Labor unemployment risk and firm risk
研究劳动力失业风险如何影响企业风险，发现失业风险越高，企业风险越大，尤其在劳动密集、裁员倾向高和财务受限的企业中更明显。
Abstract This paper examines the effect of labor unemployment risk on firm risk. Using unemployment insurance benefits as a proxy for unemployment risk, we find an economically significant positive relation between unemployment risk and firm risk. This positive relation is more pronounced for firms that are more labor‐intensive, have a higher layoff propensity and are more financially constrained. While existing literature that employs corporate policy measures such as debt and cash holdings suggests an opposite relationship, our paper presents evidence that the effects stemming from earnings management, earnings quality and reporting quality appear to dominate.