Employment and Wage Insurance within Firms: Worldwide Evidence

• 成果类型: Article
• 署名作者: Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano
• 署名单位: Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Center for Economic & Policy Research (CEPR); University of Naples Federico II; Luiss Guido Carli University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx104
• 发表日期: 2018
• 页码: 1298
• 关键词: family firms; unemployment-insurance; RISK; consumption; CONTRACTS; cyclicality; OWNERSHIP; earnings; matter

摘要

Using a firm-level international panel data set, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers' demand for insurance within firms, and family versus nonfamily ownership as a shifter of firms' supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger, in countries and periods with less generous public unemployment insurance, whereas no such substitutability emerges for nonfamily firms.