論文

査読有り
2021年3月

Alternative Work Arrangements and Cost of Equity: Evidence from a Quasi-Natural Experiment

Journal of Financial and Quantitative Analysis
  • Atsushi Chino

56
2
開始ページ
569
終了ページ
606
記述言語
掲載種別
研究論文(学術雑誌)
DOI
10.1017/s002210901900108x
出版者・発行元
Cambridge University Press (CUP)

Abstract

I examine whether firms’ use of alternative work arrangements, particularly temporary agency workers, affects their cost of equity. Exploiting a major labor-market deregulation in Japan that induced manufacturing firms to increase their employment of temporary agency workers, I show that the cost of equity decreased in manufacturing firms, relative to nonmanufacturing firms, after the deregulation. Further analysis using variations within manufacturing firms provides corroborating evidence. The rigidity in labor expenses and the cost of debt also decreased in manufacturing firms. Overall, alternative work arrangements increase the flexibility in labor costs, leading to lower operating leverage and cost of capital.

リンク情報
DOI
https://doi.org/10.1017/s002210901900108x
URL
https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S002210901900108X
ID情報
  • DOI : 10.1017/s002210901900108x
  • ISSN : 0022-1090
  • eISSN : 1756-6916

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