| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14383 |
| DP14383 Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress | |
| Ramin Baghai; Rui Silva; Vikrant Vig; Viktor Thell | |
| 发表日期 | 2020-02-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The importance of skilled labor and the inalienability of human capital expose firms to the risk of losing talent in critical times. Using Swedish micro-data, we document that firms lose workers with the highest cognitive and noncognitive skills as they approach bankruptcy. In a quasi-experiment, we confirm that financial distress is driving these results: following a negative export shock caused by exogenous currency movements, talent abandons the firm, but only if the exporter is highly leveraged. Consistent with talent dependence being associated with higher labor costs of financial distress, firms that rely more on talent have more conservative capital structures. |
| 主题 | Financial Economics |
| 关键词 | Bankruptcy Financial distress Employees Talent Capital structure |
| URL | https://cepr.org/publications/dp14383 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543277 |
| 推荐引用方式 GB/T 7714 | Ramin Baghai,Rui Silva,Vikrant Vig,et al. DP14383 Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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