Download or read book Employment Flexibility and Capital Structure written by Olga Kuzmina and published by . This book was released on 2018 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: I exploit the variation in labor market programs in Spain to show that the use of more flexible (shorter and cheaper-to-fire) employment contracts increases a firm's debt capacity by reducing its operating leverage and probability of default. I use specific institutional features to separate this explanation from the labor bargaining channel. I further show that the result is stronger for firms that suffer most in bankruptcy, and that in downturns firms downsize using flexible labor, suggesting that employment contract structure is a significant component of expected default costs and of operating flexibility. Finally, firms respond with higher flows of both credit and equity, consistent with flexible contracts also relaxing financial constraints.
Download or read book Capital Structure and Employment Flexibility written by Olga Kuzmina and published by . This book was released on 2017 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unique panel dataset to establish a causal relationship between the use of flexible contractual arrangements with labor and capital structure of the firm. Using the exogenous inter-temporal variation from government subsidies, I find that hiring more temporary workers leads firms to have more debt. Since temporary workers, unlike permanent ones, can be fired at a much lower cost during their contract duration, or their contracts may be not extended upon expiration, a firm can more easily meet its interest payments and avoid bankruptcy when faced with a negative shock. I interpret this result as evidence of flexible workforce decreasing operating leverage which, in turn, promotes financial leverage. The economic magnitude of the effect is large. A thought experiment of completely prohibiting an average firm from offering temporary employment contracts would suggest that it should reduce its debt level by 4.9 percentage points, which is about 8% of the average debt level across firms. Given the overwhelming extent of labor reforms in continental Europe in recent years that touch upon the incentives to use different employment contracts and are aimed at offering more job security to workers, it is important to understand how such policies would affect firms.
Download or read book A Flexible Future written by Paul Blyton and published by Walter de Gruyter GmbH & Co KG. This book was released on 2017-11-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Flexible Organizations and the New Working Life written by Helge Ramsdal and published by Routledge. This book was released on 2016-04-15 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are we actually talking about when we talk of flexibility in organizational settings? Do flexible forms of organization lead to varied, challenging and autonomous work or do they have a negative impact on working conditions? These questions are confronted by a group of specialist authors including Stephen Ackroyd, Harriet Bradley, Jan Ch. Karlsson, Philippe Mossé and Michael Rose, who discuss the concept of flexibility in relation to employment practices, organizational structure, cultural peculiarities and network arrangements in France, Italy, Norway, Sweden and the UK. While the question of workplace flexibility has been much debated in recent years, the main issues discussed have been the practice of non-standard forms of employment such as part-time work. This book is distinctive in dealing with flexibility related to organizational arrangements, organizational culture and network arrangements, and in assessing the combined effects of different arrangements in terms of manpower, structure, culture and networks on flexibility.
Download or read book Workplace Flexibility written by Kathleen Christensen and published by Cornell University Press. This book was released on 2011-03-15 with total page 423 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although today's family has changed, the workplace has not—and the resulting one-size-fits-all workplace has become profoundly mismatched to the needs of an increasingly diverse and varied workforce. As changes in the composition of the workforce exert new demands on employers, considerable attention is being paid to how workplaces can be structured more flexibly to achieve the goals of employers and employees. Workplace Flexibility brings together sixteen essays authored by leading experts in economics, demography, political science, law, sociology, anthropology, and management. Collectively, they make the case for workplace flexibility, as well as examine existing business practices and public policy regarding flexibility in the United States, Europe, Australia, and Japan. Workplace Flexibility underscores the need to realign the structure of work in time and place with the needs of the changing workforce. Considering the positive and negative consequences for employer and employee alike, the authors argue that, although there is not an easy solution to creating and implementing flexibility practices—in the United States or abroad—redesigning the workplace is essential if today's workers are effectively to meet the demands of life and work and if employers are successfully able to attract and retain top talent and improve performance.
Download or read book Flexibility and Stability in Working Life written by B. Furaker and published by Springer. This book was released on 2007-03-14 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Flexibility is an ambiguous concept. This book contributes to expounding the importance of clearer concepts in the debates on economic systems, labour markets and work organization. The authors place 'flexibility' in a new theoretical context as juxtaposed to 'stability'. Much terminological confusion and is resolved by this suggestion.
Download or read book Flexibility written by Gill Eapen and published by CRC Press. This book was released on 2009-12-17 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are in an era of high volatility and uncertain outcomes, driven by accelerating technologies, shortened product cycles, fast-changing information, an increasingly mobile workforce, more demanding customers, complex financial markets, ad-hoc public policies, and many other factors that add layers of uncertainty to all future possibilities. While
Download or read book Corporate Flexibility in a Time of Crisis written by John W. Barry and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in determining firms' employment plans during the health crisis; ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the crisis, with effects shaped by workplace flexibility; and iii) financial flexibility contributes to stronger employment and investment, in particular when fixed costs are high. While the role of workplace flexibility is new to the COVID crisis, CFOs expect lasting effects for years to come: high workplace flexibility firms foresee continuation of remote work, stronger employment recovery, and shifting away from traditional capital investment, whereas low workplace flexibility firms rely more on automation to replace labor.
Download or read book Sustainable Human Resource Management written by Sita Vanka and published by Springer Nature. This book was released on 2020-08-13 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a multi-stakeholder perspective on sustainable HRM for the policymakers, managers and academics, addressing issues, approaches, research studies/frameworks and emerging patterns relating to the subject. It discusses various aspects of sustainability, such as making HR more responsible for ensuring sustainability focusing on the triple bottom line, characteristics of sustainable HRM, psychological contracts, emotional intelligence, and psychological capital. The book also explores organizational citizenship behavior, employment relations, employee engagement, sustainable leadership, disruptive HR practices, sustaining employee motivation, educational sustainability, sustainable career management, sustainable environment, employer and employee branding, sustainable organizations, organization culture, training for sustainability, sustainable employee performance, business sustainability and sustainable employability. It provides an update on the concept, processes, issues and emerging paradigms from multidimensional and cross-country perspectives to showcase sustainable HR practices, and appeals to the academics, practitioners and policymakers in the area of HRM.
Download or read book Capital Structure Decisions written by Yamini Agarwal and published by John Wiley & Sons. This book was released on 2013-03-29 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside the risk management and corporate governance issues behind capital structure decisions Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments. Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk. Helps financial leaders understand corporate finance and the decision-making processes involved in understanding and developing capital structure Includes case studies from around the world that explain key financial models Emphasizes ways to minimize risk when it comes to working with capital structures There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
Download or read book Flexibility at Work written by Peter Andrew Reilly and published by Gower Publishing, Ltd.. This book was released on 2001 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Flexibility at Work shows you how to obtain the business benefits of flexibility whilst addressing the needs of both employer and employee. Peter Reilly breaks down flexibility into five different types, from functional through to financial. He introduces a model of how mutual flexibility might be developed and the preconditions necessary to make it successful. Along the way he cites much evidence of how employers are introducing alternative working arrangements that provide benefits to both parties.Flexibility can reduce costs, improve quality and service, increase productivity, hedge against change, and meet supply needs.
Download or read book The Transformation of Work written by Stephen Wood and published by Taylor & Francis. This book was released on 2024-09-02 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1989, and now reissued with a new preface by the editor, this interdisciplinary study brings together an internationally distinguished group of scholars to shed light about work organization and the effects of new management methods and technologies. The book gives an incisive account of changes in work organization and relations during the latter part of the 20th Century. Accessible and comprehensive, it will be of interest to those in the sociology of work, industrial relations, organization theory, economics, geography and management
Download or read book Flexible Working and Organisational Change written by Bram Peper and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The central aim of this book is to consider to what extent changes in organisations and in the nature of jobs are compatible with the need, increasingly expressed by employees, for greater integration between work and family life. The book questions what sort of dilemmas modern and future employees face, in terms of shaping their careers and organising their lives at home. The authors formulate answers to these problematic questions by shedding light on relevant developments in the European labour markets, the European workplaces, in (flexible) working patterns, changing preferences for working hours and in gender relations at work.".
Download or read book Capital Structure in the Modern World written by Anton Miglo and published by Springer. This book was released on 2016-07-20 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.
Download or read book Improving Bargaining Power Or Putting Safety First Ownership Structure and the Effect of Labor Market Regulation on Leverage written by Marina Kononova and published by . This book was released on 2019 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: While previous work suggests two competing explanations for the effect of labor market regulation on firms' demand for debt, our results reconcile both the “strategic use of debt” and “financial flexibility” view. Exploiting staggered changes to labor laws in 28 OECD countries, we find that the average causal effect of employment protection on firm financial leverage is close to zero but hides much heterogeneity depending on firm ownership structure. We posit that a regulatory-induced increase in labor power (i) gives a firm a strategic incentive to raise more debt, but also (ii) increases operating leverage and the risk of financial distress that could encourage firms with poorly diversified blockholders to react with a more conservative financial policy compared to widely-held firms. Examining non-financial, non-utility listed firms over a 20-year period, we find that higher ownership concentration mitigates the positive effect of labor power on financial leverage, making the relationship less positive or more negative. This result does not seem to be driven by pretreatment differences among firms and is robust against a wide variety of tests. Our results highlight the importance of considering ownership structure in studying firms' capital structure decisions.
Download or read book Managing the Potential of Small and Medium Sized Enterprises in Business Practice written by Marek Matejun and published by Lodz University of Technology Press, Lodz. This book was released on 2010 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Capital Structure and Firm Investment written by Yiming Xu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the interactions between firms' capital structure and real decisions. First, I investigate how a firm's financial leverage will impact its investment contingent on whether future growth opportunities are anticipated. Second, I test the under and over investment hypothesis related to debt financing contingent on whether the firm is likely to under or over invest. Last, I investigate how a firm's production technology can impact its production and capital structure decisions. In Chapter 1, I investigate the impact of anticipations of future growth opportunities on leverage-investment interactions. I show that when growth opportunities are unanticipated, the negative impact of leverage on investment is up to two times larger than when they are anticipated. The presence of institutional stockholdings significantly reduces the under investment problem. An instrumental variable analysis reveals that the leverage-investment relationship is weak when the problem of endogeneity is controlled. The results provide strong evidence that Canadian firms take ex ante leverage adjustments to mitigate the debt overhang problem. Chapter 2 studies the extent to which leverage-investment interactions depend on the level of initial investment as well future investment opportunities in US firms. I find a strong negative relationship between leverage and investment for firms with low levels of (initial) investment and high investment opportunities. I also find a positive relationship between leverage and investment for firms with high levels of (initial) investment and low growth opportunities. I distinguish between Tobin's Average Q and Marginal Q as proxies for firms' investment opportunities and propose a novel method to estimate Marginal Q. Chapter 3 is a joint work with Varouj Aivazian. In this chapter, we investigate the interactions between the flexibility of a firm's production and its financial structure. This chapter shows that production flexibility is an important factor explaining the cross sectional variations in financial leverage among U.S. firms. Alternative empirical measures of production flexibility are all shown to be positively associated with financial leverage. This chapter also develops a novel measure of inter-temporal production flexibility and identifies important linkages between production and financing decisions.
