Financial Distress and Employment: The Japanese Case in the 90s

Kazuo Ogawa

No 9646, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We examine quantitatively the extent to which financial distress in the 1990s affected employment behavior in Japan. Based on the firm-level panel data that include small firms, we estimate dynamic labor demand function, taking the impact of financial distress on employment into consideration. We find that the firm's ratio of debt to total asset exerts a significantly negative effect on employment of small firms. We also find that employment of small firms is sensitively affected by lending attitude of financial institutions.

JEL-codes: E5 J2 (search for similar items in EconPapers)
Date: 2003-04
New Economics Papers: this item is included in nep-fin and nep-mac
Note: EFG LS ME
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Citations: View citations in EconPapers (26)

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