Can employee welfare policies insure workers against fluctuations in employment?

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-07-19 DOI:10.1016/j.jcorpfin.2025.102849

Tiago Loncan

引用次数: 0

Abstract

We study the effects of employee welfare policies (EWPs) on labor investments of U.S. firms. We show that EWPs are associated with a significantly weaker pass-through of industry sales shocks to firm employment growth. EWPs’ insulation effect is stronger in states with less generous unemployment insurance, in states with lower wage growth, and in firms relying more on qualified labor. We corroborate our results exploring policy-induced variation in workforce policies from the adoption of Paid Sick Leave laws, and industry-wide shocks to labor ESG incidents. Our findings suggest that EWPs may insure workers against employment fluctuations.

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雇员福利政策能保证工人免受就业波动的影响吗？

本文研究了员工福利政策对美国企业劳动力投资的影响。我们表明，ewp与行业销售冲击对企业就业增长的传导显著减弱有关。在失业保险不那么慷慨的州，在工资增长较低的州，在更依赖合格劳动力的公司，EWPs的隔离效应更强。我们从带薪病假法的采用和全行业对劳工ESG事件的冲击两方面证实了我们的结果，探讨了政策导致的劳动力政策差异。我们的研究结果表明，EWPs可能会使工人免受就业波动的影响。

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 Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.