Effect of Entry Regulation on Labour Share of Income Evidence from Network Industries in Finland and Sweden

Kansantalouden työn tulo-osuuden vähentyminen suhteessa voittojen osuuteen on ollut viime vuosina paljon tutkittu aihepiiri taloustieteessä, sillä suhdeluvun ajateltiin pitkään olevan lähes muuttumaton. Ilmiölle on löydetty useita eri mekanismeja, mutta tiedeyhteisön konsensuksen mukaan globalisaati...

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Main Author: Tenhunen, Tuukka
Other Authors: Kauppakorkeakoulu, School of Business and Economics, Taloustieteet, Business and Economics, Jyväskylän yliopisto, University of Jyväskylä
Format: Master's thesis
Language:eng
Published: 2020
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/69920
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author Tenhunen, Tuukka
author2 Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_facet Tenhunen, Tuukka Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä Tenhunen, Tuukka Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_sort Tenhunen, Tuukka
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description Kansantalouden työn tulo-osuuden vähentyminen suhteessa voittojen osuuteen on ollut viime vuosina paljon tutkittu aihepiiri taloustieteessä, sillä suhdeluvun ajateltiin pitkään olevan lähes muuttumaton. Ilmiölle on löydetty useita eri mekanismeja, mutta tiedeyhteisön konsensuksen mukaan globalisaatio on suurin yksittäinen selittävä tekijä. Tässä tutkielmassa perehdytään kuitenkin tarkemmin siihen, millainen markkinoille pääsyn rajoittavien tekijöiden vaikutus on ollut työn tulo-osuuteen Suomessa ja Ruotsissa vuosina 1975-2013. Aiheeseen liittyvät aikaisemmat tutkimukset ovat antaneet erisuuntaisia tuloksia; kun kilpailua estävät rajoitteet poistuvat 1) työn tulo-osuus kasvaa pienentyvien voittomarginaalien kautta tai halvempien kulutustuotteiden hintojen kautta, 2) tulo-osuus laskee keskimääräistä tuottavampien yritysten haaliessa lisää markkinaosuuksia tai näiden kasvattaessa tuottavuuttaan. Tutkimusosiossa käytetään laajaa koottua paneeliaineistoa useilta eri verkostotoimialoilta. Satunnaisia ja kiinteitä vaikutuksia hyödyntävillä regressioilla saadut tilastollisesti merkittävät tulokset osoittavat, että markkinasäätelyllä ja työn tulo-osuudella on positiivinen yhteys. Tulokset ovat myös taloudellisesti merkittäviä, sillä yhden yksikön muutos markkinasäätelyindeksissä indikoi noin kahden prosenttiyksikön samansuuntaista muutosta työn tulo-osuudessa. Tulosten harhaisuuden vähentämiseksi käytetyt instrumenttimuuttuja- sekä muut tarkentavat testimenetelmät osoittavat, että tulokset pysyvät johdonmukaisina. Tutkittu yhteys on teoriaan pohjaten mahdollisesti seurausta toimialojen aggregaattitason tuottavuuskasvusta luovan tuhon kautta – lähinnä markkinoille tulevien yritysten korkean tuottavuuden tai markkinoilla jo olevien yritysten lisääntyneiden T&K-panostuksien vuoksi. Laajalti kantaaottavia politiikkasuosituksia on kuitenkin haastavaa tehdä, sillä mekanismien tarkkaa alkuperää ei tässä tutkimuksessa ole mallinnettu. Tästä huolimatta on huomattavan tärkeää, että työn tulo-osuuden muutoksen lähtökohtia saadaan selville, jotta inflaatiopaineiden ja palkkojen muutostarpeiden arviointi onnistuu. Decrease in labour share of income relative to profit share has been widely studied subject in economics lately, since for decades this ratio has been considered constant. There has been found many different mechanisms for this phenomenon, yet the prevailing consensus is that globalization is the main driving factor for this. This study focuses on the effect of entry barriers on the labour share in Finland and Sweden between 1975-2013. Earlier studies have concluded differing results; when entry barriers are fading, 1) labour share tends to increase due to decreasing profit margins or lower product prices for the customers, 2) labour share decreases because of market concentration towards firms with higher than average productivity or the productivity growth in such firms. Research section utilizes wide panel data from different network industries. Statistically significant results from random and fixed effect regressions show positive relationship between entry barriers and labour share. Moreover, results are also economically significant, since one-unit change in market entry barrier index indicates around two percent point change in labour share of income. In order to mitigate bias, instrumental variable method alongside other expanded models are used, which show that the results are consistent. Such relationship according to theories comes possibly from the growing aggregate productivity within industries through the process of creative destruction – mainly due to high productivity of market entrants or growing R&D-intensity within the incumbent firms. However, it is hard to make widely editorialised political recommendations based on the study, because exact origins of the mechanism are not modelled in this thesis. Despite that, it is quite important to define foundation of changes in the aggregate labour share so that evaluation of inflationary pressures as well as wage politics can be successful.
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spellingShingle Tenhunen, Tuukka Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden Functional income distribution labour share of income market entry barriers productivity panel regression Taloustiede Economics 2041 palkat ekonometria tuottavuus kansantulo tuotannontekijät tulonjako esteet wages econometrics national income factors of production income distribution barriers
title Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden
title_full Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden
title_fullStr Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden
title_full_unstemmed Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden
title_short Effect of Entry Regulation on Labour Share of Income
title_sort effect of entry regulation on labour share of income evidence from network industries in finland and sweden
title_sub Evidence from Network Industries in Finland and Sweden
title_txtP Effect of Entry Regulation on Labour Share of Income : Evidence from Network Industries in Finland and Sweden
topic Functional income distribution labour share of income market entry barriers productivity panel regression Taloustiede Economics 2041 palkat ekonometria tuottavuus kansantulo tuotannontekijät tulonjako esteet wages econometrics national income factors of production income distribution barriers
topic_facet 2041 Economics Functional income distribution Taloustiede barriers econometrics ekonometria esteet factors of production income distribution kansantulo labour share of income market entry barriers national income palkat panel regression productivity tulonjako tuotannontekijät tuottavuus wages
url https://jyx.jyu.fi/handle/123456789/69920 http://www.urn.fi/URN:NBN:fi:jyu-202006154164
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