Corporate Social Responsibility, Sustainable Business Strategy, and Non-Market Risks from Activists & Public Policy
Abstract This paper examines the potential for budget crowd-out in state highway financing. Highway projects are funded primarily through state earmarked tax revenues and federal highway grants. Theoretically, these two sources of revenues could crowd-out state general funds, freeing up these funds for other uses. Previous studies of highway funding show little evidence of significant crowd-out, providing support for the "flypaper effect." The empirical model of this paper better controls for the endogeneity of federal highway grants and state earmarked highway revenues than previous studies and results suggest little to no crowd-out. Also, our study concludes that state budgeting decisions in the post-Intermodal Surface and Transportation Efficiency Act era still support the "flypaper effect."
Abstract please see: http://kelley.iu.edu/CERR/files/Perspectives_2008.pdf
Abstract Currently, Michigan residents can avoid the national drinking age of 21 by crossing into Ontario where the drinking age is 19. This paper explores the impact that border crossings, connecting areas with different minimum legal drinking ages (MLDA), have on motor-vehicle fatalities. We analyze border crossings connecting Michigan to Ontario, as well as to its surrounding states in the period in which Michigan’s MLDA was raised to 21. Using a “differences-in-differences-in-differences” approach we find that the MLDA change did not contribute to increased underage fatalities in border crossing counties.
Abstract In the 1990s, transition economies were rearranging their monetary regimes. This paper compares the chosen regimes based on the level of discretionary power and the ability to control inflation. Results show that non-discretionary regimes produce lower and more stable inflation.
Abstract With the recognition that entrepreneurial activity is a key factor in economic growth, many local governments have begun to enact policies targeted at promoting entrepreneurship. One frequently cited strategy for promoting entrepreneurial activity is to attract large amounts of venture capital, in the hopes of inducing more entrepreneurial activity. In this paper we test the direction of causality between venture capital and entrepreneurial activity and find that it is the presence of entrepreneurial activity that draws venture funding to an area, and not vice versa. Thus, enacting policies consistent with economic freedom, which provide a good environment for attracting or developing individual entrepreneurs, are the appropriate economic development policies.
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