Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/93361
DC Field | Value | Language |
---|---|---|
dc.contributor | School of Accounting and Finance | en_US |
dc.creator | Hou, F | en_US |
dc.creator | Magnani, E | en_US |
dc.creator | Xu, X | en_US |
dc.date.accessioned | 2022-06-21T08:22:08Z | - |
dc.date.available | 2022-06-21T08:22:08Z | - |
dc.identifier.issn | 0378-5920 | en_US |
dc.identifier.uri | http://hdl.handle.net/10397/93361 | - |
dc.language.iso | en | en_US |
dc.publisher | Wiley-Blackwell | en_US |
dc.rights | © 2021 John Wiley & Sons Ltd | en_US |
dc.rights | This is the peer reviewed version of the following article: Hou, F., Magnani, E., & Xu, X. (2022). International capital markets and domestic employment: Evidence from worldwide publicly listed large firms. The World Economy, 45, 220–250, which has been published in final form at https://doi.org/10.1111/twec.13176. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited. | en_US |
dc.subject | Employment | en_US |
dc.subject | Capital account liberalisation | en_US |
dc.subject | External finance dependence | en_US |
dc.subject | Financial constraints | en_US |
dc.subject | Employment protection legislation. | en_US |
dc.title | International capital markets and domestic employment : evidence from worldwide publicly listed large firms | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.identifier.spage | 220 | en_US |
dc.identifier.epage | 250 | en_US |
dc.identifier.volume | 45 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.doi | 10.1111/twec.13176 | en_US |
dcterms.abstract | We study how access to the international capital market affects domestic employment. Using a large firm-level panel data set that covers over 60 countries between 1982 and 2014, we find that access to the international capital market positively affects firm-level employment, and the magnitude of this impact is economically significant. This causal effect is identified through a generalised triple-differences identification strategy that exploits variations in both external financial dependence and the progress of capital account openness. We also show that there are substantial heterogeneous effects across countries and firms; the effect is more pronounced for firms in industries that depend more on external finance and those in countries with weaker employment protection legislation. In addition, financially constrained firms respond more positively to international capital market access. Overall, our findings suggest that a strategy of gradually opening international capital markets will support employment. | en_US |
dcterms.accessRights | open access | en_US |
dcterms.bibliographicCitation | World economy, Jan. 2022, v. 45, no. 1, p. 220-250 | en_US |
dcterms.isPartOf | World economy | en_US |
dcterms.issued | 2022-01 | - |
dc.identifier.scopus | 2-s2.0-85112720294 | - |
dc.description.validate | 202206 bcfc | en_US |
dc.description.oa | Accepted Manuscript | en_US |
dc.identifier.FolderNumber | AF-0036 | - |
dc.description.fundingSource | Others | en_US |
dc.description.fundingText | MQ-HKPolyU (FB) | en_US |
dc.description.pubStatus | Published | en_US |
dc.identifier.OPUS | 60026731 | - |
dc.description.oaCategory | Green (AAM) | en_US |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
Xu_International_Capital_Markets.pdf | Pre-Published version | 844.92 kB | Adobe PDF | View/Open |
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