Relying on labor unrest as a shock to local social stability, we show that state-owned enterprises (SOEs) react to nearby unrest by creating additional employment at the expense of productivity. Such effect is larger when labor unrest is in the exposed SOEs’ industries, local fiscal budgets are solid, governing mayors are better incentivized, and local private sectors grow slower. SOEs obtain more fiscal benefits. Contrarily, non-SOEs do not react to labor unrest, and their performance is unaffected. Various tests mitigate the selection effects of labor unrest. Aggregated results show SOEs can alleviate adverse economic and social impacts of labor unrest.
朱海坤
朱海坤博士是中欧国际工商学院金融学助理教授。在加入中欧之前,他是荷兰伊拉斯姆斯(Erasmus)大学经济学院金融学助理教授。朱博士毕业于荷兰蒂尔堡大学获得金融学博士和硕士学位,在南开大学获得经济学学士学位。朱博士的研究领域主要集中在实证金融科技、金融政治经济学、行为公司金融等方面。他的两篇论文发表在Journal of Financial Economics、Management Science等国际顶尖期刊上。他曾获“SFS Cavalcade亚太会议最佳论文奖2017”、“IWFSAS2018年最佳论文奖”、“Finance Down Under会议最佳论文奖2018”以及“伊拉斯姆斯经济学院顶尖研究员2022”。
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