Private Equity, Layoffs, and Job Polarization
Private Equity, Layoffs, and Job Polarization
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私募股权、裁员和工作两极分化
DOI：
10.1086/690712
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发表时间：
2016
影响因子：
3.8
通讯作者：
Joacim Tåg
中科院分区：
文献类型：
--
作者：
M. Olsson;Joacim Tåg
私人股本公司经常因裁员而受到批评，但关于谁失业以及为什么失业的证据却很少。本文认为，对就业两极分化的解释也解释了私募股权收购后的裁员。收购减少了引发自动化和离岸外包的代理问题。使用丰富的雇主-雇员数据，我们表明，买断一般不影响失业率。然而，在生产率较低的公司从事例行工作或可外包工作的工人的失业率翻了一番。受收购影响的工人的就业两极分化也比整个经济更为明显。
Private equity firms are often criticized for laying off workers, but the evidence on who loses their jobs and why is scarce. This paper argues that explanations for job polarization also explain layoffs after private equity buyouts. Buyouts reduce agency problems, which triggers automation and offshoring. Using rich employer-employee data, we show that buyouts generally do not affect unemployment incidence. However, unemployment incidence doubles for workers in less productive firms who perform routine or offshorable job tasks. Job polarization is also much more marked among workers affected by buyouts than for the economy at large.