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Two essays on labor and finance
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Two essays on labor and finance
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Kim
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Kihun
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Kihun Kim
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Simi Kedia
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Ivan Brick
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Palmon
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Oded Palmon
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Elizer Fich
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Rutgers University
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Graduate School - Newark
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theses
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2014
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2014-10
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2014
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xx
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eng
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There is an emerging literature linking finance to employment. My dissertation focuses on a combination of institutional investors, family firms, which are corporate finance topics and layoff decisions--which is a labor economics topic. The first essay examines institutional investors can play an important role on the firm’s layoff decisions. This study uses a hand-collected dataset of employee layoff announcements from 1983 to 2008, to examine the relationship between layoffs and institutional ownership. First, I find that firms with high institutional ownership are more likely to lay off employees. Furthermore, I study the effect of investor horizon on the layoff decisions. I find that the likelihood of layoffs is positively related to ownership by long-term institutional investors who have greater incentives for monitoring that result in layoffs. The propensity to lay off employees is also increasing in public pension fund ownership. Firms with high local institutional ownership are less likely to lay off employees consistent with the presence of local social and political pressure. Finally, I find that the market perceives layoff announcements made by firms with more long-term institutional investors, public pension funds and non-local institutions positively, in comparison with layoffs by firms with more short-term institutional investors, non-public pension funds and local institutions. The second essay explore whether there is difference in employment policy between family firms and non-family firms. Using large hand-collected layoff samples during 2002-2008, I find that family firms are less likely to reduce employees than non-family firms. The lower propensity for layoffs in family firms is robust to a host of controls for firm characteristics and economic conditions. This lower propensity for layoffs is not explained by differences in how family and non-family firms respond to economic difficulties. However, the lower propensity for layoffs in family firms is stronger when 1) the founder owners are in control and 2) when the firm is located in less populated counties. This suggests that managers in family firms provide an implicit contract ensuring job security to employees.
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Management
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Layoff systems
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Family-owned business enterprises
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Pensions
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Rutgers University Electronic Theses and Dissertations
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ETD_5977
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electronic resource
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1 online resource (xi, 100 p. : ill.)
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Ph.D.
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Includes bibliographical references
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Includes vita
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by Kihun Kim
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Graduate School - Newark Electronic Theses and Dissertations
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doi:10.7282/T3GB25N7
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ETD doctoral
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The author owns the copyright to this work.
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Kim
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Kihun
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Permission or license
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2014-09-30 23:28:29
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Kihun Kim
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Rutgers University. Graduate School - Newark
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Author Agreement License
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I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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2014-10-31
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2015-10-31
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Access to this PDF has been restricted at the author's request. It will be publicly available after October 31st, 2015.
Copyright
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Copyright protected
Availability
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Open
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Permission or license
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