Capital Structure and Employment Flexibility
Abstract
This paper uses a unique panel dataset to establish a causal relationship between the use of flexible contractual arrangements with labor and capital structure of the firm. Using the exogenous inter-temporal variation from government subsidies, I find that hiring more temporary workers leads firms to have more debt. Since temporary workers, unlike permanent ones, can be fired at a much lower cost during their contract duration, or their...
Paper Details
Title
Capital Structure and Employment Flexibility
Published Date
Jan 1, 2012
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