Using a firm-level international panel dataset, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers’ demand for insurance within firms, and family vs. non-family ownership as a shifter of firms’ supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger, in countries and periods with less generous public unemployment insurance, while no such substitutability emerges for non-family firms.

Employment and Wage Insurance within Firms: Worldwide Evidence / Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano. - In: THE REVIEW OF FINANCIAL STUDIES. - ISSN 0893-9454. - 31:4(2018), pp. 1566-1603. [10.1093/rfs/hhx104]

Employment and Wage Insurance within Firms: Worldwide Evidence

SCHIVARDI, FABIANO
2018

Abstract

Using a firm-level international panel dataset, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers’ demand for insurance within firms, and family vs. non-family ownership as a shifter of firms’ supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger, in countries and periods with less generous public unemployment insurance, while no such substitutability emerges for non-family firms.
Risk-sharing, insurance, social security, unemployment, wages, family firms
Employment and Wage Insurance within Firms: Worldwide Evidence / Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano. - In: THE REVIEW OF FINANCIAL STUDIES. - ISSN 0893-9454. - 31:4(2018), pp. 1566-1603. [10.1093/rfs/hhx104]
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11385/176381
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