The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification
研究发现公司杠杆与员工家庭劳动收入多样化正相关，高杠杆公司更倾向招聘收入来源多样的员工，并通过政策冲击验证了因果关系。
Abstract Consistent with theories on the equilibrium matching between capital structure and employee job risk aversion, we find a robust, positive association between a firm’s leverage and its employees’ family labor income diversification. Higher-Leverage firms also recruit new employees with greater income diversification. For identification, we exploit two policy shocks that exogenously change employee income diversification and firm leverage, respectively. Individual employee-level tests further reveal that workers with differential risk attitudes adjust their job choices and household labor income portfolios in response to significant shifts in their employers’ leverage. Finally, human bankruptcy costs contribute to the general level of corporate risk-taking.