Labor And The Market Value Of The Firm

Topics:
Organization
Tags:
Firm,
Hiring,
Human Resources,
Recruitment & Selection,
Value,
Workforce Management
Source:
London School of Economics and Political Science

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Overview: What role does labor play in a firm's market value? This question is explored using a production-based asset pricing model with frictions in the adjustment of both capital and labor. The authors posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction being a crucial determinant of the time series behavior of market value. Aggregate U.S. corporate sector data is used to estimate firms' optimal hiring and investment decisions and the consequences for firms' value. The model generates a good fit of the data. The estimated market value is decomposed, thereby quantifying the link between firms' value and gross hiring flows, employment, gross investment flows, and physical capital.

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Format: PDF | Size: 546KB | Date: May 2005 | Pages: 75

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