Capital Structure as a Strategic Variable: Evidence from Collective Bargaining

By David A. Matsa. 2010

577 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/01064fdd5156b146a0dbd1f60053871b901b6e96

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Citations in the corpus

Financial Reporting Quality and Labor Investment Efficiency (2014, unknown): “While we acknowledge this caveat, we also note that evidence in prior research suggests that firm- and industry-level data yield similar results in studies of unionization effects on corporate policy choices (e.g., Bronars and Deere 1991; Klasa et al. 2009; Matsa 2010) and that unionization tends to”
Playing It Safe? Managerial Preferences, Risk, and Agency Conflicts (2016, background): “Managerial preferences or the influence of other stakeholders? Employees and debt holders often also benefit when firms reduce risk (Matsa, 2010; Becker and Strömberg, 2012).”
Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress (2018, background): “…labor.8 Within the labor and finance literature, our work is most closely related to research that studies the interaction between labor and capital structure (e.g., Perotti and Spier 1993; Berk, Stanton and Zechner 2010; Matsa 2010; Agrawal and Matsa 2013; Simintzi, Vig and Volpin 2014; Kim 2015).”
Firing Costs and Capital Structure Decisions (2016, unknown): “Following recent work examining the effect of labor market frictions on financial leverage (e.g., Matsa (2010), Agrawal and Matsa (2013)), I also include the modified Altman’s z-score to control for a firm’s probability of going bankrupt (MacKieMason (1990)).”
Employment Protection and Takeovers (2017, unknown): “Matsa (2010) uses changes in labor laws in the U.S. to identify the causal relation (if any) between labor bargaining power and leverage and finds a positive relationship between increases in labor bargaining power and firm leverage.”
Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis (2013, background): “In contrast to the theories that focus on the ex ante relation between leverage and employee pay, Perotti and Spier (1993) focus on the ex post effect of leverage on employee pay.(3) In particular, they argue that firms are able to use leverage strategically when current profits are low and future i”
Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (2014, background): “Likewise, researchers that use firm-level data are increasingly concerned about time-varying heterogeneity across industries, such as industry-level shocks to demand (Matsa 2010).”
Employment Protection, Investment, and Firm Growth (2019, background): “We also contribute to work showing that employment laws can have a substantial effect on various corporate policies and valuation (e.g., Matsa, 2010; Garmaise, 2011; Acharya et al., 2014; Griffith and Macartney, 2014; Simintzi et al., 2015; Loderer, Waelchli, and Zeller, 2016; Serfling, 2016).”
Labor Unions and Tax Aggressiveness (2013, unknown): “2 responses (Klasa, Maxwell, and Ortiz-Molin, 2009; Matsa, 2009; Connolly, Hirsch and Hirschey, 1986).”
As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes (2015, unknown): “Matsa (2010) finds that leverage increases in union power, which he interprets as evidence that firms use debt strategically to counter their unions’ bargaining power.”