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Financing Constraints and Workplace Safety

The Journal of finance (New York), 2016-10, Vol.71 (5), p.2017-2058 [Peer Reviewed Journal]

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Title:
Financing Constraints and Workplace Safety
Author: COHN, JONATHAN B. ; WARDLAW, MALCOLM I.
Subjects: Assets ; Cash flow ; Debt ; Economic crises ; Employment ; Financial leverage ; Financing ; Investment ; Occupational health and safety ; Occupational safety ; Oil prices ; Physical trauma ; Studies ; Workplaces
Is Part Of: The Journal of finance (New York), 2016-10, Vol.71 (5), p.2017-2058
Description: We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to financing constraints.
Publisher: Cambridge: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0022-1082
EISSN: 1540-6261
DOI: 10.1111/jofi.12430
CODEN: JLFIAN
Source: Alma/SFX Local Collection

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