Zum Einfluss der Inhaberführung auf die Betriebsrat-Geschäftsführer-Beziehung – Eine theoretische und empirische Analyse in mittelständischen Unternehmen

This paper examines the quality of the relationship between business managements and works councils in small and medium-sized enterprises and strives for answering the question, which factors determine the quality. As ownership is an important determining factor of the establishment of works councils in small and medium-sized businesses, especially the impact of ownership on this relationship has been investigated. Agency theory and stewardship theory give hints that the owner management can have different impacts on this relationship. In order to test these contradictory hypotheses we have estimated a Heckman selection model to investigate which factors determine the quality of the relationship between business managements and works councils. Our results based on data generated from a survey in small and medium-sized enterprises conducted by the IfM Bonn in the years 2005 and 2006 indicate that ownership has a negative influence on the establishment of works councils, but a positive one on the quality of the relationship between business management and works council. Thus, the hypotheses predicting the existence of stewardship behaviour among owners and the existence of agency behaviour among managers can be confirmed.     

The Stock Market Reaction to Investment Decisions: Evidence from Italy

Based on a study of new investment announcements from 1989 to 1995 by Italian firms listed on the Milan Stock Exchange, we find a positive stock price reaction to new investment decisions. The stock price reaction is larger for joint venture announcements. The market response is also larger for non-state owned companies and when the announcement is released in a period of rising stock prices. The announced investment has no impact on the non-voting shares but increases the voting shares' market price through a significant revaluation of their vote-segment. We find some evidence that new investments lead to management's private benefits rather than towards firm value. This is consistent with the typical Italian corporate governance structure, where a majority shareholder safely controls a listed company while having only a fractional claim on the firm's cash flows.     

Deciding with Thresholds: Importance Measures and Value of Information

Risk‐informed decision making is often accompanied by the specification of an acceptable level of risk. Such target level is compared against the value of a risk metric, usually computed through a probabilistic safety assessment model, to decide about the acceptability of a given design, the launch of a space mission, etc. Importance measures complement the decision process with information about the risk/safety significance of events. However, importance measures do not tell us whether the occurrence of an event can change the overarching decision. By linking value of information and importance measures for probabilistic risk assessment models, this work obtains a value‐of‐information‐based importance measure that brings together the risk metric, risk importance measures, and the risk threshold in one expression. The new importance measure does not impose additional computational burden because it can be calculated from our knowledge of the risk achievement and risk reduction worth, and complements the insights delivered by these importance measures. Several properties are discussed, including the joint decision worth of basic event groups. The application to the large loss of coolant accident sequence of the Advanced Test Reactor helps us in illustrating the risk analysis insights.     

Working-class ecology and union politics: a conceptual topology

ABSTRACT

This paper argues that Environmental Labour Studies may benefit from incorporating the perspective of environmental justice. We offer a theorization of working-class ecology as the place where working-class communities live and work, being typically affected by environmental injustice, and of working-class environmentalism as those forms of activism that link labour and environmental struggles around the primacy of reproduction. The paper’s theoretical section draws on a social ethnography of working-class ecology in the case of Taranto, a mono-industrial town in southern Italy, which is experiencing a severe environmental and public-health crisis. We show how environmental justice activism since the early 2000s has allowed the re-framing of union politics along new ways of politicizing the local economy. We conclude by offering a conceptual topology of working-class ecology, which situates different labour organizations (confederal, social/community, and rank-and-file unions) according to their positioning in respect to environmental justice.     

Dealing with Migrants in the Central Mediterranean Route: A Legal Analysis of Recent Bilateral Agreements Between Italy and Libya

Dealing with the current flow of migrants flocking to the shores of southern European countries remains high on the international agenda. At the end of 2016, 276,957 migrants were waiting in Libya to cross the sea. Many of them were subject to human rights violations and abuses such as arbitrary detention, torture, unlawful killings, sexual exploitation and even slavery (IOM, 2017). The international response has been, so far, insufficient and new ideas and practices are urgently needed. After providing an overview of the legal framework and of the efforts carried out by the relevant international and regional organizations, this article focuses on recent treaties concluded between Italy and Libya, and argues that the new bilateral agreements represent an example of how States are responding to this challenge in an attempt to strike a balance between the need to strengthen the protection of migrants’ rights and the necessity to guarantee the security of national borders.     

Characteristic function estimation of non-Gaussian Ornstein–Uhlenbeck processes

Continuous non-Gaussian stationary processes of the OU-type are becoming increasingly popular given their flexibility in modelling stylized features of financial series such as asymmetry, heavy tails and jumps. The use of non-Gaussian marginal distributions makes likelihood analysis of these processes unfeasible for virtually all cases of interest. This paper exploits the self-decomposability of the marginal laws of OU processes to provide explicit expressions of the characteristic function which can be applied to several models as well as to develop efficient estimation techniques based on the empirical characteristic function. Extensions to OU-based stochastic volatility models are provided.     

LICENSING POLICY AND TECHNOLOGY ADOPTION IN STANDARD SETTING ORGANIZATIONS

The standard setting organizations' decisions on licensing policy and standard's technological specification, and the ensuing implications for social welfare are analyzed. The author finds the conditions under which a licensing rule that grants monopoly power to the licensors whose technology is adopted in the standard can be employed by the members of the consortium (ex‐post licensing). Moreover, it is shown that the adoption of ex‐post licensing might lead to the inefficient exclusion of an efficient stand‐alone licensor. Finally, the author discusses the conditions under which a policy of ex‐ante licensing can be less efficient than ex‐post licensing. (JEL K21, L15, L24, L42)     

Sensitivity Analysis of Model Output with Input Constraints: A Generalized Rationale for Local Methods

In this work, we introduce a generalized rationale for local sensitivity analysis (SA) methods that allows to solve the problems connected with input constraints. Several models in use in the risk analysis field are characterized by the presence of deterministic relationships among the input parameters. However, SA issues related to the presence of constraints have been mainly dealt with in a heuristic fashion. We start with a systematic analysis of the effects of constraints. The findings can be summarized in the following three effects. (i) Constraints make it impossible to vary one parameter while keeping all others fixed. (ii) The model output becomes insensitive to a parameter if a constraint is solved for that parameter. (iii) Sensitivity analysis results depend on which parameter is selected as dependent. The explanation of these effects is found by proposing a result that leads to a natural extension of the local SA rationale introduced in Helton (1993) . We then extend the definitions of the Birnbaum, criticality, and the differential importance measures to the constrained case. In addition, a procedure is introduced that allows to obtain constrained sensitivity results at the same cost as in the absence of constraints. The application to a nonbinary event tree concludes the article, providing a numerical illustration of the above findings.     

A Model for Change: Legislative Advocacy to Improving Access for the Uninsured and Underinsured in New York State 1

Advocates can successfully improve access to health care for people without health insurance. This article demonstrates the success of what began as a local advocacy effort to improve access to health care on Long Island, which later grew to become a major statewide advocacy movement. It explores the process taken by local coalition members to successfully fight for monumental public health legislation—first locally then statewide—to improve access to hospital care for the medically indigent. Using New York State as a model, it includes several approaches that could facilitate the enactment of legislation in other states. The experiences of New York advocates suggest that with focused collaborative efforts it is feasible to promote significant changes to public health laws to benefit the uninsured and underinsured.