2023-09-28 14:46:10 +00:00
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abstract: 'This article sheds light on the ongoing employment stagnation in the
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United States by investigating the links between the rise of finance and
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firm employment dynamics during the 1982-2005 period. I argue that the
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rise of finance marginalized the role of labor in revenue generating and
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sharing processes, which led to employment stagnation among the largest
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nonfinancial firms in the United States. Evidence suggests that
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increasing investment in financial assets depresses the workforce size.
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The growing dependence on debt reprioritizes the order of distribution,
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heightening the need for workforce reduction. The increasing rewards for
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shareholders generate a downsize-and-distribute spiral, in which labor
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expense becomes a primary target of cost-cutting strategies. Further
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analysis indicates that production and service workers are more
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vulnerable to shifts associated with the rise of finance than managers
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and professionals.'
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affiliation: 'Lin, KH (Corresponding Author), Univ Texas Austin, Dept Sociol, Austin,
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TX 78712 USA.
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Lin, Ken-Hou, Univ Texas Austin, Dept Sociol, Austin, TX 78712 USA.'
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author: Lin, Ken-Hou
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author-email: lin@austin.utexas.edu
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author_list:
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- family: Lin
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given: Ken-Hou
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da: '2023-09-28'
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doi: 10.1287/orsc.2016.1073
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files: []
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issn: 1047-7039
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journal: ORGANIZATION SCIENCE
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keywords: corporate governance; financialization; employment contract
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keywords-plus: 'SIZE-WAGE PREMIUM; INCOME INEQUALITY; SHAREHOLDER VALUE; US ECONOMY;
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LABORS SHARE; FINANCIALIZATION; FINANCIALISATION; PERFORMANCE; DECLINE;
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POWER'
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language: English
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month: JUL-AUG
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number: '4'
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number-of-cited-references: '112'
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pages: 972-988
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papis_id: b6832c7d6da5b85ba4a772c9fda2d9fc
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ref: Lin2016risefinance
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times-cited: '42'
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title: The Rise of Finance and Firm Employment Dynamics
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000388446100009
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usage-count-last-180-days: '3'
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usage-count-since-2013: '65'
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volume: '27'
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web-of-science-categories: Management
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year: '2016'
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