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Corporate Hiring under Uncertainty

Duc Duy Nguyen & Vathunyoo Sila

Review of Corporate Finance Studies2025https://doi.org/10.1093/rcfs/cfaf008article
AJG 3ABDC A*
Weight
0.44

Abstract

Using granular data on job postings and employee flows, we examine how firms adjust human capital investments during periods of uncertainty brought on by gubernatorial elections. We find that firms reduce job postings in the 6 months leading up to an election, particularly advertisements for more costly to reverse positions (highly skilled, less flexible, or unionized). We also explore the sources of election uncertainty and find stronger effects in elections where public interests more heavily focus on labor issues. Our results are consistent with the real options framework, where firms adopt a “wait and see” approach in response to uncertainty. (JEL J2, G3)

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https://doi.org/https://doi.org/10.1093/rcfs/cfaf008

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@article{duc2025,
  title        = {{Corporate Hiring under Uncertainty}},
  author       = {Duc Duy Nguyen & Vathunyoo Sila},
  journal      = {Review of Corporate Finance Studies},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1093/rcfs/cfaf008},
}

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Corporate Hiring under Uncertainty

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Evidence weight

0.44

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.32 × 0.4 = 0.13
M · momentum0.57 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.