Employee treatment and its implications for bondholders
研究了企业员工关系质量如何通过影响生产率、产品失败、劳资纠纷和员工离职率等渠道，进而影响债券持有人的利益和债券利差。
Abstract We examine the various channels through which the quality of a firm's employee relations can affect the welfare of bondholders. Our evidence suggests that better employee treatment benefits bondholders and leads to a lower bond spread by enhancing a firm's productivity, and by reducing the likelihood of product failures, labor strife, and employee turnover. However, a higher level of satisfaction is costlier for bondholders in firms facing more severe financial constraints or agency problems.