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Downward Wage Rigidity, Corporate In...

Arizona State University.

Downward Wage Rigidity, Corporate Investment, and Firm Value.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Downward Wage Rigidity, Corporate Investment, and Firm Value./
作者:	Cho, DuckKi.
面頁冊數:	1 online resource (97 pages)
附註:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9781369737387

Downward Wage Rigidity, Corporate Investment, and Firm Value.
Cho, DuckKi.

Downward Wage Rigidity, Corporate Investment, and Firm Value. - 1 online resource (97 pages)

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages downward. I construct DWR measures and exploit staggered state-level changes in minimum wage laws as an exogenous variation in DWR to document this fact. Following a minimum wage increase, firms reduce their investment rate by 1.17 percentage points. Surprisingly, this labor market friction enhances firm value and production efficiency when firms are subject to other frictions causing overinvestment, consistent with the theory of second best. Finally, I identify increased operating leverage and aggravation of debt overhang as mechanisms by which DWR impedes investment.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781369737387Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Downward Wage Rigidity, Corporate Investment, and Firm Value.
LDR:01974ntm a2200349Ki 4500 001 911554
005 20180529094435.5
006 m o u
007 cr mn||||a|a||
008 190606s2017 xx obm 000 0 eng d
020 $a 9781369737387
035 $a (MiAaPQ)AAI10272682
035 $a (MiAaPQ)asu:16829
035 $a AAI10272682
040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Cho, DuckKi. $3 1183456
245 1 0 $a Downward Wage Rigidity, Corporate Investment, and Firm Value.
264 0 $c 2017
300 $a 1 online resource (97 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Advisers: Sreedhar Bharath; Michael Hertzel.
502 $a Thesis (Ph.D.) $c Arizona State University $d 2017.
504 $a Includes bibliographical references
520 $a Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages downward. I construct DWR measures and exploit staggered state-level changes in minimum wage laws as an exogenous variation in DWR to document this fact. Following a minimum wage increase, firms reduce their investment rate by 1.17 percentage points. Surprisingly, this labor market friction enhances firm value and production efficiency when firms are subject to other frictions causing overinvestment, consistent with the theory of second best. Finally, I identify increased operating leverage and aggravation of debt overhang as mechanisms by which DWR impedes investment.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Labor economics. $3 554775
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0510
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Arizona State University. $b Business Administration. $3 1179476
773 0 $t Dissertation Abstracts International $g 78-09A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10272682 $z click for full text (PQDT)

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