Cash Holdings and Labor Heterogeneity: The Role of Skilled Labor
研究发现，技能劳动力占比高的企业因劳动力调整成本高而持有更多预防性现金，这一效应在融资约束企业中更显著，并受解雇与雇佣成本的外生差异影响。
Firms differ in their dependence on skilled labor and face labor adjustment costs that increase with their workers’ skill level. We show that firms with a higher share of skilled workers, and thus less flexibility to adjust their labor demand in response to cash flow shocks, hold more precautionary cash. The effect of labor skills on cash holdings is more pronounced for financially constrained firms and varies with exogenous differences in firing and hiring costs. We address endogeneity concerns by using subsamples of firms with reasonably similar characteristics, propensity score matching, and a quasi-experimental shock to labor markets. Received March 21, 2014; editorial decision February 21, 2017 by Editor David Denis.