Banks Restructuring Sonata: How Capital Injection Triggered Labor Force Rejuvenation in Japanese Banks
Banks Restructuring Sonata: How Capital Injection Triggered Labor Force Rejuvenation in Japanese Banks
复制标题
银行重组奏鸣曲：注资如何引发日本银行劳动力年轻化
DOI：
10.1515/bejeap-2016-0059
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
David Vera
中科院分区：
文献类型：
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作者：
Takeshi Osada;Kazuki Onji;David Vera
银行管理者和金融监管者的不同利益可能会影响银行救援行动的效果。本研究对日本实施的一项注资计划中遇到的代理问题进行了实证研究。我们假设，裁员的运营要求导致银行通过将年长员工重新分配到银行子公司来夸大裁员的程度。我们利用一个由日本银行组成的小组，对1990至2010年间的数据进行了差异分析。我们还使用倾向分数匹配来控制样本选择偏差。研究结果表明，与未注资银行相比，注资银行呈现出员工年轻化的特点。在注入的银行中，员工的平均年龄下降了大约1岁，相当于减少了大约70名65岁的员工。在未合并的基础上，作为对注资的回应，注资银行的员工数量减少了。然而，在合并的基础上，考虑到附属就业，雇员人数并没有减少。我们的发现表明，日本的终身雇佣(LTE)做法在重组后的银行中幸存了下来，尽管形式有限。
Abstract Divergent interests of bank managers and financial regulators potentially compromise the efficacy of bank rescue operations. This study empirically investigates the agency problem encountered in a capital injection program implemented in Japan. We hypothesize that the operations requirement to reduce workforce lead banks to overstate the extent of downsizing by reassigning older workers to bank subsidiaries. We implement a difference-in-differences analysis using a panel of Japanese banks from 1990 to 2010. We also employ propensity score matching to control for sample selection bias. The result shows that injected banks exhibit workforce rejuvenation relative to non-injected banks. Among injected banks, the average employee age falls by approximately 1 year, which is equivalent to a reduction of approximately seventy 65-year-old workers. On an unconsolidated basis, the number of employees in injected banks decreases as a response to the injection. However, on a consolidated basis, which accounts for subsidiary employment, the number of employees does not decrease. Our finding suggests that the Japanese practice of lifetime employment (LTE) survived, albeit in a limited form, among restructured banks.