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Four essays, or chapters, model the capital structure, governance, and investment decisions as part of a sequential game. Each chapter is separate in its context, assumptions, and conclusions. The titles of the chapters are below. Abstracts of each essay or chapter can be found at the beginning of each chapter. The titles of the chapters or essays are as follows: I. Managerial Ownership with Rent-Seeking Employees, II. Financing Professional Partnerships, III. Sunk Cost Efficiency with Identical Competitors, and IV. Business Stealing and Bankruptcy. With the exception of Chapter III, which is meant to complement Chapter IV, these essays argue that the structure of financial contracts can affect the real behavior of firms. The first chapter argues that financial governance policies affect the behavior of rank-and-file employees. In Chapter II, the governance and capital structure of professional service firms affects clients’ expectations of the firm’s quality. In Chapter IV, the enforcement of financial contracts by bankruptcy courts affects the number of firms that enter and exit the industry.

Die Struktur der Landwirtschaft hat sich in vielen westlichen Ländern grundlegend geändert. In Westdeutschland, zum Beispiel, hat die Anzahl der Betriebe deutlich abgenommen, während die durchschnittliche Betriebsgröße von 7,4 ha im Jahr 1950 auf 42,9 ha im Jahr 2013 stieg. Um diese Entwicklung zu verstehen, müssen insbesondere die begrenzten Produktionskapazitäten berücksichtigt werden, die hinsichtlich der verfügbaren landwirtschaftlichen Nutzfläche oder der ehemaligen Milchquote existieren. Solche Kapazitätsbeschränkungen erzeugen einen direkten Zusammenhang zwischen dem Wachsen und Schrumpfen von Betrieben, da die Expansionsmöglichkeiten eines einzelnen Betriebes von frei werdenden Kapazitäten anderer Betriebe abhängen. Aus diesem Grund wird hier zunächst ein dynamisch stochastisches Gleichgewichtsmodell entwickelt, das auf mikroökonomischen Entscheidungen basiert und Markteintritt/-austritt für den Fall ausgeschöpfter Produktionskapazitäten darstellt. Der Kapazitätspreis ist dabei markträumend in dem Sinne, dass die Anzahl neuer Produktionseinheiten mit den aufgegebenen übereinstimmen muss. Die Industrie konvergiert unter diesen Bedingungen gegen ein stationäres Gleichgewicht, in dem Ein- und Austritt vorkommen, die Größenverteilung jedoch unverändert bleibt. Die Anpassung an diesen Zustand wird u.a. beschleunigt, wenn die fixen Eintrittskosten sinken. Eine Version des Modells wird dann auf den westdeutschen Milchsektor angewendet, um den Einfluss einer Quote auf den Strukturwandel zu untersuchen. Verglichen mit dem Szenario freien Wettbewerbs hemmt eine nicht-handelbare Quote die Anpassungsprozesse, während eine handelbare Quote Marktaustritte fördern und zu einer höheren durchschnittlichen Produktivität führen kann. Die Phase nach einer Quotenabschaffung ist geprägt von enormen Kapazitätsausweitungen und stark fallenden Preisen, falls die fixen Eintrittskosten niedrig sind. Diese Entwicklung ist weniger stark ausgebildet für höhere Eintrittskosten. / The agricultural industry in Western countries has undergone a substantial structural change. In West Germany, for instance, the number of farms declined notably during the last decades while the average farm size increased from 7.4 ha in 1950 to 42.9 ha in 2013. A factor that needs to be considered when explaining this development is the limited sectoral production capacity, which exists in terms of agricultural land or the former milk quota regime. This limited capacity generates a direct interrelation between farm growth and farm shrinkage as a single farm''s investment option depends crucially on the possible release of production capacity by competitors. The contribution of this thesis is twofold: First, a dynamic stochastic equilibrium model is developed that accounts for microeconomic decision-making and represents an industry operating at an upper capacity limit. The capacity price is determined endogenously such that it offsets the mass of entering and exiting firms in an equilibrium. It is proven that the industry tends to a stationary equilibrium in the long-run, in which entry and exit still occur but the firm size distribution remains constant. Moreover, the adjustment speed to this steady state increases if either the discount factor or the fixed entry costs decrease. Second, the impact of a production quota on industry dynamics is assessed with regard to the former milk quota regime. After calibrating the model to the West German dairy sector, the quota constrained industry performance is compared to a quota free setup. While a non-tradable quota slows down the adjustment processes within the industry, a tradable production quota can stimulate firm turnover and lead to a higher average productivity level. If the entry costs are rather low, the transition phase after a quota removal is characterised by an enormous expansion of production capacity and a considerable output price drop. This development is less pronounced though for higher entry costs.

After presenting the evolution of labor stability law in Peru, public and private scopes of the right to work are described allowing the Constitutional Court redefine dismissal regime (working stability of exit), in general, and specifying temporary recruitment regime (working stability of entry). Redefinition of dismissal legal framework is analyzed from constitutional and judicial case law stressing solved and pending issues. / Tras presentar la evolución del derecho de estabilidad laboral en el Perú, se precisan los alcances públicos y privados del derecho al trabajo, que permitieron al Tribunal Constitucional redefinir el régimen del despido (estabilidad laboral de salida), en general, y comenzar a precisar el régimen de contratación temporal (estabilidad laboral de entrada). Se analiza la redefinición del marco jurídico del despido a partir de la jurisprudencia constitucional y judicial, poniendo en relieve los temas resueltos y los pendientes.

近年因社會經濟產業結構轉變，擇業態度改變，漁船工作具危險性且相較於陸上工作待遇及福利之優勢不再，再加上「少子化」因素，國人從事漁船工作意願低落，外來船員逐漸成為補充漁業勞動力來源，尤其大陸船員語言及文化習慣與國人相近，頗受我國漁船主青睞，惟我國漁船主境外僱用大陸船員陸續所衍生的問題，在漁船主、民間團體及漁政主管機關努力下，終於98年12月22日第四次江陳會談簽署「海峽兩岸漁船船員勞務合作協議」可望獲得解決。 大陸船員引進機制在我國不開放陸勞前提下，維持「境外僱用、境外作業、過境暫置」原則，但就入出國管理角度觀之，大陸船員現行以搭乘兩岸直航客船來臺再搭專車接駁至其他漁港作法，卻與實質入境無異，本研究透過各地區漁船主對大陸船員引進機制意見調查，瞭解漁船主對現行大陸船員引進機制的看法，並藉以提出大陸船員引進機制之建議。 / In the recent years, the industrial structure of social economics has transformed, people’s attitudes of career choice have changed, and the pays and benefits of dangerous works on fishing boats are no longer better than those of works on land. Plus the factor of “low birthrate”, people are not willing to do works on fishing boats in Taiwan. Foreign crew members have graduate become the source of supplementary labors in the fishing industry. Crew members from Mainland China are similar to Taiwanese in the aspects of language and cultural habits. Therefore, they are very preferred by fishing boat owners in Taiwan. However, there have been many issues caused by Taiwanese fishing boat owners hiring crew members from Mainland China. With the efforts put in by fishing boat owners, non-governmental organizations, and fishery management authorities, these issues are expected to be resolved after the “Cross Strait Fishing Boat Crew Affairs Cooperation Agreement” was signed in the Fourth Chen-Chiang Summit on 2009/12/22. Under the premise of not opening up labor from Mainland China, the “offshore employment, offshore operation, and temporary transit arrangement” principle is maintained for the mechanism of Mainland China crew employment. However, in the aspect of entry and exit control, the practice of crew members from Mainland China taking cross-strait direct passenger ships to Taiwan and going to fishing ports by special buses is no difference from actually entering Taiwan. This study explored fishing boat owners’ opinions on the mechanism of employment of Mainland China crew members through surveys to find out their viewpoints and provide suggestions regarding the mechanism of employment of Mainland China crew members.

The aim of the thesis is to further explore the relationship between economic integration and firm mobility and investment, both from an empirical and a theoretical perspective, with the objective of drawing conclusions on how government policy can be used to strengthen the positive impact of integration on investment, which is crucial in moving and maintaining countries at the forefront of the technology frontier and accelerating economic growth in a world of rapid technical change and high mobility of ideas, goods, services, capital and labor.<p>The first chapter aims to bring together the literature on economic integration, firm mobility and investment. It contains two sections: one dedicated to the literature on FDI and the second covering the literature on firm entry and exit, economic performance and economic and business regulation.<p>In the second chapter I examine the relationship between the Single Market and FDI both in an intra-EU context and from outside the EU. The empirical results show that the impact of the Single Market on FDI differs substantially from one country to another. This finding may be due to the functioning of institutions.<p>The third chapter studies the relationship between the level of external trade protection put into place by a Regional Integration Agreement(RIA)and the option of a firm from outside the RIA block to serve the RIA market through FDI rather than exports. I find that the level of external trade protection put in place by the RIA depends on the RIA country's capacity to benefit from FDI spillovers, the magnitude of set-up costs of building a plant in the RIA and on the amount of external trade protection erected by the country from outside the reigonal block with respect to the RIA.<p>The fourth chapter studies how the firm entry and exit process is affected by product market reforms and regulations and impact macroeconomic performance. The results show that an increase in deregulation will lead to a rise in firm entry and exit. This in turn will especially affect macroeconomic performance as measured by output growth and labor productivity growth. The analysis done at the sector level shows that results can differ substantially across industries, which implies that deregulation policies should be conducted at the sector level, rather than at the global macroeconomic level. / Doctorat en sciences économiques, Orientation économie / info:eu-repo/semantics/nonPublished