Long-term Attachments and Long-Run Firm Rates of Return

Peter Orazem, Marvin L. Bouillon and Benjamin M. Doran

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: Long-term attachments between workers and firms are common. Numerous studies have examined worker returns to tenure, but little is known of firm returns to firm-worker matches. Yet these attachments represent a human capital asset quasi-held by the firm, which is not captured by traditional accounting measures of firm assets. Firms with large quasi-holdings of human capital will have higher measured return on assets, other things equal. Analysis of data on 250 large manufacturing firms supports the view that firms profit from long-term attachments with their workers. Consequently, unmeasured human capital assets contribute to the explanation of persistence in measured long-run excess profits across

Date: 2004-10-01
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Journal Article: Long‐Term Attachments and Long‐Run Firm Rates of Return (2004)
Working Paper: Long-Term Attachments and Long-Run Firm Rates of Return (2004)
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