Does employment protection legislation affect firm investment? The European case

被引：17
|
作者：
Calcagnini, Giorgio [1 ]
Ferrando, Annalisa [2 ]
Giombini, Germana [1 ]
机构：
[1] Univ Urbino, Dept Econ Soc Polit, I-61029 Urbino, Italy
[2] European Cent Bank, DG Econ, Frankfurt, Germany
来源：
ECONOMIC MODELLING | 2014年 / 36卷
关键词：
Employment protection legislation; Financial constraints; Investments; MARKET IMPERFECTIONS; FLOW SENSITIVITIES; PANEL-DATA; LABOR; FINANCE; GROWTH; MODELS; DEBT;
D O I：
10.1016/j.econmod.2013.06.036
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper aims at analyzing the impact of Employment Protection Legislation (EPL) on firms' investment policies in the contemporaneous presence of financial imperfections. Our results show that investment is significantly affected by the presence of both market imperfections; they are robust to alternative measures of EPL Moreover, the effect of labor market regulation is weaker wherever financial market imperfections are smaller: firms with better access to financial markets are in a position to determine their optimal investment policy, even in the presence of stringent employment protection laws, than those facing financial constraints. (C) 2013 Elsevier B.V. All rights reserved.
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页码：658 / 665
页数：8
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