Pollution and Human Capital Migration: Evidence from Corporate Executives
Pollution and Human Capital Migration: Evidence from Corporate Executives
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DOI：
10.3386/w24389
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发表时间：
2018-03
期刊：
影响因子：
--
通讯作者：
Ross Levine;Chen Lin;Zigan Wang
中科院分区：
文献类型：
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作者：
Ross Levine;Chen Lin;Zigan Wang
我们研究了污染对高人力资本员工迁移的影响。我们将有毒排放工厂的开业数据与标准普尔1500指数成分股公司高管的职业发展道路联系起来。我们发现，有毒排放的工厂开放增加高管离开邻近公司的股票价格的不利影响。结果：当污染工厂和公司在地理上更接近时，仅适用于处理公司的管理人员，仅适用于污染工厂的开业，不反映其他当地因素或先前的股票价格表现，并且在具有更多一般人力资本的管理人员中更大。
We study the impact of pollution on the migration of high human capital employees. We link data on the opening of toxic-emitting plants with the career paths of executives at S&P 1500 firms. We discover that toxic-emitting plant openings increase executive departures from neighboring firms with adverse effects on stock prices. The results: are larger when polluting plants and firms are geographically closer, hold only for executives physically-based at treated firms, hold only for the opening of polluting plants, do not reflect other local factors or prior stock price performance, and are larger among executives with more general human capital.