Capital Structure and Labour Demand: Investigations Using German Micro Data

Michael Funke · Wolf Maurer · Holger Strulik B

24 citations0/0 files storedOxford Bulletin of Economics and Statistics

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Corporate Finance and Governance Financial Analysis and Corporate Governance Firm Innovation and Growth

Abstract

The paper analyses the interaction between capital structure and employment decisions of firms. For this purpose, a theoretical model is developed in which a firm determines employment along an optimal path taking into account financial considerations. The empirical analysis using West German micro data proves that a negative relationship exists between employment and the debt asset ratio of the firm. We also demonstrate that as real wages (sales) increase, employment decreases (increases).

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1984Corporate financing and investment decisions when firms have information that investors do not have 2021Econometric Analysis of Panel Data 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1995Firms, Contracts, and Financial Structure 1987Financing Constraints and Corporate Investment 1994Dynamic Investment Models and the Firm's Financial Policy

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