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Firing costs and capital structure d...

Serfling, Matthew.

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Firing costs and capital structure decisions.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Firing costs and capital structure decisions./
Author:	Serfling, Matthew.
Description:	70 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-08(E), Section: A.
Contained By:	Dissertation Abstracts International76-08A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3688093
ISBN:	9781321662252

Firing costs and capital structure decisions.
Serfling, Matthew.

Firing costs and capital structure decisions. - 70 p.

Source: Dissertation Abstracts International, Volume: 76-08(E), Section: A.

Thesis (Ph.D.)--The University of Arizona, 2015.

This item must not be sold to any third party vendors.

I exploit the passage of wrongful discharge laws by U.S. state courts that allow workers to sue employers for unjust dismissal as an exogenous increase in employee firing costs. I find that firms reduce debt ratios following the adoption of these laws, and this result is strongest for subsamples of firms that experience larger increases in expected firing costs. Following the passage of these laws, firms also increase cash holdings, firms save more cash out of cash flows, and investors place a higher value on each additional dollar of cash holdings. Overall, my results indicate that employee firing costs can have an important impact on corporate financial policy decisions.

ISBN: 9781321662252Subjects--Topical Terms:

542899
Finance.

Firing costs and capital structure decisions.
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245 1 0 $a Firing costs and capital structure decisions.
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500 $a Source: Dissertation Abstracts International, Volume: 76-08(E), Section: A.
500 $a Adviser: Sandy Klasa.
502 $a Thesis (Ph.D.)--The University of Arizona, 2015.
506 $a This item must not be sold to any third party vendors.
520 $a I exploit the passage of wrongful discharge laws by U.S. state courts that allow workers to sue employers for unjust dismissal as an exogenous increase in employee firing costs. I find that firms reduce debt ratios following the adoption of these laws, and this result is strongest for subsamples of firms that experience larger increases in expected firing costs. Following the passage of these laws, firms also increase cash holdings, firms save more cash out of cash flows, and investors place a higher value on each additional dollar of cash holdings. Overall, my results indicate that employee firing costs can have an important impact on corporate financial policy decisions.
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