Employee Relations and the Likelihood of Occurrence of Corporate Financial Distress
研究员工关系与企业财务困境发生的关系，发现良好员工关系有助于企业在经济困难时获得劳动让步，从而降低财务困境风险。
Abstract: In this paper, we investigate the association of employee relations with the occurrence of onset of financial distress. We argue that if adverse economic conditions arise, firms that have maintained good employee relations will be more effective in obtaining temporary labor concessions. As a result, firms with good employee relations, to the extent they are dependent on labor in the conduct of business operations, should be more likely to avoid the onset of future financial distress. The empirical findings we document support this prior.