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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Employment protection and corporate cash holdings: Evidence from Chinas labor contract law
ترجمه فارسی عنوان مقاله:
حفاظت از استخدام و هلدینگ های نقدی شرکتی: شواهدی از قانون قرارداد کارگری چین
منبع:
Journal of Banking & Finance Volume 92, July 2018, Pages 182-194
نویسنده:
Chenyu Cui, Kose John, Jiaren Pang, Haibin Wu
چکیده انگلیسی:
Employment protection increases labor adjustment costs and hence the expected costs of financial distress for labor-intensive firms. It follows that these firms are likely to increase their cash holdings to reduce the risk of financial distress when employment protection is strengthened. Consistent with this prediction, we find that labor-intensive firms in China significantly increase their cash holdings following the enactment of Chinas Labor Contract Law; other contemporaneous shocks do not seem to drive the finding. We also find that two events prior to the enactment that increase the likelihood of enacting the law have a similar effect. Further analysis shows that the impact of the law is concentrated on areas with strict law enforcement, state-owned enterprises, and industries that employ large numbers of migrant workers.
keywords: Cash holdings |Employment protection |Labor adjustment costs
قیمت: رایگان
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