Following state-level legal changes that increase labor dismissal costs, firms increase their innovation in new processes that facilitate the adoption of cost-saving production methods, especially in industries with a large share of labor costs in total costs. Firms with high innovation ability exhibit larger increases in process innovation and capital-labor ratios - an effect driven by both increases in capital investment and decreases in employment. By facilitating the adjustment of the input mix when conditions in input markets change, innovation ability allows firms to mitigate value losses and is a key driver of their performance.

中文翻译：

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保护企业价值：就业保护和流程创新

随着州级法律变化增加了劳动力解雇成本，公司增加了新流程的创新，以促进采用节约成本的生产方法，特别是在劳动力成本在总成本中所占份额较大的行业。具有高创新能力的公司在流程创新和资本-劳动力比率方面表现出更大的增长——这是由资本投资增加和就业减少共同驱动的效应。通过在投入市场条件发生变化时促进投入组合的调整，创新能力使企业能够减轻价值损失，并且是其业绩的关键驱动因素。