{"title":"首席执行官的乐观信念对员工不利吗?公司雇佣决策的证据","authors":"Hang Le, Ishrar Kibria, Kun Jiang","doi":"10.1111/1748-8583.12521","DOIUrl":null,"url":null,"abstract":"<p>Using a behavioural approach, we investigate how Chief Executive Officer optimism, defined as a personality trait where a person has optimistic beliefs about the outcome of future events, influences corporate employment decisions. Using data of publicly traded firms in the U.S. from 1995 to 2017, we show that firms with optimistic CEOs have higher employment growth and exhibit less pronounced employment sensitivity to declining sales than firms with non-optimistic CEOs do. We also find that the impact of optimistic CEOs on employment decisions is larger in financially constrained firms. We deal with potential endogeneity issues with the entropy balancing method, propensity score matching and two-stage least squares regression. Our findings have important implications for the design and implementation of Human Resource Management policies.</p>","PeriodicalId":47916,"journal":{"name":"Human Resource Management Journal","volume":"33 3","pages":"748-762"},"PeriodicalIF":5.4000,"publicationDate":"2023-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1748-8583.12521","citationCount":"0","resultStr":"{\"title\":\"Is Chief Executive Officer optimistic belief bad for workers? Evidence from corporate employment decisions\",\"authors\":\"Hang Le, Ishrar Kibria, Kun Jiang\",\"doi\":\"10.1111/1748-8583.12521\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Using a behavioural approach, we investigate how Chief Executive Officer optimism, defined as a personality trait where a person has optimistic beliefs about the outcome of future events, influences corporate employment decisions. Using data of publicly traded firms in the U.S. from 1995 to 2017, we show that firms with optimistic CEOs have higher employment growth and exhibit less pronounced employment sensitivity to declining sales than firms with non-optimistic CEOs do. We also find that the impact of optimistic CEOs on employment decisions is larger in financially constrained firms. We deal with potential endogeneity issues with the entropy balancing method, propensity score matching and two-stage least squares regression. Our findings have important implications for the design and implementation of Human Resource Management policies.</p>\",\"PeriodicalId\":47916,\"journal\":{\"name\":\"Human Resource Management Journal\",\"volume\":\"33 3\",\"pages\":\"748-762\"},\"PeriodicalIF\":5.4000,\"publicationDate\":\"2023-06-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1748-8583.12521\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Human Resource Management Journal\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1748-8583.12521\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"INDUSTRIAL RELATIONS & LABOR\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Human Resource Management Journal","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1748-8583.12521","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"INDUSTRIAL RELATIONS & LABOR","Score":null,"Total":0}
Is Chief Executive Officer optimistic belief bad for workers? Evidence from corporate employment decisions
Using a behavioural approach, we investigate how Chief Executive Officer optimism, defined as a personality trait where a person has optimistic beliefs about the outcome of future events, influences corporate employment decisions. Using data of publicly traded firms in the U.S. from 1995 to 2017, we show that firms with optimistic CEOs have higher employment growth and exhibit less pronounced employment sensitivity to declining sales than firms with non-optimistic CEOs do. We also find that the impact of optimistic CEOs on employment decisions is larger in financially constrained firms. We deal with potential endogeneity issues with the entropy balancing method, propensity score matching and two-stage least squares regression. Our findings have important implications for the design and implementation of Human Resource Management policies.
期刊介绍:
Human Resource Management Journal (CABS/AJG 4*) is a globally orientated HRM journal that promotes the understanding of human resource management to academics and practicing managers. We provide an international forum for discussion and debate, and stress the critical importance of people management to wider economic, political and social concerns. Endorsed by the Chartered Institute of Personnel and Development, HRMJ is essential reading for everyone involved in personnel management, training, industrial relations, employment and human resource management.