The effect of skilled labor intensity on corporate dividend payouts
研究发现技能劳动力密集度越高的企业，股利支付越低；技能劳动力调整成本增加现金流不确定性，抑制了股利支付。
Abstract This study shows that skilled labor‐intensive firms have lower dividend payouts. A one standard deviation increase in skilled labor intensity on average results in a 0.74 percentage point decline in the propensity to pay dividends and a 0.72 percentage point decrease in the dividend payout ratio. Our evidence suggests that greater labor adjustment costs (LACs) of skilled labor increase future cash flow uncertainty, which discourages managers from paying dividends. Consistently, we find that an exogenous increase (decrease) in LACs following the shock of 2017 H‐1B policy changes (the shock of 2005 Hurricane Katrina) leads treated firms to lower (heighten) their dividend payouts. Collectively, these findings indicate a strong dampening effect of LACs on corporate dividend payouts.