Efficiency wage theory : an analysis into Singapore manufacturing sector

Efficiency wage theory : an analysis into Singapore manufacturing sector

This paper attempts to examine and provide econometric evidence in support of the efficiency wage theory for manufacturing sector in Singapore. Evidence in support of efficiency wage is found for 3 out of 18 industries within the manufacturing sector in Singapore based on both OLS and GMM regression...

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Bibliographic Details
Main Authors: Chua, Sin-Chet, Lim, Lois Yun-Wen, Ter, Teng-Teng
Other Authors: Chew Soon Beng
Format: Final Year Project
Language:English
Published: 2014
Subjects:
DRNTU::Social sciences::Economic development::Singapore
DRNTU::Social sciences::Economic theory
Online Access:http://hdl.handle.net/10356/59375
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Institution: Nanyang Technological University
Language: English
Description
Summary:This paper attempts to examine and provide econometric evidence in support of the efficiency wage theory for manufacturing sector in Singapore. Evidence in support of efficiency wage is found for 3 out of 18 industries within the manufacturing sector in Singapore based on both OLS and GMM regression results. One possible way to account for efficiency wage is that higher wages could have reduced shirking which boosts workers’ productivity. In Singapore, Wage Credit Scheme and Progressive Wage Model are two recent policies that seem to resemble the mechanics of an efficiency wage framework.

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