The Effect of Traffic Congestion on Labour Investment Efficiency
研究发现总部所在城市交通拥堵会导致企业劳动力投资效率下降，表现为过度投资或投资不足，且这种效应可能源于管理者帝国构建偏好。
ABSTRACT The study examines the effects of headquarters‐city traffic congestion on labour investment efficiency. The results indicate that firms headquartered in congested cities may engage in inefficient labour investment decisions. Further analysis indicates that the inefficiency is associated with both overinvestment and underinvestment in labour. The results suggest that the effect of traffic congestion on net hiring may be induced by managerial preference for empire building. The results remain robust to endogeneity concerns. In sum, the study underscores traffic congestion as a novel external determinant of corporate investment policy.