KyklosPub Date : 2025-06-18DOI: 10.1111/kykl.12478
Minfeng Yu, Bingjing Xie, Zeyuan Huang, Mengna Fan
{"title":"Does Climate Risk Affect Management Sentiment?","authors":"Minfeng Yu, Bingjing Xie, Zeyuan Huang, Mengna Fan","doi":"10.1111/kykl.12478","DOIUrl":"https://doi.org/10.1111/kykl.12478","url":null,"abstract":"<div>\u0000 \u0000 <p>We use extreme weather events as quasi-natural experiments to examine their impact on management sentiment. Based on a sample of China's A-share listed companies from 2013 to 2020, we find that managers issue more pessimistic forecasts following climate disasters. Moreover, the impact of climate risk on management forecast pessimism is more pronounced in firms with lower financial flexibility, less-experienced CEOs, and CEOs with less specialist experience. In addition, economic losses and heightened future uncertainty are the primary drivers of management pessimism after extreme weather events. Further analysis reveals that managers issue more ambiguous earnings forecasts and adopt a more negative tone in the wake of climate disasters.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1440-1456"},"PeriodicalIF":1.3,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-06-11DOI: 10.1111/kykl.12476
Ennio E. Piano, Benjamin W. Bauer, Clara E. Piano
{"title":"Competition Within the Church: Market Entry and the Rise of Traditional Catholicism in the United States","authors":"Ennio E. Piano, Benjamin W. Bauer, Clara E. Piano","doi":"10.1111/kykl.12476","DOIUrl":"https://doi.org/10.1111/kykl.12476","url":null,"abstract":"<div>\u0000 \u0000 <p>The Catholic Church enacted broad reforms after the Second Vatican Council (1962–1965), notably to the liturgies that Catholics must attend every Sunday. However, there has been a revival of pre-Vatican II practices recently, such as the Traditional Latin Mass (TLM). We explore the role played in this resurgence by the entry of a traditionalist Catholic competitor (the Society of Saint Pius X) in the market for religious services. Using data from the continental United States, we show that the presence of SSPX chapels significantly increases the availability of TLMs, particularly on Sundays when attendance at a Mass is required. We also find evidence that the effect is strongest at a local level and that it has intensified over time, possibly due to Pope Benedict XVI's liberalization of TLM celebrations in 2007.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1405-1423"},"PeriodicalIF":1.3,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-06-11DOI: 10.1111/kykl.12477
Piotr Bialowolski, Dorota Weziak-Bialowolska, Andrzej Cwynar
{"title":"Reassessing the Role of Financial Knowledge and Confidence for Financial Outcomes Across Income Groups in the EU","authors":"Piotr Bialowolski, Dorota Weziak-Bialowolska, Andrzej Cwynar","doi":"10.1111/kykl.12477","DOIUrl":"https://doi.org/10.1111/kykl.12477","url":null,"abstract":"<div>\u0000 \u0000 <p>This research utilizes Flash Eurobarometer data (<i>N</i> = 26,139) collected in 2023 from 27 EU nations to examine the link between financial knowledge, financial confidence, income, and financial outcomes. The findings reaffirm positive correlations between these factors and the examined financial outcomes. Notably, financial confidence often shows a stronger association with the likelihood of achieving financial outcomes than objective financial knowledge, particularly in areas such as long-term financial goal setting, retirement planning, and confidence in financial advisors. The study also highlights that the likelihood of achieving financial outcomes is rarely more linked with financial knowledge or financial confidence among high-income individuals than among low-income ones. These findings underscore the possibly critical role of income in achieving positive financial outcomes and suggest that improving financial well-being may require a multifaceted approach. A combination of financial education, income-support policies, and initiatives to build financial confidence may represent an effective policy mix for improving overall financial well-being across diverse income groups.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1424-1439"},"PeriodicalIF":1.3,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-06-09DOI: 10.1111/kykl.12474
Leonard Hoeft, Wladislaw Mill, Alexander Vostroknutov
{"title":"Normative Acceptance of Power Abuse","authors":"Leonard Hoeft, Wladislaw Mill, Alexander Vostroknutov","doi":"10.1111/kykl.12474","DOIUrl":"https://doi.org/10.1111/kykl.12474","url":null,"abstract":"<p>While extensive research has shown how power corrupts those who wield it, less is known about its effects on the powerless. Victims of power abuse may either become dissatisfied with such norm violations by those in power or normalize such behavior, corrupting their own normative standards. In a laboratory experiment, we create communities where a single individual holds the power to punish others. We find that there is general agreement that it is socially inappropriate for those in power both to undercontribute and to enforce higher contributions from others. Yet we find that the powerless who are randomly exposed to this behavior believe it to be less socially inappropriate than those who are spared from it. These findings shed light on how power abuse can perpetuate itself and contribute to the persistence of corrupt institutions.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1375-1386"},"PeriodicalIF":1.3,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12474","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-06-09DOI: 10.1111/kykl.12475
Huaxin Wang-Lu
{"title":"To Engage or Not to Engage? Social Activities and Survival Beliefs in Older Adults","authors":"Huaxin Wang-Lu","doi":"10.1111/kykl.12475","DOIUrl":"https://doi.org/10.1111/kykl.12475","url":null,"abstract":"<div>\u0000 \u0000 <p>While survival belief is central to major life decisions, its social determinants remain understudied. Social engagement is proven to influence various health outcomes, yet the direction of these relationships stays controversial, with quasi-experimental designs being laid aside. It is also unexplored what happens once individuals withdraw from established social life. To address these gaps, this paper leverages the potential randomness in the timing of individual (dis)engagement behavior to examine the causal effects of social (dis)engagement on the subjective probability of unsuccessful survival (SPUS) of young-old Chinese, using a panel of 11,412 respondents from the 2011–2020 China Health and Retirement Longitudinal Study. A dynamic difference-in-differences approach, with various constructs of treatment and control groups, was employed to validate the estimation. Several robustness checks, including factor analysis and propensity score matching, were further conducted. The primary findings are that social engagement reduces older people's SPUS by up to 2.80 percentage points immediately and by 6.67 percentage points one period later. Conversely, social disengagement shows no immediate effects, but its post-treatment impact can reach up to 14.76 percentage points among subgroups. Interestingly, the engagement effects persist only among non-switchers, fading once switching begins, and the disengagement effects also emerge only among non-switchers. In sum, this study provides partial evidence of stronger disengagement effects, though these effects occur neither instantly nor universally.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1387-1404"},"PeriodicalIF":1.3,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-05-29DOI: 10.1111/kykl.12473
Florian Fouquet
{"title":"How Does Disability Affect School-to-Work Transitions? Evidence From a French Labour Market Integration Survey","authors":"Florian Fouquet","doi":"10.1111/kykl.12473","DOIUrl":"https://doi.org/10.1111/kykl.12473","url":null,"abstract":"<p>The aim of this paper is to investigate the school-to-work transitions and early employment trajectories of young workers with disabilities. Using a survey following a cohort of French young workers exiting education in 2013 on their first 3 years on the labour market, I estimate the effect of disability on the probability of finding a (stable) job using duration models. I use several disability indicators to explore how the different definitions affect the results. Overall, I find that disability increases the duration of the transition to (stable) employment at the beginning of the career. This effect is higher when the disability is administratively recognised than when self-reported. I also show that the gap between disabled and nondisabled workers is somewhat lower among the most educated, while I evidence no significant difference between women and men. Besides, mental disabilities appear to be more detrimental on the school-to-work transitions than other types of disabilities, and having multiple disabilities increases the difficulties in the access to employment.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1358-1374"},"PeriodicalIF":1.3,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-05-27DOI: 10.1111/kykl.12472
Dela-Dem Doe Fiankor, Christian Ritzel, Judith Irek, Gabriele Mack
{"title":"The Effect of Swiss Free Trade Agreements on Agricultural Trade","authors":"Dela-Dem Doe Fiankor, Christian Ritzel, Judith Irek, Gabriele Mack","doi":"10.1111/kykl.12472","DOIUrl":"https://doi.org/10.1111/kykl.12472","url":null,"abstract":"<p>As a country highly dependent on imports, Switzerland has many free trade agreements (FTAs) that liberalise trade barriers. We assess how these agreements affect Swiss agricultural imports at different margins of trade adjustment. We estimate reduced-form gravity models using agricultural trade data for 202 partner countries from 2004 to 2022. We find that Swiss FTAs increase agricultural import values by 8.75%, decrease import prices by 3%, increase the probability of imports by 2% and reduce market exit rates by 1%. These effects are heterogeneous across products, sectors and agreements. Regarding import values and quantities, the positive effects of FTAs are mainly observed for raw products (including vegetables, fruits and nuts, coffee, tea and spices). However, the estimated effects are negative for processed products. Regarding import prices, the effects are positive whenever they are statistically significant. We also find that the number of competing agreements to which a Swiss trade partner is exposed only marginally affects Swiss imports. We extend our analysis to agricultural exports and find that FTAs increase Swiss export values by 47%, quantities by 53% and prices by 3% but do not affect export probabilities or export market exit rates. Thus, although Swiss FTAs generally boost trade on average, policymaking should consider the heterogeneities of the estimated FTA effects regarding products, agreements and time when using FTA estimates for counterfactual analysis and negotiations.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1333-1357"},"PeriodicalIF":1.3,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12472","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-05-25DOI: 10.1111/kykl.12468
Uwe Jirjahn, Jens Mohrenweiser
{"title":"Variable Payment Schemes and Productivity: Do Individual-Based Schemes Really Have a Stronger Influence Than Collective Ones?","authors":"Uwe Jirjahn, Jens Mohrenweiser","doi":"10.1111/kykl.12468","DOIUrl":"https://doi.org/10.1111/kykl.12468","url":null,"abstract":"<p>There appears to be a widely held belief that individual-based performance pay has a stronger influence on firm performance than collective performance pay. This also applies to an index of best management practices that has been used by Bloom and Van Reenen in a series of influential publications (e.g., Bloom and Van Reenen 2007, Bloom et al. 2019). The index assigns the highest weight to individual-based performance pay, a medium weight to group-based performance pay and a low weight to profit sharing. This weighting is obviously driven by the implicit assumption that collective payment schemes suffer from a free-rider problem, so they have a less strong influence on productivity than individual-based schemes. We show that this assumption is questionable from both a theoretical and an empirical point of view. Using the German Management and Organizational Practices Survey, one of the datasets initiated by Bloom and Van Reenen, we show that individual-based performance pay does not outperform group-based performance pay or profit sharing. The finding also holds when accounting for possible interactions among the payment schemes and considering the moderating roles of firm size, employee representation, and innovativeness. Our results suggest that researchers should be careful with respect to the assumptions and subjective priors guiding their empirical analyses.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1316-1332"},"PeriodicalIF":1.3,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12468","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-05-25DOI: 10.1111/kykl.12467
Chaowei Li, Tao Hong, Tao Ma, Hang Yang
{"title":"Do Place-Based Policies Promote Sustainable Development? A Study Based on Resource-Exhausted Cities in China","authors":"Chaowei Li, Tao Hong, Tao Ma, Hang Yang","doi":"10.1111/kykl.12467","DOIUrl":"https://doi.org/10.1111/kykl.12467","url":null,"abstract":"<div>\u0000 \u0000 <p>The transformation of resource-exhausted cities is of great significance to the sustainable development of the region, but the effect of supportive policy for resource-exhausted cities has yet to be examined. This study empirically analyzes the impact of the supportive policy on industrial transformation based on prefecture-level data in China from 2006 to 2012 using time-varying difference-in-differences. This study finds that the supportive policy increases urban per capita GDP but has a negative effect on the proportion of tertiary industry and passes a series of robustness tests. Further analysis shows that the negative effect has a dynamic effect and becomes more significant in cities with stronger local government capacity and higher marketization level. Mechanism analysis reveals that the policy influences industrial transformation by affecting innovation, capital allocation, and labor allocation. This results reveals the existence of the “resource curse amplification” effect of policies, provides empirical support for the conditional resource curse theory, and challenges the static inevitability of the “resource curse.” Additionally, it also re-examines the relationship between the government and the market, reveals the potential risks of “government-led transformation,” which echoes the paradox of state capacity, and enriches research on place-based policy.</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 4","pages":"1293-1315"},"PeriodicalIF":1.3,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228190","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
KyklosPub Date : 2025-05-24DOI: 10.1111/kykl.12471
Ailun Xiong, Hans Westlund, Hongyi Li
{"title":"Rent Seekers in the Interest of Society? Civil Organizations and Regional Innovation in China","authors":"Ailun Xiong, Hans Westlund, Hongyi Li","doi":"10.1111/kykl.12471","DOIUrl":"https://doi.org/10.1111/kykl.12471","url":null,"abstract":"<div>\u0000 \u0000 <p>What contributes to innovation quantity and quality in a given geographic space? This paper provides a novel perspective by exploring the effect of civil organizations. A straightforward framework is constructed to understand the institutional context of government behaviors in China. Using regional data from 2010 to 2022, this paper discovers that civil organizations positively correlated with innovation output. Notably, Olson organizations prove to be more predictive of patent output compared to Putnam organizations. Moreover, significant impacts are observed in the domain of low-quality patents, such as utility models and design patents. Additionally, Olson organizations exhibit a positive impact on green innovation. With firm-level data, this paper finds limited evidence supporting the role of local exchange of ideas and knowledge. The promoting effect of civil organizations on innovation appears to stem from the “favor exchange mechanism” rather than the “knowledge sharing mechanism.”</p>\u0000 </div>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":"78 3","pages":"1276-1290"},"PeriodicalIF":1.5,"publicationDate":"2025-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144525214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}