Workplace Automation and Corporate Liquidity Policy
利用职业计算机化概率衡量企业用自动化替代劳动力的能力，发现自动化潜力增强经营灵活性，使企业持有更少的预防性现金，并利用泰国硬盘危机作为外生冲击验证这一机制。
Using an occupational probability of computerization, we measure a firm’s ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for this mechanism, we exploit the 2011–2012 Thailand hard drive crisis as an exogenous shock to the cost of automation. In addition, the negative relation between prospective automation and cash holdings is greater for firms with a lower expected cost of worker displacement and greater labor-induced operating leverage. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.03902 .