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Cited by 389

The DOI matches its Crossref record; 42 of the 42 references it cites were found in a registry or an index.

Labor Protection and Leverage

Simintzi, Elena, Vig, Vikrant, Volpin, Paolo·2015·Review of Financial Studies
DOI 10.1093/rfs/hhu053
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Abstract

This paper exploits intertemporal variations in employment protection across countries and finds that rigidities in labor markets are an important determinant of firms' capital structure decisions. Over the 1985–2007 period, we find that reforms increasing employment protection are associated with a 187 basis point reduction in leverage. We interpret this finding to suggest that employment protection increases operating leverage, crowding out financial leverage. This result does not appear to be due to pretreatment differences between treated and control firms, omitted variables, unobserved changes in regional economic conditions, and reverse causality. Heterogeneous treatment effects are consistent with our economic intuition.

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Cites

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Metadata

Authors
Simintzi, E., Vig, V., & Volpin, P.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2014-08-11
Volume
28
Issue
2
Pages
561-591
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhu053
OpenAlex
W3122603412
Cited by
389
References
42
FWCI
75.47
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Labor Protection and Leverage. https://app.cochat.ai/papers/10.1093/rfs/hhu053
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Simintzi, E., Vig, V., & Volpin, P. (2015). Labor Protection and Leverage. Review of Financial Studies. https://doi.org/10.1093/rfs/hhu053

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.