In this study,we examine the relationship between job satisfaction and firm leverage using a sample of Chinese listed firms.We find that in a sample of‘‘China’s 100 Best Employers Award"winners during 2011–20...In this study,we examine the relationship between job satisfaction and firm leverage using a sample of Chinese listed firms.We find that in a sample of‘‘China’s 100 Best Employers Award"winners during 2011–2017,job satisfaction is negatively associated with firm leverage.The effect is more pronounced in firms with higher distress risk and operating in human capital intensive industries.We confirm the validity of the main findings using a matched sample and a series of robustness checks.Overall,our results indicate that firms can credibly demonstrate their commitment to stakeholders and re-shape their capital structure by improving job satisfaction.展开更多
基金financial support from the National Natural Science Foundation of China(No.71802113 and No.71802170)the financial supports from China Ministry of Education(19YJA790038)the Key Laboratory of Econometrics(Xiamen University)
文摘In this study,we examine the relationship between job satisfaction and firm leverage using a sample of Chinese listed firms.We find that in a sample of‘‘China’s 100 Best Employers Award"winners during 2011–2017,job satisfaction is negatively associated with firm leverage.The effect is more pronounced in firms with higher distress risk and operating in human capital intensive industries.We confirm the validity of the main findings using a matched sample and a series of robustness checks.Overall,our results indicate that firms can credibly demonstrate their commitment to stakeholders and re-shape their capital structure by improving job satisfaction.
