Long-term Attachments and Long-Run Firm Rates of Return

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2004-10-01
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Bouillon, Marvin
Doran, Benjamin
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Accounting
Accountants are the business leaders in corporations and governments who manage, analyze, and explain complex information. Accountants are at the forefront of data analytics and lead the planning, evaluating, controlling, and reporting of activities in an entity. The major in accounting is designed to give students a conceptual foundation, developing their financial acumen and analytical skills for use in every facet of business. Students who complete the accounting major are well prepared for careers in industry, government, and the public accounting profession. Accountants both provide and explain useful financial information to internal users (such as managers in a company) and external users (such as investors, creditors, government officials, and the general public). Accounting is an integral part of the management of business and government organizations. Accounting information is needed by external users to make investment decisions, to grant or withhold credit, and in the case of government, to collect revenue and gather statistical information. To provide useful information, accountants collect, analyze, synthesize, and communicate data in an understandable manner. The curriculum in accounting is accredited by AACSB International, the Association to Advance Collegiate Schools of Business.
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Long-term attachments between workers and firms are common. Numerous studies have examined worker returns to tenure, but little is known of firm returns to firm-worker matches. Yet these attachments represent a human capital asset quasi-held by the firm, which is not captured by traditional accounting measures of firm assets. Firms with large quasi-holdings of human capital will have higher measured return on assets, other things equal. Analysis of data on 250 large manufacturing firms supports the view that firms profit from long-term attachments with their workers. Consequently, unmeasured human capital assets contribute to the explanation of persistence in measured long-run excess profits across

Comments

This is the peer reviewed version of the following article: Orazem, Peter F., Marvin Bouillon and B. Michael Doran. 2004. “Long-term Attachments and Long-Run Firm Rates of Return.” Southern Economic Journal 71 (2):314-333, which has been published in final form at DOI: 10.2307/4135294. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.

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Thu Jan 01 00:00:00 UTC 2004
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