Effects of the Asian financial crisis on the relation between leverage and employee compensation

被引：14

作者：

Seo, Sung Won ^{[1
]}

Kim, Jun Sik ^{[2
]}

Ryu, Doojin ^{[3
]}

机构：

[1] Ajou Univ, Sch Business, Suwon, South Korea

[2] Incheon Natl Univ, Div Int Trade, Incheon, South Korea

[3] Sungkyunkwan Univ, Coll Econ, 25-2 Sungkyunkwan Ro, Seoul 03063, South Korea

来源：

SPANISH JOURNAL OF FINANCE AND ACCOUNTING-REVISTA ESPANOLA DE FINANCIACION Y CONTABILIDA | 2019年 / 48卷 / 01期

基金：

新加坡国家研究基金会;

关键词：

Asian financial crisis; corporate finance; emerging market; employee compensation; leverage; CAPITAL STRUCTURE; RETURNS; MARKET; DEBT; PARTICIPATION;

D O I：

10.1080/02102412.2018.1456029

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the effect of the Asian financial crisis on the relation between leverage and employee compensation. We find a negative relationship between a firm's debt ratio and employee compensation. We also show that this negative relation becomes evident since the Asian crisis. As an additional analysis, our findings also suggest that the negative relation between leverage and wages is particularly strong among small and risky firms.

引用

页码：1 / 20

页数：20

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