Do Short-Term Incentives Affect Long-Term Productivity?

Heitor Almeida, Nuri Ersahin, Vyacheslav Fos, Rustom M. Irani, Mathias Kronlund
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引用次数: 10

Abstract

Previous research shows that stock repurchases that are caused by earnings management lead to reductions in firm-level investment and employment. It is natural to expect firms to cut less productive investment and employment first, which could lead to a positive effect on firm-level productivity. However, using Census data, we find that firms make cuts across the board irrespective of plant productivity. This pattern seems to be associated with frictions in the labor market. Specifically, we find evidence that unionization of the labor force may prevent firms from doing efficient downsizing, forcing them to engage in easy or expedient downsizing instead. As a result of this inefficient downsizing, EPS-driven repurchases lead to a reduction in long-term productivity.
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短期激励会影响长期生产力吗?
以往的研究表明,由盈余管理引起的股票回购会导致公司层面投资和就业的减少。人们自然会期望企业首先削减生产率较低的投资和就业,这可能会对企业层面的生产率产生积极影响。然而,使用人口普查数据,我们发现企业在不考虑工厂生产率的情况下全面裁员。这种模式似乎与劳动力市场的摩擦有关。具体来说,我们发现有证据表明,劳动力的工会化可能会阻止企业进行有效的裁员,迫使他们从事简单或权宜之计的裁员。由于这种低效率的裁员,eps驱动的回购导致了长期生产率的降低。
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