We measure U.S. listed companies’ skilled labor risk—that is, the potential failure in attracting and retaining skilled labor, by the intensity of discussions on this issue in 10-K filings. We show that this measure effectively captures firm risk due to the mobility of skilled labor. We find that an increase from the 25th to the 75th percentile in the skilled labor risk would increase the skilled labor wage by 22% (or $15,593) and also lead to higher equity-based incentive pay. The skilled labor risk also interacts with other corporate policies such as financial leverage, cash holdings, and M&As. (JEL G30, G32, G34, H20, J20, J24, J40, J41) Received September 28, 2020; editorial decision March 12, 2021 by Editor Andrew Ellul.

中文翻译：

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熟练劳工风险和公司政策

我们通过 10-K 文件中对此问题的讨论强度来衡量美国上市公司的熟练劳动力风险，即在吸引和留住熟练劳动力方面的潜在失败。我们表明，由于熟练劳动力的流动性，该措施有效地捕捉了企业风险。我们发现，熟练劳动力风险从第 25 个百分位增加到第 75 个百分位将使熟练劳动力工资增加 22%（或 15,593 美元），并导致更高的基于股权的激励薪酬。熟练劳动力风险还与财务杠杆、现金持有和并购等其他公司政策相互作用。（JEL G30、G32、G34、H20、J20、J24、J40、J41）2020 年 9 月 28 日收到；编辑决定 2021 年 3 月 12 日，编辑 Andrew Ellul。