An extensive approach to unemployment insurance benefits and corporate finance metrics - debt maturity
Autor(a) principal: | |
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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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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 |
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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 |
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1799138149216026624 |