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최신자료
Entrepreneurs’ Diversification and Labor Income Risk
CEPR
2025.06.18
Entrepreneurs with more diversified portfolios of private firms provide more insurance against labor income risk: in a sample of over 524,000 Canadian firms and 858,000 owners, firms owned by such entrepreneurs offer more stable jobs and earnings to employees. In firms whose owners’ portfolios are one standard deviation more diversified, the passthrough rates of foreign sales shocks to layoffs and labor earnings are 13% and 41% lower, respectively. These entrepreneurs reduce their own compensation and increase firm leverage to fund labor income insurance. Enhanced insurance is associated with better retention of valuable human capital and fewer costly terminations, potentially improving firm performance.