کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960206 | 929420 | 2011 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Employee treatment and firm leverage: A test of the stakeholder theory of capital structure
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
We investigate the stakeholder theory of capital structure from the perspective of a firm’s relations with its employees. We find that firms that treat their employees fairly (as measured by high employee‐friendly ratings) maintain low debt ratios. This result is robust to a variety of model specifications and endogeneity issues. The negative relation between leverage and a firm’s ability to treat employees fairly is also evident when we measure its ability by whether it is included in the Fortune magazine list, “100 Best Companies to Work For.” These results suggest that a firm’s incentive or ability to offer fair employee treatment is an important determinant of its financing policy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 100, Issue 1, April 2011, Pages 130–153
Journal: Journal of Financial Economics - Volume 100, Issue 1, April 2011, Pages 130–153
نویسندگان
Kee-Hong Bae, Jun-Koo Kang, Jin Wang,