Does skilled labor risk matter to suppliers? Evidence from trade credit
研究发现，企业面临的技能劳动力风险越高，供应商提供的商业信用越少，因为关键员工流失会削弱企业的议价能力，组织资本、管理能力和融资约束会调节这一关系。
Abstract Failure to attract and retain skilled labor exposes firms to skilled labor risk. This paper examines whether and how skilled labor risk affects trade credit offered by suppliers. The empirical analyses show that firms with greater exposure to skilled labor risk are associated with a reduction in trade credit granted by suppliers. It is consistent with the view that the risk arising from the departures of skilled employees is detrimental to firms. A change in employees who are well‐connected with the suppliers undermines firms’ bargaining power with their suppliers. Organization capital, managerial ability, and financial constraint are important moderators.