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Tampilan Lengkap Majalah
id_buku
24602
judul
Labor Protection Laws and Bank Loan Contracting
nama_majalah
The Journal of Law & Economics
volume
58
tahun
2015
nomor
1
halaman
37-74
pengarang
Alimov, Azizjon
abstrak
This paper examines the impact of labor regulations that restrict firms’ flexibility to adjust labor resources on the cost of corporate bank loans. Using within-country variation in employment protection legislation across 25 countries, I find that increases in employment protection lead to higher loan spreads, tighter nonprice loan contract terms, and more diffuse loan ownership structure. The effects of labor regulations are greater in industries with a higher rate of labor turnover and among borrowers with a higher probability of default. These results suggest that rigidities imposed by labor regulations have a significant impact on firms’ cost of capital.
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