| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13894 |
| DP13894 Do Short-Term Incentives Affect Long-Term Productivity? | |
| Heitor Almeida; Nuri Ersahin; Vyacheslav Fos; Rustom M Irani | |
| 发表日期 | 2019-07-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Previous research shows that stock repurchases that are caused by earnings management lead to reductions in firm-level investment and employment. It is natural to expect firms to cut less productive investment and employment first, which could lead to a positive effect on firm-level productivity. However, using Census data, we find that firms make cuts across the board irrespective of plant productivity. This pattern seems to be associated with frictions in the labor market. Specifically, we find evidence that unionization of the labor force may prevent firms from doing efficient downsizing, forcing them to engage in easy or expedient downsizing instead. As a result of this inefficient downsizing, EPS-driven repurchases lead to a reduction in long-term productivity. |
| 主题 | Financial Economics |
| 关键词 | Productivity Employment Labor unions investment Short-termism Share repurchases |
| URL | https://cepr.org/publications/dp13894 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542771 |
| 推荐引用方式 GB/T 7714 | Heitor Almeida,Nuri Ersahin,Vyacheslav Fos,et al. DP13894 Do Short-Term Incentives Affect Long-Term Productivity?. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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