Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/241822 
Year of Publication: 
2020
Citation: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 13 [Issue:] 3 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2020 [Pages:] 309-325
Publisher: 
Elsevier, Amsterdam
Abstract: 
In this study, we examine the relationship between job satisfaction and firm leverage using a sample of Chinese listed firms. We find that in a sample of "China's 100 Best Employers Award" winners during 2011-2017, job satisfaction is negatively associated with firm leverage. The effect is more pronounced in firms with higher distress risk and operating in human capital intensive industries. We confirm the validity of the main findings using a matched sample and a series of robustness checks. Overall, our results indicate that firms can credibly demonstrate their commitment to stakeholders and re-shape their capital structure by improving job satisfaction.
Subjects: 
Best employers
Firm leverage
Job satisfaction
Stakeholder
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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