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Downward Wage Rigidity, Corporate In...

Cho, DuckKi.

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Downward Wage Rigidity, Corporate Investment, and Firm Value.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Downward Wage Rigidity, Corporate Investment, and Firm Value./
Author:	Cho, DuckKi.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	97 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10272682
ISBN:	9781369737387

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

Downward Wage Rigidity, Corporate Investment, and Firm Value. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 97 p.

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

Thesis (Ph.D.)--Arizona State University, 2017.

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.

ISBN: 9781369737387Subjects--Topical Terms:

542899
Finance.

Downward Wage Rigidity, Corporate Investment, and Firm Value.
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100 1 $a Cho, DuckKi. $3 3265821
245 1 0 $a Downward Wage Rigidity, Corporate Investment, and Firm Value.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2017
300 $a 97 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Advisers: Sreedhar Bharath; Michael Hertzel.
502 $a Thesis (Ph.D.)--Arizona State University, 2017.
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.
590 $a School code: 0010.
650 4 $a Finance. $3 542899
650 4 $a Labor economics. $3 642730
690 $a 0508
690 $a 0510
710 2 0 $a Arizona State University. $b Business Administration. $3 1679662
773 0 $t Dissertation Abstracts International $g 78-09A(E).
790 $a 0010
791 $a Ph.D.
792 $a 2017
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10272682