| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20579 |
| 来源ID | Working Paper 20579 |
| Outside Purchase Contracts, Human Capital and Firm Capital Structure | |
| S. Katie Moon; Gordon M. Phillips | |
| 发表日期 | 2014-10-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We examine the impact of outside purchase contracts on firm risk and firm capital structure. We find that firms with more outside purchase contracts have less risky cash flows. Despite these less risky cash flows, firms with these contracts also have less financial leverage especially when they operate in high value-added industries. Examining firm financing decisions, we document that firms with more outside contracts are more likely to issue private securities. Our results are consistent with firms with more outside purchase contracts using less leverage to decrease the expected costs of financial distress on their explicit and implicit contracting parties. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w20579 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578253 |
| 推荐引用方式 GB/T 7714 | S. Katie Moon,Gordon M. Phillips. Outside Purchase Contracts, Human Capital and Firm Capital Structure. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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