所属栏目:公司金融/公司治理/2023/2023年第09期目录

摘要

This paper examines the effects of economic shocks originating from China’s Five-Year Plans on firms’ shareholders and stakeholders in the U.S. Using establishment-level data, we show that the shocks were not preceded by low production or employment, nor were they anticipated by the U.S. stock market, but were followed by shrinkage of targeted sectors. Well-financed firms with adaptable sectorial and territorial layouts came out mostly unscathed due to within-firm adjustments, such as shifting production to upstream or downstream industries that benefited from the boost in the focal industries in China, or offshoring to encouraged industries in China. These adjustments extended limited benefits to employees and communities, measured by employment and opioid usage.
展开

Xiao Cen; Vyacheslav Fos; Wei Jiang Shareholders and Stakeholders: Within-Firm Responses to Global Shocks (2023年07月06日) https://www.cfrn.com.cn/dzqk/detail/11488

选择要认领的作者1
身份验证1
确认
取消