Labor Market Power and Financial Leverage: Evidence from Online Job Postings
利用2007至2021年近全量的在线招聘信息，构建企业层面的劳动力市场势力指标，发现劳动力市场势力越强的企业财务杠杆越高，且该效应在劳动力流动性高的职业中较弱。
Abstract Using the near universe of online job postings from 2007 to 2021, we construct a firm-level metric of labor market power. We find that firms with higher labor market power tend to have higher financial leverage. Our findings are not driven by product market competition or correlated labor market characteristics. The evidence is less pronounced among firms hiring in occupations with high labor mobility and skill transferability. To establish causality, we exploit the establishment of Amazon HQ2 in Crystal City as a shock to the labor market power of local firms and show consistent findings with our baseline results.