机构投资者实地考察与企业用人决策

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Shaojie Lai , Xiaorong Li , Shiang Liu , Qing Sophie Wang
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引用次数: 6

摘要

本研究考察了机构投资者实地考察对企业就业决策的影响。利用中国上市公司的企业网站访问数据,我们发现企业网站访问与劳动力投资效率低相关。在信息质量较低、公司治理较差、财务约束严重的企业中,这种效应更为明显。我们的结果是稳健的内生性问题。进一步分析表明,劳动力投资效率低下导致未来绩效降低。总体而言,我们的结果与以下观点一致:企业社会责任企业改善了信息质量、公司治理和融资渠道,从而减轻了低效的劳动力投资。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Institutional investors’ site visits and corporate employment decision-making

This study examines the effect of institutional investors’ site visits on corporate employment decision-making. Using a unique dataset of corporate site visits (CSVs) to the listed firms in China, we find that CSVs are associated with less labor investment inefficiency. The effect is more pronounced in firms with lower information quality, worse corporate governance, and severe financial constraints. Our results are robust to endogeneity concerns. Further analysis suggests that labor investment inefficiency leads to lower future performance. Overall, our results are consistent with the view that CSVs improve information quality, corporate governance, and access to finance, which in turn, mitigates inefficient labor investment.

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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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