Directing the Labor Market: Shared Directors and Employee Flows

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ID: 331419
2026
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Abstract
Abstract Using résumé data on over 20 million U.S. workers, we find that the flow of employees between a pair of firms sharply drops by about 20% during periods in which the firms share a board director. This relationship is stronger in settings where firms have greater potential gains from limiting worker mobility and is most pronounced for higher-skilled employees. Moreover, we find more connected firms have lower rates of internal promotion and no improvements in employee satisfaction. The evidence is consistent with shared directors serving as a mechanism for labor market coordination. (JEL G34, G38, J42, J62, J08, K21, K31, M50)
Reference Key
openalex_W7220651945 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Taylor A. Begley, Peter H. Haslag, Daniel Weagley
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Journal review of financial studies
Year 2026
DOI
10.1093/rfs/hhag090
URL
https://doi.org/10.1093/rfs/hhag090
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