组织资本与劳动投资效率

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-01-31 DOI:10.1016/j.jfs.2025.101384

Hasibul Chowdhury , Trinh Hue Le , Kelvin Jui Keng Tan

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引用次数: 0

摘要

本文考察了企业的组织资本是否影响其劳动投资效率。研究发现，企业资本水平越高，与经济条件下最优劳动投资水平的偏差越小（劳动投资效率越高）。我们发现，采用外源性CEO离职作为准自然实验，计划CEO退休和强制CEO离职作为安慰剂测试，这一结果在经验上是稳健的。我们发现，保留人才的能力和降低代理成本是OC提高企业劳动投资效率的两个渠道。此外，我们还发现，在竞争激烈的市场、外部融资渠道较好的企业和拥有高技能劳动力的企业中，企业资本对劳动力投资效率的积极影响更为明显。

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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Organization capital and labor investment efficiency

We examine whether a firm’s organization capital (OC) affects its labor investment efficiency. We find that a higher level of OC is related to lower deviations from the optimal level of labor investment according to economic conditions (higher labor investment efficiency). We find that this result is empirically robust to a stacked difference-in-differences approach using exogenous CEO turnover as a quasi-natural experiment and planned CEO retirements and forced CEO turnovers as placebo tests. We identify that the ability to retain talented employees and reduction of agency costs are the two channels by which OC improves a firm’s labor investment efficiency. Furthermore, we report that the positive effect of OC on labor investment efficiency is more pronounced in firms in highly competitive markets, firms with better access to external financing and firms with highly skilled labor.

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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.