Skilled Labor Risk and Corporate Policies
نویسندگان
چکیده
Abstract We measure U.S. listed companies’ skilled labor risk—that is, the potential failure in attracting and retaining labor, by intensity of discussions on this issue 10-K filings. show that effectively captures firm risk due to mobility labor. find an increase from 25th 75th percentile would wage 22% (or $15,593) also lead higher equity-based incentive pay. The interacts with other corporate policies such as financial leverage, cash holdings, M&As. (JEL G30, G32, G34, H20, J20, J24, J40, J41) Received September 28, 2020; editorial decision March 12, 2021 Editor Andrew Ellul.
منابع مشابه
Skilled Labor Risk and Compensation Policies
We measure U.S. publicly traded companies’ exposures to skilled labor risk, i.e., the potential failure in attracting and retaining skilled labor, by the intensity of their discussions on this issue in their 10-K filings. We show that this measure effectively captures firm risk due to the mobility of skilled labor. We find that skilled labor risk is an important determinant of corporate compens...
متن کاملCorporate Risk Management: Integrating Liquidity, Hedging, and Operating Policies
We present a dynamic structural model of integrated risk management that incorporates several motivations for managing risk. Risk management is enabled through a coordination of operating flexibility, liquidity management, and derivatives hedging policies. We analyze the value created by such integrated risk management strategies, and disintegrate this value in several ways to separate out the ...
متن کاملInvestor Horizons and Corporate Policies
This paper looks at the effect of shareholder horizon on corporate behavior. In perfect capital markets, corporate behavior should be insensitive to shareholder horizon, but when investment opportunities are not well valued by the market, shareholder horizon matters. We first present a simple framework to show that shareholder horizon should be looked at in conjunction with stock misvaluation. ...
متن کاملRelationship between Corporate Governance and Risk Management
Corporate governance of banks is one of the most important structures required by banks to maintain the health and stability of banks, which can play an important role in managing banks' risk. This paper examines the effect of corporate governance on liquidity risk management, credit risk management, and total bank risk management. We used board structure effectiveness, transparency, and respon...
متن کاملR&D and the Demand for Skilled and Unskilled Labor
This paper analyzes the impact of the skill composition of the working labor force on the innovative activity of firms when there is both an imperfect labor market and monopolistic competition on the product market. The labor market imperfections arise through a kind of insider outsider mechanism where in the bargaining round the union attaches a greater weight to the wage and employment intere...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Review of Corporate Finance Studies
سال: 2021
ISSN: ['2046-9136', '2046-9128']
DOI: https://doi.org/10.1093/rcfs/cfab006