University-industry collaboration: The impact of postdoctoral workstations on labor investment efficiency.

This paper investigates whether managers use knowledge transferred from university-industry collaboration when making investment decisions on labor. To establish causality, we use a difference-in-difference method based on the staggered establishment of postdoctoral workstations in Chinese firms. We find that postdoctoral workstations enable managers to improve labor investment efficiency and thus help mitigate over- and under-investment problems in labor, and the higher the operational quality of the workstation, the more significant the increase in investment efficiency.