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Financing Constraints and Workplace Safety

We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to financing constraints.

Ketersediaan

Call NumberLocationAvailable
The Journal of FinancePSB lt.dasar - Pascasarjana1
Penerbit .,
Edisi Vol. 71, Number 5, Oct. 2016
Subjek -
ISBN/ISSN 00221082
Klasifikasi NONE
Deskripsi Fisik -
Info Detail Spesifik The Journal of Finance
Other Version/Related Tidak tersedia versi lain
Lampiran Berkas Tidak Ada Data