Human capital, capital structure, and employee pay: An empirical analysis

被引：98

作者：

Chemmanur, Thomas J. ^{[1
]}

Cheng, Yingmei ^{[2
]}

Zhang, Tianming ^{[3
]}

机构：

[1] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02467 USA

[2] Florida State Univ, Dept Finance, Tallahassee, FL 32306 USA

[3] Florida State Univ, Dept Accounting, Tallahassee, FL 32306 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 110卷 / 02期

关键词：

Capital structure; Human capital; Labor costs; DEBT; LEVERAGE; COMPENSATION; OUTLIERS;

D O I：

10.1016/j.jfineco.2013.07.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We test the predictions of Titman (1984) and Berk, Stanton, and Zechner (2010) by examining the effect of leverage on labor costs. Leverage has a significantly positive impact on cash, equity-based, and total compensation of chief executive officers (CEOs). Compensation of new CEOs hired from outside the firm is positively related to prior-year firm leverage. In addition, leverage has a positive and significant impact on average employee pay. The incremental total labor expenses associated with an increase in leverage are large enough to offset the incremental tax benefits of debt. The empirical evidence supports the theoretical prediction that labor costs limit the use of debt. (C) 2013 Elsevier B.V. All rights reserved.

引用

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页码：478 / 502

页数：25

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