Papers written by Author(s): 'Seong-Hoon Lee'
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Michael Gort - 4
Viewing papers 1 through 4 of 4
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Working PaperManagerial Efficiency, Organizational Capital and Productivity
March 2003
Working Paper Number:
CES-03-08
The paper focuses on the impact of managerial efficiency on output. Three sources of managerial efficiency are identified: (a) superior initial managerial endowments, (b) the accumulation of managerial knowledge and skills through learning and (c) the impact of an effective market for managerial resources internal to the firm. All three are explicitly measured by appropriate variables and their impact is examined in the context of variously specified production functions. The empirical analysis is carried out with data for approximately 5,000 new manufacturing plants in the United States over the 1973-92 period. It is found that variation in managerial endowments is an important explanatory variable for output with all other relevant inputs controlled. It is further found that the survival of plants with superior managerial efficiency, and the death of those with inferior efficiency, explains a substantial fraction of total factor productivity change in the manufacturing sector of the U.S. economy. There is also clear evidence of the significance for efficiency of internal markets as well as evidence of learning as plants age. Learning and superior managerial resources of old plants largely offset the benefits of capital goods of later vintage of new plants.View Full Paper PDF
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Working PaperThe Survival of Industrial Plants
October 2002
Working Paper Number:
CES-02-25
The study seeks to explain the attrition rate of new manufacturing plants in the United States in terms of three vectors of variables. The first explains how survival of the fittest proceeds through learning by firms (plants) about their own relative efficiency. The second explains how efficiency systematically changes over time and what augments or diminishes it. The third captures the opportunity cost of resources employed in a plant. The model is tested using maximum-likelihood probit analysis with very large samples for successive census years in the 1967-97 period. One sample consists of an unbalanced panel of about three-fourths of a million plants of single and multi-unit firms, or alternatively of about 300,000 plants if only the most reliable data are considered. The second is restricted to the plants of multi-unit firms in the same time span and consists of an unbalanced panel of more than 100,000 plants. The empirical analysis strongly confirms the predictions of the model.View Full Paper PDF
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Working PaperThe Demand for Human Capital: A Microeconomic Approach
December 2001
Working Paper Number:
CES-01-16
We propose a model for explaining the demand for human capital based on a CES production function with human capital as an explicit argument in the function. The resulting factor demand model is tested with data on roughly 6,000 plants from the Census Bureau's Longitudinal Research Database. The results show strong complementarity between physical and human capital. Moreover, the complementarity is greater in high than in low technology industries. The results also show that physical capital of more recent vintage is associated with a higher demand for human capital. While the age of a plant as a reflection of learning-by-doing is positively related to the accumulation of human capital, this relation is more pronounced in low technology industries.View Full Paper PDF
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Working PaperThe Life Cycles of Industrial Plants
October 2001
Working Paper Number:
CES-01-10
The paper presents a dynamic programming model with multiple classes of capital goods to explain capital expenditures on existing plants over their lives. The empirical specification shows that the path of capital expenditures is explained by (a) complementarities between old and new capital goods, (b) the age of plants, (c) an index that captures the rate of technical change and (d) the labor intensiveness of a plant when it is newly born. The model is tested with Census data for roughly 6,000 manufacturing plants that were born after 1972.View Full Paper PDF
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