Showing papers on "Individual capital published in 2019"
TL;DR: Human capital theory assumes that education determines the marginal productivity of labour and this determines earnings and has dominated the economics, and policy and public under-approximation has been studied.
Abstract: Human capital theory assumes that education determines the marginal productivity of labour and this determines earnings. Since the 1960s, it has dominated the economics, and policy and public under...
159 citations
TL;DR: In this paper, the impact of human capital, which incorporates social capital, cultural capital, psychological capital, and economic capital, was explored on the undergraduate self-perception of employability.
Abstract: This study focuses on the undergraduate self-perception of employability. We aimed to explore the impact of human capital, which incorporates social capital, cultural capital, psychological capital...
154 citations
TL;DR: This article examined the effects of CEO social capital on corporate risk-taking around the world, and found that CEOs with large social capital prefer riskier investment and financial policies, and that the effect of social capital in corporate risk taking is moderated by the extent of legal protections provided to shareholders, the financial development, and the culture of the country in which a firm is incorporated.
Abstract: This study examines the effects of CEO social capital on corporate risk-taking around the world. We document a significant positive relation between CEO social capital and aggregate corporate risk-taking. Further, we find that CEOs with large social capital prefer riskier investment and financial policies. We also determine that the effect of CEO social capital on corporate risk-taking is moderated by the extent of legal protections provided to shareholders, the financial development, and the culture of the country in which a firm is incorporated. Our results are robust to alternative proxies of risk-taking, alternative model specifications, and tests for endogeneity.
44 citations
TL;DR: In this paper, the role of social capital within academic research teams and its influence on knowledge sharing is analyzed, and an empirical study was carried out with 87 academic resea....
Abstract: The purpose of this article is to analyse the role of social capital within academic research teams and its influence on knowledge sharing. An empirical study was carried out with 87 academic resea...
38 citations
TL;DR: An emerging body of research examines collective human capital flow via context-emergent turnover (CET) theory, which builds on resource-based theory and the literature on human capital.
17 citations
TL;DR: Li et al. as mentioned in this paper presented three theoretical perspectives regarding how individual and organizational social capital may be related to network trust and generalized trust: the compositional element (Putnam), functional equivalence (Fukuyama), and mutual independence (Lin).
Abstract: It has been widely postulated in the literature that social capital is positively related to or is the same as trust. The present study presents three theoretical perspectives regarding how individual and organizational social capital may be related to network trust and generalized trust: the compositional element (Putnam), functional equivalence (Fukuyama), and mutual independence (Lin). To each of these perspectives we allocated distinct measures of individual and organizational network mechanisms considering their operational definition of social capital. Using nationally representative data sets from the United States and China, we developed a comparative research design through which the three perspectives were put into an empirical test. In conclusion, we found that the compositional element perspective is most prone to cross-national contingencies, whereas the mutual independence perspective is freer from such contextual influences. In particular, the positive association between number of membership in voluntary associations (organizational social capital) and generalized trust exists only in the United States, whereas individual social capital based on network diversity and resources is unrelated to generalized trust in neither country. Lastly, the functional equivalence perspective does not get empirical support from the data, particularly with regard to the proposed negative relationship between network closure and generalized trust. These findings challenge the assumptions concerning the positive association or equivalence between social capital and trust in the literature.
16 citations
TL;DR: This paper addresses how older people cope when they give up driving, using Bourdieu’s theory of capital as a way of categorising different barriers and enablers to managing without a car in a hypermobile society.
Abstract: Driving a car meets older people's needs, providing utility (getting from A to B), psychosocial (providing identity and roles and feelings of independence and normality) and aesthetic (mobility for its own sake) mobilities. Giving up driving is related to poorer health and wellbeing. This paper addresses how older people cope when they give up driving, using Bourdieu's theory of capital as a way of categorising different barriers and enablers to managing without a car in a hypermobile society. Older people are most likely to mention barriers and enablers to mobility relating to infrastructure capital (technology, services, roads, pavements, finance and economics), followed by social capital (friends, family, neighbourhood and community). Cultural capital (norms, expectations, rules, laws) and individual capital (skills, abilities, resilience, adaptation and desire and willingness to change) are less important but still significantly contribute to older people's mobility. Implications for policy and practice suggest that provision for older people beyond the car must explore capital across all four of the domains.
15 citations
TL;DR: This paper examined whether regional social capital has any impact on idiosyncratic return volatility and found that firms headquartered in high social capital counties exhibit significantly higher return volatility than firms located in low social capital regions.
Abstract: We examine whether regional social capital has any impact on idiosyncratic return volatility. Using US data, we find that firms headquartered in high social capital counties exhibit significantly l...
14 citations
TL;DR: In this paper, the importance of spatial distance from social capital resources for the number of resources accessed was examined, and the relationship between the distance to work, religious congregations, and social capital was examined.
Abstract: This study tests the importance of spatial distance from social capital resources for the number of resources accessed. We examine the relationship between the distance to work, religious congregat...
14 citations
TL;DR: In this article, the importance of performance pay and extrinsic rewards in understanding how to motivate and retain employees is pointed out, while a great deal of attention has been given to the role of performance and reward in motivating and retaining employees.
12 citations
TL;DR: Results from analyses carried out within the Lifepath consortium are presented, showing that the socioeconomic environment, from early life and over the lifecourse, is an important risk factor for health and partly works through its effects on biological mechanisms.
Abstract: At the crossroads between sciences, epidemiology brings together the social and the biological to examine social inequalities in health. The concept of biological capital represents the accumulated history of biological experiences, alongside the other forms of accumulated capital, notably cultural, economic and social. The ability to access the three other forms of individual capital and therefore position in life depends on inherited biological health/skills, epigenetic imprinting and the accumulation of embodied biological changes that make an individual more or less successful in life. We present results from analyses carried out within the Lifepath consortium, showing that the socioeconomic environment, from early life and over the lifecourse, is an important risk factor for health and partly works through its effects on biological mechanisms. We show that socially stratified pre-disease states related to ageing may be examined using biomarkers, and help underline areas and mechanisms to promote healthy ageing.
TL;DR: In many economic contexts, agents from the same population team up to better exploit their human capital as mentioned in this paper, and stable matchings may fail to match the human capital of agents from different populations.
Abstract: In many economic contexts, agents from the same population team up to better exploit their human capital. In such contexts (often called “roommate matching problems”), stable matchings may fail to ...
TL;DR: An easy-to-implement approach to capital risk management in a multi-dimensional insurance risk model is developed by presenting a novel Bayesian approach to calibrate the latent environmental state distribution based on observations concerning the claim processes.
Abstract: Firms should keep capital to offer sufficient protection against the risks they are facing. In the insurance context methods have been developed to determine the minimum capital level required, but less so in the context of firms with multiple business lines including allocation. The individual capital reserve of each line can be represented by means of classical models, such as the conventional Cramer–Lundberg model, but the challenge lies in soundly modelling the correlations between the business lines. We propose a simple yet versatile approach that allows for dependence by introducing a common environmental factor. We present a novel Bayesian approach to calibrate the latent environmental state distribution based on observations concerning the claim processes. The calibration approach is adjusted for an environmental factor that changes over time. The convergence of the calibration procedure towards the true environmental state is deduced. We then point out how to determine the optimal initial capital of the different business lines under specific constraints on the ruin probability of subsets of business lines. Upon combining the above findings, we have developed an easy-to-implement approach to capital risk management in a multi-dimensional insurance risk model.
TL;DR: In this article, a nonlinear (progressive) capital flow tax was proposed to promote capital account liberalization while preventing financial crises, with the marginal tax rate increasing with the size of individual capital outflows.
Abstract: How to promote capital account liberalization while preventing financial crises is a challenging task for policymakers This study proposes a nonlinear (progressive) capital flow tax as a solution We first demonstrate that the collateral requirement of international borrowing can give rise to multiple equilibria and self‐fulfilling financial crises We then show that the crisis equilibrium characterized by large exchange rate depreciation, capital flight and welfare loss can be eliminated by imposing a nonlinear (progressive) tax scheme on capital outflows with the marginal tax rate increasing with the size of individual capital outflows The implementation of such a tax scheme in China is also discussed
TL;DR: This article proposed an evolutionary model of the evolution of jobs and occupations as the evolving structure of a network of knowledge, and of a career as a path through that network, based on a meso perspective.
Abstract: The structure and dynamics of knowledge are central to modern evolutionary economics. In the canonical evolutionary model, knowledge exists in the routines and competencies of firms, an approach optimized to study industrial dynamics. In mainstream economics however, knowledge is represented as human capital, an investment by workers in education and skills, an approach suited to the study of labor markets, education, jobs and careers. Evolutionary economics has little to say about this. We propose a new research program for evolutionary economics that develops an evolutionary theory of human capital by developing a meso perspective that represents human capital as a position on a network of knowledge, and economic evolution as a change in that network. Our new approach proposes an evolutionary model of the evolution of jobs and occupations as the evolving structure of that network and of a career as a path through that network.
Posted Content•
TL;DR: In this article, a large panel of Italian worker and social cooperatives was used to estimate the productivity effects of collective and individual reserves of capital, and they found a positive and significant relation between the extent of collective ownership and total factor productivity.
Abstract: Standard economic theory predicts that the accumulation of capital by means of indivisible reserves would lead to underinvestment and undercapitalization due to the truncated temporal horizon of worker members in cooperatives (the so called Furubotn-Pejovich effect). To test the real effects of collective capital on productivity, we use a large panel of Italian worker and social cooperatives to estimate the productivity effects of collective and individual reserves of capital. The panel puts together firm-level balance sheet data from Bureau van Dijk Aida database, with social security data concerning employment contracts in all Italian enterprises. Differently from previous contributions, we are able to single out firm-level employment in terms of full-time worker equivalents. We investigate the determinants of total factor productivity by means of an augmented Cobb-Douglas production function. After controlling for factor productivity, individual capital ownership, age of the organization and other standard firm-level and sectoral controls, we find a positive and significant relation between the extent of collective ownership andtotal factorproductivity. This result is robust to different specifications of the model. We interpret the result by highlighting the positive role of collective capital in strengthening financial sustainability, patrimonial and employment stability in the long run, and in favouring specific investments.
20 Sep 2019
TL;DR: The main informants were 13 people and 3 supporting informants, the sampling technique used was purposive sampling. as mentioned in this paper described the pattern of relationships between Weaving Workers and capital owners.
Abstract: The purpose of this research is to describe the pattern of relationships between Weaving Workers and capital owners. The research approach uses a qualitative approach, a phenomenological method. The main informants were 13 people and 3 supporting informants, the sampling technique used was purposive sampling. Data collection techniques using interview, observation and documentation. Data analysis techniques using data reduction, data display, and data verification. The results showed (1) the pattern of the weaver's relationship with the weaving capital, (2) the pattern of the relationship of the weaving laborer with their own capital and educational institutions, (3) the pattern of the relationship of the weaving laborer with the company / individual capital owner, (4) the pattern of the weaver's relationship with small family (nuclear family), (5) pattern of weaver relationship with extended family, (6) pattern of labor relations between weaving with KUBE, company and own capital, (7) pattern of relationship between weaving labor and small family (nuclear family) and extended family, (8) the pattern of relations between weaving workers and individual owners of capital, (9) the pattern of relations between laborers weaving with banks, and (10) the pattern of relations between workers weaving with savings and loan cooperatives, analyzed using the theory of alienation.
TL;DR: In this paper, the authors propose a framework, and three models, for making choices about the economy's main legal institutions: for property in capital, the obligations related to work, and the organisation of corporate persons.
Abstract: How should power be shared in the economy? This article offers a framework, and three models, for making choices about the economy’s main legal institutions: for property in capital, the obligations related to work, and organisation of corporate persons. An authoritarian economic model entails financial institution or director control of capital; a duty to work and state control of unions; and the principle of ‘leadership’. A neo-liberal model advocates individual capital ownership including employee share schemes; individual ‘freedom’ of contract and privatised unions; and information and consultation as the limits of voice. A democratic model advocates diverse share ownership through pensions, wealth funds, and public bodies; collective bargaining and independent unions; and codetermination for workers and citizens based on one-person, one vote. Most countries have an unsettled mixture of these models. The UK, Germany, and the US are analysed as case studies, and empirical evidence is summarised which suggests that a more democratic economy enables greater human development. Because reason and evidence will remain the basis for public policy and debate, it seems economic democracy in the 21st century will swiftly become reality.