ABSTRACT

This paper examines whether founding-family ownership affects firms’ labour investment efficiency. By analysing public Korean companies from 2001 to 2018, we found that family firms are more efficient than non-family firms in regard to labour investment. The results show that family firms can achieve greater efficiency in labour investment by avoiding over-firing issues, thereby reducing underinvestment in employment problems. Additionally, we found that family firms make more efficient labour-related decisions with greater external financing. Overall, the results suggest that family firms’ long-term perspective enables them to maintain optimal labour levels.

摘要

本文考察了创始家族的所有权是否会影响企业的劳动力投资效率。通过分析 2001 年至 2018 年的韩国上市公司，我们发现家族企业在劳动力投资方面比非家族企业更有效率。结果表明，家族企业可以通过避免过度解雇问题来提高劳动力投资效率，从而减少对就业问题的投资不足。此外，我们发现家族企业通过更多的外部融资做出更有效的劳动相关决策。总体而言，结果表明，家族企业的长期视角使他们能够保持最佳劳动力水平。