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Article
Publication date: 16 November 2015

Darush Yazdanfar and Peter Öhman

Using a resource-based approach, the purpose of this paper is to examine the effects of the firm-level determinants financial leverage and liquidity on job creation at…

Abstract

Purpose

Using a resource-based approach, the purpose of this paper is to examine the effects of the firm-level determinants financial leverage and liquidity on job creation at small and medium-sized enterprises (SMEs) in six industry sectors in Sweden.

Design/methodology/approach

The generalized method of moments system model was used to analyse an extensive panel data set of 26,721 Swedish SMEs over the 2008-2011 period.

Findings

The empirical results indicate that job creation is positively related to SMEs’ financial leverage and liquidity, and to their size and age. SMEs’ financial leverage and size are the most important firm-level determinants of job creation. Although there are differences between industry sectors, the results confirm the general pattern of the effect of financial leverage and liquidity on job creation.

Research limitations/implications

Due to the importance of job creation for economic growth, the relationship between SMEs’ capital structure and job creation should be of interest to researchers, practitioners, and policymakers. In investigating the importance of financial leverage and liquidity to labour demand dynamics, this study analyses the firm-level factors that influence job creation by SMEs.

Originality/value

Since there is limited empirical research focusing on this relationship at firm level in the context of SME, the current research aims at investigating the determinants of job creation at the firm level empirically.

Details

Journal of Small Business and Enterprise Development, vol. 22 no. 4
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 1 February 1979

Victor J. Hanby and Michael P. Jackson

The growing awareness in the past few years of the increasingly acute nature of unemployment levels throughout industrial society has been reflected in the adoption by a…

Abstract

The growing awareness in the past few years of the increasingly acute nature of unemployment levels throughout industrial society has been reflected in the adoption by a variety of countries of a number of special work creation schemes for social groups experiencing particular difficulties in finding and sustaining employment. While cynical commentators in individual countries have dismissed in varying degrees such programmes as being essentially synonymous with the special employment measures of the Great Depression, there seems little obvious justification or merit in identifying, for example, Job Creation in Britain with the former Public Works Programme; the Neighbourhood Youth Corps, Emergency Employment Act and the more recent Comprehensive Employment and Training Act in the US with the New Deal Public Relief Acts or the “ArbeitsBeschaffungsMassnahmen” in Germany with the ReichsArbeitDienst. While the new schemes may at their weakest moments reflect a superficial similarity with aspects of such older programmes, there is little doubt that, in the main, job creation measures of whatever type, which have been introduced since the early 1970s, differ in scope, orientation and intention from their traditional public works predecessors. Such an interpretation seems not only to be supported by the fact that countries which introduced such schemes some years ago, are continually updating, revising and refining the structure and conditions of their programme and evaluating their performance in meeting the needs of the client groups but that such early experiences and their subsequent restructurings constitute examples of particular manpower policy initiatives which continue to be followed as operating models for countries newly embarking on programmes of a similar type.

Details

International Journal of Social Economics, vol. 6 no. 2
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 January 1985

Léonce Bekemans

The causes of unemployment have been continuously debated ever since the mid‐1970s. Most commentators now recognise both cyclical and structural causes of unemployment…

Abstract

The causes of unemployment have been continuously debated ever since the mid‐1970s. Most commentators now recognise both cyclical and structural causes of unemployment. Moreover, discussion is no longer confined to economic issues but includes also changing social values.

Details

International Journal of Social Economics, vol. 12 no. 1
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 October 2011

George Kararach, Kobena T. Hanson and Frannie A. Léautier

Africa is going through a youth bulge with more people under 25 than above 50 in all of its countries. Creating opportunities for the burgeoning number of youth is a…

Abstract

Africa is going through a youth bulge with more people under 25 than above 50 in all of its countries. Creating opportunities for the burgeoning number of youth is a challenge that cannot be solved only at the country level. Regional integration policies that expand the opportunity space by increasing the size of economies and markets will be critical. Also needed are regional policies that can support the development and enhancement of innovation systems including investment in science and technology education to speed up the creation of a cadre of young people that can lead the transformation of stages of production from dependencies on primary products and extraction. Policies and Programs that can modernize agriculture and support effective creation of value chains that enhance the value added from agriculture that can excite youth back to the rural areas would also be needed. This paper explores the challenges facing countries in Africa in relation to it’s demographic transition, investigating the type of policies that would be most effective to address the challenge. The subsets of policies at the regional level are given special attention due to their opportunity expanding nature. Concrete examples of what has potential from observed results in other regions of the world are provided.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 7 no. 2/3/4
Type: Research Article
ISSN: 2042-5961

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Book part
Publication date: 2 February 2000

George R. Neumann

Abstract

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Panel Data and Structural Labour Market Models
Type: Book
ISBN: 978-0-44450-319-0

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Article
Publication date: 3 April 2018

Darush Yazdanfar and Peter Öhman

The purpose of this study is to investigate the association between firm sales growth and employment level as a proxy for job creation among small and medium-sized…

Abstract

Purpose

The purpose of this study is to investigate the association between firm sales growth and employment level as a proxy for job creation among small and medium-sized enterprises (SMEs).

Design/methodology/approach

The hypotheses were empirically examined by performing several univariate and multivariate regressions to investigate a large panel data set of 13,548 Swedish SMEs in four industry sectors in the four-year period from 2009 to 2012.

Findings

The results indicate that growth, in terms of sales, as a competitive advantage is positively related to the number of employees hired by the sampled firms. In addition, the size and age variables are also positively associated with the number of employees hired. The results support the suitability of implementing the resource-based view to explain job creation by SMEs.

Originality/value

While previous studies have mostly ignored the impact of these firm-level variables on job creation, the current study highlights the effect of firm-specific characteristics such as sales growth, size, age and industry. The authors use a combination of models to analyse a large cross-sectoral data set regarding the association, in SMEs, between the firms’ sales growth and job creation.

Details

Management Research Review, vol. 41 no. 3
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 13 August 2018

J.R. Clark and Todd Nesbit

Stigler (1971) first presented a theory of regulation in which the regulator eventually serves the interests of the regulated rather than in the interest of the public…

Abstract

Purpose

Stigler (1971) first presented a theory of regulation in which the regulator eventually serves the interests of the regulated rather than in the interest of the public good. In such an institutional environment, one should expect to observe outcomes associated with reduced competitive pressures on existing firms. The paper aims to discuss this issue.

Design/methodology/approach

In this paper, the authors use RegData, which quantifies regulatory restrictions by industry, to determine whether and to what degree regulation reduces establishment entry and the associated job creation and how regulation impacts existing establishment exit and job creation and destruction.

Findings

The results, while not definitive, are supportive of Stigler’s theory of regulatory capture.

Originality/value

This paper adds to the small but growing empirical literature examining the effects of cronyism more broadly. Prior studies of regulation have generally been either narrowly focused on a specific regulation or employ less precise measures of the extent of regulation. By employing RegData as a measure of regulatory restrictions by industry, this paper offers new insights on the impact of regulation on business dynamics.

Details

Journal of Entrepreneurship and Public Policy, vol. 7 no. 3
Type: Research Article
ISSN: 2045-2101

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Article
Publication date: 1 December 2001

Isabel M. Correia

The objective of this paper is to assess the potential of Portuguese manufacturing firms with respect to two fundamental issues that have been at the core of important…

Abstract

The objective of this paper is to assess the potential of Portuguese manufacturing firms with respect to two fundamental issues that have been at the core of important debates about comparative advantages of small firms and large ones: (1) Employment: Using a database compiled between 1982 and 1992, we analyse the contribution of small firms to job creation. This analysis aims to consider the different aspects of firm mobility: Entry, expansion, contraction and exit. The results indicate that, in the period considered, only small firms created employment and that this creation is mainly associated with the expansion of young firms located in the Littoral North and Centre regions of Portugal. Nevertheless, when we consider only small firms that are incumbents in all the period, results indicate that job creation is a feature specific to a small number of fast‐growing small firms. The effects of the economic cycle were tested too, and it was found that employment creation by small firms is less sensitive to economic fluctuations, as reductions in employment in small firms do not seem to grow in crisis periods. (2) Technical efficiency: Independently from the job creation potential, it is important to evaluate whether small firms use economic resources in an efficient manner. To assess the efficiency of small businesses relative to large ones, we use plant‐level information, thereby specifying and estimating a translog production model. This model allows estimating and comparing returns of scale and substituting elasticities for both small and large production units, covering a large number of six‐digit sectors for the year 1995. Preliminary results suggest that: (I) There are significant differences in the production technology between large and small establishments; (ii) small establishments do not appear to be more flexible than large ones in factor substitution; (iii) large size is not a condition for efficiency in production. Therefore, considering the importance and weight small firms have upon the manufacturing industry employment volume, and the lack of any evidence regarding technical inefficiencies in the production, we may infer that small firms justify the public powers’ attention, while designing and implementing policies which would support their survival as well as their growth. Such policies should enhance and refine their labour (and management) qualification techniques as well as design better strategies for disseminating information and new technologies. In fact, these policies would most certainly promote the development of Portuguese small firms, turning them into more innovating, flexible and competitive ones, even in those industries which traditionally comprise large firms.

Details

Journal of Small Business and Enterprise Development, vol. 8 no. 4
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 1 May 2003

Pekka Ilmakunnas and Mika Maliranta

Job and worker flows in the Finnish business sector are studied during a deep recession in the early 1990s. The data set covers effectively the whole work force. The gross…

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Abstract

Job and worker flows in the Finnish business sector are studied during a deep recession in the early 1990s. The data set covers effectively the whole work force. The gross job and worker flow rates are fairly high. The evidence suggests that the adjustment of labor input has happened through a reduced hiring rate rather than through an increased separation rate. However, during the recession the group of declining plants included more and larger plants than before, which led to reduced employment. Excess worker turnover (churning) and excess job reallocation have been low during the recession. The evidence of the countercyclicality of job reallocation is mixed. The flows are calculated both for the whole business sector, and for seven main industries. Services have clearly higher flow rates than manufacturing, but the cyclical changes in the flows are fairly similar in all industries. To test the sensitivity of the results to data sources, job flows are calculated from three different statistics.

Details

International Journal of Manpower, vol. 24 no. 3
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 1 February 2002

Milan Vodopivec

Based on consecutive labor force surveys, this study examines labor market dynamics during the first decade of the Estonian transition to market. The results show that…

Abstract

Based on consecutive labor force surveys, this study examines labor market dynamics during the first decade of the Estonian transition to market. The results show that, similar to other transition economies: Estonia’s employment and labor force was reduced; patterns of mobility profoundly changed – labor market flows intensified and previously nonexistent transitions emerged; and some groups of workers were disproportionally affected, chief among them the less educated and ethnic minorities. But Estonian fundamental free market reforms also produced labor market outcomes that differ significantly from those in other transition economies – above all, the intensity of worker and job flows in Estonia’s transition have surpassed those in most other transition economies. This was achieved by deliberate policies aimed at stimulating job creation and employment, above all by low employment protection and other policies geared toward increasing employability and strengthening the incentives of workers. Moreover, under the dynamic Estonian labor market adjustment, marginal groups have fared better than those in more protective labor markets of other transition economies.

Details

International Journal of Manpower, vol. 23 no. 1
Type: Research Article
ISSN: 0143-7720

Keywords

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