Documents Steger, Thomas M. 7 results

"To gain insights into the mechanisms that shape the interaction between economic growth and climate change, we analyze the simplified DICE through the lens of growth theory. We analytically show that this model exhibits a continuum of saddle-point stable steady states, a property that carries over to a large set of (analytical and numerical) IAMs. This novel insight is important because it implies initial conditions of stock variables, notoriously difficult to calibrate, matter for the ultimate steady state, i.e. for the long-run economic and climate outcomes. However, we also show that a lack of information about the stock of global capital is considerably less consequential than a lack of information about GHG in the atmosphere. These properties have important implications for understanding the consequences of delayed climate policy implementation and the optimal carbon tax. We employ numerical techniques to show how a postponement of optimal climate policy implementation leads to a higher long-run temperature. We also show that the SCC-to-GDP ratio is in fact largely constant, despite transitional dynamics. However, its level depends strongly on the point in time the policy is implemented. Finally, we employ the setup to better understand the consequences of stronger TFP growth for the climate."

"While there have been high hopes about democratic governance structures in organizations recently, the empirical record of employee-owned companies (EOC) is rather bleak. Correspondingly, in the long-standing literature about EOCs, there seems to be a consensus regarding the rather limited viability of democratic organizational forms. Although the explanations, mainly based on microeconomic models, differ in the causal mechanisms explaining EOCs' short average lifespan. In this paper, we challenge the conventional wisdom about the reasons for the limited viability of democratic organizational forms. We develop an alternative explanation for their normal failure by means of an in-depth case study that corresponds with the transformation expectation about EOCs into conventional firms. We analyze a German case which we were able to study over a long period of time including the end of the EOC (while the company survived the changes in ownership and corporate governance structures). Firstly, we show that classical explanations do not seem to be valid for this particular failure of democratic governance structures. Secondly, we try to explore alternative explanations for the institutionalized transformation expectation regarding EOCs. In order to overcome the shortcomings of microeconomic models of EOCs, we deploy a social-constructivist heuristic framework that is derived from the organizational theories of Niklas Luhmann und Karl E. Weick. Thus we focus on dynamic social sensemaking processes and decision-making processes at the organizational level at the same time. We stress the role organizational cognitive routines in EOCs play especially in their organizational environment, pointing to the social embedding of EOCs and to the historical trajectories of individual organizations as potential sources to explain the normal failure of EOCs. Our study also confirms the significance of both the ambivalence and ambiguity of sensemaking and the contingency in the decision-making process for the explanation of a phenomenon that looks, at first glance, rather causally determined."

"This article introduces the Special Issue on industrial relations in Central and Eastern Europe since the financial and economic crisis. Already dependent economically on funding from the west and lacking the robust industrial relations institutions traditional in much of Western Europe, countries in the region were particularly vulnerable. However, there are important cross-national differences, and the strategies of key actors have significantly affected the outcomes."

"Corporate governance literature to date has tended to neglect employees and their impact, particularly at the level of company boards. Moreover, most research relating to boards has adopted a 'black box' approach and a distinctively quantitative methodology. Given these deficits, this paper aims to provide a comprehensive picture of employee voice in major German company boardrooms based on a qualitative analysis of interviews with directors from different board actor groups. It will be shown that board processes in the context of German parity codetermination are akin to political games, in which power structures, handling of information and consensus finding play a decisive role. Moreover, the importance of path dependency to understand and interpret those processes will be highlighted."

"Obwohl Mitarbeiterkapitalbeteiligung (MKB) auf eine lange Tradition zurückblicken kann und auch in jüngster Zeit erhöhte Aufmerksamkeit von Politikern, Praktikern und Wissenschaftlern genießt, muss konstatiert werden, dass das vorhandene Wissen über die Perspektiven der Arbeitnehmer hinsichtlich MKB gering ist. Dieser Aufsatz möchte einerseits durch eine explorative semantische Sekundäranalyse sechs zentrale Erzähl- und Diskursstränge der MKB-Diskussion herausarbeiten und kritisch erörtern. Andererseits sollen die in diesen Erzählungen in Anspruch genommenen Akteurskonstruktionen des Arbeitnehmers näher interessieren, ohne dass wir damit den Anspruch verbinden, die 'wahre' Sicht der Arbeitnehmer auf MKB zu rekonstruieren. "

"The theory of endogenous technical change has deeply contributed to our understanding of the fundamental sources of economic growth and development. In this chapter we survey important contributions in the field by focussing on the basic structure of endogenous growth models with horizontal as well as vertical innovation and emphasizing important implications for growth policy. We address issues like the scale effect problem, directed technological change to understand the evolution of wage inequality, long-run divergence between the innovating North and the imitating South due to inappropriate technology in the South, the relationship between trade and growth, competition and R&D, and the role of imperfect capital markets for R&D-based growth."

"Dieser Mitbestimmungsreport widmet sich der aktuellen Situation der Belegschaftsaktien und Belegschaftsaktionäre in deutschen Großunternehmen. Belegschaftsaktien sind in Deutschland nach wie vor die am stärksten verbreitete Form der Mitarbeiterkapitalbeteiligung. Dazu tragen insbesondere die börsennotierten Großunternehmen bei. Formen und Motive von Belegschaftsaktien-Programmen sind vielfältig. Teilweise richten sie sich nur an Führungskräfte. Untersucht wird, inwieweit Belegschaftsaktionäre "voice" gegenüber der Unternehmensleitung organisieren können. Das könnte dann das Ziel sein, wenn sich Belegschaftsaktionäre in eigenen Vereinen zusammenschließen und z.B. Ein Selbstverständnis als "Ankeraktionär" entwickeln. Allerdings existieren nur wenige solcher Vereine. Meist sind sie, wenn überhaupt, nur lose mit der Mitbestimmung in den Unternehmen verbunden. Über die zukünftige Entwicklung von Belegschaftsaktien und ihrer strategischen Organisation in Belegschaftsaktionärsvereinen in deutschen Unternehmen angesichts der wachsenden Bedeutung ihrer Finanzierung über internationale Kapitalmärkte besteht Diskussionsbedarf für Betriebsräte, Aufsichtsräte und Gewerkschaften."