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标题：The effect of employment protection legislation and financial market imperfections on investment: Evidence from a firm-level panel of EU countries (663 KB)
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作者：Federico Cingano ; Marco Leonardi ; Julián Messina y Giovanni Pica 等
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2009
卷号：1
出版社：Banco de España
摘要：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 study
if the effect of EPL is stronger in firms with lower levels of internal resources. We find that, on
average, EPL reduces investment per worker, capital per worker and value added per
worker in high reallocation sectors relative to low reallocation sectors. The reduction in the
capital-labour ratio is less pronounced in firms with higher internal resources, suggesting
that financial constraints exacerbate the negative effects of EPL on capital deepening.