Capital and Labor Reallocation within Firms

• 成果类型: Article
• 署名作者: Giroud, Xavier; Mueller, Holger M.
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; New York University; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12254
• 发表日期: 2015
• 页码: 1767-1804
• 关键词: cash flow; INVESTMENT; constraints; PRODUCTIVITY; MARKETS; time; LIFE

摘要

We document how a positive shock to investment opportunities at one plant (treated plant) spills over to other plants within the same firm, but only if the firm is financially constrained. To provide the treated plant with resources, the firm's headquarters withdraws capital and labor from other plants, especially plants that are relatively less productive, not part of the firm's core industries, and located far away from headquarters. As a result of the resource reallocation, aggregate firm-wide productivity increases. We do not find evidence of capital or labor spillovers among plants of financially unconstrained firms.