Personal Bankruptcy Laws and Corporate Policies
研究了个人破产法改革如何影响企业政策，发现限制破产保护后，受影响企业增加劳动成本、减少投资和风险承担，且员工议价能力越强效果越明显。
In this article we examine whether and how changes in personal bankruptcy laws, viewed as a shock to employees’ expected personal wealth, affect corporate policies. Following a reform in personal bankruptcy laws that limits individuals’ access to bankruptcy protection, firms more affected by this regulation reform increase labor costs, reduce investment, and engage in less risk taking. The effects are stronger when employees have more bargaining power. Furthermore, firms in industries characterized by high unemployment risk reduce leverage. These results support the view that firms choose more conservative policies to mitigate employees’ expected welfare losses.