Deferred Compensation: Evidence from Employer-Employee Matched Data from Japan

• 영문명: Deferred Compensation: Evidence from Employer-Employee Matched Data from Japan
• 발행기관: 한국계량경제학회
• 저자명: Kyoji Fukao Ryo Kambayashi Daiji Kawaguchi Hyeog Ug Kwon Young Gak Kim Izumi Yokoyama
• 간행물 정보: 『한국계량경제학회 학술대회 논문집』2007년 하계학술대회, 1~44쪽, 전체 44쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2007.08.30

영문 초록

Wage increases, along with job tenure, are one of the most robust empirical regularities found in labor economics. Several theories explain these empirical regularities, and such theories offer sharp empirical predictions for the relation between productivity-tenure and wage-tenure profiles. The human capital model, with cost and benefit sharing between workers and employers, predicts a steeper productivity-tenure profile than wage-tenure profile. The matching quality model predicts that the two profiles will overlap. Theories that involve the information asymmetry between employers and employees predict a steeper wage-tenure profile than productivity-tenure profile to induce workers’ effort and enhance efficiency. This paper first estimate the establishment-level production function using the total wage bill as a measure of labor input using employer-employee matched data from Japan. After conditioning on the total wage bill, those establishments with more of aged workers produce less. Then we estimate the productivity-tenure profile and the wage-tenure profile by estimating the plant-level production function and the wage equation. These estimations offer a comprehensive test for the relative applicability of the two theories on the wage-tenure profile. Estimation results indicate a steeper wage-tenure profile than productivity-tenure profile and point to the relative importance of the deferred wage payment contract.

목차

1 Introduction

2 Data

3 Reduced Form Estimation

4 Structural Econometric Model

5 Estimation Results

6 Control for Establishment Heterogeneity

7 Conclusion

키워드

Wage Productivity Employer-Employee Matched Data Japan