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Managerial job security and firm diversification

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  • Bu, Ziwen
  • Li, Suyang
  • Xiao, Rongbing

Abstract

We analyze the effects of managerial job security on firm diversification. Our results indicate that enacting legal protection for managers’ employment is conducive to less corporate diversification. Our findings suggest that, in relation to managerial entrenchment and empire-building theories, hedging against employment risk is more likely to be the primary factor for managers when deciding to conduct firm diversification. Consistent with the explanation of agency theory in relation to firm diversification, we also document that refocusing firms increase firm value after enacting the implied-contract exception. The incremental firm value likely reflects the improved efficiency of capital allocation across divisions, as we find that firms increase the efficiency of their capital allocation after the adoption of the law.

Suggested Citation

  • Bu, Ziwen & Li, Suyang & Xiao, Rongbing, 2025. "Managerial job security and firm diversification," Journal of Empirical Finance, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:empfin:v:84:y:2025:i:c:s0927539825000684
    DOI: 10.1016/j.jempfin.2025.101646
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    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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