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- W4200368833 endingPage "102142" @default.
- W4200368833 startingPage "102142" @default.
- W4200368833 abstract "Labor is among the most crucial factors of production that maintain a firm's competitiveness. Given its economic importance, drivers of firms' labor investment policy have gained increasing attention in the financial economics literature. This study investigates the relation between stock liquidity and labor investment efficiency. We establish a causal relation between the two phenomena using an exogenous shock to liquidity: the 2001 decimalization of stock trading. We find that labor investment efficiency improves following an increase in stock liquidity, and the effect is prevalent in firms experiencing overinvestment in labor. Our findings further support the argument that stock liquidity improves the efficiency of labor investment by enhancing governance through shareholder exit threat." @default.
- W4200368833 created "2021-12-31" @default.
- W4200368833 creator A5029439630 @default.
- W4200368833 creator A5040057930 @default.
- W4200368833 creator A5045755795 @default.
- W4200368833 date "2022-02-01" @default.
- W4200368833 modified "2023-10-12" @default.
- W4200368833 title "Stock liquidity and corporate labor investment" @default.
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- W4200368833 doi "https://doi.org/10.1016/j.jcorpfin.2021.102142" @default.
- W4200368833 hasPublicationYear "2022" @default.