Skilled labor shortage risk and dividend payout policy
研究发现，美国上市公司面临的技能劳动力短缺风险越高，其股利支付率越低，因为这种风险增加了盈利和现金流波动，促使公司采取更保守的股利政策。
Using a measure of U.S. listed companies' skilled labor risk–that is, the risk of failing to attract and retain skilled labor, by the intensity of discussions on this issue in 10-K filings, we examine the effect of skilled labor risk on corporate dividend payout policy. Based on a sample of 21,514 firm-year observations spanning the period from 1996 to 2021, we find that firms significantly reduce dividend payout when faced with skilled labor risk. Employing the Inevitable Disclosure Doctrine (IDD) as an instrumental variable, we address potential endogeneity concerns and confirm a robust negative relationship between skilled labor risk and dividend payouts. Additionally, our analysis shows that skilled labor risk is linked to greater earnings and cash flow volatility, prompting firms to adopt more conservative dividend policies. These results underscore the important role of labor market frictions in shaping corporate financial decisions.