Does it pay to treat employees well?: The case of informal finance
研究了员工待遇如何影响企业获得贸易信贷等非正式融资，发现更好的员工待遇能增加融资额，且效果在竞争激烈、定制化投入高、社会资本低和技能劳动力需求大的环境中更强。
Abstract We examine the role of employee treatment in firms’ access to informal finance in the form of trade credit. We find that better employee treatment improves the amount of informal finance a firm can obtain. This effect is stronger in environments with (1) more intensive product market competition, (2) highly customized inputs, (3) lower social capital and (4) high demand for skilled labor. Furthermore, the role of employee treatment varies according to a firm's financial health and liquidity. Employee treatment becomes less important for firms having a low level of liquidity but is more pronounced for firms experiencing financial distress.