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Employment protection and the provision of trade credit

Author

Listed:
  • Li, Tongxia
  • Ang, Tze Chuan ‘Chewie’
  • Lu, Chun

Abstract

Improved employment protection may affect corporate trade credit decisions due to increased labor costs. Using the staggered adoption of U.S. state-level Wrongful Discharge Laws as a quasi-natural experiment, we find that suppliers’ provision of trade credit decreases significantly with better labor protection. The trade credit reduction is more pronounced for firms with higher distress risk, financial constraints, and operating leverage. Firms operating in states with lower unionization and in industries with higher labor turnover, and greater product market competition cut their trade credit more. The decrease in trade credit supply also varies with the type of products sold and customer concentration.

Suggested Citation

  • Li, Tongxia & Ang, Tze Chuan ‘Chewie’ & Lu, Chun, 2023. "Employment protection and the provision of trade credit," Journal of Banking & Finance, Elsevier, vol. 155(C).
    • Handle: RePEc:eee:jbfina:v:155:y:2023:i:c:s0378426623001899
    DOI: 10.1016/j.jbankfin.2023.106991
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    More about this item

    Keywords

    Employment protection; Trade credit; Labor adjustment cost; Accounts receivables;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law

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