Capital Structure and Labour Demand: Investigations Using German Micro Data
通过理论模型和西德企业微观数据，分析资本结构如何影响就业决策，发现企业债务资产比与就业负相关，实际工资上升会减少就业，销售额上升则增加就业。
The paper analyses the interaction between capital structure and employment decisions of firms. For this purpose, a theoretical model is developed in which a firm determines employment along an optimal path taking into account financial considerations. The empirical analysis using West German micro data proves that a negative relationship exists between employment and the debt asset ratio of the firm. We also demonstrate that as real wages (sales) increase, employment decreases (increases).