Financial subsidies, female employment, and plant performance — Evidence from a quasi-experiment

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-02-01 DOI:10.1016/j.jfs.2024.101341

Raffi E. García , Ricardo A. López Rago

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Abstract

This paper exploits changes in financial subsidy programs to investigate their effect on female employment and firm performance. The identification strategy uses a quasi-experiment from a government policy change that eliminated financial support for exporting plants in the Chilean manufacturing industry. The difference-in-differences methodology shows that the policy change increased the share of total female employment by 3.3%, driven mainly by an increase of female workers in blue-collar occupations. In comparison, male labor experienced a drop of 4.4% in white-collar occupations in the treated plants relative to those in the control group. Plant total factor productivity (TFP) decreased due to the policy change, but both total gross output and sales rose approximately 7% on average. The paper explores two possible mechanisms to explain these findings: the technology adoption channel and changes in the gender composition of labor in the presence of a gender pay gap. The findings are consistent with the international trade and corporate finance literature on firm behavior under high market fixed and sunk costs.

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财政补贴、女性就业和工厂绩效——来自准实验的证据

本文利用财政补贴计划的变化来研究其对女性就业和企业绩效的影响。识别策略使用了一项准实验，该实验来自政府政策的变化，该政策取消了对智利制造业出口工厂的财政支持。“差异中的差异”方法显示，政策变化使女性总就业比例增加了3.3%，主要原因是蓝领职业的女性工人增加。相比之下，与对照组相比，在处理过的工厂中，男性工人在白领职业中的比例下降了4.4%。由于政策变化，工厂全要素生产率（TFP）下降，但总产出和总销售额平均增长约7%。本文探讨了两种可能的机制来解释这些发现：技术采用渠道和存在性别工资差距的劳动力性别构成的变化。这些发现与国际贸易和企业金融文献中关于高市场固定成本和沉没成本下企业行为的研究结果一致。

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 Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.