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4. Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity.

Author

Liu, Tim, Makridis, Christos A, Ouimet, Paige, and Simintzi, Elena

Subjects
MATERNITY benefits, DIVERSITY in the workplace, VALUE (Economics), TALENT management, WOMEN employees, JOB qualifications, LABOR market
Abstract

Why do firms offer nonwage compensation instead of the equivalent amount in financial compensation? We argue that firms use nonwage benefits, specifically female-friendly benefits, such as maternity leave, to increase gender diversity by efficiently attracting women. Using Glassdoor data, we show that firms offer higher-quality maternity leave benefits in labor markets in which female talent is relatively scarce. This result also holds more generally when examining all female-friendly nonwage benefits and is not present when looking at gender-neutral benefits. Moreover, using staggered adoption of state laws, we show that voluntary provision of these benefits can increase firm value. Wei Jiang. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

Published
2023
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5. Essays in financial economics

Author

Simintzi, Elena and Cornelli, Francesca

Subjects
Financial markets, Financial management
Abstract

This thesis examines how product and input markets interact with firms' financial and real decisions and thus impact corporate policies. The first part of the thesis documents empirically how strategic considerations provided by product markets affect firms' investment decisions. It shows that firms react to actions taken by competitors when these indicate a competitive threat. Using news from restructur- ing announcements of manufacturing sites in the UK, it shows that other locally competing firms respond to the news by increasing their investment in capital if the restructuring action improves the competitive position of the announcing site. It also demonstrates the importance of financial constraints, showing that their existence dampens firms' ability to respond to the news. The fact that all restruc- turing announcements involve layoffs, and therefore impact firms' input markets, allows studying further responses by competitors, and namely their wages and hiring policies. The remaining part of the thesis focuses on how labor markets affect firms' capital structure and real activities. First, it examines the eect of labor regulation on firms' ability to access external finance. Exploiting changes in employment protection laws in 21 OECD countries, it shows that worker-friendly labor laws are negatively associated with firm leverage. In terms of firms' real activities, increases in employment protection legislation lead to lower firm invest- ment and growth and this effect is more pronounced for firms which depend more on external capital. These findings suggest a supply-side channel through which labor regulation hinders growth, that is, labor crowds out external finance. Finally, this part of the thesis examines the effect of labor bargaining power on firm leverage. It revisits the existing dominant paradigm that firms use debt to improve their bargaining position against labor and identifies an alternative channel which uncovers a negative relation between bargaining power of labor and firm leverage.

Published
2012
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11. Do Firms Respond to Gender Pay Gap Transparency?

Author

Bennedsen, Morten, Simintzi, Elena, Tsoutsoura, Margarita, Wolfenzon, Daniel, Bennedsen, Morten, Simintzi, Elena, Tsoutsoura, Margarita, and Wolfenzon, Daniel

Abstract

We examine the effect of pay transparency on the gender pay gap and firm outcomes. Using a 2006 legislation change in Denmark that requires firms to provide gender-disaggregated wage statistics, detailed employee-employer administrative data, and difference-in-differences and difference-in-discontinuities designs, we find that the law reduces the gender pay gap, primarily by slowing wage growth for male employees. The gender pay gap declines by 2 percentage points, or 13% relative to the prelegislation mean. Despite the reduction of the overall wage bill, the wage transparency mandate does not affect firm profitability, likely because of the offsetting effect of reduced firm productivity., We examine the effect of pay transparency on the gender pay gap and firm outcomes. Using a 2006 legislation change in Denmark that requires firms to provide gender-disaggregated wage statistics, detailed employee-employer administrative data, and difference-in-differences and difference-in-discontinuities designs, we find that the law reduces the gender pay gap, primarily by slowing wage growth for male employees. The gender pay gap declines by 2 percentage points, or 13% relative to the prelegislation mean. Despite the reduction of the overall wage bill, the wage transparency mandate does not affect firm profitability, likely because of the offsetting effect of reduced firm productivity.

Published
2022

18. Wages and Firm Performance: Evidence from the 2008 Financial Crisis.

Author

Ouimet, Paige and Simintzi, Elena

Subjects
GLOBAL Financial Crisis, 2008-2009, HYPERLINKS, ORGANIZATIONAL performance, LABOR demand, WAGES, LABOR productivity, OPPORTUNITY costs
Abstract

We examine the effect of higher wages on firm performance during the 2008 financial crisis. To identify variation in wages, we rely on heterogeneity in the timing of long-term wage agreements for a sample of U.K. firms. We instrument for firms signing long-term agreements overlapping with the crisis by the presence of a contract signed in 2006 or earlier and expiring before September 2008. Treated firms not only paid higher wages but also realized greater labor productivity relative to control firms. These findings are consistent with the intuition that opportunity cost differentials between treated and control firms induce employees to exert higher effort. (JEL J41, J30, J24, G01) Received February 28, 2019; editorial decision July 8, 2020 by Editor Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Published
2021
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24. Wage inequality and firm growth

Author

Mueller, Holger M., Ouimet, Paige P., and Simintzi, Elena

Subjects
ddc:330
Abstract

We examine how within-firm skill premia-wage differentials associated with jobs involving different skill requirements-vary both across firms and over time. Our firm-level results mirror patterns found in aggregate wage trends, except that we find them with regard to increases in firm size. In particular, we find that wage differentials between high- and either medium- or low-skill jobs increase with firm size, while those between medium- and low-skill jobs are either invariant to firm size or, if anything, slightly decreasing. We find the same pattern within firms over time, suggesting that rising wage inequality - even nuanced patterns, such as divergent trends in upper- and lower-tail inequality - may be related to firm growth. We explore two possible channels: i) wages associated with "routine" job tasks are relatively lower in larger firms due to a higher degree of automation in these firms, and ii) larger firms pay relatively lower entry-level managerial wages in return for providing better career opportunities. Lastly, we document a strong and positive relation between within-country variation in firm growth and rising wage inequality for a broad set of developed countries. In fact, our results suggest that part of what may be perceived as a global trend toward more wage inequality may be driven by an increase in employment by the largest firms in the economy.

Published
2015

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