Produtividade laboral e o efeito disciplinador da dívida perante as condições do mercado de trabalho

• Autor(a) principal: Guimarães, Tiago Marcelo Miranda
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.22/18501
• topic: Disciplina da dívida; Oportunidades de emprego externas; Produtividade laboral; Teoria da agência; Debt discipline; Outside employment opportunities; Employee productivity; Agency theory; Economia

The main objective of this research is to understand whether the disciplining effect of debt has the same effectiveness in the relations established with the company's workers in the face of outside conditions in the labor market. Specifically, we aim to assess how the disciplining role of debt is affected by changes in labor market opportunities in 20 European Union (EU) countries over the period from 2010 to 2018, highlighting the effects of heterogeneity in labor policies and the impact of the European and Eurozone sovereign debt crisis on unemployment. This objective was based on information available in Orbis Europe, Datastream, Eurostat and OECD on listed European Union firms, through which it was possible to derive the Cobb-Douglas production function adjusted to the empirical research model. Subsequently, static and dynamic panel data methodologies were used to analyze how the debt-productivity relationship is affected by labor market conditions. The results suggest that the effectiveness of debt as a disciplinary mechanism is exacerbated when workers face worse employment alternatives in the labor market. From another perspective, the results suggest a non-linear convex relationship between debt and labor productivity. As for the heterogeneity of the legal environment and the respective basic legal systems (common law and civil law), the results suggest a stronger and positive, albeit ambiguous, relationship between the level of labor protection and the productivity of firms based on Scandinavian legal system. On the other hand, the evidence points to higher labor productivity during the sovereign debt crisis period, suggesting, in particular, a more effective debt disciplining effect on workers in firms belonging to Eurozone countries.