Organization Capital and the Cross‐Section of Expected Returns
研究发现，组织资本高的公司平均收益率比组织资本低的公司高4.6%，因为关键人才的外部选择权使股东面临更大风险。
ABSTRACT Organization capital is a production factor that is embodied in the firm's key talent and has an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its cash flows. We develop a model in which the outside option of the key talent determines the share of firm cash flows that accrue to shareholders. This outside option varies systematically and renders firms with high organization capital riskier from shareholders' perspective. We find that firms with more organization capital have average returns that are 4.6% higher than firms with less organization capital.