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The effect of employment pr...

The effect of employment protection legislation and financial market imperfections on investment : evidence from a firm-level panel of EU countries

Cingano, F. (Federico)

Banco de España 2009

This paper analyzes the joint effect of EPL and financial market imperfections on investment, capital-labour substitution, labour productivity and job reallocation in a cross-country framework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006),we exploit variation in the need for reallocation at the sectoral and aggregate level to assess the average effect of EPL on firms policies. Then, exploiting firm-level information we studyif the effect of EPL is stronger in firms with lower levels of internal resources. We find that, onaverage, EPL reduces investment per worker, capital per worker and value added perworker in high reallocation sectors relative to low reallocation sectors. The reduction in thecapital-labour ratio is less pronounced in firms with higher internal resources, suggesting that financial constraints exacerbate the negative effects of EPL on capital deepening

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analitica Rebiun27163738 https://catalogo.rebiun.org/rebiun/record/Rebiun27163738 m d cr cnunnnauuau 090908s2009 sp rt a000 0 eng c ES-LeU (0.041) The effect of employment protection legislation and financial market imperfections on investment evidence from a firm-level panel of EU countries Federico Cingano... [et al.] Madrid Banco de España 2009 Madrid Madrid Banco de España 52 p. 30 cm 52 p. Documentos de trabajo / Banco de España, Servicio de Estudios ISSN 0213-2710 2009-14 This paper analyzes the joint effect of EPL and financial market imperfections on investment, capital-labour substitution, labour productivity and job reallocation in a cross-country framework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006),we exploit variation in the need for reallocation at the sectoral and aggregate level to assess the average effect of EPL on firms policies. Then, exploiting firm-level information we studyif the effect of EPL is stronger in firms with lower levels of internal resources. We find that, onaverage, EPL reduces investment per worker, capital per worker and value added perworker in high reallocation sectors relative to low reallocation sectors. The reduction in thecapital-labour ratio is less pronounced in firms with higher internal resources, suggesting that financial constraints exacerbate the negative effects of EPL on capital deepening Texto completo disponible también en Internet, en formato PDF Cingano, F. Federico) Banco de España. Servicio de Estudios Documentos de trabajo (Banco de España. Servicio de Estudios)

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analitica Rebiun27163738 https://catalogo.rebiun.org/rebiun/record/Rebiun27163738 m d cr cnunnnauuau 090908s2009 sp rt a000 0 eng c ES-LeU (0.041) The effect of employment protection legislation and financial market imperfections on investment evidence from a firm-level panel of EU countries Federico Cingano... [et al.] Madrid Banco de España 2009 Madrid Madrid Banco de España 52 p. 30 cm 52 p. Documentos de trabajo / Banco de España, Servicio de Estudios ISSN 0213-2710 2009-14 This paper analyzes the joint effect of EPL and financial market imperfections on investment, capital-labour substitution, labour productivity and job reallocation in a cross-country framework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006),we exploit variation in the need for reallocation at the sectoral and aggregate level to assess the average effect of EPL on firms policies. Then, exploiting firm-level information we studyif the effect of EPL is stronger in firms with lower levels of internal resources. We find that, onaverage, EPL reduces investment per worker, capital per worker and value added perworker in high reallocation sectors relative to low reallocation sectors. The reduction in thecapital-labour ratio is less pronounced in firms with higher internal resources, suggesting that financial constraints exacerbate the negative effects of EPL on capital deepening Texto completo disponible también en Internet, en formato PDF Cingano, F. Federico) Banco de España. Servicio de Estudios Documentos de trabajo (Banco de España. Servicio de Estudios)