主题：Labor Dismissal Costs
and Process Innovation（劳工解雇成本与流程创新）
主讲人：Jan Bena，不列颠哥伦比亚大学尚德商德州扑克大小
副教授
日期：2017年11月22日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We show
that an arguably exogenous increase in labor dismissal costs leads firms to
increase their process innovation but not their product innovation. The effect
is stronger in industries where labor is performing more routine intensive
tasks and where labor costs account for a larger share of production costs. The
increase in process innovation is accompanied by increases in capital
expenditures per employee and in capital-labor ratios, as well as by a higher
productivity of labor. Our evidence suggests that, by creating adjustment costs
that increase operating leverage, labor dismissal costs lead firms to increase
innovation efforts toward developing new production technologies that allow for
higher capital-labor ratios.
主讲人简介:
Jan
Bena’s research agenda has been developing around two areas of financial
economics: corporate innovation and corporate ownership structure. In the first
area, he studies the determinants of corporate innovation activities and the
relation between innovation and other corporate policies and outcomes. This
line of research is closely related to the literature in economics that seeks
to understand drivers of firm productivity, performance, and valuations, as
well as, at a macroeconomic level, underpinnings of economic growth and fluctuations.
The second area of Jan’s research agenda lies in the intersection of corporate
governance and organizational economics. He focuses on understanding what
economic forces drive the formation of corporate ownership structure, and how
different ownership structures affect corporate policies and outcomes.
