Gesetzgebung, Regulierung und Faktormärkte
Die Abteilung „Gesetzgebung, Regulierung und Faktormärkte“ vereint die Analyse der Arbeits- und Kapitalmärkte in einem gemeinsamen Forschungsrahmen. Sie untersucht, wie Arbeits- und Kapitalmärkte bei der Bereitstellung von Arbeitskräften und Kapital für Unternehmensgründungen, Wachstum und Innovation zusammenwirken. Darüber hinaus untersucht sie, wie sich Gesetze und Regulierungen auf den Arbeits- und Kapitalmärkten auf die Reallokation von Arbeitskräften und Kapital auswirken.
Die Forschung der Abteilung bietet einzigartige Perspektiven und Einblicke in
• die Bedeutung hochqualifizierter Arbeitskräfte für die Förderung von Wachstum und Innovation,
• die Bedeutung von Finanzierungsbeschränkungen und Regulierung für den Zugang zu Märkten für hochqualifizierte Arbeitskräfte und
• die Auswirkungen aktuell diskutierter Gesetze und Vorschriften wie Kartellgesetze und Initiativen zur Geschlechterdiversität auf die Produktivität von Arbeit und Kapital.
Ihr Kontakt
- Abteilung Gesetzgebung, Regulierung und Faktormärkte
Referierte Publikationen
Feeling Obliged to Follow: The Impact of Work-Related Identity on Unethical Pro-Organizational Behavior and the Role of Psychological Empowering
in: Business Ethics, the Environment and Responsibility, im Erscheinen
Abstract
This study examines why people engage in unethical pro-organizational behavior (UPB) by focusing on an overlooked mechanism: the mere fact of being a subordinate at the workplace. To establish a causal relationship, we conducted an online experiment with 615 full-time employees. We primed participants with private versus work-related contexts before instructing them to follow a rule that was beneficial for the organization but potentially unethical. We find that individuals high in power distance orientation engage to a greater extent in UPB after being primed on their work-related identity. Our results further emphasize that empowering leadership can mitigate this effect: For participants high in power distance, empowering messages eliminated the priming effect; their UPB levels matched those in the private control group. Thus, our study makes three key contributions: First, we add to the discussion of UPB antecedents. Second, we identify organizations that may be particularly vulnerable. Third, we point to strategies that could reduce UPB.
Distributional Income Effects of Banking Regulation in Europe
in: Journal of Corporate Finance, Vol. 100 (July), 2026
Abstract
We study the impact of stricter and more harmonized banking regulation along the income distribution using household survey data for 25 EU countries. Exploiting country-level heterogeneity in the implementation of European Banking Union directives allows us to control for confounders and identify effects. Our results show that these regulatory reforms aimed at increasing financial system resilience affect households heterogeneously and result in a widening of the income distribution. These results are dependent on a country’s ex-ante regulatory stringency, and more pronounced in countries with stronger bank dependence. Furthermore, we find that more stringent regulation reduces income growth for low-income households primarily due to exits from employment, whereas affluent households tend to experience increased growth rates for employee and self-employed income.
The Limits of Local Laws in Global Supply Chains: Cutting Ties or “Edutrading” Procurement Partners?
in: Journal of Development Economics, Vol. 182 (June), 2026
Abstract
We study the procurement patterns of non-listed firms and examine how these often-overlooked, yet pivotal players in global supply chains adjust their sourcing when they anticipate accountability for externalities beyond their organizational boundaries. Using granular customs data and a surprise information release about the German Supply Chain Due Diligence Act, product-level regressions reveal that importing firms are 3.5 percentage points less likely to source a product from countries where the relevant production sector exhibits elevated ESG-related risks, suggesting that firms tend to cut ties with higher-risk suppliers. The effects are concentrated among firms with well-diversified supplier networks for a product and higher profitability, suggesting they have the necessary flexibility to respond quickly to anticipated regulatory pressure. Our findings suggest that mandates requiring firms to incorporate broad sustainability considerations into their operational decisions may have limits, particularly for non-listed firms.
Going Public and the Internal Organization of the Firm
in: Journal of Finance, Vol. 81 (1), 2026
Abstract
This paper examines how initial public offerings (IPOs) affect firms' internal organization. We find that IPO firms become more hierarchical and standardized organizations, characterized by additional layers, more managers, smaller control spans, and larger administrative functions. These changes occur mostly in preparation for the IPO and can be only partially explained by growth. IPO firms with greater human capital risk experience larger hierarchical changes. Hierarchical changes help firms standardize employee roles and formalize internal processes. Our results suggest that firms reorganize to reduce their dependence on key individuals' human capital when transitioning to public markets.
Entrepreneurship and the Gig Economy: Evidence from U.S. Tax Returns
in: Journal of Financial Economics, Vol. 173, 2025
Publikation lesenArbeitspapiere
Facts or Feelings? The Role of Relatable Narratives in Shaping Inflation Expectations
in: IWH Discussion Papers, Nr. 10, 2026
Abstract
We examine whether combining factual information on inflation levels and forecasts with a narrative can persistently shape consumers’ inflation expectations. In a preregistered randomized controlled trial with a representative sample of 3,000 German consumers, participants received either numerical or textual information about inflation rates, with or without an accompanying narrative. All treatments immediately lower inflation expectations, with numerical information eliciting stronger adjustments. Adding a narrative produces no additional immediate effect, confirming that it conveys no new information. However, only the combination of numerical information with a narrative yields a lasting reduction in inflation expectations and forecast uncertainty still observable after four weeks. Our results suggest that combining precise information with a narrative enhances information retention and can lead to more persistent shifts in consumers’ beliefs. The effects are strongest when respondents perceive the narrative as relatable and emotionally engaging, and among those with low financial literacy and limited knowledge of inflation.
Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry
in: SSRN Working Paper, Nr. 4946064, 2025
Abstract
We compare the effects of external financing shocks on patient mortality at nonprofit and for-profit hospitals. Using confidential patient-level data, we find that patient mortality increases to a lesser extent at nonprofit hospitals than at for-profit ones facing exogenous, negative shocks to debt capacity. Such an effect is not driven by patient characteristics or their choices of hospitals. It is concentrated among patients without private insurance and patients with higher-risk diagnoses. Potential economic mechanisms include nonprofit hospitals' having deeper cash reserves and greater ability to maintain spending on medical staff and equipment, even at the expense of lower profitability. Overall, our evidence suggests that nonprofit organizations can better serve social interests during financially challenging times.
Too Poor to Be Green? The Effects of Wealth on the Residential Heating Transformation
in: SSRN Working Paper, 2024
Abstract
Using the near-universe of Danish owner-occupied residential houses, we show that an exogenous increase in wealth significantly increases the likelihood to switch to green heating. We estimate an elasticity of one at the median of the wealth distribution, i.e., a 10% increase in wealth increase raises green heating adoption by 10%. Effects are heterogeneous along the wealth distribution: all else equal, a redistribution of wealth from rich households to poor households can significantly increase green heating adoption. We further explore potential channels of our findings (pro-social preferences, financial constraints, and luxury goods interpretation). Our results emphasize the role of economic growth for the green transition.
Inflation Concerns and Green Product Consumption: Evidence from a Nationwide Survey and a Framed Field Experiment
in: IWH Discussion Papers, Nr. 10, 2024
Abstract
Promoting green product consumption is one important element in building a sustainable society. Yet green products are usually more costly. In times of high inflation, not only budget constraints but also the fear that prices will continue to rise might dampen green product consumption and, hence, limit the effectiveness of exerted efforts to promote sustainable behaviors. To test this suggestion, we conducted a Germany-wide survey with almost 1,200 respondents, followed by a framed field experiment (N=500) to confirm causality. In the survey, respondents’ stated “green” purchasing behavior is, as to be expected, positively correlated with concerns about climate change. It is also negatively correlated with concerns about future inflation and energy costs, but after controlling for observable characteristics such as income and educational level only the correlation with concerns about future prices remains significant. This result is driven by individuals with below-median environmental attitude. In the framed field experiment, we use the priming method to manipulate the saliency of inflation concerns. Whereas sizably relaxing the budget constraint (i.e., by 50 percent) has no impact on the share of organic products in participants’ baskets, the priming significantly decreases the share of organic products for individuals with below-median environmental attitude, similar to the survey data.
Do Public Bank Guarantees Affect Labor Market Outcomes? Evidence from Individual Employment and Wages
in: IWH Discussion Papers, Nr. 7, 2024
Abstract
We investigate whether employees in Germany benefit from public bank guarantees in terms of employment probability and wages. To that end, we exploit the removal of public bank guarantees in Germany in 2001 as a quasi-natural experiment. Our results show that bank guarantees lead to higher employment, but lower wage prospects for employees after working in affected establishments. Overall the results suggest that employees do not benefit from bank guarantees.
