Employment and Wage Insurance within Firms: Worldwide Evidence

Andrew Ellul, Marco Pagano and Fabiano Schivardi

The Review of Financial Studies, 2018, vol. 31, issue 4, 1298-1340

Abstract: Using a firm-level international panel data set, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers’ demand for insurance within firms, and family versus nonfamily ownership as a shifter of firms’ supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger, in countries and periods with less generous public unemployment insurance, whereas no such substitutability emerges for nonfamily firms. Received July 18, 2015; editorial decision August 8, 2017 by Editor Francesca Cornelli.

Date: 2018
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Related works:
Working Paper: Employment and Wage Insurance within Firms - Worldwide Evidence (2017)
Working Paper: Employment and Wage Insurance within Firms: Worldwide Evidence (2017)
Working Paper: Employment and Wage Insurance within Firms: Worldwide Evidence (2015)
Working Paper: Employment and Wage Insurance within Firms: Worldwide Evidence (2015)
Working Paper: Employment and wage insurance within firms: Worldwide evidence (2015)
Working Paper: Employment and wage insurance within firms: worldwide evidence (2014)
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