Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by showing that employment decisions are constrained by firms’ financial health and liquidity. Our main analysis uses a collage of three “quasi-experiments” to trace the effects of finance on employment. The results suggest that financial constraints and the availability of credit play an important role in firm-level employment decisions, as well as aggregate unemployment outcomes.

中文翻译：

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为劳动力融资

金融市场的不完善会对企业的雇佣决策产生重大影响。我们通过表明就业决策受到公司财务状况和流动性的限制来说明这一渠道的经济重要性。我们的主要分析使用三个“准实验”的拼贴来追踪金融对就业的影响。结果表明，财务约束和信贷可用性在企业层面的就业决策以及总体失业结果中发挥着重要作用。