원문정보
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