Financing Labor

Efraim Benmelech · NITTAI K. BERGMAN · Amit Seru

105 citations0/0 files storedNational Bureau of Economic Research

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Corporate Finance and Governance Firm Innovation and Growth Working Capital and Financial Performance

Abstract

Financial market imperfections can have significant impact on employment decisions of firms.We illustrate the economic importance of this channel by demonstrating that the responsiveness of employment decisions to firms' financial health is quantitatively similar to the much-studied responsiveness of investment decisions to cash-flows.We use a collage of three 'quasi-experiments' used previously in the investment-cash flow and finance-growth literatures to trace the effects of finance on employment.Our results suggest that financial constraints and the availability of credit play an important role in firm-level employment decisions, as well as aggregate unemployment outcomes

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1988Financing Constraints and Corporate Investment 1995Inside the Black Box: The Credit Channel of Monetary Policy Transmission 2010Big Bad Banks? The Winners and Losers from Bank Deregulation in the United States 1997Capital-Market Imperfections and Investment 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups

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2021Digital financial inclusion and vulnerability to poverty: evidence from Chinese rural households 2010The Cyclical Volatility of Labor Markets Under Frictional Financial Markets 2019Financing intangible capital 2018Capital Structure and a Firm's Workforce 2021Competitive pressure and firm investment efficiency: Evidence from corporate employment decisions

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