Business Group Affiliation, Internal Labor Markets, External Capital Markets, and Labor Investment Efficiency

被引：12

作者：

Jung, Boochun ^{[1
]}

Lee, Dongyoung ^{[2
]}

Rhee, S. Ghon ^{[3
]}

Shin, Ilhang ^{[4
]}

机构：

[1] Univ Hawaii Manoa, Sch Accountancy, Shidler Coll Business, Honolulu, HI 96822 USA

[2] McGill Univ, Desautels Fac Management, Montreal, PQ, Canada

[3] Univ Hawaii Manoa, Dept Financial Econ & Inst, Honolulu, HI 96822 USA

[4] Gachon Univ, Coll Business & Econ, Seongnam Si, Gyeonggi Do, South Korea

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2019年 / 48卷 / 01期

关键词：

Labor investment efficiency; Hiring efficiency; Business group; Chaebol; Employment; Internal labor markets; External capital markets; OWNERSHIP STRUCTURE; CORPORATE-FINANCE; EMERGING MARKETS; PERFORMANCE; COMPANIES; EARNINGS; QUALITY; CHAEBOL; COSTS; FIRMS;

D O I：

10.1111/ajfs.12245

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine how business group affiliation affects a firm's labor investment decisions. Using data from 2002 to 2014, we find that Korean business group- (chaebol-) affiliated firms make more efficient labor investments than nonaffiliated firms. The positive relation between chaebol-affiliated firms and labor investment efficiency is attributed to the mitigation of underinvestment in labor. Moreover, chaebol affiliates have higher labor productivity than stand-alone firms. We further show that both labor sharing among affiliated firms and their easy access to external financing lead to more efficient labor investments for chaebol firms, compared to stand-alone firms.

引用

页码：65 / 97

页数：33

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