Mark Klinedinst | University of Southern Mississippi (original) (raw)

Papers by Mark Klinedinst

Research paper thumbnail of Fringe benefits in transition

This chapter looks briefly at the history of benefits in the communist era and then examines the ... more This chapter looks briefly at the history of benefits in the communist era and then examines the benefits available to industrial employees three years into the transition. The transition process begun in many countries in 1989 is bound to have a profound effect on the quantity and quality of many goods and services formerly offered by the workplace. Firms in Yugoslavia, although following a much more market oriented development that was thought by some to be a potential model for the East-Bloc countries, were similar to Bulgarian firms in the number of employee services provided for by the firm. When price liberalization came to Bulgaria, the desire to stop a wage-price spiral led to the creation of a tripartite arrangement at the national level to develop a tax-based incomes policies. Workers in Bulgarian firms before the transition were in many cases offered a broad range of benefits from their firms

Research paper thumbnail of Lessons from the History of Democratic Economic Institutions: The Case of the Southern U.S

Advances in the economic analysis of participatory and labor-managed firms, Jun 28, 2004

ABSTRACT Looking at data for over a hundred years on democratic economic institutions in the U.S.... more ABSTRACT Looking at data for over a hundred years on democratic economic institutions in the U.S., there seems to be a clear pattern of initiatives growing strongly, peaking and then falling off. The broad range of data used in this paper allows an investigation of these long-range patterns. These institutions show a life-cycle pattern and appear to be filling in more niches in the economy. The connections between different democratic economic institutions across sectors have historically been weak, but there is evidence of umbrella organizations playing a more active role as a supporting structure to encourage growth.

Research paper thumbnail of Bulgaria inTransition:EnvironmentalConsequencesofPoliticalandEconomicTransformation.Edited by Krassimira Paskaleva, Philip Shapira, John Pickles and Boian Koulov. Aldershot, U.K. and Brookfield, VT: Ashgate Publishing Company, 1998. xxii, 267 pp. $67.95

Canadian-American Slavic studies =, 2001

Research paper thumbnail of Going Forward Financially: Credit Unions as an Alternative to Commercial Banks

Emerald Group Publishing Limited eBooks, 2012

The global financial meltdown brought to light a number of weaknesses in the U.S. financial syste... more The global financial meltdown brought to light a number of weaknesses in the U.S. financial system. Not all financial institution types will be taking large sums of taxpayer money to address their crippling decisions. Credit unions in the U.S. represent a type of financial cooperative that will probably not take any taxpayer money directly due to their structure and prudential oversight. Commercial banks, especially the megabanks, are likely to see even more bailouts in the future unless structural weaknesses are addressed in the clarifications as part of the enforcement of the Dodd-Frank Act. Using a unique panel data set on U.S. commercial banks, thrifts and credit unions from 1994 through 2010 (over 300,000 observations) performance metrics on a number of dimensions point to strengths and weaknesses of the various financial institutional forms. Credit unions also have had far fewer adjustable rate mortgages and mortgage backed securities as a percent of their portfolio. Robust estimators to correct for potential endogeneity are used to analyze the ROA differentials between different institutional forms and portfolios. When controlling for size, region and portfolios credit unions are estimated to have a better ROA. Institutions of under a billion dollars, 96 percent of the sample, show credit unions having higher efficiency in that they control 30 percent more assets per dollar spent on salaries than commercial banks. 1

Research paper thumbnail of Bank Decapitalization and Credit Union Capitalization

SAGE Open, 2016

This article looks at the theory and empirical findings of excessive compensation on the recent f... more This article looks at the theory and empirical findings of excessive compensation on the recent financial implosion across institutional forms in banking. Compensation levels have gone up dramatically over the last 30 years as deregulation and concentration have grown. Some banks and quite a few credit unions avoided closure by prudent portfolio selection and keeping reserves up by maintaining compensation levels closer to the median level. Empirical findings here are based on a unique panel data set on U.S. commercial banks, thrifts, and credit unions from 1994 through 2010 (more than 300,000 observations) that provide evidence that the firms with the highest net worth typically are smaller institutions, are credit unions, have smaller insider loans as a percentage of assets, and have lower average pay levels. The favorable results here for credit unions, financial cooperatives, should help guide policy when deciding which type of financial institutions should be encouraged.

Research paper thumbnail of The Japanese Cooperative Sector

Journal of Economic Issues, Jun 1, 1994

Research paper thumbnail of Corporate Walkover in Progress: The Case of the Southern Company’s “Clean Coal” Plant in Mississippi

RePEc: Research Papers in Economics, Nov 14, 2014

Research paper thumbnail of PLEASE DO NOT QUOTE OR REPRODUCE WITHOUT AUTHORS' CONSENT. Corporate Governance and Executive Compensation in Bulgaria after Mass Privatization: Evidence from New Panel Data

By using new panel data for a sample of Bulgarian firms that comprises both state owned and priva... more By using new panel data for a sample of Bulgarian firms that comprises both state owned and privatized firms (including new private firms), evidence is presented on the potential impact of ownership and age of the firm on diverse issues concerning corporate governance and executive compensation during 1997-2001. Privatization status and whether firms are de novo or not is found to be associated with differences in many areas including: the size and composition of company boards; the size of CEO pay; internal wage differences; the incidence of performance based compensation; firm objectives; and patterns of decision-making influence. To investigate the determinants of executive compensation we first estimate standard CEO specifications. These baseline regressions reveal that CEO pay is: (i) positively related to size (ii) positively related to performance; (iii) significantly affected by ownership; (iv) influenced by whether a firm is de novo or not. These findings and the fact that both size and performance elasticities are much larger than those estimated before the start of mass privatization provide more general support than previously for the view that privatization has imposed strong discipline on the level of CEO compensation. In a series of additional regressions we proceed beyond standard specifications and examine the impact on CEO pay on other aspects of corporate governance. We find CEO pay is associated with: decision making influence; whether the contract provides for performance based compensation; whether the firm belongs to an employer's federation; the extent of employee and managerial ownership. However some dimensions of corporate governance are not systematically associated with CEO pay. Chief amongst these is board structure. Many of these findings provide support for the view that managerial influence (rather than agency relationships) plays a key role in corporate governance in Bulgarian firms.

Research paper thumbnail of Nancially: Credit Unions as an Alternative to Commercial Banks

The global financial meltdown brought to light a number of weaknesses in the U.S. financial syste... more The global financial meltdown brought to light a number of weaknesses in the U.S. financial system. Not all financial institution types will be taking large sums of taxpayer money to address their crippling decisions. Credit unions in the U.S. represent a type of financial cooperative that will probably not take any taxpayer money directly due to their structure and prudential oversight. Commercial banks, especially the megabanks, are likely to see even more bailouts in the future unless structural weaknesses are addressed in the clarifications as part of the enforcement of the Dodd-Frank Act. Using a unique panel data set on U.S. commercial banks, thrifts and credit unions from 1994 through 2010 (over 300,000 observations) performance metrics on a number of dimensions point to strengths and weaknesses of the various financial institutional forms. Credit unions also have had far fewer adjustable rate mortgages and mortgage backed securities as a percent of their portfolio. Robust estimators to correct for potential endogeneity are used to analyze the ROA differentials between different institutional forms and portfolios. When controlling for size, region and portfolios credit unions are often estimated to have a better ROA. Institutions of under 50 million dollars, about 50 percent of the total sample, show credit unions having higher efficiency in that they control more assets per dollar spent on salaries than commercial and savings banks. 1

Research paper thumbnail of Will without War

RePEc: Research Papers in Economics, Apr 1, 2009

Research paper thumbnail of Inside the black box: compensation structures of efficient Yugoslavian firms

RePEc: Research Papers in Economics, Jan 9, 1991

Research paper thumbnail of Bad loans in the meltdown: micro analysis of credit union performance versus banks, an initial investigation

RePEc: Research Papers in Economics, Dec 11, 2010

Research paper thumbnail of Participation in the Age of Globalization and Information

Advances in the economic analysis of participatory and labor-managed firms, 2006

... x LIST OF CONTRIBUTORS Abraham Mukolo Corey Rosen Agus Salim Stephen C. Smith Centre for Co-o... more ... x LIST OF CONTRIBUTORS Abraham Mukolo Corey Rosen Agus Salim Stephen C. Smith Centre for Co-operative Studies, University ... perhaps is the fact that several important examples of worker cooperatives continue to thrive, with the Mondragon Cooperative Consortium now ...

Research paper thumbnail of Are CEO's paid their marginal product? An empirical analysis of executive compensation and corporate performance

RePEc: Research Papers in Economics, Jun 1, 1991

The theory and reality of chief executive compensation is explored in this paper. The study here ... more The theory and reality of chief executive compensation is explored in this paper. The study here uses a panel of data on 143 executives from America's largest corporations. The results suggest that earlier theoretical expectations and empirical findings of compressed wage scales may not hold when top-level managers are included.

Research paper thumbnail of Cooperative comebacks: resilience in the face of the Hurricane Katrina Catastrophe (New Orleans and Southern Mississippi, May 2005{May 2006)

RePEc: Research Papers in Economics, 2007

Th e author would like to thank the International Association for the Economics of Participation ... more Th e author would like to thank the International Association for the Economics of Participation conference participants at Mondragon, Spain; Charles Elliott of the Mississippi Credit Union Association; and George A. Hofheimer of the Filene Research Institute for astute comments and assistance. A number of credit union and bank presidents and staff also kindly contributed time, insight, and direction to this research.

Research paper thumbnail of Structural Factors And Productive Efficiency In Yugoslav Self-Managed Firms

RePEc: Research Papers in Economics, 1986

Research paper thumbnail of Structural adjustment policies and productive efficiency of socialist enterprises

European Economic Review, 1992

The paper uses panel data from a five percent stratified random sample of Yu&av indusr-isl enterp... more The paper uses panel data from a five percent stratified random sample of Yu&av indusr-isl enterprises to test several hypotheses about the determinants of productive efficiency. The estimating procedure selects the production function best supported by the data and allows for industry-specilic production function parameters as well as from firm-specific lixed or random elTects. The instrumental variable estimates suggest that productive eficiency is unaffected by the four structu!al/policy variables whose effect we examine: the extent of export orientation. joint venture status, divisionalization of the firm, and the firm's market share.

Research paper thumbnail of A strength of credit unions: employee productivity of credit unions versus banks in the U.S.?

MPRA Paper, Aug 9, 2008

Credit Unions have a number of advantages to offer customers relative to many banks and one of th... more Credit Unions have a number of advantages to offer customers relative to many banks and one of the reasons may be due to the way that their employees work. This paper will investigate whether employees at credit unions are more productive than bank employees. Theoretical arguments as to why this may be expected from a credit cooperative will be explored and then a look at the practice at the macro and micro levels will be explored. Data will be drawn from a sample from the Hurricane Katrina ravaged area gathered by the author through a questionnaire, interviews and available online sources. An analysis of national data on U.S. banks and credit unions from 1994-2006 complements this micro data set. The findings from the micro data set are confirmed in the national survey. Knowing the relative strengths of credit unions could help to develop new resources for credit union members and help keep a competitive advantage.

Research paper thumbnail of Fringe benefits in transition

The Bulgarian Economy, 2019

This chapter looks briefly at the history of benefits in the communist era and then examines the ... more This chapter looks briefly at the history of benefits in the communist era and then examines the benefits available to industrial employees three years into the transition. The transition process begun in many countries in 1989 is bound to have a profound effect on the quantity and quality of many goods and services formerly offered by the workplace. Firms in Yugoslavia, although following a much more market oriented development that was thought by some to be a potential model for the East-Bloc countries, were similar to Bulgarian firms in the number of employee services provided for by the firm. When price liberalization came to Bulgaria, the desire to stop a wage-price spiral led to the creation of a tripartite arrangement at the national level to develop a tax-based incomes policies. Workers in Bulgarian firms before the transition were in many cases offered a broad range of benefits from their firms

Research paper thumbnail of Inside the black box: compensation structures of efficient Yugoslavian firms

RePEc: Research Papers in Economics, Jan 9, 1991

Research paper thumbnail of Fringe benefits in transition

This chapter looks briefly at the history of benefits in the communist era and then examines the ... more This chapter looks briefly at the history of benefits in the communist era and then examines the benefits available to industrial employees three years into the transition. The transition process begun in many countries in 1989 is bound to have a profound effect on the quantity and quality of many goods and services formerly offered by the workplace. Firms in Yugoslavia, although following a much more market oriented development that was thought by some to be a potential model for the East-Bloc countries, were similar to Bulgarian firms in the number of employee services provided for by the firm. When price liberalization came to Bulgaria, the desire to stop a wage-price spiral led to the creation of a tripartite arrangement at the national level to develop a tax-based incomes policies. Workers in Bulgarian firms before the transition were in many cases offered a broad range of benefits from their firms

Research paper thumbnail of Lessons from the History of Democratic Economic Institutions: The Case of the Southern U.S

Advances in the economic analysis of participatory and labor-managed firms, Jun 28, 2004

ABSTRACT Looking at data for over a hundred years on democratic economic institutions in the U.S.... more ABSTRACT Looking at data for over a hundred years on democratic economic institutions in the U.S., there seems to be a clear pattern of initiatives growing strongly, peaking and then falling off. The broad range of data used in this paper allows an investigation of these long-range patterns. These institutions show a life-cycle pattern and appear to be filling in more niches in the economy. The connections between different democratic economic institutions across sectors have historically been weak, but there is evidence of umbrella organizations playing a more active role as a supporting structure to encourage growth.

Research paper thumbnail of Bulgaria inTransition:EnvironmentalConsequencesofPoliticalandEconomicTransformation.Edited by Krassimira Paskaleva, Philip Shapira, John Pickles and Boian Koulov. Aldershot, U.K. and Brookfield, VT: Ashgate Publishing Company, 1998. xxii, 267 pp. $67.95

Canadian-American Slavic studies =, 2001

Research paper thumbnail of Going Forward Financially: Credit Unions as an Alternative to Commercial Banks

Emerald Group Publishing Limited eBooks, 2012

The global financial meltdown brought to light a number of weaknesses in the U.S. financial syste... more The global financial meltdown brought to light a number of weaknesses in the U.S. financial system. Not all financial institution types will be taking large sums of taxpayer money to address their crippling decisions. Credit unions in the U.S. represent a type of financial cooperative that will probably not take any taxpayer money directly due to their structure and prudential oversight. Commercial banks, especially the megabanks, are likely to see even more bailouts in the future unless structural weaknesses are addressed in the clarifications as part of the enforcement of the Dodd-Frank Act. Using a unique panel data set on U.S. commercial banks, thrifts and credit unions from 1994 through 2010 (over 300,000 observations) performance metrics on a number of dimensions point to strengths and weaknesses of the various financial institutional forms. Credit unions also have had far fewer adjustable rate mortgages and mortgage backed securities as a percent of their portfolio. Robust estimators to correct for potential endogeneity are used to analyze the ROA differentials between different institutional forms and portfolios. When controlling for size, region and portfolios credit unions are estimated to have a better ROA. Institutions of under a billion dollars, 96 percent of the sample, show credit unions having higher efficiency in that they control 30 percent more assets per dollar spent on salaries than commercial banks. 1

Research paper thumbnail of Bank Decapitalization and Credit Union Capitalization

SAGE Open, 2016

This article looks at the theory and empirical findings of excessive compensation on the recent f... more This article looks at the theory and empirical findings of excessive compensation on the recent financial implosion across institutional forms in banking. Compensation levels have gone up dramatically over the last 30 years as deregulation and concentration have grown. Some banks and quite a few credit unions avoided closure by prudent portfolio selection and keeping reserves up by maintaining compensation levels closer to the median level. Empirical findings here are based on a unique panel data set on U.S. commercial banks, thrifts, and credit unions from 1994 through 2010 (more than 300,000 observations) that provide evidence that the firms with the highest net worth typically are smaller institutions, are credit unions, have smaller insider loans as a percentage of assets, and have lower average pay levels. The favorable results here for credit unions, financial cooperatives, should help guide policy when deciding which type of financial institutions should be encouraged.

Research paper thumbnail of The Japanese Cooperative Sector

Journal of Economic Issues, Jun 1, 1994

Research paper thumbnail of Corporate Walkover in Progress: The Case of the Southern Company’s “Clean Coal” Plant in Mississippi

RePEc: Research Papers in Economics, Nov 14, 2014

Research paper thumbnail of PLEASE DO NOT QUOTE OR REPRODUCE WITHOUT AUTHORS' CONSENT. Corporate Governance and Executive Compensation in Bulgaria after Mass Privatization: Evidence from New Panel Data

By using new panel data for a sample of Bulgarian firms that comprises both state owned and priva... more By using new panel data for a sample of Bulgarian firms that comprises both state owned and privatized firms (including new private firms), evidence is presented on the potential impact of ownership and age of the firm on diverse issues concerning corporate governance and executive compensation during 1997-2001. Privatization status and whether firms are de novo or not is found to be associated with differences in many areas including: the size and composition of company boards; the size of CEO pay; internal wage differences; the incidence of performance based compensation; firm objectives; and patterns of decision-making influence. To investigate the determinants of executive compensation we first estimate standard CEO specifications. These baseline regressions reveal that CEO pay is: (i) positively related to size (ii) positively related to performance; (iii) significantly affected by ownership; (iv) influenced by whether a firm is de novo or not. These findings and the fact that both size and performance elasticities are much larger than those estimated before the start of mass privatization provide more general support than previously for the view that privatization has imposed strong discipline on the level of CEO compensation. In a series of additional regressions we proceed beyond standard specifications and examine the impact on CEO pay on other aspects of corporate governance. We find CEO pay is associated with: decision making influence; whether the contract provides for performance based compensation; whether the firm belongs to an employer's federation; the extent of employee and managerial ownership. However some dimensions of corporate governance are not systematically associated with CEO pay. Chief amongst these is board structure. Many of these findings provide support for the view that managerial influence (rather than agency relationships) plays a key role in corporate governance in Bulgarian firms.

Research paper thumbnail of Nancially: Credit Unions as an Alternative to Commercial Banks

The global financial meltdown brought to light a number of weaknesses in the U.S. financial syste... more The global financial meltdown brought to light a number of weaknesses in the U.S. financial system. Not all financial institution types will be taking large sums of taxpayer money to address their crippling decisions. Credit unions in the U.S. represent a type of financial cooperative that will probably not take any taxpayer money directly due to their structure and prudential oversight. Commercial banks, especially the megabanks, are likely to see even more bailouts in the future unless structural weaknesses are addressed in the clarifications as part of the enforcement of the Dodd-Frank Act. Using a unique panel data set on U.S. commercial banks, thrifts and credit unions from 1994 through 2010 (over 300,000 observations) performance metrics on a number of dimensions point to strengths and weaknesses of the various financial institutional forms. Credit unions also have had far fewer adjustable rate mortgages and mortgage backed securities as a percent of their portfolio. Robust estimators to correct for potential endogeneity are used to analyze the ROA differentials between different institutional forms and portfolios. When controlling for size, region and portfolios credit unions are often estimated to have a better ROA. Institutions of under 50 million dollars, about 50 percent of the total sample, show credit unions having higher efficiency in that they control more assets per dollar spent on salaries than commercial and savings banks. 1

Research paper thumbnail of Will without War

RePEc: Research Papers in Economics, Apr 1, 2009

Research paper thumbnail of Inside the black box: compensation structures of efficient Yugoslavian firms

RePEc: Research Papers in Economics, Jan 9, 1991

Research paper thumbnail of Bad loans in the meltdown: micro analysis of credit union performance versus banks, an initial investigation

RePEc: Research Papers in Economics, Dec 11, 2010

Research paper thumbnail of Participation in the Age of Globalization and Information

Advances in the economic analysis of participatory and labor-managed firms, 2006

... x LIST OF CONTRIBUTORS Abraham Mukolo Corey Rosen Agus Salim Stephen C. Smith Centre for Co-o... more ... x LIST OF CONTRIBUTORS Abraham Mukolo Corey Rosen Agus Salim Stephen C. Smith Centre for Co-operative Studies, University ... perhaps is the fact that several important examples of worker cooperatives continue to thrive, with the Mondragon Cooperative Consortium now ...

Research paper thumbnail of Are CEO's paid their marginal product? An empirical analysis of executive compensation and corporate performance

RePEc: Research Papers in Economics, Jun 1, 1991

The theory and reality of chief executive compensation is explored in this paper. The study here ... more The theory and reality of chief executive compensation is explored in this paper. The study here uses a panel of data on 143 executives from America's largest corporations. The results suggest that earlier theoretical expectations and empirical findings of compressed wage scales may not hold when top-level managers are included.

Research paper thumbnail of Cooperative comebacks: resilience in the face of the Hurricane Katrina Catastrophe (New Orleans and Southern Mississippi, May 2005{May 2006)

RePEc: Research Papers in Economics, 2007

Th e author would like to thank the International Association for the Economics of Participation ... more Th e author would like to thank the International Association for the Economics of Participation conference participants at Mondragon, Spain; Charles Elliott of the Mississippi Credit Union Association; and George A. Hofheimer of the Filene Research Institute for astute comments and assistance. A number of credit union and bank presidents and staff also kindly contributed time, insight, and direction to this research.

Research paper thumbnail of Structural Factors And Productive Efficiency In Yugoslav Self-Managed Firms

RePEc: Research Papers in Economics, 1986

Research paper thumbnail of Structural adjustment policies and productive efficiency of socialist enterprises

European Economic Review, 1992

The paper uses panel data from a five percent stratified random sample of Yu&av indusr-isl enterp... more The paper uses panel data from a five percent stratified random sample of Yu&av indusr-isl enterprises to test several hypotheses about the determinants of productive efficiency. The estimating procedure selects the production function best supported by the data and allows for industry-specilic production function parameters as well as from firm-specific lixed or random elTects. The instrumental variable estimates suggest that productive eficiency is unaffected by the four structu!al/policy variables whose effect we examine: the extent of export orientation. joint venture status, divisionalization of the firm, and the firm's market share.

Research paper thumbnail of A strength of credit unions: employee productivity of credit unions versus banks in the U.S.?

MPRA Paper, Aug 9, 2008

Credit Unions have a number of advantages to offer customers relative to many banks and one of th... more Credit Unions have a number of advantages to offer customers relative to many banks and one of the reasons may be due to the way that their employees work. This paper will investigate whether employees at credit unions are more productive than bank employees. Theoretical arguments as to why this may be expected from a credit cooperative will be explored and then a look at the practice at the macro and micro levels will be explored. Data will be drawn from a sample from the Hurricane Katrina ravaged area gathered by the author through a questionnaire, interviews and available online sources. An analysis of national data on U.S. banks and credit unions from 1994-2006 complements this micro data set. The findings from the micro data set are confirmed in the national survey. Knowing the relative strengths of credit unions could help to develop new resources for credit union members and help keep a competitive advantage.

Research paper thumbnail of Fringe benefits in transition

The Bulgarian Economy, 2019

This chapter looks briefly at the history of benefits in the communist era and then examines the ... more This chapter looks briefly at the history of benefits in the communist era and then examines the benefits available to industrial employees three years into the transition. The transition process begun in many countries in 1989 is bound to have a profound effect on the quantity and quality of many goods and services formerly offered by the workplace. Firms in Yugoslavia, although following a much more market oriented development that was thought by some to be a potential model for the East-Bloc countries, were similar to Bulgarian firms in the number of employee services provided for by the firm. When price liberalization came to Bulgaria, the desire to stop a wage-price spiral led to the creation of a tripartite arrangement at the national level to develop a tax-based incomes policies. Workers in Bulgarian firms before the transition were in many cases offered a broad range of benefits from their firms

Research paper thumbnail of Inside the black box: compensation structures of efficient Yugoslavian firms

RePEc: Research Papers in Economics, Jan 9, 1991