Organization Capital and the Cross-Section of Expected Returns

• 成果类型: Article
• 署名作者: Eisfeldt, Andrea L.; Papanikolaou, Dimitris
• 署名单位: University of California System; University of California Los Angeles; Northwestern University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12034
• 发表日期: 2013
• 页码: 1365-1406
• 关键词: information-technology; stock-market; GROWTH; INVESTMENT; COMPENSATION; PRODUCTIVITY; performance; INEQUALITY; industry; FIRMS

摘要

Organization capital is a production factor that is embodied in the firm's key talent and has an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its cash flows. We develop a model in which the outside option of the key talent determines the share of firm cash flows that accrue to shareholders. This outside option varies systematically and renders firms with high organization capital riskier from shareholders' perspective. We find that firms with more organization capital have average returns that are 4.6% higher than firms with less organization capital.