An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity

Detalhes bibliográficos
Autor(a) principal: Pereira, Marta Fernandes Ferrão
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/156188
Resumo: This paper investigates how differences in the unemployment insurance scheme across US states influence firms’ financial metrics. We find that, over the 1981-2016 period, higher unemployment insurance benefits are associated with lower financial leverage through a crowding-out effect. In states with more generous UI benefits, creditors are willing to offer more favourable loan conditions, which translates into longer debt maturity. Furthermore, no statistically significant relationship was found between unemployment insurance generosity and an increase in credit ratings.
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spelling An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturityUnemployment riskUnemployment insurance benefitsStakeholdersCompensating wage differentialsCapital structureBank loansDebt maturityInterest coverage ratioProductivityCredit ratingEmployee welfareDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis paper investigates how differences in the unemployment insurance scheme across US states influence firms’ financial metrics. We find that, over the 1981-2016 period, higher unemployment insurance benefits are associated with lower financial leverage through a crowding-out effect. In states with more generous UI benefits, creditors are willing to offer more favourable loan conditions, which translates into longer debt maturity. Furthermore, no statistically significant relationship was found between unemployment insurance generosity and an increase in credit ratings.RUNPereira, Marta Fernandes Ferrão2023-08-02T15:12:06Z2023-01-132023-01-102023-01-13T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/156188TID:203311337enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:38:49Zoai:run.unl.pt:10362/156188Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:56:23.032987Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
title An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
spellingShingle An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
Pereira, Marta Fernandes Ferrão
Unemployment risk
Unemployment insurance benefits
Stakeholders
Compensating wage differentials
Capital structure
Bank loans
Debt maturity
Interest coverage ratio
Productivity
Credit rating
Employee welfare
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
title_full An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
title_fullStr An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
title_full_unstemmed An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
title_sort An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
author Pereira, Marta Fernandes Ferrão
author_facet Pereira, Marta Fernandes Ferrão
author_role author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Pereira, Marta Fernandes Ferrão
dc.subject.por.fl_str_mv Unemployment risk
Unemployment insurance benefits
Stakeholders
Compensating wage differentials
Capital structure
Bank loans
Debt maturity
Interest coverage ratio
Productivity
Credit rating
Employee welfare
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Unemployment risk
Unemployment insurance benefits
Stakeholders
Compensating wage differentials
Capital structure
Bank loans
Debt maturity
Interest coverage ratio
Productivity
Credit rating
Employee welfare
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This paper investigates how differences in the unemployment insurance scheme across US states influence firms’ financial metrics. We find that, over the 1981-2016 period, higher unemployment insurance benefits are associated with lower financial leverage through a crowding-out effect. In states with more generous UI benefits, creditors are willing to offer more favourable loan conditions, which translates into longer debt maturity. Furthermore, no statistically significant relationship was found between unemployment insurance generosity and an increase in credit ratings.
publishDate 2023
dc.date.none.fl_str_mv 2023-08-02T15:12:06Z
2023-01-13
2023-01-10
2023-01-13T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/156188
TID:203311337
url http://hdl.handle.net/10362/156188
identifier_str_mv TID:203311337
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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