Employee Inside Debt and Firm Risk-Taking: Evidence from Employee Deposit Programs in Japan
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要Unlike broad-based equity ownership by employees, ownership of company debt by rank-and-file employees has not received much attention. We argue that company debt held by employees in the form of in-company deposits can monitor risk-taking and facilitate risk discovery. Employee deposits have been historically widely used in Japan. For a sample of 2,104 Japanese firms, using an identification strategy that utilizes a new law in 2003 that changed the priority of employee deposits in bankruptcy and led to large-scale withdrawals of employee deposits, we find that employee deposits mitigate firms’ risk-taking behavior and reduce the agency cost of debt.
著者Sudipto Dasgupta, Yupeng Lin, Takeshi Yamada, Zilong Zhang
期刊名稱Review of Corporate Finance Studies
出版年份2019
月份9
卷號8
期次2
出版社Oxford University Press
頁次302 - 347
國際標準期刊號2046-9128
電子國際標準期刊號2046-9136
語言美式英語

上次更新時間 2021-21-01 於 23:42