IDEAS home Printed from https://ideas.repec.org/a/eee/respol/v51y2022i2s0048733321002213.html
   My bibliography  Save this article

Population ageing, labour market rigidity and corporate innovation: Evidence from China

Author

Listed:
  • Tan, Youchao
  • Liu, Xiumei
  • Sun, Hanwen
  • Zeng, Cheng(Colin)

Abstract

Population ageing leads to labour scarcity and labour market rigidity. Contrary to supply-side economists’ belief that labour market rigidity tends to suppress firm innovation, we provide novel evidence of a positive relationship between population ageing and firm innovation in China. This enhancement effect is greater for firms with higher labour costs, consistent with the argument that labour scarcity encourages labour-saving innovation in response to demographic shifts. In addition, the observed positive effect is particularly pronounced for state-owned enterprises, which are widely acknowledged to be overstaffed with older workers, and firms in industries that pursue Schumpeter-II innovation and engage in more intense research and development. In addition, population ageing helps firms to generate more exploitative (vs. exploratory) innovation. Overall, our findings suggest that firms facing population ageing can adapt their strategies to innovate successfully.

Suggested Citation

  • Tan, Youchao & Liu, Xiumei & Sun, Hanwen & Zeng, Cheng(Colin), 2022. "Population ageing, labour market rigidity and corporate innovation: Evidence from China," Research Policy, Elsevier, vol. 51(2).
    • Handle: RePEc:eee:respol:v:51:y:2022:i:2:s0048733321002213
    DOI: 10.1016/j.respol.2021.104428
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0048733321002213
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.respol.2021.104428?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Andrea Bassanini & Luca Nunziata & Danielle Venn, 2009. "Job protection legislation and productivity growth in OECD countries [Appropriate growth policy: a unifying framework]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 24(58), pages 349-402.
    2. Julian Atanassov, 2013. "Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting," Journal of Finance, American Finance Association, vol. 68(3), pages 1097-1131, June.
    3. Atul Nerkar & Peter W. Roberts, 2004. "Technological and product‐market experience and the success of new product introductions in the pharmaceutical industry," Strategic Management Journal, Wiley Blackwell, vol. 25(8‐9), pages 779-799, August.
    4. Brav, Alon & Jiang, Wei & Ma, Song & Tian, Xuan, 2018. "How does hedge fund activism reshape corporate innovation?," Journal of Financial Economics, Elsevier, vol. 130(2), pages 237-264.
    5. Peneder, Michael, 2010. "Technological regimes and the variety of innovation behaviour: Creating integrated taxonomies of firms and sectors," Research Policy, Elsevier, vol. 39(3), pages 323-334, April.
    6. Hoxha, Sergei & Kleinknecht, Alfred, 2020. "When labour market rigidities are useful for innovation. Evidence from German IAB firm-level data," Research Policy, Elsevier, vol. 49(7).
    7. Viral V. Acharya & Ramin P. Baghai & Krishnamurthy V. Subramanian, 2013. "Labor Laws and Innovation," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 997-1037.
    8. Thomas Lindh & Bo Malmberg, 1999. "Age structure effects and growth in the OECD, 1950-1990," Journal of Population Economics, Springer;European Society for Population Economics, vol. 12(3), pages 431-449.
    9. Cláudia Custódio & Miguel A. Ferreira & Pedro Matos, 2019. "Do General Managerial Skills Spur Innovation?," Management Science, INFORMS, vol. 65(2), pages 459-476, February.
    10. Thomas J. Chemmanur & Elena Loutskina & Xuan Tian, 2014. "Corporate Venture Capital, Value Creation, and Innovation," The Review of Financial Studies, Society for Financial Studies, vol. 27(8), pages 2434-2473.
    11. Shujie Yao, 1999. "A Note on the Causal Factors of China's Famine in 1959-1961," Journal of Political Economy, University of Chicago Press, vol. 107(6), pages 1365-1372, December.
    12. Philippe Aghion & John Van Reenen & Luigi Zingales, 2013. "Innovation and Institutional Ownership," American Economic Review, American Economic Association, vol. 103(1), pages 277-304, February.
    13. Hagedoorn, John & Cloodt, Myriam, 2003. "Measuring innovative performance: is there an advantage in using multiple indicators?," Research Policy, Elsevier, vol. 32(8), pages 1365-1379, September.
    14. Seru, Amit, 2014. "Firm boundaries matter: Evidence from conglomerates and R&D activity," Journal of Financial Economics, Elsevier, vol. 111(2), pages 381-405.
    15. Allen,Robert C., 2009. "The British Industrial Revolution in Global Perspective," Cambridge Books, Cambridge University Press, number 9780521868273.
    16. Eric J. Bartelsman & Pieter A. Gautier & Joris De Wind, 2016. "Employment Protection, Technology Choice, And Worker Allocation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(3), pages 787-826, August.
    17. Tristan Fitzgerald & Benjamin Balsmeier & Lee Fleming & Gustavo Manso, 2021. "Innovation Search Strategy and Predictable Returns," Management Science, INFORMS, vol. 67(2), pages 1109-1137, February.
    18. Daron Acemoglu & Pascual Restrepo, 2017. "Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation," American Economic Review, American Economic Association, vol. 107(5), pages 174-179, May.
    19. Li, Xibao, 2012. "Behind the recent surge of Chinese patenting: An institutional view," Research Policy, Elsevier, vol. 41(1), pages 236-249.
    20. David H. Autor & Frank Levy & Richard J. Murnane, 2003. "The Skill Content of Recent Technological Change: An Empirical Exploration," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(4), pages 1279-1333.
    21. Josh Lerner & Morten Sorensen & Per Strömberg, 2011. "Private Equity and Long‐Run Investment: The Case of Innovation," Journal of Finance, American Finance Association, vol. 66(2), pages 445-477, April.
    22. Baranchuk, Nina & Kieschnick, Robert & Moussawi, Rabih, 2014. "Motivating innovation in newly public firms," Journal of Financial Economics, Elsevier, vol. 111(3), pages 578-588.
    23. Breschi, Stefano & Malerba, Franco & Orsenigo, Luigi, 2000. "Technological Regimes and Schumpeterian Patterns of Innovation," Economic Journal, Royal Economic Society, vol. 110(463), pages 388-410, April.
    24. Hausman, Jerry & Hall, Bronwyn H & Griliches, Zvi, 1984. "Econometric Models for Count Data with an Application to the Patents-R&D Relationship," Econometrica, Econometric Society, vol. 52(4), pages 909-938, July.
    25. James Feyrer, 2007. "Demographics and Productivity," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 100-109, February.
    26. Daron Acemoglu & Pascual Restrepo, 2018. "The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment," American Economic Review, American Economic Association, vol. 108(6), pages 1488-1542, June.
    27. Alfred Kleinknecht & Flore N. van Schaik & Haibo Zhou, 2014. "Is flexible labour good for innovation? Evidence from firm-level data," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(5), pages 1207-1219.
    28. Benjamin F. Jones, 2010. "Age and Great Invention," The Review of Economics and Statistics, MIT Press, vol. 92(1), pages 1-14, February.
    29. Wachsen, Eva & Blind, Knut, 2016. "More labour market flexibility for more innovation? Evidence from employer–employee linked micro data," Research Policy, Elsevier, vol. 45(5), pages 941-950.
    30. Gautam Ahuja & Riitta Katila, 2001. "Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study," Strategic Management Journal, Wiley Blackwell, vol. 22(3), pages 197-220, March.
    31. Nicole Maestas & Kathleen J. Mullen & David Powell, 2023. "The Effect of Population Aging on Economic Growth, the Labor Force, and Productivity," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(2), pages 306-332, April.
    32. Daron Acemoglu, 2010. "When Does Labor Scarcity Encourage Innovation?," Journal of Political Economy, University of Chicago Press, vol. 118(6), pages 1037-1078.
    33. Yin, Xiangkang, 2001. "A dynamic analysis of overstaff in China's state-owned enterprises," Journal of Development Economics, Elsevier, vol. 66(1), pages 87-99, October.
    34. Jenny Meyer, 2011. "Workforce age and technology adoption in small and medium-sized service firms," Small Business Economics, Springer, vol. 37(3), pages 305-324, October.
    35. Cragg, John G. & Donald, Stephen G., 1993. "Testing Identifiability and Specification in Instrumental Variable Models," Econometric Theory, Cambridge University Press, vol. 9(2), pages 222-240, April.
    36. Alberto Galasso & Timothy S. Simcoe, 2011. "CEO Overconfidence and Innovation," Management Science, INFORMS, vol. 57(8), pages 1469-1484, August.
    37. Shai Bernstein, 2015. "Does Going Public Affect Innovation?," Journal of Finance, American Finance Association, vol. 70(4), pages 1365-1403, August.
    38. Zheng, Gaoping & Wang, Shuxun & Xu, Yongxin, 2018. "Monetary stimulation, bank relationship and innovation: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 237-248.
    39. Arundel, Anthony & Kabla, Isabelle, 1998. "What percentage of innovations are patented? empirical estimates for European firms," Research Policy, Elsevier, vol. 27(2), pages 127-141, June.
    40. Dong, Xiao-Yuan & Putterman, Louis, 2003. "Soft budget constraints, social burdens, and labor redundancy in China's state industry," Journal of Comparative Economics, Elsevier, vol. 31(1), pages 110-133, March.
    41. James G. March, 1991. "Exploration and Exploitation in Organizational Learning," Organization Science, INFORMS, vol. 2(1), pages 71-87, February.
    42. Andrea Bassanini & Ekkehard Ernst, 2002. "Labour market regulation, industrial relations and technological regimes: a tale of comparative advantage," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 11(3), pages 391-426, June.
    43. Vladimir Atanasov & Bernard Black, 2021. "The Trouble with Instruments: The Need for Pretreatment Balance in Shock-Based Instrumental Variable Designs," Management Science, INFORMS, vol. 67(2), pages 1270-1302, February.
    44. Guo, Di & Guo, Yan & Jiang, Kun, 2016. "Government-subsidized R&D and firm innovation: Evidence from China," Research Policy, Elsevier, vol. 45(6), pages 1129-1144.
    45. Robert J. Gordon, 2016. "Perspectives on The Rise and Fall of American Growth," American Economic Review, American Economic Association, vol. 106(5), pages 72-76, May.
    46. David Hirshleifer & Angie Low & Siew Hong Teoh, 2012. "Are Overconfident CEOs Better Innovators?," Journal of Finance, American Finance Association, vol. 67(4), pages 1457-1498, August.
    47. Deqiu Chen & Huasheng Gao & Jiang Luo & Yujing Ma, 2020. "The effects of rural–urban migration on corporate innovation: Evidence from a natural experiment in China," Financial Management, Financial Management Association International, vol. 49(2), pages 521-545, June.
    48. Scarpetta, Stefano & Tressel, Thierry, 2004. "Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions?," Social Protection Discussion Papers and Notes 29144, The World Bank.
    49. Dang, Jianwei & Motohashi, Kazuyuki, 2015. "Patent statistics: A good indicator for innovation in China? Patent subsidy program impacts on patent quality," China Economic Review, Elsevier, vol. 35(C), pages 137-155.
    50. Frey, Carl Benedikt & Osborne, Michael A., 2017. "The future of employment: How susceptible are jobs to computerisation?," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 254-280.
    51. He, Jie (Jack) & Tian, Xuan, 2013. "The dark side of analyst coverage: The case of innovation," Journal of Financial Economics, Elsevier, vol. 109(3), pages 856-878.
    52. Eric J. Bartelsman & Pieter A. Gautier & Joris Wind, 2016. "Employment Protection, Technology Choice, And Worker Allocation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57, pages 787-826, August.
    53. Vivian W. Fang & Xuan Tian & Sheri Tice, 2014. "Does Stock Liquidity Enhance or Impede Firm Innovation?," Journal of Finance, American Finance Association, vol. 69(5), pages 2085-2125, October.
    54. J. R. Hicks, 1963. "The Theory of Wages," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00189-7, March.
    55. Yang, Deli, 2008. "Pendency and grant ratios of invention patents: A comparative study of the US and China," Research Policy, Elsevier, vol. 37(6-7), pages 1035-1046, July.
    56. Nicole Maestas & Kathleen J. Mullen & David Powell, 2016. "The Effect of Population Aging on Economic Growth, the Labor Force and Productivity," NBER Working Papers 22452, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wang, Weilong & Wang, Jianlong & Ye, Huiying & Wu, Haitao, 2024. "Polluted air, smarter factories? China's robot imports shed light on a potential link," Energy Economics, Elsevier, vol. 134(C).
    2. Lu, Lan & Yin, Shuiying & Wen, Fuying & Xu, Qingqing, 2023. "The spatial structure of labour force employment in China’s industries: Measurement and extraction," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 472-486.
    3. Liao, Zhongju & Chen, Jie & Chen, Xueli & Song, Malin, 2024. "Digital platform capability, environmental innovation quality, and firms’ competitive advantage: The moderating role of environmental uncertainty," International Journal of Production Economics, Elsevier, vol. 268(C).
    4. Sheng, Jichuan & Ding, Rui & Yang, Hongqiang, 2024. "Corporate green innovation in an aging population: Evidence from Chinese listed companies," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    5. Chen, Xi & Mao, Jin & Ma, Yaxue & Li, Gang, 2024. "The knowledge linkage between science and technology influences corporate technological innovation: Evidence from scientific publications and patents," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    6. Jiang, Dequan & Lan, Meng & Li, Weiping & Shen, Yongjian, 2024. "Threat or opportunity? Unveiling the impact of population aging on corporate labor investment efficiency," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    7. Yu Liu & Mingde Jia, 2023. "The Impact of Population Aging on Green Innovation: An Empirical Analysis Based on Inter-Provincial Data in China," Sustainability, MDPI, vol. 15(4), pages 1-18, February.
    8. Zhu, Xiaoke & Wu, Hanqi & Deng, Qiyun, 2024. "Quantity or quality: Novel insights into the impact of digital finance on innovation," Finance Research Letters, Elsevier, vol. 65(C).
    9. David Granada Donato, 2022. "Effects of internal migration on labour market behaviour of families left-behind in Vietnam," TVSEP Working Papers wp-023, Leibniz Universitaet Hannover, Institute for Environmental Economics and World Trade, Project TVSEP.
    10. Lee, Chien-Chiang & Yan, Jingyang & Wang, Fuhao, 2024. "Impact of population aging on food security in the context of artificial intelligence: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 199(C).
    11. Chao Tu & Yingfang Shi, 2023. "Market-Incentive Environmental Regulation and the Quality of Corporate Innovation," Sustainability, MDPI, vol. 15(7), pages 1-17, March.
    12. Liu, Junxian & Guo, Zhaoying, 2023. "Effects of labor market flexibility on foreign direct investment: China evidence," Finance Research Letters, Elsevier, vol. 53(C).
    13. Jing‐Yue Liu & Yue‐Jun Zhang & Charles H. Cho, 2023. "Corporate environmental information disclosure and green innovation: The moderating effect of CEO visibility," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3020-3042, November.
    14. Wenqun Gao & Yang Chen & Shaorui Xu & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "The Role of Population Aging in High-Quality Economic Development: Mediating Role of Technological Innovation," SAGE Open, , vol. 13(4), pages 21582440231, October.
    15. Ran Yu & Zhangchi Wang & Yan Li & Zuhui Wen & Weijia Wang, 2023. "Does Population Aging Affect Carbon Emission Intensity by Regulating Labor Allocation?," Sustainability, MDPI, vol. 15(12), pages 1-19, June.
    16. Zhang, Ningning & You, Dingyi & Tang, Le & Wen, Ke, 2023. "Knowledge path dependence, external connection, and radical inventions: Evidence from Chinese Academy of Sciences," Research Policy, Elsevier, vol. 52(4).
    17. Ke Zhang & Hao Sun & Xiangyu Li, 2022. "Aging Population Spatial Distribution Discrepancy and Impacting Factor," Sustainability, MDPI, vol. 14(15), pages 1-22, August.
    18. Yang Liu & Junjun Huo & Qingqing Li, 2024. "Can Executives with Internet Experience Enhance Corporate Innovation?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 11932-11955, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Moshirian, Fariborz & Tian, Xuan & Zhang, Bohui & Zhang, Wenrui, 2021. "Stock market liberalization and innovation," Journal of Financial Economics, Elsevier, vol. 139(3), pages 985-1014.
    2. Seong K. Byun & Jong-Min & Han Xia, 2021. "Incremental vs. Breakthrough Innovation: The Role of Technology Spillovers," Management Science, INFORMS, vol. 67(3), pages 1779-1802, March.
    3. Hsu, Yuan-Teng & Huang, Chia-Wei & Koedijk, Kees G., 2023. "Unintended consequences of compensation peer groups on corporate innovation," Journal of Corporate Finance, Elsevier, vol. 78(C).
    4. Fich, Eliezer M. & Nguyen, Tung & Petmezas, Dimitris, 2023. "The effects of terrorist attacks on inventor productivity and mobility," Research Policy, Elsevier, vol. 52(1).
    5. Ching-Hung Chang & Qingqing Wu, 2021. "Board Networks and Corporate Innovation," Management Science, INFORMS, vol. 67(6), pages 3618-3654, June.
    6. Yu Liu & Mingde Jia, 2023. "The Impact of Population Aging on Green Innovation: An Empirical Analysis Based on Inter-Provincial Data in China," Sustainability, MDPI, vol. 15(4), pages 1-18, February.
    7. Chen, Jie & Leung, Woon Sau & Evans, Kevin P., 2016. "Are employee-friendly workplaces conducive to innovation?," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 61-79.
    8. Huang, Yi-Hou & Liang, Woan-lih & Truong, Quang-Thai & Wang, Yanzhi, 2022. "No new tricks for old dogs? Old directors and innovation performance," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    9. Glaeser, Stephen, 2018. "The effects of proprietary information on corporate disclosure and transparency: Evidence from trade secrets," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 163-193.
    10. Wang, Jimin & Ho, Choy Yeing (Chloe) & Shan, Yuan George, 2024. "Does cybersecurity risk stifle corporate innovation activities?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    11. Yang, Huan, 2021. "Institutional dual holdings and risk-shifting: Evidence from corporate innovation," Journal of Corporate Finance, Elsevier, vol. 70(C).
    12. Ding, Xiaoya (Sara) & Guo, Mengmeng & Kuai, Yicheng & Niu, Geng, 2023. "Social trust and firm innovation: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 474-493.
    13. Hoxha, Sergei & Kleinknecht, Alfred, 2020. "When labour market rigidities are useful for innovation. Evidence from German IAB firm-level data," Research Policy, Elsevier, vol. 49(7).
    14. Qing Wan & Xiaoke Cheng & Kam C. Chan & Shenghao Gao, 2021. "Born to innovate? The birth‐order effect of CEOs on corporate innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1846-1888, October.
    15. Li, Jianqiang & Shan, Yaowen & Tian, Gary & Hao, Xiangchao, 2020. "Labor cost, government intervention, and corporate innovation: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    16. Chen Lin & Sibo Liu & Gustavo Manso, 2021. "Shareholder Litigation and Corporate Innovation," Management Science, INFORMS, vol. 67(6), pages 3346-3367, June.
    17. Arshed, Noman & Hanif, Nadia & Aziz, Osama & Croteau, Martin, 2022. "Exploring the potential of institutional quality in determining technological innovation," Technology in Society, Elsevier, vol. 68(C).
    18. Chen, Jie & Leung, Woon Sau & Evans, Kevin P., 2018. "Female board representation, corporate innovation and firm performance," Journal of Empirical Finance, Elsevier, vol. 48(C), pages 236-254.
    19. Nguyen, Lily & Vu, Le & Yin, Xiangkang, 2020. "The undesirable effect of audit quality: Evidence from firm innovation," The British Accounting Review, Elsevier, vol. 52(6).
    20. Ho, Po-Hsin & Huang, Chia-Wei & Lin, Chih-Yung & Yen, Ju-Fang, 2024. "Risk culture in corporate innovation," International Review of Financial Analysis, Elsevier, vol. 91(C).

    More about this item

    Keywords

    Population ageing; Labour scarcity; Labour market rigidity; Innovation;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:51:y:2022:i:2:s0048733321002213. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/respol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.