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Labor costs in Francophone Africa are considered high by the standards of low-income countries, at least in the formal sector. Workers appear to have some bargaining power and, in Côte d'Ivoire can force renegotiation of labor contracts in response to new investments.
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Conventional economic theory assumes that firms always minimize costs given the output they produce. News articles and interviews with executives, however, indicate that firms from time to time engage in cost-cutting exercises. One popular belief is that firms cut costs when they are in economic distress, and grow fat when they are relatively wealthy. We explore this hypothesis by studying the response of the stock market values of gold mining companies to changes in gold prices. The value of a cost-minimizing, profit-maximizing firm is convex in the price of a competitively supplied input or output, but we find that the stock values of many gold mining companies are concave in the price of gold. We show that this is consistent with fat accumulation when a firm grows wealthy. We then address a number of potential alternative explanations and discuss where fat in these companies might reside.
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Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories.Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France,
Corporate profits. --- Dividends. --- Corporate profits --- Management.
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Corporate profits --- Entreprises --- Profits
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This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its public wage component -- on business investment. This result is consistent with models in which government employment creates wage pressure for the private sector. Various types of taxes also have negative effects on profits, but, interestingly, the effects of government spending on investment are larger than the effect of taxes. Our results have important implications for the so called 'Non-Keynesian' (i.e. expansionary) effects of fiscal adjustments.
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Le problème de la nature et de la genèse du profit du capital est l'un de ceux dont l'éclaircissement est le plus nécessaire. Or, une certaine obscurité laisse croire que l'économie est une discipline stérile. Pour combattre le néo-libéralisme débridé, il est préférable de bien le connaître. Ce livre montre que les décisions d'avances financières et d'acomptes sur dividendes prises par les entrepreneurs sont à l'origine du profit. Il fait l'hypothèse que cette question n'apparaît nulle part dans la théorie économique en raison de préjugés partagés par tous. Or la réfutation de « la loi de Say » pourrait être une condition de la reconnaissance de cette discipline comme « Science ».
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