How Does Labor Mobility Affect Corporate Leverage and Investment?

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2024-02-14 DOI:10.1017/s0022109024000115

Ali Sanati

引用次数: 0

Abstract

I develop a dynamic model to investigate how labor mobility impacts firms’ decisions. In the model, firms make investment and financing decisions, hire labor with different skill and mobility levels, and set wages through bargaining. The model predicts that, in response to an increase in labor mobility, high-skill firms operate with lower financial leverage, become less responsive to investment opportunities, and invest at lower rates, while low-skill firms remain unaffected. I confirm these predictions in the data using shocks to workers’ mobility across firms. The results are useful in understanding the effects of labor mobility changes driven by government policies or technological shocks, such as the rise of remote work.

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劳动力流动如何影响企业杠杆和投资？

我建立了一个动态模型来研究劳动力流动如何影响企业决策。在该模型中，企业做出投资和融资决策，雇佣不同技能和流动水平的劳动力，并通过谈判确定工资。该模型预测，在劳动力流动性增加的情况下，高技能企业的财务杠杆会降低，对投资机会的反应会减弱，投资率会降低，而低技能企业则不受影响。我利用对工人在企业间流动性的冲击，在数据中证实了这些预测。这些结果有助于理解由政府政策或技术冲击（如远程工作的兴起）驱动的劳动力流动性变化的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.