VGSF - WU Vienna - LC

Alexander Schandlbauer, University of Southern Denmark

Campus WU D3.0.222 and via MS Teams 12:00 - 13:00

Organizer WU Vienna

The Fin­ance Brown Bag Sem­inar is held by the In­sti­tute for Fin­ance, Bank­ing and In­sur­ance (WU Vi­enna) and the Vi­enna Gradu­ate School of Fin­ance (VGSF). It serves as a present­a­tion plat­form for PhD stu­dents, fac­ulty mem­bers, and vis­it­ors. An over­view of BBS on the web­site of the In­sti­tute for Fin­ance, Bank­ing and In­sur­ance.

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Al­ex­an­der Schandlbauer, Uni­versity of South­ern Den­mark

Em­ployee health and firm per­form­ance

(with Daniel A. Rettl, Mir­cea Trandafir)

When work­ers are in bad health, their pro­ductiv­ity de­clines. We in­vestig­ate whether the health of em­ploy­ees af­fects firm per­form­ance, tak­ing ad­vant­age of the sever­ity of the seasonal in­flu­enza seasons as a source of exo­gen­ous vari­ation. We find that firms whose em­ploy­ees are par­tic­u­larly af­fected by in­flu­enza ex­per­i­ence re­duc­tions in their re­turn on as­sets and in net in­come. These res­ults are not driven by firm­-spe­cific char­ac­ter­ist­ics, as we find the same re­la­tion­ship between in­flu­enza sever­ity and firm per­form­ance within firms, at the es­tab­lish­ment level. We also doc­u­ment sub­stan­tial het­ero­gen­eity in the ef­fects, with small firms and labor-in­tens­ive firms driv­ing our find­ings. This sug­gests that labor is an im­port­ant driver of firm per­form­ance and that cap­it­al-in­tens­ive and lar­ger firms are bet­ter able to shift re­sources in re­sponse to tem­por­ary shocks to their work­force. Back­-of-the-en­vel­ope cal­cu­la­tions sug­gest that smal­ler firms may be bet­ter off sub­sid­iz­ing vac­cin­a­tion pro­grams for their em­ploy­ees.



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