Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/61438
Título: | Financialization, corporate governance and employee pay: a firm level analysis |
Autor(es): | Carvalho, Margarita Arantes Salgueiro de Cerejeira, João |
Palavras-chave: | Panel data models Instrumental Variables Banks Capital Structure Wages |
Data: | 2019 |
Editora: | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
Resumo(s): | This study explores the link between financialization and employee wages. Using a panel of European banks from Bankscope we test whether banks use leverage strategically in order to refrain wage increases, focusing on the strategic use of banks’ capital structure as a disciplinary mechanism. The results indicate the existence of a negative and significant effect of leverage on average employee wages. In addition, considering that the effects of leverage could depend on individual bank risk, we extend our analysis to distressed banks, using the z-score as a measure to distinguish banks that are more prone to bankruptcy. We also observe that leverage is statistically significant when relating to average wages; however the impact does not differ in magnitude in comparison to non-distressed banks. |
Tipo: | Documento de trabalho |
Descrição: | NIPE WP 08/2019 |
URI: | https://hdl.handle.net/1822/61438 |
Versão da editora: | https://www.eeg.uminho.pt/pt/investigar/nipe/Paginas/publicacoes.aspx |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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NIPE_WP_8_2019.pdf | Financialization, Corporate Governance and Employee Pay: A Firm Level Analysis | 998,06 kB | Adobe PDF | Ver/Abrir |