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Turning threats into opportunities: The impact of cybersecurity risk on labor investment efficiency
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DOI：10.1016/j.jcorpfin.2026.103000.png)
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Abstract
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This research examines whether and how cybersecurity risk influences firms' labor investment efficiency. Using a comprehensive panel of U.S.-listed firms from 2009 to 2018, we find that firms exposed to higher levels of cybersecurity risk demonstrate significantly enhanced labor investment efficiency. This improvement appears to be driven by firms' proactive strategic responses to cyber threats, including initiatives such as investments in technological modernization, workforce upskilling, and the cultivation of a culture of collaboration. These findings suggest that cybersecurity risks, under certain conditions, can serve as catalysts for positive organizational change, particularly in the areas of workforce development and labor investment efficiency. Accordingly, firms should view cybersecurity investments not merely as protective measures, but also as strategic opportunities to enhance workforce skills, adopt productivity-enhancing technologies, and foster a collaborative culture that supports improved labor investment efficiency.
Keywords:
cybersecurity risk
labor investment efficiency
workforce development
strategic response
organizational change
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