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首页> 外文期刊>Organization science >How Do Firms Appropriate Value from Employees with Transferable Skills? A Study of the Appropriation Puzzle in Actively Managed Mutual Funds
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How Do Firms Appropriate Value from Employees with Transferable Skills? A Study of the Appropriation Puzzle in Actively Managed Mutual Funds

机译：企业如何从具有可转让技能的员工那里获得适当的价值？积极管理的共同基金中的拨款难题研究

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How do firms benefit from employees with transferable skills? The prevailing view is that labor market frictions that impede employee mobility or strategies that constrain skill transferability are the primary instruments for firms to appropriate value from human capital. The empirical evidence, however, suggests that employees continue to be mobile, and firms pay premiums to attract and retain employees with transferable skills. To reconcile theory with data, we use data from the mutual fund industry, where it is widely documented that active fund managers appropriate more value than they generate. We develop a theory of positive externalities stemming from transferable human capital that we argue accrue mostly to the firm, and provide evidence of such externalities in the mutual fund context. Empirically, we decompose the skills of mutual fund managers into task-and firm-specific components and argue that managers with task-specific skills generate positive externalities at the firm level that are not reflected in their performance measured at the fund level. We advance and test empirical hypotheses on the existence of these positive unmeasured externalities by examining whether managers with task-specific skills are more likely to be associated with activities such as mentoring, increased risk taking, and generating spillovers at the firm level. Our results show that managers with task-specific skills are indeed associated with greater positive externalities, compared with managers with firm-specific skills. We discuss the implications of our results for the literature on human capital value creation and appropriation.
机译：企业如何从具有可转让技能的员工中受益？普遍的看法是，阻碍员工流动的劳动力市场摩擦或限制技能转移的策略是企业从人力资本中获得适当价值的主要手段。但是，经验证据表明，员工仍然是流动的，公司支付保费以吸引和留住具有可转让技能的员工。为了使理论与数据保持一致，我们使用了共同基金行业的数据，该数据被广泛记录为主动型基金经理比他们产生的价值更大。我们开发了一种源于可转让人力资本的正外部性理论，该理论主要是我们对公司的积累，并提供了在共同基金背景下这种外部性的证据。从经验上讲，我们将共同基金经理的技能分解为任务和公司特定的组成部分，并认为具有任务特定技能的经理会在公司一级产生积极的外部性，而外部性并没有反映在基金一级的绩效中。我们通过检查具有特定任务技能的经理是否更可能与诸如指导，增加风险承担以及在公司一级产生溢出等活动相关联，来推进和检验关于这些积极的，无法衡量的外部性的存在的经验假设。我们的结果表明，与具有公司特定技能的经理相比，具有特定任务技能的经理确实具有更大的正外部性。我们讨论了研究结果对人力资本价值创造和占有的文献的影响。

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