The rapid growth of financial markets and the increasing diffusion of corporate ownership have placed tremendous emphasis on the effectiveness of corporate governance in resolving agency conflicts within the firm. This study investigates the corporate governance and firm performance/failure relation by implementing various econometric modelling methods to disaggregate causal relations and spurious correlations. Using a panel dataset of Australian firms, a comprehensive suite of corporate governance mechanisms are considered; including the ownership, remuneration, and board structures of the firm. Initial ordinary least squares (OLS) and fixed-effects panel specifications report significant causal relations between various corporate governance measures and firm outcomes. However, the dynamic generalised method of moments (GMM) results indicate that no causal relations exist when taking into account the effects of simultaneity, dynamic endogeneity, and unobservable heterogeneity. Moreover, these results remain robust when accounting for the firm??s propensity for fraud. The findings support the equilibrium theory of corporate governance and the firm, suggesting that a firm??s corporate governance structure is an endogenous characteristic determined by other firm factors; and that any observed relations between governance and firm outcomes are spurious in nature. Chapter 2 examines the corporate governance and firm performance relation. Using a comprehensive suite of corporate governance measures, this chapter finds no evidence of a causal relation between corporate governance and firm performance when accounting for the biases introduced by simultaneity, dynamic endogeneity, and unobservable heterogeneity. This result is consistent across all firm performance measures. Chapter 3 explores the corporate governance and likelihood of firm failure relation by implementing the Merton (1974) model of firm-valuation. Similarly, no significant causal relations between a firm??s corporate governance structure and its likelihood of failure are detected when accounting for the influence of endogeneity on the parameter estimates. Chapter 4 re-examines the corporate governance and firm performance/failure relation within the context of corporate fraud. Using KPMG and ASIC fraud databases, the corporate governance and firm outcome relations are estimated whilst accounting for the firms?? vulnerability to corporate fraud. This chapter finds no evidence of a causal relation between corporate governance and firm outcomes when conditioning on a firm??s propensity for fraud.

The rapid growth of financial markets and the increasing diffusion of corporate ownership have placed tremendous emphasis on the effectiveness of corporate governance in resolving agency conflicts within the firm. This study investigates the corporate governance and firm performance/failure relation by implementing various econometric modelling methods to disaggregate causal relations and spurious correlations. Using a panel dataset of Australian firms, a comprehensive suite of corporate governance mechanisms are considered; including the ownership, remuneration, and board structures of the firm. Initial ordinary least squares (OLS) and fixed-effects panel specifications report significant causal relations between various corporate governance measures and firm outcomes. However, the dynamic generalised method of moments (GMM) results indicate that no causal relations exist when taking into account the effects of simultaneity, dynamic endogeneity, and unobservable heterogeneity. Moreover, these results remain robust when accounting for the firm??s propensity for fraud. The findings support the equilibrium theory of corporate governance and the firm, suggesting that a firm??s corporate governance structure is an endogenous characteristic determined by other firm factors; and that any observed relations between governance and firm outcomes are spurious in nature. Chapter 2 examines the corporate governance and firm performance relation. Using a comprehensive suite of corporate governance measures, this chapter finds no evidence of a causal relation between corporate governance and firm performance when accounting for the biases introduced by simultaneity, dynamic endogeneity, and unobservable heterogeneity. This result is consistent across all firm performance measures. Chapter 3 explores the corporate governance and likelihood of firm failure relation by implementing the Merton (1974) model of firm-valuation. Similarly, no significant causal relations between a firm??s corporate governance structure and its likelihood of failure are detected when accounting for the influence of endogeneity on the parameter estimates. Chapter 4 re-examines the corporate governance and firm performance/failure relation within the context of corporate fraud. Using KPMG and ASIC fraud databases, the corporate governance and firm outcome relations are estimated whilst accounting for the firms?? vulnerability to corporate fraud. This chapter finds no evidence of a causal relation between corporate governance and firm outcomes when conditioning on a firm??s propensity for fraud.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

Recentemente, importantes questionamentos emergiram na literatura sobre repasse cambial. Mais especificamente, foi dada crescente atenção à hipótese de Taylor (2000) de que o pass-through se reduziu em diversos países como conseqüência do ambiente de inflação mais baixa. Esta dissertação investiga o tema através da aplicação de painéis dinâmicos para um conjunto de economias desenvolvidas. Deste modo, são estimados modelos de efeito fixo e Arellano-Bond em janelas fixas (rolling windows), que apontam para uma redução substancial na transmissão do câmbio para a inflação. A análise de potenciais determinantes macroeconômicos dessa queda indica que o ambiente inflacionário foi o principal elemento por trás do fato, sobretudo nos anos oitenta e noventa, em que o processo de desinflação foi mais intenso. Por outro lado, os anos dois mil apresentam um coeficiente de pass-through bastante baixo e estável, visto que o cenário de inflação baixa já estava consolidado para o conjunto de economias analisadas. / Recently, economists have become more interested in studying exchange rate pass-through. More specifically, increasing attention has been given to Taylors (2000) hypothesis that the passthrough has declined in several countries as a result of a lower inflation environment. This dissertation examines this issue through the application of dynamic panels for a number of developed economies. Panel data models are estimated here using fixed effects and Arellano- Bond estimators in rolling windows. The results point to a substantial reduction in the transmission of exchange rate to inflation. The analysis of potential macroeconomic determinants of this decline indicates that the inflationary environment was the main factor behind this fact, mainly in the eighties and nineties when the disinflation process was more intense worldwide. On the other hand, in the first decade of this century the pass-through coefficient was fairly low and stable, perhaps because the scenario of low inflation was already a longstanding reality to the economies analyzed in the present study.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / Os programas de transferÃncia de renda sÃo considerados pelo governo como uma importante polÃtica para a diminuiÃÃo da pobreza no Brasil. No entanto, alguns crÃticos argumentam que tais programas sÃo ineficazes em funÃÃo de grande parte dos recursos nÃo serem destinados aos considerados verdadeiramente pobres ou porque criam uma armadilha da pobreza. Esta dissertaÃÃo analisa se os resultados dos programas de transferÃncia de renda do governo obtiveram Ãxito na diminuiÃÃo da pobreza controlando por outros determinantes tais como crescimento econÃmico, desigualdade de renda, anos de estudo, nÃmero de famÃlias chefiadas por mulheres e taxa de desemprego masculino para os estados brasileiros, no perÃodo de 1992 a 2004. Os resultados de um VAR para dados em painÃis mostram que variaÃÃes das transferÃncias de rendas nÃo causam pobreza no sentido de Granger. Um modelo para dados em painel dinÃmico, estimado pelo mÃtodo de momentos generalizados-sistema em dois passos, desenvolvido por Blundel-Bond (1998), detecta a relaÃÃo entre pobreza e transferÃncias de renda. Entre outras conclusÃes, a principal foi que as transferÃncias nÃo apresentaram efeito significante na reduÃÃo da pobreza no Brasil. Os resultados, portanto, suportam as crÃticas de que esses programas nÃo reduzem a pobreza no Brasil. / The widespread view that income transfers help to reduce the incidence of poverty has been asserted by many policymakers and citizens who support income transfer programs in Brazil. Nevertheless, a number of analysts contend that such programs are in fact ineffective in reducing poverty, because only a small share of the income that is transferred actually reaches the poor, or because such programs create a poverty trap. This article peruses this issue investigating the role of Brazilian income transfer programs over the period 1992-2004, controlling for other relevant variables that may affect poverty such as economic growth, inequality, education, unemployment and the number of female-headed families. Results from a VAR, using panel data, show that changes in income transfer do not Granger-cause changes in poverty rates. The relationship between income transfer and poverty is then explored in more depth through a dynamic panel data method, proposed by Blundell and Bond (1998). The major finding of this methodology is that poverty is not affected by government income transfers. The results therefore strongly support the critic view that income transfer programs in Brazil fail to reduce poverty.

By using dynamic panel data model, this thesi selects the samples of large and medium indstrial enterprises in 2002 to 2011, empirically analyzin the impact of government scientific and technological subsidies on R&D investment of enterprises.

Yes / This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange (KSE) over the period 2005 to 2012, we find that both current and previous year accounting performance has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model suggest that CEO pay is highly persistent and takes time to adjust to long-run equilibrium.

This thesis examined an ability of the scoreboard indicators created by the European Commission to capture macroeconomic imbalances expressed as the changes of GDP. We conducted an empirical analysis for panel data of 27 EU countries in the 1997-2011 period. We adopted three different dynamic panel data models based on the three estimators: the Arrelano- Bond, the Arrelano-Bover and the corrected LSDV estimator. Our results suggest that despite some bad characteristics of our dataset we can conclude that some of the indicators such as 3- year average of current account balance or percentage change in export market shares seem to be inadequate for measuring the imbalances. Moreover, the indicators were proved not to be able to predict an occurrence of imbalances.