ofrece un instrumento para caracterizar el paro d'una economía determinada. Diferentes estudios, como por ejemplo, Jackman et. al. (1983) o Pissarides (1985) entre otros, consideran que los desplazamientos de la curva de Beveridge pueden interpretarse como variaciones del paro estructural. La identificación de estos desplazamientos puede dar información relevante para diseñar políticas económicas adecuadas. El principal objetivo de este trabajo es el de identificar los desplazamientos de la curva de Beveridge para la economía española durante el período 1978-96 utilizando datos anuales de la Encuesta de Población Activa (INE) y de Estadística de Empleo (INEM). Dado que ambas fuentes facilitan la información desagregada territorialmente, se puede construir un panel de datos regionales que permite analizar un amplio conjunto de factores que pueden explicar el desplazamiento de la curva, un posible cambio en la elasticidad de la tasa de paro respeto a la tasa de vacantes, así como también valorar la existencia de diferentes comportamientos regionales en el proceso de emparejamiento de trabajos con trabajadores

The geography of innovation: the effects of university research

Applied studies on the relationship between geography and technological innovation for United States, Germany, France and Italy have shown the positive effects that academic research exerts on the innovate output of firms at spatial level. The purpose of this paper is to look for new evidence on the possible effects of the university research for the case of Spain. To do so, within the framework of a Griliches-Jaffe knowledge production function, and using panel data and count models, the relationship between innovate inputs and patents, in the case of the Spanish regions is explored

Growth, convergence and public investment : a bayesian model averaging approach

The aim of this paper is twofold. First, we study the determinants of economic growth among a wide set of potential variables for the Spanish provinces (NUTS3). Among others, we include various types of private, public and human capital in the group of growth factors. Also,we analyse whether Spanish provinces have converged in economic terms in recent decades. Thesecond objective is to obtain cross-section and panel data parameter estimates that are robustto model speci¯cation. For this purpose, we use a Bayesian Model Averaging (BMA) approach.Bayesian methodology constructs parameter estimates as a weighted average of linear regression estimates for every possible combination of included variables. The weight of each regression estimate is given by the posterior probability of each model.

The geography of innovation: the effects of university research

Applied studies on the relationship between geography and technological innovation for United States, Germany, France and Italy have shown the positive effects that academic research exerts on the innovate output of firms at spatial level. The purpose of this paper is to look for new evidence on the possible effects of the university research for the case of Spain. To do so, within the framework of a Griliches-Jaffe knowledge production function, and using panel data and count models, the relationship between innovate inputs and patents, in the case of the Spanish regions is explored

El desempleo español : factores estructurales

El paro es uno de los problemas más importantes de la economía española y del resto de economías europeas. Un posible análisis, ampliamente extendido en la literatura reciente, considera el desajuste existente entre la oferta y la demanda de trabajo como posible causante de esta situación. En este sentido, la relación empírica entre la tasa de paro y la tasa de vacantes, la denominada curva UV o de Beveridge, ofrece un instrumento para caracterizar el paro d'una economía determinada. Diferentes estudios, como por ejemplo, Jackman et. al. (1983) o Pissarides (1985) entre otros, consideran que los desplazamientos de la curva de Beveridge pueden interpretarse como variaciones del paro estructural. La identificación de estos desplazamientos puede dar información relevante para diseñar políticas económicas adecuadas. El principal objetivo de este trabajo es el de identificar los desplazamientos de la curva de Beveridge para la economía española durante el período 1978-96 utilizando datos anuales de la Encuesta de Población Activa (INE) y de Estadística de Empleo (INEM). Dado que ambas fuentes facilitan la información desagregada territorialmente, se puede construir un panel de datos regionales que permite analizar un amplio conjunto de factores que pueden explicar el desplazamiento de la curva, un posible cambio en la elasticidad de la tasa de paro respeto a la tasa de vacantes, así como también valorar la existencia de diferentes comportamientos regionales en el proceso de emparejamiento de trabajos con trabajadores

The geography of innovation: the effects of university research

Applied studies on the relationship between geography and technological innovation for United States, Germany, France and Italy have shown the positive effects that academic research exerts on the innovate output of firms at spatial level. The purpose of this paper is to look for new evidence on the possible effects of the university research for the case of Spain. To do so, within the framework of a Griliches-Jaffe knowledge production function, and using panel data and count models, the relationship between innovate inputs and patents, in the case of the Spanish regions is explored