Growing pains: geographic expansion and labor investment efficiency

被引：0

作者：

Le, Anh-Tuan ^{[1
]}

Huang, Henry Hongren ^{[2
]}

Cheng, Tzu-Chang Forrest ^{[3
]}

机构：

[1] Univ Econ Ho Chi Minh City, Int Sch Business, Ho Chi Minh City, Vietnam

[2] Natl Cent Univ, Dept Finance, Taoyuan City, Taiwan

[3] Natl Sun Yat Sen Univ, Inst Econ, Kaohsiung, Taiwan

来源：

REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING | 2024年

关键词：

Geographic dispersion; Labor investment efficiency; Information asymmetry; G11; G30; M51; CORPORATE DIVERSIFICATION EVIDENCE; MANAGERIAL DISCRETION; CAPITAL-MARKETS; AGENCY COSTS; INFORMATION; DISPERSION; FIRMS; GOVERNANCE; WORKERS; COMPETITION;

D O I：

10.1007/s11156-024-01355-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This research examines the impact of geographic dispersion on firm-level labor investment efficiency. We find that geographically-dispersed firms exhibit lower labor investment efficiency, and that the negative association between geographic dispersion and labor investment efficiency takes form in both overinvestment and underinvestment. Further analyses suggest information asymmetry as the underlying mechanism for the efficiency loss. We also present that geographic dispersion leads to greater labor investment inefficiency in those firms operating in soft information environments and those employing more skilled labor. Finally, our results indicate that labor investment inefficiency accounts for the value discount of geographically-dispersed firms, highlighting the role of human capital investment in firm valuation for firms pursuing geographic diversification.

引用

页数：41

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