Effects of the Asian financial crisis on the relation between leverage and employee compensation

• Sung Won Seo ^[1] ; Jun Sik Kim ^[2] ; Doojin Ryu ^[3]
  1. [1] Ajou University

     Ajou University

     Corea del Sur

     
  2. [2] Incheon National University

     Incheon National University

     Corea del Sur

     
  3. [3] Sungkyunkwan University

     Sungkyunkwan University

     Corea del Sur

     

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• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 48, Nº 1, 2019, págs. 1-20
• Idioma: inglés
• Títulos paralelos:
  • Efectos de la crisis financiera asiática en la relación entre apalancamiento y compensación de empleados
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• Resumen
  • español

    Este estudio investiga el efecto de la crisis financiera asiática en la relación entre el apalancamiento y la compensación de los empleados. Encontramos una relación negativa entre el índice de deuda de una empresa y la compensación de los empleados. También demostramos que esta relación negativa se hace evidente desde la crisis asiática. Como un análisis adicional, nuestros hallazgos también sugieren que la relación negativa entre el apalancamiento y los salarios es particularmente fuerte entre las empresas pequeñas y arriesgadas.

  • English

    This study investigates the effect of the Asian financial crisis on the relation between leverage and employee compensation. We find a negative relationship between a firm’s debt ratio and employee compensation. We also show that this negative relation becomes evident since the Asian crisis. As an additional analysis, our findings also suggest that the negative relation between leverage and wages is particularly strong among small and risky firms.

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