Do paid maternity leave mandates affect corporate cash holdings?
研究发现带薪产假法律会显著降低企业现金储备，尤其在劳动密集型行业，员工生产率提高是主要影响渠道。
This study examines whether paid maternity leave laws affect corporate cash holdings. Using a difference-in-differences approach, we find the staggered introduction of these laws significantly reduce firm cash reserves, especially in labor-intensive industries. Further analysis indicates that increased employee productivity post-adoption associates with declining cash holdings, representing a channel linking these laws to precautionary savings motives.