Business Groups and Employment
利用覆盖50个国家19年的企业数据，发现商业集团附属企业的就业波动比独立企业更小，尤其在应对宏观经济冲击时，这主要归因于集团内部劳动力市场的作用。
Using a newly assembled 50-country firm-level database spanning 19 years, we document a bright side for employees of business group–affiliated firms: less pronounced fluctuations in employment than unaffiliated firms in response to macroeconomic shocks. The results are robust to a variety of tests designed to mitigate endogeneity concerns, including propensity score matching and comparisons of successful and failed group integrations, and are present in both booms and recessions. Our results are most consistent with group internal labor markets rather than several alternative explanations (internal capital markets, a lower overall sensitivity to shocks in group firms, or agency problems). This paper was accepted by David Simchi-Levi, finance.