| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30203 |
| 来源ID | Working Paper 30203 |
| Shareholder Power and the Decline of Labor | |
| Antonio Falato; Hyunseob Kim; Till M. von Wachter | |
| 发表日期 | 2022-07-04 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using establishment-level data from the US Census Bureau’s Longitudinal Business Database for 1982-2015, this paper examines the impact of increases in concentrated institutional ownership on employment, wages, shareholder returns, and labor productivity. Consistent with theory of the firm based on conflicts of interests between shareholders and stakeholders, we find that establishments of firms that experience an increase in ownership by larger and more concentrated institutional shareholders have lower employment and wages. This result holds in both panel regressions with establishment fixed effects and a difference-in-differences design that exploits large increases in concentrated institutional ownership, and is robust to controls for industry and local shocks. The result is more pronounced in industries where labor is relatively less unionized, in more monopsonistic local labor markets, and for dedicated and activist institutional shareholders. The labor losses are accompanied by higher shareholder returns but no improvements in labor productivity, suggesting that shareholder power mainly reallocates rents away from workers. Our results imply that the rise in concentrated institutional ownership could explain about a quarter of the secular decline in the aggregate labor share. |
| 主题 | Financial Economics ; Corporate Finance ; Labor Economics ; Labor Compensation ; Labor Relations |
| URL | https://www.nber.org/papers/w30203 |
| 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/587875 |
| 推荐引用方式 GB/T 7714 | Antonio Falato,Hyunseob Kim,Till M. von Wachter. Shareholder Power and the Decline of Labor. 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 | ||
| w30203.pdf（668KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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