主题：Labor Dismissal Costs
and Process Innovation（劳工解雇成本与流程创新）
that an arguably exogenous increase in labor dismissal costs leads firms to
increase their process innovation but not their product innovation. The effect
is stronger in industries where labor is performing more routine intensive
tasks and where labor costs account for a larger share of production costs. The
increase in process innovation is accompanied by increases in capital
expenditures per employee and in capital-labor ratios, as well as by a higher
productivity of labor. Our evidence suggests that, by creating adjustment costs
that increase operating leverage, labor dismissal costs lead firms to increase
innovation efforts toward developing new production technologies that allow for
higher capital-labor ratios.
Jan Bena’s research agenda has been developing around two areas of financial economics: corporate innovation and corporate ownership structure. In the first area, he studies the determinants of corporate innovation activities and the relation between innovation and other corporate policies and outcomes. This line of research is closely related to the literature in economics that seeks to understand drivers of firm productivity, performance, and valuations, as well as, at a macroeconomic level, underpinnings of economic growth and fluctuations. The second area of Jan’s research agenda lies in the intersection of corporate governance and organizational economics. He focuses on understanding what economic forces drive the formation of corporate ownership structure, and how different ownership structures affect corporate policies and outcomes.