How does financial pressure affect firms?

被引：176

作者：

Nickell, S ^{[1
]}

Nicolitsas, D ^{[1
]}

机构：

[1] Univ Oxford, Inst Econ & Stat, Oxford OX1 3UL, England

来源：

EUROPEAN ECONOMIC REVIEW | 1999年 / 43卷 / 08期

基金：

英国经济与社会研究理事会;

关键词：

employment; wages; cash flow; financial pressure;

D O I：

10.1016/S0014-2921(98)00049-X

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the impact on company behaviour of increases in financial pressure. The best measure of this we find to be the ratio of interest payments to cash flow. An increase in this measure has a large negative effect on employment controlling for current and expected wages and demand. It also has a negative impact on pay rises and a small positive effect on productivity. These effects are identified by using as an instrument the inherited debt burden of the firm (2 or 3 years lagged) interacted with the contemporaneous shift in the yield on Treasury bills. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: J23; D21.

引用

页码：1435 / 1456

页数：22

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