| 000 -LEADER |
|---|
| fixed length control field |
01337nam a22001817a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
190311b xxu||||| |||| 00| 0 eng d |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
|---|
| International Standard Serial Number |
0304-405X |
| 952 ## - LOCATION AND ITEM INFORMATION (KOHA) |
|---|
| -- |
PER |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Employee representation and financial leverage / by Chen Lin, Thomas Schmid, Yuhai Xuan |
| Statement of responsibility, etc |
Chen Lin, Thomas Schmid, Yuhai Xuan |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
Amsterdam |
| Name of publisher, distributor, etc |
Elsevier |
| Date of publication, distribution, etc |
February 2018 |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
Pages 303-324 |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
|---|
| Title |
Journal of Financial Economics |
| Volume number/sequential designation |
127 (1) |
| International Standard Serial Number |
0304-405X |
| 500 ## - GENERAL NOTE |
|---|
| General note |
Abstract
We analyze how direct employee voice affects financial leverage. German law mandates that firms’ supervisory boards consist of an equal number of employees’ and owners’ representatives. This requirement, however, applies only to firms with more than two thousand domestic employees. We exploit this discontinuity and the law’s introduction in 1976 for identification and find that direct employee power increases financial leverage. This is explained by a supply side effect: as banks’ interests are similar to those of employees, higher employee power reduces agency conflicts with debt providers, leading to better financing conditions. These findings reveal a novel mechanism of direct employee influence.
|
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Capital structure |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Financial leverage |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Employee representation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Labor rights |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Source of classification or shelving scheme |
|
| Item type |
Periodicals |