本研究主要探討員工失業擔憂程度對公司營運效率之影響，採用美國各州的失業救濟金來衡量員工的失業擔憂，並以Demerjian et al.(2012)研究中所使用的資料包絡分析DEA計算結果來衡量公司的營運效率，研究對象為2004年至2014年美國上市公司，同時控制其他可能會影響的攸關變數，經研究實證結果發現，員工失業擔憂與公司營運效率呈現負向關係，亦即員工失業擔憂程度越高，公司營運效率越低。本研究結果亦證實，當公司營業部門數越多的情況下，將會增加員工失業擔憂對公司營運效率之負面影響。

This study focuses on the impact of labor unemployment concerns on corporate operational efficiency. This research adopts the unemployment insurance data published by the US states to capture labor unemployment concerns, and follows the calculation results of the DEA approach in the Demerjian et al. (2012) to measure firms’ operational efficiency. To test our hypotheses, this study employs data for US listed companies during the period from 2004 to 2014. The empirical results indicate that unemployment concerns are negatively associated with operational efficiency. That is, firms with higher unemployment concerns have lower operational efficiency. Moreover, the results also confirm that with greater numbers of operating segments, the negative association between unemployment concern and operational efficiency will be stronger.

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