Contents
The effect of leverage on labor cost management = 기업의 노동 비용 관리에 대한 자본 구조의 효과 / Du-Ri Park 1
[요약] 1
I. Introduction 2
II. Literature Review 6
2.1. Debt and employee wages 6
2.2. Debt and hiring 8
2.3. Debt and total labor expense 8
III. Sample selection 9
IV. Empirical results 10
4.1. Testing the relation between leverage and managers' hiring decision 10
4.2. Testing the relation between leverage and total labor expense 18
4.3. Bankruptcy risk and the relation between leverage and total labor expense 20
V. Additional Analyses and Robustness Tests 22
5.1. Revisiting the relation between leverage and average employee wage 22
5.2. The effect of external monitoring on the relation between leverage and total labor expense 24
5.3. Robustness tests 26
VI. Conclusion 32
References 34
요약 37
Appendix 38