Income inequality,cultural capital,and high school students' academic achievement in OECD countries: A moderated mediation analysis

This study examines how social context, in this case, income inequality, shapes the role of cultural capital in educational success. First, we revisit the associations between (objectified) cultural capital and academic achievement, and cultural capital's role in mediating the relationship between family SES and academic achievement. More importantly, we explore how national-level income inequality moderates these two relationships. By analyzing a multilevel dataset of 32 OECD countries, a combination of PISA 2018 data and several national indexes, we find that: (1) cultural capital not only has a positive association with students' academic achievement but also acts as a significant mediator of the relationship between family SES and academic achievement in OECD countries; (2) both cultural capital's association with academic achievement and it's mediating role are stronger in more equal countries than in unequal ones. The findings shed new light on understanding how cultural capital shapes intergenerational education inequality across countries with different levels of inequality.     

Pathways among Caregiver Education,Household Resources,and Infant Growth in 39 Low‐ and Middle‐Income Countries

Caregiver education is known to relate to the growth of children, but possible mediation mechanisms of this association are poorly characterized and generally lack empirical support. We test whether instructional capital (caregiver education) leads to improved infant growth through availability of physical capital (household resources) across a wide swath of low‐ and middle‐income countries (LMIC). Using the Multiple Indicator Cluster Survey, we explore relations among caregiver education, household resources, and infant (M age = 0.99 years) growth in 117,881 families living in 39 LMIC. Overall, household resources mediated 76% of the small association between caregiver education and infant growth. When disaggregated by countries characterized by low, medium, and high levels of human development (as indexed by average life expectancy, education, and gross domestic product), household resources mediated 48–78% of the association between caregiver education and infant growth. Caregiver education had effects on infant growth through household resources in countries characterized by low, medium, and high levels of human development; for girls and boys; and controlling for indexes of infant feeding and health.     

LEARNING ABOUT EDUCATION

Limited human capital investment is a common characteristic of low‐income countries despite the fact that estimated returns to educational investment in low‐income countries are generally higher than those in high‐income countries. Empirical evidence suggests that income and credit constraints can only account for a part of this underinvestment. Recent experimental evidence shows that families' misperceptions about the returns to education play a role in their low‐investment levels. This paper builds a heterogeneous‐agent model of human capital and growth that incorporates an adaptive learning mechanism to capture the way agents form perceptions about returns to education. We find natural conditions guaranteeing existence of stable equilibria. Along transition paths, agents' misperceptions about returns to education depress realized returns, which serves to reenforce and perpetuate low human‐capital investment. If human capital investments have both private and public returns, we find multiple stable equilibria, including those which are characterized by low investment and low returns. (JEL D83, O10, I25)     

The relationship between youth employment and older persons' employment in 20 OECD countries

Inspired by the “lump of labour” theory, a large number of OECD countries have encouraged the expansion of early retirement policies in response to rising unemployment since the 1970s. In reality, however, youth employment is found to be positively correlated with older persons' employment, although this is simply the overall finding for all OECD countries because most studies estimate average effects. Less is known about diversity in the relationship between youth employment and the employment of older workers. In order to help fill the research gap in this area, this study explores the heterogeneity of that relationship across 20 OECD countries.     

Social Resources and Occupational Status Attainment: Comparison of Japanese and American Employees' Personal Networks

Abstract: The present study compares Japan and the USA in the ways in which individuals’ personal relationships affect the social standing they achieve. The conceptual framework applied here is similar to that used in established research in Western countries, which examines the effects of both human capital and social capital. The analyses are based on the data collected from a random sample of adult residents in Tokyo, which contains information about their personal networks. This data set is compared with the social network module of the 1985 General Social Survey in the United States. The analyses supported both human capital and social capital theories in the process of status attainment in both countries. Human capital, however, seems to have a stronger influence especially in the USA sample, because certain structural characteristics are associated with one's own educational achievement, which in turn are instrumental in attaining social capital. Unlike the USA, however, the access to social capital in Japan was found primarily through homophily, showing little effect based upon the type of networks they have. The results suggest the difference between the two countries in terms of the function of social resources and the strength of ties that are instrumental in the process of status attainment.     

Basic relationships between human capital,migration and labour markets in the Western Balkans: An econometric investigation

The high outward mobility that characterises the countries in the Western Balkan region—already for three decades—is often seen as tightly linked to labour market imbalances and persistently low utilisation of human capital over time. To shed light on these issues we analysed the effects of labour market determinants and human capital endowment on migration and vice versa by estimating simultaneously a system of equations that accounted for such relationships in the context of WB countries. The period under analysis is 2007–2019 and the destination countries are the EU15. The empirical results confirm the importance of wage gaps and their changes as an important pull factor for driving emigration. In addition, gaps in human capital emerge as a powerful determinant for explaining emigration into countries where returns to human capital are relatively higher.     

Short-run adjustments in the family's investment portfolio

American families have been changing the way they allocate their investment resources. These changes have raised questions concerning the types of investment decisions families make. The objective of this research was to gain a better understanding of the types of investment trade-offs households made between financial, physical, and human capital assets. This was done by estimating a short-run stock-adjustment model of family investments using panel data from the early 1970's. From examining the empirical results, it appeared that during this historical period, choices about a husband's human capital investment were generally related to a household's physical and financial asset acquisition. In contrast, choices regarding the wife's human capital investment appeared not to be related to any of the more traditional household investment options. The implications of this study for increasing understanding of current household investment patterns are discussed in the concluding section of the paper.     

Verteilungseffekte von Finanzialisierung

Financialisation is often associated with rising income inequality. The article describes the major aspects of financialisation in the foreign, financial, business and household sector, and identifies several hypotheses how financialisation affects functional income distribution. We discuss enhanced exit options of firms, rising financial overhead costs for businesses, increased competition in capital markets, and weakened bargaining power of workers due to indebtedness. The different hypotheses are operationalised through empirical measures and their effect on the wage share is tested econometrically by means of a panel data set of 14 OECD countries over the period 1992–2014. We find statistically significant negative effects of financial payments of firms and financial openness on the wage share.     

“Migrant Capital” and Domestic Work: Labour Trajectories of Immigrant Women in Spain

This article analyses the labour trajectory of migrant women in domestic service. The research considers women's working conditions upon arrival, or their “migrant capital” (i.e. their human, social and economic capital) as the defining factors in their labour trajectories. The study, conducted on a sample of migrant women in domestic service, reveals the different value each type of capital has at each stage of a labour trajectory. The social network is the core capital in their first job. Nevertheless, the key factors in labour mobility are human capital and a household's financial needs. The processes of administrative regularization and family reunification prompt far‐reaching changes in these women's labour trajectories. Finally, labour trajectories during the economic crisis have been shaped by financial needs, leading to a decapitalization of the human capital acquired, with even legal status surrendering its value.     

The causal effect of social capital on income: A new analytic strategy

This study identifies three groups of job seekers in terms of the channels used to search for jobs: the formal channel involving only official procedures to obtain a job, the informal channel using only social contacts to obtain a job, and the joint channel leveraging both social contacts and official procedures. The analysis of a national sample survey of China shows that joint channel users, due to their relatively higher level of social capital, not only make more job search attempts but also obtain higher income than formal channel users. Meanwhile, joint channel users, because of their relative advantages in both human capital and social capital, not only make more job attempts but also obtain higher income than informal channel users. The two comparisons offer a new strategy to test the causal role social capital plays in labour market success, regardless of whether social capital is exogenous or endogenous to human capital.     

Financial Literacy,Human Capital and Stock Market Participation in Europe

Households’ stock market participation has significant effects on savings and on an economy’s financial development and performance. Yet participation into capital markets is limited and quite heterogonous both among and within several countries. This phenomenon represents an empirical puzzle whose understanding is rather incomplete. In this work, we exploited a combination of datasets for nine European countries and used different econometric specifications that allow to control for endogeneity of financial literacy and human capital, to assess the role of several variables in affecting the probability to participate in the stock market in year 2010. Besides socio-demographic variables, we found that financial literacy has a positive and significant effect on stock market participation, together with the level of human capital and social interaction. Country level differences are explained by such institutional factors as the effectiveness of the education system and by the attractiveness of the stock markets.     

Gender differences in the reemployment status of displaced workers human capital as signals that mitigate effects of bias

Data from the Current Population Survey's Displaced Workers Supplement for year 2000 indicate that after job loss, women become reemployed less frequently than do men. To explain this difference, we test sets of hypotheses derived from Human Capital and Gender Queuing theories. The results support the theory that in their hiring of displaced workers, employers tend to place men in a higher labor queue than women. Net of human capital factors, women are significantly less likely than men to be reemployed following the loss of a job. However, results also show that for women only, certain human capital characteristics substantially improve their reemployment chances. Unmarried women displaced from full-time and white-collar high-level occupations were significantly more likely to become reemployed than were women without these characteristics. The results suggest that queuing processes interact with human capital characteristics in a gender specific manner. Because employers lack perfect information about job applicants, they rely on certain human capital characteristics that signal the extent to which women in the labor market depart from prevailing negative stereotypes about women workers. To employers, unmarried women displaced from full-time managerial and professional jobs may appear more productive and committed to work than do women lacking these types of human capital. Thus, the possession of certain types of human capital among women can mitigate the effects of gender bias in the hiring of displaced labor.     

Income distribution determinants and public spending efficiency

This paper examines the impact of public spending on income distribution in OECD countries, paying attention in particular to the impact of the quality of education and public institutions. The paper assesses the efficiency of public spending in improving income distribution by using Data Envelopment Analysis. The empirical analysis shows the existence of both input and output inefficiencies across countries when relating public social spending to the inequality in income distribution.     

Regional Well-Being and its Inequality in the OECD Member Countries

This paper analyses the inequality between the regions of the Organization for Economic Co-operation and Development (OECD) member countries by using stochastic multi-objective acceptability analysis and the associated multivariate Gini index. By considering a large number of possible combinations of weights, the distribution of the potential rankings for each region is used to measure multidimensional inequality both within and between countries. Our results show that beyond the expected two clubs of rich and poor countries, a third group of countries emerges that belongs neither to the top nor to the bottom of the ranking, an outcome that can be attributed to the presence of significant economic differences among regions within those countries. Most of the inequality lies between countries, but regional well-being also significantly varies within the same countries and we find an inverse U-shape connection between regional well-being and its inequality within the OECD member countries.

     

Who Is a Part-Time Worker Around the World and Why Does It Matter? Examining the Quality of Employment Measures and Workers’ Perceived Job Quality

Theory and research do not fully account for the cross-national variation in part-time work definitions and measures, which may affect conclusions. Using the 2004 to 2009 International Social Survey Programme (ISSP) as a special case, this study analyzes the reliability of different part-time work measures for 47 countries, finding high levels of consistency between what resembles a country-specific measure and measures based on 30- and 35-hr thresholds. Bivariate analyses reveal that sex is consistently related to—and suggestive of the construct validity of—part-time measures, except in some non–Organisation for Economic Co-operation and Development (OECD) countries. Analyses of selected countries in 1 year indicate that the choice of part-time work measure matters for understanding workers’ perceptions of their earnings, advancement opportunities, and job security in a few countries. Our results yield good news for ISSP users but highlight the need for the more exhaustive conceptualization of part-time work we offer, research outside of the OECD, and care in interpreting data in some countries.     

INTERNATIONAL DEAL EXPERIENCE AND CROSS‐BORDER ACQUISITIONS

I show that corporate directors' human capital facilitates international investments. Directors' experience with cross‐border transactions positively influences firms' decisions to conduct their first cross‐border acquisitions. Cross‐border acquirers are more likely to buy firms headquartered in countries with which the directors have prior deal experience. This effect is strongest for target firms headquartered in culturally and institutionally dissimilar countries. Announced cross‐border acquisitions are received more favorably by financial markets and are more likely to be completed successfully when the announcing firm has a director with cross‐border acquisition experience. These effects are not driven by investment bank involvement in the deal process or by other forms of directors' human capital, and they are robust to endogeneity of director hires. (JEL F23, F21, J24, L23)     

家庭社会资本对大学生农村就业意愿的影响

家庭是影响大学生农村就业的一个重要因素,因而家庭社会资本与大学生农村就业行为有密切的关系。家庭社会资本对大学生去农村的就业意愿、最低工资价位和职业选择的影响显著。母亲的受教育程度、家庭年收入越高,大学生去农村的就业意愿越高,大学生去农村的最低心理工资价位越高;父母的受教育程度越高,大学生去农村更愿意选择从政。     

CREDENTIALS AND CAPACITIES:

The "new structuralism" in stratification research has made important contributions to our understanding of job assignment by directing attention to the demand side of labor markets. This article builds on this work by conceptualizing job matching in terms of labor market transactions (hirings and promotions). Detailed quantitative and case study evidence is presented to ask how employers perceive the link between schooling and the acquisition of skills required for job performance. The results show that employers generally see a link between schooling and the acquisition of both general and specific skills, but rarely feel very strongly about this and are often willing to concede that skills might well have been acquired elsewhere. Managers hiring from the outside and managers assigning promotions differ in the information they glean from the educational credentials of job candidates. Little evidence is found that any one theory (human capital, screening, credentialism, or cultural capital) can account for the pattern of results.