JFE-在金融科技颠覆中生存

Contents lists available at ScienceDirectJournal of Financial Economicsjournal homepage: www.elsevier.com/locate/finec Surviving the fintech disruption$Wei Jiang a, Yuehua Tang b,∗, Rachel J. Xiao c, Vincent Yao da Emory University Goizueta Business School, NBER, and ECGI, 1300 Clifton Rd, Atlanta, 30322, GA, USAb Warrington College of Business, University of Florida, 1454 Union Rd, Gainesville, 32611, FL, USAc Gabelli School of Business, Fordham University, 45 Columbus Ave, New York, 10023, NY, USAd J. Mack Robinson College of Business, Georgia State University, 35 Broad St NW, Atlanta, 30303, GA, USAA R T I C L E I N F ODataset link: Fintech Disruption JFE ReplicationPackage (Reference data)Keywords:FintechCreative destructionJobsTasksTechnologyInnovation A B S T R A C TWe examine the impact of fintech on firm labor demand, job turnover, and firm performance. Occupations with higher exposure to fintech experience a net decline in job postings and employment, though both complementary and substitutive effects emerge across different sectors. Fintech blurs traditional industry boundaries, creating demand for workers with a combination of finance and technology skills. In response, firms upskill through hiring, reallocate talent internally, and pivot innovation to new areas. As a result, firms are better equipped to absorb the shock than individual workers, with innovative firms even experiencing growth in employment, sales, and productivity upon fintech disruption.1. IntroductionEconomists have long debated the trade-off between the new oppor-tunities that technological advancements bring to businesses and con-sumers and the labor force displacements they cause—a phenomenon often referred to as ‘‘creative destruction’’, first coined by Schumpeter (1942). In this paper, we examine the relationship between techno-logical innovations and changes in the labor market by focusing on the recent wave of fintech. Our research setting offers several distinc-tive advantages for exploring this topic. First, financial services have emerged as the primary target for disruption and enhancement during this fintech wave that features decentralization (e.g., distributed ledger technology) and disintermediation (e.g., crowdfunding) in the financial industry, although they have remained largely intact while numer-ous technological waves have disrupted many other industries since 1886 (Philippon, 2015). This provides us with a unique opportunity to study the creative destruction effect of fintech innovations. Second, $ Dimitris Papanikolaou was the editor for this article. This study benefits from comments and suggestions from the editor, two anonymous referees, Tania Babina, Will Cong, Gerard Hoberg, Yukun Liu, Ernst Maug, Song Ma, Nagpurnanand Prabhala, Ben Zhang, and the participants at the following seminars and conferences: Kadir Has (Istanbul), Webinar on Labor and Finance, Workshop on Entrepreneurial Finance and Innovation, Atlanta Rising Scholar Symposium i