Browsing by Author "Kalmi, Panu"

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  • Jones, Derek C.; Kalmi, Panu; Mygind, Niels (2003)
    BOFIT Discussion Papers 7/2003
    Published in Post-Communist Economies vol 17, no 1 (2005), pp. 83-108
    In this paper we use rich panel data for a representative sample of Estonian enterprises to analyse diverse issues related to the determinants of ownership structures and ownership changes after privatisation.A key focus is to determine whether ownership changes are related to economic efficiency.While employee owned firms are found to be much more prone than other firms to switch ownership categories, often "employee owned" firms remain "insider-owned" as ownership passes from current employees to managers and former employees.Logit analyses of the determinants of ownership structures and ownership changes provides mixed support for several hypotheses.As predicted: (i) wealth and resource constraints play a crucial role in the determination of ownership, with foreigners buying firms with the highest equity levels and insiders buying firms with the lowest equity valuations; (ii) risk aversion explains subsequent ownership changes, especially away from employee ownership; (iii) allocation of ownership depends on the pre-privatisation origin and location of the firm, and these factors also influence subsequent ownership changes.Finally we compare our findings with those achieved by using more conventional approaches to analyze efficiency that use very similar data.Reassuringly the evidence presented in this paper is consistent with the view that efficiency considerations drive ownership changes (while earlier analysis for Estonia and for many other transition economies has identified the impact of ownership on economic performance.)However, the findings in this paper also establish that there are important influences besides economic efficiency that affect enterprise ownership and ownership changes.JEL-numbers: G3, J5, P2, P3 Key words: Privatisation, ownership change, employee ownership, transition economies, Estonia
  • Jones, Derek C.; Kalmi, Panu; Kato, Takao; Mäkinen, Mikko (2017)
    Industrial and Labor Relations Review 2
    The authors investigate whether productivity is greater if firms use employee involvement (EI) in decision making and financial participation (FP) as complementary practices. Based on representative panel data from Finnish manufacturing firms, the study uses diverse specifications to examine different theoretical explanations of the productivity effects of complementarities. The authors find virtually no evidence to support the theory of complementarities when EI and FP are simply measured by their incidence. They do find some evidence for complementarities using cross-sectional data (controlling for several covariates that related work has found to be important for firm performance) and also when analyses use measures of the intensity of FP. In accounting for differences in empirical findings across varying settings, the findings suggest that outcomes depend on the institutional context and are sensitive to variation in measurement and analytical methods.
  • Kalmi, Panu (1995)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 6/1995
  • Kalmi, Panu (1995)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 9/1995
  • Kalmi, Panu (1997)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1997
    This thesis discusses employee-owned enterprises (EOEs) in Poland and Russia, asking: 1.What are the benefits of and shortcomings of employee ownership in transition economies? 2.Will employee ownership be a permanent arrangement? Employee ownership literature and special aspects of EOEs in transition economies are reviewed.According to the literature survey, when shares are freely tradable, most problems associated with Yugoslavian-type enterprises should vanish.The remaining problems are employee risk-aversion as owners, decision-making problems arising from diverse preferences, and greater costs in obtaining external financing.In transition processes the advantages of insider privatization are clarification of property rights, speed and lowered costs, and employee participation in the privatization process.A major obstacle is insufficient funds for financing investment and restructuring. Insider privatization was used in Poland and Russia as a privatization method due to political necessity.Insiders inherited a strong position - without their cooperation privatization could not have been carried out.In practice, firm success seems to depend more on the environment the firm is facing than particular ownership structures.The low level of investment may follow from the conditions of high uncertainty and lack of capital, rather than from particular ownership effects.On the other hand, there is evidence that EOEs respond to market signals in a normal way, eg by increasing investment in conditions of improved profitability and reducing work force in recession.A common feature for Polish and Russian insider-owned enterprises is that control over the enterprise is concentrated to the hands of managers.This may have devastating effects on EOEs when managers are inclined to asset stripping and rent seeking instead of increasing market value. In examining the contention that insider privatization could be used as a temporary path to other property structures, the paper discusses the implications of share trade.Applying a take-over model adapted from Grossman and Hart (1980) and Shleifer and Vishny (1986), the writer suggests that the private benefits insiders enjoy may hinder ownership change.This is especially the case when the private benefits of control are large for managers large compared to the potential security benefits.On the other hand, concentration of shares to managers and large investors may increase the probability of ownership change.Indeed, this appears to be consistent with what is actually happening.Hard budget constraints and further development in bankruptcy institutions are recommended as ways to promote selection towards more efficient ownership structures.
  • Raijas, Anu; Kalmi, Panu; Ranta, Mette; Ruuskanen, Olli-Pekka (2020)
    Bank of Finland. Expository studies. A 119
    Talousosaaminen on keskeinen kansalaistaito, jota kaikki kansalaiset tarvitsevat markkinoilla toimiessaan sekä oman talouden raha-asioita hoitaessa. Tässä raportissa tarkastellaan suomalaisten talousosaamisen tilaa uusimpien tutkimusten ja selvitysten pohjalta. Kansainvälisesti tarkasteltuna suomalaisten talousosaaminen näyttää hyvältä, vaikka vertailut ovat myös osoittaneet talousasioissa tietämyksessä ja käyttäytymisessä aukkoja. Suomalaiset ovat pääsääntöisesti kiinnostuneita raha-asioista. Kiinnostus tosin vaihtelee: miehet ovat naisia kiinnostuneempia talousasioista, samoin kuin korkeasti koulutetut ja hyvätuloiset. Raha-asioiden suunnittelu on kuitenkin usein lyhytjänteistä. Suomalaiset ovat kiinnostuneita säästämisestä, mutta tämä ei useinkaan toteudu käytännössä. Myös maksuhäiriömerkintöjen voimakas kasvu kertoo taloudenhallinnan ongelmista osalla kuluttajista. Suomessa on kartoitettu erityisesti nuorten talousosaamista. Finanssiala ja monet järjestöt ovat esittäneet yhteisenä huolenaiheena nuorten oman näkemyksen heikosta talousosaamisestaan. Nuoret ovat myös kokeneet, etteivät ole saaneet talousasioihin riittävästi opetusta. Kotien opetustaitoihin luotetaan vankasti. Onkin havaittu, että lapsuudenkodin turvalliset olosuhteet ja vanhempien esimerkki tarjoavat nuorille hyvät valmiudet hoitaa omaa talouttaan ja pärjätä elämässä muutenkin. Näin ollen nuorilla on erilaiset lähtökohdat hoitaa omaa talouttaan. Taloudellista osaamista tarvitaan arjen ostoksiin, mutta myös säästämiseen, sijoittamiseen, lainanottoon ja vakuuttamiseen. Erilaisilla kuluttajilla eri elämänvaiheessa ja tulotasoilla vaatimukset talousosaamiselle vaihtelevat. Monet tahot ovat alleviivanneet nuorten ja nuorten aikuisten talousosaamisen tärkeyttä, vaikka tosiasiassa talousosaamisen vahvistaminen on tärkeää elämänkaaren kaikissa vaiheissa ja muutoksissa. Vaikka talousosaamisen tieteellisellä tutkimuksella on vahvat perinteet maailmalla, ei Suomessa tämän alueen tutkimus ollut kovinkaan yleistä. Suomessa on tehty tutkimusta myös talousosaamisesta eri konteksteissa, kuten vakuuttamisen ja eläkeikään varautumisen yhteydessä. Myös tutkimustulokset yksilön ja vallitsevan yhteiskunnallisen taloudellisen tilanteen merkityksestä nuorten taloudelliseen kyvykkyyteen ja hyvinvointiin ovat mielenkiintoisia ja merkityksellisiä avauksia. Niin ikään kouluissa tehdyt kokeilut talousopetuksen vaikutuksesta ovat tuottaneet hyviä tuloksia. Tätä tutkimusosaamista olisi hyvä hyödyntää myös erilaisten hankkeiden vaikuttavuuden tutkimisessa. On kuitenkin suuri puute, että kattavaa ja koko väestöä koskevaa talousosaamisen tutkimusta ei ole tehty vuoden 2014 jälkeen. Jatkossa olisikin tärkeää tehdä aika ajoin koko väestöä kattavaa haastatteluihin perustuvaa tutkimusta kansalaisten talousosaamisesta.
  • Jones, Derek C.; Kalmi, Panu; Kato, Takao; Mäkinen, Mikko (2017)
    Bank of Finland Research Discussion Papers 33/2017
    Online First International Journal of Human Resource Management as "The Differing Effects of Individual and Group Incentive Pay on Worker Separation: Evidence using Finnish Panel Data". https://doi.org/10.1080/09585192.2019.1691624
    This paper investigates the role of individual incentive (II) and group incentive (GI) pay as determinants of worker separation. We use a large linked employer-employee panel data set for full-time male manufacturing workers during 1997-2006 from Finland. We follow actual job spells and switches of individual employees and define separation as worker exit from his current employer. The key finding for white-collar workers is that group incentive pay is associated significantly with increased probability of separation and hence diminished employment stability, but in large firms only. For blue-collar workers our results consistently indicate that individual incentive pay is associated with a decreased probability of separation and hence enhanced employment stability, both in small and large firms. Our finding that group incentive pay increases the risk of separation for white-collar workers is more consistent with theoretical work such as Lazear (2000) and Fehr and Gaechter (2000), while uncovering that individual incentive pay decreases employment stability for blue-collar workers supports theoretical work such as Parent (1999) and Paarsch and Shearer (2000).