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External financing, technological changes, and employees
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DOI：10.1093/rof/rfad040.png)
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摘要
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Using exogenous shocks on the ability to issue seasoned equity offerings (SEOs), we show SEOs lead to a higher employee skill composition, that is, a lower (higher) proportion of low (high) skilled workers. The decrease in low-skilled workers exceeds the increase in high-skilled workers, resulting in reduced employment at the firm level. These effects are more significant when firms invest more in technology following SEOs and face greater financial constraints before SEOs, suggesting that SEOs relieve budget constraints on technology investments. These findings demonstrate that while external equity financing helps upgrade technology to improve productivity, it has a dark side for low-skilled workers.
Keyword:
equity issuance
technology adoption
employment
skills
wages
firm performance
期刊
IF:
8.4
论文数:
904
被引数:
4.8K
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引用论文
Labor and Corporate Governance: International Evidence from Restructuring Decisions.png)
JOURNAL OF FINANCE
JOURNAL OF FINANCEIF9.5
PREAI
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