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Insurance Between Firms: The Role of Internal Labor Markets

Author

Listed:
  • Giacinta Cestone

    (Cass Business School, CSEF and ECGI)

  • Chiara Fumagalli

    (Università Bocconi, CSEF and CEPR)

  • Francis Kramaz

    (Crest, ENSAE and CEPR)

  • Giovanni Pica

    (Università degli Studi di Milano, LdA, CSEF and Centro Luca D’Agliano.)

Abstract

We explore how business groups use internal labor markets (ILMs) in response to changing economic conditions. We show that group-affiliated units faced with positive shocks to growth opportunities gain market share relying on their ILM to ensure swift hiring, especially of technical managers and skilled blue collar workers. A closer access to the group's human capital facilitates employee relocations in order to fully exploit growth opportunities. Adverse shocks affecting one unit in the organization increase workers' mobility to other units in the group rather than to external firms, with stricter employment protection causing an additional increase in internal mobility. Overall, ILMs provide an insurance mechanism between firms in a group, allowing such organizations to bypass hiring and firing frictions; they provide job stability to employees as a by-product.

Suggested Citation

  • Giacinta Cestone & Chiara Fumagalli & Francis Kramaz & Giovanni Pica, 2015. "Insurance Between Firms: The Role of Internal Labor Markets," CSEF Working Papers 386, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 22 Jan 2020.
    • Handle: RePEc:sef:csefwp:386
    Note: An earlier version of this paper was circulated under the title "(Why) Are Internal Labor Markets Active in French Business Groups".
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    Cited by:

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    11. Mara Faccio & William J. O’Brien, 2021. "Business Groups and Employment," Management Science, INFORMS, vol. 67(6), pages 3468-3491, June.
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    13. Giacinta Cestone & Chiara Fumagalli & Francis Kramarz & Giovanni Pica, 2024. "Exploiting Growth Opportunities: The Role of Internal Labour Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(5), pages 2676-2716.
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    15. Marin, Giovanni & Vona, Francesco, 2021. "The impact of energy prices on socioeconomic and environmental performance: Evidence from French manufacturing establishments, 1997–2015," European Economic Review, Elsevier, vol. 135(C).
    16. Lelarge, Claire & Charnoz, Pauline & Trevien, Corentin, 2018. "Communication Costs and the Internal Organization of Multi-Plant Businesses: Evidence from the Impact of the French High-Speed," CEPR Discussion Papers 12585, C.E.P.R. Discussion Papers.
    17. Sabrina Di Addario & Zhexin Feng & Michel Serafinelli, 2024. "Inventors’ Coworker Networks and Innovation," CESifo Working Paper Series 11432, CESifo.
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    More about this item

    Keywords

    Business Groups; Human Capital; Labor Market Frictions; Internal Labor Markets.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General

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