Employee treatment and firm leverage : a test of the stakeholder theory of capital structure
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 specifi...
Main Authors: | Wang, Jin, Bae, Kee-Hong, Kang, Jun-Koo |
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Other Authors: | Nanyang Business School |
Format: | Journal Article |
Language: | English |
Published: |
2013
|
Subjects: | |
Online Access: | https://hdl.handle.net/10356/100625 http://hdl.handle.net/10220/18132 |
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