Earticle

초록

영어

In this paper, I examine the relationship between employee pay and firm leverage using novel data that links worker characteristics and matched firms’ accounting data. Even after controlling for worker-level characteristics, I find a significant negative relationship between employee pay and leverage, a finding that aligns with recent studies showing negative relationships between firms’ average employee pay and leverage. This supports the notion that higher leverage plays a significant role in the renegotiation of senior claims rather than serving as a compensating differential ingredient. The negative effect of leverage on wages is more pronounced among the middle managers, high tenure workers, and non-union member workers. Firms expected to have low surpluses to share with their employees and strong union bargaining power also experience more pronouncedly negative wage-leverage relationships.

목차

1. Introduction
2. Literature Review and Hypotheses
2. Data and Empirical Methods
2.1. Data
2.2. Empirical Model
3. Empirical Results
3.1. Descriptive statistics
3.2 Regression Results
3.3. Subsample Analyses
4. Conclusion
Reference

저자

• Jaeouk Kim

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330