Debt, Operating Margin, and Investment In Workplace Safety
研究了企业财务表现如何影响工作场所安全，发现营业利润率低的企业中，利润率越高越安全；债务越多也越安全，但仅在利润率较低时成立。
We investigate how a firm's financial performance affects workplace safety. We provide empirical estimates of the relationship between a firm's financial condition and its investment in workplace safety using plant‐level proxies for safety performance from OSHA records for thirteen large U.S. industries for the period 1972‐87. Our results suggest that, at the lowest levels of operating margins, firms with higher operating margins have safer workplaces. Firms with more debt also have safer workplaces, but only when operating margins are relatively low. These results are consistent with a number of theoretical models in which financial factors influence operating decisions.