Skilled Labor Risk and Corporate Policies
通过分析10-K文件中对技能劳动力问题的讨论强度，衡量企业吸引和留住技能劳动力的风险，发现该风险增加会推高技能劳动力工资和股权激励，并影响财务杠杆、现金持有和并购等企业政策。
Abstract We measure U.S. listed companies’ skilled labor risk—that is, the potential failure in attracting and retaining skilled labor, by the intensity of discussions on this issue in 10-K filings. We show that this measure effectively captures firm risk due to the mobility of skilled labor. We find that an increase from the 25th to the 75th percentile in the skilled labor risk would increase the skilled labor wage by 22% (or $15,593) and also lead to higher equity-based incentive pay. The skilled labor risk also interacts with other corporate policies such as financial leverage, cash holdings, and M&As. Received September 28, 2020; editorial decision March 12, 2021 by Editor Andrew Ellul.