Corporate Financial Frictions and Employee Mental Health
利用2008年信贷紧缩期间企业债务再融资需求差异，发现财务摩擦导致员工抗抑郁药使用增加，主要源于在职员工对工作安全感下降。
Abstract This article argues that corporate financial frictions can have an adverse effect on employee mental health, an important determinant of employee productivity. To identify the causal effects of financial frictions, we exploit variation in firms’ need to refinance their long-term debt in 2008, a period when refinancing became more difficult due to the credit crunch. Using administrative microdata, we find that antidepressant use grows significantly more among employees of firms in higher need of debt refinancing. Much of this effect occurs at employees keeping their jobs, pointing to decreased perceptions of job security as a transmission channel.