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This article argues that corporate financial frictions can have an adverse effect on employee mental health, an important determinant of employee productivity. To identify the causal effects of financial frictions, we exploit variation in firms’ need to refinance their long-term debt in 2008, a period when refinancing became more difficult due to t...
Contexts in source publication
Context 1
... Figure 1 reveals, almost all Dutch banks tightened their lending standards (for large firms) in each quarter starting from end-2007, which contributed to the slowdown of business lending observed from mid-2008mid- (DNB (2009, van der Veer and Hoeberichts (2016)). In the last quarter of 2008, the net borrowing of Dutch firms turned significantly negative for the first time in many years ( Figure 2). Second, there is direct survey evidence indicating that firms experienced a negative credit supply shock: in 2009:Q1, 21% of the Dutch companies reported the unavailability of bank lending as the most important crisis-related problem they faced (56% among those firms that reported any problems). ...
Context 2
... also perform placebo tests to verify that our results are not driven by the excess sensitivity of treated firms to the economic downturn in 2008-2009 (i.e., macroeconomic effects unrelated to the credit supply shock) and that the relation between financial constraints and mental health does not apply in firms where financial constraints are not expected to be binding because of internal capital markets. Figure 2 shows the retired bank loans minus new loans of Dutch nonfinancial companies (EURm). Source: Statistics Netherlands -Quarterly sectoral accounts (CBS -Kwartaalsectorrekeningen). ...
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