期刊
JOURNAL OF BANKING & FINANCE
卷 94, 期 -, 页码 1-15出版社
ELSEVIER
DOI: 10.1016/j.jbankfin.2018.06.007
关键词
Employment protection laws; Labor law reform; Corporate innovation; Inventor turnover
资金
- National Nature Science Foundation of China [71602128]
This paper examines the impact of changes in job security on corporate innovation in 20 non-U.S. OECD countries. Using a difference-in-differences approach, we provide firm-level evidence that the enhancement of labor protection has a negative impact on innovation. We then discuss possible channels and find that employee-friendly labor reforms induce inventor shirking and a distortion in labor flow. Further investigation reveals that the negative relation is more pronounced in (1) firms that heavily rely on external financing, (2) firms that have high R&D intensity, (3) manufacturing industries, and (4) civil-law countries. Our micro-level evidence indicates that enhanced employment protection impedes corporate innovation. (C) 2018 Elsevier B.V. All rights reserved.
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