| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w25125
|
| 来源ID | Working Paper 25125
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| Capital Structure and a Firm\u2019s Workforce |
| David A. Matsa
|
| 发表日期 | 2018-10-08
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| 出版年 | 2018
|
| 语种 | 英语
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| 摘要 | While businesses require funding to start and grow, they also rely on human capital, which affects how they raise funds. Labor market frictions make financing labor different than financing capital. Unlike capital, labor cannot be owned and can act strategically. Workers face unemployment costs, can negotiate for higher wages, are protected by employment regulations, and face retirement risk. I propose using these frictions as a framework for understanding the unique impact of a firm’s workforce on its capital structure. For instance, high leverage often makes managing labor more difficult by undermining employees’ job security and increasing the need for costly workforce reductions. But firms can also use leverage to their advantage, such as in labor negotiations and defined benefit pensions. This research can help firms account for the needs and management of their workforce when making financing decisions. |
| 主题 | Financial Economics
; Corporate Finance
; Labor Economics
; Labor Compensation
; Labor Relations
; Unemployment and Immigration
; Other
; Accounting, Marketing, and Personnel
|
| URL | https://www.nber.org/papers/w25125
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582799
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推荐引用方式
GB/T 7714 |
David A. Matsa. Capital Structure and a Firm\u2019s Workforce. 2018.
|
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文件名：
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w25125.pdf
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格式：
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Adobe PDF
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