Corporate Finance and Human Capital Risk

公司财务和人力资本风险

• 批准号: 280387323
• 负责人: Professorin Dr. Britta Gehrke
• 金额: --
• 依托单位: Erasmus School of Economics
• 依托单位国家: 德国
• 项目类别: Research Grants
• 财政年份: 2016
• 资助国家: 德国
• 起止时间: 2015-12-31 至 2021-12-31
• 项目状态: 已结题
• 来源: https://gepris.dfg.de/gepris/projekt/280387323?language=en
• 关键词: Corporate; Finance; Human; Capital; Risk

This application continues the work on our prior proposal entitled “Corporate Finance and Human Capital Risk.” This work is at the interface of financial economics and labor economics by asking how corporate transactions affect employees. The first part of this project was highly successful and has resulted in two major publications with high visibility in academia and beyond. All results are based on new linked datasets, which were created during the first project phase and combine financial information about firms and establishment-level and employee-level administrative data from the Institute for Employment Research (IAB). The applicants are currently working on a third project, which cannot be completed anymore as part of the first funding phase.For this extension application, we propose two closely related projects and build on our earlier work. The first project proposes that mergers and acquisitions (M&As) serve to form internal labor markets, which allow merged firms to better allocate employees to productive tasks. Our discussion of the extant literature on internal labor markets shows that this firm-level perspective on reallocation and productivity has been absent from this literature so far, even though this perspective has played an important role in the analysis of internal capital markets. In this project, which has already produced some preliminary results, we want to show how the creation of an internal labor market affects employees and firms and provide a novel perspective on the motives for M&As.An emerging literature argues that an important motivation for M&As is the acquisition of the target firm’s employment relationships. So far, this literature is based only on US data, and we are somewhat skeptical about this argument for reasons that we explain in greater detail below, one of them being that key employees often leave the target firm after an acquisition. We discuss this skill-scarcity motivation for M&As below and argue that other explanations, e.g., that acquirers wish to buy the target’s technology are more plausible and capable of explaining much of the evidence in the literature. In our second project, we aim to investigate and test these alternative explanations.

本申请延续了我们先前题为“公司融资和人力资本风险”的提案。这项工作是在金融经济学和劳动经济学的接口，通过询问企业交易如何影响员工。该项目的第一部分非常成功，并产生了两个在学术界和其他领域具有高度知名度的主要出版物。所有结果都基于新的关联数据集，这些数据集是在项目第一阶段创建的，并结合了有关企业的联合收割机财务信息以及就业研究所（IAB）的企业级和企业级行政数据。申请人目前正在进行第三个项目，作为第一个资助阶段的一部分，该项目无法再完成。第一个项目提出，合并和收购（M& A）有助于形成内部劳动力市场，使合并后的公司能够更好地分配员工从事生产任务。我们对现存的关于内部劳动力市场的文献的讨论表明，这种关于再分配和生产率的企业层面的观点到目前为止还没有出现在这些文献中，尽管这种观点在内部资本市场的分析中发挥了重要作用。本课题已经取得了一些初步成果，我们希望说明内部劳动力市场的形成对员工和企业的影响，并对M& A的动机提供一个新的视角。有文献认为，M& A的重要动机是收购目标企业的雇佣关系。到目前为止，这些文献仅基于美国的数据，我们对这一论点持怀疑态度，原因之一是关键员工经常在收购后离开目标公司。我们将在下文中讨论并购的这种技能稀缺动机，并认为其他解释，例如，收购者希望购买目标公司的技术，这是更合理的，能够解释文献中的许多证据。在我们的第二个项目中，我们的目标是调查和测试这些替代解释。