Alternative Work Arrangements and Cost of Equity: Evidence from a Quasi-Natural Experiment
Alternative Work Arrangements and Cost of Equity: Evidence from a Quasi-Natural Experiment
复制标题
替代性工作安排和股权成本：来自准自然实验的证据
DOI：
10.1017/s002210901900108x
复制
发表时间：
2021
影响因子：
3.9
通讯作者：
Atsushi Chino
中科院分区：
文献类型：
--
作者：
Hirota;S.;Suzuki-Loffelholz;K.;Udagawa;D.;広田真一;広田真一;Shinichi Hirota;Shinichi Hirota;広田真一;Shinichi Hirota;Shinichi Hirota;Shinichi Hirota;Shinichi Hirota;Shinichi Hirota;細野 薫;渡邉 修士;宮川 大介;Atsushi Chino
我研究了公司使用替代工作安排，特别是临时机构工作人员，是否会影响他们的权益成本。利用一个主要的劳动力市场放松管制，在日本，诱导制造业企业，以增加他们的临时代理工人的就业，我表明，股本成本下降，在制造业企业，相对于非制造业企业，放松管制后。利用制造企业内部的差异进行的进一步分析提供了佐证。制造业企业的劳动力成本和债务成本的刚性也有所下降。总体而言，替代工作安排增加了劳动力成本的灵活性，从而降低了运营杠杆和资本成本。
I examine whether firms’ use of alternative work arrangements, particularly temporary agency workers, affects their cost of equity. Exploiting a major labor-market deregulation in Japan that induced manufacturing firms to increase their employment of temporary agency workers, I show that the cost of equity decreased in manufacturing firms, relative to nonmanufacturing firms, after the deregulation. Further analysis using variations within manufacturing firms provides corroborating evidence. The rigidity in labor expenses and the cost of debt also decreased in manufacturing firms. Overall, alternative work arrangements increase the flexibility in labor costs, leading to lower operating leverage and cost of capital.