| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29874 |
| 来源ID | Working Paper 29874 |
| Eclipse of Rent-Sharing: The Effects of Managers' Business Education on Wages and the Labor Share in the US and Denmark | |
| Daron Acemoglu; Alex He; Daniel le Maire | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence from the US and Denmark that managers with a business degree (“business managers”) reduce their employees' wages. Within five years of the appointment of a business manager, wages decline by 6% and the labor share by 5 percentage points in the US, and by 3% and 3 percentage points in Denmark. Firms appointing business managers are not on differential trends and do not enjoy higher output, investment, or employment growth thereafter. Using manager retirements and deaths and an IV strategy based on the diffusion of the practice of appointing business managers within industry, region and size quartile cells, we provide additional evidence that these are causal effects. We establish that the proximate cause of these (relative) wage effects are changes in rent-sharing practices following the appointment of business managers. Exploiting exogenous export demand shocks, we show that non-business managers share profits with their workers, whereas business managers do not. But consistent with our first set of results, these business managers show no greater ability to increase sales or profits in response to exporting opportunities. Finally, we use the influence of role models on college major choice to instrument for the decision to enroll in a business degree in Denmark and show that our estimates correspond to causal effects of practices and values acquired in business education - rather than the differential selection into business education of individuals unlikely to share rents with workers. |
| 主题 | Financial Economics ; Corporate Finance ; Labor Economics ; Labor Compensation ; Labor Relations ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w29874 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587546 |
| 推荐引用方式 GB/T 7714 | Daron Acemoglu,Alex He,Daniel le Maire. Eclipse of Rent-Sharing: The Effects of Managers' Business Education on Wages and the Labor Share in the US and Denmark. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29874.pdf（1354KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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