Financial frictions and inter-firm wage dispersion: A structural estimation

被引：0

作者：

Zhu, Weichao ^{[1
]}

Yun, Xiao ^{[1
]}

Yang, Huimei ^{[1
]}

机构：

[1] Shandong Univ Finance & Econ, Sch Econ, Erhuan East Rd 7366, Jinan 250014, Shandong, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 62卷

关键词：

Financial frictions; Wage dispersion; Search models; Structural estimation; SEARCH; CHINA; OWNERSHIP;

D O I：

10.1016/j.frl.2024.105217

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on the stylized facts about financial frictions, this paper proposes a general equilibrium model to show that firms can transmit heterogeneous financial costs to workers through wagebargaining in the labor market with search frictions. In the equilibrium, both financial frictions and search frictions induce inter -firm wage dispersion. Structural estimation indicates that the model accounts for 34-77% of the observed wage dispersion, in which a sizable share is attributable to financial frictions. The bargaining power and market power are important for the cost -transformation process.

引用

页数：7

共 45 条

[11] On the firms' component of wage dispersion: Endogenous effort versus search frictions [J].

Masters, Adrian .

LABOUR ECONOMICS, 2016, 42 :213-220

[12] Financial frictions, capital misallocation and structural change [J].

Hirakata, Naohisa ;

Sunakawa, Takeki .

JOURNAL OF MACROECONOMICS, 2019, 61

[13] Learning by hiring, network centrality and within-firm wage dispersion [J].

Poggi, Ambra ;

Natale, Piergiovanna .

LABOUR ECONOMICS, 2020, 67

[14] Bayesian estimation of model with financial frictions on Czech data [J].

Rysanek, Jakub ;

Tonner, Jaromir ;

Vasicek, Osvald .

PROCEEDINGS OF THE 29TH INTERNATIONAL CONFERENCE ON MATHEMATICAL METHODS IN ECONOMICS 2011, PTS I AND II, 2011, :611-616

[15] Wage dispersion and firm performance: evidence from Kazakhstan [J].

Yergabulova, Aigerim ;

Alpysbayeva, Dinara ;

Subramanian, Venkat .

INTERNATIONAL JOURNAL OF MANPOWER, 2024, 45 (03) :425-448

[16] Financial frictions, real estate collateral and small firm activity in Europe [J].

Banerjee, Ryan ;

Blickle, Kristian .

EUROPEAN ECONOMIC REVIEW, 2021, 138

[17] Habitual domain exploration in inter-firm networks A framework for understanding network behaviour [J].

Ma, Lei ;

Shi, Yongjiang ;

Zhao, Wenwen .

JOURNAL OF MANUFACTURING TECHNOLOGY MANAGEMENT, 2012, 23 (08) :1057-1070

[18] The dynamics of wage dispersion between firms: the role of firm entry and exit [J].

Benedikt Schröpf .

Journal for Labour Market Research, 57

[19] The dynamics of wage dispersion between firms: the role of firm entry and exit [J].

Schroepf, Benedikt .

JOURNAL FOR LABOUR MARKET RESEARCH, 2023, 57 (01)

[20] Inter-firm collaborations to make or to buy innovation Evidence from the rubber and plastics cluster in Uruguay [J].

Galaso, Pablo ;

Rodriguez Miranda, Adrian ;

Picasso, Santiago .

MANAGEMENT RESEARCH-THE JOURNAL OF THE IBEROAMERICAN ACADEMY OF MANAGEMENT, 2019, 17 (04) :404-425

← 1 2 3 4 5 →