Human Capital, Bankruptcy and Capital Structure

By Jonathan B. Berk, Richard Stanton, Josef Zechner. 2007

516 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/6fb2359350e261dfbb39a3e6ed7aff0bf7f0c398

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Citations in the corpus

Cash holdings and employee welfare (2013, unknown): “This literature identifies several laborrelated factors affecting leverage, such as the human costs of bankruptcy (Berk, Stanton, and Zechner, 2010), strategic bargaining with labor unions (Matsa, 2010), labor market size (Kim, 2012), the use of temporary workers (Kuzmina, 2012), unemployment risk…”
Family Firms, Employee Satisfaction, and Corporate Performance (2015, result): “This finding provides empirical support for recent theories of the firm that model employees as key corporate assets (Carlin and Gervais, 2009; Berk, Stanton, and Zechner, 2010).”
Indirect Costs of Financial Distress in Durable Goods Industries: The Case of Auto Manufacturers (2013, background): “Berk et al (2009) explore the effect of firm leverage on labor.”
Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure (2011, unknown): “Berk, Stanton, and Zechner (2010) derive the optimal labor contract for firms and argue that bankruptcy costs associated with human capital risk are large enough to offset tax benefits.”
Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms (2016, background): “Most directly, firm can reduce leverage and choose more conservative financial policies (Titman 1984; Berk, Stanton, and Zechner 2010; Agrawal and Matsa 2012).”
Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers (2012, unknown): “This suggests that unions may induce firms to choose lower financial leverage to reduce the likelihood of financial distress or bankruptcy and thus workers’ exposure to unemployment risk (see the theoretical work of Berk et al., 2010, and evidence in Agrawal and Matsa, 2010).”
Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices (2011, background): “The most common industries are consumer goods (7 companies), nancial services (6), software (5), pharmaceuticals (5), hardware (4), and electronic equipment (4).”
Labor Unemployment Risk and Corporate Financing Decisions (2013, unknown): “The findings strongly support models, such as Berk, Stanton, and Zechner (2010), where managers choose financial policy partly as a means of mitigating labor’s exposure to unemployment risk.”
Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis (2013, background): “…28 November 2012 Accepted 4 December 2012 Available online 1 August 2013 JEL classification: G32 Keywords: Capital structure Human capital Labor costs a b s t r a c t We test the predictions of Titman (1984) and Berk, Stanton, and Zechner (2010) by examining the effect of leverage on labor costs.”
Broad-Based Employee Stock Ownership: Motives and Outcomes: Broad-Based Employee Stock Ownership (2014, unknown): “Berk, Stanton, and Zechner (2010) argue that higher leverage imposes greater risk on employees, resulting in higher wages.”