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Dark side of investment in employee education in privately-held companies

Changhong Li, Jialong Li and Zhenyu Wu

Finance Research Letters, 2017, vol. 22, issue C, 190-196

Abstract: Using a sample of over half a million observations, we explore how investment in employee education affects cost of debt of privately held companies. Findings indicate that, although employee education does help enhance firm performance, it results in a higher cost of debt. However, this negative effect of employee education on cost of debt is weakened by better regional development.

Date: 2017
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