Econ Papers Daily / 期刊论文
劳动力流动、信息生产与银行风险
Labor turnover, information production, and bank risk
摘要
We investigate the theoretical mechanisms through which labor turnover adversely affects bank risk and performance. Using monthly matched employer-employee data from Brazil during 2003-2019, we find banks with higher labor turnover show lower risk buffers, greater loan losses, higher loan growth, and lower profitability. These adverse effects align with the firm-specific human capital theory. Consistent with our identifying assumptions, the effects are stronger when turnover reduces experience and expertise, among loan officers, as well as across cities and banks. Placebo tests and further analyses confirm our results. The evidence suggests that high labor turnover impairs bank information production, increasing risk and lowering performance.
中文摘要
我们探讨了劳动力流动对银行风险与绩效产生不利影响的理论机制。利用2003-2019年间巴西月度匹配的雇主-雇员数据，我们发现劳动力流动率较高的银行表现出较低的风险缓冲、更大的贷款损失、更高的贷款增长以及较低的盈利能力。这些不利影响与公司特定人力资本理论相符。与我们的识别假设一致，当流动减少经验与专业知识时，在信贷员群体中，以及跨城市和银行间，这些效应更为显著。安慰剂检验及进一步分析证实了我们的结果。证据表明，高劳动力流动损害了银行的信息生产能力，从而增加了风险并降低了绩效。