Using employee online reviews as a proxy of employee treatment and well-being for tourism and hospitality firms, we extrapolate the association of employee satisfaction with financial leverage and bankruptcy risk. Consistent with theoretical expectations and empirical evidence, we find that firms ranked high on employee treatment have lower levels of market and book leverage. This relationship is also pronounced for bankruptcy risk where firms with higher employee satisfaction enjoy higher creditworthiness. The results are robust controlling for well-known effects, alternative specifications, and endogeneity concerns.

中文翻译：

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员工待遇、财务杠杆和破产风险：来自高联系服务的证据

使用员工在线评论作为旅游和酒店公司员工待遇和福祉的代表，我们推断员工满意度与财务杠杆和破产风险之间的关联。与理论预期和经验证据一致，我们发现在员工待遇方面排名靠前的公司的市场和账面杠杆水平较低。这种关系对于破产风险也很明显，因为员工满意度较高的公司享有较高的信用度。结果是对众所周知的影响、替代规范和内生性问题的稳健控制。