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"Job creation"
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Beyond survival: necessity-based female entrepreneurship as a catalyst for job creation through dual legitimacy
This paper tackles the question of whether necessity-based female entrepreneurship (NBFE) can drive new job creation. Drawing on the institutional logic perspective, we reason female entrepreneurs need to secure legitimacy across both private and business domains to be successful in job creation. Our empirical investigation, based on a sample of 1,890 female entrepreneurs from 20 countries sourced from the Global Entrepreneurship Monitor (GEM) APS 2013 dataset, reveals that NBFE positively predicts new job creation under high legitimacy in the private sphere, and this positive effect will be more positive with high legitimacy in the business sphere. Our theoretical contributions shed new light on the interplay between institutional logic, legitimacy, and entrepreneurship, challenging and expanding the existing conceptions in entrepreneurship literature.
Journal Article
Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act
The American Jobs Creation Act (AJCA) significantly lowered U.S. firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we examine the role of capital constraints in firms' investment decisions. Controlling for the capacity to repatriate foreign earnings under the AJCA, we find that a majority of the funds repatriated by capital-constrained firms were allocated to approved domestic investment. Although unconstrained firms account for a majority of repatriated funds, no increase in investment resulted. Contrary to other examinations of the AJCA, we find little change in leverage and equity payouts.
Journal Article
Are active labour market policies effective for the older unemployed? A meta-evaluation
We present a meta-evaluation of the literature on the impacts of active labour market policies for unemployed people over 50, extracting 82 impacts for analysis. The meta-evaluation includes only impact evaluations that examine both a group of beneficiaries and a control group of comparable non-beneficiaries. On average, we find that active policies have a slightly negative effect (−0.8 percentage points) on the probability of unemployed people over 50 finding a job and that this negative effect disappears 24 months after policy implementation. However, this effect is very different when disaggregated by policy type. Direct job creation policies have a clear negative effect (−3.9 percentage points), and training policies have a positive average effect, either in isolation (2.4 percentage points) or when combined with search assistance or counselling (1.7 percentage points). We also find slight differences by gender, with the effect of active policies being greater for women than for men. These results have important implications, given that the European Commission and the Organisation for Economic Co-operation and Development have made active policies the cornerstone of their efforts to improve the re-employment of older people. Our results support training policies, either in isolation or in combination with search assistance and counselling. The greatest impacts are obtained after 12 months of policy implementation.
Journal Article
First step and last resort: One-Euro-Jobs after the reform
Job creation programmes aim at increasing the employability of hard-to-place unemployed, and eventually integrating them into employment. Yet, previous evaluation studies have been pessimistic about their efficacy. For One-Euro-Jobs, a job creation programme for welfare benefit recipients in Germany, previous evaluations found unfavourable effects particularly for easier-to-place participants. Thus, in 2012 the legislator reformed the programme in order to target the hard-to-place more accurately. This study is the first post-reform evaluation of One-Euro-Jobs. We find that, although the programme is indeed better targeted than before, One-Euro-Jobs decrease participants’ employment chances within three years after programme entry. These outcomes are worse than those found for pre-reform participants. We cannot conclude with certainty whether the reform decreased the programme’s efficacy, but we identify channels through which the reform and other contemporaneous changes may have done so. These channels include changes in programme design features, changes in business-cycle conditions, and prolonged lock-in effects due to “programme careers”. To substantiate the latter explanation, we also provide novel evidence that One-Euro-Jobs seem to initiate programme careers.
Journal Article
More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value
Firms can become less innovative following a sudden cash “inflow.” Specifically, multinational firms that were eligible to repatriate (and indeed repatriated) cash to the United States under the American Jobs Creation Act (AJCA) generate less valuable patents than otherwise similar firms. They also explore more. This effect only exists among firms in less competitive industries, firms with lower institutional ownership (IO), and firms with overconfident chief executive officers (CEOs); this effect is mainly driven by the reduction in the value of U.S.-originated patents. Our evidence suggests that, without appropriate governance, a cash windfall may lead managers to engage in riskier innovation strategy, which can destroy value.
Journal Article