摘要
We examine the various channels through which the quality of a firm's employee relations can affect the welfare of bondholders. Our evidence suggests that better employee treatment benefits bondholders and leads to a lower bond spread by enhancing a firm's productivity, and by reducing the likelihood of product failures, labor strife, and employee turnover. However, a higher level of satisfaction is costlier for bondholders in firms facing more severe financial constraints or agency problems.
原文 | American English |
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頁(從 - 到) | 1047-1079 |
頁數 | 33 |
期刊 | European Financial Management |
卷 | 25 |
發行號 | 4 |
DOIs | |
出版狀態 | Published - 1 9月 2019 |