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Polarizing Corporations: Does Talent Flow to "Good" Firms?

Author

Listed:
  • Emanuele Colonnelli
  • Timothy McQuade
  • Gabriel Ramos
  • Thomas Rauter
  • Olivia Xiong

Abstract

We conduct a field experiment in partnership with the largest job platform in Brazil to study how environmental, social, and governance (ESG) practices of firms affect talent allocation. We find both an average job-seeker's preference for ESG and a large degree of heterogeneity across socioeconomic groups, with the strongest preference displayed by highly educated, white, and politically liberal individuals. We combine our experimental estimates with administrative matched employer-employee microdata and estimate an equilibrium model of the labor market. Counterfactual analyses suggest ESG practices increase total economic output and worker welfare, while increasing the wage gap between skilled and unskilled workers.

Suggested Citation

  • Emanuele Colonnelli & Timothy McQuade & Gabriel Ramos & Thomas Rauter & Olivia Xiong, 2023. "Polarizing Corporations: Does Talent Flow to "Good" Firms?," NBER Working Papers 31913, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31913
    Note: AP CF DEV LS POL PR
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    More about this item

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • G0 - Financial Economics - - General
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G4 - Financial Economics - - Behavioral Finance
    • J0 - Labor and Demographic Economics - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P0 - Political Economy and Comparative Economic Systems - - General

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