Job quality and institutional investors: Evidence in 17 OECD countries, 1993-2017

IF 2.6 3区 管理学 Q2 INDUSTRIAL RELATIONS & LABOR European Journal of Industrial Relations Pub Date : 2024-09-18 DOI:10.1177/09596801241285235
Thibault Darcillon, Yasmine Mohamed
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Abstract

This article investigates the relationship between the share of assets held by different institutional investors as a proportion of GDP and a synthetic index of job quality in 17 OECD countries from 1993 to 2017. Our first contribution is to provide a new, multidimensional composite indicator of job quality based only on objective dimensions. According to this measure, a continuous decline in job quality is observed in many OECD countries. Second, the emergence of institutional investors as central financial actors since the 1980s has significantly affected labour relations. In this regard, we argue that the increasing influence of institutional investors through their effects on wages and jobs is associated with a lower level of job quality. Using fixed-effects OLS and IV regressions, we find little support that the share of asset holdings by institutional investors is correlated with a lower level of job quality, mainly due to the small magnitude of the coefficient estimates. Finally, we find that the job quality-reducing effect of the share of assets held by institutional investors is more pronounced in countries that have experienced a decline in union bargaining power, again with a small magnitude of our different estimates.
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工作质量与机构投资者:1993-2017 年 17 个经合组织国家的证据
本文研究了 1993 至 2017 年间 17 个经合组织国家中不同机构投资者持有的资产占 GDP 的比例与就业质量合成指数之间的关系。我们的第一个贡献是提供了一个仅基于客观维度的新的、多维度的工作质量综合指标。根据这一指标,许多经合组织国家的就业质量持续下降。其次,自 20 世纪 80 年代以来,机构投资者作为核心金融参与者的出现极大地影响了劳资关系。在这方面,我们认为,机构投资者通过对工资和工作岗位的影响而不断增强的影响力与较低的工作质量水平相关。通过使用固定效应 OLS 和 IV 回归,我们发现机构投资者持有的资产份额与较低的工作质量水平之间几乎没有关联,这主要是由于系数估计值较小。最后,我们发现,在工会谈判能力下降的国家,机构投资者所持资产份额对就业质量的降低效应更为明显,但我们的不同估计值的幅度同样较小。
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来源期刊
European Journal of Industrial Relations
European Journal of Industrial Relations INDUSTRIAL RELATIONS & LABOR-
CiteScore
6.20
自引率
11.50%
发文量
25
期刊介绍: It embraces a broad definition of industrial relations and includes articles which relate to any aspect of work and employment. It publishes rigorous and innovative work on and from all European countries, from the Atlantic to the Urals. All social science disciplines are relevant to its remit, and interdisciplinary approaches are particulary encouraged. A major objective is to foster cross-national comparative analysis; and in this context, work which relates European developments to broader global experience is welcome.
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