PALESTRANTE:
Esra Ugurlu
FILIAÇÃO INSTITUCIONAL: Lecturer at the University of Leeds.

ABSTRACT: This paper examines the effects of labour shortages on investment rates in the European Union using three distinct datasets at different levels of aggregation. From a theoretical perspective, labour shortages can constrain firms’ ability to invest, as a higher rate of accumulation without sufficient personnel to utilise the expanded capital stock could prove inefficient. Conversely, labour scarcity may stimulate investment by incentivizing a shift toward more capital-intensive production techniques. Moreover, labour shortages could influence investment through its effect on workers’ bargaining power and hence profitability. Our aggregate findings, based on a cross-country and industry-level data, suggest a positive relationship between labour shortages and the investment rate. However, we find that the aggregate data mask important differences across firms and sectors. Using a unique firm-level dataset, constructed by merging the European Investment Bank Investment Survey with Orbis, we find that the effects of labour shortages on investment differ across sectors. While the relationship is positive for the service sector firms, investment rates tend to be lower in manufacturing and construction firms.

DATA: 14/04/2025
HORA: 16h40
SALA: 203

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