Leung, WS, Mazouz, K, Chen, J orcid.org/0000-0002-4076-7121 et al. (1 more author) (2018) Organization capital, labor market flexibility, and stock returns around the world. Journal of Banking & Finance, 89. pp. 150-168. ISSN 0378-4266
Abstract
Using data from 20 OECD countries, we find that firms with greater organization capital have significantly higher stock returns and that this represents an international phenomenon. We also find new evidence that the positive association between organization capital and stock returns increases with labor market flexibility. This finding is consistent with greater labor mobility and competition in flexible labor markets rendering organization capital investment riskier from the shareholders’ perspective.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018, Elsevier B.V. This is an author produced version of a paper published in Journal of Banking and Finance. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Organization capital; Labor market flexibility; Intangible assets; Stock returns; Implied cost of capital |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 14 Aug 2018 10:22 |
Last Modified: | 15 Aug 2019 00:42 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.jbankfin.2018.02.008 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:134520 |
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