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Do external labor market incentives improve labor investment efficiency?

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  • Chowdhury, Hasibul
  • Hossain, Ashrafee
  • Tan, Kelvin
  • Zheng, Jiayi

Abstract

This paper examines the impact of CEO external labor market incentives, proxied by CEO industry tournament incentives (CITI), on a firm’s labor investment efficiency (LIE). We develop two competing hypotheses based on the bright side of CITI and the dark side of CITI. Consistent with the former, we find a positive association between CITI and LIE. In cross-sectional tests, we show that the relationship between CITI and LIE is more pronounced for firms with weaker monitoring. Furthermore, this relationship is amplified for firms with weaker financial standing. Our results survive an array of tests for robustness and endogeneity concerns.

Suggested Citation

  • Chowdhury, Hasibul & Hossain, Ashrafee & Tan, Kelvin & Zheng, Jiayi, 2022. "Do external labor market incentives improve labor investment efficiency?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
    • Handle: RePEc:eee:beexfi:v:34:y:2022:i:c:s2214635022000168
    DOI: 10.1016/j.jbef.2022.100648
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    More about this item

    Keywords

    Labor investment efficiency; Monitoring; Industry tournament incentives; CEO insentive;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management

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