Severance pay and corporate finance
Subtitle: empirical evidence from a panel of Austrian and Italian firms
By: by Mirko Cardinale, Michael Orszag.
Contributors: Orszag, Michael.
Series: Discussion paper ;; no. 1383; Discussion paper (Forschungsinstitut zur Zukunft der Arbeit : Online) ;; no. 1383
Publisher: IZA
Published: 2004
Place of publication: Bonn, Germany
Language: eng
Format: Electronic resource
Subjects: Severance pay -- Austria.; Severance pay -- Italy.; Corporations -- Austria -- Finance.; Corporations -- Italy -- Finance.
Description: "This paper examines the empirical link between severance pay and corporate finance. Severance pay is an economic debt of the employer and hence should be taken into account by the market in its assessments of risk. Using a hand collected dataset of accounting data from Italy and Austria we find there is only a limited relationship between severance pay and market risk indicators. This suggests that arguments that severance pay systems destroy corporate value may need to be reassessed"--Forschungsinstitut zur Zukunft der Arbeit web site.
Notes: Includes bibliographical references.
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