Financing Labor-Reference-Cited by-同舟云学术

Financing Labor

Published:2021-05-14 Issue:5 Volume:25 Page:1365-1393
ISSN:1572-3097
Container-title:Review of Finance
language:en
Short-container-title:

Author:

Benmelech Efraim¹,Bergman Nittai²,Seru Amit³

Affiliation:

1. Kellogg School of Management, Northwestern University, and NBER

2. Berglas School of Economics, Tel Aviv University

3. Stanford GSB, Hoover, and NBER

Abstract

Abstract Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by showing that employment decisions are constrained by firms’ financial health and liquidity. Our main analysis uses a collage of three “quasi-experiments” to trace the effects of finance on employment. The 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.

Publisher

Oxford University Press (OUP)

Subject

Finance,Economics and Econometrics,Accounting

Link

http://academic.oup.com/rof/advance-article-pdf/doi/10.1093/rof/rfab013/38815404/rfab013.pdf

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